Interim Results

Finsbury Life Sciences Inv Tst PLC 26 November 2004 26 November 2004 Finsbury Life Sciences Investment Trust PLC Interim Results for the six months ended 30 September 2004 Financial Highlights 30 September 31 March % Change 2004 2004 Shareholders' Funds Â£28.4m Â£33.6m -15.5 Net asset value per share 94.4p 111.7p -15.5 Share price 81.0p 92.0p -12.0 Discount 14.2% 17.6% - Lehman's UK and European Biotechnology Index (Euros) 166.6 170.5 -2.3 FTSE All-Share Index (total return) 2,460.2 2,340.2 +5.1 No interim dividend is proposed. Chairman John Sclater, commented: â€¢ The performance of the Company's investment portfolio over the period under review has been disappointing relative to the buoyant conditions of late 2003 and early 2004. â€¢ News flow from the sector appears to be improving and recent drug approvals may mark a turning point in fortune after a period of set backs, representing a good opportunity to invest in the sector. The following are attached: â€¢ Chairman's Statement â€¢ Consolidated Statement of Total Return â€¢ Consolidated Balance Sheet â€¢ Consolidated Cash Flow Statement â€¢ Notes to the Interim Financial Statements For further information please contact: Alastair Smith, Close Finsbury Asset Management Limited 020 7426 6240 Tracey Lago, Close Finsbury Asset Management Limited 020 7426 6219 Michael Bourne, Reabourne Technology Investment Management Limited 020 7426 6290 Jo Stonier, Quill Communications 020 7763 6976 Chairman's Statement Performance During the six months ended 30 September 2004 the Company's net asset value ('NAV') per share decreased from 111.7p to 94.4p, a decrease of 15.5%. This compares with a decrease in the Lehman's UK and European Biotechnology Index of 2.3% and an increase in the FTSE All-Share Index (total return) of 5.1%. During the six month period the share price decreased by 12% from 92.0p to 81.0p resulting in a narrowing in the discount of the share price to net asset value per share from 17.6% to 14.2%. Results and Dividend The total loss for the six months ended 30 September 2004 was 17.3p per share (six months to 30 September 2003: return of 33.9p). This was made up of a revenue loss of 0.5p per share (2003: loss of 1.0p) and a capital loss of 16.8p per share (2003: return of 34.9p). The investments making up the Company's investment portfolio typically provide little, if any, income and accordingly no interim dividend has been declared (2003: nil). Review and Outlook The performance of the Company's investment portfolio over the period under review has been disappointing relative to the buoyant conditions of late 2003 and early 2004. All of the gains made by the Company during that period have been lost against a background of difficult market conditions in the European biotechnology sector. In addition, two of the companies in the investment portfolio performed particularly badly following the failure of key products to gain regulatory approval. Further details are contained in the Review of Investments in the Interim Report. Despite the more difficult market conditions, your Board continues to believe that there are good opportunities in the European biotechnology sector relative to the US market. News flow from the sector appears to be improving and recent drug approvals may mark a turning point in fortune after a period of set backs, representing a good opportunity to invest in the sector. The Company therefore is focussed on investing in those companies, which are expected to deliver strong returns to the long-term investor. John Sclater Chairman 26 November 2004 Consolidated Statement of Total Return incorporating the revenue account for the six months ended 30 September 2004 (Unaudited) (Unaudited) (Audited) Six months to Six months to Year ended 30 September 30 September 31 March 2004 2004 2003 Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- (Losses)/ gains - (4,874) (4,874) - 10,726 10,726 - 14,906 14,906 on investments Loss on currency balances - (8) (8) - (36) (36) - (37) (37) Income (note 2) 59 - 59 49 - 49 97 - 97 Investment management fees (note - (190) (190) - (180) (180) - (386) (386) 3) Other (196) - (196) (341) - (341) (556) - (556) expenses ------- ------- ------- ------- ------- ------- ------- ------- ------- ------------ Net (loss)/ profit before finance (137) (5,072) (5,209) (292) 10,510 10,218 (459) 14,483 14,024 costs and taxation Interest payable and similar charges (3) - (3) - (6) (6) - (6) (6) ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- (Loss)/ profit on ordinary activities before (140) (5,072) (5,212) (292) 10,504 10,212 (459) 14,477 14,018 taxation Taxation on ordinary activities (2) - (2) (3) - (3) (4) - (4) ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- (Loss)/ profit on ordinary activities (142) (5,072) (5,214) (295) 10,504 10,209 (463) 14,477 14,014 after ------- ------- ------- ------- ------- ------- ------- ------- ------- taxation ------------ Transfer (from)/to reserves (142) (5,072) (5,214) (295) 10,504 10,209 (463) 14,477 14,014 ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- (Loss)/ return per Ordinary share - (0.5)p (16.8)p (17.3)p (1.0)p 34.9p 33.9p (1.5)p 48.1p 46.6p pence ------- ------- ------- ------- ------- ------- ------- ------- ------- (note 1) ------------ The revenue columns of this statement are the profit and loss accounts of the Group. Consolidated Balance Sheet as at 30 September 2004 (Unaudited) (Unaudited) (Audited) 30 September 30 September 31 March 2004 2003 2004 Â£'000 Â£'000 Â£'000 -------------------- ---------- ----------- ---------- Fixed assets investments 28,388 28,501 33,748 -------------------- ---------- ----------- ---------- Current assets Debtors 14 334 42 Cash at bank 198 1,178 289 -------------------- ---------- ----------- ---------- 212 1,512 331 Creditors Amounts falling due within one year (197) (201) (462) -------------------- ---------- ----------- ---------- Net current assets/(liabilities) 15 1,311 (131) -------------------- ---------- ----------- ---------- Net assets 28,403 29,812 33,617 -------------------- ---------- ----------- ---------- Capital and reserves Called up share capital 7,525 7,525 7,525 Share premium - 21,679 - Special reserve 21,679 - 21,679 Capital reserve - realised 7,042 8,476 8,079 Capital reserve - unrealised (6,955) (7,290) (2,920) Revenue reserve (888) (578) (746) -------------------- ---------- ----------- ---------- Total equity shareholders' funds 28,403 29,812 33,617 -------------------- ---------- ----------- ---------- Net asset value per Ordinary share (note 4) 94.4p 99.0p 111.7p -------------------- ---------- ----------- ---------- Consolidated Cash Flow Statement for the six months ended 30 September 2004 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 September 30 September 31 March 2004 Â£'000 2003 2004 Â£'000 Â£'000 --------------------- ------------- ------------ ----------- Net cash outflow from operating activities (301) (458) (858) --------------------- ------------- ------------ ----------- Servicing of finance Bank overdraft and interest paid (4) (6) (6) --------------------- ------------- ------------ ----------- Taxation Withholding tax recovered 2 1 1 --------------------- ------------- ------------ ----------- Financial investments Purchases of investments (8,061) (5,567) (15,713) Sales of investments 8,516 8,232 17,655 --------------------- ------------- ------------ ----------- Net cash inflow from financial investments 455 2,665 1,942 --------------------- ------------- ------------ ----------- Net cash inflow before financing 152 2,202 1,079 Financing Drawdown of loans - (1,000) (1,000) --------------------- ------------- ------------ ----------- Increase in cash 152 1,202 79 --------------------- ------------- ------------ ----------- Reconciliation of net cash flow to movement in net funds Increase in cash as above 152 1,202 79 Cashflow from drawdown of loan - 1,000 1,000 Exchange movements (8) (36) (37) --------------------- ------------- ------------ ----------- Movement in net funds 144 2,166 1,042 Net funds/(debt) at beginning of period 54 (988) (988) --------------------- ------------- ------------ ----------- Net funds at end of period 198 1,178 54 --------------------- ------------- ------------ ----------- Notes to the Interim Financial Statements 1. (Loss)/return per Ordinary share Revenue loss per Ordinary share is calculated by dividing the net revenue loss of Â£142,000 (six months ended 30 September 2003: loss Â£295,000; year ended 31 March 2004: loss Â£463,000) by 30,100,000 being the number of Ordinary shares in issue throughout the period. Capital return per Ordinary share is calculated by dividing the net capital loss available for Ordinary shareholders of Â£5,072,000 (six months ended 30 September 2003: gain Â£10,504,000; year ended 31 March 2004: gain Â£14,477,000) by 30,100,000 Ordinary shares as above. 2. Income (Unaudited) (Unaudited) (Audited) Six months to Six months to Year ended 30 September 30 September 31 March 2004 2003 2004 Â£'000 Â£'000 Â£'000 Investment income 47 45 42 Bank interest 5 4 55 Underwriting income 7 - - --------------------- ----------- ---------- ----------- Total 59 49 97 --------------------- ----------- ---------- ----------- 3. Investment Management Fees (Unaudited) (Unaudited) (Audited) Six months to Six months to Year ended 30 September 30 September 31 March 2004 2003 2004 Â£'000 Â£'000 Â£'000 Periodic fee 163 150 329 Performance fee - - - Irrecoverable VAT thereon 27 30 57 --------------------- ----------- ---------- ----------- Total 190 180 386 --------------------- ----------- ---------- ----------- 4. Net Asset Value per Ordinary share --------------------- ----------- ---------- ----------- (Unaudited) (Unaudited) (Audited) 30 September 30 September 31 March 2004 2003 2004 --------------------- ----------- ---------- ----------- Net asset value per Ordinary share 94.4p 99.0p 111.7p --------------------- ----------- ---------- ----------- The net asset value per Ordinary share is based on the assets attributable to ordinary shareholders of Â£28,403,000 (30 September 2003: Â£29,812,000; 31 March 2004: Â£33,617,000) and on 30,100,000 Ordinary shares (30 September 2003: 30,100,000; 31 March 2004: 30,100,000) being the number of Ordinary shares in issue at the end of the period. 5. Comparative Information The figures and financial information for the year ended 31 March 2004 are an extract from the latest published financial statements and do not constitute statutory financial statements for that year. Those financial statements 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) and 237(3) of the Companies Act 1985. The Interim Report has been neither audited nor reviewed by the Company's auditors. The Interim Report has been prepared using accounting policies that are consistent with those adopted in the statutory accounts for the year ended 31 March 2004. - ENDS - This information is provided by RNS The company news service from the London Stock Exchange

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