Henderson Technology - Interim Results
22 Dezembro 1997 - 5:31AM
UK Regulatory
RNS No 9382a
HENDERSON TECHNOLOGY TRUST PLC
22nd December 1997
HENDERSON TECHNOLOGY TRUST PLC
Unaudited Interim Results for the six months
ended 31 October 1997
Highlights
- Total net assets rose by 17.4% to #166.1 million.
Assets
At 31 October 1997 the Group's total net assets were #166.1
million; this represents a rise of 17.4% over the six months to 31
October 1997. The net asset value per ordinary share at 31
October 1997 was 112.82p on an undiluted basis (a rise of 17.3%
over the six months to 31 October 1997) and 110.69p on a fully
diluted basis (a rise of 15.1% over the period). These returns
compare to a rise in the FT/S&P Actuaries World Index over the
period of 4.4%.
Revenue
The revenue loss per ordinary share for the half year was 0.63p.
Review
The half year to 31 October 1997 ended as a mirror image of how it
began. Share prices closed October in disorderly retreat having
started the half year on a strong recovery path from the lows
established in April. In between these periods stock markets rose
sharply. Such was the strength of this initial rise that, despite
the setback in markets over the last few months, most of the non
Asian markets still produced excellent returns over the half year.
Sterling's continued strength reduced returns, particularly in
Europe, but this was largely counterbalanced by the technology
industry outperforming the broad market in most of the areas in
which the Company invests.
The half year was dominated by the collapse in Asian stock
markets. At 31 October 1997 only 11% of the Company's assets were
invested in Asia. This very modest weighting reflects the board's
continuing scepticism regarding the frailties of the Asian
economic and corporate systems.
Unaudited Interim Results for the six months
ended 31 October 1997
Fortunately, both the US and European economies are in good shape
with the US in particular having undergone a quite extraordinary
resurrection over the last six years. While the Asian crisis is
not expected to reverse the progress made by the West over the
last few years, it will certainly impact the short term outlook
for profits. The uncertain picture for earnings over the next few
quarters, and the likelihood therefore of earnings disappointments
unsettling share prices, accounts for the high level of liquidity
that the Company has accumulated from a fully invested position in
the late summer.
The Asian crisis reversed a strong bull run by the technology
sector which, in the case of the USA, took share prices up 50%
from their spring lows. Despite a 13% fall in the US technology
sector from its early October peak, the sector still delivered a
return of 20.5% (16.6% in sterling terms) over the half year.
Europe also performed strongly, rising 21.8% (9.3% in sterling
terms). The restructuring of the European technology industry,
together with a sharper management focus on shareholder value,
helped share prices across the region. Technology companies,
particularly in the software and services areas, enjoyed buoyant
demand. Most of the Company's exposure in this subsector is in
the UK where, despite a sharp fall in many UK technology
companies' share prices, the portfolio performed quite well.
Asia saw the strongest outperformance from technology companies
but against the weakest markets. The portfolio performed well,
benefiting from its focus on Taiwan and on the relatively few
Japanese technology companies that do deliver good returns on
capital.
Outlook
At present the Company's geographical exposure is very heavily
weighted towards North America and Europe (54% and 36%
respectively at 31 October 1997) and it is in these two areas that
new investments are expected to be made over the next three to
four months. Greater attention is being placed on areas such as
software applications, IT consulting and healthcare where the fall
off in Asian demand is likely to have negligible impact. Less
emphasis is being put on the PC, peripherals, components and
wireless areas.
Valuations of technology shares in the USA and in Europe are not
compelling on an absolute basis but are appealing relative to
valuations in the broad market. Moreover, the industry's relative
earnings growth is accelerating as corporate profits growth
elsewhere slows. In a deflationary environment of the type that
we now have, the scarcity of growth tends to ensure that a high
premium is paid where it can be found. As more of the 'growth'
stories on which investors have relied - Japan, the Tiger
economies and Emerging markets - prove to be illusory, increasing
attention will be directed to technology investment. This should
be positive for the valuations of technology companies.
The board's current caution is not a reflection of any concerns
about the medium term prospects for the industry. However, it
believes that the lack of certainty about earnings and the
likelihood of an increasing number of downward revisions to profit
forecasts will unsettle investors and cause technology share
prices to drift back. Sometime in the first quarter of 1998
investor nervousness may peak, providing an excellent opportunity
to consider gearing the portfolio.
Group Statement of Total Return (incorporating the Revenue
Account)
Half year ended Period ended 30 April
31 October 1997 1997 (audited)
Notes Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Total capital gains from - 25,423 25,423 - 8,878 8,878
investments
Income from fixed asset 183 - 183 315 - 315
investments
Other interest receivable and 322 - 322 134 - 134
similar income
------ ------ ------ ------ ------ ------
Gross revenue and capital 505 25,423 25,928 449 8,878 9,327
gains
1 Management fee (1,350) - (1,350) (278) - (278)
Other administrative expenses (86) - (86) (103) - (103)
------ ------ ------ ------ ------ ------
Net (loss)/return on ordinary
activities before interest
payable and taxation (931) 25,423 24,492 68 8,878 8,946
Interest payable (1) - (1) (6) - (6)
------ ------ ------ ------ ------ ------
Net (loss)/return on ordinary (932) 25,423 24,491 62 8,878 8,940
activities before taxation
Taxation on net return on 2 - 2 (22) - (22)
ordinary activities
------ ------ ------ ------ ----- ------
Net (loss)/return on ordinary (930) 25,423 24,493 40 8,878 8,918
activities after taxation
===== ===== ===== ===== ===== =====
2 (Loss)/return per ordinary (0.63p) 17.27p 16.64p 0.03p 6.03p 6.06p
share
===== ===== ===== ===== ===== =====
The revenue columns of this statement represent the Revenue
Accounts of the Group.
The Company was incorporated on 15 July 1996 and its shares were
listed on the London Stock Exchange on 16 December 1996, the date
on which it commenced business. Consequently, the returns for the
period ended 30 April 1997 reflect the results from 16 December
1996 to 30 April 1997.
Summary of Group Net Assets
31 October 30 April
1997 1997
(unaudited) (audited)
#'000 #'000
Fixed asset investments 163,069 140,865
Net current assets 3,000 609
------------ ------------
Total net assets 166,069 141,474
======= =======
3 Net asset value per 112.82p 96.18p
ordinary share (undiluted)
3 Net asset value per
ordinary share (fully 110.69p 96.18p
diluted)
Number of ordinary shares 147,198,305 147,096,519
in issue
Number of warrants in issue 29,317,516 29,419,302
Notes :
1. Management Fee
Half year ended Period ended
31 October 1997 30 April 1997
#'000 #'000
Regular management 377 269
fee
Performance 914 -
related fee
Irrecoverable VAT 59 9
_______ _______
1,350 278
_______ _______
The performance related fee is based on the extent to which the
aggregate net asset value of the ordinary shares exceeds the
FT/S&P Actuaries World Index over the relevant performance period.
The amount included in this interim report to 31 October 1997
of #914,000 is a provision based on the relative outperformance
to that date on an accruals basis. The actual performance fee
payable, if any, for the year ending 30 April 1998 will be determined
by the relative outperformance to 30 April 1998 and may be more or
less than the amount stated above.
2. (Loss)/return per share
Revenue loss per ordinary share is based on the net revenue
loss after taxation attributable to the ordinary shares of
#930,000 (period to 30 April 1997: net revenue of #40,000) and
on the number of ordinary shares as stated above.
Basic capital return per ordinary share is based on net capital
gains of #25,423,000 (period to 30 April 1997: #8,878,000) and
on the weighted average number of ordinary shares in issue
during the period of 147,152,013 (period to 30 April 1997:
147,096,519).
3. Net asset value per share
Undiluted net asset value per ordinary share is based on the
net assets attributable to the ordinary shares of #166,069,000
(30 April 1997: #141,474,000) and on the 147,198,305 ordinary
shares in issue at 31 October 1997 (30 April 1997:
147,096,519).
Diluted net asset value per ordinary share is calculated on the
assumption that the 29,317,516 warrants in issue at 31 October
1997 were converted into ordinary shares at the exercise price
of 100p. Dilution is assumed to occur only if the diluted net
asset value is greater than the conversion price of 100p.
4 Accounts to 30 April 1997
The figures and financial information for the period ended 30
April 1997 have been extracted from the latest published
accounts of the Group and do not constitute statutory accounts
for that year. These accounts had 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) or 237(3) of the Companies Act 1985.
5 Interim Report
The interim report will be posted to shareholders in January
1998 and will be available thereafter from the Secretary at the
Registered Office, 3 Finsbury Avenue, London EC2M 2PA.
Largest Investments at 31 October 1997
The 50 largest equity investments at 31 October 1997 (convertibles
and all classes of equity in any one company being treated as one
investment) are shown below. The investment valuations represent
the total of the investments held both directly by the Company and
indirectly through the Company's holding of the TR Technology PLC
'A' ordinary shares.
Valuation
at 31 October 1997
Stock #'000
Admiral 3,732
Cisco 2,553
Linear Technology 2,512
Druid 2,492
America Online 2,476
Compaq 2,385
Intel 2,313
MMT Computing 2,286
Microsoft 2,171
Applied Materials 2,150
Filtronic Comtek 2,081
Sherwood International 2,053
Isotron 1,956
Centocor 1,953
Oracle 1,856
Analog Devices 1,823
Ericsson 1,792
Mcleod 1,771
ASM Lithography 1,747
AVX 1,675
Galen 1,671
Texas Instruments 1,654
Rohm 1,652
Logica 1,650
Quintiles 1,617
Tellabs 1,610
Quantum 1,603
Technology Solutions 1,597
KLA - Tencor 1,550
UMC 1,549
Appendix to the Unaudited Interim Results for the six months
ended 31 October 1997
Largest Investments at 31 October 1997 (continued)
These investments total #59,930,000 and represent 42.4% of the
fixed asset investments of the Company at 31 October 1997,
excluding the holdings of TR Technology PLC zero dividend
preference shares and stepped preference shares.
The largest non-equity investments held by the Company were:
Valuation
at 31 October 1997
#'000
TR Technology PLC zero dividend preference shares 16,519
TR Technology PLC stepped preference shares 5,074
For further information please contact :
Brian Ashford-Russell
Henderson Technology Trust PLC
Tel : 0171 410 4100
END
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