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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% | 50.00 | 45.00 | 55.00 | 50.00 | 50.00 | 50.00 | 0.00 | 08:00:01 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 2.62M | 1.38M | 0.0443 | 11.29 | 15.6M |
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TIDMLFI
Friday 28th September 2018
LONDON FINANCE & INVESTMENT GROUP P.L.C.
("Lonfin", "the Company" or "the Group")
Unaudited Preliminary Results for the year ended 30th June 2018
Dividend Declaration
London Finance & Investment Group P.L.C. (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 2018 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'
which 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.
The Group's net assets per share for 2018 have remained broadly unchanged over
the previous year at 65.4p and net assets per share have increased 107% over
the last five years. Shareholders' dividends for 2018 have increased by 4.5%
over the previous year and by 37.5% over the last five years.
Results
· Net assets have remained broadly unchanged at 65.4p per share (2017
- 65.6p per share)
· Strategic Investments have decreased in value slightly, over the
year, from GBP10,673,000 to GBP10,650,000 due to the fluctuation in share price of
Finsbury Food Group Plc.
· Strategic investments are yielding 3.4% (2017 - 3.1%)
· The General Portfolio has decreased, adjusting for investment
purchases and sales, over the year, by 0.8% from GBP10,766,000 to GBP10,676,000.
· Fair value movement is GBP140,000
· 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 (2017 - 1.1p)
The Company and its subsidiaries ("Group") achieved an operating profit for the
year, before interest, tax and changes to the fair value adjustments of
investments of GBP306,000, compared to an operating profit for the previous year,
before tax and changes to the fair value adjustments of investments, of GBP
275,000. The significant increases in fair value of investments that occurred
last year have not been repeated this year and, as a result, the Total
Comprehensive Income for the year, comprising profit after tax and the other
comprehensive income (the fair value adjustments, net of tax, of Strategic
Investments) was GBP256,000 compared to GBP1,658,000 for the previous year. Basic
earnings per share are 0.6p (2017- 3.5p) and headline earnings per share are
0.8p (2017 - 1.0p).
Strategic Investments
Strategic Investments have reduced in value by GBP23,000 due to the market
movements in the share prices.
Western Selection P.L.C. ("Western")
The Group owns 7,860,515 ordinary shares, being 43.8% of the issued share
capital of the Western.
On 26th September 2018, Western announced unaudited preliminary results showing
a profit after tax of GBP784,000 for the year to 30th June 2018 (2017 - profit
after tax, of GBP850,000). Earnings per share were 4.4p (2017- 4.7p).
Western paid an interim dividend of 1.1p in March this year and proposes a
final dividend of 1.15p making 2.25p for the year (2017 - 2.2p). Western's net
assets at market value at 30th June 2018 were GBP17,342,000 equivalent to 96p per
share, an increase of 1% from 95p last year.
Our share of the net assets of Western, including the value of Western's
investments at market value, was GBP7,595,000 (2017 - GBP7,500,000). The fair
value for Western recorded in the Statement of Financial Position is the market
value of GBP3,930,000 (2017 - GBP3,773,000). This represents 19% (2017 - 18%) 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,
Swallowfield Plc, Bilby Plc and Tudor Rose International Limited.
An extract from Western's announcement on 26th September 2018 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, Singapore, Brazil and Korea, 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 31st December 2017 on 12th April 2018 and recorded a loss after tax
of GBP4,626,000 for the year. No dividend was recommended by Northbridge and no
dividends were received by Western from Northbridge during the year.
During the year, Western invested GBP95,000 in acquiring 76,368 new ordinary
shares in Northbridge pursuant to a share placing. Western now holds 3,300,000
Northbridge shares which represents 12.6% of Northbridge's enlarged issued
share capital. The value of this investment at 30th June 2018 was GBP4,290,000
(2017 - GBP3,320,000) which represents approximately 25% (2017 - 19%) of
Western's net assets.
David Marshall is a non-executive director of Northbridge.
Swallowfield plc ("Swallowfield")
Swallowfield is a market leader in the development, formulation, manufacture
and supply of cosmetics, toiletries and related household products for global
brands and retailers operating in the cosmetics, personal care and household
goods market. Further information about Swallowfield is available on their
website: www.swallowfield.com
Swallowfield, which is admitted to trading on AIM, announced its results for
the 53 weeks ended 30th June 2018 on 25th September 2018 and recorded a profit
after tax of GBP3,633,000 compared to a profit after tax of GBP2,572,000 for the
comparable period last year. Dividends of GBP78,500 were received from
Swallowfield during the year (2017 - GBP66,900). A final dividend of 4.2p per
share has been declared and, if approved, Western will receive a further GBP
54,600 of income in December 2018.
In March this year, Western sold 200,000 Swallowfield shares, realising a
profit of GBP443,000, during the year. At the reporting date, being 30th June
2018, Western held 1,300,000 Swallowfield shares which represented 7.7% of
Swallowfield's issued share capital. The market value of our reduced holding
in Swallowfield on 30th June 2018 had decreased to GBP4,095,000 from the value of
our holding at 30th June 2017 of GBP5,700,000. The value of this investment
represents approximately 23.6% (2017 - 33%) of Western's net assets.
Edward Beale is a non-executive director of Swallowfield.
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 31st March 2018 on 16th July 2018 showing a profit after tax of GBP
3,450,000 compared to a loss after tax of GBP180,000 for the previous year ended
31st March 2017. Dividends of GBP54,000 were received from Bilby during the year
(2017 - GBP53,000). Bilby announced a final dividend of 2.0p per share which was
paid in July 2018 and which provided Western with further income of GBP54,000.
Western holds 2,700,000 Bilby shares which represents approximately 6.7% of
Bilby's issued share capital. The market value of this investment on 30th June
2018 was GBP2,835,000 (2017- GBP1,917,000) which represents approximately 16% (2017
- 11%) of Western's net assets.
Tudor Rose International Limited ("Tudor Rose International")
Tudor Rose International works closely with a number of leading UK branded
fast-moving consumer goods companies, offering a complete sale, marketing and
logistical service. Based in Stroud, Gloucestershire, Tudor Rose International
sells into 78 countries worldwide including USA, Spain, Portugal, Italy, Czech
Republic, Russia, Turkey, South Africa, Saudi Arabia, UAE, Malaysia, Australia
and China.
Western holds 441,090 A ordinary shares in Tudor Rose International which
represents 49.5% of the company's issued share capital. Western also holds GBP
1,000,000 of redeemable preference shares in Tudor Rose International at a par
value of 1p per share. The Company has made available to Tudor Rose
International a working capital facility of GBP750,000, bearing interest at the
rate of base + 5% per annum, which has been fully drawn down at the year end.
Tudor Rose International, which is a private company, has a 31st December year
end and, in the year to 30th June 2018, generated a trading profit before tax
of GBP130,140. Turnover in the period was GBP19,032,000 (2017 - GBP17,145,000).
Western's share of a profit after tax for the twelve months to 30th June 2018
was GBP41,000 (2017 - profit GBP49,550) and the book value of the investment at
30th June 2018 was GBP1,633,000 (2017 - GBP1,647,000) being 9.4 % (2017 -10%) of
Western's net assets. Including the loans to Tudor Rose International and its
directors (GBP942,000), the total book value of the investment comes to GBP
2,575,000 which is 15% of Western's net assets.
Western has two nominees on the board of Tudor Rose International: Edward Beale
and David Marshall.
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 2018, Lonfin held 6,000,000 Finsbury shares, representing 4.6% of
Finsbury's issued share capital. The market value of the holding was GBP
6,720,000 as at 30th June 2018 (cost - GBP1,724,000) and represents approximately
33% (2017 - 34%) of Lonfin's net assets.
On 17th September 2018, Finsbury announced audited adjusted profits on
continuing operations after tax and minority interests of GBP13,508,000 for the
52 weeks ended 30th June 2018 (2017 - adjusted profits GBP12,958,000).
Finsbury paid an interim dividend of 1.1p in April 2018 and has recommended to
its shareholders a final dividend of 2.2p per share, making 3.3p for the year
(2017 - 3p). The final dividend, if approved, will be paid in December 2018 and
will provide the Company with further income of GBP132,000.
Edward Beale was a non-executive director of Finsbury up until 23rd November
2017.
General Portfolio
The investments comprising the General Portfolio at 30th June 2018 are listed
below.
Composition of General Portfolio
At 30th June 2018
GBP000 %
LVMH Moet Hennessey 504 4.7
Diageo 463 4.3
Schindler Holdings 457 4.3
Investor AB 429 4.0
Pernod Ricard 427 4.0
Unilever 423 4.0
Heineken Holding 411 3.8
Henkel 400 3.7
Antofagasta 396 3.7
L'Oreal 395 3.7
HSBC Holdings 391 3.7
Royal Dutch Shell 387 3.6
Brown-Forman 380 3.6
British American Tobacco 375 3.5
Chevron Corp 373 3.5
Givaudan 361 3.4
Nestle 346 3.2
Danone 334 3.1
3M Co 328 3.1
United Technologies Corp 322 3.0
Exxon Mobil Corp 313 2.9
Phillip Morris International Inc 311 2.9
Reckitt Benckiser Group 306 2.9
BASF 304 2.8
Anheuser Busch Inbev 285 2.7
Kimberley Clark Corp 271 2.5
Procter & Gamble Co 266 2.5
Becton Dickinson & Co 254 2.4
Imperial Brands 251 2.4
Compagnie Financiere Richemont 213 2.1
10,676 100.0
Analysis by currency GBP000 %
Euro 3,060 29
Sterling 2,991 28
US Dollar 2,820 26
Swiss Franc 1,376 13
Swedish Kronas 429 4
10,676 100.0
The General 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 2018, the number of holdings in the General Portfolio was 30 (2017
- 30). We have increased the amount invested in the General Portfolio over the
year by GBP1,000 (2017 - increased by GBP2,767,000).
The opening value of our General Portfolio investments at 30th June 2017 was GBP
10,766,000 which compared with a cost of such investments at the same date of GBP
6,053,000. After investment purchases during the year of GBP699,000 and
investment sales (including selling expenses) during the same period of GBP
698,000, the value of the General Portfolio investments as at 30th June 2018
had decreased by 0.8% to GBP10,676,492.
Board Changes
Following Michael Robotham's retirement on 6th December 2017, after a long
period of service to the Company as a non-executive director, it is with regret
that the Board reports to shareholders that Michael passed away peacefully on
16th April 2018. Along with his family and friends, he will be greatly missed
by members of the Board who he, as a fellow director, supported and provided
good counsel to the Company for many years.
Following Michael Robotham's retirement, the Board looked to strengthen the
Board and on 31st January 2018, the Company announced the appointment of
Warwick Marshall. Warwick is the son of David Marshall, the Chairman. In 1996,
Warwick established the trading division of the Monteagle Group initially
trading in retailer branded fast moving consumer goods, and then later
diversifying into metals, minerals and logistics. This profitable division of
the Monteagle Group now turns over in excess of US$350 million annually. He
also has extensive investment experience in his private capacity.
Whilst the Board is satisfied that it now 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 be seeking to identify
further suitable Board candidates who can add value.
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 and head
office finance 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.
Dividend
The Board recommends a final dividend of 0.60p per share, making a total of
1.15p per ordinary share for the year (2017 - 1.1p). Subject to shareholders'
approval at the Company's AGM to be held on 4th December 2018, the dividend
will be paid on Tuesday, 18th December 2018 to those shareholders on the
register at the close of business on Friday, 23rd November 2018.
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, 20th September 2018 being GBP1= ZAR 18.73341.
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, 23rd November 2018.
· 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, 20th November 2018
Shares trade ex-dividend Wednesday, 21st November 2018
(SA)
Shares trade ex-dividend Thursday, 22nd November 2018
(UK)
Record date (UK and SA) Friday, 23rd November 2018
Pay date Tuesday, 18th December 2018
The JSE Listings Requirements requires 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 11.24005 SA 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 8.99204
SA 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, 21st November 2018 and Friday, 23rd November 2018, both days
inclusive. Shares may not be transferred between the registers in London and
South Africa during this period either.
Outlook
Political and economic uncertainty around the world continues and in particular
in the UK given the ongoing negotiations with the EU over the terms for Brexit.
There are clearly greater challenges ahead but your Board believes the
Company's mix of Strategic Investments and the Company's General Portfolio of
international investments will give us opportunity to outperform the broader
market in the medium to long term.
Future Developments
The future development of the Group is dependent on the success of the Group's
Investment Strategy in the light of economic and equity market developments and
the continued support of its Shareholders. A resolution will be put to
Shareholders at the forthcoming 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. Aside from this change, the Board will maintain the current Investment
Policy for the foreseeable future and has no plans to make any further changes
to the policy.
28th September 2018
The 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 P.L.C.: 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
Operating Income 2018 2017
GBP000 GBP000
Dividends received 674 608
Rental and other income 107 109
Profits on sales of investments 26 3
Management service fees 274 296
1,081 1,016
Administrative expenses
Investment operations (411) (352)
Management services (364) (389)
Total administrative expenses (775) (741)
Operating profit 306 275
Unrealised changes in the carrying value of
General Portfolio investments (117) 989
Interest payable (14) (33)
Profit before taxation 175 1,231
Tax Income/ (expense) 20 (121)
Profit after taxation 195 1,110
Non-controlling interest (8) (7)
Profit attributable to shareholders 187 1,103
Other comprehensive income/(expense)
Unrealised changes in the carrying value of
Strategic investments (23) 477
Profit on sale of investments - 217
Other taxation -
Deferred tax 42 99
Corporation tax 50 (238)
Total Other Comprehensive Income 69 555
Total Comprehensive Income attributable to
owners of the parent 256 1,658
Reconciliation of headline earnings
Basic and diluted earnings per share 0.6p 3.5p
Adjustment for the unrealised changes in the
carrying value of investments, net of tax 0.2p (2.5)p
Headline earnings per share 0.8p 1.0p
Consolidated Statement of Financial Position
At 30th June
2018 2017
GBP000 GBP000
Non-current Assets
Property, Plant and Equipment 13 14
Investments 10,650 10,673
10,663 10,687
Current Assets
Listed investments 10,676 10,766
Trade and other receivables 251 220
Cash and cash equivalents 304 222
11,231 11,208
Current Liabilities
Trade and other payables (346) (250)
Current tax liabilities - (236)
Borrowings (325) -
(671) (486)
Net Current Assets 10,560 10,722
Deferred Taxation (722) (829)
Total Assets less Total Liabilities 20,501 20,580
Capital and Reserves
Ordinary share capital 1,560 1,560
Share premium account 2,320 2,320
Unrealised profits and losses on investments 8,056 8,265
Share of retained realised profits and losses 4,207 3,794
of subsidiaries
Company's retained realised profits and losses 4,253 4,544
Capital and reserves attributable to owners 20,396 20,483
Non-controlling equity interests 105 97
Total Capital and Reserves 20,501 20,580
Company Statement of Financial Position
At 30th June
2018 2017
GBP000 GBP000
Non-current Assets
Investments in Group companies 902 1,071
Current Assets
Listed investments 10,676 10,766
Trade and other receivables 36 26
Cash and cash equivalents 99 101
10,811 10,893
Current Liabilities
Trade and other payables (126) (117)
Borrowings (325) -
(451) (117)
Net Current Assets 10,360 10,776
Deferred Taxation (343) (408)
Total Assets less Total Liabilities 10,919 11,439
Capital and Reserves
Ordinary share capital 1,560 1,560
Share premium account 2,320 2,320
Unrealised profits and losses on investments 2,786 3,015
6,666 6,895
Realised Profit and Loss
Balance at 1st July 4,544 4,928
Net Profit/(Loss) for the period 52 (41)
Dividends paid (343) (343)
Balance at 30th June 4,253 4,544
Equity shareholders' funds 10,919 11,439
Consolidated Statement of Cash Flows
For the year ended 30th June
Not 2018 2017
GBP000 GBP000
Cash flows from operating activities
Profit before tax 175 1,231
Adjustments for non-cash -
Finance expense 14 33
Depreciation charges 9 8
Unrealised changes in the fair value of 117 (989)
investments
Realised gain on disposal of investments (26) (3)
Decrease/(Increase)in trade and other (32) 52
receivables
(Decrease)/Increase in trade and other payables 96 (66)
Taxes paid 7 (230) (45)
Net cash inflow from operating activities 123 221
Cash flows from investment activity
Acquisition of property, plant and equipment (8) -
Acquisition of current investments (699) (2,856)
Disposal of current investment 12 698 207
Disposal of non-current investment - 2,438
Net cash inflow/(outflow) from investment (9) (211)
activity
Cash flows from financing
Interest paid (14) (33)
Equity dividends paid (343) (343)
Net drawdown of loan facilities 15 325 -
Net cash outflow from financing (32) (376)
(Decrease)/Increase in cash and cash 19 82 (366)
equivalents
Cash and cash equivalents at the beginning of 222 588
the year
Cash and cash equivalents at end of the year 304 222
Company Statement of Cash Flows
For the year ended 30th June
2018 2017
GBP000 GBP000
Cash flows from operating activities
(Loss)/Profit before tax (197) 878
Adjustments for non-cash and non-operating
activities -
Finance expense 14 33
Unrealised changes in the fair value of 117 (989)
investments
Realised gain on disposal of investments (26) (3)
(Increase)/Decrease in trade and other (10) 1
receivables
Increase in trade and other payables 8 24
Overseas Taxes paid (44) (45)
Net cash (outflow) from operating activities (138) (101)
Cash flows from investment activity
Acquisition of investments (699) (2,856)
Disposal of investments 698 207
Net cash inflow/(outflow) from investment (1) (2,649)
activity
Cash flows from financing
Interest paid (14) (33)
Equity dividends paid (343) (343)
Decrease in loan to subsidiary 169 2,776
Net drawdown/(repayment) of loan facilities 325 -
Net cash inflow from financing 137 2,400
(Decrease)/Increase in cash and cash (2) (350)
equivalents
Cash and cash equivalents at the beginning of 101 451
the year
Cash and cash equivalents at end of the year 99 101
Consolidated Statement of Changes in Shareholders' Equity
Share of
Unrealised Retained Retained
Ordinary Share Profits and Profits and Realised Non-Controlling
Share Premium Losses on Losses of Profits Interests Total
Capital Account Investments Subsidiaries & Losses Total Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Year ended 30th June
2017
Balances at 1st July
2016 1,560 2,320 8,539 1,821 4,928 19,168 90 19,258
Profit for the Year - - 913 231 (41) 1,103 7 1,110
Other Comprehensive - - (1,187) 1,742 - 555 - 555
Income/(Expense)
Total comprehensive
income - - (274) 1,973 (41) 1,658 7 1,665
Dividends paid and - - - - (343) (343) - (343)
total transactions
with shareholders
Balances at 30th June
2017 1,560 2,320 8,265 3,794 4,544 20,483 97 20,580
Year ended 30th June
2018
Balances at 1st July
2017 1,560 2,320 8,265 3,794 4,544 20,483 97 20,580
Profit/(loss) for the - - (228) 363 52 187 8 195
Year
Other Comprehensive - - 19 50 - 69 - 69
Income/(Expense)
Total comprehensive
income - - (209) 413 52 256 8 264
Dividends paid and - - - - (343) (343) - (343)
total transactions
with shareholders
Balances at 30th June
2018 1,560 2,320 8,056 4,207 4,253 20,396 105 20,501
Company Statement of Changes in Shareholders' Equity
Unrealised
Ordinary Share Profits and Realised
Share Premium Losses on Profits & Equity
Capital Account Investments Losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
Year ended 30th June 2017
Balances at 1st July 2016 1,560 2,320 2,219 4,928 11,027
Profit/(loss)for the Year and total - - 796 (41) 755
comprehensive income
Dividends paid and total - - - (343) (343)
transactions with shareholders
Balances at 30th June 2017 1,560 2,320 3,015 4,544 11,439
Year ended 30th June 2018
Balances at 1st July 2017 1,560 2,320 3,015 4,544 11,439
Profit/(loss) for the Year and total - - (229) 52 (177)
comprehensive income
Dividends paid and total - - - (343) (343)
transactions with shareholders
Balances at 30th June 2018 1,560 2,320 2,786 4,253 10,919
Notes:
1. Basic earnings per share and Headline earnings per share
Basic earnings per share are based on the profit attributable to the
shareholders after tax and non-controlling interests of GBP187,000 (2017 - GBP
1,103,000) and on 31,207,479 shares (2017 - 31,207,479) being the weighted
average of the number of shares in issue during the year.
Headline earnings are required to be disclosed by the JSE.
Headline earnings per share are based on the profit attributable to the
shareholders after tax and non-controlling interests, before unrealised changes
in the fair value of investments net of tax, of GBP240,000 (2017 - GBP309,000) and
on 31,207,479 (2017 - 31,207,479) shares being the weighted average of the
number of shares in issue during the year.
The adjustments for the unrealised changes in the carrying value of
investments, net of tax, are GBP53,000 (2017 - GBP794,000).
2. Net assets per share
The net assets per share are calculated taking investments at fair value and on
31,207,479 shares (2017 - 31,207,479) being the weighted average of the number
of shares in issue during the year.
3. Financial information
The financial information in this preliminary announcement does not constitute
the Company's statutory accounts for the year ended 30th June 2018.
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 2017 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.
Copies of this notification are held at the Company's office, 6 Middle Street, London, EC1A 7JA (tel. 020 7796 9060) and are available for a period of 14 days from the date of this announcement. END
(END) Dow Jones Newswires
September 28, 2018 09:02 ET (13:02 GMT)
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