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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Royal Lon Tst | LSE:RLU | London | Ordinary Share | GB0030794050 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1921Z Royal London UK Eqty&Income Tst PLC 28 May 2004 ROYAL LONDON UK EQUITY & INCOME TRUST PLC Preliminary announcement of unaudited interim results for the half year ended 29 February 2004 Chairman's Statement The last six months have seen a continuation of the recovery in stock markets, which started in March 2003. Growing optimism about the strength of the global economic recovery continued to be the major factor affecting sentiment. I am pleased to report that your Company's equity, bond and income portfolios have performed well in absolute terms during the period under review and that their performance has been considerably enhanced by the retention of the Company's substantial gearing. The UK equity market has had a good six months - the FTSE All-Share Index rising by 8.65% to give a total return of 9.79%. The Company's equity portfolio has risen by 8.90% on a total return basis. The corporate bond portfolio has performed exceptionally well, registering a gain of 4.73% during the half year and outperforming the Barclays Non-Gilt Over 10 Year Index by no less than 2.38%. The income portfolio is now a very small part of the overall portfolio and returned 10.57% over the period. The structure of your Company has not changed since I last reported to you, with total borrowings remaining at #50 million and a latest loan to value ratio of 51.20%. The Company has continued to operate within its covenant agreements. During the six months under review, 285,000 Zero Dividend Preference ("ZDP") shares issued by Royal London UK Equity & Income Securities plc were bought by its parent, Royal London UK Equity & Income Trust plc. These ZDP shares are presently being held as an investment, with the option to cancel them at a later stage if deemed appropriate. At the time of writing this report, there remain 13,424,100 ZDP shares in issue (including those held as investments). Dividend Your Company remains unable to declare or pay a dividend due to its inability to meet the requirements of Section 265 of the Companies Act 1985 as your Company's assets remain less than 1.5 times its liabilities. Portfolio At 29 February 2004, the breakdown of the assets of Royal London UK Equity & Income Trust plc and Royal London UK Equity & Income Securities plc (the "Group") was as follows: Market value % #'000 UK Equity Portfolio 59,509 59.7 UK Bond Portfolio 29,334 29.4 Income Portfolio 4,694 4.7 Cash (Net Liquidity) _6,218 _6.2 99,755 100.0 Source: Royal London Asset Management Limited Outlook Your Manager believes that 2004 is likely to see higher global economic growth. This recovery is likely to act as a catalyst for equity out-performance over the coming twelve months as the improved economic background feeds into corporate earnings. Overall, your Board believes that your Company is well positioned to benefit from these trends. Jonathan Carr Chairman 28 May 2004 Group Statement of Total Return (unaudited) (incorporating the revenue account) for the half year ended 29 February 2004 (Unaudited) (Unaudited) (Audited) Notes Half year ended Half year ended Year ended 29 February 2004 28 February 2003 31 August 2003 Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Total capital gains/(losses) from - 4,919 4,919 - (13,223) (13,223) - (4,585) (4,585) investments Income from fixed asset investments 2,142 - 2,142 2,424 - 2,424 5,133 - 5,133 Other interest receivable and similar income 78 - 78 52 - 52 100 - 100 -------- ------- -------- -------- ------- -------- -------- -------- -------- Gross revenue and capital gains/(losses) 2,220 4,919 7,139 2,476 (13,223) (10,747) 5,233 (4,585) 648 Investment management fee (227) (341) (568) (208) (312) (520) (422) (633) (1,055) Other administrative expenses (220) - (220) (186) - (186) (369) - (369) ------- ------- ------- ------- ------- ------- -------- -------- -------- Net return/ (loss) on ordinary activities before 1,773 4,578 6,351 2,082 (13,535) (11,453) 4,442 (5,218) (776) interest payable and taxation Interest (651) (977) (1,628) (1,120) (1,680) (2,800) (1,775) (2,663) (4,438) payable ------- ------- ------- ------- ------- ------- ------- ------- ------- Net return/ (loss) on ordinary activities before 1,122 3,601 4,723 962 (15,215) (14,253) 2,667 (7,881) (5,214) taxation Tax on net return/(loss) on ordinary - - - - - - - - - activities ------- ------- ------- ------- ------- ------- ------- ------- ------- Net return/ (loss) on ordinary activities after taxation 1,122 3,601 4,723 962 (15,215) (14,253) 2,667 (7,881) (5,214) Provision for redemption of ZDP shares in - (669) (669) - (741) (741) - (1,396) (1,396) subsidiary Gain on repurchase and redemption of ZDP shares - 63 63 - 3,426 3,426 - 3,426 3,426 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 1,122 2,995 4,117 962 (12,530) (11,568) 2,667 (5,851) (3,184) Dividends and appropriations attributable to annuity shareholders: Appropriation of dividend attributable to annuity shareholders (1,275) - (1,275) (1,275) - (1,275) (2,550) - (2,550) -------- -------- -------- -------- -------- -------- -------- -------- -------- (1,275) - (1,275) (1,275) - (1,275) (2,550) - (2,550) -------- -------- ------- -------- -------- ------- -------- -------- -------- Transfer (153) 2,995 2,842 (313) (12,530) (12,843) 117 (5,851) (5,734) (from)/to reserves ====== ====== ====== ====== ====== ====== ====== ====== ====== (Loss)/return per share on an FRS 4 basis: Ordinary 1 (0.22p) 4.28p 4.06p (0.45p) (17.90p) (18.35p) 0.17p (8.36p) (8.19p) Annuity 1 4.25p - 4.25p 4.25p - 4.25p 8.50p - 8.50p ZDP (in 1 - 5.03p 5.03p - 4.59p 4.59p - 9.47p 9.47p subsidiary) The revenue column of this statement represents the profit and loss account of the Group. Group Balance Sheet (unaudited) at 29 February 2004 (Unaudited) (Unaudited) (Audited) 29 February 2004 28 February 2003 31 August 2003 Notes #'000 #'000 #'000 Fixed asset investments Listed investments 93,537 84,293 86,849 ------------ ------------ ------------ Current assets Debtors and prepayments 935 863 1,563 Cash at bank 6,545 2,041 8,987 ------------ ------------ ------------ 7,480 2,904 10,550 Creditors: amounts falling due (1,262) (923) (2,086) within one year ------------ ------------ ------------ Net current assets 6,218 1,981 8,464 ------------ ------------ ------------ Total assets less current 99,755 86,274 95,313 liabilities Creditors: amounts falling due (50,000) (50,000) (50,000) after more than one year ------------ ------------ ------------ Total net assets 49,755 36,274 45,313 ======= ======= ======= Capital and reserves Called-up share capital 1,000 1,000 1,000 Share premium 94,500 94,500 94,500 Capital reserve - realised (15,685) (8,253) (12,027) Capital reserve - unrealised (53,034) (70,140) (59,687) Revenue reserve 6,826 3,999 5,704 ------------ ------------ ------------ Shareholders' funds 33,607 21,106 29,490 Minority interest - ZDP shares 16,148 15,168 15,823 ------------ ------------ ------------ 49,755 36,274 45,313 ======= ======= ======= Attributable on an Articles basis: Annuity shareholders (Non-equity) 27,700 21,106 26,425 Ordinary shareholders (Equity) 5,907 - 3,065 ------------ ------------ ------------ Total 33,607 21,106 29,490 ======= ======= ======= Net asset value per share on an Articles basis: Annuity share 2 92.33p 70.35p 88.08p Ordinary share 2 8.44p - 4.38p ZDP share in subsidiary 2 122.90p 112.99p 117.87p Attributable on an FRS 4 basis: Annuity shareholders (Non-equity) 27,700 25,150 26,425 Ordinary shareholders (Equity) 5,907 (4,044) 3,065 ------------ ------------ ------------ Total 33,607 21,106 29,490 ======= ======= ======= Net asset value per share on an FRS 4 basis: Annuity share 3 92.33p 83.83p 88.08p Ordinary share 3 8.44p (5.78p) 4.38p ZDP share in subsidiary 3 122.90p 112.99p 117.87p Approved by the Board of Directors on 28 May 2004 Jonathan Carr Chairman Group Cash Flow Statement (unaudited) for the half year ended 29 February 2004 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 29 February 2004 28 February 2003 31 August 2003 #'000 #'000 #'000 #'000 #'000 #'000 Net cash inflow from operating 1,577 2,110 4,021 activities Servicing of finance Interest paid (1,647) (3,140) (4,759) -------------- -------------- -------------- (1,647) (3,140) (4,759) Financial Investment Acquisition of investments (8,593) (10,007) (14,556) Sale of investments 6,502 25,242 36,445 -------------- -------------- -------------- Net cash (outflow)/inflow from (2,091) 15,235 21,889 financial investment -------------- -------------- -------------- Net cash (outflow)/inflow (2,161) 14,205 21,151 before financing Financing Purchase of ZDP shares (281) (3,826) (3,826) Issue expenses paid - (443) (443) Loan repayment - (20,000) (20,000) -------------- -------------- -------------- Net cash outflow from financing (281) (24,269) (24,269) -------------- -------------- -------------- Decrease in cash (2,442) (10,064) (3,118) ======== ======== ======== Reconciliation of net cash flow to movement in net debt Decrease in cash as above (2,442) (10,064) (3,118) Net cash outflow from loans - 20,000 20,000 repaid ------------ ------------ ------------ (2,442) 9,936 16,882 Net debt at start of period (41,013) (57,895) (57,895) ------------ ------------- ------------- Net debt at end of period (43,455) (47,959) (41,013) ======== ======== ======== NOTES TO THE ACCOUNTS (for the half year ended 29 February 2004) 1. (Loss)/return per share (Loss)/return per ordinary share on an FRS4 basis The revenue loss per ordinary share is based on the net revenue loss for the half year ended 29 February 2004 of #153,000 (half year ended 28 February 2003: loss of #313,000; year ended 31 August 2003: gain of #117,000) and on 70,000,000 (half year ended 28 February 2003 and year ended 31 August 2003: 70,000,000) ordinary shares, being the number of ordinary shares in issue during the half year ended 29 February 2004. The net capital gain per ordinary share is based on the net capital gains, after deduction of appropriations attributable to Zero Dividend Preference ('ZDP') shares, of #2,995,000 (half year ended 28 February 2003: loss of #12,530,000; year ended 31 August 2003: loss of #5,851,000) and on 70,000,000 (half year ended 28 February 2003 and year ended 31 August 2003: 70,000,000) ordinary shares being the number of ordinary shares in issue during the half year ended 29 February 2004. Revenue return per annuity share The revenue return per annuity share is based on appropriations of #1,275,000 (half year ended 28 February 2003: #1,275,000; year ended 31 August 2003: #2,550,000) and on 30,000,000 (half year ended 28 February 2003 and year ended 31 August 2003: 30,000,000) annuity shares, being the number of annuity shares in issue during the half year ended 29 February 2004. Return per ZDP share in the subsidiary The capital return per ZDP share in the subsidiary is based on appropriations of #669,000 (half year ended 28 February 2003: #741,000; and year ended 31 August 2003: #1,396,000), and on 13,305,089 (half year ended 28 February 2003: 16,146,622; and year ended 31 August 2003: 14,741,705) ZDP shares being the weighted average number of ZDP shares in issue during the half year ended 29 February 2004. 2. Net asset value per share on an Articles basis The net asset value per annuity share is based on net annuity shareholders' funds of #27,700,000 (28 February 2003: #21,106,000; and 31 August 2003: #26,425,000) and on 30,000,000 annuity shares, being the number of annuity shares in issue at the end of each period. The net asset value per ordinary share is based on net ordinary shareholders' funds of #5,907,000 (28 February 2003: Nil; and 31 August 2003: #3,065,000) and on 70,000,000 ordinary shares, being the number of ordinary shares in issue at the end of each period. The net asset value per ZDP share is based on net ZDP shareholders' funds of #16,148,000 (28 February 2003: #15,168,000; and 31 August 2003: #15,823,000) and on 13,139,100 (28 February 2003 and 31 August 2003: 13,424,100) ZDP shares, being the number of ZDP shares in issue, on a Group basis, at 29 February 2004. 3. Net asset value per share on an FRS 4 basis The net asset value per annuity share is based on net annuity shareholders' funds of #27,700,000 (28 February 2003: #25,150,000; and 31 August 2003: #26,425,000) and on 30,000,000 annuity shares, being the number of annuity shares in issue at the end of each period. The net asset value per ordinary share is based on net ordinary shareholders' funds of #5,907,000 (28 February 2003: loss of #4,044,000; and 31 August 2003: #3,065,000) and on 70,000,000 ordinary shares, being the number of ordinary shares in issue at the end of each period. The net asset value per ZDP share is based on net ZDP shareholders' funds of #16,148,000 (28 February 2003: #15,168,000; and 31 August 2003: #15,823,000) and on 13,424,100 (28 February 2003 and 31 August 2003: 13,424,100) ZDP shares, being the number of ZDP shares in issue at 29 February 2004. 4. 2003 Accounts The figures and financial information for the year ended 31 August 2003 are extracted from the latest published accounts of the Group and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the Auditors which was unqualified and did not contain a statement under either section 237(2) or 237 (3) of the Companies Act 1985. The interim report will be issued to shareholders in early June 2004 and further copies will be available from the Company's registered office at 55 Moorgate, London EC2R 6PA. BNP Paribas Secretarial Services Limited 28 MAY 2004 This information is provided by RNS The company news service from the London Stock Exchange END IR BVLFLZEBBBBV
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