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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Finance & Investment Group Plc | LSE:LFI | London | Ordinary Share | GB0002994001 | 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.00 | 42.00 | 48.00 | 0.00 | 07:48:48 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 2.62M | 1.38M | 0.0443 | 10.16 | 14.04M |
TIDMLFI LONDON FINANCE & INVESTMENT GROUP PLC Final Results 18 September 2020 LONDON FINANCE & INVESTMENT GROUP PLC ("Lonfin", "the Company" or "the Group") Unaudited Preliminary Results for the year ended 30th June 2020 Dividend Declaration London Finance & Investment Group PLC. (LSE: LFI, JSE: LNF), the investment company whose assets primarily consist of Strategic Investments and a General Portfolio, today announces its unaudited Preliminary Results for the year ended 30th June 2019 and the Board's Dividend Declaration. Strategy, Business Model and Investment Policy Lonfin is an investment company whose objective is to generate growth in shareholder value in real terms over the medium to long term whilst maintaining a progressive dividend policy. The Group's investment policy is to invest in a range of 'Strategic', 'General Portfolio' and from time to time 'Other Investments'. General Portfolio Investments comprise liquid stock market investments, both in equity instruments and bonds, and, at the Board's discretion, 'Other Investments' are typically property and other physical assets. Strategic Investments are significant investments in smaller UK quoted companies. These are balanced by the General Portfolio, which consists of a broad range of investments in major USA, UK and other European companies which provides a diversified exposure to international equity markets. Further information on the Group's Investment Policy can be found in the Directors' Report on page 44. The Group's net assets per share for 2020 have decreased from the previous year to 50.6p and 17.6% over the last five years. Shareholders' dividends for 2020 remains the same at 1.15p and increased by 15% over the last five years. Information on the Group's performance against the Board's key performance indicators (KPIs) is set out on page 9 of this report. Results * Net assets have reduced to 50.6p per share (2019 restated - 58.5p per share) * Strategic Investments have decreased in value over the year, from GBP 7,596,000 to GBP6,291,000 * Strategic investments are yielding 2.6% (2019 - 3.6%) * The General Portfolio has decreased, adjusting for investment purchases and sales, over the year, by 13% from GBP11,383,000 to GBP9,948,000 * Fair value movement is GBP1,265,000 * No significant increase in Group operating costs * A final dividend of 0.60p per share is recommended, making a total of 1.15p per share for the year (2019 - 1.15p) The Company and its subsidiaries ("Group") recorded an operating profit for the year, before interest, tax and changes to the fair value adjustments of investments of GBP130,000, compared to an restated operating profit for the previous year, before tax and changes to the fair value adjustments of investments, of GBP366,000. The significant decrease in fair value of strategic investments that occurred during the year has led to Total Comprehensive Loss for the year of GBP2,112,000 compared to restated loss of GBP1,767,000 for the previous year. Basic and headline losses per share are 2.6p (2019- earnings of 2.9p). Strategic Investments Strategic Investments have reduced in value by GBP1,305,000 due to the market movements in the share prices. Western Selection PLC ("Western") The Group holds 7,860,515 ordinary shares, being 43.8%, of the issued share capital of Western. On 18th September 2020, Western announced unaudited preliminary results showing a loss after tax of GBP180,000 for the year to 30th June 2020 (2019 loss - GBP 2,611,000). Losses per share are 1.0p (2019 - 14.5p). Western's Board has not recommend payment of an interim or a final dividend for the year, compared to the payment of an interim dividend of 1.1p for 2019. Western's net assets at market value at 30th June 2020 were GBP8,127,000 equivalent to 45p per share, a decrease of 29.7% from 64p last year. Our share of the net assets of Western, including the value of Western's investments at market value, was GBP3,560,000 (2019 - GBP5,005,000). The fair value for Western recorded in the Statement of Financial Position is the market value of GBP2,751,000 (2019 - GBP3,576,000). This represents 17.3% (2019 - 19.3%) of the net assets of the Group. Western's objective is to generate growth in value for shareholders over the medium to long term and pay a progressive dividend. Western's business model is to take sizeable minority stakes in relatively small companies usually before or as their shares are admitted to trading on one of the UK's stock exchanges and have directors in common through which they can provide advice and support for these growing companies. These may or may not become associated companies. The aim is that these companies ("Core Holdings") will grow to a stage at which Western's support is no longer required and its stake can be sold over time into the relevant stock market. Companies that are targeted as Core Holdings will have an experienced management team, a credible business model and good prospects for growth. Western is a strategic investment which is technically a subsidiary of the Company that has not been consolidated due to the application of the investment entity exemption under IFRS 10. David Marshall is the Chairman of Western and Edward Beale is non-executive director. Western's main Core Holdings are Northbridge Industrial Services plc, Brand Architekts Group plc and Bilby Plc. An extract from Western's announcement on 18th September 2020 relating to its main Core Holdings is set out below: Core Holdings Northbridge Industrial Services plc ("Northbridge") Northbridge hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, USA, Dubai, Germany, Belgium, France, Australia, New Zealand, China and Singapore, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, construction and the public sector. The product range includes loadbanks, transformers and oil tools. Further information about Northbridge is available on their website: www.northbridgegroup.co.uk Northbridge, which is admitted to trading on AIM, announced its results for the year ended 31 December 2019 on 7 April 2020 and recorded a loss after tax of GBP 236,000 for the year (2018- loss after tax GBP2,409,000). No dividend was recommended by Northbridge and no dividends were received by Western from Northbridge during the year (2019 - GBPNil). Western holds 3,300,000 Northbridge shares which represents 11.8% of Northbridge's issued share capital. The market value of this investment at 30 June 2020 was GBP2,739,000 (2019 - GBP4,900,500) which represents approximately 33.7% (2019 - 42 %) of Western's net assets. Brand Architekts Group plc ("BAG") BAG, which is admitted to trading on AIM, is a beauty brands business specialising in the delivery a growing portfolio of innovative and exciting new products, spanning areas such as haircare, skincare and body care, to consumers and retailers. Further information about BAG is available on its website: https://www.brandarchitekts.com/ BAG announced its interim results for the 28 week period ended 11 January 2020 on 10 March 2020 and reported profit after tax of GBP6,600,000 (2019 final results for the 52 week period - GBP3,640,000). This figure was heavily impacted by the profit of GBP8.8m on disposal of its manufacturing business, offset by a loss on discontinued operations of GBP2.5m. Western holds 1,300,000 BAG shares which represents 7.6% of BAG's issued share capital. The market value has decreased to GBP1,625,000 (2019 - GBP2,502,000), which represents approximately 20% (2019 - 21.4%) of Western's net assets. Edward Beale is a non-executive director of BAG. Bilby Plc ("Bilby") Bilby is an established, and award winning, provider of gas installation, maintenance and general building services to local authority and housing associations across London and South East England. They have a strategy of growing organically and by acquisition. Further information about Bilby is available on their website: www.bilbyplc.com. Bilby, which is admitted to trading on AIM, announced its results for the year ended 31 March 2020 on 27 July 2020 showing a profit after tax of GBP1,379,000 compared to a loss after tax of GBP8,596,000 for the previous year ended 31 March 2019. No interim dividends were paid during the year and Bilby's Board did not recommend a final dividend (2019 - GBP67,500). Western holds 6,336,363 Bilby shares which represents 10.79% of Bilby's issued share capital. Following the additional GBP400,000 acquisitions during the year, the market value of this investment on 30 June 2020 has increased to GBP1,235,590 (2019- GBP877,000),which represents approximately 15.2% (2019 - 7.5%) of Western's net assets. Associated Companies Tudor Rose International Limited ("Tudor Rose International") As announced in our final results on 30 September 2019, this investment had been fully provided against. With effect from 8 April 2020 the Company sold its entire shareholding of 441,090 A Ordinary shares and 175,000,000 Preference shares in Tudor Rose International for GBP3 plus contingent deferred consideration and an option to repurchase the shares at the same value. The option to repurchase the shares may be exercised on any date between 1 April 2022 and 31 March 2023. No deferred consideration is expected, and the Board does not expect to exercise the option to repurchase the shares. Edward Beale and David Marshall resigned as directors of the Company with effect from 11 March 2020. Finsbury Food Group plc ("Finsbury") Finsbury is one of the largest producers and suppliers of premium cakes, bread and morning goods in the UK and currently supplies most of the UK's major supermarket chains. Further information about Finsbury, which is admitted to
trading on AIM, is available on its website: www.finsburyfoods.co.uk At 30th June 2020, Lonfin held 6,000,000 Finsbury shares, representing 4.6% of Finsbury's issued share capital. The market value of the holding was GBP3,540,000 as at 30th June 2020 (cost - GBP1,724,000) and represents approximately 22% (2019 - 22%) of Lonfin's net assets. As at the date of publication, Finsbury has not announced their final results for the year ended 30th June 2020 to be able to present in these financial statements. Edward Beale was a non-executive director of Finsbury up until 23rd November 2016. General Portfolio The investments comprising the General Portfolio at 30th June 2020 are below: Composition of General Portfolio At 30th June 2020 GBP000 % L'Oreal 548 5.5 Nestle 540 5.4 LVMH Moet Hennessey 533 5.4 Investor AB SEK6.25 'B' 445 4.5 Pernod Ricard 440 4.4 Unilever 439 4.4 Procter & Gamble Co 434 4.4 Schindler-Holdings AG CHF1.00 REGD (Post Subd) 410 4.1 Heineken Holding 403 4.1 Brown Forman (B) 396 4.0 Antofagasta 375 3.8 Reckitt Benckiser Group 364 3.7 Givaudan 362 3.6 Diageo 342 3.4 Danone 336 3.4 British American Tobacco 304 3.1 Henkel Preferred 311 3.1 Phillip Morris International Inc 289 2.9 3M Co 276 2.8 Becton Dickinson & Co 265 2.7 Exxon Mobil Corp 233 2.3 Deutsche Post 222 2.2 Royal Dutch Shell B 220 2.2 Compagnie Financiere Richemont SA 211 2.1 HSBC Holding 208 2.1 Anheuser Busch Inbev SA 191 1.9 BASF 190 1.9 AP Moeller-Maersk A/S 179 1.8 Otis Worldwide Corp 175 1.8 Raytheon (previously United Technologies Corp) 170 1.7 Imperial Brands 137 1.3 9,948 100 Analysis by currency GBP000 % Euro 3,173 31.9 Sterling 2,390 24.0 US Dollar 2,238 22.5 Swiss Franc 1,523 15.3 Swedish Kronas 445 4.5 Danish Kronas 179 1.8 9,948 100 The portfolio is diverse with material interests in Food and Beverages, Natural Resources, Chemicals and Tobacco. We believe that the portfolio of quality companies we hold has the potential to outperform the market in the medium to long term. At 30th June 2020, the number of holdings in the General Portfolio was 31 (2019 - 30). We have decreased the amount invested in the General Portfolio over the year by GBP170,000 (2019 - decreased by GBP49,000). The opening value of our General Portfolio investments at 30th June 2019 was GBP 11,383,000 which compared with a cost of such investments at the same date of GBP 6,208,000. After investment purchases during the year of GBP163,000 and investment sales (including selling expenses) during the same period of GBP966,000, the value of the General Portfolio investments as at 30th June 2020 had decreased by 13% to GBP9,948,000. Further details of our General Portfolio investments are set out on page 12. Board Changes Whilst the Board is satisfied that it has a sufficient spread of skills, experience and support within the Board to operate the Company and to develop the Company's investment business, the Board will continue to seek further suitable Board candidates who can add value to the Board. Operations, Directors and Employees All of our operations and those of Western, with the exception of investment selection, are outsourced to our subsidiary, City Group PLC ("City Group"). City Group also provides office accommodation, company secretarial, finance and head office services to a number of other companies. City Group is responsible for the initial identification and appraisal of potential new strategic investments for the Company and the day to day monitoring of existing strategic investments and employs 6 people. Dividend The Board recommends a final dividend of 0.60p (ZAR 12.61848 cents) per share, making a total of 1.15p (ZAR 24.18542 cents) per ordinary share for the year (2019 - 1.15p). Subject to shareholders' approval at the Company's AGM to be held on Wednesday, 25th November 2020, the dividend will be paid on Wednesday, 2nd December 2020 to those shareholders on the register at the close of business on Friday, 20th November 2020. Shareholders on the South African register will receive their dividend in South African rand converted from sterling at the closing rate of exchange on Thursday, 17th September 2020 being GBP1= ZAR 21.0308 JSE Disclosure Requirements In respect of the normal gross cash dividend, and in terms of the South African Tax Act, the following dividend tax ruling only applies to those shareholders who are registered on the South African register on Friday, 20th November 2020. * The number of shares in issue as at the dividend declaration date is 31,207,479; * The dividend has been declared from income reserves. Funds are sourced from the Company's main bank account in London and is regarded as a foreign dividend by South African shareholders; and * The Company's UK Income Tax reference number is 948/L32120. Dividend dates: Last date to trade (SA) Tuesday, 17th November 2020 Shares trade ex-dividend Wednesday, 18th November 2020 (SA) Shares trade ex-dividend Thursday, 19th November 2020 (UK) Record date (UK and SA) Friday, 20th November 2020 Pay date Wednesday, 2nd December 2020 The JSE Listings Requirements require disclosure of additional information in relation to any dividend payments. Shareholders registered on the South African register are advised that a dividend withholding tax will be withheld from the gross final dividend amount of ZAR 12.61848 cents per share at a rate of 20% unless a shareholder qualifies for an exemption; shareholders registered on the South African register who do not qualify for an exemption will therefore receive a net dividend of ZAR 10.094784 cents per share. The dividend withholding tax and the information contained in this paragraph is only of direct application to shareholders registered on the South African register, who should direct any questions about the application of the dividend withholding tax to Computershare Investor Services (Pty) Limited, Tel: +27 11 370 5000. Share certificates may not be de-materialised or re-materialised between Wednesday, 18th November 2020 and Friday, 20th November 2020, both days inclusive. Shares may not be transferred between the registers in London and South Africa during this period either. Outlook The continued political and economic uncertainty in Europe, where a Brexit trade deal has yet to be delivered, and globally, with Covid-19 and the negative impact from tariff issues, will clearly impact on world economies and we can expect further volatility and turbulence in the markets ahead. Whilst the last 12 months have been challenging for the Group's investments, particularly its Strategic Investments, and we can expect further challenges ahead, the Board is confident that the Group has a solid base of investments which can lead to further capital growth in the medium to long term. Future Developments The Group's development and its financial performance are dependent on the success of its Investment Strategy and the continued support of its Shareholders. Against a background of challenging and uncertain times in the markets particularly due to Covid-19, the Board continues to seek out investments which will generate growth in shareholder value. The Board also continues to monitor and enhance the quality of investments in the General Portfolio. A resolution was put to Shareholders at last year's AGM to amend the
Company's Investment Policy so that up to 40 investments may be held in the Company's General Portfolio at any time. The resolution was approved. Aside from this change, the Board continues to pursue its current Investment Policy and has no plans to make any further changes to the policy in the near future. As at 30th June 2020, the Company held 31 investments in the General Portfolio. 18 September 2020 The Company's 2020 Annual Report and Accounts will be finalised shortly and sent to shareholders. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The directors of the Company accept responsibility for the contents of this announcement. For further information, please contact: London Finance & Investment Group PLC: 020 7796 9060 David Marshall/Edward Beale) Johannesburg Sponsor: Sasfin Capital (a member of the Sasfin Group) Consolidated Statement of Total Comprehensive Income For the year ended 30th June Restated for IFRS 16 Operating Income Notes 2020 2019 2019 GBP000 GBP000 GBP000 Dividends receivable 425 687 687 Rental and other income 150 130 130 Profits on sales of investments 68 15 15 Management service fees 284 260 260 927 1,092 1,092 Administrative expenses Investment operations 4a (417) (398) (398) Management services 4a (380) (328) (334) Total administrative expenses (797) (726) (732) Operating profit 3 130 366 360 Unrealised changes in the carrying value of General Portfolio investments 13 (700) 748 748 Exceptional costs 4b - (67) (67) Interest payable (62) (57) (34) Profit before taxation (632) 990 1,007 Tax income/(expense) 7 (164) (95) (95) Profit after taxation (796) 895 912 Non-controlling interest (11) 13 5 Profit attributable to shareholders (807) 908 917 Other comprehensive income/(expense) Items that will not be reclassified to profit or loss Unrealised changes in the carrying value of Strategic investments (1,305) (3,054) (3,054) Other taxation - Deferred tax 7 - 379 379 Total Other Comprehensive (Loss)/Income attributable to shareholders (1,305) (2,675) (2,675) Total Comprehensive (Loss)/Income attributable to owners of the parent (2,112) (1,767) (1,758) Reconciliation of headline earnings Basic and diluted earnings per share 9 (2.6)p 2.9p 2.9p Adjustment for the unrealised changes in the carrying value of investments, net of tax - - (2.3)p Headline earnings per share 9 (2.6)p 2.9p 0.6p Consolidated Statement of Financial Position At 30th June Restated for IFRS 16 2020 2019 2019 Notes GBP000 GBP000 GBP000 Non-current Assets Property, Plant and Equipment 10 31 39 39 Right of use asset 11 512 568 - Investments 13 6,291 7,596 7,596 6,834 8,203 7,635 Current Assets Listed investments 13 9,948 11,383 11,383 Trade and other receivables 14 166 194 194 Cash and cash equivalents 269 240 240 10,383 11,817 11,817 Current Liabilities Trade and other payables 15 (225) (232) (279) Lease liabilities 11 (52) (49) - Borrowings 16 - (400) (400) (277) (681) (679) Net Current Assets 10,106 11,136 11,138 Non-current Liabilites Lease liabilities 11 (519) (583) - Deferred Taxation 17 (520) (395) (395) (1,039) (978) (395) Total Assets less Total Liabilities 15,901 18,361 18,378 Capital and Reserves Ordinary share capital 18 1,560 1,560 1,560 Share premium account 2,320 2,320 2,320 Unrealised profits and losses on 1,708 6,085 6,085 investments Share of retained realised profits and 4,712 4,565 4,574 losses of subsidiaries Company's retained realised profits 5,498 3,739 3,739 and losses Capital and reserves attributable to 15,798 18,269 18,278 owners Non-controlling interests 103 92 100 Total Capital and Reserves 15,901 18,361 18,378 Company Statement of Financial Position At 30th June 2020 2019 Notes GBP000 GBP000 Non-current Assets Investments in Group companies 12 2,074 528 Current Assets Listed investments 13 9,948 11,383 Trade and other receivables 14 16 23 Cash and cash equivalents 91 101 10,055 11,507 Current Liabilities Trade and other payables 15 (132) (131) Borrowings 16 - (400) (132) (531) Net Current Assets 9,923 10,976 Deferred Taxation 17 (520) (395) Total Assets less Total Liabilities 11,477 11,109 Capital and Reserves Ordinary share capital 18 1,560 1,560 Share premium account 18 2,320 2,320 Unrealised profits and losses on investments 18 2,099 3,490 5,979 7,370 Realised Profit and Loss Balance at 1st July 3,739 4,253 Net Profit/(Loss)/ for the period 2,118 (154) Dividends paid (359) (360) Balance at 30th June 5,498 3,739 Equity shareholders' funds 11,477 11,109 Under Section 408 of the Companies Act 2006, the Parent Company is exempt from the requirement to present its own income statement. Consolidated Statement of Cash Flows For the year ended 30th June Restated for IFRS 16 Notes 2020 2019 2019 GBP000 GBP000 GBP000 Cash flows from operating activities (Loss)/Profit before tax (632) 990 1,007 Adjustments for non-cash - Finance expense 62 57 34 Depreciation charges 10 13 13 Depreciation on right of use asset 62 46 - Unrealised changes in the fair value 13 1,265 (756) (756) of investments
Realised gain on disposal of 13 (633) (7) (7) investments Decrease in trade and other 10 58 58 receivables Decrease in trade and other payables (7) (112) (83) Taxes paid 7 (39) (44) (44) Net cash inflow from operating 98 245 222 activities Cash flows from investment activity Acquisition of property, plant and (2) (39) (39) equipment Acquisition of current investments (163) (611) (611) Proceeds from disposal of current 13 966 667 667 investments Net cash inflow from investment 801 17 17 activity Cash flows from financing Interest paid (31) (18) (18) Interest paid on lease liabilities (31) (23) - Repayment of lease liabilities (49) - - Equity dividends paid (359) (360) (360) Net (repayment)/drawdown of loan 16 (400) 75 75 facilities Net cash outflow from financing (870) (326) (303) Increase/(Decrease) in cash and cash 20 29 (64) (64) equivalents Cash and cash equivalents at the 240 304 304 beginning of the year Cash and cash equivalents at end of 269 240 240 the year Company Statement of Cash Flows For the year ended 30th June Notes 2020 2019 GBP000 GBP000 Cash flows from operating activities Profit before tax 891 644 Adjustments for non-cash and non-operating activities - Finance expense 31 35 Release of Impairment provision 12 (1,681) - Unrealised changes in the fair value of 13 1,266 (756) investments Realised gain on disposal of investments 13 (633) (7) Decrease in trade and other receivables 7 13 Decrease in trade and other payables (16) (11) Overseas Taxes paid 7 (39) (43) Net cash outflow from operating activities (174) (125) Cash flows from investment activity Acquisition of investments (163) (611) Proceeds from disposal of investments 966 667 Net cash inflow from investment activity 803 56 Cash flows from financing Interest paid (15) (18) Equity dividends paid (359) (360) Decrease in loan to subsidiary 12 135 374 Net (repayment)/drawdown of loan facilities 16 (400) 75 Net cash (outflow)/inflow from financing (639) 71 (Decrease)/Increase in cash and cash (10) 2 equivalents Cash and cash equivalents at the beginning of 101 99 the year Cash and cash equivalents at end of the year 91 101 Consolidated Statement of Changes in Shareholders' Equity Ordinary Share Premium Unrealised profits Share of Retained Company's Total Non-Controlling Total Share Capital Account and losses on realised profits retained realised Interests Equity Investments and losses of profits and Subsidiaries losses GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Year ended 30th June 2020 Balances at 1st July 2019 1,560 2,320 6,085 4,565 3,739 18,269 92 18,361 (Loss)/profit for - - (1,391) 147 437 (807) 11 (796) the Year Other Comprehensive - - (1,305) - - (1,305) - (1,305) Income Total comprehensive income - - (2,696) 147 11 437 (2,112) 2,101) Impairment - - (1,681) - 1,681 - - - provision released Dividends paid and - - - - (359) (359) - (359) total transactions with shareholders Balnaces at 30th June 2020 1,560 2,320 4,712 5,498) 103 1,708 15,798 15,901 Year ended 30th June 2019 (Restated for IFRS 16) Balances at 1st July 2018 20,501 1,560 2,320 8,056 4,207 4,253 20,396 105 Profit/(loss) for the - - 704 367 (154) 917 (5) 912 Year IFRS 16 Adjustment - - - (9) - (9) (8) (17) Other Comprehensive - - (2,675) - - (2,675) - (2,675) Income Total comprehensive income - - (1,971) 358 (154) (1,767) (13) (1,756) Dividends paid and - - - - (360) (360) - (360) total transactions with shareholders Balances at 30th June 2019 1,560 2,320 6,085 4,565 3,739 18,269 92 18,361 Company Statement of Changes in Shareholders' Equity Ordinary Share Premium Unrealised Realised Equity Share Capital Account profits and profits and Total losses on losses Investments GBP000 GBP000 GBP000 GBP000 GBP000 Year ended 30th June 2020 Balances at 1st July 2019 1,560 2,320 3,490 3,739 11,109 (Loss)/profit for the Year and - - (1,391) 2,118 727 total comprehensive income Dividends paid and total - - - (359) (359) transactions with shareholders Balances at 30th June 2020 1,560 2,320 2,099 5,498 11,477 Year ended 30th June 2019 Balances at 1st July 2018 1,560 2,320 2,786 4,253 10,919 Profit/(loss) for the Year and - - 704 (154) 550 total comprehensive income Dividends paid and total - - - (360) (360) transactions with shareholders Balances at 30th June 2019 1,560 2,320 3,490 3,739 11,109 Notes: 1. Basic earnings per share and Headline earnings per share Basic (loss)/earnings per share, based on the loss attributable to the shareholders after tax and non-controlling interests of GBP807,000 (2019 - restated profit GBP908,000) and on 31,207,479 shares issued Headline earnings are required to be disclosed by the JSE. Headline (loss)/earnings per share are based on the loss attributable to the shareholders after tax and non-controlling interests, before unrealised changes in the fair value of investments net of tax, of GBP807,000 (2019 - restated profit GBP908,000) and on 31,207,479 shares issued plus 80,000 share options granted in 2016. 1. Net assets per share The net assets per share are calculated taking investments at fair value and on 31,207,479 shares (2019- 31,207,479) being the weighted average of the number of shares in issue during the year. 1. Financial information The financial information in this preliminary announcement does not constitute the Company's statutory accounts for the year ended 30th June
2020 within the meaning of Section 435 of the Companies Act 2006. The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The accounts are prepared on the historical cost bases, except for certain assets and liabilities which are measured at fair value, in accordance with IFRS. The audited accounts for the Group for the year ended 30th June 2019 were reported on with an unqualified audit report and did not contain an emphasis of matter paragraph or any statement under section 498 of the Companies Act 2006 and have been delivered to the Registrar of Companies. 2. Copies of this Announcement Copies of this announcement are held at the Company's registered office, 1 Ely Place, London, EC1N 6RY (tel. 020 7796 9060) and are available for a period of 14 days from the date of this announcement. END
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