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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Octopus Apollo Vct Plc | LSE:OAP3 | London | Ordinary Share | GB00B17B3479 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.10 | 45.60 | 48.60 | 47.10 | 47.10 | 47.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 51.92M | 34.54M | 0.0462 | 10.19 | 352.35M |
TIDMOAP3 Octopus Apollo VCT Plc Half-Yearly Results 21 September 2018 Octopus Apollo VCT plc, managed by Octopus Investments Limited, today announces the unaudited half-yearly results for the six months ended 31 July 2018. These results were approved by the Board of Directors on 21 September 2018. You may, in due course, view the Half-Yearly report in full at www.octopusinvestments.com. All other statutory information can also be found there. Financial Headlines Six months Six months to 31 July to 31 July Year to 31 2018 2017 January 2018 Net assets (GBP'000s) 122,252 155,341 130,377 Return on ordinary activities after tax (GBP'000s) (3,038) 1,799 3,699 Net asset value per share ('NAV') 47.9 62.2 50.6 Cumulative dividends paid since launch (p per share) 69.6 55.7 68.0 NAV plus cumulative dividends paid (p) 117.5 117.9 118.6 Total return %* (2.2) 1.0 2.2 Ordinary dividend paid in period (p) 1.6 1.7 3.3 Special dividend paid in the period (p) -- - 10.7 Ordinary dividend declared in the period (p) 1.5 1.6 1.6 Total return is calculated as (movement in NAV + dividends paid in the period) divided by the NAV at the beginning of the period. The interim dividend will be paid on 14 December 2018 to shareholders on the register at 23 November 2018. Chairman's Statement I am pleased to present the half-yearly report of Octopus Apollo VCT for the six months ended 31 July 2018. During the period the majority of the portfolio performed broadly in line with expectations. However a small number of investments performed below expectations resulting in an overall loss on the portfolio of GBP3.2 million for the period. The NAV Total Return including the 1.6p dividend paid in the period decreased by 2.2% during the six months. Despite the current period performance the Company has sufficient reserves to maintain its target dividend policy. In keeping with this policy, the Board has declared an interim dividend of 1.5p which will be paid to shareholders in December. The Company invested over GBP9 million into new companies in the period, as well as investing follow-on funding into four existing investments. The investment team has been expanded during the period, which has helped to further increase the pipeline of new investment opportunities and assist with the execution of new investments. Although the overall performance in the period has been disappointing and political and economic uncertainty resulting from Brexit negotiations still persists, I remain cautiously optimistic for the future. Murray Steele Chairman 21 September 2018 Interim Management Report Performance In the six months under review the Total Return has decreased 2.2%. This disappointing performance is mainly attributable to adverse movements in fair value of four assets in the period, offset by a continuation of the strong interest yield from loans made to portfolio companies, gains on investment exits, and positive fair value movements across the rest of the portfolio. Portfolio Activity In the period under review the value of the portfolio has decreased by GBP3.2 million, excluding additions and disposals. This decrease is driven by Eve Sleep plc (GBP1.3 million valuation decrease), Coupra Limited (trading as ISG Technology) (GBP1.1 million valuation decrease), Valloire Power Limited (GBP0.6 million valuation decrease), and Red Poll Power Limited (GBP0.4 million valuation decrease), as a result of specific trading performance issues within each business during the period, with Eve Sleep plc's share price falling 84%. During the period GBP10.2 million was invested, GBP9.3 million of which was into the following new investments: -- Natterbox Limited (GBP5.0 million) -- a B2B cloud-based telephony provider, whose offering seamlessly integrates with customer relationship management ("CRM") software; -- City Pantry Ltd (GBP2.2 million) -- an online marketplace facilitating the provision of high-quality food catering from local specialist independent food vendors to corporate customers; and -- Ubisecure Limited (GBP2.1 million) -- a customer identity and access management software provider to enable customers to effectively manage their end-users' digital identities and automate authentication and encryption. The remaining GBP0.9 million invested was to provide growth funding to four existing portfolio companies, including GBP0.4 million invested into Oxifree to continue to support its growth plans. In April we saw the successful disposal of Tailsco Limited, an investment the Company acquired in the merger with Eclipse VCT plc, to Nestle Purina Petcare. This exit resulted in proceeds of GBP1.6 million (including a potential future retention of GBP0.3 million), a gain of GBP1.2 million on the merger acquisition price. We also sold our remaining investment in Tanfield plc, as well as part of our holding in Timeout plc, making a small loss on both. Transactions with Manager Details of amounts paid to the Manager are disclosed in note 7 to the financial statements. Share Buybacks The Company has continued to buy back shares as required. In the six months to July 2018, the Company bought back 3,567,465 shares for total consideration of GBP1.7 million. Share Issues and Fundraising Following the successful exit of a number of investments in the last 18 months, the Company has sufficient cash to meet new investment opportunities and is not currently open to new shareholders. Dividend and Dividend Policy It is the Board's policy to maintain a regular dividend flow where possible in order to take advantage of the tax free distributions a VCT is able to provide. The Board has declared an interim dividend of 1.5p per share in respect of the period ended 31 July 2018. The dividend will be payable on 14 December 2018 to shareholders on the register at 23 November 2018. During the six months to July 2018 1,453,722 shares were issued in lieu of cash dividends to those shareholders participating in the Dividend Reinvestment Scheme ("DRIS"). This remains an attractive scheme for investors, and the dividend referred to above will be eligible for the DRIS. VCT Qualifying Status PricewaterhouseCoopers LLP provides the Board and Investment Manager with advice concerning ongoing compliance with Her Majesty's Revenue & Customs ('HMRC') rules and regulations concerning VCTs. The Board has been advised that the Company is in compliance with the conditions set by HMRC for maintaining approval as a VCT. A key requirement is to ensure that at least 70% of the assets of the fund are in VCT qualifying investments. As at 31 July 2018, 87% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments. The Autumn Budget announced in November 2017 introduced a few further changes to VCT legislation. The most notable of these is that from 6 April 2019, the proportion of the VCT's HMRC value that must be invested in qualifying investments will increase from 70% to 80%. Additionally, from 6 April 2018 VCTs will have to invest 30% of funds raised into qualifying investments within 12 months. Typically the structure of the Company's investments has been weighted more heavily towards loan based instruments as opposed to equity, with such investments providing fixed returns and payments are generally ranked above most other creditors, allowing for future visibility and security. The recent changes to the VCT legislation are such that future new investments are likely to be more heavily weighted towards equity, and less towards loan instruments. These new VCT rules will not affect the majority of the existing investment portfolio but will impact future new investments. Principal Risks and Uncertainties The principal risks and uncertainties are set out in note 6 to the financial statements. Summary and Future Prospects The political and economic environment continues to be uncertain as a result of exit negotiations with the European Union. However to date there has been little, if any, negative economic impact that would affect the portfolio or the investment team's ability to continue to invest. While the overall portfolio has underperformed during the period, the newly expanded investment team has made several new investments and continues to have an active pipeline of new investment opportunities, and we believe we can continue to find suitable VCT qualifying investments. Grant Paul-Florence Octopus Investments Limited 21 September 2018 Investment Portfolio Movement Investment in fair Fair % equity cost value value Movement % equity held as at to 31 as at in fair held by all 31 July July 31 July value by funds 2018 2018 2018 in period Apollo managed Sector GBP'000 GBP'000 GBP'000 GBP'000 VCT by Octopus
Fixed asset investments Healthcare and Services Technology Healthcare Limited & Education 7,186 716 7,902 143 10 10 Technology Natterbox Limited & Communication 4,990 206 5,196 206 9 9 Anglo European Manufacturing Group Limited & Engineering 5,000 (23) 4,977 167 26.7 26.7 Countrywide Healthcare Healthcare Services Limited & Education 2,675 2,229 4,904 39 20.7 20.7 Information Coupra Limited Technology 5,000 (1,013) 3,987 (1,098) 9.8 9.8 Healthcare Dyscova Limited & Education 4,700 (1,626) 3,074 -- 62.2 62.2 Kabardin Limited Energy 2,450 -- 2,450 -- 49 100 Travel & City Pantry Ltd Leisure 2,200 204 2,404 204 8 8 Winnipeg Heat Anaerobic Limited Digestion 3,719 (1,457) 2,262 (1) 49 100 Technology Ubisecure Limited & Communication 2,125 64 2,189 64 10 10 Other(*) Various 42,096 (4,363) 37,733 (2,960) Total fixed asset investments 82,141 (5,063) 77,078 (3,236) Current asset investments Octopus Portfolio Manager -- Cash 19,188 73 19,261 36 Octopus Portfolio Manager -- Cash Plus 14,410 194 14,604 1 Octopus Portfolio Manager -- Defensive Capital Growth 7,396 240 7,636 1 Total current asset investments 40,994 507 41,501 38 Total fixed and current asset investments 118,579 Cash at bank 2,960 Debtors less creditors 713 Total net assets 122,252 *Comprises 41 other investments: Acquire Your Business Limited, Angelico Solar Limited, Artesian Solutions Limited, Augean plc, Barrecore Limited, Behaviometrics AB, Bramante Solar Limited, British Country Inns plc, Canaletto Solar Limited, Cello Group plc, CurrencyFair Limited, Ecrebo Limited, EKF Diagnostics Holdings plc, Ergomed plc, Eve Sleep plc, Hasgrove Limited, Leonardo Solar Limited, Luther Pendragon Limited, Mi-Pay Group plc, MIRACL Limited, Modigliani Solar Limited, Nektan plc, Origami Energy Limited, Oxifree Group Holding Limited, Pirlo Solar Limited, Plastics Capital plc, Red Poll Power Limited, Secret Escapes Limited, Segura Systems Limited, Sourceable Limited (Swoon Editions), Spiralite Holdings Limited, Superior Heat Limited, Tanganyika Heat Limited, Time out Group plc, Tintoretto Solar Limited, Tiziano Solar Limited, Trafi Limited, Valloire Power Limited, Vertu Motors plc, Yu Group plc, Zynstra Limited. Directors' Responsibilities Statement We confirm that to the best of our knowledge: -- the half-yearly financial statements have been prepared in accordance with the Financial Reporting Standard 104 "Interim Financial Reporting" issued by the Financial Reporting Council; -- the half-yearly financial statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Company; -- the half-yearly report includes a fair review of the information required by the Financial Conduct Authority's Disclosure and Transparency Rules, being: -- an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; -- a description of the principal risks and uncertainties for the remaining six months of the year; and -- a description of related party transactions that have taken place in the first six months of the current financial year, that may have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the last annual report that could do so. On behalf of the Board Murray Steele Chairman 21 September 2018 Income Statement Unaudited Unaudited Audited Six months to Six months to Year to 31 January 31 July 2018 31 July 2017 2018 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Gain on disposal of fixed asset investments -- 889 889 -- 3,701 3,701 -- 4,186 4,186 Loss on disposal of current asset investments - (6) (6) _ _ _ _ _ _ Change in fair value of fixed asset investments -- (3,236) (3,236) -- (1,274) (1,274) -- 1,063 1,063 Change in fair value of current asset investments -- 38 38 -- 190 190 -- 469 469 Investment income 1,638 -- 1,638 2,061 -- 2,061 3,627 3,627 Investment management fees (310) (929) (1,239) (341) (1,406) (1,747) (724) (2,858) (3,582) Other expenses (1,122) -- (1,122) (1,136) -- (1,136) (2,068) -- (2,068) FX translation -- -- -- -- 4 4 -- 4 4 Return on ordinary activities before tax 206 (3,244) (3,038) 584 1,215 1,799 835 2,864 3,699 Taxation on return on ordinary activities -- -- -- -- -- -- -- -- -- Return on ordinary activities after tax 206 (3,244) (3,038) 584 1,215 1,799 835 2,864 3,699 Earnings per share -- basic and diluted 0.1p (1.3)p (1.2)p 0.2p 0.5p 0.7p 0.3p 1.2p 1.5p -- The 'Total' column of this statement is the profit and loss account of the Company; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies. -- All revenue and capital items in the above statement derive from continuing operations. -- The Company has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds. -- The Company has no recognised gains or losses other than those disclosed in the income statement. -- The accompanying notes are an integral part of the half-yearly report. Balance Sheet Unaudited Unaudited Audited As at 31 July As at 31 As at 31 2018 July 2017 January 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed asset investments 77,078 78,386 71,326 Current assets: Investments 41,501 70,190 53,469 Debtors 2,307 2,245 2,074 Cash at bank 2,960 6,067 5,455 46,768 78,502 60,998 Creditors: amounts falling due within one year (1,594) (1,547) (1,947) Net current assets 45,174 76,955 59,051 Net assets 122,252 155,341 130,377 Share capital 25,537 25,138 25,748 Share premium 52,729 48,308 52,162 Special distributable reserve 34,690 71,149 40,489 Capital redemption reserve 3,482 2,958 3,125 Capital reserve realised 10,164 7,714 9,445 Capital reserve unrealised (4,556) (520) (602) Revenue reserve 206 584 -- Translation reserve - 10 10 Total equity shareholders' funds 122,252 155,341 130,377 Net Asset Value per share 47.9p 62.2p 50.6p The statements were approved by the Directors and authorised for issue on 21 September 2018 and are signed on their behalf by: Murray Steele Chairman Company Number: 05840377 Statement of Changes in Equity Special Capital Capital Capital Share Share distributable Redemption reserve reserve Revenue Translation Capital Premium reserves Reserve realised unrealised reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Six months to 31 July 2018 As at 1 February 2018 25,748 52,162 40,489 3,125 9,445 (602) -- 10 130,377 Comprehensive income for the period: Management fee allocated as capital expenditure -- -- -- -- (929) -- -- -- (929) Current period gains on disposal -- -- -- -- 883 -- -- -- 883 Current period losses on fair value of investments -- -- -- -- -- (3,199) -- -- (3,199) Profit on ordinary activities after tax -- -- -- -- -- -- 206 -- 206 Total comprehensive income for the period -- -- -- -- (46) (3,199) 206 -- (3,039) Contributions by and distributions to owners: Repurchase and cancellation of own shares (357) -- (1,706) 357 -- -- -- -- (1,706) Issue of shares 146 567 -- -- -- -- -- -- 713 Dividends paid -- -- (4,093) -- -- -- -- -- (4,093) Total contributions by and distributions to owners (211) 567 (5,799) 357 -- -- -- -- (5,086) Other movements: Prior period holding gains/losses now realised -- -- -- -- 765 (755) -- (10) -- Total other movements -- -- -- -- 765 (755) -- (10) -- As at 31 July 2018 25,537 52,729 34,690 3,482 10,164 (4,556) 206 -- 122,252 Special Capital Capital Capital Share Share distributable Redemption reserve reserve Revenue Translation Capital Premium reserves Reserve realised unrealised reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Six months to 31 July 2017 As at 1 February 2017 22,603 34,231 76,144 2,832 (1,537) 7,520 - 6 141,799 Comprehensive income for the period: Management fee allocated as capital expenditure -- -- -- -- (1,406) -- -- -- (1,406) Current period gains on disposal -- -- -- -- 3,701 -- -- -- 3,701 Current period losses on fair value of investments -- -- -- -- -- (1,084) -- -- (1,084) Current period currency gains -- -- -- -- -- -- -- 4 4 Profit on ordinary activities after tax -- -- -- -- -- -- 584 -- 584 Total comprehensive income for the period -- -- -- -- 2,295 (1,084) 584 4 1,799 Contributions by and distributions to owners: Repurchase and cancellation of own shares (126) -- (754) 126 -- -- -- -- (754) Issue of shares 2,661 14,077 -- -- -- -- -- -- 16,738 Dividends paid -- -- (4,241) -- -- -- -- -- (4,241) Total contributions by and distributions to owners 2,535 14,077 (4,995) 126 -- -- -- -- 11,743 Other movements: Prior period holding gains/losses now realised -- -- -- -- 6,956 (6,956) -- -- -- Total other movements -- -- -- -- 6,956 (6,956) -- -- -- As at 31 July 2017 25,138 48,308 71,149 2,958 7,714 (520) 584 10 155,341 Special Capital Capital Capital Share Share distributable Redemption reserve reserve Revenue Translation Capital Premium reserves Reserve realised unrealised reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Year to 31 January 2018 As at 1 February 2017 22,603 34,231 76,144 2,832 (1,537) 7,520 - 6 141,799 Comprehensive income for the year: Management fee allocated as capital expenditure -- -- -- -- (2,858) -- -- -- (2,858) Current year gains on disposal -- -- -- -- 4,186 -- -- -- 4,186 Current year gains on fair value of investments -- -- -- -- -- 1,532 -- -- 1,532 Current year currency gains -- -- -- -- -- -- -- 4 4 Profit on ordinary activities after tax -- -- -- -- -- -- 835 -- 835 Total comprehensive income for the year -- -- -- -- 1,328 1,532 835 4 3,699 Contributions by and distributions to owners: Repurchase and cancellation of own shares (293) -- (1,639) 293 -- -- -- -- (1,639) Issue of shares 3,594 17,931 -- -- -- -- -- -- 21,525 Dividends paid -- -- (34,172) -- -- -- (835) -- (35,007) Total contributions by and distributions to owners 3,301 17,931 (35,811) 293 -- -- (835) -- (15,121) Other movements: Prior year holding gains/losses now realised -- -- -- -- 9,654 (9,654) -- -- -- Cancellation of Deferred Shares -- D shares (156) -- 156 -- -- -- -- -- -- Total other movements (156) - 156 -- 9,654 (9,654) -- -- -- As at 31 January 2018 25,748 52,162 40,489 3,125 9,445 (602) -- 10 130,377 Cash Flow Statement Unaudited Unaudited Audited Six months Six months Year to to to 31 January 31 July 2018 31 July 2017 2018 GBP'000 GBP'000 GBP'000 Cash flows from operating activities: (Loss)/Return on ordinary activities after tax (3,038) 1,799 3,699 Adjustments for: (Increase)/decrease in debtors (233) 1,832 2,003 Decrease in creditors (353) (2,844) (2,444) Gain on disposal of fixed assets (889) (3,701) (4,186) Loss/(Gain) on revaluation of fixed asset investments 3,236 1,274 (1,063) Loss on disposal of current assets 6 -- -- Gain on revaluation of current asset investments (38) (190) (469) Cash from operations (1,309) (1,830) (2,460) Cash flows from investing activities: Purchase of fixed asset investments (10,176) (1,348) (2,051) Purchase of current asset investments -- (72,000) (53,000) Sale of fixed asset investments 2,076 38,273 48,858 Sale of current asset investments 12,000 2,000 -- Net cash flows from investing activities 3,900 (33,075) (6,193) Cash flows from financing activities: Purchase of own shares (1,706) (754) (1,639) Share issues -- 16,738 21,525 Dividends Paid (3,380) (4,241) (35,007) Net cash flows from financing activities (5,086) 11,743 (15,121) Decrease in cash and
cash equivalents (2,495) (23,162) (23,774) Opening cash and cash equivalents 5,455 29,229 29,229 Closing cash and cash equivalents 2,960 6,067 5,455 Notes to the Half-Yearly Report 1. Basis of preparation The unaudited half-yearly results which cover the six months to 31 July 2018 have been prepared in accordance with the Financial Reporting Council's (FRC) Financial Reporting Standard 104 "Interim Financial Reporting" (March 2018) and the Statement of Recommended Practice for Investment Companies, re-issued by the Association of Investment Companies in February 2018. 2. Publication of non-statutory accounts The unaudited half-yearly results for the six months ended 31 July 2018 do not constitute Statutory Accounts within the meaning of s.415 of the Companies Act 2006. The comparative figures for the year ended 31 January 2018 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor's report on those financial statements, in accordance with chapter 3 of part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company's auditor. 3. Earnings per share The earnings per share is based on 256,759,529 shares, being the weighted average number of shares in issue during the period (31 January 2018: 248,105,555; 31 July 2017: 243,295,650). There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are therefore identical. 4. Net asset value per share 31 July 31 July 31 January 2018 2017 2018 Net Assets (GBP) 122,252,000 155,341,000 130,377,000 Shares in Issue 255,369,857 249,818,756 257,483,600 Net Asset Value per share (p) 47.9 62.2 50.6 5. Dividends A final dividend, for the year ended 31 January 2018, of 1.6p per share was paid on 27 July 2018 to shareholders on the register on 29 June 2018. The interim dividend of 1.5p per share for the six months ending 31 July 2018 will be paid on 14 December 2018, to those shareholders on the register on 23 November 2018. 6. Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company are described in detail within the strategic report in the Company's annual report for the year ended 31 January 2018. The principal risks include loss of VCT status, investment risk, valuation risk, financial risk, internal control risk and price risk. 7. Related Party Transactions Octopus acts as the investment manager of the Company. Under the management agreement, Octopus receives a fee of 2.0% per annum of the net assets of the Company for the investment management services. The Company has incurred management fees of GBP1,239,000 during the period to 31 July 2018 (31 July 2017: GBP1,494,000; 31 January 2018: GBP2,895,000). No performance fee has been incurred during the period to 31 July 2018 (31 July 2017: GBP253,000; 31 January 2018: GBP687,000). Octopus also provides administration and company secretarial services to the Company. Octopus receives a fee of 0.3% per annum of net assets of the Company for administration services and GBP20,000 per annum for company secretarial services. The Company currently holds GBP41.5 million of investments in Octopus managed funds, being the Octopus Portfolio Manager funds. To ensure the Company is not double charged management fees on these products, the Company receives a reduction in the management fee as a percentage of the value of these investments. 8. Other Information A version of this statement will be made available to all shareholders. Copies will also be available from the registered office of the Company at 33 Holborn, London, EC1N 2HT, and will also be available to view on the Investment Manager's website at www.octopusinvestments.com.
(END) Dow Jones Newswires
September 21, 2018 12:13 ET (16:13 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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