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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Foresight Vct Plc | LSE:FTV | London | Ordinary Share | GB00B68K3716 | 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% | 79.00 | 77.50 | 80.50 | 79.00 | 79.00 | 79.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 16.88M | 12.7M | 0.0512 | 15.43 | 195.88M |
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FORESIGHT VCT PLC
Financial Highlights
-- Total net assets GBP134.2 million.
-- An interim dividend of 5.0p per Ordinary Share was paid on 4 May 2018.
-- The portfolio has seen an uplift in valuation of GBP2.7 million in the
last six months.
-- Net Asset Value per Ordinary Share increased by 1.5% from 80.0p at 31
December 2017 to 81.2p before dividends. After payment of a 5.0p dividend
made on 4 May 2018, NAV at 30 June 2018 was 76.2p.
-- Diversified portfolio of 30 actively managed companies.
-- Three new investments, totalling GBP6.5 million were made during the
period. Follow on funding of GBP1.4 million was made to two existing
investments during the period.
-- Two further new investments were made post period end, totalling GBP2.4
million.
-- The Company successfully exited ICA Group and Thermotech Solutions,
realising a total of GBP3.0 million compared to an investment cost of
GBP1.2 million.
Chairman's Statement
I am pleased to present the Unaudited Half-Yearly Financial Report for
Foresight VCT plc for the period ended 30 June 2018. In the Annual
Report I provided shareholders with detailed information on the
wind-down of both the Planned Exit and Infrastructure Share classes,
which were removed shortly after the year end. As a consequence, the
Company now consists solely of Ordinary Shares.
STRATEGY
The Directors, together with the Manager, have an agreed enduring
strategy for the Company which includes the following four key
objectives:
-- Increasing and then maintaining the Company's net asset value (NAV)
significantly above GBP150 million
-- Paying an annual dividend to shareholders of at least 5.0p per Ordinary
Share and endeavouring to maintain, or increase, NAV per Ordinary Share
year on year, after payment of dividends
-- Completing a significant number of new and follow on qualifying
investments every year
-- Offering a programme of regular share buy backs at a discount of
approximately 10% to the prevailing NAV.
NET ASSET VALUE
During the period ended 30 June 2018 the NAV per share rose by 1.2p, an
increase of 1.5%. However, following the payment of a dividend on 4 May
2018, the NAV of the Company decreased from GBP140.4m at 31 December
2017 to GBP134.2 million as at 30 June 2018. It remains the Board's
belief that to support the other key objectives, it would be beneficial
to increase the Company's net assets over the coming years but with some
GBP48.3 million of funds currently available for investment, it is not
the Board's intention to raise more money in the near future.
DIVIDS
In line with the Board's objective on dividend payments, an interim
dividend of 5.0p per share was paid on 4 May 2018 based on an
ex-dividend date of 19 April 2018, with a record date of 20 April 2018.
The Board notes that the Company has achieved its target of paying an
annual dividend of at least 5p per share for each of the past eight
years. During this period, however, the total return per share has
remained relatively static, rising 5.6% from 207.5p per share on 1
January 2011 to 219.2p per share at 30 June 2018.
INVESTMENT PERFORMANCE AND PORTFOLIO ACTIVITY
A detailed analysis of the investment portfolio performance over the
period is given in the Manager's Review.
The Board feels that the recent increase in NAV is encouraging and
believes it reflects the benefit of the enlarged and diversified
portfolio of qualifying investments which the Manager has built up over
the past few years. However, the rate of increase in NAV per share is
still somewhat behind that envisaged in the corporate strategy. The
Board and Manager believe this should improve when investments made over
the past few years mature and cash currently held for future investment
is more fully deployed.
The Board and the Manager believe that it is important for the long-term
performance of the Company to identify a regular flow of new
investments. The Manager completed three new investments amounting to
GBP6.5 million during the period under review and two further new
investments of GBP2.4 million since the end of the period. Details of
these new portfolio companies can be found in the Manager's Review.
The increasing complexity surrounding qualification for VCT investment
inevitably limits the opportunity for the Company to make new
investments and the Manager's ability to source new deals is pivotal to
the Company's future performance. The level of investment activity over
the past two years has been encouraging and reflects the Manager's
ongoing ability to source and transact growth capital investment into
qualifying companies. The Board closely monitors the extent and nature
of the pipeline of investment opportunities and the Manager anticipates
being able to increase the level of new investments during the remainder
of the year.
BUYBACKS
During the period the Company repurchased 1.5 million Ordinary Shares
for cancellation at an average discount of 10%. The Board and the
Manager consider that the ability to offer to buy back shares at a
target discount of approximately 10% is fair to both continuing and
selling shareholders, and is an appropriate way to help underpin the
discount to NAV at which the shares trade.
MANAGEMENT CHARGES, CO-INVESTMENT AND INCENTIVE ARRANGEMENTS
The annual management fee is an amount equal to 2.0% of net assets,
excluding cash balances above GBP20 million which are charged at a
reduced rate of 1.0%. This has produced an ongoing charges ratio for the
period ended 30 June 2018 of 2.1% of net assets, which is among the
lower when compared to competitor VCTs.
Since March 2017, co-investments made by the Manager and individual
members of Foresight Group's private equity team have totalled GBP0.4
million alongside the Company's investments of GBP23.8 million.
Currently the 'fund as a whole' threshold has not been achieved and no
performance incentive payment is due.
BOARD COMPOSITION
As announced in the Annual Report, Peter Dicks, a founder member of the
Board and a past Chairman decided to retire at the Annual General
Meeting held in May 2018. Peter has been a highly valued member of the
Board and the Directors and Manager all wish him a happy retirement.
SHAREHOLDER COMMUNICATION
As part of its ongoing commitment to good investor relations, the
Manager continues to host its popular investor forums. In addition to
the annual event in London, the Manager will be holding several regional
investor forums around the country over the next twelve months. Details
will be sent to investors living in the area close to each location
later in the year.
OUTLOOK
The Board and the Manager believe that the value of investments
currently held within the portfolio should grow further through 2018 and
that the current pipeline will provide worthwhile new investment
opportunities in the months ahead. Provided the current level and
quality of new investment is maintained, the Board believes that the
Company will be well positioned to meet its key objectives and provide
shareholders with regular dividends and maintained capital growth.
John Gregory
Chairman
Telephone: 01296 682751
Email: j.greg@btconnect.com
31 August 2018
Manager's Review
Portfolio Summary
As at 30 June 2018 the Company's portfolio comprised 30 actively managed
investments with a total cost of GBP72.4 million and a valuation of
GBP85.4 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 of the Report.
NEW INVESTMENTS AND FOLLOW-ON FUNDING
The pace of investment set last year has been maintained in the first
six months of 2018, with the Company committing a total of GBP6.5
million. This included three new investments: Luminet Networks, a
provider of fixed wireless access, Mologic, a health diagnostics company
and The Naked Deli, a Newcastle-based group of 'clean eating'
restaurants. Follow-on investments totalling GBP1.4 million were also
made in two existing portfolio companies. Further details of each of
these are provided below.
LUMINET NETWORKS LIMITED
In April, the Company made a GBP2.4 million development capital
investment in 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. The investment will be used to scale up the company's
marketing and sales functions, grow the client base and to expand the
business's footprint as well as improve network density by adding
additional base stations to the existing infrastructure.
MOLOGIC LIMITED
Also in April, the Company committed GBP2.4 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. Mologic is also developing
a broad and promising portfolio of proprietary products, including
diagnostics for infectious diseases, respiratory disease exacerbations
and sepsis, which affect hundreds of millions of people around the world
every year. The investment will enable the management team to focus on
expanding the contract research activities and revenues while driving
its own products through to commercialisation.
THE NAKED DELI LIMITED
In May 2018, the Company completed a GBP1.7 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. This 'clean eating' concept has demonstrated attractive
growth in recent years, driven by increased health concerns around
processed foods. The investment will be used to bolster systems and
infrastructure and continue the rollout of additional sites around the
UK. This growth is already underway, with the company's fourth outlet
opened in Newcastle Airport during August.
OLLIE QUINN LIMITED
Portfolio company Ollie Quinn, a branded retailer of prescription
glasses and sunglasses which the Company first committed to in March
2017, received follow-on investments from the Company in January and
April, totalling GBP1.4 million. This supports Ollie Quinn's working
capital needs and site optimisation strategy, which focuses on
addressing issues with underperforming locations. Further funding is
anticipated later this year as Ollie Quinn moves towards profitability.
Sales and cash movements have tracked broadly in line with plan over the
last few months and operational improvements and cost reductions earlier
in the year are beginning to have a positive impact. However, due to
slower than projected revenue growth, a 25% provision has been made
against the cost of this investment.
IDIO LIMITED
In January a small follow-on investment of GBP52,889 was also made in
data analysis software platform, Idio, as part of a larger funding round
to support further growth.
Since the end of the period, a further GBP3.2 million has been invested,
including follow-on funding of GBP0.5 million for 200 Degrees, GBP0.2
million for Biofortuna and GBP0.1 million for Idio. Investments
totalling GBP2.4 million have also been completed in two new businesses.
CODEPLAY LIMITED
In July the Company invested GBP0.7 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, the Company completed one new investment totalling GBP1.7
million in Accrosoft, which offers Software as a Service ("SaaS")
products targeted at companies in the recruitment and education sectors.
Further details will be provided in the Annual Report.
PIPELINE
Foresight Group continues to see a strong pipeline of potential
investments. Opportunities are originated by a growing investment team
of 19 experienced private equity professionals, operating from five
offices in the UK. Typically, around 1,300 business plans are reviewed
each year, allowing Foresight Group to select only the highest quality
prospects for the Company. The team's origination strategy is focused on
building relationships with advisors and professional service firms at a
national and local level, attending and organising networking events, as
well as approaching businesses directly. Foresight Group is one of the
most active private equity investors in its preferred market, focusing
on SMEs in all sectors across the UK, seeking funding of GBP1-5 million.
The number of transactions completed by the team each year supports
Foresight Group's reputation and helps maintain the flow of the deals
potentially available for investment by the Company.
At 30 June 2018, the Company had cash in hand of GBP48.3 million, which
together with proceeds received from recent realisations, will be used
to fund new and follow-on investments, buybacks and running expenses.
The Company remains well positioned to continue pursuing the potential
investment opportunities in the pipeline.
REALISATIONS
During the period, total proceeds of GBP3.0m were generated from the
disposal of two investments.
ICA GROUP LIMITED
In February, ICA, which provides document management solutions to
businesses in London and the South East, was acquired by Automated
Systems Ltd, a large independent print solution supplier. ICA was
acquired during the merger with Foresight 2 VCT plc ("F2") in December
2015 at F2's holding value of GBP885,232. Overall, including returns to
F2 pre-merger, the ICA investment generated a 2.4x return.
THERMOTECH SOLUTIONS LIMITED
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
2.3x on original investment. Thermotech, acquired 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.
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 PERIODED 30 JUNE 2018
Original Valuation
Cost/ Realised at 31 December
Company Detail Take-On Value Proceeds Gain 2017
(GBP) (GBP) (GBP) (GBP)
Full
ICA Group Limited disposal 885,232 1,118,863* 233,631 1,290,701
Thermotech Solutions Full
Limited disposal 300,000 1,900,090** 1,600,090 1,915,331
--------------------- --------- -------------- ----------- --------- ---------------
Total disposals 1,185,232 3,018,953 1,833,721 3,206,032
-------------------------------- -------------- ----------- --------- ---------------
*In addition GBP158,411 of shareholder loan interest was received on
completion and GBP81,224 of deferred consideration was received in May
2018.
**Plus GBP80,115 of deferred consideration received post-period end.
Deferred consideration of GBP257,846 was also received by the Company
from the sale of Simulity Labs Limited on 21 February 2018.
KEY PORTFOLIO DEVELOPMENTS
The valuation of the portfolio has shown an increase of GBP2.7 million
over the period. Material changes in valuation, defined as increasing or
decreasing by GBP0.5 million or more since 31 December 2017, are
detailed below. Updates on these companies are included below, or in the
Top Ten Investments section on pages 10 to 14 of the Report.
Valuation Change
Company Valuation Methodology (GBP)
--------------------------- ----------------------------- ----------------
Fresh Relevance Limited Discounted revenue multiple 1,220,010
Itad Limited Discounted earnings multiple 935,106
FFX Group Limited Discounted earnings multiple 611,127
Aerospace Tooling Holdings
Limited Discounted earnings multiple 595,805
TFC Europe Limited Discounted earnings multiple 570,756
CoGen Limited Nil value (550,734)
Online Poundshop Limited Discounted revenue multiple (575,447)
Powerlinks Media Limited Cost less impairment (677,340)
--------------------------- ----------------------------- ----------------
FRESH RELEVANCE
In March 2017, the Company completed a GBP2.1 million investment in
Fresh Relevance, a high growth, marketing technology business, providing
online retailers with marketing tools. Since investment the business has
been trading strongly, with increased recurring revenues driving the
valuation up by GBP1.2 million.
AEROSPACE TOOLING LIMITED
Aerospace Tooling is an engineering company specialising in the
refurbishment of high-value aerospace and industrial gas turbine
components. A sustained improvement has been seen in the year to June
2018 with robust margin performance and EBITDA 20% ahead of the
ambitious budget.
ONLINE POUNDSHOP LIMITED
While sales at Poundshop.com, an online-only single price retailer, have
doubled since investment in 2017, they remain behind budget and the
valuation has been reduced by GBP575k. Consequently, the management team
have been bolstered with an experienced CEO and a new E-commerce
Director. A follow-on funding round of GBP1.0 million, led by the
Company, is anticipated shortly to provide further growth capital and
take advantage of any opportunities arising from changes in the market
landscape.
POWERLINKS MEDIA LIMITED
A 25% provision has been made against the cost of PowerLinks Media, a
real-time trading platform for native digital advertisements, reducing
the value by GBP677k. The company experienced a quiet first quarter, but
has since won several exciting customers and work is underway to
streamline the cost base and convert the large sales pipeline. To help
fund growth, PowerLinks is seeking to raise additional funding later
this year.
OUTLOOK
Inevitably, the lack of certainty around the outcome of Brexit
negotiations remains a preoccupation throughout the UK economy.
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 and its portfolio is
well-placed to deliver returns to its investors.
Russell Healey
Head of Private Equity
Foresight Group
31 August 2018
Unaudited Half-Yearly Results and Responsibility Statements
Principal Risks and Uncertainties
The principal risks faced by the Company are as follows:
-- Performance;
-- Regulatory;
-- Operational; and
-- Financial.
The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Accounts for the year ended 31 December
2017. A detailed explanation can be found on page 30 of the Annual
Report and Accounts which is available on Foresight Group's website
www.foresightgroup.eu or by writing to Foresight Group at The Shard, 32
London Bridge Street, London, SE1 9SG.
In the view of the Board, there have been no changes to the fundamental
nature of these risks since the previous report and these principal
risks and uncertainties are equally applicable to the remaining six
months of the financial year as they were to the six months under
review.
Directors' Responsibility Statement
The Disclosure and Transparency Rules ('DTR') of the UK Listing
Authority require the Directors to confirm their responsibilities in
relation to the preparation and publication of the Interim Report and
financial statements.
The Directors confirm to the best of their knowledge that:
1. the summarised set of financial statements has been prepared in
accordance with FRS 104;
2. the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first
six months and description of principal risks and uncertainties for the
remaining six months of the year);
3. the summarised set of financial statements gives a true and fair view of
the assets, liabilities, financial position and profit or loss of the
Company as required by DTR 4.2.4R; and
4. the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
GOING CONCERN
The Company's business activities, together with the factors likely to
affect its future development, performance and position, are set out in
the Strategic Report of the Annual Report. The financial position of the
Company, its cash flows, liquidity position and borrowing facilities are
described in the Chairman's Statement, Strategic Report and Notes to the
Accounts of the 31 December 2017 Annual Report. In addition, the Annual
Report includes the Company's objectives, policies and processes for
managing its capital; its financial risk management objectives; details
of its financial instruments; and its exposures to credit risk and
liquidity risk.
The Company has considerable financial resources together with
investments and income generated therefrom across a variety of
industries and sectors. As a consequence, the Directors believe that the
Company is well placed to manage its business risks successfully.
The Directors have reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable
future. Thus they continue to adopt the going concern basis of
accounting in preparing the annual financial statements.
The Half-Yearly Financial Report has not been audited nor reviewed by
the auditors.
On behalf of the Board
John Gregory
Chairman
31 August 2018
Unaudited Income Statement
for the six months ended 30 June 2018
Six months ended 30 Six months ended 30 Year ended 31 December
June 2018 (Unaudited) June 2017 (Unaudited) 2017 (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Realised gains/(losses)
on investments - 2,192 2,192 - (1,933) (1,933) - 12,550 12,550
Investment holding
gains - 523 523 - 13,684 13,684 - 4,107 4,107
Income 735 - 735 1,020 - 1,020 1,570 - 1,570
Investment management
fees (293) (879) (1,172) (360) (1,501)* (1,861)* (729) (3,051)** (3,780)**
Other expenses (213) - (213) (368) - (368) (1,199) - (1,199)
------------------------ -------- -------- -------- -------- -------- -------- -------- --------- ---------
Return/(loss)
on ordinary activities
before taxation 229 1,836 2,065 292 10,250 10,542 (358) 13,606 13,248
Taxation (32) 32 - (37) 37 - - - -
------------------------ -------- -------- -------- -------- -------- -------- -------- --------- ---------
Return/(loss)
on ordinary activities
after taxation 197 1,868 2,065 255 10,287 10,542 (358) 13,606 13,248
------------------------ -------- -------- -------- -------- -------- -------- -------- --------- ---------
Return/(loss)
per share:
Ordinary Share 0.1p 1.1p 1.2p (0.2)p 6.1p 5.9p (0.3)p 6.0p 5.7p
------------------------ -------- -------- -------- -------- -------- -------- -------- --------- ---------
Planned Exit Share - - - (0.2)p 0.1p (0.1)p (0.4)p 0.3p (0.1)p
------------------------ -------- -------- -------- -------- -------- -------- -------- --------- ---------
Infrastructure - - - 1.7p 2.3p 4.0p 0.8p 10.9p 11.7p
Share
------------------------ -------- -------- -------- -------- -------- -------- -------- --------- ---------
*Includes GBP422,000 accrued performance incentive fee for the
Infrastructure Shares Fund.
**Includes GBP863,000 accrued performance incentive fee for the
Infrastructure Shares Fund.
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 period.
The Company has no recognised gains or losses other than those shown
above, therefore no separate statement of total recognised gains and
losses has been presented.
Unaudited Balance Sheet
at 30 June 2018
Registered Number: 03421340
As at
As at As at 31 December
30 June 2018 30 June 2017* 2017*
GBP'000 GBP'000 GBP'000
---------------------------------- ------------- -------------- ------------
Fixed assets
Investments held at fair value
through profit or loss 85,407 108,419 77,963
---------------------------------- ------------- -------------- ------------
Current assets
Debtors 723 1,556 887
Money market securities and other
deposits 44,582 59,431 60,482
Cash 3,669 7,304 1,517
---------------------------------- ------------- -------------- ------------
48,974 68,291 62,886
Creditors
Amounts falling due within one
year (181) (578) (420)
---------------------------------- ------------- -------------- ------------
Net current assets 48,793 67,713 62,466
---------------------------------- ------------- -------------- ------------
Net assets 134,200 176,132 140,429
---------------------------------- ------------- -------------- ------------
Capital and reserves
Called-up share capital 1,762 2,199 2,194
Share premium account 99,172 96,504 97,687
Capital redemption reserve 908 435 455
Distributable reserve 13,566 63,389 23,169
Capital reserve 5,596 (8,645) 4,251
Revaluation reserve 13,196 22,250 12,673
---------------------------------- ------------- -------------- ------------
Equity shareholders' funds 134,200 176,132 140,429
---------------------------------- ------------- -------------- ------------
Net asset value per share:
Ordinary Share 76.2p 83.8p 80.0p
---------------------------------- ------------- -------------- ------------
Planned Exit Share N/A 7.7p 0.0p
---------------------------------- ------------- -------------- ------------
Infrastructure Share N/A 85.6p 0.0p
---------------------------------- ------------- -------------- ------------
*Company Balance Sheet includes Planned Exit and Infrastructure Shares.
Unaudited Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 June 2018
Called-up Share Capital
share premium redemption Distributable Capital Revaluation
capital account reserve reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------- -------- ----------- ------------- -------- ----------- --------
As at 1 January 2018 2,194 97,687 455 23,169 4,251 12,673 140,429
Removal of share classes (438) - 438 - - - -
Share issues in the
period* 21 1,533 - - - - 1,554
Expenses in relation
to share issues - (48) - - - - (48)
Repurchase of shares (15) - 15 (1,033) - - (1,033)
Realised gains on disposal
of investments - - - - 2,192 - 2,192
Investment holding gains - - - - - 523 523
Dividend paid - - - (8,767) - - (8,767)
Management fees charged
to capital - - - - (879) - (879)
Tax credited to capital - - - - 32 - 32
Revenue return for the
period - - - 197 - - 197
--------------------------- --------- -------- ----------- ------------- -------- ----------- --------
As at 30 June 2018 1,762 99,172 908 13,566 5,596 13,196 134,200
--------------------------- --------- -------- ----------- ------------- -------- ----------- --------
*Relating to the dividend reinvestment scheme.
Unaudited Cash Flow Statement
for the six months ended 30 June 2018
Six months Six months Year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017
GBP'000 GBP'000 GBP'000
----------------------------------------- ---------- ---------- ------------
Cash flow from operating activities
Investment income received 577 1,337 2,457
Deposit and similar interest received 108 45 113
Investment management fees paid (1,172) (1,464) (3,797)
Secretarial fees paid (56) (56) (113)
Other cash payments (319) (246) (902)
----------------------------------------- ---------- ---------- ------------
Net cash outflow from operating
activities (862) (384) (2,242)
Returns on investing activities
Purchase of unquoted investments (7,936) (6,773) (17,869)
Net proceeds on sale of investments 3,019 2,258 48,394
Net proceeds on deferred consideration 339 199 561
Net proceeds on liquidation of
investments 20 - -
----------------------------------------- ---------- ---------- ------------
Net cash (outflow)/inflow from investing
activities (4,558) (4,316) 31,086
Financing
Proceeds of fund raising - 39,384 39,384
Expenses of fund raising (48) (1,150) (1,247)
Repurchase of own shares (1,104) - (1,336)
Equity dividends paid (7,176) (9,136) (45,983)
Movement in money market funds 15,900 (28,455) (29,506)
----------------------------------------- ---------- ---------- ------------
Net cash inflow/(outflow) from financing
activities 7,572 643 (38,688)
----------------------------------------- ---------- ---------- ------------
Net increase/(decrease) in cash in
the period 2,152 (4,057) (9,844)
----------------------------------------- ---------- ---------- ------------
Analysis of changes in net debt
At 1 January At 30 June
2018 Cash Flow 2018
GBP'000 GBP'000 GBP'000
-------------------------- ------------ --------- ----------
Cash and cash equivalents 1,517 2,152 3,669
-------------------------- ------------ --------- ----------
Notes to the Unaudited Half-Yearly Results
1. The Unaudited Half-Yearly Financial Report has been prepared on the basis
of the accounting policies set out in the statutory accounts of the
Company for the year ended 31 December 2017. Unquoted investments have
been valued in accordance with IPEV Valuation Guidelines. Quoted
investments are stated at bid prices in accordance with the IPEV
Valuation Guidelines and UK Generally Accepted Accounting Practice.
2. These are not statutory accounts in accordance with S436 of the Companies
Act 2006 and the financial information for the six months ended 30 June
2018 and 30 June 2017 has been neither audited nor formally reviewed.
Statutory accounts in respect of the period to 31 December 2017 have been
audited and reported on by the Company's auditors and delivered to the
Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under S498(2) or S498(3) of
the Companies Act 2006. No statutory accounts in respect of any period
after 31 December 2017 have been reported on by the Company's auditors or
delivered to the Registrar of Companies.
3. Copies of the Unaudited Half-Yearly Financial 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.
1. Net asset value per share
The net asset value per share is based on net assets at the end of the
period and on the number of shares in issue at the date.
Planned Exit Shares Infrastructure Shares
Ordinary Shares Fund Fund Fund
Number of Number of
Net assets Shares in Net assets Shares in Net assets Number of Shares
GBP'000 Issue GBP'000 Issue GBP'000 in Issue
------------ ---------- ----------- ---------- ---------- ---------- ----------------
30 June 2018 134,200 176,180,654 - - - -
30 June 2017 147,447 176,051,960 882 11,404,314 27,803 32,495,246
31 December
2017 140,429 175,601,977 - 11,404,314 - 32,495,246
------------ ---------- ----------- ---------- ---------- ---------- ----------------
1. Return per share
The weighted average number of shares for the Ordinary Shares, Planned
Exit Shares and Infrastructure Shares funds used to calculate the
respective returns are shown in the table below.
Planned Exit Infrastructure
Ordinary Shares Shares Fund Shares Fund
Fund (Shares) (Shares) (Shares)
Six months ended 30 June
2018 175,775,983 N/A N/A
Six months ended 30 June
2017 156,000,564 11,404,314 32,495,246
Year ended 31 December
2017 165,748,167 11,404,314 32,495,246
------------------------- --------------- ------------ --------------
Earnings for the period should not be taken as a guide to the results
for the full year.
6) Income
Six months Six months Year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017
------------------------------------- ---------- ---------- ------------
Loan stock interest 568 578 820
Dividends 60 397 637
Overseas based Open Ended Investment
Companies ("OEICs") 100 45 113
Bank interest 7 - -
------------------------------------- ---------- ---------- ------------
735 1,020 1,570
7) Investments at fair value through profit or loss
Company
GBP'000
------------------------------- --------
Book cost as at 1 January 2018 65,611
Investment holding gains 12,352
------------------------------- --------
Valuation at 1 January 2018 77,963
Movements in the period:
Purchases 7,936
Disposal proceeds (3,019)
Realised gains* 1,833
Investment holding gains** 694
------------------------------- --------
Valuation at 30 June 2018 85,407
------------------------------- --------
Book cost at 30 June 2018 72,361
Investment holding gains 13,046
------------------------------- --------
Valuation at 30 June 2018 85,407
------------------------------- --------
*Deferred consideration of GBP258,000 (Simulity) and GBP81,000 (ICA) was
received by the Company during the period and is included within
realised gains in the income statement. This was offset by a decrease in
the deferred consideration debtor for Simulity (GBP258,000). Realised
gains on investments in the income statement include final
administration proceeds of GBP20,000 received in the period; GBP10,000
relating to Evance Wind Turbines, GBP7,000 to Closed Loop Recycling and
GBP3,000 to Global Immersion.
**Deferred consideration debtors relating to the sale of Trilogy were
adjusted during the period, generating an unrealised gain of GBP7,000
and deferred consideration of GBP80,000 relating to the sale of
Thermotech was recognised during the period.
8) Related party transactions
No Director has, or during the period had, a contract of service with
the Company. No Director was party to, or had an interest in, any
contract or arrangement (with the exception of Directors' fees) with the
Company at any time during the period under review or as at the date of
this report.
9) Transactions with the Manager
Foresight Group CI Limited acts as manager to the Company in respect of
its investments. During the period, services of a total value of
GBP1,172,000 (30 June 2017: GBP1,861,000; 31 December 2017:
GBP3,780,000) were purchased by the Company from Foresight Group CI
Limited. At 30 June 2018, the amount due to Foresight Group CI Limited
was GBPnil (30 June 2017: GBPnil; 31 December 2017: GBPnil).
Any transaction with Foresight Group LLP, as Secretary of the Company
since November 2017, is also considered to be a transaction with the
manager. During the period, services of a total value of GBP56,000
excluding VAT were purchased by the Company from Foresight Group LLP. At
30 June 2018, the amount due to Foresight Group LLP included within
creditors was GBPnil.
END
(END) Dow Jones Newswires
August 31, 2018 08:24 ET (12:24 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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