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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Foresight Enterprise Vct Plc | LSE:FTF | London | Ordinary Share | GB00B07YBS95 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.50 | 56.00 | 59.00 | 57.50 | 57.50 | 57.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 9.9M | 6.22M | 0.0263 | 21.86 | 136.19M |
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TIDMFTF
FORESIGHT 4 VCT PLC
Final Results
8 July 2019
Foresight 4 VCT plc, managed by Foresight Group CI Limited, today
announces the final results for the year ended 31 March 2019.
These results were approved by the Board of Directors on 8 July 2019.
You may, in due course, view the Annual Report in full at
https://www.globenewswire.com/Tracker?data=Pe4chGoRVea42gzAgRTOkSn4kW_5UYettTOwBWyBH7XMowOjsc6mnnizWRNPrXKgzb5sU9NdUVLozneF6ULN3juvZ8S8gO7bXzZkDsX0S0s=
www.foresightgroup.eu. All other statutory information can also be found
there.
Summary Financial Highlights
-- Total net assets GBP117.6 million.
-- Net Asset Value per share increased by 3.2% to 71.8p as at 31 March
2019 from 69.6p, before paying a 4.0p dividend during the year. After
payment of the dividend NAV per share at 31 March 2019 was 67.8p.
-- The portfolio has seen an uplift in valuation of GBP4.3 million over
the year.
-- Nine new investments of GBP7.8 million and one follow-on investment
of GBP0.5 million were made during the year.
-- GBP2.1 million was realised from sales and loan redemptions from two
portfolio companies.
-- The Tender Offer, which launched on 16 July 2018, was fully
subscribed and 7,788,768 shares were bought back for GBP5.0 million.
-- A dividend of 4.0p per share was paid on 19 October 2018 based on an
ex-dividend date of 4 October 2018 and a record date 5 October 2018.
-- GBP51.5 million raised during the year through the issue of shares,
GBP16.9 million under the May 2017 offer and GBP34.5 million under the
June 2018 offer.
-- A further GBP16.6 million raised through the issue of shares post
year end bringing the total raised under the June 2018 offer to GBP51.1
million.
-- Since the end of the reporting period, the Company has completed two
new investments, totalling GBP3.6 million.
Chairman's statement
I am pleased to present the audited Annual report and accounts for
Foresight 4 VCT plc for the year ended 31 March 2019. I am also pleased
to welcome our new shareholders to the Company following a successful
share issue.
DIVIDS
In line with the Board's objective on dividend payments, an interim
dividend of 4.0p per share was declared on 16 August 2018 based on an
ex-dividend date of 4 October 2018 and a record date of 5 October 2018.
The dividend was paid on 19 October 2018. Developments in VCT investment
rules have caused the Manager to focus investments in earlier stage
companies. Due to the nature of these types of investments, the Board
will continually review the level of dividends paid to reflect the
likely increase in returns from realisations as and when they occur and
the corresponding reduction in returns from income generated from
investments.
TOP-UP SHARE ISSUES AND SHARE BUY-BACKS
On 16 July 2018, a Tender Offer of up to GBP5 million was launched,
providing investors with an opportunity to sell their shares back to the
company at a discount to NAV of 7.5%. This took place on 17 September
for 7,788,768 shares at 64.195p. Other share buybacks took place on
-- 7 August 2018 (500,000 shares at 62.5p),
-- 26 September 2018 (180,000 shares at 62.25p),
-- 28 September 2018 (209,185 shares at 62.25p),
-- 14 December 2018 (469,788 shares at 60.00p),
-- 28 February 2019 (500,000 shares at 60.25p) and
-- 29 March 2019 (652,702 shares at 60.25p)
All of which have enabled the enlarged VCT to achieve its target
discount to NAV.
FUNDRAISING
The offer for subscription dated 19 May 2017, which raised GBP29m,
closed on 18 May 2018. The offer for subscription dated 14 June 2018,
which sought to raise up to GBP50 million (with a GBP30m over-allotment
facility), closed on 12 April 2019 having raised GBP51.1 million. Funds
raised under both of these offers have allowed the Company to take
advantage of attractive investment opportunities and to increase
portfolio diversification in line with the ongoing strategy of the
Company.
PERFORMANCE AND PORTFOLIO ACTIVITY
During the year, the net asset value per share increased by 3.2% to
71.8p from 69.6p, before paying a 4.0p dividend during the year.
At the year end the Company held 30 investments with carrying values in
UK based businesses across a wide range of sectors. The performance of
the portfolio has been steady during the year, with an increase of
GBP4.3 million in value. Positive progress made by companies including
TFC Europe, Specac International and FFX Group has been offset by lower
valuations for Datapath, Procam and Biofortuna, as detailed in the
Investment Manager's Review and Top Ten Investment sections of this
report.
Nine new investments were completed during the year amounting to GBP7.8
million. Namely:-
-- Luminet Networks (a provider of fixed wireless access across central
London),
-- Mologic (a health diagnostics company based in Bedford),
-- The Naked Deli (a Newcastle based group of 'clean-eating'
restaurants),
-- Codeplay Software (a consulting business for software and tools),
-- Accrosoft (a software company providing Applicant Tracking Systems
and communication software for schools),
-- Fertility Focus (a leading fertility monitoring technology company),
-- Spektrix (the UK's leading provider of cloud based ticketing),
-- Clubspark (a specialist software company providing sports management
software to sports clubs) and
-- Steamforged Games (developer and retailer of tabletop games).
One follow-on investment of GBP0.5 million was made in to molecular
diagnostics business Biofortuna. The Manager continues to see a strong
pipeline of potential investments sourced through its regional networks
and well-developed relationships with advisors and the SME community.
Following the successful fundraises launched in both May 2017 and June
2018, the Company is in a position to fully exploit these attractive
investment opportunities.
In the year to 31 March 2019, two realisations took place, generating
total proceeds of GBP2.1 million.
SHAREHOLDER COMMUNICATION
As part of its commitment to high quality investor relations, Foresight
Group continues to host its popular investor forums. In addition to an
annual event in London, several regional investor forums have been or
will be held around the country. Details of regional events will be sent
to shareholders resident in the locality as and when they are organised.
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will take place on 17 September
2019 at 1.00pm. I look forward to welcoming you to the Meeting, which
will be held at the offices of Foresight Group in London.
Prior to the formal business of the Annual General Meeting, the Manager
will give a presentation.
OUTLOOK
The Board believes that the Company now has the platform from which the
Manager can build on, improving performance, driving Net Asset Value
growth.
Facilitated by the liquidity provided by the issue of new shares, the
Company will be able to capitalise on the strong pipeline of attractive
investment opportunities that the Manager continues to see in smaller,
growth businesses across the UK.
Raymond Abbott
Chairman
8 July 2019
Manager's Review
The Company has appointed Foresight Group CI Limited as its manager
("The Manager") to provide investment management and administration
services. Foresight Group CI Limited has appointed Foresight Group LLP
to be its investment adviser. The Manager has also delegated secretarial,
accounting and other administration services to Foresight Group LLP.
References to "the Manager" throughout this report refer to the
activities of Foresight Group CI Limited and include the activities of
Foresight Group LLP when acting as the Manager's investment adviser and
administrative delegate.
Portfolio Summary
As at 31 March 2019 the Company's portfolio comprised 25 actively
managed investments with a total cost of GBP49.9 million and a valuation
of GBP74.6 million. The portfolio is diversified by sector, transaction
type and maturity profile.
NEW INVESTMENTS
As at 31 March 2019 the Company's portfolio comprised 25 actively
managed investments with a total cost of GBP49.9 million and a valuation
of GBP74.6 million. The portfolio is diversified by sector, transaction
type and maturity profile. Details of the ten largest investments by
valuation, including an update on their performance, are provided on
pages 10 to 14. The Company invested a total of GBP8.3 million during
the year to 31 March 2019. This included, GBP7.8 million in relation to
nine new investments: Luminet Networks, a provider of fixed wireless
internet access, Mologic, a health diagnostics company, The Naked Deli,
a Newcastle-based group of 'clean eating' restaurants, Codeplay, a
software developer and consultancy specialising in Artificial
Intelligence, Accrosoft, a software provider with a focus on HR and
education sectors, Fertility Focus, an ovulation monitoring company,
Spektrix, a performing arts software business, Clubspark, a sports
management software company, and most recently Steamforged Games, a
developer and retailer of tabletop games.
LUMINET NETWORKS LIMITED
In April 2018, the Company committed GBP0.6 million to a Foresight-led
GBP3.0 million development capital investment into Luminet Networks, an
award-winning provider of connectivity and managed IT services to
businesses. Founded in 2005, Luminet was one of the first companies to
offer commercial wireless broadband solutions to businesses and has
grown its client base to more than 550.
MOLOGIC LTD
Also in April 2018, the Company committed c.GBP1.1 million to a
Foresight-led GBP4.0 million growth capital investment round in
Bedford-based Mologic. The business is a Point of Care diagnostics
company that provides contract research and manufacturing services, as
well as developing proprietary diagnostics.
THE NAKED DELI LTD
In May 2018, the Company completed a GBP0.75 million growth capital
investment in The Naked Deli, a Newcastle-based group of 'clean eating'
restaurants offering eat-in casual dining and grab-and-go options.
Established in 2014, The Naked Deli serves a tasty range of healthy
gluten and dairy-free, vegan and paleo dishes. The group uses
unprocessed whole and natural state foods, with a clear pathway from
origin to plate. Since investment management have continued to extend
the pipeline of new potential sites and in December 2018, opened a fifth
site in Newcastle City centre.
CODEPLAY SOFTWARE LIMITED
In July 2018 the Company invested GBP0.3 million in Codeplay, a software
developer specialising in Artificial Intelligence. Building on its
proven expertise in the fields of games and mobile phones, Codeplay has
developed a new technology which supports the deployment of Artificial
Intelligence applications into mass produced devices, with an initial
focus on the automotive sector and, specifically, Advanced Driver
Assistance Systems ("ADAS") and autonomous vehicles.
ACCROSOFT LIMITED
In August 2018, the Company completed a new investment totalling GBP0.75
million in Accrosoft. Based in Loughborough, Accrosoft offers two
Software as a Service ("SaaS") products currently, Vacancy Filler, an
Applicant Tracking System which improves the recruitment process for
organisations and Weduc, an engagement tool to enable parent-teacher
communication. The business will use the investment to drive the
continued growth across both products through new hires and initiatives.
FERTILITY FOCUS LIMITED
In December 2018, the Company invested c.GBP0.4 million in Fertility
Focus, a leading fertility monitoring technology company that has
developed OvuSense, a registered medical device that enables women to
predict ovulation. Fertility Focus was established in 2005 to
commercialise the intellectual property developed by a team from Bristol
University that identified the ability to determine and predict
ovulation. The growth capital investment will be primarily used to
invest in sales and marketing and will also fund a clinical trial to
further prove the benefits of OvuSense as a tool to diagnose ovulatory
issues.
SPEKTRIX LIMITED
Also in December 2018, the Company invested GBP1.5 million in Spektrix,
the UK's leading provider of cloudbased ticketing, marketing and
fundraising software for the arts sector. Founded in 2007, Spektrix was
an early pioneer in bringing cloud technology to the arts. The
investment will be used to accelerate product development and support
Spektrix's international expansion, particularly in North America where
it is already working with nearly 100 arts organisations.
CLUBSPARK LIMITED
In January 2019 the Company made a c.GBP0.9 million investment into
Sportlabs Technology Limited, trading as ClubSpark, a specialist
software company providing sports management software to sports clubs,
venues, coaches and participants. ClubSpark was founded in 2012 by two
ex-Lawn Tennis Association employees who spotted an opportunity to
develop a platform to manage operations for the LTA member clubs. The
investment will be used to establish an international presence, enhance
the platform and expand into new sports markets.
STEAMFORGED GAMES LIMITED
In March 2019 the Company invested GBP1.6 million in Steamforged Games,
a developer and retailer of tabletop games with a portfolio of miniature
role playing, board and card games. Founded in 2014, Steamforged Games
has successfully carved out a niche in the market developing tabletop
games based on popular video game titles, as well as their own original
content. The investment will be used to fund growth through product
development and international expansion.
FOURTH WALL CREATIVE LIMITED
Post-period end, the Company invested GBP2.0 million in Fourth Wall
Creative, a technology-led sports merchandising business based in
Merseyside. Founded in 2010, their core business is the design and
distribution of membership welcome packs on behalf of football clubs.
The investment will fund growth through development of new services,
winning new customers and exploring other sports opportunities.
TEN HEALTH & FITNESS LIMITED
In June 2019, post year-end, the Company invested GBP1.6 million in Ten
Health, a group of boutique fitness studios offering a range of services
including physiotherapy, massage therapy and fitness classes. Founded in
2007, Ten Health was developed to bridge the gap in the market between
traditional healthcare and mainstream fitness. The investment will be
used to further develop Ten Health's non-fitness services and to support
a roll-out of new studios.
FOLLOW ON INVESTMENTS
A follow-on investment of c.GBP0.5 million was also made into one
existing portfolio company throughout the year.
BIOFORTUNA
In August 2018, molecular diagnostics business, Biofortuna, drew down
the second tranche of the 2017 round of investment, with the Company
providing GBP0.5 million of capital. This investment round was focused
on supporting the growth of a differentiated contract services business,
under new stronger management, and maximising value from the potential
product collaboration with a global diagnostics company.
PIPELINE
Foresight Group continues to see a strong pipeline of potential
investments and has started the year with a number of opportunities
under exclusivity or in due diligence. Our investment team currently
consists of 24 experienced private equity professionals operating from
five offices in the UK, due to be expanded to seven in 2019. During 2018
we reviewed nearly 1,500 business plans of potential investee companies,
with an increasing number of prospects originated directly by our
investment team, which will continue to be at the core of our investment
sourcing strategy. The Company focuses on SME's in all sectors across
the UK, seeking funding of GBP1-5 million.
At the time of writing, the Company has cash balances of GBP37.8 million,
which will be used to fund new and follow-on investments, buybacks and
running expenses.
EXITS AND REALISATIONS
During the year, total proceeds of GBP2.1 million were generated from
the disposal of two investments.
In May, the Company completed the successful sale of facilities
management provider Thermotech to Servest Group, a global facilities
management group headquartered in South Africa, generating a return of
GBP1.3 million (2.3x cost). Thermotech, in which the Company invested in
August 2013, provides customised air conditioning and fire sprinkler
systems for retail, commercial and residential properties, with clients
including M&S, John Lewis and Selfridges & Co. Under the Company's
ownership Thermotech was able to expand its high-quality customer base
and develop further recurring maintenance revenue streams, as well as
complete a strategic acquisition.
In December, the Company disposed of CoGen, a developer of Waste to
Energy plants in the UK. CoGen, largely financed to date by loans from
other shareholders, carries significant costs and overheads as plants
are developed and built and had been operating at a loss. Further
funding would have been required from other shareholders to continue to
develop the pipeline of new opportunities. In these circumstances, to
avoid further dilution, Foresight sought to realise the investment. The
Company received c.GBP0.8 million for its holding.
Foresight Group continues to engage with a range of potential acquirers
of several portfolio companies, with demand for these high growth
businesses demonstrated by both private equity and trade buyers.
DISPOSALS IN THE YEARED 31 MARCH 2019
Original Valuation
Company Detail Cost/ Proceeds Gain/(loss) at
Take-On 31 March
Value GBP'000 GBP'000* 2018
GBP'000** GBP'000
Full
CoGen Limited disposal 1,939 795 (1,144) 1,972
Thermotech Solutions Full
Limited disposal 200 1,267 1,067 1,285
Total disposals 2,139 2,062 (77) 3,257
*In addition to the above, the Company received deferred consideration
of GBP232,133 (O-Gen Acme Trek), GBP145,836 (The Message Pad Limited),
GBP53,409 (Thermotech Solution Limited) and GBP81,224 (ICA Limited) as
well as proceeds from warrants of GBP20,767 (Hallmarq Systems Limited)
and a loss on dissolution of GBP969,000 (Andromaque Limited).
KEY PORTFOLIO DEVELOPMENTS
Overall, the value of investments held rose to GBP74.6 million, driven
by a deployment of GBP8.3 million and an increase in the value of
existing investments by GBP4.3 million since 31 March 2018. Material
changes in valuation, defined as increasing or decreasing by GBP1.0
million or more since 31 March 2018, are detailed below. Updates on
actively managed companies that do not feature in the Top Ten are
included below.
Valuation Change
Company Valuation Methodology (GBP)
----------------------------- ----------------------------- ----------------
Specac International Limited Discounted earnings multiple 2,727,912
----------------------------- ----------------------------- ----------------
TFC Europe Limited Discounted earnings multiple 2,231,546
----------------------------- ----------------------------- ----------------
FFX Group Limited Discounted earnings multiple 1,195,339
----------------------------- ----------------------------- ----------------
Iphigenie Limited Net assets 1,177,083
----------------------------- ----------------------------- ----------------
Galinette Limited Net assets 1,116,710
----------------------------- ----------------------------- ----------------
Procam Television Holdings
Limited Discounted earnings multiple (1,143,104)
----------------------------- ----------------------------- ----------------
Biofortuna Limited Discounted revenue multiple (1,327,457)
----------------------------- ----------------------------- ----------------
Datapath Group Limited Discounted earnings multiple (2,000,894)
----------------------------- ----------------------------- ----------------
PROCAM TELEVISION HOLDINGS LIMITED
Procam Television is a leading broadcast hire company, supplying
equipment and crew for location TV production. The reduction in
valuation reflects a challenging year of trading to 31 March 2019, with
both sales and gross margins lower than budget.
OUTLOOK
Whilst UK inflation falls to a two-year low, the jobs market remains
robust as the UK reaches record levels of employment. The demand for
labour continues to bolster wage growth, as real wages climbed at their
strongest pace since 2016. However, the backdrop of Brexit means that
consumer and business confidence is weakening in the UK amid ongoing
uncertainty over the UK's future trading position with Europe, and
indeed the rest of the world. There is a likely period of volatility
ahead, nonetheless Foresight Group remains positive about the prospects
of the existing portfolio and continues to see encouraging levels of
activity from smaller UK companies seeking growth capital, as well as
from potential acquirers of portfolio companies. Your investment
management team remains focused on targeting companies in markets with
sound fundamentals, with attractive growth attributes and strong
management teams. Foresight Group will continue to monitor and adapt to
market and regulatory changes to ensure the Company's portfolio is
well-placed to deliver returns to its investors.
Russell Healey
Partner and Head of Private Equity
Foresight Group LLP
8 July 2019
Audited Income Statement
for the year ended 31 March 2019
Year ended Year ended
31 March 2019 31 March 2018
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment holding gains - 5,292 5,292 - 596 596
Realised (losses)/ gains
on investments (514) (514) - 1,059 1,059
Income 744 - 744 629 - 629
Investment management fees (498) (1,494) (1,992) (344) (1,033) (1,377)
Other expenses (568) - (568) (792) - (792)
(Loss)/profit on ordinary
activities before taxation (322) 3,284 2,962 (507) 622 115
Taxation - - - 96 (96) -
(Loss)/profit on ordinary
activities after taxation (322) 3,284 2,962 (411) 526 115
(Loss)/profit per share:
(0.2)p 2.2p 2.0p (0.4)p 0.5p 0.1p
The total column of this statement is the profit and loss account of the
Company and the revenue and capital columns represent supplementary
information.
All revenue and capital items in the above Income Statement are derived
from continuing operations. No operations were acquired or discontinued
in the year.
The Company has no recognised gains or losses other than those shown
above, therefore no separate statement of total comprehensive income has
been presented.
Audited Reconciliation of Movements in Shareholders' Funds
Called-up Share Capital Special
share premium redemption distributable Capital Revaluation
Year ended 31 March capital account reserve reserve* reserve* reserve Total
2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2018 1,121 51,186 372 46,898 (41,098) 19,458 77,937
Share issues in the
year 718 50,748 - - - - 51,466
Expenses in relation
to share issues - (2,125) - - - - (2,125)
Repurchase of shares (103) - 103 (6,541) - - (6,541)
Expenses in relation
to tender offer - (133) - - - - (133)
Cancellation of Share
Premium - (36,000) - 36,000 - - -
Realised losses on disposal
of investments - - - - (514) - (514)
Investment holding gains - - - - - 5,292 5,292
Dividends paid - - - (5,941) - - (5,941)
Management fees charged
to capital - - - - (1,494) - (1,494)
Revenue loss for the
year - - - (322) - - (322)
As at 31 March 2019 1,736 63,676 475 70,094 (43,106) 24,750 117,625
Called-up Share Capital Special
share premium redemption distributable Capital Revaluation
Year ended 31 March capital account reserve reserve* reserve* reserve Total
2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2017 574 5,112 265 58,374 (41,028) 18,862 42,159
Foresight 3 VCT plc
merger 483 34,762 - - - - 35,245
Share issues in the
year 171 11,760 - - - - 11,931
Expenses in relation
to share issues - (317) - - - - (317)
Repurchase of shares (107) - 107 (6,836) - - (6,836)
Expenses in relation
to tender offer - (131) - - - - (131)
Realised gains on disposal
of investments - - - - 1,059 - 1,059
Investment holding gains - - - - - 596 596
Dividends paid - - - (4,229) - - (4,229)
Management fees charged
to capital - - - - (1,033) - (1,033)
Tax credited to capital - - - - (96) - (96)
Revenue loss for the
year - - - (411) - - (411)
As at 31 March 2018 1,121 51,186 372 46,898 (41,098) 19,458 77,937
*Reserve is available for distribution, total distributable reserves at
31 March 2019 are GBP26,988,000 (2018: GBP5,800,000).
Audited Balance Sheet
at 31 March 2019 Registered number: 03506579
As at 31 March As at 31 March
2019 GBP'000 2018 GBP'000
Fixed assets
Investments held at fair value
through profit or loss 74,615 64,092
Current assets
Debtors 10,331 3,790
Cash and Cash Equivalents 33,185 10,655
43,516 14,445
Creditors
Amounts falling due within one
year (506) (600)
Net current assets 43,010 13,845
Net assets 117,625 77,937
Capital and reserves
Called-up share capital 1,736 1,121
Share premium account 63,676 51,186
Capital redemption reserve 475 372
Special distributable reserve 70,094 46,898
Capital reserve (43,106) (41,098)
Revaluation reserve 24,750 19,458
Equity shareholders' funds 117,625 77,937
Net asset value per share:
67.8p 69.6p
The financial statements were approved by the Board of Directors and
authorised for issue on 8 July 2019 and were signed on its behalf by:
Raymond Abbott
Chairman
8 July 2019
Audited Cash Flow Statement
for the year ended 31 March 2019
Year ended Year ended
31 March 2019 31 March 2018
GBP'000 GBP'000
Cash flow from operating activities
Investment income received 549 806
Dividends received from investments 35 46
Deposit and similar interest received 149 4
Investment management fees paid (2,104) (1,315)
Secretarial fees paid (166) (163)
Other cash payments (450) (837)
Net cash outflow from operating activities (1,987) (1,459)
Cash flow from investing activities
Purchase of investments (8,281) (674)
Net proceeds on sale of investments 2,082 9,843
Net proceeds on deferred consideration 513 165
Net cash (outflow)/ inflow from investing
activities (5,686) 9,334
Cash flow from financing activities
Proceeds of fund raising 43,562 8,318
Expenses of fund raising (972) (125)
Repurchase of own shares (6,480) (6,525)
Expenses in relation to tender offer - (131)
Equity dividends paid (5,907) (4,229)
Proceeds of Foresight 3 VCT plc allotments
received after the merger - 3,372
Cash acquired on merger with Foresight
3 VCT plc - 472
Net cash inflow from financing activities 30,203 1,152
Net inflow of cash for the year 22,530 9,027
Reconciliation of net cash flow to movement
in net funds
Increase in cash and cash equivalents
for the year 22,530 9,027
Net cash and cash equivalents at start
of year 10,655 1,628
Net cash and cash equivalents at end of
year 33,185 10,655
At 1 April At 31 March
2018 Cash flow 2019
Analysis of changes in net debt GBP'000 GBP'000 GBP'000
Cash and cash equivalents 10,655 22,530 33,185
Notes
1. These are not statutory accounts in accordance with S436 of the
Companies Act 2006. The full audited accounts for the year ended 31
March 2019, which were unqualified and did not contain statements under
S498(2) of the Companies Act 2006 or S498(3) of the Companies Act 2006,
will be lodged with the Registrar of Companies. Statutory accounts for
the year ended 31 March 2019 including an unqualified audit report and
containing no statements under the Companies Act 2006 will be delivered
to the Registrar of Companies in due course.
2. The audited Annual Financial Report has been prepared on the basis
of accounting policies set out in the statutory accounts of the Company
for the year ended 31 March 2019. All investments held by the Company
are classified as 'fair value through the profit and loss'. Unquoted
investments have been valued in accordance with IPEVC guidelines.
3. Copies of the Annual Report will be sent to shareholders and will
be available for inspection at the Registered Office of the Company at
The Shard, 32 London Bridge Street, London, SE1 9SG and can be accessed
on the following website:
https://www.globenewswire.com/Tracker?data=Pe4chGoRVea42gzAgRTOkSn4kW_5UYettTOwBWyBH7UaLvWRIOueCkfq63QRBrUB5tkYlYNtClw4GAr0uhfx_ISKTZECHbzlSaS4gD2qUtc=
www.foresightgroup.eu.
1. Net asset value per share
Net asset value per share is based on net assets at the year end of
GBP117,625,000 (2018: GBP77,937,000) and on 173,570,806 (2018:
112,052,405) shares, being the number of shares in issue at that date.
1. Return per share
Year ended Year ended
31 March 2019 31 March 2018
GBP'000 GBP'000
Total profit after taxation 2,962 115
Total profit per share (note
a) 2.0p 0.1p
Revenue loss from ordinary activities
after taxation (322) (411)
Revenue loss per share (note
b) (0.2)p (0.4)p
Capital profit from ordinary
activities after taxation 3,284 526
Capital profit per share (note
c) 2.2p 0.5p
Weighted average number of shares
in issue in the year 147,007,155 94,123,649
Notes:
1. Total profit per share is total profit after taxation divided by the
weighted average number of shares in issue during the year.
2. Revenue loss per share is revenue loss after taxation divided by the
weighted average number of shares in issue during the year.
3. Capital profit per share is capital profit after taxation divided by the
weighted average number of shares in issue during the year.
1. Annual General Meeting
The Company's Annual General Meeting will take place on 17 September
2019 at 1.00pm at the offices of Foresight Group in London. Details can
be found on page 68 of the Annual Report and Accounts.
1. Income
Year ended
Year ended 31 March
31 March 2019 2018
GBP'000 GBP'000
Loan stock interest 560 544
Dividends receivable 35 81
Deposit and similar interest received 149 4
744 629
8. Investments held at fair value through profit or loss
2019 2018
GBP'000 GBP'000
Unquoted investments 74,615 64,092
74,615 64,092
Total
GBP'000
Book cost as at 1 April 2018 44,719
Investment holding gains 19,373
Valuation at 1 April 2018 64,092
Movements in the year:
Purchases at cost 8,281
Disposal proceeds (2,062)
Realised losses* (1,046)
Investment holding gains** 5,350
Valuation at 31 March 2019 74,615
Book cost at 31 March 2019 49,892
Investment holding gains 24,723
Valuation at 31 March 2019 74,615
*Realised losses in the income statement include deferred consideration
received of GBP232,133 (O-Gen Acme Trek Limited), GBP145,836 (The
Message Pad Limited), GBP53,409 (Thermotech Solutions Limited) and
GBP81,224 (ICA Limited) as well as proceeds from warrants of GBP20,767
(Hallmarq Systems Limited).
**Investment holding gains in the income statement have been reduced by
the decrease in deferred consideration debtor of GBP58,350 (ICA
Limited).
9. Related party transactions
No Director has an interest in any contract to which the Company is a
party, other than their appointment as directors.
10. Transactions with the manager
Foresight Group CI Limited, which acts as investment manager to the
Company earned fees of GBP1,992,000 during the year (2018:
GBP1,377,000). No performance fee was paid or accrued for the period
(2018: GBPnil).
Foresight Group LLP was appointed Company Secretary in November 2017 and
received fees of GBP166,000 (2018: GBP55,000, plus Foresight Fund
Managers received GBP111,000 until November 2017) during the year.
At the balance sheet date there was GBPnil (2018: GBP163,000) due to
Foresight Group CI Limited and GBPnil (2018: GBPnil) due to Foresight
Group LLP. No amounts have been written off in the year in respect of
debts due to or from related parties.
END
(END) Dow Jones Newswires
July 08, 2019 11:14 ET (15:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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