We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Law Debenture Corporation Plc | LSE:LWDB | London | Ordinary Share | GB0031429219 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7.00 | 0.83% | 846.00 | 845.00 | 847.00 | 847.00 | 845.00 | 846.00 | 87,049 | 13:40:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 133.36M | 75.15M | 0.5730 | 14.76 | 1.11B |
From Apr 2019 to Apr 2024
TIDMLWDB
RNS Number : 9491L
Law Debenture Corp PLC
25 July 2017
The Law Debenture Corporation p.l.c. and its subsidiaries
HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 JUNE 2017 (unaudited)
The directors recommend an interim dividend of 5.5p on the ordinary shares for the six months to 30 June 2017. The report including the unaudited results for the period was as follows:
Group summary
From its origins in 1889, Law Debenture has diversified to become a group with a unique range of activities in the financial and professional services sectors. The group divides into two distinct areas of business.
Investment trust
We are a global investment trust, listed on the London Stock Exchange.
Our portfolio of investments is managed by Henderson Global Investors Limited and the fund manager is James Henderson under a contract terminable by either side on six months' notice.
Our objective is to achieve long term capital growth in real terms and steadily increasing income. The aim is to achieve a higher rate of total return than the FTSE Actuaries All-Share Index through investing in a portfolio diversified both geographically and by industry.
Independent professional services
We have decided to rename our businesses, better to reflect the nature of the services that we provide. We are a leading provider of independent professional services. Our activities are corporate trusts, pension trusts, corporate services (including agent for service of process), whistle blowing services and governance services. We have offices in London, Sunderland, Dublin, New York, Delaware, Hong Kong, the Channel Islands and the Cayman Islands.
Companies, agencies, organisations and individuals throughout the world rely upon Law Debenture to carry out its duties with the independence and professionalism upon which its reputation is built.
Registered office
Fifth Floor
100 Wood Street
London EC2V 7EX
Telephone: 020 7606 5451
Facsimile: 020 7606 0643
(Registered in England No 30397)
Performance to 30 June 2017
Hot Features
Premium
6 months 1 year 5 years 10 years
% % % %
--------------------- --------- ----------- ------------ ----------
Share price total
return 1 10.2 21.3 78.0 126.6
--------------------- --------- ----------- ------------ ----------
NAV total return
1 9.3 25.9 82.1 129.0
--------------------- --------- ----------- ------------ ----------
FTSE All-Share
Index total return 5.5 18.1 65.2 68.5
--------------------- --------- ----------- ------------ ----------
1 Calculated in accordance with AIC methodology based on NAV at fair value
30 June
2017
------------------ --------
%
Ongoing charges1 0.43
-------------------- --------
Gearing1 6
-------------------- --------
Ongoing charges are based on the costs of the investment trust and include the Henderson management fee
of 0.30% of NAV for the investment trust. There is no performance element related to the fee.
1 Source: AIC
Financial summary
30 June 30 June 31 December
2017 2016 2016
pence pence pence
---------------------------- -------- -------- ----------------
Net revenue return
per share:
- Investment trust 8.11 7.05 10.88
- Independent professional
services 3.26 3.44 7.68
- Group charges - - (2.60)
---------------------------- -------- -------- ----------------
Group net revenue
return per share 11.37 10.49 15.96
---------------------------- -------- -------- ----------------
Capital return per
share 39.49 13.30 89.30
Dividends per share 5.50 5.20 16.70
Share price 572.00 486.50 530.00
NAV per share 1 641.10 519.18 598.48
---------------------------- -------- -------- ----------------
% % %
---------------------------- -------- -------- ----------------
(Discount) (10.8) (6.3) (11.4)
---------------------------- -------- -------- ----------------
1 Calculated in accordance with AIC methodology based on NAV including fair value of IPS businesses and long term borrowings
NAV per share
30 June 30 June 31 December
2017 2016 2016
---------------------------- ------------ ------------ ------------
pence pence pence
NAV per share per
financial statements 599.96 485.56 560.73
Fair value adjustment
for IPS 65.99 56.48 62.37
Debt fair value adjustment (24.85) (22.86) (24.62)
---------------------------- ------------ ------------ ------------
NAV per share as
disclosed with debt
at fair value 641.10 519.18 598.48
---------------------------- ------------ ------------ ------------
Fair valuation of the independent professional services businesses
The fair valuation of the independent professional services businesses (IPS) is based upon the historic earnings before interest, taxation, depreciation and amortisation (EBITDA), an appropriate multiple and the surplus net assets of the business at their underlying fair value. The multiple applied in valuing the IPS is from comparable companies sourced from market data, with appropriate adjustments to reflect the difference between the comparable companies and the IPS in respect of growth, margin, size and liquidity.
Fair valuation of the IPS
30 June 30 June 31 December
2017 2016 2016
GBP000 GBP000 GBP000
---------------------- -------- -------- ------------
EBITDA at a multiple
of 8.3
(30 June 2016: 7.9;
31 December 2016:
8.1) 82,004 73,865 80,028
Surplus net assets 16,730 15,823 9,908
---------------------- -------- -------- ------------
98,734 89,688 89,936
---------------------- -------- -------- ------------
An increase or decrease of 1 in the multiple would give rise to a GBP9.9 million change in the fair valuation of the IPS. The adjustment to NAV to reflect the IPS fair value is an increase of 65.99p per share (30 June 2016: 56.48p; 31 December 2016: 62.37p).
Half yearly management report
Performance
Our Net Asset Value total return for the six months to 30 June 2017 was 9.3%, compared to a total return of 5.5% for the FTSE Actuaries All-Share Index. Net revenue per share was 11.37p, 8.4% higher than the corresponding period last year (2016: 10.49p).
Dividend
The board has declared an interim dividend of 5.5p (2016: 5.2p). The dividend will be paid on 8 September 2017 to holders on the record date of 11 August 2017. The current expectation of the directors is that the final dividend will be at least maintained.
Investment trust
The NAV rose 9.3% (with debt at fair value) while the FTSE All-Share Index rose 5.5%.The underlying equity portfolio rose 8.5%. The global economy continued to grow and outside the UK inflation remained muted. This is a benign background for equity investment and is one of the factors behind the continued satisfactory performance of global markets. For UK investors, it was a more testing period, with renewed political uncertainty adding to the continuing murmur of concerns over Brexit and the currency devaluation last year adding inflationary pressure. That said, company results in aggregate came through marginally better than expected.
In absolute terms the holding in Rolls Royce added the most value during the period as its share price began to reflect the long term strengths of the company. The holdings in Watkin Jones (which builds student accommodation) and International Consolidated Airlines (which includes British Airways) were the next largest contributors. The biggest absolute detractor was Royal Dutch Shell as a result of the fall in the oil price. lnterserve and IP Group were also among the largest detractors. In both cases we have maintained the holdings as we believe they should recover in time.
During the period, Henderson Global Investors Limited, which continues to be our fund manager, formally became part of the Janus Henderson Group.
Outlook
Global equity markets have been moving upwards since the spring of 2009, but the global bull run will not continue indefinitely. In the UK, there are signs of a slowdown. Valuations are at the higher end of their long term range so equity investors need to be increasingly careful in stock selection. The companies held in the portfolio in aggregate are generating cash, which is leading to increased dividend payments. With interest rates continuing at historically low levels, and in the absence of alternatives, the income (and income growth) available from equities continues for the time being to make them look a relatively attractive asset class.
Independent professional services
As indicated in the 2016 annual report, we have implemented a strategy within each business line that is focused on organic growth. As part of this strategy we have decided to rename the independent fiduciary services business to Independent Professional Services, or IPS.
Law Debenture's IPS businesses will consistently highlight the unique strengths of our independent service offering, namely the quality of our:
-- service;
-- people;
-- reputation; and
-- clients.
The focus on growth will require some time and investment. The 2017 full year results are anticipated to be broadly in line with recent years. However the future growth agenda is already firmly in place and the early indicators are positive.
Revenue, net of cost of sales, which represents legal costs recharged to clients, decreased by 1.8% over the corresponding period last year. Administration costs decreased by 3.6%. Profit before tax increased by 4.7%. Performance in the first half was reasonable across all IPS businesses and we expect this to continue in the second half of the year. The tax charge has increased as a result of changes made by HMRC regarding tax relief of interest, which was highlighted in the 2016 Annual Report.
Group income statement
for the six months ended 30 June (unaudited)
30 June 2017 30 June 2016
------------------------------- --------------------------------
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- ---------- -------- --------- ---------- --------- ---------
UK dividends 10,135 - 10,135 9,316 - 9,316
UK special
dividends 743 - 743 888 - 888
Overseas
dividends 2,537 - 2,537 1,755 - 1,755
Overseas
special dividends 50 - 50 114 - 114
13,465 - 13,465 12,073 - 12,073
Interest
income 47 - 47 110 - 110
Independent
professional
services
fees 14,669 - 14,669 14,166 - 14,166
Other income 220 - 220 194 - 194
Total income 28,401 - 28,401 26,543 - 26,543
Net gain
on investments
held
at fair value
through profit
or loss - 46,828 46,828 - 15,803 15,803
-------------------- ---------- -------- --------- ---------- --------- ---------
Gross income
and capital
gains 28,401 46,828 75,229 26,543 15,803 42,346
Cost of sales (1,838) - (1,838) (1,085) - (1,085)
Administrative
expenses (10,287) (178) (10,465) (10,278) (107) (10,385)
-------------------- ---------- -------- --------- ---------- --------- ---------
Operating
profit 16,276 46,650 62,926 15,180 15,696 30,876
Finance costs
Interest
payable (2,322) - (2,322) (2,690) - (2,690)
-------------------- ---------- -------- --------- ---------- --------- ---------
Profit before
taxation 13,954 46,650 60,604 12,490 15,696 28,186
Taxation (521) - (521) (106) - (106)
Profit for
period 13,433 46,650 60,083 12,384 15,696 28,080
-------------------- ---------- -------- --------- ---------- --------- ---------
Return per
ordinary
share (pence) 11.37 39.49 50.86 10.49 13.30 23.79
-------------------- ---------- -------- --------- ---------- --------- ---------
Diluted return
per ordinary
share (pence) 11.37 39.49 50.86 10.49 13.30 23.79
-------------------- ---------- -------- --------- ---------- --------- ---------
Statement of comprehensive income
for the six months ended 30 June (unaudited)
30 June 2017 30 June 2016
------------------------------- ------------------------------
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- --------- -------- --------- ---------
Profit for
the period 13,433 46,650 60,083 12,384 15,696 28,080
Foreign exchange
on translation
of foreign
operations - (119) (119) - 735 735
--------------------- --------- --------- --------- -------- --------- ---------
Other comprehensive
income for
the period - (119) (119) - 735 735
--------------------- --------- --------- --------- -------- --------- ---------
Total comprehensive
income for
the period 13,433 46,531 59,964 12,384 16,431 28,815
--------------------- --------- --------- --------- -------- --------- ---------
Group statement of financial position
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Assets
Non current assets
Goodwill 1,941 2,350 1,968
Property, plant and
equipment 136 204 161
Other intangible
assets 145 6 70
Investments held
at fair value through
profit or loss 735,791 629,225 696,080
Deferred tax assets 1,076 703 1,312
----------------------------- ------------- ------------- ------------
Total non current
assets 739,089 632,488 699,591
----------------------------- ------------- ------------- ------------
Current assets
Trade and other receivables 6,910 5,863 6,680
Other accrued income
and prepaid expenses 6,068 5,056 4,603
Derivative financial
instruments 1,017 - -
Cash and cash equivalents 94,462 68,239 94,804
----------------------------- ------------- ------------- ------------
Total current assets 108,457 79,158 106,087
----------------------------- ------------- ------------- ------------
Total assets 847,546 711,646 805,678
----------------------------- ------------- ------------- ------------
Liabilities
Current liabilities
Trade and other payables 11,534 11,960 13,346
Corporation tax payable 23 189 -
Other taxation including
social security 597 665 444
Deferred income 3,871 4,202 3,826
Derivative financial
instruments - 1,731 2,029
----------------------------- ------------- ------------- ------------
Total current liabilities 16,025 18,747 19,645
----------------------------- ------------- ------------- ------------
Non current liabilities
and deferred income
Long term borrowings 114,046 114,002 114,024
Retirement benefit
obligations 1,863 972 2,300
Deferred income 4,199 4,747 4,318
Provision for onerous
contracts 2,551 - 3,106
----------------------------- ------------- ------------- ------------
Total non current
liabilities 122,659 119,721 123,748
----------------------------- ------------- ------------- ------------
Total net assets 708,862 573,178 662,285
----------------------------- ------------- ------------- ------------
Equity
Called up share capital 5,918 5,916 5,917
Share premium 8,753 8,667 8,722
Own shares (1,034) (1,467) (1,197)
Capital redemption 8 8 8
Translation reserve 2,037 1,644 2,156
Capital reserves 655,727 519,345 609,077
Retained earnings 37,453 39,065 37,602
Total equity 708,862 573,178 662,285
----------------------------- ------------- ------------- ------------
Group statement of cash flows
31 December
30 June 30 June 2016
2016
2017 (unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------------------------- ------------------ -------------- --------------
Operating activities
Operating profit before
interest payable and
taxation 62,926 30,876 129,796
(Gains) on investments (46,650) (15,696) (105,428)
Foreign exchange (gains) (11) (102) (68)
Depreciation of property,
plant and equipment 49 58 112
Amortisation of intangible
assets 21 10 20
Provision for impairment
of goodwill - - 418
(Increase)/decrease
in receivables (1,695) 1,042 678
(Decrease)/increase
in payables (1,659) (644) 1,763
Transfer from capital
reserves (40) (46) (157)
Pension contributions
in excess of cost (437) (428) (1,300)
--------------------------------- ------------------ -------------- --------------
Cash generated from
operating activities 12,504 15,070 25,834
--------------------------------- ------------------ -------------- --------------
Taxation (262) (302) (560)
Operating cash flow 12,242 14,768 25,274
--------------------------------- ------------------ -------------- --------------
Investing activities
Acquisition of property,
plant and equipment (27) (48) (53)
Expenditure on intangible
assets (96) - (75)
Purchase of investments (38,385) (51,132) (91,494)
Sale of investments 45,442 59,127 122,248
Cash flow from investing
activities 6,934 7,947 30,626
--------------------------------- ------------------ -------------- --------------
Financing activities
Derivative financial
instrument (1,148) - (4,775)
Interest paid (2,888) (2,690) (5,542)
Dividends paid (13,582) (12,983) (19,122)
Proceeds of increase
in share capital 32 - 56
Purchase of own shares 163 26 296
--------------------------------- ------------------ -------------- --------------
Net cash flow from
financing activities (17,423) (15,647) (29,087)
--------------------------------- ------------------ -------------- --------------
Net increase in cash
and cash equivalents 1,753 7,068 26,813
--------------------------------- ------------------ -------------- --------------
Cash and cash equivalents
at beginning of period 94,804 60,301 60,301
Foreign exchange (losses)/gains
on cash and cash equivalents (2,095) 870 7,690
--------------------------------- ------------------ -------------- --------------
Cash and cash equivalents
at end of period 94,462 68,239 94,804
--------------------------------- ------------------ -------------- --------------
Cash and cash equivalents
comprise
Cash and cash equivalents 94,462 68,239 94,804
Group statement of changes in equity
Share Share Own Capital Translation Capital Retained
capital premium shares redemption reserve reserves earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- ------------ --------- ------------ ------------ ------------ ---------- ---------- ----------
Equity
at 1 January
2017 5,917 8,722 (1,197) 8 2,156 609,077 37,602 662,285
--------------- ------------ --------- ------------ ------------ ------------ ---------- ---------- ----------
Profit - - - - - 46,650 13,433 60,083
Foreign
exchange - - - - (119) - - (119)
--------------- ------------ --------- ------------ ------------ ------------ ---------- ---------- ----------
Total
comprehensive
income
for the
period - - - - (119) 46,650 13,433 59,964
Issue
of shares 1 31 - - - - - 32
Movement
in own
shares - - 163 - - - - 163
Dividend
relating
to 2016 - - - - - - (13,582) (13,582)
Total
equity
at 30
June 2017 5,918 8,753 (1,034) 8 2,037 655,727 37,453 708,862
--------------- ------------ --------- ------------ ------------ ------------ ---------- ---------- ----------
Group segmental analysis
Independent
Investment professional Group charges Total
trust services
------------------------------------ ------------------------------------- -------------------------------- -------------------------------------
30 30 31 30 30 31 30 30 31 30 30 31
June June Dec June June Dec June June Dec June June Dec
2017 2016 2016 2017 2016 2016 2017 2016 2016 2017 2016 2016
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------- ------------- ---------- --------- ---------- ---------- ------------- -------- ------- ------------- ----------- ----------- -----------
Revenue
Income 13,465 12,073 20,477 14,669 14,166 30,735 - - - 28,134 26,239 51,212
Other
income 63 53 74 157 141 151 - - - 220 194 225
Cost of
sales - - - (1,838) (1,085) (3,565) - - - (1,838) (1,085) (3,565)
Administration
costs (1,661) (1,327) (2,739) (8,626) (8,951) (17,573) - - (464) (10,287) (10,278) (20,776)
Provision
for onerous
contracts - - - - - - - - (3,031) - - (3,031)
----------------
11,867 10,799 17,812 4,362 4,271 9,748 - - (3,495) 16,229 15,070 24,065
Interest
(net) (2,280) (2,479) (4,964) 5 (101) (275) - - - (2,275) (2,580) (5,239)
---------------- ------------- ---------- --------- ---------- ---------- ------------- -------- ------- ------------- ----------- ----------- -----------
Return,
including
profit
on ordinary
activities
before
taxation 9,587 8,320 12,848 4,367 4,170 9,473 - - (3,495) 13,954 12,490 18,826
Taxation - - - (521) (106) (405) - - 422 (521) (106) 17
---------------- ------------- ---------- --------- ---------- ---------- ------------- -------- ------- ------------- ----------- ----------- -----------
Return,
including
profit
attributable
to
shareholders 9,587 8,320 12,848 3,846 4,064 9,068 - - (3,073) 13,433 12,384 18,843
---------------- ------------- ---------- --------- ---------- ---------- ------------- -------- ------- ------------- ----------- ----------- ----------- Revenue return per ordinary share (pence) 8.11 7.05 10.88 3.26 3.44 7.68 - - (2.60) 11.37 10.49 15.96 ---------------- ------------- ---------- --------- ---------- ---------- ------------- -------- ------- ------------- ----------- ----------- ----------- Assets 784,123 653,711 743,248 63,070 57,935 62,052 353 - 378 847,546 711,646 805,678 Liabilities (96,025) (103,546) (97,230) (40,108) (34,922) (43,057) (2,551) - (3,106) (138,684) (138,468) (143,393) ---------------- ------------- ---------- --------- ---------- ---------- ------------- -------- ------- ------------- ----------- ----------- ----------- Total net assets 688,098 550,165 646,018 22,962 23,013 18,995 (2,198) - (2,728) 708,862 573,178 662,285 ---------------- ------------- ---------- --------- ---------- ---------- ------------- -------- ------- ------------- ----------- ----------- -----------
The capital element of the income statement is wholly attributable to the investment trust.
Analysis of the investment
portfolio
By geographical location
Valuation Valuation
31 December Costs Sales Appreciation 30
2016 Purchases of proceeds /(depreciation) June
GBP000 GBP000 acquisition GBP000 GBP000 2017 %
GBP000 GBP000
United
Kingdom 492,710 24,371 (81) (20,037) 31,115 528,078 71.8
North
America 84,975 2,247 (3) (15,564) 4,464 76,119 10.3
Europe 55,244 10,943 (15) (9,841) 6,268 62,599 8.5
Japan 14,366 - - - (1,041) 13,325 1.8
Other
Pacific 35,140 - - - 5,427 40,567 5.5
Other 13,645 824 (1) - 635 15,103 2.1
---------- ------------- ------------ ------------------- ----------- ------------------ ---------- --------
696,080 38,385 (100) (45,442) 46,868 735,791 100.0
---------- ------------- ------------ ------------------- ----------- ------------------ ---------- --------
By sector (excluding
cash)
As at As at
30 June 31 December
2017 2016
% %
Oil & gas 8.3 9.7
Basic materials 6.4 6.7
Industrials 30.0 29.5
Consumer goods 6.9 7.7
Health care 8.4 8.3
Consumer services 7.9 7.5
Telecommunications 0.7 0.7
Utilities 1.6 1.8
Financials 27.5 25.4
Technology 2.3 2.7
100.0 100.0
---------------------- -------------------------- -------------
Investment portfolio valuation
as at 30 June 2017
UK unless otherwise
stated.
Holdings in italics were acquired
since 31 December 2016
GBP'000 %
--------- -------
Oil & gas
Oil & gas producers
Royal Dutch Shell 22,688 3.08
BP 14,170 1.93
Indus Gas 6,349 0.86
Total (Fra) 2,060 0.28
Premier Oil 612 0.08
Providence Resources 524 0.07
46,403 6.30
----------------------------- --------- -------
Oil equipment & services
Cape 4,675 0.64
Gibson Energy (Can) 4,603 0.63
Schlumberger (USA) 4,055 0.55
National Oilwell
Varco (USA) 1,268 0.17
Now (USA) 154 0.02
Gibson Energy (Can)
14,755 2.01
----------------------------- --------- -------
Basic materials
Chemicals
Croda 6,563 0.90
Elementis 6,228 0.85
Velocys 3,879 0.53
Carclo 2,200 0.30
Linde (Ger) 1,460 0.20
20,330 2.78
----------------------------- --------- -------
Forestry & paper
Mondi 8,052 1.09
8,052 1.09
----------------------------- --------- -------
Mining
Rio Tinto 12,158 1.65
BHP Billiton 6,465 0.88
18,623 2.53
----------------------------- --------- -------
Industrials
Construction & materials
Marshalls 10,050 1.37
Ibstock 5,640 0.77
Accsys Technologies 5,549 0.75
Balfour Beatty 5,445 0.74
26,684 3.63
----------------------------- --------- -------
Aerospace & defence
Rolls Royce 16,929 2.30
Senior 13,473 1.83
BAE Systems 11,403 1.55
Embraer (Bra) 4,817 0.65
Meggitt 4,769 0.66
Lockheed Martin (USA) 4,274 0.58
55,665 7.57
----------------------------- --------- -------
General industrials
Smith(DS) 10,478 1.42
10,478 1.42
----------------------------- --------- -------
Electronic & electrical
equipment
Spectris 11,354 1.54
Morgan Advanced Materials 8,496 1.15
Applied Materials
(USA) 6,359 0.86
TT Electronics 2,802 0.38
XP Power 2,305 0.31
Legrand (Fra) 1,928 0.26
Philips Electronics
(Net) 1,534 0.21
Philips Lighting
(Net) 1,388 0.19
36,166 4.90
----------------------------- --------- -------
Industrial engineering
Hill & Smith 10,833 1.47
Cummins (USA) 7,493 1.02
Caterpillar (USA) 7,445 1.01
Deere (USA) 5,618 0.77
IMI 5,224 0.71
Ceres Power 3,686 0.50
Weir Group 3,462 0.47
Renold 3,213 0.44
Severfield 642 0.09
47,616 6.48
----------------------------- --------- -------
Industrial transportation
Eddie Stobart Logistics 4,710 0.64
AP Moller-Maersk
(Den) 1,703 0.23
Wincanton 1,183 0.16
7,596 1.03
----------------------------- --------- -------
Support services
Johnson Service 12,039 1.64
Interserve 6,144 0.84
Carillion 5,315 0.72
Babcock 4,366 0.59
Deutsche Post (Ger) 3,519 0.48
SGS (Swi) 2,331 0.32
Sodexo (Fra) 1,765 0.25
Augean 626 0.09
36,105 4.93
----------------------------- --------- -------
Consumer goods
Automobiles & parts
GKN 14,739 2.00
Toyota Motor (Jap) 6,535 0.89
General Motors (USA) 6,050 0.82
27,324 3.71
----------------------------- --------- -------
Beverages
Pernod-Ricard (Fra) 1,932 0.26
1,932 0.26
----------------------------- --------- -------
Food producers
Unilever 3,116 0.42
Nestlé (Swi) 2,957 0.40
6,073 0.82
----------------------------- --------- -------
Household goods & home
construction
Watkin Jones 8,613 1.17
L'Oreal (Fra) 1,792 0.24
10,405 1.41
----------------------------- --------- -------
Tobacco
Imperial Brands 5,173 0.70
5,173 0.70
----------------------------- --------- -------
Health care
Health care equipment &
services
Becton Dickinson
(USA) 9,011 1.22
Smith & Nephew 6,227 0.85
Fresenius (Ger) 5,822 0.80
Spire Healthcare 5,661 0.77
Fresenius Medical
Care (Ger) 2,891 0.39
29,612 4.03
----------------------------- --------- -------
Pharmaceuticals & biotechnology
GlaxoSmithKline 12,259 1.67
AstraZeneca 5,135 0.70
Pfizer (USA) 3,879 0.53
Johnson & Johnson
(USA) 3,564 0.49
Novartis (Swi) 3,047 0.41
Roche (Swi) 2,260 0.31
Novo-Nordisk (Den) 1,811 0.25
31,955 4.36
----------------------------- --------- -------
Consumer services
General retailers
Dunelm 3,910 0.53
Inditex (Spa) 1,724 0.23
Findel 1,099 0.15
Topps Tiles 619 0.08
7,352 0.99
----------------------------- --------- -------
Media
Relx 12,450 1.69
Sky 5,467 0.74
Pearson 3,630 0.49
Daily Mail & General
Trust 3,435 0.47
Publicis Groupe (Fra) 1,557 0.21
26,539 3.60
----------------------------- --------- -------
Travel & leisure
International Consolidated
Airlines 9,295 1.26
Carnival 5,080 0.69
Irish Continental
(Ire) 4,302 0.58
Fastjet 3,395 0.46
Marstons 2,656 0.36
24,728 3.35
----------------------------- --------- -------
Telecommunications
Mobile telecommunications
Inmarsat 2,789 0.38
Vodafone 2,177 0.30
4,966 0.68
----------------------------- --------- -------
Utilities
Electricity
SSE 4,359 0.59
4,359 0.59
----------------------------- --------- -------
Gas, water & multiutilities
National Grid 5,321 0.72
Severn Trent 2,181 0.30
7,502 1.02
----------------------------- --------- -------
Financials
Banks
HSBC 18,765 2.55
Standard Chartered 10,770 1.46
Barclays 4,054 0.55
ING Group (Net) 1,867 0.25
UBS (Swi) 1,410 0.19
Societe Generale
(Fra) 1,350 0.18
38,216 5.18
----------------------------- --------- -------
Nonlife insurance
Hiscox 11,913 1.62
RSA Insurance 9,233 1.25
21,146 2.87
----------------------------- --------- -------
Life insurance/assurance
Prudential 12,922 1.76
Aviva 4,129 0.56
Chesnara 4,008 0.55
Standard Life 2,992 0.41
Allianz (Ger) 1,399 0.19
Permanent TSB (Ire) 10 -
25,460 3.47
----------------------------- --------- -------
Real estate investments
& services
St Modwen Properties 6,628 0.90
6,628 0.90
----------------------------- --------- -------
Real estate investment
trusts
Land Securities 3,763 0.51
Mucklow (A&J) Group 3,750 0.51
Pacific Industrial
& Logistics 2,217 0.30
9,730 1.32
----------------------------- --------- -------
Financial services
IP Group 7,967 1.08
Provident Financial 6,691 0.91
Oxford Sciences Innovation
(unlisted) 3,597 0.49
International Personal
Finance 2,864 0.39
Amundi (Fra) 2,183 0.30
Deutsche Börse
(Ger) 2,127 0.29
25,429 3.46
----------------------------- --------- -------
Equity investment instruments
Baillie Gifford Pacific 17,825 2.42
Stewart Investors
Asia Pacific 15,184 2.06
Templeton Emerging
Markets Investment
Trust 10,286 1.40
Herald Investment
Trust 8,458 1.15
Scottish Oriental
Smaller Company Trust 7,558 1.03
Schroder Japan Growth
Fund (Jap) 6,790 0.92
Syncona 4,916 0.67
Foresight Solar 3,368 0.46
Better Capital (2012) 1,350 0.18
75,735 10.29
----------------------------- --------- -------
Technology
Software & computer services
Microsoft (USA) 9,020 1.23
SAP (Ger) 2,292 0.31
Amadeus IT (Spa) 2,135 0.29
13,447 1.83
----------------------------- --------- -------
Technology hardware & equipment
Apple (USA) 3,326 0.45
3,326 0.45
----------------------------- --------- -------
Principal risks and uncertainties
The principal risks of the Corporation relate to the investment activities and include market price risk, foreign currency risk, liquidity risk, interest rate risk and credit risk. These are explained in the notes to the annual accounts for the year ended 31 December 2016. In the view of the board these risks are as applicable to the remaining six months of the financial year as they were to the period under review.
The principal risks of the independent professional services business arise during the course of defaults, potential defaults and restructurings where we have been appointed to provide services. To mitigate these risks we work closely with our legal advisers and, where appropriate, financial advisers, both in the set up phase to ensure that we have as many protections as practicable, and at all other stages whether or not there is a danger of default.
Related party transactions
There have been no related party transactions during the period which have materially affected the financial position or performance of the group. During the period transactions between the Corporation and its subsidiaries have been eliminated on consolidation. Details of related party transactions are given in the notes to the annual accounts.
Directors' responsibility statement
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and gives a true and fair view of the assets, liabilities, financial position and profit of the group as required by DTR 4.2.4R;
-- the half yearly report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period.
On behalf of the board
Christopher Smith
25 July 2017
Basis of preparation
The results for the period have been prepared in accordance with International Financial Reporting Standards (IAS 34 - Interim financial reporting).
The financial resources available are expected to meet the needs of the group for the
foreseeable future. The financial statements have therefore been prepared on a going concern basis.
There have been no changes to the group's accounting policies during the period.
Notes
1. The financial information presented herein does not amount to full statutory accounts within the meaning of Section 435 of the Companies Act 2006 and has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. The annual report and financial statements for 2016 have been filed with the Registrar of Companies. The independent auditors' report on the annual report and financial statements for 2016 was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
2. The calculations of NAV and earnings per share are based on:
NAV: shares at end of the period 118,152,259 (30 June 2016: 118,043,941; 31 December 2016: 118,111,845). Income: average shares during the period 118,134,437 (30 June 2016: 118,041,246; 31 December 2016: 118,063,495).
3. Listed investments are all traded on active markets and as defined by IFRS 7 are level 1 financial instruments. As such they are valued at unadjusted quoted bid prices. Unlisted investments are Level 3 financial instruments. They are valued by the directors using unobservable inputs including underlying net assets of the instruments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFEDDLISFID
(END) Dow Jones Newswires
July 25, 2017 02:00 ET (06:00 GMT)
1 Year Law Debenture Chart |
1 Month Law Debenture Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
