Interim Results

Finsbury Technology Trust PLC 28 July 2000 Preliminary results for the six months ended 31 May 2000 * NAV increases by 31.2%. * Share price increases by 29.3%. Finsbury Technology Trust PLC, which invests principally in the equity securities of quoted technology companies on a worldwide basis, today announces preliminary results for the six months ended 31 May 2000. Six Six months Twelve months months ended ended ended 31 May 1999 30 November 1999 31 May 2000 (unaudited) (audited) (unaudited) (restated) (restated) Gains on investments 36,982 13,925 73,293 (£'000) Return on activities after taxation - Revenue Return (£'000) (896) (21) (461) - Capital Return (£'000) 30,912 12,252 59,344 - Total Return (£'000) 30,016 12,231 58,883 Total return per ordinary 113.0 46.1 221.9 share (p) Shareholders funds (£'000) 126,577 49,803 96,455 Net asset value per 476.5 187.7 363.4 ordinary share (p) Share price (p) 448.0 154.3 346.5 No interim dividend is proposed (1999: nil) For and on behalf of Close Finsbury Asset Management Limited - Secretary The following are attached: * Chairman's Statement * Consolidated Statement of Total Return * Consolidated Balance Sheet * Consolidated Cash Flow Statement * Notes to the interim financial statement For further information please contact: Dr Andrew Clark, Reabourne Ltd 020 7426 6288 Colin Edge, Close Finsbury Asset Management Ltd 020 7426 6233 Alastair Smith, Close Finsbury Asset Management Ltd 020 7426 6240 Fiona Harris, Quill Communications 020 7618 8905 Chairman's Statement Performance I am pleased to report on the progress of your Company for the six months ended 31 May 2000. The Net Asset Value per share ('NAV') rose from 363.4p to 476.5p, an increase of 31.1%. The Morgan Stanley Capital International World Index (sterling adjusted) without dividends reinvested, against which we measure the Company's performance, increased by 6.2% over the same period. Results and dividend The total return for the six months to 31 May 2000 amounted to 113.0p (1999: 46.1p). This was made up of a capital return of 116.4p (1999: 46.2p) and a revenue deficit of 3.4p (1999: deficit of 0.1p). The companies in which we invest tend to have low yields and, as with last year, no interim dividend is proposed. Review and outlook The first three months of our financial year saw the prices of technology shares reach new heights, as interest in the sector exploded. This was particularly acute in stocks relating to the internet and the share prices of a number of companies reached stratospheric levels. The Company has traditionally invested in companies which provide the infrastructure to the internet, rather than the so-called 'e-tailors'. The Company was able to take substantial profits on a number of investments where we considered valuations had become stretched. Since the widely publicised correction in world stock markets in March and April there has been a gradual recovery amongst the higher quality technology stocks. Whilst the value of the portfolio has still not reached the former high of 687.4p (which was obtained on 10 March 2000), there have still been substantial gains since the year-end and at 21 July 2000 the NAV stood at 568.5p. In the short term the outlook for technology shares is uncertain. Whilst we would expect a number of companies to post good second quarter figures, it may take time for sentiment to fully recover, particularly until there is strong evidence of a soft landing for the US economy. The outlook for the technology sector is nonetheless bright and its achievements, from mobile communications to biotechnology, will continue to transform society. In this environment we think that the Investment Adviser's fundamental, stock selection, approach to investment will continue to provide long term investors with excellent returns. Bryan Lenygon Chairman 28 July 2000 FINSBURY TECHNOLOGY TRUST PLC Consolidated Statement of Total Return Incorporating the revenue account for the six months ended 31 May 2000 (unaudited) (unaudited) (audited) Half year ended 31 (restated) (restated) 31 May 2000 Half year Year ended ended 31 May 30 November 1999 1999 Revenue Capital Total Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 £000 £000 £000 Gains on - 36,982 36,982 - 13,925 13,925 - 73,293 73,293 investments Exchange - (21) (21) - 313 313 - 24 24 (losses)/gains on currency balances Investment 64 - 64 45 - 45 102 - 102 income Other income 237 - 237 308 - 308 475 - 475 Investment (884) (6,049)(6,933) (252) (1,986)(2,238) (729)(13,973)(14,702) management fees Other expenses (293) - (293) (105) - (105) (278) - (278) __________________________________________________________________ Net return (876) 30,912 30,036 (4) 12,252 12,248 (430) 59,344 58,914 before finance costs and taxation Interest (15) - (15) (15) - (15) (28) - (28) payable and __________________________________________________________________ similar charges (Deficit)/ (891) 30,912 30,021 (19) 12,252 12,233 (458) 59,344 58,886 return on ordinary activities before taxation Taxation on (5) - (5) (2) - (2) (3) - (3) ordinary __________________________________________________________________ activities (Deficit)/ return (896) 30,912 30,016 (21) 12,252 12,231 (461) 59,344 58,883 on ordinary activities after taxation Dividend on - - - - - - - - - ordinary __________________________________________________________________ shares (equity) Transfer (896) 30,912 30,016 (21) 12,252 12,231 (461) 59,344 58,883 (from)/to reserves Return per (3.4p) 116.4p 113.0p (0.1p) 46.2p 46.1p (1.7p) 223.6p 221.9p ordinary share - pence __________________________________________________________________ (note 2) FINSBURY TECHNOLOGY TRUST PLC Consolidated Balance Sheet At 31 May 2000 (unaudited) (unaudited) (audited) 31 May 2000 31 May 1999 30 November £000 £000 1999 £000 Fixed asset investments 135,811 52,087 104,309 _______________________________________ Current assets Debtors 1,098 390 1,495 Investments - - 6 Cash at bank 4,060 2,521 7,393 _______________________________________ 5,158 2,911 8,894 Creditors Amounts falling due (14,392) (4,038) (9,840) within one year Net Current (9,234) (1,127) (946) Liabilities _______________________________________ Total assets less 126,577 50,960 103,363 current liabilities _______________________________________ Creditors Amounts falling due - (1,157) (6,908) after more than one year Net assets 126,577 49,803 96,455 Capital Called up share 6,641 6,635 6,635 capital Share premium account 19,195 19,095 19,095 Capital redemption 44,727 14,869 19,059 reserve Capital reserves 58,474 10,328 53,230 Revenue reserve (2,460) (1,124) (1,564) _______________________________________ Total shareholders' 126,577 49,803 96,455 funds _______________________________________ Net asset value per 476.5p 187.7p 363.4p ordinary share _______________________________________ FINSBURY TECHNOLOGY TRUST PLC Consolidated Cash Flow Statement For the half year ended 31 May 2000 (unaudited) (unaudited) (audited) Half year Half year Year ended ended ended 30 November 31 May 2000 31 May 1999 1999 £000 £000 £000 Net cash flow from (7,925) 2 (223) operating activities Servicing of finance (15) (15) (28) Taxation - (6) 5 Financial investment 4,522 2,230 7,618 Equity dividends paid 106 - - ____________________________________ (Decrease)/increase in (3,312) 2,211 7,372 cash ____________________________________ Notes to the interim accounts 1. Revenue Account The revenue column of the Consolidated Statement of Total Return represents the revenue account of the Group. 2. Return per ordinary share Revenue return per ordinary share is calculated by dividing the deficit available for ordinary shareholders of £896,000 (six months ended 31 May 1999: deficit of £21,000) by 26,563,079 (six months ended 31 May 1999: 26,539,250) the weighted average number of ordinary shares. Capital return per ordinary share is calculated by dividing the net capital return available for ordinary shareholders of £30,912,000 (six months ended 31 May 1999: £12,252,000) by the weighted average number of ordinary shares as above. 3. Investment Management Fees 6 months to 6 months 12 months 31 May 2000 to 31 May 1999 to 30 November 1999 £'000 £'000 £'000 Periodic fee 833 237 687 Annual performance fee 2,635 953 6,828 Long term performance 3,236 919 6,328 fee Irrecoverable VAT 229 129 859 thereon __________________________________________ Total 6,933 2,238 14,702 __________________________________________ 4. Restatement In accordance with Financial Reporting Standard (FRS) 16 'Current Taxation' income from UK equity investments is recorded net of any tax credit. Therefore the comparative figures for the periods ending 31 May 1999 and 30 November 1999 have been restated to comply with FRS 16. There is no impact on the net assets or the transfer to revenue reserves for the period or prior period. However the income and taxation charges have been reduced by £3,000 for the period ended 31 May 1999 and by £6,000 for the year ended 30 November 1999. 5 Issue of ordinary shares During the six months ended 31 May 2000 the Company issued a total of 26,060 ordinary shares. Following these issues the Company has 26,565,310 ordinary shares in issue. 6. Comparative information The figures and financial information for the year ended 30 November 1999 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 financial statement has neither been audited or reviewed by the Company's auditors. It has been prepared using the using the same accounting policies as those adopted in the annual financial statement for the year ended 30 November 1999, save for the adjustments made in connection with FRS 16 referred to in note 4 above. Close Finsbury Asset Management Ltd - Secretary EN IR ILFLRDDITFII

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