TIDMJMI
RNS Number : 0514U
JPMorgan UK Smaller Cos IT PLC
23 March 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN UK SMALLER COMPANIES INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
31ST JANUARY 2023
Legal Entity Identifier: 549300PXALXKUMU9JM18
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Investment Performance
The half year saw a continuation of the unpleasant cocktail of
challenges faced in the prior period. Equity markets continued to
grapple with rising interest rates, high inflation, the threat of
recession, supply chain constraints, a significant tightening of
liquidity and further geopolitical headwinds from heightened
tensions between the US and China and in Ukraine. Just at the point
that global investors began to sense a relative improvement in the
economic outlook and markets began to recover, the UK temporarily
suffered from a spectacular own goal due to domestic political
machinations. The poorly considered and communicated economic
policy of the short lived Truss premiership had a significant
negative impact on domestic equity and debt markets but which
thankfully recovered by the end of our reporting period following
the appointment of Rishi Sunak as prime minister.
With continued market volatility, the Company's total return on
net assets (with net dividends reinvested) over the six months to
31st January 2023 was -1.2%, which was marginally behind the Numis
Smaller Companies plus AIM (excluding Investment Companies) Index
which returned -0.4%. However, the return to shareholders for the
reporting period was +0.4% which reflects a narrowing of the share
price discount to net asset value from 11.0% at the start of the
financial year to 9.8% at the end of the half year. Despite the
difficult challenges faced by UK smaller companies over recent
years, over the longer term performance remains strong with the
Company being up 202.8% over the past ten years, some 56.4% ahead
of the benchmark. Further details can be found in the Half Year
Report.
Since the end of the reporting period, markets have fallen due
to concerns in the banking sector. From 31st January 2023 to 21st
March 2023, the Company's total return on net assets was -6.6%,
marginally underperforming the Company's benchmark index which
declined by -6.0% as at 21st March 2023. Over the same period, the
Company delivered a return to ordinary shareholders of -10.7% as
the discount widened.
In their report, the Investment Managers provide a review of the
Company's performance for the period and the outlook for the
remainder of the year.
Loan Facility and Gearing
During the reporting period, the Company continued to utilise
its revolving credit facility to maintain a meaningful but modest
level of gearing. As noted in the previous Annual Report, on 1st
October 2021 the Board renewed and increased the borrowing facility
with Scotiabank to GBP50 million for a period of 24 months. There
is a further option to increase borrowings to GBP60 million subject
to certain conditions. As at 31st January 2023, GBP21 million was
drawn on the loan facility. Since the end of the reporting period
an additional GBP5 million was drawn down. The current facility
matures on 1st October 2023 and the Board will review the Company's
borrowing requirements in advance of this date.
The Company has maintained a fairly constant level of gearing,
with the Board giving the Investment Managers flexibility to adjust
the gearing tactically within a range set by the Board of 10% net
cash to 15% geared in normal markets. During the reporting period,
the Company's gearing ranged from 4.0% to 8.7%, ending the half
year at 7.6% as the Investment Managers took advantage of perceived
attractive valuations. As at 21st March 2023 the Company's gearing
was 6.9%, with total borrowings of GBP26 million.
Share Repurchases and Issuance
During the six months to 31st January 2023, the Company did not
repurchase or issue any shares. However, the Board's objective
remains to act in the best interests of shareholders by using the
repurchase and allotment authorities to manage imbalances between
the supply and demand of the Company's shares with the intention of
reducing the volatility of the discount or premium in normal market
conditions. As at the end of the reporting period there were
79,611,410 shares in issue (including 1,559,741 shares held in
Treasury).
Board Succession
Having completed nine years of service as a Director, Frances
Davies retired from the Board at the Annual General Meeting (AGM)
in December 2022. Frances was also Chairman of the Remuneration
Committee and Senior Independent Director. Following her retirement
Alice Ryder took over these roles. Katrina Hart was also formally
appointed at the AGM and is proving to be a valuable addition to
the Board.
Being a Board of four, the Directors are mindful that the size
of the Board may need to be increased in light of new regulations.
In accordance with the FCA's new policy on diversity, the Board
currently complies with the gender recommendation and is committed
to increasing diversity and inclusion over time.
Outlook
Following a period of optimism that inflation might fall back
significantly towards the end of 2023 and that interest rate rises
were coming to an end, markets have become nervous over the path of
interest rates. More recently UK and global equities have fallen
and government bond yields have risen suggesting that, despite the
significant rise in interest rates over the past year, economic
activity remains unexpectedly robust and investors are again
growing concerned about inflation and monetary policy. Whatever the
eventual outcome it seems likely that markets will be influenced by
key data and policy announcements as investor sentiment is likely
being driven by hopes of a more supportive US policy rather than
improving fundamentals. Recent developments in the banking sector
have raised concerns over the solvency of several banks and whether
this is potentially a systemic problem. However, central and
commercial banks have acted decisively in unison to contain the
issue and a by-product of this maybe a more dovish approach to
interest rates. In this environment volatility is likely to
remain.
However, as the managers comment in their outlook, despite being
cautious on the timing of interest rate reductions and the short
term path of the economy, they find reasons to be more optimistic.
This more encouraging view is primarily built upon the attractive
valuation on which UK smaller companies currently stand. Whilst
these are difficult markets to navigate, experience points to
opportunity for patient investors.
Andrew Impey
Chairman 23rd March 2023
INVESTMENT MANAGERS' REPORT
Performance and Market Background
The first half of the Company's financial year endured a bleak
backdrop. The atrocious war in Ukraine raged on, energy prices and
inflation remained uncomfortably high, interest rates rose swiftly
and there was a growing threat of recession in 2023 in much of the
developed world. While public sector strike action grew in the UK
in response to the stark cost of living increase over the year,
towards the end of the period there were a few positives of note.
China backed down on its zero-Covid policy; inflation appeared to
have peaked in the US, UK and Europe; recessionary risks in Europe
and the UK began to diminish; and in the UK the new Prime Minister,
Rishi Sunak, calmed markets and investors after the disastrous Liz
Truss mini budget in September.
Against this backdrop, the Numis Smaller Companies plus AIM
(excluding Investment Companies) Index was effectively flat at
-0.4% for the six months (although it is notable that this hid
significant declines at the start of the period, followed by a
rebound as markets looked to life beyond peak inflation). The
Company was marginally behind and produced a total return on net
asset value of -1.2% in the period, while the total return to
shareholders was +0.4%.
Portfolio
Among the positive contributors to performance in the six months
were Ashtead Technology, Bank of Georgia, Dunelm and Hollywood
Bowl. We have owned Ashtead Technology (subsea rental equipment)
since its IPO at the end of 2021 and it continued to produce
impressive results and see growing demand, while Bank of Georgia
benefitted from the strength of the Georgian economy, which is
currently among the strongest globally. Both Dunelm (the homewares
retailer) and Hollywood Bowl (a bowling company) enjoyed a rerating
following strong figures which demonstrated the strength of their
appeal to consumers. On the negative side, the main detractors
included Serica Energy, the North Sea gas producer, following the
Government's extra tax levy on North Sea oil and gas producers, the
housebuilder Vistry, on concerns over the housing market, and not
owning Micro Focus, which hurt performance on a relative basis as
it received a bid at a very significant premium.
We continued to make changes to the portfolio to adapt to the
fast-changing economic outlook. New additions included: the book
publisher, Bloomsbury, purchased due to the quality of its
portfolio and long-term track record of earnings upgrades; the high
street card retailer, Card Factory, purchased on indications that
the business has successfully turned around following a more
challenging period; the price comparison website,
Moneysupermarket.Com, on valuation grounds; and Zoo Digital, which
provides localisation services such as dubbing to the film industry
and is benefitting from the proliferation of video content
globally.
Outlook
It is very easy to paint a dark and gloomy picture of the UK
economy and to make a direct read across to the UK stockmarket.
However, markets (and investors) are pre-emptive and looking out to
the next 12 to 18 months provides reasons to be more
optimistic.
In line with most economists, we expect a mild recession in the
UK in 2023 at worst, or minimal growth at best. The most recent
composite UK Purchasing Managers Index (PMI) data was a positive
surprise at 53, where anything over 50 signals expansion. We
believe inflation has peaked in the UK, and while we expect it to
remain elevated, we do foresee a significant decline from the
current 10.1% over the course of this year. In part this is due to
gas prices, which are substantially lower than the peak in 2022,
although still high versus history. After ten increases since
December 2021, interest rates at 4% have substantially normalised
and are much closer to peak. Current market expectations are for a
first cut of 25bp in the second half of 2023, but we think that is
likely to be premature and we do not expect them to come down any
time soon. Consumer confidence remains very weak - headlines,
strikes, utility bills and potential house price declines are all
playing a part - but has picked up significantly this February. The
unemployment rate remains very low at 3.7% and there are still over
a million job vacancies. Freight rates have fallen significantly,
and it appears that supply chains are beginning to function more
normally, aided by the re-opening of China.
This leads us to valuations. The environment is going to remain
extremely difficult for businesses and consumers to navigate this
year - but a lot of this is already reflected in valuations. While
the stockmarket has rallied off its low in October, the Numis
Smaller Companies plus AIM (excluding Investment Companies) Index
is on a similar P/E ratio to the FTSE 100 of under 11x, despite
growing faster. The Company's portfolio has a lower forecast P/E of
10.5x and on our favoured free cashflow yield metric the portfolio
is undeniably attractive on an historic free cashflow yield of
6.8%. As we have said before, acquirors of UK businesses recognise
this. M&A continued in 2022 despite the economic backdrop; we
have already seen a number of bids in the small cap arena in 2023
and we strongly believe this trend will continue this year while
valuations remain so compelling on any sensible timeframe.
Georgina Brittain
Katen Patel
Portfolio Managers 23rd March 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
half year report:
Principal and Emerging Risks and Uncertainties
The principal risks and uncertainties faced by the Company have
not changed significantly and fall into the following broad
categories: strategic and performance risk; discount/premium;
smaller company investment and market; political and economic
(including the continuing war in Ukraine and the heightened
political tensions between the US and China); investment management
team; accounting, legal and regulatory; cybercrime; global
pandemics; and climate change. Information on each of these areas
is given in the Strategic Report within the Annual Report and
Financial Statements for the year ended 31st July 2022 and in the
view of the Board, these principal and emerging risks and
uncertainties are as applicable to the remaining six months of the
financial year as they were to the period under review.
Related Parties Transactions
During the first six months of the current financial year, no
transactions with related parties have taken place which have
materially affected the financial position or the performance of
the Company during the period.
Going Concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio (including its
liquidity) and expenditure projections, that the Company has
adequate resources, an appropriate financial structure and suitable
management arrangements in place to continue in operational
existence for the foreseeable future and more specifically, that
there are no material uncertainties pertaining to the Company that
would prevent its ability to continue in such operational existence
for at least 12 months from the date of the approval of this half
year financial report. For these reasons, they consider there is
reasonable evidence to continue to adopt the going concern basis in
preparing the financial statements.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the half year financial report has been prepared in accordance with
FRS 104 'Interim Financial Reporting' and gives a true and fair
view of the state of affairs of the Company and of the assets,
liabilities, financial position and net return of the Company, as
at 31st January 2023, as required by the UK Listing Authority
Disclosure and Transparency Rules 4.2.4R; and
(ii) the half year management report includes a fair review of
the information required by 4.2.7R and 4.2.8R of the UK Listing
Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and 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;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Andrew Impey
Chairman 23rd March 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2023 31st January 2022 31st July 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ---------- --------- -------- ---------- ---------- ---------- ---------- ---------- -----------
Losses on
investments
held at fair
value
through
profit or loss - (4,427) (4,427) - (32,407) (32,407) - (85,781) (85,781)
Net foreign
currency
gains/(losses) - 3 3 - 1 1 - (2) (2)
Income from
investments 2,848 - 2,848 3,609 - 3,609 8,101 - 8,101
Interest
receivable
and
similar income 67 - 67 4 - 4 50 - 50
---------------- ---------- --------- -------- ---------- ---------- ---------- ---------- ---------- -----------
Gross
return/(loss) 2,915 (4,424) (1,509) 3,613 (32,406) (28,793) 8,151 (85,783) (77,632)
Management fee (289) (674) (963) (406) (948) (1,354) (748) (1,744) (2,492)
Other
administrative
expenses (288) - (288) (259) - (259) (566) - (566)
---------------- ---------- --------- -------- ---------- ---------- ---------- ---------- ---------- -----------
Net
return/(loss)
before
finance costs
and taxation 2,338 (5,098) (2,760) 2,948 (33,354) (30,406) 6,837 (87,527) (80,690)
Finance costs (140) (327) (467) (78) (183) (261) (180) (419) (599)
---------------- ---------- --------- -------- ---------- ---------- ---------- ---------- ---------- -----------
Net
return/(loss)
before
taxation 2,198 (5,425) (3,227) 2,870 (33,537) (30,667) 6,657 (87,946) (81,289)
Taxation (15) - (15) (18) - (18) (106) - (106)
---------------- ---------- --------- -------- ---------- ---------- ---------- ---------- ---------- -----------
Net
return/(loss)
after
taxation 2,183 (5,425) (3,242) 2,852 (33,537) (30,685) 6,551 (87,946) (81,395)
---------------- ---------- --------- -------- ---------- ---------- ---------- ---------- ---------- -----------
Return/(loss)
per share
(note
3) 2.80p (6.95)p (4.15)p 3.65p (42.97)p (39.32)p 8.39p (112.68)p (104.29)p
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or
discontinued in the period.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance
issued by the Association of Investment Companies.
The net return after taxation represents the profit for the
period or loss and also the total comprehensive income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called Capital
up
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- -------- ----------- ------------ ----------- ---------
Six months ended 31st January
2023 (Unaudited)
At 31st July 2022 3,981 25,895 2,903 220,248 7,420 260,447
Net (loss)/return after taxation - - - (5,425) 2,183 (3,242)
Dividend paid in the period
(note 4) - - - - (5,386) (5,386)
---------------------------------- -------- -------- ----------- ------------ ----------- ---------
At 31st January 2023 3,981 25,895 2,903 214,823 4,217 251,819
---------------------------------- -------- -------- ----------- ------------ ----------- ---------
Six months ended 31st January
2022 (Unaudited)
At 31st July 2021 3,981 25,895 2,903 308,194 5,318 346,291
Net (loss)/return after taxation - - - (33,537) 2,852 (30,685)
Dividend paid in the period
(note 4) - - - - (4,449) (4,449)
---------------------------------- -------- -------- ----------- ------------ ----------- ---------
At 31st January 2022 3,981 25,895 2,903 274,657 3,721 311,157
---------------------------------- -------- -------- ----------- ------------ ----------- ---------
Year ended 31st July 2022
(Audited)
At 31st July 2021 3,981 25,895 2,903 308,194 5,318 346,291
Net (loss)/return after taxation - - - (87,946) 6,551 (81,395)
Dividend paid in the period
(note 4) - - - - (4,449) (4,449)
---------------------------------- -------- -------- ----------- ------------ ----------- ---------
At 31st July 2022 3,981 25,895 2,903 220,248 7,420 260,447
---------------------------------- -------- -------- ----------- ------------ ----------- ---------
(1) This reserve forms the distributable reserve of the Company
and may be used to fund distribution of profits to
shareholders.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
At 31st At 31st At 31st
January January July
2023 2022 2022
GBP'000 GBP'000 GBP'000
----------------------------------------------- ------------ ------------ ----------
Fixed assets
Investments held at fair value through profit
or loss 271,061 340,828 275,604
----------------------------------------------- ------------ ------------ ----------
Current assets
Debtors 647 1,512 1,476
Cash and cash equivalents 2,345 8,941 9,650
----------------------------------------------- ------------ ------------ ----------
2,992 10,453 11,126
Current liabilities
Creditors: amounts falling due within one
year (22,234) (124) (1,283)
----------------------------------------------- ------------ ------------ ----------
Net current (liabilities)/assets (19,242) 10,329 9,843
----------------------------------------------- ------------ ------------ ----------
Total assets less current liabilities 251,819 351,157 285,447
----------------------------------------------- ------------ ------------ ----------
Creditors: amounts falling due after one
year - (40,000) (25,000)
----------------------------------------------- ------------ ------------ ----------
Net assets 251,819 311,157 260,447
----------------------------------------------- ------------ ------------ ----------
Capital and reserves
Called up share capital 3,981 3,981 3,981
Share premium 25,895 25,895 25,895
Capital redemption reserve 2,903 2,903 2,903
Capital reserves 214,823 274,657 220,248
Revenue reserve 4,217 3,721 7,420
----------------------------------------------- ------------ ------------ ----------
Total shareholders' funds 251,819 311,157 260,447
----------------------------------------------- ------------ ------------ ----------
Net asset value per share (note 5) 322.6p 398.7p 333.7p
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st January 31st January 31st July
2023 2022 2022
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ------------- ------------- -----------
Net cash outflow from operations before
dividends and
interest (note 6) (1,288) (1,674) (3,018)
Dividends received 3,417 3,385 7,419
Interest received 77 4 40
Interest paid (409) (265) (604)
--------------------------------------------------- ------------- ------------- -----------
Net cash inflow from operating activities 1,797 1,450 3,837
--------------------------------------------------- ------------- ------------- -----------
Purchases of investments (43,844) (38,883) (105,409)
Sales of investments 44,132 42,776 122,651
Settlement of foreign currency contracts - - (4)
--------------------------------------------------- ------------- ------------- -----------
Net cash inflow from investing activities 288 3,893 17,238
--------------------------------------------------- ------------- ------------- -----------
Dividend paid (5,386) (4,449) (4,449)
Litigation expense - (31) (52)
Repayment of bank loans (4,000) (3,000) (18,000)
Drawdown of bank loans - 8,000 8,000
--------------------------------------------------- ------------- ------------- -----------
Net cash (outflow)/inflow from financing
activities (9,386) 520 (14,501)
--------------------------------------------------- ------------- ------------- -----------
(Decrease)/increase in cash and cash equivalents (7,301) 5,863 6,574
--------------------------------------------------- ------------- ------------- -----------
Cash and cash equivalents at start of period/year 9,650 3,077 3,077
Exchange movements (4) 1 (1)
--------------------------------------------------- ------------- ------------- -----------
Cash and cash equivalents at end of period/year 2,345 8,941 9,650
--------------------------------------------------- ------------- ------------- -----------
Cash and cash equivalents consist of:
Cash and short term deposits 346 278 294
Cash held in JPMorgan Sterling Liquidity
Fund 1,999 8,663 9,356
--------------------------------------------------- ------------- ------------- -----------
Total 2,345 8,941 9,650
--------------------------------------------------- ------------- ------------- -----------
RECONCILIATION OF NET DEBT
As at Other As at
31st July non-cash 31st January
2022 Cash flows charges 2023
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ---------- ----------- --------- -------------
Cash and cash equivalents
Cash 294 56 (4) 346
Cash equivalents 9,356 (7,357) - 1,999
-------------------------------- ---------- ----------- --------- -------------
9,650 (7,301) (4) 2,345
Borrowings
Debt due in less than one year (25,000) 4,000 - (21,000)
-------------------------------- ---------- ----------- --------- -------------
Total (15,350) (3,301) (4) (18,655)
-------------------------------- ---------- ----------- --------- -------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST JANUARY 2023
1. Financial statements
The information contained within the condensed financial
statements in this Half Year Report has not been audited or
reviewed by the Company's auditors.
The figures and financial information for the year ended 31st
July 2022 are extracted from the latest published financial
statements of the Company and do not constitute statutory accounts
for that year. Those financial statements have been delivered to
the Registrar of Companies and including the report of the auditors
which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with
the Companies Act 2006, FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' of the 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 revised
'SORP') issued by the Association of Investment Companies in July
2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial
Reporting Council ('FRC') in March 2015 has been applied in
preparing this condensed set of financial statements for the six
months ended 31st January 2023.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of
financial statements are consistent with those applied in the
financial statements for the year ended 31st July 2022.
3. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 31st January 31st July
2023 2022 2022
GBP'000 GBP'000 GBP'000
---------------------------- ----------------- ----------------- -----------
Return per share is based
on the following:
Revenue return 2,183 2,852 6,551
Capital loss (5,425) (33,537) (87,946)
---------------------------- ----------------- ----------------- -----------
Total loss (3,242) (30,685) (81,395)
---------------------------- ----------------- ----------------- -----------
Weighted average number of
shares in issue 78,051,669 78,051,669 78,051,669
Revenue return per share 2.80p 3.65p 8.39p
Capital loss per share (6.95)p (42.97)p (112.68)p
---------------------------- ----------------- ----------------- -----------
Total loss per share (4.15)p (39.32)p (104.29)p
---------------------------- ----------------- ----------------- -----------
4. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st January 31st January 31st July
2023 2022 2022
GBP'000 GBP'000 GBP'000
----------------------------- ------------- ------------- -----------
2022 final dividend of 6.9p
(2021: 5.7p) 5,386 4,449 4,449
----------------------------- ------------- ------------- -----------
All dividends paid in the period have been funded from the
revenue reserve.
The Company will normally declare one final dividend for the
year ending 31st July 2023, therefore no interim dividend has been
declared in respect of the six months ended 31st January 2023
(2022: nil).
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months Six months ended Year ended
ended
31st January 31st January 31st July
2023 2022 2022
--------------------------- ------------- ----------------- -----------
Net assets (GBP'000) 251,819 311,157 260,447
Number of shares in issue 78,051,669 78,051,669 78,051,669
--------------------------- ------------- ----------------- -----------
Net asset value per share 322.6p 398.7p 333.7p
--------------------------- ------------- ----------------- -----------
6. Reconciliation of net loss before finance costs and taxation
to net cash outflow from operations before dividends and
interest
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st January 31st January 31st July
2023 2022 2022
GBP'000 GBP'000 GBP'000
----------------------------------- ------------- ------------- -----------
Net loss before finance costs
and taxation (2,760) (30,406) (80,690)
Add: capital loss before finance
costs and
taxation 5,098 33,354 87,527
Scrip dividends received as
income (27) (145) (145)
Decrease/(increase) in accrued
income and
other debtors 598 (103) (440)
(Decrease)/increase in accrued
expenses (21) (19) 36
Management fee charged to capital (674) (948) (1,744)
Tax on unfranked investment
income (15) (18) (106)
Dividends received (3,417) (3,385) (7,419)
Interest received (77) (4) (40)
Realised loss on foreign exchange
transactions 7 - 3
----------------------------------- ------------- ------------- -----------
Net cash outflow from operations
before dividends and interest
(1,288) (1,674) (3,018)
----------------------------------- ------------- ------------- -----------
7. Fair valuation of investments
The fair value hierarchy disclosures required by FRS 102 are
given below:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2023 31st January 2022 31st July 2022
Assets Liabilities Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- -------- ------------ -------- ------------ ---------- ------------
Level 1 271,061 - 340,828 - 275,604 -
---------- -------- ------------ -------- ------------ ---------- ------------
Total 271,061 - 340,828 - 275,604 -
---------- -------- ------------ -------- ------------ ---------- ------------
JPMORGAN FUNDS LIMITED
23rd March 2023
For further information, please contact:
Lucy Dina
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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.
JPMORGAN ASSET MANAGEMENT (UK) LIMITED
S
A copy of the Half Year Report will shortly be submitted to the
FCA's National Storage Mechanism and will be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Half Year Report will also shortly be available on the
Company's website at www.jpmuksmallercompanies.co.uk where up to
date information on the Company, including daily NAV and share
prices, factsheets and portfolio information can also be found.
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