LSLI.L Regulatory News (LSLI)

LONDON & ST LAWRENCE INVESTMENT COMPANY PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 28 FEBRUARY 2014 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 2014 February 2013 Net assets per 368.79p 329.93p +11.8ordinary share Price per ordinary 364.25p 318.25p +14.5share Total net assets £105,932,335 £94,767,721 +11.8 Shares in issue 28,723,944 28,723,944 --- Index change FTSE All Share Index 3666.66 3349.39 +9.5 The Company compares its performance to the FTSE All Share Index. Management Report The six months to 28 February 2014 has seen stockmarkets continuing to recover.The asset allocation as at 28 February 2014 was, Equities 89% (2013 86%), andFixed Interest & Cash 11% (2013 14%). Unaudited Consolidated Income Statement Six Months Ended 28 February 29 February 2014 2013 Revenue Capital Total Revenue Capital Total Investment income 1,579,484 --- 1,579,484 1,573,529 --- 1,573,529 Other operating 464,800 --- 464,800 400,387 --- 400,387income Gain/(loss) on --- 7,401,292 7,401,292 -- 9,093,010 9,093,010investments heldat fair value ------------- ------------- -------------- ------------- ------------- -------------- Total Return 2,044,284 7,401,292 9,445,576 1,973,916 9,093,010 11,066,926 Expenses Investment -179,119 --- -179,119 -174,236 --- -174,236Management Other admin -134,531 --- -134,531 -193,482 --- -193,482expenses ------------ ------------- -------------- ------------ ------------- -------------- Return before 1,730,634 7,401,292 9,131,926 1,606,198 9,093,010 10,699,208finance costs andtax Finance costs -7,000 --- -7,000 -7,000 --- -7,000 ------------ ------------- -------------- ------------ ------------- -------------- Return before tax 1,723,634 7,401,292 9,124,926 1,599,198 9,093,010 10,692,208 Tax -135,905 --- -135,905 -102,228 --- -102,228 ------------ ------------- -------------- ------------ ------------- -------------- Net Return for the 1,587,729 7,401,292 8,989,021 1,496,970 9,093,010 10,589,980period ======= ======= ======== ======= ======= ======== Basic and diluted 5.53p 25.76p 31.29p 5.21p 31.66p 36.87preturn per share Basic and diluted 28,723,944 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 2013 Ordinary Capital Share premium Capital Retained Total share redemption reserves earnings capital 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 ======== ====== ======== ======== ======= ======== Six Months Ended 28February 2013 Opening balance at 1 1,436,197 203,602 20,207,043 60,024,063 3,168,554 85,039,459September 2012 Profit for period --- --- --- 9,093,010 1,496,970 10,589,980 Dividends paid --- --- --- --- -861,718 -861,718 ------------ ---------- -------------- ------------- ------------ ------------- As at 28 February £1,436,197 £203,602 £20,207,043 £69,117,073 £3,803,806 £94,767,7212013 ======= ====== ======== ======== ======= ======== Unaudited Consolidated Statement of Financial Position Unaudited 28 February Unaudited 29 February 2014 2013 Group Company Group Company Assets Investments held at fair 101,661,182 101,252,371 90,372,416 89,987,417value Subsidiaries --- 4,072,622 --- 3,961,921 Intangible assets 2,159,979 --- 2,159,979 --- ------------- ------------- ------------- ------------- Total non current assets 103,821,161 105,324,993 92,532,395 93,949,338 Current assets Trade and other receivables 917,707 839,670 578,450 511,294 Cash and cash equivalents 2,211,159 564,238 2,314,291 765,346 ------------ ------------ ------------ ------------ Total current assets 3,128,866 1,403,908 2,892,741 1,276,640 ------------ ------------ ------------ ------------ Total assets 106,950,027 106,728,901 95,425,136 95,225,978 ------------- ------------- ------------- ------------- Current liabilities - fallingdue within one year Trade and other payables -737,692 -516,566 -377,415 -178,257 Non current liabilities - -280,000 -280,000 -280,000 -280,000falling due after more thanone year ----------- ----------- ----------- ----------- Total liabilities -1,017,692 -796,566 -657,415 -458,257 ------------- ------------- ------------- ------------- Net Assets 105,932,335 105,932,335 94,767,721 94,767,721 ======== ======== ======== ======== Equity Ordinary share capital 1,436,197 1,436,197 1,436,197 1,436,197 Capital redemption reserve 203,602 203,602 203,602 203,602 Share premium 20,207,043 20,207,043 20,207,043 20,207,043 Capital reserves 80,324,945 83,614,009 69,117,073 72,319,247 Retained earnings 3,760,548 471,484 3,803,806 601,632 ------------- ------------- ------------- ------------- Total equity attributable to £105,932,335 £105,932,335 £94,767,721 £94,767,721equity shareholders ======== ======== ======== ======== Basic and diluted net asset 368.79p 368.79p 329.93p 329.93pvalue per ordinary share Unaudited Consolidated Cashflow Statement Interim 28 February 28 February 2014 2013 Cashflows from operatingactivities Cash generated from 1,918,165 1,962,612operations Taxation paid -45,655 -39,222 ------------- ------------- Net cash generated from 1,872,510 1,923,390operating activities Cash flows from investingactivities Purchase of investments -5,207,803 -5,019,005 Sales of investments held 5,226,750 4,991,928at fair value ------------ 18,947 ------------ -27,077 ------------- ------------- 1,891,457 1,896,313 Cash flows from financingactivities Dividends paid to ordinary -2,039,400 -1,981,952shareholders Dividends paid to -7,000 -7,000preference shareholders ------------- -2,046,400 ------------ -1,988,952 ------------ ------------ Net decrease/increase in -154,943 -92,639cash and cash equivalent Cash and cash equivalent at 2,366,102 2,406,9301 September 2013 ------------ ------------ Cash and cash equivalent at £2,211,159 £2,314,29128 February 2014 ======= ======= A First Quarterly Dividend of 3.2p was paid to shareholders on 28 February2014, to shareholders registered on 24 January 2014. The shares were quotedex-dividend on 22 January 2014. Further quarterly dividends will be paid asfollows: Second payable in May 2014, Third payable in August 2014 and theFourth payable in November 2014. 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 2014. 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

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