Interim Results

Rights and Issues Inv Trust PLC 20 July 2000 Chairman's Statement The UK equity market has had an indifferent start this year with the FTSE All-Share Index falling by 6.5%. The Trust has performed satisfactorily with a rise in the net asset value of the Capital shares of 2.6% to 1632.4p. The interim dividend has been increased to 7.0p net per Income share and the Board expects, barring unforeseen circumstances, to pay a final dividend of not less than 17.5p net per Income share. Simon Knott Chairman Consolidated statement of total return Six months ended 30th June 2000 Revenue Capital Total £ £ £ Gains/(losses) on investments 3,853 890,350 894,203 Income 804,203 0 804,203 Other expenses 138,446 0 138,446 Net return before finance costs and taxation 669,610 890,350 1,559,960 Interest payable and similar charges 0 0 0 Return on ordinary activities before tax 669,610 890,350 1,559,960 Tax on ordinary activities 11,922 0 11,922 Return on ordinary activities after tax for the financial year 657,688 890,350 1,548,038 Dividends and other appropriations in respect of non- 5,500 0 5,500 Return attributable to equity shareholders 652,188 890,350 1,542,538 Dividends in respect of equity shares 418,600 0 418,600 Transfer to reserves after aggregate dividends paid and payable of £418,600. (1999: £380,350) 233,588 890,350 1,123,938 Return per Income share (p) 16.0 9.0 25.0 Return per capital share (p) 15.8 40.7 56.5 Consolidated statement of total return Six months ended 30th June 2000 Revenue Capital Total £ £ £ Gains/(losses) on investments 6,381 5,346,256 5,352,637 Income 820,092 0 820,092 Other expenses 128,277 0 128,277 Net return before finance costs and taxation 698,196 5,346,256 6,044,452 Interest payable and similar charges 0 0 0 Return on ordinary activities before tax 698,196 5,346,256 6,044,452 Tax on ordinary activities 10,706 0 10,706 Return on ordinary activities after tax for the financial year 687,490 5,346,256 6,033,746 Dividends and other appropriations in respect of non- 5,500 0 5,500 Return attributable to equity shareholders 681,990 5,346,256 6,028,246 Dividends In respect of equity shares 380,350 0 380,350 Transfer to reserves after aggregate dividends paid and payable of £418,600. (1999: £380,350) 301,640 5,346,256 5,647,896 Return per Income share (p) 17.9 54.3 72.2 Return per capital share (p) 14.7 244.5 259.2 Consolidated statement of total return Twelve months ended 31st December 1999 Revenue Capital Total £ £ £ Gains/(losses) on investments -(10,678) 8,542,955 8,532,277 Income 1,450,901 0 1,450,901 Other expenses 264,420 0 264,420 Net return before finance costs and taxation 1,175,803 8,542,955 9,718,758 Interest payable and similar charges 0 0 0 Return on ordinary activities before tax 1,175,803 8,542,955 9,718,758 Tax on ordinary activities 9,038 0 9,038 Return on ordinary activities after tax for the financial year 1,166,765 8,542,955 9,709,720 Dividends and other appropriations in respect of non- 11,000 0 11,000 Return attributable to equity shareholders 1,155,765 8,542,955 9,698,720 Dividends In respect of equity shares 1,025,149 0 1,025,149 Transfer to reserves after aggregate dividends paid and payable of £418,600. (1999: £380,350) 130,616 8,542,955 8,673,571 Return per Income share (p) 27.6 86.8 114.4 Return per capital share (p) 29.0 390.7 419.7 Notes to the consolidated statement of total return. The interim dividend of 7.00p net (1999:6.25p net) per income share and amounting to £,172,200 (1999: £153,750) is payable on 30th September 2000 to shareholders on the register as at 18th August 2000. The sum accruing by way of dividend to the Capital shareholders will, in view of the small sum involved be included in the final dividend. The unaudited interim results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31st December 1999. The above statement of total return is presented as recommended by the Statement of Recommended Practice for Financial Statements of Investment Trust Companies. These are not full statutory accounts in terms of Section 240 of the Companies Act 1985. The full audited accounts for the year to 31st December 1999, which were unqualified, have been filed with the Registrar of Companies. The interim accounts are to be posted to shareholders and are available at the registered office of the Company, 40 Clifton Street, London EC2A 4AY. For the period ended 30th June 2000 Unaudited Balance Sheets (Comparative: 31st December 1999) Company Group 2000 1999 2000 1999 £ £ £ £ Fixed Assets Intangible assets - - 97,793 102,451 Investments 32,310,443 34,651,003 31,878,971 34,219,531 Current assets Debtors 449,765 170,232 401,376 87,606 Investments - - 89,209 64,125 Cash at bank and in hand 5,151,181 1,770,406 5,443,651 2,126,390 5,600,946 1,940,638 5,934,236 2,278,121 Creditors:amounts falling due within one year 660,618 469,466 748,723 561,764 Net current liabilities/assets 4,940,328 1,471,172 5,185,513 1,716,357 Total assets less current liabilities 37,250,771 36,122,175 37,162,277 36,038,339 Capital and reserves Called up share capital 1,225,000 1,225,000 1,225,000 1,225,000 Share premium account 225,326 225,326 225,326 225,326 Capital reserve 20,921,088 18,237,191 20,921,088 18,237,191 Other reserves Revaluation reserve 13,964,609 15,758,156 13,964,609 15,758,156 Dividend equalisation reserve 914,748 676,502 826,254 592,666 Total shareholders funds 37,250,771 36,122,175 37,162,277 36,038,339 Net asset value per share Income shares 414.3p 396.3p Capital shares 1632.4p 1590.9p Cash flow statement Group Six months Six months ended 30th ended 30th June 2000 June 1999 £ £ Operating activities Investment income (net) 597,936 547,129 Interest received 50,929 91,150 Subsidiary Fee income 89,845 78,877 Underwriting Commission 0 0 Cash Payments (157,129) (128,663) Investment dealing 3,853 6,381 Net cash inflow/(outflow) from operating activities 585,434 594,874 Servicing of finance Interest paid 0 0 Dividends paid 418,200 360,185 Net cash outflow from servicing of finance 418,200 360,185 Taxation Tax received 5,634 8,599 Investing activities Purchase of investments (2,408,417) (3,315,724) Disposals of Investments 5,583,488 1,524,626 Purchase of current investments (25,084) (104) Net cash inflow/(outflow) from investing activities 3,149,987 (1,791,202) Net cash inflow/(outflow) before financing INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 3,322,855 (1,547,914)

Companies

Rights & Issues Investment Trust (RIII)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today