Interim Results

Henderson Strata Investments PLC 14 June 2002 HENDERSON GLOBAL INVESTORS HENDERSON STRATA INVESTMENTS PLC EMBARGOED FOR RELEASE AT 7.00 AM ON FRIDAY 14 JUNE 2002 14 June 2002 HENDERSON STRATA INVESTMENTS plc Unaudited Interim Results for the half year ended 30 April 2002 The Chairman's Statement: Net Assets The focus on growth companies, which generally has served the Trust well over the past decade, has proved more testing over the last six months. The ratings of many of the companies have fallen back further than expected as profits have failed to materialise. The net asset value per share is only slightly higher while the FTSE SmallCap Index (excluding investment companies) has risen 11.6% in capital terms. Background The economic slowdown has been painful for many companies and the uncertain outlook for profits has made investors wary of stockmarkets. Companies on modest ratings have made most progress in share price terms. Dividend policies have become more important, with companies on reasonable yields proving to be a safe haven at a time of low interest rates. The portfolio has suffered from the highly-rated investments in the UK which have fallen short of expectations. As recovery has been pushed further out, many of these ratings have fallen to what we believe are now attractive levels. Activity A constant process of reviewing holdings on demanding ratings and looking for growth opportunities on attractive valuations has led to an increase in cash so the portfolio is now ungeared with net cash of £5 million to invest. Technology investments in the US have been reduced while exposure to the early beneficiaries of recovery has been sought. Europe has been a nervous market and, with few businesses reporting a pick up in activity, good opportunities have not been easy to find. - 2 - HENDERSON STRATA INVESTMENTS plc Unaudited Interim Results for the half year ended 30 April 2002 Prospects Global economic recovery is expected to be a slow process. So far only inventory rebuilding has boosted activity, with few signs of a real increase in final demand. Confidence remains fragile but investors should begin to anticipate better news in due course and we believe smaller company share prices will lead the way. The feeling that we might have passed the low point for many earnings forecasts is encouraging and in many cases the more extreme pessimism has not been borne out. The very sharp correction in growth company share prices has likewise passed the worst and the portfolio is set to rebound, assisted by increased corporate activity. Global markets remain vulnerable to shocks but, after the disappointments of recent months, better news could prove to be quite a fillip for the indices. Frans ten Bos 13 June 2002 - MORE - - 3 - HENDERSON STRATA INVESTMENTS plc Unaudited interim results for the half year ended 30 April 2002 Statement of Total Return (incorporating the revenue account) for the half year ended 30 April 2002 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 30 April 2002 30 April 2001 31 October 2001 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Total capital gains/ - 620 620 - (51,657) (51,657) - (93,025) (93,025) (losses) on investments Income from fixed asset 354 - 354 383 - 383 870 - 870 investments Other interest receivable and similar income 19 - 19 76 - 76 130 - 130 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Gross revenue and capital gains/(losses) 373 620 993 459 (51,657) (51,198) 1,000 (93,025) (92,025) Management fee (523) - (523) (784) - (784) (1,442) - (1,442) Other administrative (98) - (98) (98) - (98) (204) - (204) expenses ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Net loss/(return) on ordinary activities before interest payable and taxation (248) 620 372 (423) (51,657) (52,080) (646) (93,025) (93,671) Interest payable (48) - (48) (431) - (431) (699) - (699) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Net (loss)/return on ordinary activities before taxation (296) 620 324 (854) (51,657) (52,511) (1,345) (93,025) (94,370) Taxation on net (loss)/ (13) - (13) (19) - (19) (39) - (39) return on ordinary activities ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Net (loss)/return on ordinary activities after taxation (309) 620 311 (873) (51,657) (52,530) (1,384) (93,025) (94,409) Dividends - nil - - - - - - - - - --------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Transfer (from)/to (309) 620 311 (873) (51,657) (52,530) (1,384) (93,025) (94,409) reserves ====== ====== ====== ====== ====== ====== ====== ====== ====== (Loss)/return per ordinary (1.75p) 3.52p 1.77p (4.95)p (293.17)p (298.12)p (7.85)p (527.92)p (535.77)p share The revenue columns of this statement represent the revenue accounts of the Company. -MORE- - 4 - HENDERSON STRATA INVESTMENTS plc Unaudited interim results for the half year ended 30 April 2002 Balance Sheet at 30 April 2002 (unaudited) (unaudited) (audited) 30 April 2002 30 April 2001 31 October 2001 £000 £000 £000 Fixed asset investments Investments at market value 82,229 136,632 89,561 ---------- ---------- ---------- Current assets Debtors 942 966 1,215 Cash at bank 3,191 650 625 ---------- ---------- ---------- 4,133 1,616 1,840 Creditors: amounts falling due within one year (406) (10,725) (5,756) ---------- ---------- ---------- Net current assets/(liabilities) 3,727 (9,109) (3,916) ---------- ---------- ---------- Total net assets 85,956 127,523 85,645 ====== ====== ====== Capital and reserves Issued share capital 4,406 4,406 4,406 Share premium account 16,479 16,479 16,479 Realised profits 72,033 82,478 73,494 Unrealised (losses)/profits (3,125) 27,178 (5,206) Revenue reserve (3,837) (3,018) (3,528) ---------- ---------- ---------- Equity shareholders' funds 85,956 127,523 85,645 ====== ====== ====== Net asset value per ordinary share 487.77p 723.64p 486.00p - 5 - HENDERSON STRATA INVESTMENTS plc Unaudited interim results for the half year ended 30 April 2002 Cash Flow Statement for the half year ended 30 April 2002 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 30 April 2002 30 April 2001 31 October 2001 £'000 £'000 £'000 Net cash outflow from operating activities (160) (684) (789) Net cash outflow from servicing of finance (59) (427) (700) Net tax recovered 6 - 12 Net cash inflow from financial investment 8,348 9,390 14,208 ---------- ---------- ---------- Net cash inflow before financing 8,135 8,279 12,731 Net cash outflow from financing (5,510) (8,556) (13,046) ---------- ---------- ---------- Increase/(decrease) in cash 2,625 (277) (315) ====== ====== ====== Reconciliation of operating revenue to net cash inflow from operating activities Net loss before interest payable and taxation (248) (423) (646) (Increase)/decrease in accrued income (64) (47) 10 (Increase)/decrease in other debtors (34) 15 32 Increase/(decrease) in other creditors 201 (208) (134) Tax on unfranked investment income deducted at source (15) (21) (51) ---------- ---------- ---------- Net cash outflow from operating activities (160) (684) (789) ====== ====== ====== Reconciliation of net cash flow to movement in net funds/(debt) Increase/(decrease) in cash as above 2,625 (277) (315) Cash outflow from decrease in loans 5,510 9,111 13,601 Exchange difference (59) (38) (25) ---------- ---------- ---------- Movement in net funds/(debt) 8,076 8,796 13,261 Net debt at the start of the period (4,885) (18,146) (18,146) ---------- ---------- ---------- Net funds/(debt) at the end of the period 3,191 (9,350) (4,885) ====== ====== ====== Represented by: Cash 3,191 650 625 Debt falling due within one year - (10,000) (5,510) ---------- ---------- ---------- 3,191 (9,350) (4,885) ====== ====== ====== -6- HENDERSON STRATA INVESTMENTS plc Unaudited interim results for the half year ended 30 April 2002 Notes 1. Issue share capital There were 17,622,350 ordinary shares in issue at 30 April 2002 (30 April 2001 and 31 October 2001: 17,622,350). 2. Return per ordinary share The revenue loss per ordinary share is based on the net loss on ordinary activities after taxation on £309,000 (half year ended 30 April 2001: £873,000; year ended 31 October 2001: £1,384,000) and on the weighted average number of 17,622,350 ordinary shares in issue during the period (half year ended 30 April 2001: 17,619,864; year ended 31 October 2001: 17,621,117). The capital return per ordinary share is based on the net capital gains of £620,000 (half year ended 30 April 2001: net capital losses of £51,657,000; year ended 31 October 2001: net capital losses of £93,025,000) and on the weighted average number of 17,622,350 ordinary shares in issue during the period (half year ended 30 April 2001: 17,619,864; year ended 31 October 2001: 17,621,117). 3. Comparative information The figures and financial information for the year ended 31 October 2001 are extracted from the latest published accounts of the Company and do not constitute the 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 section 237(3) of the Companies Act 1985. 4. Interim Report The interim report will be sent to shareholders early in July 2002 and copies will be available from the Company's registered office, 4 Broadgate, London EC2M 2DA. - ENDS - For further information, please contact: Richard Smith or Vicki Staveacre Henderson Strata Investments plc Henderson Corporate Affairs Telephone: 020 7818 4368 Telephone: 020 7818 4222 Geoffrey/Strata/interim/interim announcement June 2002 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Henderson Opportunities Trust (HOT)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today