RNS Number:0429P
Gartmore British Inc & Gwth Tst PLC
4 August 2000
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2000
Chairman's Statement
Performance/Asset Values
For the six months under review ended 30 June 2000, the total return on
capital employed (with net dividends re-invested) was a loss of 5.2 per cent.
This compares with a negative return of 5.7 per cent. for the FTSE All-Share
Index and a positive return of 3.7 per cent. on the Dresdner Kleinwort Benson
TOPSI-100 Index of higher-yielding shares.
The Total Assets of the Group fell 6.5 per cent. in the period which matched
the fall in the FTSE All-Share Index in the six months to 30 June 2000. The
asset value performance of the Company's securities is set out below.
Dividends
Second interim dividends of 1.73p net (1.70p - 1999) per Income Share and
1.07p net (1.05p - 1999) per Ordinary Share were declared on 1 August 2000,
payable on 31 August 2000 to shareholders on the register on 11 August 2000.
Outlook
The stable economic conditions in the UK economy continue to provide a
favourable backdrop to equity investment. They have also strengthened
Government finances which underpin the recently announced increases in public
expenditure. Despite this the FTSE All Share Index continues to drift sideways
with no clear sector leadership.
Vodafone, the largest stock in the UK stockmarket remains highly volatile and
is a key influence on overall market movements.
Equities continue to gain support from a build up in institutional liquidity,
strong corporate activity and upgrades to earnings growth notably in the oil
sector.
With this relatively positive background, and the likelihood that UK short
term interest rates are close to their peak, equities in this country should
recoup some of their recent underperformance.
Other Matters
Shareholders will have received my letter of 28 June 2000 advising that the
Board had completed a programme of presentations from a number of fund
management houses and had agreed to proceed with the appointment of Aberdeen
Asset Managers Limited to take effect from 1 July 2000.
The Board is proposing a placing and open offer, an adjustment to the
investment policy and that the Company's name be changed to The Income &
Growth Trust PLC and that of its subsidiary to Income & Growth Securities PLC.
Details are contained in the document which is being posted to Shareholders
today. The Directors believe the Proposals will be of benefit to all
shareholders.
The Rt. Hon. The Lord Marsh of Mannington, Kt
Chairman
4 August 2000
Financial Statistics
At At 31
30 June December Change
2000 1999 %
Capital
Total assets less current liabilities (#'000) 90,816 97,127 (6.5)
FTSE All-Share Index 3,029.7 3,242.1 (6.5)
Dresdner Kleinwort Benson TOPSI-100 Index 4,912.1 4,845.6* 1.4
Capital Employed (#'000) 90,816 97,127 (6.5)
Market Capitalisation of shares in issue (#'000) 91,169 96,151 (4.7)
Net Asset Value per Ordinary share 66.8p 109.1p (38.8)
Mid-market Price per Ordinary share 61.0p 73.0p (16.4)
Net Asset Value per Income share 70.0p 70.0p -
Mid-market Price per Income share 74.0p 81.0p (8.6)
Net Asset Value per ZDP Share 2002 189.8p 182.1p 4.2
Mid-market Price per ZDP Share 2002 197.75p 197.25p 0.3
Net Asset Value per ZDP Share 2006 189.6p 181.9p 4.2
Mid-market Price per ZDP Share 2006 182.25p 184.75p (1.4)
*Revised by Dresdner Kleinwort Benson
Six Six
months to months to
30 June 30 June
2000 1999
Revenue
Revenue return before and after taxation (#'000) 1,613 1,512
Dividends per Income Share 3.46p 3.40p
Dividends per Ordinary Share 2.14p 2.10p
Revenue return per Ordinary Share 3.22p 2.81p
Total Return
Revenue Return per Ordinary Share:
Revenue 3.22p 2.81p
Capital (43.33p) 31.33p
________ ________
(40.11p) 34.14p
======== ========
Total Return on:
Capital Employed** (5.2%) 11.5%
FTSE All-Share Index (5.7%) 11.2%
Dresdner Kleinwort Benson TOPSI-100 Index 3.6% 22.7%
**Net dividends reinvested
Analysis of Total Assets and Capital Employed
Valuation at Trans- Net Valuation at
31 December 1999 actions Appreciation/ 30 June 2000
(Depreciation)
#'000 % #'000 #'000 #'000 %
Listed Investments
Equities 92,682 95.4 (4,678) (6,212) 81,792 90.1
Convertibles 3,691 3.8 1,187 (122) 4,756 5.2
______ _____ _____ _____ ______ _____
Total Listed
Investments 96,373 99.2 (3,491) (6,334) 86,548 95.3
Net Current Assets 754 0.8 3,514 - 4,268 4.7
______ _____ _____ _____ ______ _____
Total Assets less
Current Liabilities 97,127 100.0 23 (6,334) 90,816 100.0
______ _____ _____ _____ ______ _____
Attributable to:
ZDP Shares 2002 37,330 38.5 - 1,579 38,909 42.8
ZDP Shares 2006 18,188 18.7 - 770 18,958 20.9
Income Shares 19,250 19.8 - - 19,250 21.2
Ordinary Shares 22,359 23.0 - (8,660) 13,699 15.1
______ _____ _____ _____ ______ _____
Capital Employed 97,127 100.0 - (6,311) 90,816 100.0
====== ===== ===== ===== ====== =====
Group Total Return
To 30 June 2000
Six months to 30 June 2000
Total
Revenue Capital Return
#'000 #'000 #'000
Income and Capital Profits
Dividends and other income 1,857 - 1,857
Net profit/(loss) on listed investments - (6,334) (6,334)
_____ ______ ______
Return before Expenses and Taxation 1,857 (6,334) (4,477)
Expenses
Management fees (170) (139) (309)
Other expenses (74) (30) (134)
_____ ______ ______
Return before and after Taxation 1,613 (6,533) (4,920)
Appropriated to Non-Equity Shareholders
Minority interest:
ZDP Shares 2006:
Redemption premium reserve - (770) (770)
_____ ______ ______
1,613 (7,303) (5,690)
Redemption premium reserve -
ZDP Shares 2002 - (1,579) (1,579)
_____ ______ ______
1,613 (8,882) (7,269)
Dividends on the Income Shares -
3.46p per share (952) - (952)
_____ ______ ______
Return to Equity Shareholders 661 (8,882) (8,221)
Appropriated to Equity Shareholders
Dividends on the Ordinary Shares-
2.14p per share (439) - (439)
_____ ______ ______
222 (8,882) (8,660)
Transferred to/(from) Reserves:
Ordinary Shares 222 (8,882) (8,660)
_____ ______ ______
Total Return per Ordinary Share 3.22p (43.33p) (40.11p)
===== ====== ======
Group Total Return
To 30 June 1999
Six months to 30 June 1999
Total
Revenue Capital Return
#'000 #'000 #'000
Income and Capital Profits
Dividends and other income 1,760 - 1,760
Net profit/(loss) on listed investments - 8,776 8,776
_____ ______ ______
Return before Expenses and Taxation 1,760 8,776 10,436
Expenses
Management fees (183) (150) (333)
Other expenses (65) (53) (118)
_____ ______ ______
Return before and after Taxation 1,512 8,573 10,085
Appropriated to Non-Equity Shareholders
Minority interest:
ZDP Shares 2006:
Redemption premium reserve - (705) (705)
_____ ______ ______
1,512 7,868 9,380
Redemption premium reserve-
ZDP Shares 2002 - (1,445) (1,445)
_____ ______ ______
1,512 6,423 7,935
Dividends on the Income Shares-
3.40p per share (935) - (935)
_____ ______ ______
Return to Equity Shareholders 577 6,423 7,000
Appropriated to Equity Shareholders
Dividends on the Ordinary Shares -
2.10p per share (431) - (431)
_____ ______ ______
146 6,423 6,569
Transferred to/(from) Reserves:
Ordinary Shares 146 6,423 6,569
_____ ______ ______
Total Return per Ordinary Share 2.81p 31.33p 34.14p
===== ====== ======
Group Balance Sheet
As at 30 June 2000
At 30 At 31
June December
2000 1999
#'000 #'000
Fixed Assets
Listed investments valued at mid-market prices 86,548 96,373
Current Assets
Debtors: Amounts receivable within one year 403 419
Short-term deposits 4,652 1,129
Bank balances 10 10
______ ______
5,065 1,558
Creditors: Amounts payable within one year 797 804
______ ______
Net Current Assets 4,268 754
====== ======
Total Assets, less Current Liabilities 90,816 97,127
====== ======
Capital and Reserves
Called-up share capital 28,435 28,435
Share premium account 19,700 19,700
Redemption premium reserve-
ZDP Shares 2002 12,874 11,295
Other capital reserves:
Capital reserve 2,154 2,200
Unrealised appreciation/(depreciation)
of listed investments 8,268 17,104
Revenue reserve 427 205
______ ______
71,858 78,939
Minority interest:
ZDP Shares 2006 18,958 18,188
______ ______
Capital Employed 90,816 97,127
====== ======
Net Asset Value per Share:
ZDP Shares 2002 189.8p 182.1p
ZDP Shares 2006 189.6p 181.9p
Income Shares 70.0p 70.0p
Ordinary Shares 66.8p 109.1p
Group Cash Flow
At as 30 June 2000
Six months Six months
to 30 June to 30 June
2000 1999
#'000 #'000
Revenue Activities
Dividends and other income received 1,847 1,767
Expenses paid, allocated to revenue (259) (253)
______ ______
1,588 1,514
Servicing of Finance
Non-equity share dividends paid:
Income Shares (944) (935)
______ ______
Taxation Recovered
Income Tax 27 23
______ ______
Investment Activities
Acquisitions of listed investments (23,326) (12,823)
Disposals of listed investments 26,824 11,994
Expenses paid, allocated to capital (212) (207)
______ ______
3,286 (1,036)
====== ======
Equity Share Dividends Paid
Ordinary Shares (434) (430)
______ ______
Net Cash Inflow/(Outflow) 3,523 (864)
====== ======
Reconciliation of Net Cash Inflow/(Outflow)
to Movement in Cash Balances
Balance brought forward 1,139 4,170
Net cash inflow/(outflow) 3,523 (864)
______ ______
Balance at 4,662 3,306
====== ======
Comprising:
Short-term deposits 4,652 3,296
Bank balances 10 10
______ ______
4,662 3,306
====== ======
Notes to the Accounts
1. The Group accounts comprise the unaudited results of the Company and its
subsidiary, GBIGT Securities PLC, for the six months to 30 June 2000, and do
not constitute statutory accounts under the Companies Act 1985. Full statutory
accounts for the year to 31 December 1999 included an unqualified audit report
and were filed with the Registrar of Companies on 23 February 2000.
2. There have been no changes in accounting policies since 31 December 1999.
Expenses are allocated as to 55 per cent. to revenue and 45 per cent. to
capital.
3. Total return per Ordinary Share has been calculated on the negative return
to equity shareholders of #8,221,000 (positive return of #6,569,000) and
20,500,000 (20,500,000) Ordinary shares in issue throughout the period.
4. Listed investments are all listed in the UK.
5. Net asset values per share have been calculated on attributable assets and
shares in issue at the period-end as follows:
At 30 June At 31 December
2000 1999
#'000 #'000
25,500,000 ZDP Shares 2002 38,909 37,330
10,000,000 ZDP Shares 2006 18,958 18,188
27,500,000 Income Shares 19,250 19,250
20,500,000 Ordinary Shares 13,699 22,359
______ ______
90,816 97,127
====== ======
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