Interim Results

Finsbury Technology Trust PLC 15 July 2003 Tuesday, 15 July 2003 Finsbury Technology Trust PLC Preliminary results for the half year ended 31 May 2003 Finsbury Technology Trust PLC today announces preliminary results for the half year ended 31 May 2003. Half year ended Year ended 31 May 2003 30 November % Increase / 2002 (decrease) (unaudited) (audited) Shareholders' Funds (Â£m) 53.4 49.8 7.2 Net asset value per ordinary share 193.2 180.3 7.2 (p) Share Price (p) 153.5 171.0 -10.2 Discount (%) 20.5 5.2 - Benchmark 1,256 1,286 -2.3 No interim dividend is proposed (2002: nil) For and on behalf of Close Finsbury Asset Management Limited - Secretary 15 July 2003 - ENDS - Finsbury Technology Trust PLC The following are attached: * Chairman's Statement * Consolidated Cash Flow Statement * Consolidated Statement of Total * Notes to the interim financial Return statement * Consolidated Balance Sheet For further information please contact: Alastair Smith, Close Finsbury Asset Management Ltd 020 7426 6240 Fiona Harris, Quill Communications 020 7763 6970 Michael Bourne, Reabourne Technology Investment Management Ltd 020 7426 6290 Finsbury Technology Trust PLC Chairman's Statement Performance During the six months ended 31 May 2003 the Company's net asset value per share (NAV) increased from 180.3p to 193.2p, an increase of 7.2%. This compares with a decline of 2.3% in the MSCI World Index (sterling adjusted without dividends reinvested), which is the Company's benchmark index. The share price fell from 171p to 153.5p, a fall of 10.2%. This reflected poor sentiment towards the technology sector as a whole over much of the period and resulted in a widening of the share price discount. Since the period end the net asset value per share has increased by 14% from 193.2p to 219.6p as at 11 July 2003 and the mid market share price has increased by 21% over the same period from 153.5p to 186.00p. The share price increase reflects the gain in net asset value together with a narrowing in the share price discount as the outlook for the technology sector improves. Results and Dividend The total return for the six months ended 31 May 2003 was 12.9p per share (2002: deficit of 78.6p per share). This was made up of a revenue deficit of 1.4p per share (2002: 1.7p) and a capital return of 14.3p per share (2002: deficit of 76.9p per share). The investments making up the Company's investment portfolio typically provide a very low yield and accordingly no dividend is recommended in respect of the six months ended 31 May 2003. Review of the period and outlook The period under review saw a recovery in technology markets, particularly over the months of April and May 2003. This recovery was against a background of more buoyant conditions in global stock markets generally since the end of the military conflict in the Middle East during which your board maintained its policy of being fully invested in technology shares. Of particular note was the recovery in the biotechnology sector which saw a number of new products approved following the appointment of the new Federal Drugs Administration commissioner in the US. The remainder of the current financial year to 30 November 2003 is looking more encouraging and interest in the technology sector is returning. The sector as a whole should benefit from reduced cost structures and improving demand outlook for technology generally. The period also saw an increase in merger and acquisition activity which is a sign that business conditions are stabilising. Finsbury Technology Trust PLC Chairman's Statement (continued) Your Board remains positive as to the outlook for the global technology market and continues to believe that it will provide good returns to the long-term investor. Bryan Lenygon Chairman 15 July 2003 Finsbury Technology Trust PLC Statement of Total Return Incorporating the revenue account for the six months ended 31 May 2003 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 31 May 2003 31 May 2002 30 November 2002 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 ----------- ------- ------- ------- ------- ------ ------- ------- ------- ------- Gain/(loss) - 4,011 4,011 - (21,173) (21,173) - (38,213) (38,213) on investments Exchange - (69) (69) - (52) (52) - (55) (55) losses on currency balances Income (note 80 - 80 158 - 158 327 - 327 2) Investment (249) - (249) (405) - (405) (666) - (666) management fees (note 4) Other (192) - (192) (228) - (228) (427) - (427) expenses ------- ------- ------- ------- ------ ------- ------- ------- ------- ----------- Net (loss)/ (361) 3,942 3,581 (475) (21,225) (21,700) (766) (38,268) (39,034) return before finance costs and taxation Interest (13) - (13) (3) - (3) (12) - (12) payable and ------- ------- ------- ------- ------ ------- ------- ------- ------- similar charges ----------- (Loss)/return (374) 3,942 3,568 (478) (21,225) (21,703) (778) (38,268) (39,046) on ordinary activities before taxation Taxation (3) - (3) (4) - (4) (11) - (11) charge on ------- ------- ------- ------- ------ ------- ------- ------- ------- ordinary activities ----------- (Loss)/return (377) 3,942 3,565 (482) (21,225) (21,707) (789) (38,268) (39,057) on ordinary activities after taxation Dividend on - - - - - - - - - ordinary shares ----------- ------- ------- ------- ------- ------ ------- ------- ------- ------- Transfer (377) 3,942 3,565 (482) (21,225) (21,707) (789) (38,268) (39,.057) (from)/to reserves ----------- ------- ------- ------- ------- ------ ------- ------- ------- ------- (Loss)/return (1.4)p 14.3p 12.9p (1.7)p (76.9)p (78.6)p (2.9)p (138.5)p (141.4)p per ordinary share - pence (note 3) ----------- ------- ------- ------- ------- ------ ------- ------- ------- ------- Finsbury Technology Trust PLC Balance Sheet As at 31 May 2003 (unaudited) (unaudited) (audited) 31 May 2003 31 May 2002 30 November 2002 Â£000 Â£000 Â£000 -------------------- ----------- ------------ ------------- Fixed asset investments 53,239 67,282 50,053 -------------------- ----------- ------------ ------------- Current assets Debtors 346 64 315 Cash at bank 141 889 704 -------------------- ----------- ------------ ------------- 487 953 1,019 -------------------- ----------- ------------ ------------- Creditors Amounts falling due within one (373) (1,097) (1,284) year Net current assets/(liabilities) 114 (144) (265) -------------------- ----------- ------------ ------------- Net assets 53,353 67,138 49,788 -------------------- ----------- ------------ ------------- Capital Called up share capital 6,904 6,904 6,904 Share premium account 23,488 23,488 23,488 Capital reserve - realised 57,756 65,191 58,264 Capital reserves - unrealised (28,550) (22,884) (33,000) Revenue reserve (6,245) (5,561) (5,868) -------------------- ----------- ------------ ------------- Total shareholders' funds 53,353 67,138 49,788 -------------------- ----------- ------------ ------------- Net asset value per ordinary 193.2p 243.1p 180.3p share ----------- ------------ ------------- -------------------- Finsbury Technology Trust PLC Cash Flow Statement For the half year ended 31 May 2003 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 31 May 2003 31 May 2002 30 November 2002 Â£000 Â£000 Â£000 --------------------- ------------ ----------- ------------- Net cash (outflow)/inflow from (421) 1,884 1,494 operating activities Servicing of finance Bank overdraft and loan interest (13) (3) (12) paid Taxation Taxation recovered - 1 - Financial investment Purchase of investments (11,381) (21,381) (25,998) Sales of investments 11,321 19,790 25,046 Net cash outflow from investment financing (60) (1,591) (952) Financing Drawdown/(repayment) of loans - - - --------------------- ------------ ----------- ------------- (Decrease)/increase in cash during the period (494) 291 530 --------------------- ------------ ----------- ------------- Finsbury Technology Trust PLC Notes to the interim accounts 1. Revenue Account The revenue column of the Statement of Total Return represents the revenue account of the Company. 2 Income (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 31 May 2003 31 May 2002 30 November 2002 Â£'000 Â£'000 Â£'000 Income from investments 76 150 317 Interest receivable and 4 8 10 other income ----------- ----------- ----------- --------------- Total 80 158 327 --------------- ----------- ----------- ----------- 3 Loss per ordinary share The revenue loss per ordinary share is calculated by dividing the loss of Â£377,000 (half year ended 31 May 2002: Â£482,000; year ended 30 November 2002: Â£789,000) by 27,615,312 (half year ended 31 May 2002: 27,615,312; year ended 30 November 2002: 27,615,312) being the weighted average number of ordinary shares in issue for the period. The capital return per ordinary share is calculated by dividing the net capital return of Â£3,942,000 (half year ended 31 May 2002: loss Â£21,225,000; year ended 30 November 2002: loss Â£38,268,000) by the weighted average number of ordinary shares as above. 4 Investment Management Fees (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 31 May 31 May 30 November 2003 2002 2002 Â£'000 Â£'000 Â£'000 Periodic fee 241 363 607 Irrecoverable VAT thereon 8 42 59 ----------------- ----------- ----------- ------------ Total 249 405 666 ----------------- ----------- ----------- ------------ Finsbury Technology Trust PLC Notes to the interim accounts (continued) 5. Comparative information The figures and financial information for the year ended 30 November 2002 are an extract from the latest published financial statements and do not constitute statutory financial statements for that year. Those financial statements were 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 statements have neither been audited nor reviewed. They have been prepared using the using the same accounting policies as those adopted in the financial statement for the year ended 30 November 2002. Close Finsbury Asset Management Ltd - Secretary 15 July 2003 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Allianz Technology Trust (ATT)

Thursday, 3rd October 2024

COMPANIES COVERED:

TSCO TEP GFRD

Numbers from Tesco impress as profits jump on modest revenue increase, Telecom Plus sees continued growth in customer numbers and Galliford Try looks forward to busy FY25.

Full Archive

UK 100

Latest directors dealings

9 hours ago Legal & General Group
9 hours ago Imperial Brands
10 hours ago Sequoia Economic Infrastructure Income Fund Limited
10 hours ago Hunting
11 hours ago London Stock Exchange Group

All directors dealings today