Annual Financial Report
28 June 2012
Annual Report and Accounts
Schroder UK Growth Fund plc (the "Company") hereby submits its Annual Report and Accounts for the year ended 30 April 2012 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.1. Please click on the following link to view the document:
The Annual Report & Accounts are also being published in hard copy format and an electronic copy of the Annual Report & Accounts will shortly be available to download from the Company's website http://www.schroderukgrowthfund.com. Please click on the following link to view the document:
The Company has submitted its Annual Report & Accounts to the National Storage Mechanism and it will shortly be available for inspection at www.hemscott.com/nsm.do.
Enquiries:
Jonathan McGuire
Schroder Investment Management Limited Tel: 020 7658 3496
Schroder UK Growth Fund plc
Chairman's Statement
Performance
The twelve months ended 30 April 2012 was a challenging period for the Company. During the year, the Company's net asset value produced a negative total return of 2.5%, while the share price produced a negative total return of 5.3%. These compare with a negative total return of 2.0% produced by the FTSE All-Share Index over the same period.
There was a welcome sharp increase in the Company's investment income for the period which came from a general recovery in UK companies' dividends, boosted by the combination of above-average increases in a number of the holdings and, in some cases, from the Manager adding to holdings that paid an above-average yield. Offsetting this rise in revenue was a higher level of fees paid to our Manager on a change in remuneration arrangements. Effective 1 May 2011 our Manager is no longer entitled to a performance fee on rolling results over a three year time period but instead is paid a flat fee of 0.65% of net assets rather than one of 0.4% of gross assets plus a performance entitlement. Your Board believes that this more straightforward arrangement is to the Company's advantage in simplifying its fee obligations yet still incentivising its Manager to produce the best possible results for all shareholders.
Further comment on performance and investment policy may be found in the Investment Manager's Review.
Earnings and Dividends
The Company's focus continues to be on total return without constraining the Investment Manager to deliver any given level of investment income. When the Company's investment policy was altered in November 2006, we indicated that the concentration of the portfolio might impact on the Company's ability to pay an increasing dividend stream.
For the year under review, as mentioned, income from the portfolio increased by just over 30% on the previous year from £4.3 million to £5.6 million. Earnings per share increased by 26%, from 2.78p to 3.49p, due to net share issues during the year on exercise of Subscription shares and after allowing for buy-backs.
The Directors have declared a second interim dividend of 2.00p per share, making a total of 3.50p per share for the year as a whole, an increase of 16.7% over total dividends paid for the previous year. The second interim dividend will be payable on 31 July 2012 to shareholders on the Register on 6 July 2012.
Gearing Policy
During the year, the Company maintained its borrowing facility at £35 million and drawings at £25 million.
The net effective gearing level (which takes account not only of the borrowings but any cash held by the Investment Manager) at the beginning of the year was 9.4% and had decreased to 7.5% by the end of the year. The average net effective gearing level during the year under review was 6.6%. The Company's gearing continues to operate within pre-agreed limits so that net effective gearing does not represent more than 20% of shareholders' funds. It should be noted that the effect of gearing is to exaggerate underlying investment performance.
Discount Management Policy
The Board continued to operate a formal discount management policy during the year under review and, accordingly, the Company seeks to maintain the discount to the net asset value at which its shares are quoted on the London Stock Exchange at no greater than 5% over the long-term.
This policy was broadly effective during the year ended 30 April 2012 notwithstanding the challenging market conditions, and the average discount during the year (based on diluted, capital only net asset values) was 5.5%.
A total of 1,860,000 shares were purchased for cancellation during the year in support of the Board's discount management policy. The Directors are seeking authority from shareholders for a renewal of the required authorities to purchase shares for cancellation and to hold shares in Treasury for re-issue at a premium to net asset value, to assist with achieving the target long-term discount level established by the formal discount management policy.
From time to time, it will be necessary for the Board to review target levels should general market conditions dictate.
Issue of Subscription Shares
A total of 7,376,695 Subscription shares were converted into Ordinary shares during the year ended 30 April 2012 and there are now 21,393,197 Subscription shares in issue.
A Circular, reminding shareholders of the final subscription date on 31 July 2012, the final Subscription share price of 129p per share, outlining procedures for subscription and setting out the base costs for the Subscription shares for capital gains tax purposes, will be sent to all Subscription shareholders with the Annual Report.
We would urge all Subscription shareholders to consider whether they wish to convert their Subscription shares into Ordinary shares on 31 July 2012, as this is the final exercise date. By way of reference, for the period between 30 April 2012 and 20 June 2012, the Ordinary shares traded at prices between 115.25p and 129.00p per share. The subscription price for the one remaining subscription date is 129p per share. Investors should seek independent financial advice if they are unsure about what action to take.
The Board
As noted in my last statement in the Half-Yearly Report, the Board has welcomed Bob Cowdell to its ranks following the retirement of Keith Niven after many years of distinguished service to the Company. Looking ahead, the Board intends to continue with its policy of phased rejuvenation so that its deliberations can at all times benefit from a mix of fresh and experienced thinking.
Outlook
The Company's net asset value today is much the same as it was not just a year ago but also four years ago. The volatility in the market since then has tested many investors' appetite for equities, and the Eurozone's difficulties are likely to continue to test that appetite, but your Board believes that the events of the last four years have had two consequences that support the Company's strategy. First, they have shown that well-managed companies with strong market shares have a new opportunity to grow profits materially above those of their peers. Secondly, with the general increase in profits, many share valuations are now lower than in 2008 and, given any stabilisation of market conditions, would look very attractive.
In the short-term it is inevitable that developments in the Eurozone - and more broadly the outlook for global growth - will continue to drive the direction of stock markets. Your Board continues to look to the Investment Manager to target a concentrated list of shares expected to appreciate materially over the next 3-5 years.
Annual General Meeting
The Annual General Meeting will be held at 12.00 noon on Tuesday 31 July 2012, and shareholders are encouraged to attend. I hope as many of you as possible will be able to come along. The meeting, as in previous years, will include a presentation by the Investment Manager on the prospects for the UK market and the Company's investment strategy.
Alan Clifton
Chairman
28 June 2012
Investment Manager's Review
Performance
Over the 12 months to 30 April 2012 the negative total return on the Company's net asset value was 2.5%, compared with the negative total return from the FTSE All-Share index of 2.0% (source: Morningstar).
Market and Economic Background
It has been a frustrating 12 months for growth investors, with most UK shares moving in line with macroeconomic news more than the merits of individual companies. When share prices fell on continuing bad news from the Eurozone, as last summer and since March, almost all cyclical companies underperformed more defensively-positioned companies; when share prices rose, as they did in the first quarter of this year after the ECB injected liquidity into the Eurozone's banking systems, the reverse was the case. The result was a stock market that ended close to where it started, and with individual shares' short-term movements depending largely on whether the companies were deemed 'cyclical' or 'defensive'.
While frustrating, this circular trading is understandable at a time when there has been so much uncertainty about the key top-down factors: the future of the Eurozone and global growth. The former is probably no clearer today than it was 12 months ago. The liquidity problems have widened beyond the countries originally most affected (Greece and Ireland) to Spain and potentially Italy, as might have been expected a year ago. The resolution remains as uncertain as ever.
Global growth, in the meantime, has been mixed. The UK economy has now essentially been flat in real terms for over a year and a half. The US, by contrast, has generally performed slightly above expectations, while most emerging markets have continued to grow well in real terms. The combination has been enough for most UK- listed companies to continue to grow their profits and cash flow, the latter leading to continued recovery in dividends.
Performance Review
While quarter-to-quarter relative performance has been a function of the circular trading mentioned above, over the year the Company's net asset value performed close to the broader market. The frustration for the portfolio has been that most of the companies held have been performing operationally as hoped. Many have shown the benefits of being internationally-diversified (eg Burberry, Rolls Royce), while it has been reassuring to see the intrinsic value in others being reflected either in takeover/ merger bids (eg Autonomy, Charter, Xstrata, Misys and - after the end of the fiscal year - Logica) or in profits that have shown the companies' strengths despite the difficult domestic trading environment (eg Taylor Wimpey, Next and Debenhams).
Some of the disappointments offsetting these successes were stock-specific, such as Bumi (where corporate governance issues have affected the share price) and Genel (where the market has reacted against its acquisition of Kurdistan oil assets). There has also been weakness in some of the cyclicals, such as Lloyds Banking and Home Retail. We continue to believe that these share prices' recovery potential is material.
Apart from selling Charter and Autonomy after the takeover bids, most of the transactions in the year were adding to holdings when they were weak (such as Genel and Carnival, the latter after one of its ships ran aground), while taking some profits in strong-performing shares like Burberry. A holding was restarted in energy utility Drax, where coal/gas spreads are helpful and where there is potential for biomass production.
Outlook
UK economic growth was near zero in 2011 and is likely to be the same in 2012, but many of the headwinds are beginning to fall away. Falling inflation should relieve some of the squeeze on real incomes. Modest job creation in the private sector is offsetting the public sector job cuts. The economy should gently improve into 2013. In this environment we believe that by investing in a small number of well-financed, attractively valued companies that can prosper in a tough environment, we can deliver returns considerably ahead of the market over the long-term - irrespective of short-term volatility.
That volatility seems likely to continue. Deleveraging by European banks will continue to drag on European growth, the US recovery remains fragile, and China's transition from investment-led growth to a greater focus on the consumer has implications for the commodity-exposed sectors. Meanwhile, looming over everything is the Eurozone. There is no obvious solution to the current nexus of austerity, deficit reduction, unemployment, voter tolerance, and competiveness. The portfolio does not aspire to an explicit view on how/if it gets resolved, beyond noting that 'a muddle-through' scenario is usually the most likely outcome.
UK equity valuations, in the meantime, seem to discount much of the uncertainty. Interest rates are set to remain low and there is potential for further quantitative easing in the US and the UK should the growth outlook deteriorate. We expect continued volatility in markets as these attractions of low valuation and abundant liquidity compete with the uncertain economic environment. The longer term hope is that 'muddle-through', or indeed any political action to break the Eurozone's logjam, could increase ratings as the worst fears of the bears are averted.
The portfolio remains a concentrated list of our strongest conviction ideas, focussed on companies that generate attractive returns on capital, have good long-term prospects or opportunities to improve profitability. The portfolio looks similar to a year ago, with most of the changes coming from the takeovers. These continue to illustrate the extent to which a concentrated portfolio like this can depend on company events rather than larger market themes. The current holdings are still based on a 3-5 year view of their prospects.
The holdings that are most overweight the benchmark are Tate & Lyle, Misys, Taylor Wimpey, Debenhams, and Virgin Media, while the portfolio does not hold many of the large components of the benchmark such as HSBC, Vodafone, BP, and British American Tobacco. The net effective gearing at the end of April was 7.5%, to reflect both our long-term view about the market and the attractiveness of the holdings in the portfolio.
Schroder Investment Management Limited
28 June 2012
Principal Risks and Uncertainties
The Board has adopted a matrix of key risks which affect its business and a robust framework of internal control which is designed to monitor those risks to enable the Directors to mitigate them as far as possible. A full analysis of the Directors' system of internal control and its monitoring system is set out in the Corporate Governance Statement in the Annual Report & Accounts. The principal risks are considered to be as follows:
Financial Risk
The Company is exposed to the effect of market fluctuations due to the nature of its business. A significant fall in UK equity markets would have an adverse impact on the value of the Company's underlying investments. The Board considers the portfolio's risk profile at each Board meeting and discusses with the Investment Manager appropriate strategies to mitigate any negative impact of substantial changes in markets.
A full analysis of the financial risks facing the Company is set out in note 20 on pages 36 to 39 of the Annual Report & Accounts.
The Company utilises a credit facility, currently in the amount of £35 million, which increases the funds available for investment ("gearing"). Therefore, in falling markets, any reduction in the net asset value and, by implication, the share price is amplified by the gearing. The Directors keep the Company's gearing under constant review and impose strict restrictions on borrowings to mitigate this risk. In the Circular to shareholders dated 23 October 2006, the Directors indicated that some form of gearing may be employed by the Company from time to time, but they do not anticipate gearing levels in excess of 20% of shareholders' funds. They also indicated that the Company may hold up to 20% of shareholders' funds in cash or cash equivalents. The Company's gearing continues to operate within pre-agreed limits so that actual gearing does not represent more than 20% of shareholders' funds.
Strategic Risk
Over time, investment vehicles and asset classes can become out of favour with investors or may fail to meet their investment objectives. This may be reflected in a wide discount of the share price to net asset value per share. Directors periodically review whether the Company's investment remit remains appropriate and they continually monitor the success of the Company in meeting its stated objectives. Further details may be found under "Investment Performance" and "Discount Management" on page 10 of the Annual Report & Accounts.
Accounting, Legal and Regulatory Risk
In order to continue to qualify as an investment trust, the Company must comply with the requirements of Section 1158 of the Corporation Tax Act 2010. Should the Company not comply with these requirements, it might lose investment trust status and capital gains within the Company's portfolio could, as a result, be subject to Capital Gains Tax.
Breaches of the UK Listing Rules, the Companies Acts or other regulations with which the Company is required to comply, could lead to a number of detrimental outcomes and damage the Company's reputation. Breaches of controls by service providers, including the Investment Manager, could also lead to reputational damage or loss.
The Board's system of internal control seeks to mitigate the potential impact of these risks and it also relies on its Investment Manager and other advisers to assist it in ensuring continued compliance.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report, the Remuneration Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law they have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent; and
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements respectively.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Report of the Directors, Remuneration Report and Corporate Governance Statement that comply with that law and those regulations.
Each of the Directors, whose names and functions are set out in the inside front cover of the Annual Report & Accounts, confirms that, to the best of their knowledge:
• the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net loss of the Company; and
• the Report of the Directors includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.
Income Statement
for the year ended 30 April 2012
2012 2011
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
(Losses)/gains on investments held at fair value
through profit or loss - (13,497) (13,497) - 33,158 33,158
Net foreign currency gains - - - - 32 32
Income from investments 6,647 42 6,689 5,205 - 5,205
Other interest receivable and similar income 43 - 43 75 - 75
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Gross return/(loss) 6,690 (13,455) (6,765) 5,280 33,190 38,470
Investment management fee (428) (998) (1,426) (271) (633) (904)
Administrative expenses (461) - (461) (532) - (532)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return/(loss) before finance costs and
taxation 5,801 (14,453) (8,652) 4,477 32,557 37,034
Finance costs (160) (372) (532) (153) (357) (510)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return/(loss) on ordinary activities before
taxation 5,641 (14,825) (9,184) 4,324 32,200 36,524
Taxation (38) - (38) (24) - (24)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return/(loss) on ordinary activities after
taxation 5,603 (14,825) (9,222) 4,300 32,200 36,500
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Return/(loss) per Ordinary share (undiluted) 3.49p (9.23)p (5.74)p 2.78p 20.83p 23.61p
Return/(loss) per Ordinary share (diluted) 3.49p (9.23)p (5.74)p 2.76p 20.69p 23.45p
Dividends declared in respect of the financial year ended 30 April 2012 total 3.50p (2011: 3.00p). Further information on dividends is given in note 8 on page 32 of the Accounts.
The 'Total' column of this statement is the profit and loss account of the Company. The 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The Total column includes all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.
Reconciliation of Movements in Shareholders' Funds
for the year ended 30 April 2012
Called-up Capital Share Warrant
share Share redemption purchase exercise Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 30 April 2010 38,695 594 18,933 81,122 417 52,821 4,521 197,103
Net return on ordinary
activities - - - - - 32,200 4,300 36,500
Ordinary dividends paid
in the year - - - - - - (4,235) (4,235)
Repurchase and cancellation
of the Company's own
Ordinary shares (11) - 11 (33) - - - (33)
Conversion of Subscription
shares into Ordinary shares (24) 24 - - - - - -
Issue of Ordinary shares
on exercise of Subscription
shares 604 2,202 - - - - - 2,806
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 30 April 2011 39,264 2,820 18,944 81,089 417 85,021 4,586 232,141
Net (loss)/return on ordinary
activities - - - - - (14,825) 5,603 (9,222)
Ordinary dividends paid
in the year - - - - - - (5,171) (5,171)
Repurchase and cancellation
of the Company's own
Ordinary shares (465) - 465 (2,323) - - - (2,323)
Conversion of Subscription
shares into Ordinary shares (74) 74 - - - - - -
Issue of Ordinary shares
on exercise of Subscription
shares 1,844 6,935 - - - - - 8,779
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 30 April 2012 40,569 9,829 19,409 78,766 417 70,196 5,018 224,204
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Balance Sheet
at 30 April 2012
2012 2011
£'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Fixed assets
Investments held at fair value through profit or loss 240,100 253,136
Current assets
Debtors 1,549 1,495
Cash and short-term deposits 8,083 3,196
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
9,632 4,691
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Current liabilities
Creditors - amounts falling due within one year (25,528) (25,686)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net current liabilities (15,896) (20,995)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total assets less current liabilities 224,204 232,141
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net assets 224,204 232,141
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Capital and reserves
Called-up share capital 40,569 39,264
Share premium 9,829 2,820
Capital redemption reserve 19,409 18,944
Share purchase reserve 78,766 81,089
Warrant exercise reserve 417 417
Capital reserves 70,196 85,021
Revenue reserve 5,018 4,586
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total equity shareholders' funds 224,204 232,141
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per Ordinary share (undiluted) 138.89p 148.90p
Net asset value per Ordinary share (diluted) 137.73p 144.24p
Cash Flow Statement
for the year ended 30 April 2012
2012 2011
£'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash inflow from operating activities 4,644 2,980
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Servicing of finance
Interest paid (529) (518)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash outflow from servicing of finance (529) (518)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Taxation
Overseas tax paid (86) (18)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Investment activities
Purchases of investments (37,574) (38,397)
Sales of investments 37,105 26,691
Special dividend received allocated to capital 42 -
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash outflow from investment activities (427) (11,706)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Dividends paid (5,171) (4,235)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash outflow before financing (1,569) (13,497)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Financing
Repurchase and cancellation of the Company's own Ordinary shares (2,323) (248)
Issue of Ordinary shares on exercise of Subscription shares 8,779 2,806
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash inflow from financing 6,456 2,558
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash inflow/(outflow) in the year 4,887 (10,939)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Notes to the Accounts
for the year ended 30 April 2012
1. Basis of accounting
The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.
The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments at fair value through profit or loss.
The policies applied in these accounts are consistent with those applied in the preceding year.
2. Dividends
Dividends paid and declared
2012 2011
Dividends paid £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
2011 second interim dividend of 1.75p (2010: 1.50p) 2,728 2,302
2012 first interim dividend of 1.50p (2011: 1.25p) 2,443 1,933
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total dividends paid in the year 5,171 4,235
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
2012 2011
Dividend declared £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
2012 second interim dividend declared of 2.00p (2011: 1.75p) 3,228 2,728
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
3. Return/(loss) per Ordinary share
2012 2011
£'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Revenue return 5,603 4,300
Capital (loss)/return (14,825) 32,200
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total (loss)/return (9,222) 36,500
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Undiluted:
Weighted average number of Ordinary shares in issue during the year used for the purpose
of the undiluted calculation 160,680,522 154,605,824
Revenue return per share 3.49p 2.78p
Capital (loss)/return per share (9.23)p 20.83p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total (loss)/return per share (5.74)p 23.61p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Diluted:
Weighted average number of Ordinary shares in issue during the year used for the purpose
of the diluted calculation 160,680,522 155,657,884
Revenue return per share 3.49p 2.76p
Capital (loss)/return per share (9.23)p 20.69p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total (loss)/return per share (5.74)p 23.45p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The diluted return per Ordinary share represents the return on ordinary activities after taxation divided by the weighted average number of Ordinary shares in issue during the year as adjusted in accordance with Financial Reporting Standard 22 'Earnings per share'. There is no dilution to the return/(loss) per share for the year ended 30 April 2012.
4. Net asset value per Ordinary share
2012 2011
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Undiluted:
Net assets attributable to the Ordinary shareholders (£'000) 224,204 232,141
Ordinary shares in issue at the year end 161,423,790 155,907,095
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per Ordinary share 138.89p 148.90p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Diluted:
Net assets attributable to the Ordinary shareholders (£'000) 251,801 266,377
Ordinary shares in issue at the year end assuming exercise of Subscription
shares 182,816,987 184,676,987
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per Ordinary share 137.73p 144.24p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The diluted net asset value per Ordinary share assumes that all outstanding Subscription shares were converted into Ordinary shares at the year end.
5. Status of announcement
2011 Financial Information
The figures and financial information for 2011 are extracted from the published Annual Report and Accounts for the year ended 30 April 2011 and do not constitute the statutory accounts for that year. The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.
2012 Financial Information
The figures and financial information for 2012 are extracted from the Annual Report and Accounts for the year ended 30 April 2012 and do not constitute the statutory accounts for the year. The Annual Report and Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
This information is provided by RNS
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