TIDMLFI
LONDON FINANCE & INVESTMENT GROUP PLC
Final Results
18 September 2020
LONDON FINANCE & INVESTMENT GROUP PLC
("Lonfin", "the Company" or "the Group")
Unaudited Preliminary Results for the year ended 30th June 2020
Dividend Declaration
London Finance & Investment Group PLC. (LSE: LFI, JSE: LNF), the investment
company whose assets primarily consist of Strategic Investments and a General
Portfolio, today announces its unaudited Preliminary Results for the year ended
30th June 2019 and the Board's Dividend Declaration.
Strategy, Business Model and Investment Policy
Lonfin is an investment company whose objective is to generate growth in
shareholder value in real terms over the medium to long term whilst maintaining
a progressive dividend policy.
The Group's investment policy is to invest in a range of 'Strategic', 'General
Portfolio' and from time to time 'Other Investments'. General Portfolio
Investments comprise liquid stock market investments, both in equity
instruments and bonds, and, at the Board's discretion, 'Other Investments' are
typically property and other physical assets. Strategic Investments are
significant investments in smaller UK quoted companies. These are balanced by
the General Portfolio, which consists of a broad range of investments in major
USA, UK and other European companies which provides a diversified exposure to
international equity markets.
Further information on the Group's Investment Policy can be found in the
Directors' Report on page 44.
The Group's net assets per share for 2020 have decreased from the previous year
to 50.6p and 17.6% over the last five years. Shareholders' dividends for 2020
remains the same at 1.15p and increased by 15% over the last five years.
Information on the Group's performance against the Board's key performance
indicators (KPIs) is set out on page 9 of this report.
Results
* Net assets have reduced to 50.6p per share (2019 restated - 58.5p per
share)
* Strategic Investments have decreased in value over the year, from GBP
7,596,000 to GBP6,291,000
* Strategic investments are yielding 2.6% (2019 - 3.6%)
* The General Portfolio has decreased, adjusting for investment purchases
and sales, over the year, by 13% from GBP11,383,000 to GBP9,948,000
* Fair value movement is GBP1,265,000
* No significant increase in Group operating costs
* A final dividend of 0.60p per share is recommended, making a total of 1.15p
per share for the year (2019 - 1.15p)
The Company and its subsidiaries ("Group") recorded an operating profit for the
year, before interest, tax and changes to the fair value adjustments of
investments of GBP130,000, compared to an restated operating profit for the
previous year, before tax and changes to the fair value adjustments of
investments, of GBP366,000. The significant decrease in fair value of strategic
investments that occurred during the year has led to Total Comprehensive Loss
for the year of GBP2,112,000 compared to restated loss of GBP1,767,000 for the
previous year. Basic and headline losses per share are 2.6p (2019- earnings of
2.9p).
Strategic Investments
Strategic Investments have reduced in value by GBP1,305,000 due to the market
movements in the share prices.
Western Selection PLC ("Western")
The Group holds 7,860,515 ordinary shares, being 43.8%, of the issued share
capital of Western.
On 18th September 2020, Western announced unaudited preliminary results showing
a loss after tax of GBP180,000 for the year to 30th June 2020 (2019 loss - GBP
2,611,000). Losses per share are 1.0p (2019 - 14.5p).
Western's Board has not recommend payment of an interim or a final dividend for
the year, compared to the payment of an interim dividend of 1.1p for 2019.
Western's net assets at market value at 30th June 2020 were GBP8,127,000
equivalent to 45p per share, a decrease of 29.7% from 64p last year.
Our share of the net assets of Western, including the value of Western's
investments at market value, was GBP3,560,000 (2019 - GBP5,005,000). The fair value
for Western recorded in the Statement of Financial Position is the market value
of GBP2,751,000 (2019 - GBP3,576,000). This represents 17.3% (2019 - 19.3%) of the
net assets of the Group.
Western's objective is to generate growth in value for shareholders over the
medium to long term and pay a progressive dividend. Western's business model is
to take sizeable minority stakes in relatively small companies usually before
or as their shares are admitted to trading on one of the UK's stock exchanges
and have directors in common through which they can provide advice and support
for these growing companies. These may or may not become associated companies.
The aim is that these companies ("Core Holdings") will grow to a stage at which
Western's support is no longer required and its stake can be sold over time
into the relevant stock market. Companies that are targeted as Core Holdings
will have an experienced management team, a credible business model and good
prospects for growth.
Western is a strategic investment which is technically a subsidiary of the
Company that has not been consolidated due to the application of the investment
entity exemption under IFRS 10.
David Marshall is the Chairman of Western and Edward Beale is non-executive
director.
Western's main Core Holdings are Northbridge Industrial Services plc, Brand
Architekts Group plc and Bilby Plc.
An extract from Western's announcement on 18th September 2020 relating to its
main Core Holdings is set out below:
Core Holdings
Northbridge Industrial Services plc ("Northbridge")
Northbridge hires and sells specialist industrial equipment to a non-cyclical
customer base. With offices or agents in the UK, USA, Dubai, Germany, Belgium,
France, Australia, New Zealand, China and Singapore, Northbridge has a global
customer base. This includes utility companies, the oil and gas sector,
shipping, construction and the public sector. The product range includes
loadbanks, transformers and oil tools. Further information about Northbridge is
available on their website: www.northbridgegroup.co.uk
Northbridge, which is admitted to trading on AIM, announced its results for the
year ended 31 December 2019 on 7 April 2020 and recorded a loss after tax of GBP
236,000 for the year (2018- loss after tax GBP2,409,000). No dividend was
recommended by Northbridge and no dividends were received by Western from
Northbridge during the year (2019 - GBPNil).
Western holds 3,300,000 Northbridge shares which represents 11.8% of
Northbridge's issued share capital. The market value of this investment at 30
June 2020 was GBP2,739,000 (2019 - GBP4,900,500) which represents approximately
33.7% (2019 - 42 %) of Western's net assets.
Brand Architekts Group plc ("BAG")
BAG, which is admitted to trading on AIM, is a beauty brands business
specialising in the delivery a growing portfolio of innovative and exciting new
products, spanning areas such as haircare, skincare and body care, to consumers
and retailers. Further information about BAG is available on its website:
https://www.brandarchitekts.com/
BAG announced its interim results for the 28 week period ended 11 January 2020
on 10 March 2020 and reported profit after tax of GBP6,600,000 (2019 final
results for the 52 week period - GBP3,640,000). This figure was heavily impacted
by the profit of GBP8.8m on disposal of its manufacturing business, offset by a
loss on discontinued operations of GBP2.5m.
Western holds 1,300,000 BAG shares which represents 7.6% of BAG's issued share
capital. The market value has decreased to GBP1,625,000 (2019 - GBP2,502,000),
which represents approximately 20% (2019 - 21.4%) of Western's net assets.
Edward Beale is a non-executive director of BAG.
Bilby Plc ("Bilby")
Bilby is an established, and award winning, provider of gas installation,
maintenance and general building services to local authority and housing
associations across London and South East England. They have a strategy of
growing organically and by acquisition. Further information about Bilby is
available on their website: www.bilbyplc.com.
Bilby, which is admitted to trading on AIM, announced its results for the year
ended 31 March 2020 on 27 July 2020 showing a profit after tax of GBP1,379,000
compared to a loss after tax of GBP8,596,000 for the previous year ended 31 March
2019. No interim dividends were paid during the year and Bilby's Board did not
recommend a final dividend (2019 - GBP67,500).
Western holds 6,336,363 Bilby shares which represents 10.79% of Bilby's issued
share capital. Following the additional GBP400,000 acquisitions during the year,
the market value of this investment on 30 June 2020 has increased to GBP1,235,590
(2019- GBP877,000),which represents approximately 15.2% (2019 - 7.5%) of
Western's net assets.
Associated Companies
Tudor Rose International Limited ("Tudor Rose International")
As announced in our final results on 30 September 2019, this investment had
been fully provided against. With effect from 8 April 2020 the Company sold its
entire shareholding of 441,090 A Ordinary shares and 175,000,000 Preference
shares in Tudor Rose International for GBP3 plus contingent deferred
consideration and an option to repurchase the shares at the same value. The
option to repurchase the shares may be exercised on any date between 1 April
2022 and 31 March 2023. No deferred consideration is expected, and the Board
does not expect to exercise the option to repurchase the shares.
Edward Beale and David Marshall resigned as directors of the Company with
effect from 11 March 2020.
Finsbury Food Group plc ("Finsbury")
Finsbury is one of the largest producers and suppliers of premium cakes, bread
and morning goods in the UK and currently supplies most of the UK's major
supermarket chains. Further information about Finsbury, which is admitted to
trading on AIM, is available on its website: www.finsburyfoods.co.uk
At 30th June 2020, Lonfin held 6,000,000 Finsbury shares, representing 4.6% of
Finsbury's issued share capital. The market value of the holding was GBP3,540,000
as at 30th June 2020 (cost - GBP1,724,000) and represents approximately 22% (2019
- 22%) of Lonfin's net assets.
As at the date of publication, Finsbury has not announced their final results
for the year ended 30th June 2020 to be able to present in these financial
statements.
Edward Beale was a non-executive director of Finsbury up until 23rd November
2016.
General Portfolio
The investments comprising the General Portfolio at 30th June 2020 are below:
Composition of General Portfolio
At 30th June 2020
GBP000 %
L'Oreal 548 5.5
Nestle 540 5.4
LVMH Moet Hennessey 533 5.4
Investor AB SEK6.25 'B' 445 4.5
Pernod Ricard 440 4.4
Unilever 439 4.4
Procter & Gamble Co 434 4.4
Schindler-Holdings AG CHF1.00 REGD (Post Subd) 410 4.1
Heineken Holding 403 4.1
Brown Forman (B) 396 4.0
Antofagasta 375 3.8
Reckitt Benckiser Group 364 3.7
Givaudan 362 3.6
Diageo 342 3.4
Danone 336 3.4
British American Tobacco 304 3.1
Henkel Preferred 311 3.1
Phillip Morris International Inc 289 2.9
3M Co 276 2.8
Becton Dickinson & Co 265 2.7
Exxon Mobil Corp 233 2.3
Deutsche Post 222 2.2
Royal Dutch Shell B 220 2.2
Compagnie Financiere Richemont SA 211 2.1
HSBC Holding 208 2.1
Anheuser Busch Inbev SA 191 1.9
BASF 190 1.9
AP Moeller-Maersk A/S 179 1.8
Otis Worldwide Corp 175 1.8
Raytheon (previously United Technologies Corp) 170 1.7
Imperial Brands 137 1.3
9,948 100
Analysis by currency GBP000 %
Euro 3,173 31.9
Sterling 2,390 24.0
US Dollar 2,238 22.5
Swiss Franc 1,523 15.3
Swedish Kronas 445 4.5
Danish Kronas 179 1.8
9,948 100
The portfolio is diverse with material interests in Food and Beverages, Natural
Resources, Chemicals and Tobacco. We believe that the portfolio of quality
companies we hold has the potential to outperform the market in the medium to
long term.
At 30th June 2020, the number of holdings in the General Portfolio was 31 (2019
- 30). We have decreased the amount invested in the General Portfolio over the
year by GBP170,000 (2019 - decreased by GBP49,000).
The opening value of our General Portfolio investments at 30th June 2019 was GBP
11,383,000 which compared with a cost of such investments at the same date of GBP
6,208,000. After investment purchases
during the year of GBP163,000 and investment sales (including selling expenses)
during the same period of GBP966,000, the value of the General Portfolio
investments as at 30th June 2020 had decreased by 13% to GBP9,948,000. Further
details of our General Portfolio investments are set out on page 12.
Board Changes
Whilst the Board is satisfied that it has a sufficient spread of skills,
experience and support within the Board to operate the Company and to develop
the Company's investment business, the Board will continue to seek further
suitable Board candidates who can add value to the Board.
Operations, Directors and Employees
All of our operations and those of Western, with the exception of investment
selection, are outsourced to our subsidiary, City Group PLC ("City Group").
City Group also provides office accommodation, company secretarial, finance and
head office services to a number of other companies. City Group is responsible
for the initial identification and appraisal of potential new strategic
investments for the Company and the day to day monitoring of existing strategic
investments and employs 6 people.
Dividend
The Board recommends a final dividend of 0.60p (ZAR 12.61848 cents) per share,
making a total of 1.15p (ZAR 24.18542 cents) per ordinary share for the year
(2019 - 1.15p). Subject to shareholders' approval at the Company's AGM to be
held on Wednesday, 25th November 2020, the dividend will be paid on Wednesday,
2nd December 2020 to those shareholders on the register at the close of
business on Friday, 20th November 2020. Shareholders on the South African
register will receive their dividend in South African rand converted from
sterling at the closing rate of exchange on Thursday, 17th September 2020 being
GBP1= ZAR 21.0308
JSE Disclosure Requirements
In respect of the normal gross cash dividend, and in terms of the South African
Tax Act, the following dividend tax ruling only applies to those shareholders
who are registered on the South African register on Friday, 20th November
2020.
* The number of shares in issue as at the dividend declaration date is
31,207,479;
* The dividend has been declared from income reserves. Funds are sourced from
the Company's main bank account in London and is regarded as a foreign
dividend by South African shareholders; and
* The Company's UK Income Tax reference number is 948/L32120.
Dividend dates:
Last date to trade (SA) Tuesday, 17th November 2020
Shares trade ex-dividend Wednesday, 18th November 2020
(SA)
Shares trade ex-dividend Thursday, 19th November 2020
(UK)
Record date (UK and SA) Friday, 20th November 2020
Pay date Wednesday, 2nd December 2020
The JSE Listings Requirements require disclosure of additional information in
relation to any dividend payments.
Shareholders registered on the South African register are advised that a
dividend withholding tax will be withheld from the gross final dividend amount
of ZAR 12.61848 cents per share at a rate of 20% unless a shareholder
qualifies for an exemption; shareholders registered on the South African
register who do not qualify for an exemption will therefore receive a net
dividend of ZAR 10.094784 cents per share. The dividend withholding tax and
the information contained in this paragraph is only of direct application to
shareholders registered on the South African register, who should direct any
questions about the application of the dividend withholding tax to
Computershare Investor Services (Pty) Limited, Tel: +27 11 370 5000.
Share certificates may not be de-materialised or re-materialised between
Wednesday, 18th November 2020 and Friday, 20th November 2020, both days
inclusive. Shares may not be transferred between the registers in London and
South Africa during this period either.
Outlook
The continued political and economic uncertainty in Europe, where a Brexit
trade deal has yet to be delivered, and globally, with Covid-19 and the
negative impact from tariff issues, will clearly impact on world economies and
we can expect further volatility and turbulence in the markets ahead. Whilst
the last 12 months have been challenging for the Group's investments,
particularly its Strategic Investments, and we can expect further challenges
ahead, the Board is confident that the Group has a solid base of investments
which can lead to further capital growth in the medium to long term.
Future Developments
The Group's development and its financial performance are dependent on the
success of its Investment Strategy and the continued support of its
Shareholders. Against a background of challenging and uncertain times in the
markets particularly due to Covid-19, the Board continues to seek out
investments which will generate growth in shareholder value. The Board also
continues to monitor and enhance the quality of investments in the General
Portfolio. A resolution was put to Shareholders at last year's AGM to amend the
Company's Investment Policy so that up to 40 investments may be held in the
Company's General Portfolio at any time. The resolution was approved. Aside
from this change, the Board continues to pursue its current Investment Policy
and has no plans to make any further changes to the policy in the near future.
As at 30th June 2020, the Company held 31 investments in the General Portfolio.
18 September 2020
The Company's 2020 Annual Report and Accounts will be finalised shortly and
sent to shareholders.
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
The directors of the Company accept responsibility for the contents of this
announcement.
For further information, please contact:
London Finance & Investment Group PLC: 020 7796 9060
David Marshall/Edward Beale)
Johannesburg Sponsor:
Sasfin Capital (a member of the Sasfin Group)
Consolidated Statement of Total Comprehensive Income
For the year ended 30th June
Restated for
IFRS 16
Operating Income Notes 2020 2019 2019
GBP000 GBP000 GBP000
Dividends receivable 425 687 687
Rental and other income 150 130 130
Profits on sales of investments 68 15 15
Management service fees 284 260 260
927 1,092 1,092
Administrative expenses
Investment operations 4a (417) (398) (398)
Management services 4a (380) (328) (334)
Total administrative expenses (797) (726) (732)
Operating profit 3 130 366 360
Unrealised changes in the carrying value of
General Portfolio investments 13 (700) 748 748
Exceptional costs 4b - (67) (67)
Interest payable (62) (57) (34)
Profit before taxation (632) 990 1,007
Tax income/(expense) 7 (164) (95) (95)
Profit after taxation (796) 895 912
Non-controlling interest (11) 13 5
Profit attributable to shareholders (807) 908 917
Other comprehensive income/(expense)
Items that will not be reclassified to
profit or loss
Unrealised changes in the carrying value of
Strategic investments (1,305) (3,054) (3,054)
Other taxation -
Deferred tax 7 - 379 379
Total Other Comprehensive (Loss)/Income
attributable to shareholders (1,305) (2,675) (2,675)
Total Comprehensive (Loss)/Income
attributable to owners of the parent (2,112) (1,767) (1,758)
Reconciliation of headline earnings
Basic and diluted earnings per share 9 (2.6)p 2.9p 2.9p
Adjustment for the unrealised changes in the
carrying value of investments, net of tax - - (2.3)p
Headline earnings per share 9 (2.6)p 2.9p 0.6p
Consolidated Statement of Financial Position
At 30th June
Restated
for IFRS 16
2020 2019 2019
Notes GBP000 GBP000 GBP000
Non-current Assets
Property, Plant and Equipment 10 31 39 39
Right of use asset 11 512 568 -
Investments 13 6,291 7,596 7,596
6,834 8,203 7,635
Current Assets
Listed investments 13 9,948 11,383 11,383
Trade and other receivables 14 166 194 194
Cash and cash equivalents 269 240 240
10,383 11,817 11,817
Current Liabilities
Trade and other payables 15 (225) (232) (279)
Lease liabilities 11 (52) (49) -
Borrowings 16 - (400) (400)
(277) (681) (679)
Net Current Assets 10,106 11,136 11,138
Non-current Liabilites
Lease liabilities 11 (519) (583) -
Deferred Taxation 17 (520) (395) (395)
(1,039) (978) (395)
Total Assets less Total Liabilities 15,901 18,361 18,378
Capital and Reserves
Ordinary share capital 18 1,560 1,560 1,560
Share premium account 2,320 2,320 2,320
Unrealised profits and losses on 1,708 6,085 6,085
investments
Share of retained realised profits and 4,712 4,565 4,574
losses of subsidiaries
Company's retained realised profits 5,498 3,739 3,739
and losses
Capital and reserves attributable to 15,798 18,269 18,278
owners
Non-controlling interests 103 92 100
Total Capital and Reserves 15,901 18,361 18,378
Company Statement of Financial Position
At 30th June
2020 2019
Notes GBP000 GBP000
Non-current Assets
Investments in Group companies 12 2,074 528
Current Assets
Listed investments 13 9,948 11,383
Trade and other receivables 14 16 23
Cash and cash equivalents 91 101
10,055 11,507
Current Liabilities
Trade and other payables 15 (132) (131)
Borrowings 16 - (400)
(132) (531)
Net Current Assets 9,923 10,976
Deferred Taxation 17 (520) (395)
Total Assets less Total Liabilities 11,477 11,109
Capital and Reserves
Ordinary share capital 18 1,560 1,560
Share premium account 18 2,320 2,320
Unrealised profits and losses on investments 18 2,099 3,490
5,979 7,370
Realised Profit and Loss
Balance at 1st July 3,739 4,253
Net Profit/(Loss)/ for the period 2,118 (154)
Dividends paid (359) (360)
Balance at 30th June 5,498 3,739
Equity shareholders' funds 11,477 11,109
Under Section 408 of the Companies Act 2006, the Parent Company is exempt from
the requirement to present its own income statement.
Consolidated Statement of Cash Flows
For the year ended 30th June
Restated
for IFRS 16
Notes 2020 2019 2019
GBP000 GBP000 GBP000
Cash flows from operating activities
(Loss)/Profit before tax (632) 990 1,007
Adjustments for non-cash -
Finance expense 62 57 34
Depreciation charges 10 13 13
Depreciation on right of use asset 62 46 -
Unrealised changes in the fair value 13 1,265 (756) (756)
of investments
Realised gain on disposal of 13 (633) (7) (7)
investments
Decrease in trade and other 10 58 58
receivables
Decrease in trade and other payables (7) (112) (83)
Taxes paid 7 (39) (44) (44)
Net cash inflow from operating 98 245 222
activities
Cash flows from investment activity
Acquisition of property, plant and (2) (39) (39)
equipment
Acquisition of current investments (163) (611) (611)
Proceeds from disposal of current 13 966 667 667
investments
Net cash inflow from investment 801 17 17
activity
Cash flows from financing
Interest paid (31) (18) (18)
Interest paid on lease liabilities (31) (23) -
Repayment of lease liabilities (49) - -
Equity dividends paid (359) (360) (360)
Net (repayment)/drawdown of loan 16 (400) 75 75
facilities
Net cash outflow from financing (870) (326) (303)
Increase/(Decrease) in cash and cash 20 29 (64) (64)
equivalents
Cash and cash equivalents at the 240 304 304
beginning of the year
Cash and cash equivalents at end of 269 240 240
the year
Company Statement of Cash Flows
For the year ended 30th June
Notes 2020 2019
GBP000 GBP000
Cash flows from operating activities
Profit before tax 891 644
Adjustments for non-cash and non-operating
activities -
Finance expense 31 35
Release of Impairment provision 12 (1,681) -
Unrealised changes in the fair value of 13 1,266 (756)
investments
Realised gain on disposal of investments 13 (633) (7)
Decrease in trade and other receivables 7 13
Decrease in trade and other payables (16) (11)
Overseas Taxes paid 7 (39) (43)
Net cash outflow from operating activities (174) (125)
Cash flows from investment activity
Acquisition of investments (163) (611)
Proceeds from disposal of investments 966 667
Net cash inflow from investment activity 803 56
Cash flows from financing
Interest paid (15) (18)
Equity dividends paid (359) (360)
Decrease in loan to subsidiary 12 135 374
Net (repayment)/drawdown of loan facilities 16 (400) 75
Net cash (outflow)/inflow from financing (639) 71
(Decrease)/Increase in cash and cash (10) 2
equivalents
Cash and cash equivalents at the beginning of 101 99
the year
Cash and cash equivalents at end of the year 91 101
Consolidated Statement of Changes in Shareholders' Equity
Ordinary Share Premium Unrealised profits Share of Retained Company's Total Non-Controlling Total
Share Capital Account and losses on realised profits retained realised Interests Equity
Investments and losses of profits and
Subsidiaries losses
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Year ended 30th
June 2020
Balances at 1st
July 2019 1,560 2,320 6,085 4,565 3,739 18,269 92
18,361
(Loss)/profit for - - (1,391) 147 437 (807) 11 (796)
the Year
Other Comprehensive - - (1,305) - - (1,305) - (1,305)
Income
Total comprehensive
income - - (2,696) 147 11
437 (2,112) 2,101)
Impairment - - (1,681) - 1,681 - - -
provision released
Dividends paid and - - - - (359) (359) - (359)
total transactions
with shareholders
Balnaces at 30th
June 2020 1,560 2,320 4,712 5,498) 103
1,708 15,798 15,901
Year ended 30th June
2019 (Restated for
IFRS 16)
Balances at 1st July
2018 20,501
1,560 2,320 8,056 4,207 4,253 20,396 105
Profit/(loss) for the - - 704 367 (154) 917 (5) 912
Year
IFRS 16 Adjustment - - - (9) - (9) (8) (17)
Other Comprehensive - - (2,675) - - (2,675) - (2,675)
Income
Total comprehensive
income - -
(1,971) 358 (154) (1,767) (13) (1,756)
Dividends paid and - - - - (360) (360) - (360)
total transactions
with shareholders
Balances at 30th June
2019
1,560 2,320 6,085 4,565 3,739 18,269 92 18,361
Company Statement of Changes in Shareholders' Equity
Ordinary Share Premium Unrealised Realised Equity
Share Capital Account profits and profits and Total
losses on losses
Investments
GBP000 GBP000 GBP000 GBP000 GBP000
Year ended 30th June 2020
Balances at 1st July 2019 1,560 2,320 3,490 3,739 11,109
(Loss)/profit for the Year and - - (1,391) 2,118 727
total comprehensive income
Dividends paid and total - - - (359) (359)
transactions with shareholders
Balances at 30th June 2020
1,560 2,320 2,099 5,498 11,477
Year ended 30th June 2019
Balances at 1st July 2018 1,560 2,320 2,786 4,253 10,919
Profit/(loss) for the Year and - - 704 (154) 550
total comprehensive income
Dividends paid and total - - - (360) (360)
transactions with shareholders
Balances at 30th June 2019
1,560 2,320 3,490 3,739 11,109
Notes:
1. Basic earnings per share and Headline earnings per share
Basic (loss)/earnings per share, based on the loss attributable to the
shareholders after tax and non-controlling interests of GBP807,000 (2019 -
restated profit GBP908,000) and on 31,207,479 shares issued
Headline earnings are required to be disclosed by the JSE.
Headline (loss)/earnings per share are based on the loss attributable to the
shareholders after tax and non-controlling interests, before unrealised changes
in the fair value of investments net of tax, of GBP807,000 (2019 - restated
profit GBP908,000) and on 31,207,479 shares issued plus 80,000 share options
granted in 2016.
1. Net assets per share
The net assets per share are calculated taking investments at fair value and on
31,207,479 shares (2019- 31,207,479) being the weighted average of the number
of shares in issue during the year.
1. Financial information
The financial information in this preliminary announcement does not
constitute the Company's statutory accounts for the year ended 30th June
2020 within the meaning of Section 435 of the Companies Act 2006.
The accounts have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union and with those
parts of the Companies Act 2006 applicable to companies reporting under
IFRS. The accounts are prepared on the historical cost bases, except for
certain assets and liabilities which are measured at fair value, in
accordance with IFRS. The audited accounts for the Group for the year ended
30th June 2019 were reported on with an unqualified audit report and did
not contain an emphasis of matter paragraph or any statement under section
498 of the Companies Act 2006 and have been delivered to the Registrar of
Companies.
2. Copies of this Announcement
Copies of this announcement are held at the Company's registered office, 1
Ely Place, London, EC1N 6RY (tel. 020 7796 9060) and are available for a
period of 14 days from the date of this announcement.
END
(END) Dow Jones Newswires
September 21, 2020 02:00 ET (06:00 GMT)
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