Interim Results
07 Marzo 2007 - 6:02PM
UK Regulatory
RECOVERY TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
CHAIRMAN'S STATEMENT
The Directors present the unaudited results for the period from 1 August 2006
to 31 January 2007.
The first half of the current financial year has seen further gains for
shareholders. The Company's benchmark, the FTSE All-Share Index rose by 6.9% in
capital terms so it is a pleasure to report that total shareholder funds
increased by 12.8%, again outperforming the benchmark.
The net asset value of the Zero Dividend Preference (ZDP) shares continued to
rise in line with their accrued entitlement which ended the period fully
covered at 160.16p per ZDP share. As a result of the continued increase in the
total value of the Company's assets, net assets attributable to holders of
Ordinary Income shares rose by 38.6%, demonstrating the effect of the Company's
capital structure.
As regards income, the Directors have declared an unchanged first interim
dividend of 0.9p per Ordinary Income share payable on 30 March 2007. Dividends
in respect of the full year to 31 July 2007 will depend on net revenues
achieved during the rest of the Company's financial year. On the assumption the
Company were to wind up following the repayment of the ZDP shares in August
2007 the cost of liquidation will be a charge on income thereby reducing the
amount available for dividend.
During the period under review UK equity markets remained largely robust. After
four years of a bull market it is becoming increasingly difficult for the
Manager to find value, particularly in the Mid Cap market where corporate
activity has been at its strongest. Inflationary concerns have also led to
rising interest rates in the UK. In general, however, trading statements have
been positive and investor confidence has remained healthy. Recent volatility
in stock markets round the world is not surprising given the length of the bull
market.
After consulting a number of major shareholders, the Board stated on 26 January
2007 that it was not its intention to develop any proposals for either class of
share capital other than liquidation following repayment of the ZDP shares on
or before 15 August 2007. The Company will continue to be managed in line with
its investment objectives until that time.
In any event, the Board intends to be responsive to any proposals that may be
more advantageous to shareholders than liquidation but do not propose to incur
expenses unnecessarily.
Trevor Trefgarne
Chairman
7 March 2007
INCOME STATEMENT
1 August 2006 to 1 August 2005 to
31 January 2007 31 January 2006
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Gains on investments - 2,724 2,724 - 2,973 2,973
Income 438 - 438 322 - 322
Investment management fees (36) (36) (72) (30) (30) (60)
Other expenses (95) - (95) (98) - (98)
Return before finance costs 307 2,688 2,995 194 2,943 3,137
and taxation
Interest payable (49) (49) (98) (45) (45) (90)
Finance costs in respect of
non-equity shares:
- Zero Dividend Preference - (708) (708) - (646) (646)
shares
Return on ordinary activities 258 1,931 2,189 149 2,252 2,401
before taxation
Taxation - - - - - -
Return attributable to equity 258 1,931 2,189 149 2,252 2,401
shareholders
Return per share: pence pence pence pence pence pence
Ordinary Income 0.86 6.44 7.30 0.50 7.51 8.01
Zero Dividend Preference - 7.18 7.18 - 6.55 6.55
The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
A separate Statement of Total Recognised Gains and Losses has not been prepared
as all such gains and losses are included in the Income Statement.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Share Special Capital Revenue
capital reserve reserve reserve Total
�'000 �'000 �'000 �'000 �'000
Period ended 31 January
2007
1 August 2006 300 29,302 (24,969) 362 4,995
Net return after taxation - - 1,931 258 2,189
for the period
Dividends in respect of:
Ordinary Income shares - - - (330) (330)
31 January 2007 300 29,302 (23,038) 290 6,854
Year ended 31 July 2006
1 August 2005 300 29,302 (27,180) 533 2,955
Net return after taxation - - 2,211 429 2,640
for the year
Dividends in respect of:
Ordinary Income shares - - - (600) (600)
31 July 2006 300 29,302 (24,969) 362 4,995
Period ended 31 January
2006
1 August 2005 300 29,302 (27,180) 533 2,955
Net return after taxation - - 2,252 149 2,401
for the period
Dividends in respect of:
Ordinary Income shares - - - (330) (330)
31 January 2006 300 29,302 (24,928) 352 5,026
SUMMARISED BALANCE SHEET
As at As at As at
31 January 31 July 31 January
2007 2006 2006
�'000 �'000 �'000
Investments at fair value 24,649 21,687 22,351
Net current liabilities (2,046) (1,651) (2,949)
Total assets less current liabilities 22,603 20,036 19,402
Creditors - amounts falling due after
more than one year
Assets attributable to Zero Dividend (15,749) (15,041) (14,376)
Preference shareholders on winding up
Net assets 6,854 4,995 5,026
Net asset value per share (note 1): pence pence pence
Ordinary Income 22.70 16.38 16.38
Zero Dividend Preference 160.16 153.35 146.94
SUMMARISED STATEMENT OF CASH FLOWS
1 August 2006 1 August 2005 to
to 31 January 31 January 2006
2007
�'000 �'000
Net cash inflow from operating activities 338 187
Servicing of finance
Interest paid (94) (93)
Net cash outflow from servicing of finance (94) (93)
Capital expenditure and financial investment
Purchases of investments (3,338) (6,939)
Sales of investments 3,100 5,877
Net cash outflow from capital expenditure and (238) (1,062)
financial investment
Equity dividends paid (330) (330)
Decrease in cash (324) (1,298)
NOTES
The unaudited interim financial information does not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985. The statutory
accounts for the year to 31 July 2006, which contained an unqualified auditors'
report, have been lodged with the Registrar of Companies and did not contain a
statement required under Section 237 (2) or (3) of the Companies Act 1985.
This information has been prepared on the basis of accounting policies set out
in the statutory accounts of the Company for the year to 31 July 2006.
1 Net asset value per share
The net asset values include current period revenue and are calculated in
accordance with the Company's Articles of Association.
31 January 2007 31 July 2006 31 January 2006
�'000 pence �'000 pence �'000 pence
Ordinary Income 6,811 22.70 4,915 16.38 4,914 16.38
shareholders*
Zero Dividend Preference 15,792 160.16 15,121 153.35 14,488 146.94
shareholders
*The net asset value announced, for the Ordinary Income shareholders, excluding
current period revenue, was 21.73p and in addition there was income
attributable of 0.11p (31 July 2006 0.11p, 31 January 2006 0.68p). This has
been calculated in accordance with the entitlements as at 31 January 2007 and
the Company's Articles of Association.
The net assets attributable to shareholders, as shown in the balance sheet,
have been calculated under the provisions of FRS 25, and do not reflect the
rights under the Articles of Association of the respective classes of share on
a return of assets.
2 Dividends
31 January 2007 31 January 2006
�'000 �'000
Declared and paid
Relating to prior period: 330 330
Second interim dividend of 1.1p
(2006: 1.1p) per Ordinary Income
share
330 330
Proposed
First interim dividend of 0.9p 270 270
(2006: 0.9p) per Ordinary Income
share
270 270
3 Status of Company
It is the intention of the Directors to conduct the affairs of the Company so
that they satisfy the conditions for approval as an investment trust company
set out in Section 842 of the Income and Corporations Taxes Act 1988.
END
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