Preliminary Announcement
25 Setembro 2009 - 11:27AM
UK Regulatory
TIDMSTV
RNS Number : 7039Z
Strathdon Investments PLC
25 September 2009
STRATHDON INVESTMENTS PLC
PRELIMINARY RESULTS
FOR THE YEAR ENDED
31 MARCH 2009
Strathdon Investments plc ("the Group") today announces its preliminary results
for the year ended 31 March 2009.
Chairman's Statement
The last twelve months has seen unprecedented turbulence for the financial
sector. The impact of the credit crunch, the recession and levels of public
sector debt have put pressure on the quoted markets as well as small businesses
affecting their profitability and growth potential. The economic environment and
the reduction in quoted price/earnings (P/E) ratios has inevitably had a direct
impact on Strathdon's unquoted portfolio as we use comparable P/E multiples in
valuing unquoted companies. A fall in quoted P/E ratios will therefore reduce
valuations even if the underlying performance of the company remains stable.
March 2009 (the Company's year end) was a particular low point and in the
quarter to June 2009 the FTSE SmallCap has recovered 27.34%.
Despite these challenges, it is pleasing to report that progress has been made
during the year. The bank borrowings have been reduced from GBP0.66m to GBP0.3m
and subsequent to the year end, following further successful realisations, have
been repaid in full. Running costs have continued to be reduced with further
reductions from January 2009, the full benefit of which will be seen next
financial year. However, the downward pressure on valuations has affected the
net assets value of the Company. The net asset value has fallen to GBP3.20
million equivalent to 6.18 pence per share (2008: GBP4.97 million and 9.59 pence
per share respectively).
The Board's key objective in the short term remains focused on the realisation
of the portfolio whilst reviewing its strategic options to deliver shareholder
value.
We continue to take steps to lower the cost base further. The Fund Manager's
fees were reduced from 1 January 2009.
Portfolio Company Performance
The Fund Management activity during the year has continued to focus on the
existing portfolio, and in particular extracting the best possible return for
shareholders from realisations. There have been no new investments and no
follow-on investments during the year. Disposal proceeds received during the
year relate to scheduled loan repayments from Meta Vision Systems Limited and
Newnova Group Limited. GBP0.07 million has been realised and received during the
year together with GBP0.37 million of deferred proceeds. Since the year end, the
remainder of the investment in Newnova was realised, with total proceeds of
GBP0.59 million being received. The bulk of these proceeds have been used to
reduce the debt of the Group.
A reduction of GBP1.39 million in the value of the portfolio has been recognised
during the year. This reduction in value is mainly a result of lower P/E ratios
in March with trading performance generally holding up well. The investment in
Meta Vision Systems is now valued on the basis of historic profits, as the
recent investment from a trade partner was felt to be in part also a technology
licensing deal, resulting in a reduction in value during the year of GBP0.27
million. This was offset by the value growth of Newnova of GBP0.25 million ahead
of the exit which completed post year end. It was felt necessary to make
provisions against 4 investments with the combined impact of these being GBP0.19
million.
The residual portfolio comprises 11 investments with an aggregate value of
GBP4.1 million with 7 of these investments comprising in excess of 98% of the
residual value.
Financial Results
The loss for the year was GBP1.8m compared to GBP9.0 million in the prior year.
This is after taking account of a write down on unrealised investment valuations
of GBP1.4 million (2008: GBP7.8 million).
Total net assets at 31 March 2009 were GBP3.20 million (2008: GBP4.97 million)
equivalent to a net asset value per share of 6.18 pence (2008: 9.59 pence).
At 31 March 2009, bank borrowings totalled GBP0.3 million. The successful
realisation of the Group's residual investment in Newnova Group subsequent to
the year end, has facilitated the full repayment of the remaining bank
borrowings.
Board
On 31 October 2008, Malcolm Williams resigned from the Board. The Board would
like to thank Malcolm for his substantial contributions to and support for the
Company during his time as director.
Outlook
2008/09 has been another challenging year for Strathdon, not made any easier by
the turbulent economic environment. However, we are reaping benefits from the
restructuring of Strathdon's operations. Costs continue to be reduced and with
the assistance of YFM Venture Finance, the Company's Fund Manager, realisations
have been achieved enabling the bank debt to be repaid in full. The Board
remains committed to realising value from the portfolio whilst at the same time
reviewing its strategic options to enhance shareholder value.
S D Hunt
Chairman
25 September 2009
Consolidated Income Statement
For the year ended 31 March 2009
+--------------------------------------------+-------+------------+-+-+-----------+
| | | Year ended | | | Year |
| | | 31 March | | | ended |
| | | 2009 | | | 31 March |
| | | | | | 2008 |
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| |Notes | GBP000 | | | GBP000 |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Revenue | | 105 | | | 365 |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Administrative expenses | | (446) | | | (1,682) |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Operating loss | | (341) | | | (1,317) |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Realised gains on financial assets | | - | | | 241 |
| designated at fair value though profit or | | | | | |
| loss (net) | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Unrealised losses on financial assets | | (1,392) | | | (7,834) |
| designated at fair value through profit or | | | | | |
| loss (net) | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Net movement on investments | | (1,392) | | | (7,593) |
+--------------------------------------------+-------+------------+-+-+-----------+
| Loss before finance costs and taxation | | (1,733) | | | (8,910) |
+--------------------------------------------+-------+------------+-+-+-----------+
| Finance costs | | (35) | | | (108) |
+--------------------------------------------+-------+------------+-+-+-----------+
| Loss before taxation | | (1,768) | | | (9,018) |
+--------------------------------------------+-------+------------+-+-+-----------+
| Taxation | | - | | | - |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Loss for the period from continuing | | (1,768) | | | (9,018) |
| operations | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| | | | | | |
+--------------------------------------------+-------+------------+-+-+-----------+
| Basic and diluted loss per share | 3 | (3.41)p | | | (17.40)p |
+--------------------------------------------+-------+------------+-+-+-----------+
Consolidated Balance Sheet
As at 31 March 2009
+----------------------------------------+-------+--------------+-+-------------+
| | | 31 March | | 31 March |
| | | 2009 | | 2008 |
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| |Notes | GBP000 | | GBP000 |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Assets | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Non-current assets | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Financial assets designated at fair | | 4,099 | | 5,557 |
| value through profit or loss | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| | | 4,099 | | 5,557 |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Current assets | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Trade and other receivables | | 62 | | 555 |
+----------------------------------------+-------+--------------+-+-------------+
| Cash and cash equivalents | | 102 | | 201 |
+----------------------------------------+-------+--------------+-+-------------+
| | | 164 | | 756 |
+----------------------------------------+-------+--------------+-+-------------+
| Liabilities | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Current liabilities | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Financial liabilities | | (300) | | (656) |
+----------------------------------------+-------+--------------+-+-------------+
| Trade and other payables | | (620) | | (546) |
+----------------------------------------+-------+--------------+-+-------------+
| | | (920) | | (1,202) |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Net current liabilities | | (756) | | (446) |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Total assets less current liabilities | | 3,343 | | 5,111 |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Non-current liabilities | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Financial liabilities | | (141) | | (141) |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Net assets | | 3,202 | | 4,970 |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Shareholders' equity | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Share capital | | 2,591 | | 2,591 |
+----------------------------------------+-------+--------------+-+-------------+
| Share premium account | | 6,392 | | 6,392 |
+----------------------------------------+-------+--------------+-+-------------+
| Special reserve | | 36,290 | | 36,290 |
+----------------------------------------+-------+--------------+-+-------------+
| Warrant reserve | | 928 | | 928 |
+----------------------------------------+-------+--------------+-+-------------+
| Retained earnings | | (42,999) | | (41,231) |
+----------------------------------------+-------+--------------+-+-------------+
| | | | | |
+----------------------------------------+-------+--------------+-+-------------+
| Total Shareholders' equity | | 3,202 | | 4,970 |
+----------------------------------------+-------+--------------+-+-------------+
| Net asset value per Ordinary share | 4 | 6.18p | | 9.59p |
+----------------------------------------+-------+--------------+-+-------------+
Statements of Changes in Shareholders' Equity
For the year ended 31 March 2009
+------------------------------+---------+---------+----------+---------+----------+---------+
| | Share | Share | Special | Warrant | Retained | Total |
| | | premium | reserve* | reserve | earnings | equity |
| | Capital | account | | | | |
| | | | | | | |
+------------------------------+---------+---------+----------+---------+----------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------+---------+---------+----------+---------+----------+---------+
| | | | | | | |
+------------------------------+---------+---------+----------+---------+----------+---------+
| Balance at 31 March 2007 | 2,591 | 6,392 | 36,290 | 928 | (32,213) | 13,988 |
+------------------------------+---------+---------+----------+---------+----------+---------+
| Loss and total recognised | - | - | - | - | (9,018) | (9,018) |
| loss for the period | | | | | | |
+------------------------------+---------+---------+----------+---------+----------+---------+
| Balance at 31 March 2008 | 2,591 | 6,392 | 36,290 | 928 | (41,231) | 4,970 |
+------------------------------+---------+---------+----------+---------+----------+---------+
| Loss and total recognised | - | - | - | - | (1,768) | (1,768) |
| loss for the period | | | | | | |
+------------------------------+---------+---------+----------+---------+----------+---------+
| | | | | | | |
+------------------------------+---------+---------+----------+---------+----------+---------+
| Balance at 31 March 2009 | 2,591 | 6,392 | 36,290 | 928 | (42,999) | 3,202 |
+------------------------------+---------+---------+----------+---------+----------+---------+
*The special reserve is a distributable reserve.
Consolidated Cash Flow Statement
For the year ended 31 March 2009
+---------------------------------------+-------+------------------+---------+
| | Notes | 2009 | 2008 |
| | | GBP000 | GBP000 |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Net cash outflow from operating | 5 | (161) | (215) |
| activities | | | |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Cash flows from investing activities | | | |
+---------------------------------------+-------+------------------+---------+
| Proceeds from sale of subsidiary | | - | 11 |
+---------------------------------------+-------+------------------+---------+
| Purchase of financial assets | | - | (557) |
+---------------------------------------+-------+------------------+---------+
| Proceeds from sale of financial | | 440 | 1,626 |
| assets | | | |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Net cash from investing activities | | 440 | 1,080 |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Cash flows (used in) from financing | | | |
| activities | | | |
+---------------------------------------+-------+------------------+---------+
| Repayment of borrowings | | (356) | (959) |
+---------------------------------------+-------+------------------+---------+
| Interest paid | | (22) | (107) |
+---------------------------------------+-------+------------------+---------+
| Loan funds drawn down | | - | 335 |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Net cash used in financing activities | | (378) | (731) |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Net (decrease) increase in cash and | | (99) | 134 |
| cash equivalents | | | |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Cash and cash equivalents at | | 201 | 67 |
| beginning of the year | | | |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
| Cash and cash equivalents at the end | | 102 | 201 |
| of the year | | | |
+---------------------------------------+-------+------------------+---------+
| | | | |
+---------------------------------------+-------+------------------+---------+
Notes
for the year ended 31 March 2009
1. Accounting Policies
This preliminary announcement does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985 for the year ended 31 March
2009 but is derived from those accounts.
The consolidated financial statements have been prepared on a going concern
basis and in accordance with the International Financial Reporting Standards
(IFRS), as adopted by the European Union and those parts of the Companies Act
1985 applicable to companies reporting under IFRS. In arriving at their
decision to prepare the financial statements on a going concern basis, the
directors have reviewed the anticipated income and expenditure of the Group
until 30 September 2010 and compared this with the Group's expected cash
resources. The directors believe that it remains appropriate to prepare these
accounts on a going concern basis. The ability of the Group to remain a going
concern is dependent on the agreement of the directors, the ex-directors and YFM
to delay payment of their outstanding fees until successful realisations are
achieved. The Group has received these confirmations from the directors, the
ex-directors and YFM.
The statutory accounts for the year ended 31 March 2009, which have been
approved by the directors and upon which the auditors have given an unqualified
opinion, will be delivered to the Registrar following the Company's Annual
General Meeting.
The Company has not adopted any standards or interpretations in advance of the
required implementation dates. It is not expected that adoption of standards or
interpretations which have been issued by the International Accounting Standards
Board but have not been adopted will have a material impact on the financial
statements.
2. Dividends
No dividends are proposed in respect of the year ended 31 March 2009 (year ended
31 March 2008: nil).
3. Basic and Diluted Loss per Ordinary Share
The loss per share is based on net loss from ordinary activities after tax of
GBP1,768,000 (2008: GBP9,018,000) and on 51,817,057 (2008: 51,817,057) shares,
being the weighted average number of shares in issue during the year.
The share options within the Employee Share Option Scheme and the warrants
exercisable at 36p per share are considered to be non-dilutive potential
ordinary shares. The Company has no other securities that would have a dilutive
effect in either period and hence the basic and diluted loss per share are the
same.
4. Net Asset Value per Ordinary Share
The net asset value per Ordinary share is calculated on attributable assets of
GBP3,202,000 (2008: GBP4,970,000) and 51,817,057 (2008: 51,817,057) shares in
issue at the year end.
The share options within the Employee Share Option Scheme and the warrants
exercisable at 36p per share are considered to be non-dilutive potential
ordinary shares. The Company has no other securities that would have a dilutive
effect in either period and hence the basic and diluted net asset value per
share are the same.
5. Reconciliation of Loss before Taxation to Net Cash Outflow from Operating
Activities
+-----------------------------------------------------------+---------+---------+
| | |
+-----------------------------------------------------------+-------------------+
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+-----------------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------------+---------+---------+
| Loss before tax | (1,768) | (9,018) |
+-----------------------------------------------------------+---------+---------+
| Depreciation | - | 5 |
+-----------------------------------------------------------+---------+---------+
| Loss (profit) on realisation of investments in the year | - | (241) |
+-----------------------------------------------------------+---------+---------+
| Revaluation of investments in the year | 1,392 | 7,834 |
+-----------------------------------------------------------+---------+---------+
| Finance costs | 35 | 108 |
+-----------------------------------------------------------+---------+---------+
| Decrease in receivables | 115 | 866 |
+-----------------------------------------------------------+---------+---------+
| Increase in payables | 65 | 231 |
+-----------------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------------+---------+---------+
| Net cash outflow from operating activities | (161) | (215) |
+-----------------------------------------------------------+---------+---------+
6. Annual Report
Copies of the full financial statements for the year ended 31 March 2009 will be
available to the public at the registered office of the Company at Saint Martins
House, 210-212 Chapeltown Road, Leeds, LS7 4HZ and from its fund manager's web
site: www.yfmgroup.co.uk.
For further information, please contact:
David Hall YFM Venture Finance Limited Tel: 0161 832 7603
Nicola Marrin Seymour Pierce Tel: 0207 107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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