Albion Venture Regulatory News (AAVC)

7 Dec 2006 16:05

Close Brothers Venture Cap Tst PLC07 December 2006 CLOSE BROTHERS VENTURE CAPITAL TRUST PLC INTERIM RESULTS Close Brothers Venture Capital Trust PLC ("the Company"), which invests inqualifying unquoted companies providing a high level of asset backing for thecapital value of the investment, today announces preliminary results for the sixmonths to 30 September 2006. This announcement has been approved by the Board ofDirectors on 6 December 2006. FINANCIAL HIGHLIGHTS The following is an analysis of dividends paid in respect of each class ofshares since their respective launches, together with net asset value. Ordinary shares 'C' sharesShareholder value created per share since launch: (Pence) (Pence)------------------------------------------------------------------------------------------- Gross revenue dividends paid during the year ended 31 March 1997 2.00 - Gross revenue dividends paid during the year ended 31 March 1998 5.20 2.00 Gross interim dividends and net final dividend paid during the yearended 31 March 1999 11.05 8.75 Net revenue and capital dividends paid during the year ended 31 March 2000 3.00 2.70 Net revenue and capital dividends paid during the year ended 31 March 2001 8.55 4.80 Net revenue dividends paid during the year ended 31 March 2002 7.60 7.60 Net revenue and capital dividends paid during the year ended 31 March 2003 7.70 7.70 Net revenue and capital dividends paid during the year ended 31 March 2004 8.20 8.20 Net revenue and capital dividends paid during the year ended 31 March 2005 9.75 9.75 Net revenue and capital dividends paid during the year ended31 March 2006 11.75 11.75 Net revenue and capital dividends paid during the period ended30 September 2006 5.00 5.00-------------------------------------------------------------------------------------------Total dividends paid to date 79.80 68.25 Net asset value 117.46 117.46-------------------------------------------------------------------------------------------Total return to 30 September 2006 197.26 185.71=========================================================================================== For further information, please contact:Patrick Reeve Clemmie Carr / John WestClose Ventures Limited Tavistock CommunicationsTel: 020 7422 7830 Tel: 020 7920 3150 Notes 1) Close Brothers Venture Capital Trust PLC is managed by Close Ventures Limited. 2) Close Ventures Limited is authorised and regulated by the Financial Services Authority. 3) Unaudited interim reports for the period will be sent to shareholders shortly. The financial information set out in the announcement does not constitute theCompany's statutory accounts for the six months ended 30 September 2006 or 2005.The financial information for the year ended 31 March 2006 is derived from thestatutory accounts delivered to the Registrar of Companies. The auditorsreported on those accounts; their report was unqualified and did not contain astatement under s237 (2) or (3) of the Companies Act 1985. Chairman's statement -------------------- I am pleased to report that your Company has continued to make good progress forthe six months to 30 September 2006, with a total return of 6 pence per share.This was driven in particular by pleasing uplifts in the values of ourinvestments in the Express by Holiday Inn hotel at Stansted Airport and theRamada hotel at the Mailbox in Birmingham. As detailed below, the board isproposing a second dividend of the year of 5 pence per share making a total of10 pence per share paid during the year. New investment during the period amounted to £3.5 million, £2 million of whichhad been previously reserved for investment in the Stansted hotel and the CrownHotel in Harrogate. Other investments included £720,000 to purchase the BlueBoar pub with rooms near Stratford-on-Avon. In addition, further sums wereinvested in some of our other pub companies to fund small purchases, while afurther £250,000 was invested in The Place Sandwich to finish the refurbishment.As reported in last year's annual report and accounts, our two care homes atRomford and Dover were sold in April for a profit of just over £1 million. Overall, we are pleased with the progress of the portfolio. As mentioned above,our Stansted hotel has been performing particularly well, and a 71 roomextension taking it up to 254 rooms is currently under construction. Theturnaround process at our three star hotels continues and improvements are beingseen at both The Place Sandwich and The Bear Hungerford. Looking forward, we arecontinuing to review a variety of opportunities, in particular in the health andfitness and care home sectors. As at 30 September 2006 net asset value was £42.14 million or 117.5 pence pershare, after the payment of the first dividend of the year of 5 pence per share(which compares with £42.19 million or 117.6 pence per share as at 30 September2005, stated before the first interim dividend of 4.5 pence per share). Revenuereturn before taxation was £1.20 million for the period compared to £1.43million for the six months to September 2005. The decline in net revenuereflects the lower returns on cash following the sale of the nursing homesearlier in the year. As already mentioned, the Board now declares a seconddividend of 5 pence per share of which 2.5 pence will be paid out of realisedcapital reserves. This dividend will be paid on 5 January 2007 to shareholderson the share register on 15 December 2006. David WatkinsChairman6 December 2006 INCOME STATEMENT---------------- Unaudited Unaudited Six months to Six months to Audited 30 September 2006 30 September 2005 Year to 31 March 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 1,548 1,548 - (87) (87) - 939 939 Investment income 1,433 - 1,433 1,639 - 1,639 3,044 - 3,044 Investment managementfees (117) (351) (468) (120) (361) (481) (180) (539) (719) Other expenses (116) - (116) (86) - (86) (183) - (183)------------------------------------------------------------------------------------------------------ Return/(loss)on ordinaryactivities before tax 1,200 1,197 2,397 1,433 (448) 985 2,681 400 3,081 Tax on ordinary activities (359) 105 (254) (437) 67 (370) (544) 162 (382)------------------------------------------------------------------------------------------------------ Return/(loss)attributable to shareholders 841 1,302 2,143 996 (381) 615 2,137 562 2,699===================================================================================================== Basic and diluted return per share (pence) 2.4 3.6 6.0 2.8 (1.1) 1.7 5.9 1.6 7.5===================================================================================================== All of the Company's activities derive from continuing operations. The total column of this Income Statement represents the profit and loss accountof the Company. The Company has no recognised gains or losses other than those disclosed above.Accordingly a statement of total recognised gains and losses is not required. BALANCE SHEET------------- Unaudited Unaudited Audited 30 September 30 September 31 March 2006 2005 2006 £'000 £'000 £'000------------------------------------------------------------------------------- Fixed asset investmentsQualifying investments 35,918 32,960 36,022Non-qualifying investments 2 2 262-------------------------------------------------------------------------------Total fixed asset investments 35,920 32,962 36,284 Current assetsDebtors 138 33 18Cash at bank 6,601 10,061 5,842------------------------------------------------------------------------------- 6,739 10,094 5,860 Creditors: amounts falling due within one year (515) (860) (349)------------------------------------------------------------------------------- Net current assets 6,224 9,234 5,511 Total assets less current liabilities 42,144 42,196 41,795=============================================================================== Capital and reservesCalled up share capital 17,939 17,939 17,939Special reserve 14,110 14,110 14,110Capital redemption reserve 1,914 1,914 1,914Realised capital reserve 2,135 3,184 2,204Unrealised capital reserve 4,923 3,423 4,449Revenue reserve 1,123 1,626 1,179-------------------------------------------------------------------------------Total equity shareholders' funds 42,144 42,196 41,795===============================================================================Net asset value per share (pence) 117.5 117.6 116.5=============================================================================== This interim information was approved by the Board of Directors on 6 December2006, and signed on behalf of the Board of Directors by David Watkins, Chairman. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS-------------------------------------------------- Called up Capital Realised Unrealised share Special redemption capital capital Revenue capital reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000Six months ended 30 September 2006As at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795Net realised gains on investments inthe period - - - 1,074 - - 1,074Capitalised investment managementand performance fees - - - (351) - - (351)Tax relief on costs charged to capital - - - 105 - - 105Movement in unrealised appreciation - - - - 474 - 474Revenue return attributable to shareholders - - - - - 841 841Dividends - - - (897) - (897) (1,794)-----------------------------------------------------------------------------------------------------------------------As at 30 September 2006 17,939 14,110 1,914 2,135 4,923 1,123 42,144======================================================================================================================= Six months ended 30 September 2005As at 31 March 2005 as restated 17,939 14,110 1,914 4,124 3,510 1,688 43,285Capitalised investment managementand performance fees - - - (361) - - (361)Tax relief on costs charged to capital - - - 67 - - 67Movement in unrealised appreciation - - - - (87) - (87)Revenue return attributable to shareholders - - - - - 996 996Dividends - - - (646) - (1,059) (1,705)-----------------------------------------------------------------------------------------------------------------------As at 30 September 2005 17,939 14,110 1,914 3,184 3,423 1,626 42,196======================================================================================================================= Year ended 31 March 2006 As at 31 March 2005 as restated 17,939 14,110 1,914 4,124 3,510 1,688 43,285Adjustment as required by adoption of FRS 26 - - - - - 27 27Capitalised investment managementand performance fees - - - (539) - - (539)Tax relief on costs charged to capital - - - 162 - - 162Movement in unrealised appreciation - - - - 939 - 939Revenue return attributable to shareholders - - - - - 2,137 2,137Dividends - - - (1,543) - (2,673) (4,216)------------------------------------------------------------------------------------------------------------------------As at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795======================================================================================================================= CASH FLOW STATEMENT------------------- Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 30 September 31 March 2006 2005 2006 £'000 £'000 £'000--------------------------------------------------------------------------------------Operating activitiesInvestment income 1,079 1,359 2,706Dividend income 4 12 21Deposit interest 167 260 427Other income - 2 2Investment management fees paid (399) (627) (1,006) Administrative expenses paid (155) (138) (216)--------------------------------------------------------------------------------------Net cash inflow from operating activities 696 868 1,934 TaxationUK corporation tax paid (170) (115) (517)VAT (paid)/repaid (4) 5 22 Capital expenditure andfinancial investmentPurchase of investments (3,255) (3,785) (6,173)Disposal of investments 5,285 55 55--------------------------------------------------------------------------------------Net cash inflow/(outflow)from investing activities 2,030 (3,730) (6,118) Equity dividends paidDividends paid on ordinary shares (1,793) (1,704) (4,216)--------------------------------------------------------------------------------------Increase/(decrease) in cash 759 (4,676) (8,895)====================================================================================== This information is provided by RNS The company news service from the London Stock Exchange