Final Results
12 Maio 2003 - 12:37PM
UK Regulatory
RNS Number:9846K
Albany Investment Trust PLC
12 May 2003
ALBANY INVESTMENT TRUST PLC
REGISTERED OFFICE
PORT OF LIVERPOOL BUILDING
PIER HEAD
LIVERPOOL
l3 1nw
Directors:
D G HANSON
R A MORRIS Telephone: 0151-236-6666
M W F LEATHER Fax: 0151-243-7001
J R A NOTTINGHAM DX: 715706 Liverpool 14
P T FURLONG
12 May 2003
Dear Sir/Madam
I have been instructed to advise shareholders and press that at a Board Meeting
held today the Directors declared a final dividend on the Ordinary Shares for
the year ended 28 February 2003 of 5.25p (2002: 4.85p) making a total dividend
for the year of 7.50p (2002: 7.00p).
The final dividend subject to approval at the Annual General Meeting will be
payable to shareholders on the Company's register at the close of business on 13
June 2003. Dividend warrants will be posted on 8 July 2003.
The net revenue for the year ended 28 February 2003 was #847,000 (2002:
#784,000).
The results which have been agreed with the company's auditors relate to the
normal business of an Investment Trust as defined by Section 266 of the
Companies Act 1985 (the Company is approved by the Inland Revenue as an
Investment Trust for the purpose of Section 842 of the Income & Corporation
Taxes Act 1988) and were as follows:
Year to Year to
28 February 28 February
2003 2002
#'000 #'000
Income from investments
Franked investment income 752 796
Interest on UK Government securities 141 -
Overseas dividends 81 52
974 848
Bank and other interest 41 103
Gross revenue received 1,015 951
Profit before taxation 847 784
Taxation on profit - -
Profit attributable to shareholders 847 784
Amount absorbed by the dividends 752 702
Earnings per share 8.45p 7.82p
Dividends paid and proposed per share 7.50p 7.00p
Net asset value per share 200.15p 245.69p
No special dividends were received this year (2002: #130,000).
The net capital loss for the year amounted to #4,660,000 (2002: loss
#2,432,000).
Details of the company's total return, balance sheet and cash flow statement are
set out below.
A copy of this statement is available at the Company's Registered Office at Port
of Liverpool Building, Pier Head, Liverpool L3 1NW. Copies of this report have
been sent to the Press and Stock Exchange.
By Order of the Board
T W Evans, Secretary.
2003 2002
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Profits/
(losses) on
investments - (4,559) (4,559) - (2,335) (2,335)
(note 3)
Income 1,015 - 1,015 951 - 951
Expenses (168) (101) (269) (167) (97) (264)
Return on
ordinary
activities
before 847 (4,660) (3,813) 784 (2,432) (1,648)
taxation
Taxation on - - - - - -
ordinary
activities
Return on
ordinary
activities
after 847 (4,660) (3,813) 784 (2,432) (1,648)
taxation
Dividends in
respect of
equity
shares (752) - (752) (702) - (702)
Transfer to 95 (4,660) (4,565) 82 (2,432) (2,350)
reserves
Return per 8.45p (46.49p) (38.04p) 7.82p (24.26p) (16.44p)
Ordinary
share
Dividend per 7.50p - 7.50p 7.00p - 7.00p
Ordinary
share
Note 2003 2002
#'000 #'000
Fixed assets
Investments 3 20,163 22,378
Current assets
Debtors 4 122 55
Cash at bank and in hand 317 2,692
439 2,747
Creditors: amounts falling due within one 5 (540) (498)
year
Net current (liabilities)/assets (101) 2,249
Total assets less current liabilities 20,062 24,627
Capital and reserves
Called up share capital 2,005 2,005
Other reserve
Capital reserve - realised 6 17,062 16,337
Capital reserve - unrealised 6 160 5,545
Revenue reserve 6 835 740
Total shareholders' funds 20,062 24,627
Total shareholders' funds are attributable to:
Equity shareholders 20,062 24,627
Net asset value per ordinary share 200.15p 245.69p
Note 2003 2002
#'000 #'000
Operating activities
Investment income received
- Normal 907 715
- Special - 130
907 845
Bank and other interest received 41 103
Directors' remuneration paid (116) (110)
Other expenses paid (151) (154)
Net cash inflow from operating activities 8 681 684
Capital expenditure and financial
investment
Purchase of investments (19,524) (10,903)
Disposal of investments 17,181 12,492
Net cash (outflow)/inflow from capital
expenditure and
financial investment (2,343) 1,589
Acquisitions and disposals
Purchase of subsidiary undertaking (1) -
Equity dividends paid (712) (692)
(Decrease)/increase in cash 7 (2,375) 1,581
1. dividends and other appropriations
2003 2002
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Dividends on
equity
shares:
Ordinary -
interim paid
of 2.25p
per share 226 - 226 216 - 216
(2002:
2.15p)
Ordinary -
final
proposed of
5.25p
per share 526 - 526 486 - 486
(2002:
4.85p)
752 - 752 702 - 702
2. return per ordinary shares
Basic revenue return per ordinary share is based on the revenue return on
ordinary activities after taxation and on 10,023,750 (2002: 10,023,750)
ordinary shares.
3. investments
2003 2002
#'000 #'000
Investments listed on a recognised investment 20,081 22,256
exchange
Unlisted investments 81 122
20,162 22,378
Investment in subsidiary 1 -
20,163 22,378
UK Fixed Listed Listed Unlisted Total
interest
securities in UK Overseas
#'000 #'000 #'000 #'000 #'000
Opening book - 13,389 3,442 2 16,833
cost
Opening - 4,767 658 120 5,545
unrealised
appreciation
Opening - 18,156 4,100 122 22,378
value
Movements in
the year:
Purchases at 5,109 13,215 1,200 - 19,524
cost
Sales
- Proceeds (2,500) (10,616) (4,065) - (17,181)
- Realised (35) 829 32 - 826
gains/(losses)
on sales
Decrease in (43) (4,448) (853) (41) (5,385)
unrealised
appreciation
Closing 2,531 17,136 414 81 20,162
valuation
Closing book 2,574 16,817 609 2 20,002
cost
Closing (43) 319 (195) 79 160
unrealised
appreciation
2,531 17,136 414 81 20,162
investments (continued)
2003 2002
#'000 #'000
Realised gains on sales 826 1,171
Decrease in unrealised appreciation (5,385) (3,506)
Loss on investments (4,559) (2,335)
4. debtors
2003 2002
#'000 #'000
Interest due 50 -
Dividends due 72 55
122 55
5. creditors: amounts falling due within one year
2003 2002
#'000 #'000
Proposed dividends 526 486
Other creditors 14 12
540 498
6. reserves
Capital reserve Capital reserve Revenue reserve
- Realised - Unrealised
#'000 #'000 #'000
At 1 March 2002 16,337 5,545 740
Net gain on 826 - -
realisation of
investments
Expenses allocated (101) - -
to capital reserve
Decrease in - (5,385) -
unrealised
appreciation
Net revenue for the - - 847
year after tax
Dividends - - (752)
At 28 February 17,062 160 835
2003
7. analysis of changes in net FUNDS during the year
2003 2002
#'000 #'000
At 1 March 2002 2,692 1,111
Net cash (outflow)/inflow (2,375) 1,581
At 28 February 2003 317 2,692
Analysis of balances:
Cash at bank and in hand 317 2,692
8. reconciliation of net revenue return on ordinary activities
before taxation to net cash inflow from operating activities
2003 2002
#'000 #'000
Net revenue return on ordinary activities before 847 784
taxation
Expenses charged to capital (101) (97)
Increase in debtors (67) (3)
Increase in other creditors 2 -
Net cash inflow from operating activities 681 684
9. additional information
The financial information given does not constitute statutory accounts with the
meaning of Section 240(5) of the Companies Act 1985. The statutory accounts for
the year ended 28 February 2003 have not yet been completed and the audit report
thereon has not yet been signed. The figures for the year ended 28 February 2002
are extracted from the statutory accounts filed with the Registrar of Companies
and which contained an unqualified audit report.
The Annual General Meeting is to be held at the Port of Liverpool Building, Pier
Head, Liverpool, L3 1NW, on
8 July 2003. The full Report and Accounts will be posted to shareholders on 13
June 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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