TIDMBLP
Blue Planet Investment Trust plc
Half Year Report and Accounts
For the six months ended 31 October 2021
Officers and Advisors
Directors Investment Manager, Administrator and
Russell Frith (Non-Executive Secretary
Chairman) Blue Planet Investment Management Ltd
Victoria Killay (Non-Executive) 17 Grosvenor Crescent
Kenneth Murray (Non-Executive) Edinburgh
EH12 5EL
Telephone No: 0131 466 66 66
E-mail: info@blueplanet.eu
www.blueplanet.eu
Registered Office Registrars
17 Grosvenor Crescent Link Group
Edinburgh 10th Floor, Central Square
EH12 5EL 29 Wellington Street
Telephone No: 0131 466 6666 Leeds
E-mail: info@blueplanet.eu LS1 4DL
www.blueplanet.eu Email:
shareholderenquiries@linkgroup.com
www.linkgroup.eu
Shareholder Helpline No: 0371 664 0300
(calls are charged at the standard
geographic rate and will vary by
provider. Calls outside the UK will be
charged at the applicable
international rate. Lines are open
9am-5.30pm, Mon-Fri)
Statutory Auditors Custodians
Johnston Carmichael LLP Caceis Investor Services
7-11 Melville Street Broadwalk House, 5 Appold Street
Edinburgh EH3 7PE London
EC2A 2AG
Bankers Interactive Brokers (U.K.) Ltd
Lloyds Banking Group Level 20 Heron Tower, 110 Bishopsgate
1st Floor London EC2N 4AY
48 Chiswell Street
London EC1Y 4XX
Registered Number
SC192153
Blue Planet Investment Trust plc is a member of the Association of Investment
Companies.
Investment Policy
The investment policy of the Company is to invest in securities (including
equities, exchange traded funds, equity-related securities, bonds, and
derivatives) issued by companies, Governments and other types of issuers
located throughout the world.
Investment Objective
The investment objective of the Company is to provide shareholders with a
combination of capital growth and income.
The Company has not set maximum exposures for any type of issuer, geographical
regions or sectors. How the Company's investments are allocated will depend on
market conditions and the judgement of the Board as to what is in the best
interests of Shareholders. This is to provide it with the flexibility that is
necessary to deal with an ever-changing economic environment. It would,
however, normally be expected that most of the Company's investments will be in
equities, exchange traded funds, equity-related securities, preference shares,
bonds, bills and derivatives. However, the Company is not prohibited from
investing in other types of securities including unlisted investments and
property. No more than 15 per cent of the Company's portfolio may be invested
in any one investment at the time the investment is made. There is no
restriction on the amount that may be invested in any one country.
Under the Company's Articles of Association, the maximum gearing the Company
may deploy is 75% of NAV. The Company may borrow in Sterling and other
currencies.
Financial Record including Key Performance Six months Six months Year
Indicators ended 31 ended 31 ended 30
October October April 2021
2021 2020 (audited)
(unaudited) (unaudited)
Total return per share (p)1 (3.64) 0.60 8.97
NAV total return per share (%)2 (10.0) 2.0 31.6
Share price total return (%) 3 (13.6) (3.6) 30.1
Total return on Benchmark Index 4 (%) 5.8 (4.0) 22.1
Revenue return available for shareholders (246) 132 34
(£'000)
Revenue return per share (p)1 (0.49) 0.27 0.07
Capital return per share (p)1 (3.15) (0.33) 8.90
Dividend per share (net) (p)5 - - 0.52
Dividend yield on our shares (%)6 N/A N/A 2.0
Dividend yield on Benchmark Index (%) 3.4 4.7 3.1
Total assets less current liabilities 20,561 15,510 19,952
(excluding loans) (£'000)
Loans (£'000) (4,635) (1,668) (1,967)
Shareholders' funds (£'000) 15,926 13,842 17,985
Net asset value per share (p)7 32.19 27.98 36.35
Share price (p) - (Bid) 22.00 19.00 26.00
Share price discount to NAV (%)8 31.7 32.1 28.5
Gearing (%)9 27.7 11.1 7.6
Ongoing Charges (%) 10 4.6 4.6 4.5
The Board assesses the Company's performance in meeting its objectives against
the above KPIs, they also believe the above KPIs are of most relevance to
shareholders in monitoring the performance of the Company and therefore the
return on their investment in the Company.
1. Returns per share are calculated by taking the figure for "Return on
ordinary activities after taxation and total comprehensive income" for each
column as stated on the Income Statement and dividing by the weighted
average number of ordinary shares in issue during the period. (Note 3)
2. NAV total return per share is calculated as the percentage change in net
asset value per share in the period with dividend paid during the period
reinvested at the time of distribution.
3. Share price total return is calculated as the percentage change in share
price in the period with dividend paid during the period reinvested at the
time of distribution.
4. The Company's benchmark index is an index of the top 100 listed companies
in the UK, with dividends reinvested at the time of distribution. The
percentage change in value between each period end is shown above.
5. No interim dividend is proposed. An annual dividend for the year ended 30
April 2021 was paid to shareholders on 6th September 2021.
6. Dividend yield is dividend proposed/paid divided by share price (bid) at
the period end.
7. Net asset value per share is calculated as shareholders' funds divided by
the number of ordinary shares in issue at the period end.
8. Calculated as the difference between net asset value per share and share
price, divided by net asset value per share.
9. Net debt as a percentage of shareholders' funds. Net debt is equal to total
loans less cash at bank.
10. Ongoing charges figure has been prepared in accordance with the Association
of Investment Companies ("AIC") recommended methodology. Total
administrative expenses, as stated on the income statement, is divided by
average shareholders' funds in the period.
The Investment Manager
Under the Alternative Investment Fund Management Directive legislation, the
Trust has elected to be its own AIF manager but has delegated the day to day
management of the investment portfolio and administration to Blue Planet
Investment Management Ltd. It is an independent firm that specialises in
advising and managing investment and family trusts. It has a great deal of
expertise in managing investments on a worldwide basis. It is regulated by the
Financial Conduct Authority.
Blue Planet Investment Management Ltd is the investment manager of the Company
and receives an annual fee of 1.50% per annum of the total assets of the
company which is paid monthly. Blue Planet Investment Management Ltd also
receives £196,000 per annum in respect of administration and secretarial
services. The investment management, administration and secretarial services
agreements may only be terminated on receipt of two years notice.
Website Information
Please take the time to visit our website:
www.blueplanet.eu
Subscribe to our monthly fact sheet service and download past monthly fact
sheets:
https://www.blueplanet.eu/monthly-factsheets
To download historical Annual and Interim reports:
https://www.blueplanet.eu/report-accounts
To view stock market RNS announcements:
https://www.blueplanet.eu/regulatory-news
Retail Distribution of Investment Company Shares
Blue Planet Investment Trust plc currently conducts its affairs so that the
shares issued by the Company can be recommended by Independent Financial
Advisers to ordinary retail investors in accordance with the Financial Conduct
Authority's rules in relation to non-mainstream investment products and intends
to continue to do so for the foreseeable future.
The shares are excluded from the Financial Conduct Authority's restrictions
which apply to non-mainstream investment products because they are shares in an
investment trust.
PRIIPS Key Information Documents
We are required by regulations to provide investors with a Key Information
Document ("KID") which includes performance projections which are the product
of prescribed calculations based on the Company's past performance. Whilst the
content and format of the KID cannot be amended under the applicable
regulations, the Board does not believe that these projections are an
appropriate or helpful way to assess the Company's future prospects.
Accordingly, the Board urges shareholders to also consider the more complete
information set out in the Annual Report and Accounts, together with the
Company's interim report and accounts, monthly fact sheets and net asset value
announcements, when considering an investment in the Company's shares. These
documents are published on the investment managers website at www.blueplanet.eu
Interim Management Report - Portfolio Information
As at 31 October 2021
Country Valuation (£) % of Portfolio
Equities
DigitalOcean Holdings Inc United States 1,107,515 5.4
Dynatrace Inc United States 977,406 4.7
Mogo Inc United States 874,950 4.3
Digital Turbine Inc United States 857,329 4.2
Repligen Corporation United States 835,667 4.1
Palantir Technologies Inc United States 748,708 3.6
Advanced Micro Devices Inc United States 660,059 3.2
F5 Networks Inc United States 650,118 3.2
Nokia Oyj United States 645,904 3.1
CleanSpark Inc United States 638,833 3.1
Applied Materials Inc United States 611,240 3.0
Mirriad Advertising plc United Kingdom 610,521 3.0
Teradyne Inc United States 601,752 2.9
Lam Research Corporation United States 597,686 2.9
Taiwan Semiconductor ADR United States 572,143 2.8
Qualcomm Inc United States 570,568 2.8
Arista Networks Inc. United States 530,316 2.6
Illumina Inc United States 529,894 2.6
Silvergate Capital Corp United States 524,042 2.6
Riskified Ltd United States 522,795 2.6
Micron Technology Inc United States 520,826 2.5
STAAR Surgical Co United States 519,091 2.5
ProQR Therapeutics NV United States 512,983 2.5
CareCloud Inc United States 492,770 2.4
Keysight Technologies Inc United States 438,235 2.1
AcuityAds Holdings Inc Canada 394,572 1.9
Matterport Inc United States 374,716 1.8
PubMatic Inc United States 354,488 1.7
S4 Capital plc United Kingdom 335,702 1.6
C3.ai Inc United States 333,387 1.6
Twitter Inc United States 312,937 1.5
Twist Bioscience Corp United States 311,562 1.5
Moovly Media Inc Canada 293,379 1.4
Isoray Inc United States 272,118 1.3
Invitae Corp United States 213,186 1.0
Avacta Group plc United Kingdom 189,312 0.9
MediWound Ltd United States 174,156 0.8
Berkeley Lights Inc United States 173,330 0.8
Revance Therapeutics Inc United States 170,845 0.8
Caladrius Biosciences Inc United States 151,479 0.7
TAAL Distributed Information Canada 17,637 0.1
Telford Offshore Holdings Ltd Cayman Islands - 0.0
20,224,157 98.1
Debt Securities
Telford Offshore 12% Perpetual Cayman Islands 171,536
0.8
171,536 0.8
Total Investments 20,395,693 98.9
Cash 223,636 1.1
Total 20,619,329 100.0
Interim Management Report
Performance
It has now been a full year since Blue Planet Investment Trust plc set out on a
new path toward capital growth, having previously pursued a focus of income
generation for several years. This change of strategy helped the Trust produce
a Net Asset Value (NAV) total return for the year ending 30 April 2021 of
+31.6%. Since the start of this financial year, the six months to 31 October
2021, our NAV total return was -10.0%. Below gives more detail on the reasons
for this and how we have progressed to date.
Since 31 October 2020, our NAV rose from 27.98p to a high of 45.47p, a gain of
62.5% in the space of just a few months. From that high point, growth stocks
fell out of favour with investors and consequently, our NAV fell 20.1% to
36.35p by the 30 April 2021. This was disappointing but still a +29.9% gain
over that six-month period. In the current financial year our NAV has fallen,
reaching a low of 29.43p before stabilizing as investors moved capital back
into growth stocks and the portfolio recovered in the final months of the
interim period, rising 9.4% to finish at 32.19p.
We began the current financial year with 96.0% invested in equities, 1.1% in
bonds, 2.9% in cash and our gearing was at a conservative 7.6%. These exposures
remained largely unchanged during this interim period, our investments in
equities represented 98.1% of the portfolio, 0.8% in bonds, 1.1% in cash and
our gearing stood at 27.7%.
We have continued to find new and interesting companies to invest in and have,
and will, continue to refine the portfolio as the businesses we are invested in
report earnings and provide updates. During the past six months, we bought
Advanced Micro Devices Inc which manufacture CPU's (Computer Processing Unit),
GPU's (Graphical Processing Unit) and chips for servers which has been gaining
market share at the expense of Intel Corp. DigitalOcean Holdings Inc, now our
top holding and was our best performing investment in the six months, is a
cloud computing company with a focus on small and medium sized businesses. F5
Networks Inc, a networking company that is transitioning from a hardware
business to a higher growth software business. Matterport Inc, a company that
digitizes real-world spaces with 3D capture technology. Riskified Ltd, a
company that uses artificial intelligence (algorithms) to analyse online orders
for fraud, improving sales and reducing costs for its clients. Silvergate
Capital Corp, a bank that has a focus on innovators, particularly in providing
blockchain and digital currency services to clients. STAAR Surgical Co, a
medical technology company that researches, develops, manufactures,
distributes, and sells products for use in refractive surgery, and finally,
Twitter Inc, the micro-blogging social media company has improved its
monetization and is exploring the use of blockchain technology to decentralise
its platform.
As regards to sales during the period, we sold Agora Inc, Alteryx Inc,
Amazon.com Inc, Ciena Corporation, Digital Media Solutions Inc, Fastly Inc, IP
Group plc, Luminar Technologies Inc, PagSeguro Digital Ltd, Regeneron
Pharmaceuticals Inc, SSR Mining Inc and Ultra Clean Holdings Inc. Some of these
companies failed to live up to our expectations whereas others were sold to
reinvest in better opportunities.
In terms of how our investments performed, the largest positive contribution
was from DigitalOcean Holdings Inc which had a total return during the period
of +69.8%. This was followed by Dynatrace Inc +45.5%, Repligen Corporation
+47.8%, Silvergate Capital Corp +51.9%, Palantir Technologies Inc +25.2%,
Arista Networks Inc +28.4%, Nokia Oyj +22.9%, Digital Turbine Inc +15.8% and
ProQR Therapeutics NV +25.1% all made material contributions.
Our best performer last year was Mogo Inc which had a total return of +319.9%.
Perhaps not surprisingly after such a strong run up, it gave up some of those
gains to become the biggest negative contributor to our performance during the
past six months with a total return of -40.2%. There were no announcements of
bad news, in fact the company continues to go from strength to strength and is
forecast to grow revenues 28% this year and 36% next year. We believe Mogo is
building a financial "super-app" providing its customers with saving, lending,
bitcoin trading, investing options, B2B payments and a prepaid card. The
average analyst target price for the stock is $11.45, representing almost 100%
upside.
Other negative returns came from Mirriad Advertising plc, which returned +53.8%
last year. It also saw profit taking and fell -33.6% in the current period.
Moovly Media Inc, which fell 42.9% last year, continued to fall, returning
-51.2% in the current period, evidently this is one we may have got wrong but
given time, may still come good with the ever increasing use of video editing
software. AcuityAds Holdings Inc, our third best contributor last year with a
total return of +138.4%, fell -42.6% in the current period. PubMatic Inc
produced a total return of +86.9% last year and fell -43.8% during this period.
Avacta Group Plc returned +87.2% last year but fell -55.7% this year. As you
will notice, many of the investments that performed so well last period have
given back a large portion of their gains this period. The performance of these
company's shares hasn't necessarily been due to underperforming underlying
businesses, but rather a case of perhaps overshooting their valuations and now
a period of consolidation is required before the next leg higher.
We would like to go into more detail on the progress of many of our
investments, however as the interim report is generally a shorter report than
our annual report, we will provide a brief summary of some of our top holdings.
However, we would encourage you to take a look at the remaining positions
within the top end of our portfolio as they are all interesting and exciting
businesses that we think will all have bright futures.
Firstly, DigitalOcean Holdings Inc, a cloud computing company with a focus on
small and medium sized businesses, recently reported Q3 2021 revenues grew 37%
year-on-year, having previously reported revenue growth of 35% year-on-year in
Q2 2021. The net loss attributable to shareholders has narrowed and the company
is working its way towards profitability. In the most recent report, the loss
was $1.8m for the quarter, which was a big improvement over the $10.2m loss in
the same quarter last year. Forecast growth over the next two years is expected
to be maintained at over 30% per year. DigitalOcean has grown to become our
largest holding as at 31 October 2021 and we believe it has a large addressable
market and many years of growth ahead of it.
Dynatrace Inc, our second largest holding, reported revenue growth of 34%
year-on-year in their second quarter of FY 2022 and net income rose 3%. They
reported revenue growth of 37% in the preceding quarter and net income growth
of 35%. Dynatrace continues to provide the right tools to help businesses
simplify and manage their digital transformation and migration to the cloud.
Going forward, Dynatrace is expected to produce revenue growth of 30% next year
followed by 25% the year after, with market penetration expected to be about
20% in 2022 from 5% in 2018. The business continues to perform well and we are
pleased with their progress.
Mogo Inc, as mentioned above, is building a financial "super-app" providing its
customers with saving, lending, bitcoin trading, investing options, B2B
payments and a prepaid card. They reported revenue growth in the most recent
quarter of 58% year-on-year, an acceleration from 29% in the previous quarterly
report. Net loss increased to $9.8m from $1.0m in the previous year and while
this might not seem ideal, the company is spending on developing their product
as well as on sales and marketing to promote their products and we believe once
they have launched their full suite of financial offerings, profits will begin
to be generated. In particular, the imminent launch of MogoTrade should provide
a new source of income. Going forward, the company has guided for increasing
revenues and the market in general is expecting growth of 33% next year and 36%
the year after.
Digital Turbine Inc was originally a mobile app pre-install business but
following acquisitions including most recently Fyber and AdColony, the company
has become a mobile advertising, discovery and install business. The company
recently reported Q2 2022 revenue growth of 338% year-on-year, whilst on a
pro-forma basis, revenue growth was 63%. Acquisition related adjustments meant
that the net loss in the quarter was $5.9m, however the company is otherwise
profitable. In fact, in the previous quarter, net income was $14.3m, a 44%
increase year-on-year. Revenue growth in that quarter was 104% on a pro forma
basis. We think Digital Turbine is currently underappreciated and we think that
once the acquisitions are integrated, investors will be better positioned to
assess the future of the company and price estimates will rise.
Over the past year, we believe we have constructed an exciting and interesting
portfolio that gives our shareholders exposure to innovative, high growth
companies and more importantly differentiation from your typical tracker funds
that have Apple, Amazon and Alphabet as their top holdings. We believe
investors can get exposure to those names quite easily by buying shares in
those companies themselves, or by buying a tracker fund. Buying shares of Blue
Planet Investment Trust plc gives our shareholders exposure to a managed fund
with a new capital growth focus which we believe will, over the longer term,
provide solid returns. Volatility will continue as the market deals with the
impending tapering of quantitative easing by central banks, rising inflation,
supply chain bottlenecks and eventually rising interest rates. We think there
is no alternative to equities at this moment in time for investors to get a
reasonable return on their investment. Cash offers little or no return and is
losing purchasing power through inflation. Bonds are riskier now than they have
ever been with the real returns on most being negative. Commodities may well
provide protection from inflation but do not offer much in terms of investment
returns. In 2021 to date, the S&P 500 Index is up around 25% and historically
speaking, it has provided an average annual return over the last 20 years of
about 10% per year. As long as we remain disciplined, patient and invest in the
right companies, our shareholders will see our NAV appreciate and with that,
our share price will grow providing you with capital growth over the long term.
GICS Industry Classification % of Portfolio
Software 27.8%
Semiconductors 20.6%
Life Sciences Tools 10.2%
Communications 9.1%
Biotechnology 8.2%
Media 8.0%
Consumer Finance 4.4%
Interactive Media 3.4%
Health Care Technology 2.5%
Electronic Equipment 2.2%
Pharmaceuticals 1.7%
Cash 1.1%
Corporate Debt 0.9%
100.0
*October 2021
Income and Dividends
A dividend of 0.52p per share was paid on 6th September 2021 in respect of the
financial year ended 30th April 2021. In accordance with established policy no
interim dividend has been declared for the first half of the year.
Gearing and Capital Allocation
At the end of the six-month period to 31st October 2021 the Trust had gearing,
net of cash, equal to 27.7% of NAV and its portfolio was allocated as follows:
98.1% was invested in equities; 1.1% in cash and 0.8% in bonds.
Principal risks and going concern
Your Company is, and will continue to be, exposed to a number of risks which
are detailed in full in the Strategic Report on page 7 of the Annual Report and
have not changed up to the date of this report. The key market risk arises from
the uncertainty regarding the future price performance of the listed securities
held by your Company and can be affected by any number of unforeseen external
events such as Brexit and the global pandemic. If gearing is employed this risk
is magnified.
The prices of the individual listed securities in the portfolio are monitored
on a daily basis and the Board, which meets quarterly, imposes borrowing limits
to ensure gearing levels are appropriate to market conditions.
When gearing is employed the potential impact of changes in interest rates is
taken into consideration. All investments are listed on recognised exchanges,
traded in active markets and readily realisable, with the exception of holdings
in Telford Offshore Holdings Ltd, which are unlisted. See note 5 on page 12 for
the valuation basis of these 2 holdings.
The Fund is exposed to currency risk, due to the range of currencies in which
investments are held. A substantial proportion of the Company's assets are held
in assets denominated in foreign currencies and movements in these currencies
can significantly affect the Sterling value of the Company's foreign
denominated income and assets. The fund manager tracks currency movements on a
regular basis and hedging is considered on a case-by-case basis.
The Company has no cyber systems of its own; instead, it outsources the
provision of services to third party providers who themselves, like any
company, are exposed to cyber risk. This risk is monitored by a regular review
of service providers by the Company Secretary who reports directly to the Board
of Directors.
Where investments are made in emerging markets there is a risk of higher
volatility in the price performance of these equities and their associated
currencies. Political risk and adverse economic circumstances are more likely
to arise, putting the value of the investment at a higher risk. The
registration and settlement arrangements in emerging markets may be less
developed than in more mature markets so operational risks of investing are
higher.
The Company's business model and strategy, together with the risk factors
likely to affect its future position are set out in the Strategic Report on
page 9 of the Annual Report and Accounts. The Directors consider that the
Company has adequate financial resources in the form of readily realisable
listed securities, including cash and credit facilities to continue in
operational existence for the foreseeable future. For this reason, they
continue to use the going concern basis in preparing the accounts
Related party transactions
There have been no changes to related party transactions which were disclosed
in the Directors Report on page 35 of the Annual Report.
Borrowings, Gearing and Liquidity
The Fund ended the period with gearing net of cash of 27.7%. The Company
financed its gearing by means of credit facilities with Interactive Brokers
Incorporated.
Generally, gearing beneficially affects the Company's NAV when the value of its
investments is rising, but adversely affects it when the value of investments
is falling.
Blue Planet Services and Price Information Sources
Shareholders can view the Company's share price and additional information
about the Fund on the website of Blue Planet Investment Management Ltd
(www.blueplanet.eu) and the London Stock Exchange (www.londonstockexchange.com
). To find the Company's share price on the London Stock Exchange website go to
the Home page and type "BLP" in the "Price Search" field.
Russell Frith
Chairman
07 December 2021
Balance Sheet
At 31 October At 31 October At 30 April
2021 2020 2021
£ £ £
(unaudited) (unaudited) (audited)
Fixed assets (note 5)
Equity investments 7,915,765 20,035,142
20,224,157
7,426,821 230,876
Non - equity investments 171,536
20,395,693 15,342,586 20,266,018
Current assets
Debtors 30,898 123,314 39,740
Cash at bank and in hand 223,636 125,678 599,416
(4,724,596) (1,749,707) (2,920,312)
Creditors: amounts falling due
within one year (note 6)
(4,470,062) (1,500,715) (2,281,156)
Net current liabilities
15,925,631 13,841,871 17,984,862
Net assets
Capital and reserves
497,820 497,820 497,820
Called-up share capital
18,426,406 18,426,406 18,426,406
Share premium account
Other reserves
(12,305,773) (9,431,933) (11,655,673)
Capital reserve - realised
(272,277) (5,831,045) 634,057
Capital reserve - investment
holding (losses) / gains
8,167,389 8,167,389 8,167,389
Capital redemption reserve
1,412,066 2,013,234 1,914,863
Revenue reserve
15,925,631 13,841,871 17,984,862
Shareholders' funds
32.19p 27.98p 36.35p
Net asset value per ordinary share
(note 3)
Statement of Directors' responsibilities
The Directors confirm that this set of condensed financial statements has been
prepared in accordance with FRS 104 "Interim Financial Reporting" and that the
interim management report herein includes a fair review of the information
required by DTR 4.2.7R and DTR 4.2.8R.
On behalf of the Board
Russell Frith
Chairman
07 December 2021
Statement of Changes in Equity
For the six months ended 31 October 2021 (unaudited)
Share Capital Capital Revenue
Called-up premium reserve-realised reserve- Capital reserve Shareholders'
Share (£) (£) investment Redemption (£) funds
capital holding reserve (£)
(£) losses (£)
(£)
Shareholders' funds at 497,820 18,426,406 (11,655,673) 8,167,389 1,914,863 17,984,862
1 May 2021 634,057
Return on ordinary - - (650,100) (906,334) - (245,528) (1,801,962)
activities after
taxation
Dividend paid during - - - - - (257,269) (257,269)
the period
Shareholders' funds at 497,820 18,426,406 (12,305,773) 1,412,066 15,925,631
31 October 2021 (272,277) 8,167,389
For the six months ended 31 October 2020 (unaudited)
Share Capital Capital Revenue Shareholders'
Called-up premium reserve-realised reserve- Capital reserve funds
Share (£) (£) investment Redemption (£)
capital holding reserve (£)
(£) losses (£)
(£)
497,820 18,426,406 (10,479,419) (4,949,642) 8,167,389 2,979,620
Shareholders' funds at 1 14,642,174
May 2020
Return on ordinary - - 1,047,486 (881,403) - 131,956 298,039
activities after taxation
- - - - - (1,098,342) (1,098,342)
Dividend paid during the
period
Shareholders' funds at 31 497,820 18,426,406 (9,431,933) 2,013,234 13,841,871
October 2020 (5,831,045) 8,167,389
For the year ended 30 April 2021 (audited)
Share Capital Capital Revenue Shareholders'
Called-up premium reserve-realised reserve- Capital reserve funds
Share (£) (£) investment Redemption (£) (£)
capital holding reserve
(£) losses (£)
(£)
Shareholders' funds at 1
May 2020 497,820 18,426,406 (10,479,419) (4,949,642) 8,167,389 2,979,620 14,642,174
Return on ordinary - - (1,176,254) 5,583,699 - 4,441,030
activities after taxation 33,585
- - - - - (1,098,342) (1,098,342)
Dividend paid during the
period
Shareholders' funds at 30 497,820 18,426,406 (11,655,673) 634,057 8,167,389 1,914,863 17,984,862
April 2021
Income Statement
For the six months ended 31 October 2021 For the six months ended 31 October 2020 For the year ended 30 April 2021
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£
£ £ £ £ £ £ £ £
Capital (losses) / gains on
investment
Net (losses) / gains - (1,374,481) (1,374,481) - 208,213 208,213 - 5,246,122 5,246,122
Exchange losses - (65,113) (65,113) - (4,246) (4,246) - (621,128) (621,128)
Net capital gains / (losses) on - (1,439,594) (1,439,594) - 203,967 203,967 - 4,624,994 4,624,994
investment
Income from investments 22,763 - 22,763 459,008 - 459,008 588,972 - 588,972
Bank interest receivable - - - 11 - 11 72 - 72
Gross revenue and capital (losses) 22,763 (1,439,594) (1,416,831) 459,019 203,967 662,986 589,044 4,624,994 5,214,038
/ gains
Administrative expenses (260,674) (106,065) (366,739) (310,634) (36,965) (347,599) (526,225) (202,466) (728,691)
(237,911) (1,545,659) (1,783,570) 148,385 167,002 315,387 62,819 4,422,528 4,485,347
Net return before interest payable
and taxation
Interest payable (4,618) (10,775) (15,393) (2,144) (919) (3,063) (6,464) (15,083) (21,547)
(242,529) (1,556,434) (1,798,963) 146,241 166,083 312,324 56,355 4,407,445 4,463,800
Return on ordinary activities
before taxation
Taxation on ordinary activities (2,999) - (2,999) (14,285) - (14,285) (22,770) - (22,770)
Return on ordinary activities after (245,528) (1,556,434) (1,801,962) 131,956 166,083 298,039 33,585 4,407,445 4,441,030
taxation and total comprehensive
income
Return per ordinary share (note 3) (0.49)p (3.15)p (3.64)p 0.27p 0.33p 0.60p 0.07p 8.90p 8.97p
The Total column of the income statement represents the profit & loss account
of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
There were no recognised gains and losses other than those disclosed above.
Accordingly, a statement of total recognised gains and losses is not required.
Notes
1. The financial statements for the six months to 31st October 2021
have been prepared on the basis of the accounting policies set out in the
Company's Annual Report and Accounts as at 30th April 2021 and in accordance
with FRS 104 "Interim Financial Reporting" and applicable to UK law and
accounting standards.
2. All expenses are charged to the revenue account with the exception of
management fees and interest charges on borrowings, 70% of which, less the
appropriate tax relief, is charged to capital. Investment Management and
Administrators fees totalled £249,603 in the period (Full year to 30 April 2021
- £485,237)
3. The return per ordinary share is based upon the following figures:
31 October 31 October 30 April
2021 2020 2021
(unaudited) (unaudited) (audited)
Revenue return £(245,529) £131,956 £33,585
Capital return £ £166,083 £4,407,445
(1,556,434)
Weighted average number of ordinary shares 49,474,863 49,474,863 49,474,863
in issue during the period
The net asset value per ordinary share is calculated on 49,474,863 ordinary
shares in issue at the end of the period after deducting treasury shares.
4. No interim dividend is proposed.
5. The carrying value of investments is equivalent to their fair value
and all investments are measured at fair value through profit or loss, are
quoted in active markets and classified as level one, with the exception of
Telford Offshore Holding Ltd Perpetual an unquoted bond which management have
judged to be valued at 30% of par value and is classified as level three and
Telford Offshore Holdings Ltd ordinary shares which have been written down to
nil value on the same basis.
6. The Company has credit facilities with Interactive Brokers
Incorporated. Loans are secured against the investments held in custody
accounts. As at 31st October 2021 the prevailing rate of interest on the
facility with Interactive Brokers Incorporated was 0.8%. At 31 October 2021,
the amount outstanding with this facility was £4,635,069 (31st October 2020 - £
1,667,843)
7. The total number of shares held in treasury is 307,125. These shares
have no voting rights, do not rank for dividend and are excluded from the
calculation of net asset value and return per ordinary share. At 31st October
2021, the Company had the authority to purchase a further 7,467,000 of its own
shares. A resolution to renew this authority will be proposed at the Annual
General Meeting in 2022.
8. The figures and financial information for the year ended 30th April
2021 are extracted from the latest published accounts of the Company and do not
constitute statutory accounts for the period as defined in section 434 of the
Companies Act 2006. Those accounts have been delivered to the Registrar of
Companies and include the report of the auditors which was unqualified and did
not contain a statement either under section 498(2) or 498(3) of the Companies
Act 2006. The half yearly Report and Accounts have not been audited or reviewed
by the Company's Auditors.
END
(END) Dow Jones Newswires
December 15, 2021 10:53 ET (15:53 GMT)
Blue Planet Investment (LSE:BLP)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Blue Planet Investment (LSE:BLP)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
