Henderson Technology - Final Results
21 Junho 1999 - 4:30AM
UK Regulatory
RNS No 0863u
HENDERSON TECHNOLOGY TRUST PLC
21 June 1999
HENDERSON TECHNOLOGY TRUST PLC
Unaudited Preliminary Results for the year
ended 30 April 1999
21 June 1999
* Strong year with net assets rising close to 40%
* Technology sector's growth continues significantly to outperform the
overall market
* High valuations together with a flood of new issues necessitate some
caution in the short term
* Medium and longer term outlook for the technology sector remain very
encouraging
30 April 30 April Increase
1999 1998 %
Total net assets #279,946,000 #201,891,000 +38.7
FT/S&P Actuaries World 304.8 257.8 +18.2
Index*
Net assets per share
Undiluted 190.2p 137.2p +38.6
Fully diluted 175.3p 131.0p +33.8
* capital return, sterling adjusted
Results
The Company enjoyed a successful year. Net assets rose by 38.7% to
#279,946,000. Performance was helped by the continued buoyancy in most
equity markets and by the technology sector's outperformance in most
regions. In spite of suffering a severe setback last autumn, equity
markets recovered and over the year, the FTS&P World Index rose by 18.2%
in sterling terms. As anticipated, the revenue from investments has not
been sufficient to cover costs and no dividend will be paid.
The US technology sector provided the best returns helped by the
extraordinary growth generated by the Internet and communications sectors.
European technology stocks were more subdued following the previous year's
re-rating while Japanese technology shares compensated for an indifferent
performance earlier in the year with a dramatic rise in the last quarter
of our year.
Our increased focus on communications and Internet related companies
together with the underweighting of small capitalisation and healthcare
stocks contributed to performance over the year.
Share buy-backs
A resolution will be put to shareholders at the Annual General Meeting to
renew the authority to make repurchases of shares. The power taken at
last year's Annual General Meeting has not been exercised although the
Company has repurchased warrants during the year.
Outlook
We are optimistic about the medium term prospects for the global economy.
Economic growth is improving in both Europe and Asia and remains strong in
the USA. Excess manufacturing capacity, substantial productivity gains on
the back of heavy investment in technology together with the very powerful
deflationary implications of Internet based commerce all suggest that
inflation will remain subdued. We are also encouraged by the outlook for
corporate profits growth over the medium term. Restructuring,
consolidation, and the aggressive implementation of technology should
allow respectable profits growth even if economic growth remains modest.
We are, however, less comfortable with stock market valuations and the
level of optimism amongst investors. US equities appear expensive
relative to bonds; investor optimism has returned to the levels of last
summer and there has been rampant speculation in areas such as the
internet sector. There is therefore scope for disappointment and, as
recent years have demonstrated, stock market corrections can arise quite
unexpectedly.
The technology industry also seems to be becoming the object of excessive
veneration. Although the industry's outlook is excellent, valuations are
high and, in some cases, barely believable. The pipeline of technology
(largely Internet) new issues has expanded dramatically over the last few
months while the quality of both the companies and their sponsors has
diminished. Such a development normally precedes a correction and, after
such a tremendous bull run, the sector needs to consolidate and preferably
correct. Year 2000 issues limit short term earnings visibility and the
approach of the holiday season may encourage even the most avid day trader
to lock in some profits. Consequently we have raised liquidity since late
March and have adopted a defensive position intending to take advantage of
the better buying opportunity that we anticipate later in the year. In
doing so we have disposed of the majority of our holdings in the Internet
and communications sectors.
Longer term we are optimistic. Technology is uniquely positioned at the
sweet spot of the deflationary cycle. Not only is the industry one of the
primary drivers of deflation in the global economy, it is also its primary
beneficiary as companies, faced with diminishing pricing power, are
obliged to invest aggressively in technology in order to restructure their
cost bases. As many people have observed, everything changes with the
Internet and there are few other industries positioned on the right side
of that change.
Henderson Technology Trust PLC
The objective of the Company is to maximise capital growth for our
shareholders through investing in a diversified portfolio of technology
companies around the world.
HENDERSON TECHNOLOGY TRUST PLC
Unaudited Preliminary Results for the year
ended 30 April 1999
Group Statement of Total Return (incorporating the revenue account) for
the year ended 30 April 1999
Year ended 30 April 1999 Year ended 30 April 1998
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Total capital gains - 81,935 81,935 - 61,568 61,568
from investments
Repurchase of warrants - (40) (40) - - -
Income from fixed 1,364 - 1,364 1,876 - 1,876
asset investments
Other interest
receivable and similar 2,036 - 2,036 738 - 738
income
------ ------ ------ ------ ------ ------
---- ---- --- ---- ---- ----
Gross revenue and 3,400 81,895 85,295 2,614 61,568 64,182
capital gains
Management fee (6,690) - (6,690) (3,274) - (3,274)
Other administrative (241) - (241) (202) - (202)
expenses
------ ------ ------ ------ ------ ------
---- ---- --- ---- ---- ----
Net (loss)/return on
ordinary activities (3,531) 81,895 78,364 (862) 61,568 60,706
before interest
payable and taxation
Interest payable and (125) - (125) (51) - (51)
similar charges
------ ------ ------ ------ ------ ------
---- ---- --- ---- ---- ----
Net (loss)/return on
ordinary activities (3,656) 81,895 78,239 (913) 61,568 60,655
before taxation
Taxation on net return
on ordinary activities (133) - (133) (335) - (335)
====== ====== ===== ====== ====== ======
Net (loss)/return on
ordinary activities (3,789) 81,895 78,106 (1,248) 61,568 60,320
after taxation
------ ------ ------ ------ ------ ------
---- ---- --- ---- ---- ----
(Loss)/return per
ordinary share
Basic (2.57p) 55.63p 53.06p (0.85p) 41.84p 40.99p
------ ------ ------ ------ ------ ------
Diluted - 53.87p 51.38p - - -
------ ------ ------ ------ ------ ------
The revenue columns of this statement represent the revenue accounts of
the Group.
Summary of Group Net Assets
(Audited)
30 April 1999 30 April 1998
#'000 #'000
Fixed asset investments 289,275 207,861
Net current 3,679 (5,970)
assets/(liabilities)
----------- -----------
Total assets less current 292,954 201,891
liabilities
Creditors: amounts falling due
after more than one year 13,008 -
----------- -----------
292,954 201,891
Net asset value per ordinary
share
- undiluted 190.16p 137.16p
- diluted 175.29p 130.98p
HENDERSON TECHNOLOGY TRUST PLC
Unaudited Preliminary Results for the year
ended 30 April 1999
Notes:
1. (Loss)/return per ordinary share
Revenue loss per ordinary share is based on the net loss after
taxation attributable to the ordinary shares of #3,789,000 (1998: net
loss of #1,248,000) and on 147,209,643 (1998: 147,152,013) ordinary
shares, being the weighted average number of shares in issue during
the year.
Basic capital return per ordinary share is based on net capital gains
of #81,895,000 (1998: #61,568,000) and on 147,209,643
(1998:147,152,013) ordinary shares, being the weighted average number
of shares in issue during the year.
The calculation of the fully diluted revenue and capital returns per
ordinary share are carried out in accordance with Financial Reporting
Standard No.14, Earnings per Share (FRS14). FRS14 came into force in
the year under review and the prior year returns have been
recalculated. For the purposes of calculating diluted revenue and
capital returns per share, the number of shares is the weighted
average used in the basic calculation plus the number of shares
deemed to be issued for no consideration on exercise of all warrants,
by reference to the average price of the ordinary shares during the
year. The calculations indicate that the exercise of warrants would
result in a weighted average number of shares of 152,022,886 (1998:
no dilution occurs).
2. 1998 Accounts
The figures and financial information for the period ended 30 April
1998 are an extract of the latest published accounts of the Group and
do not constitute the statutory accounts for that year. Those
accounts 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) or section 237(3) of
the Companies Act 1985.
3. 1999 Accounts
The preliminary figures for the year ended 30 April 1999 are an
extract from the Group's accounts for that period. These accounts
have not yet been delivered to the Registrar of Companies, nor have
the Auditors yet reported on them.
4. Basis of consolidation
The Group accounts consolidate the accounts of the Company and its
wholly owned subsidiary undertaking, HTT Finance Limited.
5. Annual General Meeting
The full annual report and accounts will be posted to shareholders in
late June 1999 and copies will be available from the Secretary at the
Company's Registered Office, 3 Finsbury Avenue, London EC2M 2PA. The
Annual General Meeting will be held at 12.00 pm on Wednesday 28 July
1999.
Largest Investments
The largest 15 investments at 30 April 1999
Value
of
Holding
(#'000)
Sherwood 6,662 Supplier of software applications
(UK) and services into the insurance
market
Nokia 5,292 Largest producer of mobile handsets
(FIN) with a strong position in mobile
infrastructure equipment
CMG 4,794 Anglo-Dutch IT services supplier
(UK) focused on financial
telecommunications and government
sectors
Texas 4,440 Broad based manufacturer of
Instruments semiconductors with the leading
(USA) position in the digital signal
processing market
Psion 4,422 Manufacturer of hand held computers
(UK) with a 31% share in the Symbian
joint venture with Nokia, Ericsson
and Motorola
Teradyne 4,396 Largest manufacturer of
(USA) semiconductor automatic test
equipment and supplier of backplanes
for the telecommunications market
RM 4,320 Dominant supplier in the UK of
(UK) software, services and internet
access to the educational market
Filtronic 4,315 Broad based supplier of components
(UK) and sub-systems into the wireless
infrastructure market
Xilinx 4,251 Leading producer of programmable
(USA) logic devices
America Online 3,662 Premier supplier of on-line services
(USA) into the consumer and, increasingly,
business markets
Motorola 3,478 Diversified manufacturer of wireless
(USA) equipment and semiconductors
IBM 3,248 Broad based supplier of computer
(USA) systems reborn as the leading vendor
of electronic commerce solutions
NTL 3,224 Supplier of residential telephony,
(UK) cable television and internet access
services
Disco 3,143 Dominant global supplier of dicing
(JAP) saws for semiconductors
Microsoft 3,131 Largest supplier of software for PCs
(USA) and increasingly also for servers
The valuations of these investments total #62,778,000 or 21.7% of the
fixed asset investments of the Company.
For further information please contact:
Brian Ashford-Russell/Norman Brown/ or Peter Binns/Simon Ellis
Henderson Technology Trust PLC Binns & Co.
or Vicki Staveacre Tel: 0171 786 9600
Henderson Press Office
Tel: 0171 410 4100
END
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