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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gart.Sml.Co | LSE:GSM | London | Ordinary Share | GB0005323091 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 262.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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GARTMORE SMALLER COMPANIES TRUST P.L.C.
Unaudited Results for the year ended 31 August 2003
The Directors are pleased to announce the Company's unaudited results for the
year ended 31 August 2003. This announcement was approved on Wednesday 22
October 2003.
Highlights
* Net Asset Value per Ordinary share increased over the year to 31 August 2003
by 27.4% to 400.8p, by comparison with an increase of 19.4% in the FTSE
SmallCap Index (excluding Investment Companies)
* Mid-market Price per Ordinary share increased over the year by 36.2% to
333.0p
* Total dividends of 5.25p per Ordinary share declared and proposed for the
year ended 31 August 2003, an increase of 5% over the amount paid in the
previous year
* Net Asset Value per Ordinary share increased by 11.0% and 54.9% over the last
five and ten years respectively, compared with increases of 14.8% and 37.0% in
the FTSE SmallCap Index (excluding Investment Companies)
* Net revenue after taxation rose from £762,000 to £782,000
Chairman's Statement
Performance
Over the year under review the Company's performance has been strong, with the
net Asset Value (NAV) per ordinary share rising 27.4%. This compares with a
rise of 19.4% in the benchmark FTSE SmallCap (ex Investment Companies) Index.
As highlighted above, performance over the longer-term is also above benchmark.
Volatility has been a notable feature in the period, with the equity market
moving in a wide range. Investor sentiment has been changeable, resulting in an
erratic and sometimes irrational response to corporate and other newsflow. This
led to inefficiencies in pricing that have been identified for the benefit of
the company. In additional, the upturn in the SmallCap market that followed the
end of the war in Iraq was anticipated and the portfolio was positioned to take
advantage of this.
Revenue and Dividends
Revenue after expenses rose by 2.6% from £762,000 to £782,000. Revenue return
per share was further increased, rising by 3.4% from 5.29p to 5.47p per share,
as a result of the buy back of shares and the subsequent reduction in the
weighted average number of shares in issue during the year.
We are recommending an increased final dividend of 4.25p per share, which, with
the interim dividend of 1.00p per share, will make a total dividend for the
year to 31 August 2003 of 5.25p per share, compared with 5.00p per share paid
last year, an increase of 5%. This increase reflects our policy of matching
dividends with revenue available for distribution.
Buy back powers
During the early part of the year, the Company bought back several small
tranches of shares totalling 245,000 at a cost of £527,000 under powers
approved by shareholders at the last annual General Meeting. These purchases
represented a cumulative enhancement to the Net Asset Value of 1.13p per share.
At the Annual General Meeting the Directors will again look to renew the
authorities previously granted to allot and buy back shares. Furthermore,
shareholders' authority will be sought to buy back shares to be held by the
Company in Treasury for subsequent resale or cancellation. Any shares so
repurchased will be referred to as Treasury Shares.
Outlook
The board believe the UK remains well-placed in terms of economic fundamentals.
Although valuations in UK smaller companies have returned in recent months from
an oversold position to one of being more fairly valued, there remain good
opportunities to grow the asset value. Recent market conditions have proved
conducive to a bottom-up stock picking approach and this, in our opinion, will
continue playing very much to our Managers' strengths.
The Board
I have decided to stand down as Chairman of the Board at the conclusion of the
Annual General Meeting in 2004. Over the coming months I will be discussing
with my colleagues the appointment of my successor. I am confident that, under
the guidance of my successor, the Board and the Managers will ensure that the
Company enjoys continuing success and healthy returns.
W Campbell Allan
Chairman
Statement of Total Return Year to 31 August 2003
Revenue Capital Total
Return Return Return
£'000 £'000 £'000
Income and Capital Profits
Dividends and other income 1,127 12 1,139
Net profit on investments - 12,219 12,219
________ ________ ________
Return before Expenses, Finance Costs and 1,127 12,231 13,358
Taxation
Expenses
Management fee (124) (288) (412)
Other fees and expenses (220) - (220)
________ ________ ________
Return before Finance Costs and Taxation 783 11,943 12,726
Finance Costs
Interest payable (1) (3) (4)
________ ________ ________
Return on Ordinary Activities before Taxation 782 11,940 12,722
Taxation - - -
_______ ________ ________
Return to Equity Shareholders after Taxation 782 11,940 12,722
Appropriated to Equity Shareholders
Dividends on the Ordinary shares -
5.25 p per share (744) - (744)
_______ ________ ________
38 11,940 11,978
Transferred to Reserves:
===== ====== ======
Total Return per Ordinary share (pence) 5.47 83.55 89.02
===== ====== ======
Statement of Total Return Year to 31 August 2002
Revenue Capital Total
Return Return Return
£'000 £'000 £'000
Income and Capital Profits/(Losses)
Dividends and other income 1,138 160 1,298
Net loss on investments - (16,245) (16,245)
________ ________ ________
Return before Expenses, Finance Costs and 1,138 (16,085) (14,947)
Taxation
Expenses
Management fee (139) (323) (462)
Other fees and expenses (207) - (207)
________ ________ ________
Return before Finance Costs and Taxation 792 (16,408) (15,616)
Finance Costs
Interest payable (2) (5) (7)
________ ________ ________
Return on Ordinary Activities before Taxation 790 (16,413) (15,623)
Taxation (28) 28 -
_______ ________ ________
Return to Equity Shareholders after Taxation 762 (16,385) (15,623)
Appropriated to Equity Shareholders
Dividends on the Ordinary shares -
5.00 p per share (720) - (720)
_______ ________ ________
Transferred to/(from) Reserves: 42 (16,385) (16,343)
===== ====== ======
Total Return per Ordinary share (pence) 5.29 (113.78) (108.49)
===== ====== ======
Notes
1. The revenue return column shown above for each period represents the Revenue
Account of the Company.
2. All revenue and capital items derive from continuing activities.
3. No operations were acquired or discontinued during the year.
4. Management fees and loan interest charges, net of any related tax relief,
are allocated 70% to Capital reserve and 30% to Revenue reserve.
5. Total Return per Ordinary share is calculated on the positive return of £
12,722,000 (negative £15,623,000) and 14,291,082 (14,400,000) Ordinary shares,
being the weighted average number of shares in issue during the year.
Dividend
The Directors recommend a final dividend of 4.25p per Ordinary share in respect
of the year ended 31 August 2003, which, when ended added to the interim
dividend of 1.00p paid on 25 April 2003, will make a total dividend of 5.25p
per Ordinary share, an increase of 5% on the amount paid in the previous year.
The final dividend will be paid on 12 December 2003 to Shareholders on the
Register on 28 November 2003. The ex-dividend date will be 26 November 2003.
Balance Sheet At At
31 August 31 August
2003 2002
£'000 £'000
Fixed Assets
Investments at valuation 58,554 41,442
_______ ______
Current Assets
Debtors: Amounts receivable within one year 663 208
Cash at bank 290 4,471
_______ ______
953 4,679
Creditors: Amounts payable within one year (2,774) (839)
_______ ______
Net Current (Liabilities)/Assets (1,821) 3,840
_______ ______
Net Assets 56,733 45,282
====== ======
Capital and Reserves
Called-up share capital 3,539 3,600
Capital redemption reserve 436 375
Other reserves:
Capital reserve - realised 45,699 51,483
Capital reserve - unrealised 5,771 (11,426)
_______ ______
55,445 44,032
Revenue reserve 1,288 1,250
_______ ______
Equity Shareholders' Funds 56,733 45,282
====== =====
Net asset value per Ordinary share (pence) 400.8 314.5
===== =====
Notes
1. There have been no changes to the accounting policies since 31 August 2003.
2. The Net Asset Value per Ordinary share is calculated on Net Assets of £
56,733,000 (£45,282,000) and 14,155,000 (14,400,000) Ordinary shares in issue
at the year-end.
Cash Flow Statement Year to Year to
31 August 31 August
2003 2002
£'000 £'000
Revenue Activities
Dividends and interest received from 906 1,011
investments
Interest received on deposits 153 135
Other income 9 43
Expenses and interest paid, allocated to (398) (366)
revenue
_______ ______
670 823
_______ ______
Servicing of Finance
Bank overdraft interest - (1)
Bank revolving credit facility interest (1) (1)
______ ______
(1) (2)
______ ______
Investment Activities
Acquisitions of investments (47,019) (47,013)
Disposals of investments 42,183 53,662
Expenses paid, allocated to capital (283) (442)
______ ______
(5,119) 6,207
______ ______
Equity Dividends Paid
Ordinary shares (719) (720)
______ ______
Finance
Cost of Ordinary shares repurchased (527) -
______ ______
Net Cash (Outflow)/Inflow (5,696) 6,308
===== =====
Reconciliation of Net Cash (Outflow)/Inflow Year to Year to
to
31 August 31 August
Movement in Net Cash/(Net Debt)
2003 2002
£'000 £'000
Balance brought forward 4,431 (1,877)
Net cash (outflow)/inflow (5,696) 6,308
_______ ______
Balance at 31 August (1,265) 4,431
_______ ______
Analysis of Net Assets and Shareholders'
Funds
At 31 August 2003 At 31 August 2002
£'000 % £'000 %
Equities:
Resources 4,125 7.3 980 2.2
Basic Industries 6,115 10.8 4,852 10.7
General Industrials 4,418 7.8 2,521 5.6
Cyclical Consumer Goods 2,226 3.9 2,408 5.3
Non-Cyclical Consumer Goods 6,643 11.7 4,587 10.1
Cyclical Services 17,718 31.2 15,242 33.7
Non-Cyclical Services 1,071 1.9 1,001 2.2
Utilities 229 0.4 - -
Financials 9,746 17.2 6,759 14.9
Information Technology 5,994 10.5 2,864 6.3
_______ ______ _______ _____
58,285 102.7 41,214 91.0
Convertibles 269 0.5 228 0.5
_______ ______ _______ _____
58,554 103.2 41,442 91.5
Net Current (Liabilities)/ (1,821) (3.2) 3,840 8.5
Assets
_______ ______ _______ ______
Net Assets 56,733 100.0 45,282 100.0
====== ===== ====== =====
Attributable to Ordinary 56,733 100.0 45,282 100.0
Shareholders
====== ===== ====== =====
Notes
1. The valuation at 31 August 2003 includes £7,556,000 (£5,516,000) in respect
of investments traded on the Alternative Investment Market.
2. At 31 August 2003, net short-term borrowings amounted to £1,265,000 (at 31
August 2002, net short-term deposits amounted to £4,431,000).
Annual Report and Accounts
The Annual Report and Accounts for the year ended 31 August 2003 will be posted
to shareholders shortly. Copies will also be available from the Company's
registered office at Gartmore House, 8 Fenchurch Place, London EC3M 4PB.
Note
The above financial information does not constitute statutory accounts under
the Companies Act 1985. The results and balance sheet for the year to 31 August
2003 are taken from the Company's latest financial statements and have not yet
been delivered to the Registrar of Companies. The comparative financial
information is based on the full statutory accounts for the year ended 31
August 2002, which included an unqualified Audit Report, which did not contain
statements under section 237(2) or (3) of the Companies Act 1985, and were
filed with the Registered of Companies on 18 December 2002.
Gartmore Investment Limited
Secretaries
22 October 2003
END
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