TIDMABNY
RNS Number : 4063Q
Albany Investment Trust PLC
19 October 2011
Albany Investment Trust Plc
Half yearly financial report
For the period ended 31 August 2011
The unaudited results of the company for the half year ended
31(st) August 2011 are attached. The company carried on the normal
business of an Investment Trust as defined by Section 833 of the
Companies Act 2006 and the company is approved by the Inland
Revenue as an Investment Trust for the purpose of Section 842 of
the Income and Corporation Taxes Act 1988.
The results show that the Net Asset Value per share of the
company fell 10.4% compared to the FTSE All Share Index which fell
9.9% for the six month period to 31(st) August 2011. The results
also disclose net revenue of GBP561,000 which represents an
increase of 7.1% compared to the first half of last year.
The markets have remained turbulent over the past six months as
the economic outlook continues to be uncertain. The Eurozone crisis
is continuing to put pressure on economic growth prospects with
many predicting a return to recession. Against this background the
NAV performance has been creditable and broadly in line with the
FTSE All Share Index. In the short term the income generated has
remained steady as corporates have not significantly cut dividends
to date but obviously much will depend on the likely timeframe for
any positive impetus.
We have reviewed the investment strategy with the investment
manager and believe that the objective of dividend income as well
as capital growth is very important to our shareholders. Therefore
we will be rebalancing the portfolio over a period of time to
ensure that these objectives are met. In recognition of this we
have therefore also moved our sector classification from 'Growth'
to 'Income and Growth' to be more fully aligned. Finally I would
like to welcome Tom Chandos to the Board. Tom brings a wealth of
experience which we believe will enhance the expertise of the
Board.
The Directors announce an unchanged interim dividend of 3.90p
per share for the year ended 28(th) February 2012. This will be
paid to shareholders on the register on 28(th) October 2011 (XD
date 26(th) October 2011) and dividend warrants will be posted on
26(th) November 2011.
The principal risks facing the company relate to the company's
investment activities. The major risk is market price risk. Details
of this risk and the policies adopted are unchanged from those set
out in note 11 of the 2011 Annual report and accounts.
ON BEHALF OF THE BOARD
M Wolstenholme Chairman
18(th) October 2011
A copy of this statement is available at the company's
registered office at Port of Liverpool Building, Pier Head,
Liverpool, L3 1NW and via its website:
www.albanyinvestmenttrust.com
Summarised statement of total return (Incorporating the revenue
account)
6 months 6 months 12 months
Note to to to
31 August 31 August 28 February
2011 2010 2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Income 2 690 679 1,050
Expenses (129) (155) (281)
--------- --------- -----------
Return on revenue 561 524 769
Return on capital 4 (3,429) (570) 3,905
--------- --------- -----------
Return on ordinary activities
before taxation (2,868) (46) 4,674
Taxation on ordinary
activities - - -
--------- --------- -----------
Return on ordinary activities
after taxation
for the financial year (2,868) (46) 4,674
========= ========= ===========
Return per ordinary
share: 3
Basic -
Revenue 5.60p 5.23p 7.67p
Capital (34.21)p (5.69)p 38.96p
--------- --------- -----------
Total (28.61)p (0.46)p 46.63p
========= ========= ===========
Balance sheet
31 August 28 February
Note 2011 2011
Unaudited Audited
GBP'000 GBP'000
Fixed assets
Investments at valuation 30,094 33,012
--------- -----------
Current assets
Debtors 129 57
Cash at bank and in hand 92 762
--------- -----------
221 819
Creditors: amounts falling
due within one year (40) (56)
--------- -----------
Net current assets 181 763
Total assets less current liabilities 30,275 33,775
========= ===========
Capital and reserves
Called up share capital 2,005 2,005
Other reserves
Capital reserve - realised 4 26,741 30,170
Capital reserve - unrealised 4 75 75
Revenue reserve 4 1,454 1,525
Total shareholders' funds 30,275 33,775
========= ===========
Net asset value per ordinary
share:
Ordinary - Basic 5 302.03p 336.95p
========= ===========
To the best of the directors' knowledge:
-- the half yearly financial report which has been prepared in
accordance with the applicable set of accounting standards gives a
true and fair view of the assets, liabilities, financial position
and profit of the company
-- the half yearly financial report includes a fair view of the
development and performance of the business and the position of the
company together with a description of the principal risks and
uncertainties that it faces
The half yearly financial report was approved by the Board of
directors on 18(th) October 2011 and was signed on its behalf
by
M Wolstenholme
Chairman
Summarised cash flow statement
6 months 12 months
to to
31 August 28 February
Note 2011 2011
Unaudited Audited
GBP'000 GBP'000
Net cash inflow from operating
activities 7 376 675
---------- ------------
Capital expenditure and financial
investment
Purchase of investments (9,860) (18,826)
Disposal of investments 9,446 19,474
---------- ------------
Net cash outflow from capital
expenditure and financial
Investment (414) 648
Equity dividends paid (632) (1,012)
---------- ------------
(Decrease)/increase in cash 6 (670) 311
========== ============
Notes to the half yearly financial report
1 Basis of preparation
The half yearly financial information has been prepared under
the historical cost convention, except for the measurement at fair
value of investments. The financial information has been prepared
in accordance with applicable United Kingdom accounting standards
(United Kingdom Generally Accepted Accounting Practice) and with
pronouncements on interim reporting issued by the Accounting
Standards Board.
The principal accounting policies of the company have remained
unchanged from those set out in the company's 2011 annual report
and financial statements.
2 Income
6 months 6 months 12 months
to to to
31 August 31 August 28 February
2011 2010 2011
GBP'000 GBP'000 GBP'000
Income from investments
Franked investment income
- Ordinary dividends 595 631 967
- Overseas dividends 59 26 39
---------- ---------- ------------
654 657 1,006
Other income
Bank and other interest 32 22 44
Property Income Distribution 4 - -
Total income 690 679 1,050
========== ========== ============
Income from investments
Listed UK 593 628 962
Listed overseas 59 26 39
Unlisted 2 3 5
654 657 1,006
========== ========== ============
3 Return per ordinary shares
Basic revenue return per ordinary share is based on the revenue
return on ordinary activities after taxation of GBP561,000 (2010:
GBP524,000) and on 10,023,750 ordinary shares.
Basic capital return per ordinary share is based on the capital
loss on ordinary activities after taxation of GBP3,429,000 (2010:
capital loss GBP570,000) and on 10,023,750 ordinary shares.
4 Reserves
Capital Capital
reserve reserve Revenue
- realised - unrealised reserve
GBP'000 GBP'000 GBP'000
At 1 March 2011 30,170 75 1,525
Net gain on realisation
of investments 1,110 - -
Expenses allocated to capital (97) - -
Decrease in fair value (4,442) - -
Net revenue for the period
after tax - - 561
Dividends paid - - (632)
At 31 August 2011 26,741 75 1,454
=========== ============= ========
Return on capital
6 months 6 months 12 months
to to to
31 August 31 August 28 February
2011 2010 2011
GBP'000 GBP'000 GBP'000
Net gain on realisation
of investments 1,110 1,613 2,327
Expenses allocated to capital (97) (89) (187)
(Decrease)/increase in
fair value (4,442) (2,094) 1,681
Capital distribution received - - 84
(3,429) (570) 3,905
========== ========== ============
5 Net asset value per share
Net asset value
per share Net asset values
Attributable Attributable
31 August 28 February 31 August 28 February
2011 2011 2011 2011
GBP'000 GBP'000
Ordinary shares
(basic) 302.03p 336.95p 30,275 33,775
========== ============ ========= ===========
Basis net asset value per ordinary share is based on net assets
and on 10,023,750 ordinary shares.
6 Analysis of changes in net debt during the period
6 months 12 months
to to
31 August 28 February
2011 2011
GBP'000 GBP'000
At 1 March 2011 762 451
Net cash (outflow)/inflow (670) 311
At 31 August 2011 92 762
========== ============
Analysis of balances:
Cash at bank and in hand 92 762
========== ============
7 Reconciliation of net total return on ordinary activities
before taxation to net cash inflow from operating activities
6 months 12 months
to to
31 August 28 February
2011 2011
GBP'000 GBP'000
Net total return on ordinary activities
before taxation (2,868) 4,674
Less realised (gain) on sale of
investments (1,110) (2,327)
Add/(less) fair value movements 4,442 (1,681)
(Increase)/decrease in debtors (72) 5
(Decrease)/increase in other creditors (16) 4
Net cash inflow from operating
activities 376 675
========== ============
8 Related party transactions
The directors have delegated day-to-day investment decisions to
Rathbone Investment Management Limited (RIM). Fees of GBP113,925
(2010: GBP105,156) were payable to RIM during the period. R A
Morris, a current director of Albany Investment trust is a former
director of Rathbones PLC
9 Publication of non-statutory accounts
The financial information set out in this half yearly financial
report does not constitute statutory accounts as defined by the
Companies Act 2006. The figures for the year ended 28 February 2011
have been extracted from the statutory financial statements which
have been filed with the Registrar of Companies. The auditors
report on those financial statements was unqualified and did not
contain a statement under the Companies Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EVLFFFBFXFBK
Albany (LSE:ABNY)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Albany (LSE:ABNY)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
