LSLI.L Regulatory News (LSLI)

LONDON & ST LAWRENCE INVESTMENT COMPANY PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 28 FEBRUARY 2015 The investment objective of the Company is to provide long term capital andincome growth by investing in Approved Investment Trusts, Authorised UnitTrusts, fixed interest securities and bonds and other financial securities.Investments are made in companies which have proved their worth over the years,have a consistent record of growth and have good prospects for continued growthin the future. Investment in British Government Securities and other corporatebonds has provided steady results for shareholders. Financial Highlights (Unaudited) Half (Unaudited) Half Movement % year ended 28 year ended 28 February 2015 February 2014 Net assets per 378.11p 368.79p +2.5ordinary share Price per ordinary 373.75p 364.25p +2.6share Total net assets £109,459,382 £105,932,335 +3.3 Shares in issue 28,948,944 28,723,944 +0.8 Index change FTSE All Share Index 3744.26 3666.66 +2.1 The Company compares its performance to the FTSE All Share Index. Management Report The six months to 28 February 2015 has seen stockmarkets continuing to recover.The asset allocation as at 28 February 2015 was, Equities 88% (2014 89%), andFixed Interest & Cash 11.6% (2014 11.3%). Unaudited Consolidated Income Statement Six Months Ended 28 February 29 February 2015 2014 Revenue Capital Total Revenue Capital Total Investment income 1,644,283 --- 1,644,283 1,579,484 --- 1,579,484 Other operating 596,255 --- 596,255 464,800 --- 464,800income Gain/(loss) on --- 3,168,608 3,168,608 --- 7,401,292 7,401,292investments heldat fair value ------------- ------------- -------------- ------------- ------------- -------------- Total Return 2,240,538 3,168,608 5,409,146 2,044,284 7,401,292 9,445,576 Expenses Investment -288,936 --- -288,936 -179,119 --- -179,119Management Other admin -117,340 --- -117,340 -134,531 --- -134,531expenses ------------ ------------- -------------- ------------ ------------- -------------- Return before 1,834,262 3,168,608 5,002,870 1,730,634 7,401,292 9,131,926finance costs andtax Finance costs -7,000 --- -7,000 -7,000 --- -7,000 ------------ ------------- -------------- ------------ ------------- -------------- Return before tax 1,827,262 3,168,608 4,995,870 1,723,634 7,401,292 9,124,926 Tax -147,823 --- -147,823 -135,905 --- -135,905 ------------ ------------- -------------- ------------ ------------- -------------- Net Return for the 1,679,439 3,168,608 4,848,047 1,587,729 7,401,292 8,989,021period ======= ======= ======== ======= ======= ======== Basic and diluted 5.80p 10.95p 16.75p 5.53p 25.76p 31.29preturn per share Basic and diluted 28,948,944 28,723,944ordinary shares inissue The total column of this statement represents the Group's income statement,prepared in accordance with IFRS. The revenue return and capital return columnsare supplementary to this and are published under guidance published by theAssociation of Investment Trust Companies. All items in the above statementderive from continuing operations. Unaudited Consolidated Statement of Changes in Equities Six Months Ended 28February 2015 Ordinary Capital Share premium Capital Retained Total share redemption reserves earnings capital Opening balance at 1 1,447,447 203,602 21,033,364 79,722,900 3,188,286 105,595,599September 2014 Profit for period --- --- --- 3,168,608 1,679,439 4,848,047 Dividends paid --- --- --- --- -984,264 -984,264 ------------ ---------- -------------- ------------- ------------ ------------- As at 28 February £1,447,447 £203,602 £21,033,364 £82,891,508 £3,883,461 £109,459,3822015 ======== ====== ======== ======== ======= ======== Six Months Ended 28February 2014 Opening balance at 1 1,436,197 203,602 20,207,043 72,923,653 3,091,985 97,862,480September 2013 Profit for period --- --- --- 7,401,292 1,587,729 8,989,021 Dividends paid --- --- --- --- -919,166 -919,166 ------------ ---------- -------------- ------------- ------------ ------------- As at 28 February £1,436,197 £203,602 £20,207,043 £80,324,945 £3,760,548 £105,932,3352014 ======= ====== ======== ======== ======= ======== Unaudited Consolidated Statement of Financial Position Unaudited 28 February Unaudited 29 February 2015 2014 Group Company Group Company Assets Investments held at fair 105,065,645 104,640,595 101,661,182 101,252,371value Subsidiaries --- 4,213,598 --- 4,072,622 Intangible assets 2,159,979 --- 2,159,979 --- ------------- ------------- ------------- ------------- Total non current assets 107,225,624 108,854,193 103,821,161 105,324,993 Current assets Trade and other receivables 459,751 376,509 917,707 839,670 Cash and cash equivalents 2,506,134 721,611 2,211,159 564,238 ------------ ------------ ------------ ------------ Total current assets 2,965,885 1,098,120 3,128,866 1,403,908 ------------ ------------ ------------ ------------ Total assets 110,191,509 109,952,313 106,950,027 106,728,901 ------------- ------------- ------------- ------------- Current liabilities - fallingdue within one year Trade and other payables -452,127 -212,931 -737,692 -516,566 Non current liabilities - -280,000 -280,000 -280,000 -280,000falling due after more thanone year ----------- ----------- ----------- ----------- Total liabilities -732,127 -492,931 -1,017,692 -796,566 ------------- ------------- ------------- ------------- Net Assets 109,459,382 109,459,382 105,932,335 105,932,335 ======== ======== ======== ======== Equity Ordinary share capital 1,447,447 1,447,447 1,436,197 1,436,197 Capital redemption reserve 203,602 203,602 203,602 203,602 Share premium 21,033,364 21,033,363 20,207,043 20,207,043 Capital reserves 82,891,508 86,305,309 80,324,945 83,614,009 Retained earnings 3,883,461 469,661 3,760,548 471,484 ------------- ------------- ------------- ------------- Total equity attributable to £109,459,382 £109,459,382 £105,932,335 £105,932,335equity shareholders ======== ======== ======== ======== Basic and diluted net asset 378.11p 378.11p 368.79p 368.79pvalue per ordinary share Unaudited Consolidated Cashflow Statement Interim 28 February 28 February 2015 2014 Cashflows from operatingactivities Cash generated from 2,210,178 1,918,165operations Taxation paid -38,743 -45,655 ------------- ------------- Net cash generated from 2,171,435 1,872,510operating activities Cash flows from investingactivities Purchase of investments -5,159,246 -5,207,803 Sales of investments held 5,181,731 5,226,750at fair value ------------ 22,485 ------------ 18,947 ------------- ------------- 2,193,920 1,891,457 Cash flows from financingactivities Dividends paid to ordinary -2,142,222 -2,039,400shareholders Dividends paid to -7,000 -7,000preference shareholders ------------- -2,149,222 ------------- -2,046,400 ------------ ------------ Net decrease/increase in 44,698 -154,943cash and cash equivalent Cash and cash equivalent at 2,461,436 2,366,1021 September 2013 ------------ ------------ Cash and cash equivalent at £2,506,134 £2,211,15928 February 2014 ======= ======= A First Quarterly Dividend of 3.4p was paid to shareholders on 28 February2015, to shareholders registered on 23 January 2015. The shares were quotedex-dividend on 22 January 2015. Further quarterly dividends will be paid asfollows: Second payable in May 2015, Third payable in August 2015 and theFourth payable in November 2015. The Company will continue to pursue the policy of investing in ApprovedInvestment Trusts, Authorised Unit Trusts and other financial securities. TheCompany operates as an Investment Trust and its affairs have been directed soas to enable it to continue as an Investment Trust. The interim accounts have not been audited or reviewed by the auditors. The condensed set of financial statements have been prepared in accordance withIAS34 as adopted by the EU. The Interim Management Report includes a fair review of the informationrequired by the Disclosure and Transparency Rules 4.2.7R. The half-yearly financial report was approved by the Board on 14 April 2015. Copies of the interim report and the latest published accounts are available tothe public at the Registered Office of the Company at: Fair Lorna House,Buckingham Road, Singleborough, Milton Keynes, MK17 0RB