TIDMFTV
FORESIGHT VCT PLC
Financial Highlights
-- Total net assets GBP132.3 million.
-- An interim dividend of 5.0p per share was paid on 3 May 2019, costing
GBP8.8 million.
-- The portfolio has seen an uplift in valuation of GBP4.8 million in
the last six months.
-- Net Asset Value per share increased by 2.9% from 78.1p at 31 December
2018 to 80.4p before dividends. After payment of a 5.0p dividend made on
3 May 2019, NAV per share at 30 June 2019 reduced to 75.4p.
-- Four new VCT qualifying investments, totalling GBP9.0 million were
made during the period.
Chairman's Statement
I am pleased to present the Unaudited Half-Yearly Financial Report for
Foresight VCT plc for the period ended 30 June 2019.
STRATEGY
The Directors, together with the Manager, continue to pursue a strategy
for the Company which includes the following four key objectives:
-- Increasing and then maintaining the Company's net asset value (NAV)
significantly above GBP150 million;
-- Paying an annual dividend to shareholders and endeavouring to
maintain, or increase, NAV per share year on year, after payment of
dividends;
-- Completing a significant number of new and follow on qualifying
investments every year; and
-- Offering a programme of regular share buy backs at a discount of
approximately 10% to the prevailing NAV.
NET ASSET VALUE
During the period ended 30 June 2019 the NAV per share rose by 2.3p, an
increase of 2.9%. However, following the payment of a 5.0p per share
dividend on 3 May 2019, which is detailed below, the NAV of the Company
decreased from GBP136.7 million at 31 December 2018 to GBP132.3 million
as at 30 June 2019.
At 30 June 2019 the cash resources of the Company were GBP19.8 million
and in line with the current strategy, the Directors will give
consideration to the benefits which might arise from further fund
raising in the coming months.
DIVIDS
The interim dividend of 5.0p per share was paid on 3 May 2019 based on
an ex-dividend date of 11 April 2019, with a record date of 12 April
2019. The cost of this dividend was a total of GBP8.8 million, including
shares allotted under the dividend reinvestment scheme.
The Company has achieved or exceeded its target of paying an annual
dividend of at least 5.0p per share for each of the past nine years.
Since establishing the current dividend strategy major changes have
taken place to the VCT rules and, as I have highlighted in recent
Statements to Shareholders, these have been intended to shift investment
into earlier stage, higher risk companies. By their nature these
companies normally take longer to mature and, though eventual returns
should be similar, the Board anticipates that for the coming few years
enhancement to investment values, realisations and income will all be
more volatile. As a consequence, although the total amount of
distributions over the longer term could be similar, the Board believes
that it would be prudent to move the dividend policy towards a targeted
annual dividend yield of 5% of NAV per annum. This should be enhanced by
additional 'special' dividends as and when particularly successful
portfolio exits are made.
The total return per share from an investment made five years ago would
be 12.6%, which is materially below the target return set by the
Directors, and it is the future achievement of this target that is at
the centre of the Company's current and future portfolio management
strategy.
INVESTMENT PERFORMANCE AND PORTFOLIO ACTIVITY
A detailed analysis of the investment portfolio performance over the
period is given in the Manager's Review.
Before the payment of dividends, the Company's NAV increased in the
period by GBP4.4 million. The Board believes that this reflects the
benefit of the enlarged and diversified portfolio of qualifying
investments which the Manager has built up over the past few years. The
Company started the current year with 85% of its assets invested in a
range of unquoted growth capital investments; the Board and Manager
believe that, in aggregate, these investments will continue to mature
and should help improve the future rate of growth in NAV.
During the period under review the Manager completed four new VCT
qualifying investments amounting to GBP9.0 million. Details of each of
these new portfolio companies can be found in the Manager's Review.
The Manager expects that the current pipeline of opportunities should
support completion of a number of additional new investments during the
remainder of the current year.
The Board is aware that Foresight 4 VCT plc ('Foresight 4') has over the
past two years raised a considerable amount of new money, much of which
needs to be invested in the near future. The Company and Foresight 4
have the same Manager and share similar investment policies. The Board
closely monitors the extent and nature of the pipeline of investment
opportunities and is reassured by the Manager's confidence in being able
to increase the level of new investments without compromising quality
during 2019 and beyond, so as to be in a position to satisfy the
investment needs of both the Company and Foresight 4.
BUYBACKS
During the period the Company repurchased 1.5 million shares for
cancellation at an average discount of 10.0%. The Board and the Manager
consider that the ability to offer to buy back shares at a target
discount of approximately 10% is fair to both continuing and selling
shareholders and is an appropriate way to help underpin the discount to
NAV at which the shares trade.
Share buybacks are timed during the year taking account of the Company's
closed periods. These will generally take place, subject to demand,
during the following times of year:
-- April, after the Annual Report has been published;
-- June, prior to the Half-Yearly reporting period date of 30 June;
-- September, after the Half- Yearly Financial Report has been
published; and
-- December, prior to the end of the financial year.
MANAGEMENT CHARGES, CO-INVESTMENT AND INCENTIVE ARRANGEMENTS
The annual management fee is an amount equal to 2.0% of net assets,
excluding cash balances above GBP20 million, which are charged at a
reduced rate of 1.0%. This has resulted in ongoing charges for the
period ended 30 June 2019 being 2.3% of net assets, which is at the
lower end of the range when compared to competitor VCTs.
Since March 2017, co-investments made by the Manager and individual
members of Foresight Group's private equity team have totalled GBP0.6
million alongside the Company's investments of GBP41.4 million. Under
the terms of the Incentive Arrangements, the 'Total NAV Return Hurdle'
has not yet been achieved and no performance incentive payment is due.
BOARD COMPOSITION
The Board continues regularly to review its own performance and
undertakes succession planning to maintain an appropriate level of
independence, experience, diversity and skills in order to be in a
position to discharge all its responsibilities. There is no present
intention to alter the composition of the Board and the first planned
change is scheduled to take effect during 2021.
SHAREHOLDER COMMUNICATION
As part of its commitment to high quality investor relations, Foresight
Group continues to host its popular investor forums. In addition to an
annual event in London, several regional investor forums have been or
will be held around the country. Details of regional events will be sent
to Shareholders resident in the locality as and when they are organised.
The Board is offering shareholders the opportunity to elect the method
by which they receive shareholder communications in the future. Details
of this are included in the letter enclosed with this report. The Board
believes that, in addition to promoting sustainability, a shift towards
electronic communications will result in cost savings for the Company.
AUDITOR
The Board regularly reviews the Company's ongoing costs and launched a
tender for its audit contract following the signing of the 2018 Annual
Report and Accounts. The previous auditor, KPMG LLP, was invited to
tender alongside several other firms. Following this competitive tender
process, I am pleased to confirm that Deloitte LLP have been appointed
as company auditor for the year ending 31 December 2019. The Board would
like to thank KPMG for their service over the past eight years. As
announced earlier today, KPMG's section 519 statement will be enclosed
with this report.
OUTLOOK
The persisting uncertainty over Brexit and worrying indicators for
various areas of world trade are unhelpful for business in general.
Foresight VCT invests primarily in developing companies which by their
nature benefit from general economic growth, and the current environment
places additional demands upon them and their management teams.
Foresight Group's private equity team is well aware of the management
and business needs of each of the companies within the investment
portfolio and is working closely with them to ensure that they are able
to make progress during these testing times. The Board and the Manager
are optimistic that the existing portfolio has potential to grow further
during the current year and beyond and that the present pipeline of
potential investments includes some attractive opportunities.
John Gregory
Chairman
Telephone 01296 682751
Email: j.greg@btconnect.com
30 August 2019
Manager's Review
The Company has appointed Foresight Group CI Limited as its manager
("The Manager") to provide investment management and administration
services. Foresight Group CI Limited has appointed Foresight Group LLP
to be its investment adviser. The Manager has also delegated secretarial,
accounting and other administration services to Foresight Group LLP.
References to "the Manager" throughout this report refer to the
activities of Foresight Group CI Limited and include the activities of
Foresight Group LLP when acting as the Manager's investment adviser and
administrative delegate.
Overview
We were pleased to deliver an uplift in portfolio value of GBP4.8
million in the period, although NAV was reduced by payment of an GBP8.8
million dividend and performance was therefore behind target. Good
progress was made in regards new investments with four completed in the
six-month period, deploying GBP9.0 million. We continue to manage the
Company's resources to ensure sufficient liquidity for new and follow-on
investments, dividends and regular buybacks, with the Company
repurchasing 1.5 million shares at an average discount of 10% in the
period under review.
As the portfolio mix evolves in line with the new VCT rules we believe
the Board's new target dividend of 5% of NAV per annum, enhanced by the
opportunity for 'special' dividends following successful portfolio exits,
more appropriately reflects likely returns from the underlying
portfolio.
Portfolio Summary
As at 30 June 2019 the Company's portfolio comprised 42 investments with
a total cost of GBP85.7 million and a valuation of GBP112.8 million. The
portfolio is diversified by sector, transaction type and maturity
profile.
NEW INVESTMENTS AND FOLLOW-ON FUNDING
The Company invested a total of GBP9.0 million during the first six
months of 2019. This included Clubspark, a sports management software
company, Steamforged Games, a developer and retailer of tabletop games,
Fourth Wall Creative, a technology-led sports merchandising business and
most recently Ten Health & Fitness, a boutique group of health and
fitness studios.
CLUBSPARK
In January 2019 the Company made a c.GBP1.3 million investment into
Sportlabs Technology Limited, trading as ClubSpark, a specialist
software company providing sports management software to sports clubs,
venues, coaches and participants. ClubSpark was founded in 2012 by two
ex-Lawn Tennis Association employees who spotted an opportunity to
develop a platform to manage operations for the LTA member clubs. The
investment will be used to establish an international presence, enhance
the platform and expand into new sports markets.
STEAMFORGED GAMES
In March 2019 the Company invested c.GBP2.4 million in Steamforged Games,
a developer and retailer of tabletop games with a portfolio of miniature
role playing, board and card games. Founded in 2014, Steamforged Games
has successfully carved out a niche in the market developing tabletop
games based on popular video game titles, as well as their own original
content. The investment will be used to fund growth through product
development and international expansion.
FOURTHWALL CREATIVE
The Company invested c.GBP3.0 million in Fourth Wall Creative, a
technology-led sports merchandising business. Founded in 2010, their
core business is the design and distribution of membership welcome packs
on behalf of football clubs. The investment will fund growth through the
development of new services, expanding the customer base and exploring
other sports opportunities.
TEN HEALTH & FITNESS
In June 2019 the Company invested c.GBP2.4 million in Ten Health, a
group of boutique fitness studios offering a range of services including
physiotherapy, massage therapy and fitness classes. Founded in 2007, Ten
Health was developed to bridge the gap in the market between traditional
healthcare and mainstream fitness. The investment will be used to
further develop Ten Health's non-fitness services and to support a
roll-out of new studios.
FOLLOW-ON INVESTMENTS
There have been no follow-on investments during the six months to 30
June 2019.
PIPELINE
Foresight Group continues to see a strong pipeline of potential
investments and has a number of opportunities under exclusivity or in
due diligence. Our investment team currently consists of 24 experienced
private equity professionals operating from six offices in the UK, due
to be expanded to seven later in 2019. We review nearly 1,500 business
plans of potential investee companies per year, with an increasing
number of prospects originated directly by our investment team. This
approach allows us to seek off-market opportunities which are often
better value as there is less competition in the process. During the
first half of 2019 we are on track to review a record number of
businesses thanks to our expanding regional footprint. The Company
focuses on SMEs in all sectors across the UK, seeking funding of GBP1-5
million.
At 30 June 2019, the Company had cash balances of GBP19.8 million, which
will be used to fund new and follow-on investments, buybacks and running
expenses. The Company remains well positioned to continue pursuing the
potential investment opportunities in the pipeline.
EXITS AND REALISATIONS
The Business Advisory Limited repaid a GBP45,000 loan in the period.
Other than this there have been no exits during the six months to 30
June 2019. Foresight Group continues to engage with a range of potential
acquirers of several portfolio companies, with demand for these high
growth businesses demonstrated by both private equity and trade buyers.
In May 2019 LGDA Limited (formerly Autologic Diagnostics Group Limited)
was dissolved, realising a loss of GBP3,782,272. The investment in
Autologic had been valued at GBPnil since 2017. This loss results from
the transfer from unrealised to realised reserves and has no impact on
NAV in the current period.
KEY PORTFOLIO DEVELOPMENTS
Overall, the value of unquoted investments held rose to GBP112.8 million,
driven by GBP9.0 million of deployment and an increase in the value of
existing investments by GBP4.8 million. Material changes in valuation,
defined as increasing or decreasing by GBP1.0 million or more since 31
December 2018, are detailed below. Updates on these companies are
included below;
Company Valuation (GBP) Valuation Change (GBP)
----------------------------- --------------- ----------------------
FFX Group Limited 7,408,267 2,320,670
----------------------------- --------------- ----------------------
Specac International Limited 6,315,005 1,267,684
----------------------------- --------------- ----------------------
Ixaris Systems Limited 5,580,716 1,017,326
----------------------------- --------------- ----------------------
Datapath Group Limited 7,782,267 (1,027,677)
----------------------------- --------------- ----------------------
Online Poundshop Limited 933,187 (1,041,399)
----------------------------- --------------- ----------------------
Powerlinks Media Limited 411,358 (1,129,666)
----------------------------- --------------- ----------------------
ONLINE POUNDSHOP
Online retailer Poundshop has had a soft period of trading primarily due
to the seasonality of their business combined with unusually hot weather
and a reduced level of stock. Sales are down, however management are
working on improving gross margins and their cash management to reduce
further losses.
POWERLINKS MEDIA
PowerLinks Media, a real-time trading platform for native digital
advertisements, has converted several large new clients over the past
six months. Sales however remain behind expectations. To help fund
growth, PowerLinks Media undertook a small private capital raise in Q2
and will continue to focus on managing its cost base.
OUTLOOK
There remains uncertainty around the UK's withdrawal from the EU and it
is likely that economic growth will stay subdued, or even slip into
negative territory, over the coming year. Generally, the business
environment remains uncertain with the Bank of England keeping interest
rates low and with employment still at record levels. This was reflected
through muted levels of UK consumer confidence in July, and this is
anticipated to fall again in August due to rising concerns over a
no-deal Brexit. The Bank of England also cut its outlook for growth in
2020 to 1.3%, from a previous projection of 1.6%. There is a likely
period of volatility ahead, nonetheless Foresight Group remains positive
about the prospects for the Company's diversified portfolio. We continue
to see encouraging levels of activity from smaller UK companies seeking
growth capital, as well as from potential acquirers of portfolio
companies. Your investment management team remains focused on targeting
companies in markets with sound fundamentals, with attractive growth
attributes and strong management teams.
Foresight Group has undertaken a further review of the impact of Brexit
on the investment portfolio, attempting to identify and mitigate
potential risks that could arise as a result of Brexit, as well as
identifying opportunities that could result from it. Given the lack of
clarity on timing or type of Brexit and the relatively limited resources
available to small companies, mitigation planning is clearly
challenging. However, given the diverse nature of businesses in the
portfolio, with a combination of UK-centric businesses and companies
that are net importers/net exporters from and to the EU and the rest of
the world, Foresight Group remains confident the Company is reasonably
well positioned to deal with potential volatility. Nevertheless, the
investment team is scenario planning for all eventual outcomes. We will
continue to monitor investments closely and adapt to market changes to
ensure the Company's portfolio is well-placed to deliver returns to its
investors.
Russell Healey
Head of Private Equity
Foresight Group
30 August 2019
Unaudited Half-Yearly Results and Responsibilities Statements
Principal Risks and Uncertainties
The principal risks faced by the Company are as follows:
-- Performance;
-- Regulatory;
-- Operational; and
-- Financial.
The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Accounts for the year ended 31 December
2018. A detailed explanation can be found on page 27 of the Annual
Report and Accounts which is available on Foresight Group's website
www.foresightgroup.eu or by writing to Foresight Group at The Shard, 32
London Bridge Street, London, SE1 9SG.
In the view of the Board, there have been no changes to the fundamental
nature of these risks since the previous report and these principal
risks and uncertainties are equally applicable to the remaining six
months of the financial year as they were to the six months under
review.
DIRECTORS' RESPONSIBILITY STATEMENT
The Disclosure and Transparency Rules ('DTR') of the UK Listing
Authority require the Directors to confirm their responsibilities in
relation to the preparation and publication of the Interim Report and
financial statements.
The Directors confirm to the best of their knowledge that:
1. the summarised set of financial statements has been prepared in
accordance with FRS 104;
2. the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first
six months and description of principal risks and uncertainties for the
remaining six months of the year);
3. the summarised set of financial statements gives a true and fair view of
the assets, liabilities, financial position and profit or loss of the
Company as required by DTR 4.2.4R; and
4. the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
GOING CONCERN
The Company's business activities, together with the factors likely to
affect its future development, performance and position, are set out in
the Strategic Report of the Annual Report. The financial position of the
Company, its cash flows, liquidity position and borrowing facilities are
described in the Chairman's Statement, Strategic Report and Notes to the
Accounts of the 31 December 2018 Annual Report. In addition, the Annual
Report includes the Company's objectives, policies and processes for
managing its capital; its financial risk management objectives; details
of its financial instruments; and its exposures to credit risk and
liquidity risk.
The Company has considerable financial resources together with
investments and income generated therefrom across a variety of
industries and sectors. As a consequence, the Directors believe that the
Company is well placed to manage its business risks successfully.
The Directors have reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable
future. Thus they continue to adopt the going concern basis of
accounting in preparing the annual financial statements.
The Half-Yearly Financial Report has not been audited nor reviewed by
the auditors.
On behalf of the Board
John Gregory
Chairman
30 August 2019
Unaudited Income Statement
for the six months ended 30 June 2019
Six months ended Six months ended 30 Year ended 31 December
30 June 2019 (Unaudited) June 2018 (Unaudited) 2018 (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Realised (losses)/
gains on investments - (3,341) (3,341) - 2,192 2,192 - 921 921
Investment holding
gains - 8,204 8,204 - 523 523 - 5,916 5,916
Income 677 - 677 735 - 735 1,398 - 1,398
Investment management
fees (314) (943) (1,257) (293) (879) (1,172) (595) (1,784) (2,379)
Other expenses (289) - (289) (213) - (213) (472) - (472)
Return on ordinary
activities before
taxation 74 3,920 3,994 229 1,836 2,065 331 5,053 5,384
Taxation - - - (32) 32 - (34) 34 -
Return on ordinary
activities after
taxation 74 3,920 3,994 197 1,868 2,065 297 5,087 5,384
Return per share:
0.1p 2.2p 2.3p 0.1p 1.1p 1.2p 0.2p 2.9p 3.1p
The total column of this statement is the profit and loss account of the
Company and the revenue and capital columns represent supplementary
information.
All revenue and capital items in the above Income Statement are derived
from continuing operations. No operations were acquired or discontinued
in the period.
The Company has no recognised gains or losses other than those shown
above, therefore no separate statement of total recognised gains and
losses has been presented.
Unaudited Balance Sheet
at 30 June 2019
Registered Number: 03421340
As at
As at As at 31 December
30 June 2019 30 June 2018 2018
GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value
through profit or loss 112,774 85,407 99,065
Current assets
Debtors 235 723 542
Money market securities and other
deposits 17,323 44,582 34,723
Cash 2,487 3,669 2,696
20,045 48,974 37,961
Creditors
Amounts falling due within one
year (479) (181) (300)
Net current assets 19,566 48,793 37,661
Net assets 132,340 134,200 136,726
Capital and reserves
Called-up share capital 1,755 1,762 1,751
Share premium account 100,495 99,172 99,115
Capital redemption reserve 935 908 920
Distributable reserve 3,224 13,566 12,929
Capital reserve (862) 5,596 3,422
Revaluation reserve 26,793 13,196 18,589
Equity shareholders' funds 132,340 134,200 136,726
Net asset value per share:
75.4p 76.2p 78.1p
Unaudited Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 June 2019
Called-up Share Capital
share premium redemption Distributable Capital Revaluation
capital account reserve reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 January 2019 1,751 99,115 920 12,929 3,422 18,589 136,726
Share issues in the
period* 19 1,426 - - - - 1,445
Expenses in relation
to share issues - (46) - - - - (46)
Repurchase of shares (15) - 15 (1,026) - - (1,026)
Realised losses on disposal
of investments - - - - (3,341) - (3,341)
Investment holding gains - - - - - 8,204 8,204
Dividend paid - - - (8,753) - - (8,753)
Management fees charged
to capital - - - - (943) - (943)
Revenue return for the
period - - - 74 - - 74
As at 30 June 2019 1,755 100,495 935 3,224 (862) 26,793 132,340
*Relating to the dividend reinvestment scheme.
Distributable reserves at 30 June 2019 totalled GBP2.4 million. Share
premium totalling GBP21.6 million was cancelled on 30 July 2019,
increasing distributable reserves by this amount.
Unaudited Cash Flow Statement
for the six months ended 30 June 2019
Six months Six months Year ended
ended 30 ended 30 31 December
June 2019 June 2018 2018
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Investment income received 494 577 1,180
Deposit and similar interest received 107 108 258
Investment management fees paid (1,257) (1,172) (2,379)
Secretarial fees paid (62) (56) (115)
Other cash payments (257) (319) (495)
Net cash outflow from operating
activities (975) (862) (1,551)
Cash flow from investing activities
Purchase of investments (8,956) (7,936) (17,705)
Net proceeds on sale of investments 45 3,019 3,380
Net proceeds on deferred consideration 441 339 310
Net proceeds on liquidation of
investments - 20 20
Net cash outflow from investing
activities (8,470) (4,558) (13,995)
Cash flow from financing activities
Expenses of fund raising (46) (48) (95)
Repurchase of own shares (810) (1,104) (1,763)
Dividends paid (7,308) (7,176) (7,176)
Movement in money market funds 17,400 15,900 25,759
Net cash inflow from financing
activities 9,236 7,572 16,725
Net (outflow)/ inflow of cash in
the period (209) 2,152 1,179
Reconciliation of net cash flow to
movement in net funds
(Decrease)/increase in cash and cash
equivalents for the period (209) 2,152 1,179
Net cash and cash equivalents at
the start of period 2,696 1,517 1,517
Net cash and cash equivalents at
the end of period 2,487 3,669 2,696
Analysis of changes in net debt
At 1 January At 30 June
2019 Cash Flow 2019
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 2,696 (209) 2,487
Notes to the Unaudited Half-Yearly Results
1. The Unaudited Half-Yearly Financial Report has been prepared on the basis
of the accounting policies set out in the statutory accounts of the
Company for the year ended 31 December 2018. Unquoted investments have
been valued in accordance with IPEV Valuation Guidelines.
2. These are not statutory accounts in accordance with S436 of the Companies
Act 2006 and the financial information for the six months ended 30 June
2019 and 30 June 2018 has been neither audited nor formally reviewed.
Statutory accounts in respect of the year ended 31 December 2018 have
been audited and reported on by the Company's auditors and delivered to
the Registrar of Companies and included the report of the auditors which
was unqualified and did not contain a statement under S498(2) or S498(3)
of the Companies Act 2006. No statutory accounts in respect of any period
after 31 December 2018 have been reported on by the Company's auditors or
delivered to the Registrar of Companies.
3. Copies of the Unaudited Half-Yearly Financial Report will be sent to
shareholders and will be available for inspection at the Registered
Office of the Company at The Shard, 32 London Bridge Street, London, SE1
9SG.
4. Net asset value per share
The net asset value per share is based on net assets at the end of the
period and on the number of shares in issue at the date.
Number of
Shares in
Net assets Issue
30 June 2019 GBP132,340,000 175,481,093
30 June 2018 GBP134,200,000 176,180,654
31 December
2018 GBP136,726,000 175,051,026
1. Return per share
The weighted average number of shares used to calculate the respective
returns are shown in the table below.
Shares
Six months ended 30 June
2019 175,365,523
Six months ended 30 June
2018 175,775,983
Year ended 31 December
2018 175,834,593
Earnings for the period should not be taken as a guide to the results
for the full year.
6) Income
Six months Six months Year ended
ended 30 ended 30 31 December
June 2019 June 2018 2018
GBP'000 GBP'000 GBP'000
Loan stock interest 457 568 985
Dividends 113 60 155
Overseas based Open Ended Investment
Companies ("OEICs") 100 100 241
Bank interest 7 7 17
677 735 1,398
7) Investments at fair value through profit or loss
GBP'000
Book cost as at 1 January 2019 80,527
Investment holding gains 18,538
Valuation at 1 January 2019 99,065
Movements in the period:
Purchases 8,956
Disposal proceeds (45)
Realised gains* (3,782)
Investment holding gains** 8,580
Valuation at 30 June 2019 112,774
Book cost at 30 June 2019 85,656
Investment holding gains 27,118
Valuation at 30 June 2019 112,774
*Realised losses in the income statement include deferred consideration
of GBP441,000 received from the sale of Trilogy Communications Limited.
**Investment holding gains in the income statement have been reduced by
the offset in the deferred consideration debtor of GBP376,000, relating
to Trilogy Communications Limited.
8) Related party transactions
No Director has an interest in any contract to which the Company is a
party other than their appointment and payment as directors.
9) Transactions with the Manager
Foresight Group CI Limited acts as manager to the Company. During the
period, services of a total cost of GBP1,257,000 (30 June 2018:
GBP1,172,000; 31 December 2018: GBP2,379,000) were purchased by the
Company from Foresight Group CI Limited. At 30 June 2019, the amount due
to Foresight Group CI Limited was GBPnil (30 June 2018: GBPnil; 31
December 2018: GBPnil).
During the period, administration services of a total cost of GBP60,000
(30 June 2018: GBP56,000; 31 December 2018: GBP117,000) were delivered
to the Company by Foresight Group LLP, Company Secretary. At 30 June
2019 the amount due to Foresight Group LLP was GBPnil (30 June 2018:
GBPnil; 31 December 2018: GBP2,000).
10) Post-Balance sheet events
On 30 July 2019 share premium totalling GBP21.6 million was cancelled,
increasing distributable reserves by this amount.
END
(END) Dow Jones Newswires
August 30, 2019 10:02 ET (14:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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