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13 Apr 2016 09:46
LONDON & ST LAWRENCE INVESTMENT COMPANY PLC - Half-yearly ReportLONDON & ST LAWRENCE INVESTMENT COMPANY PLC - Half-yearly Report
PR Newswire
London, April 13
LONDON & ST LAWRENCE INVESTMENT COMPANY PLC
INTERIM REPORT
FOR THE SIX MONTHS ENDED 29 FEBRUARY 2016
The investment objective of the Company is to provide long term capital and income growth by investing in Approved Investment Trusts, Authorised Unit Trusts, 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 growth in the future. Investment in British Government Securities and other corporate bonds has provided steady results for shareholders.
Financial Highlights
| (Unaudited) Half Year ended 29 February 2016 | (Unaudited) Half year ended 28 February 2015 | Movement % Over 12 months | |
| Net assets per ordinary share | 346.51p | 378.11p | -8.4 |
| Price per ordinary share | 329.75p | 373.75p | -11.8 |
| Total net assets | £100,310,137 | £109,459,382 | -8.4 |
| Shares in issue | 28,948,944 | 28,948,944 | +0 |
| Index change | |||
| FTSE All Share Index | 3345.84 | 3744.26 | -10.6 |
The Company compares its performance to the FTSE All Share Index.
Management Report
The six months to 29 February 2016 has seen volatile stockmarkets with the FTSE All Share Index falling by 10.6%. The Net Asset Value per ordinary share fared better and only fell by 8.4% The asset allocation as at 29 February 2016 was, Equities 90% (2015 88%), and Fixed Interest & Cash 10% (2015 11.6%).
Unaudited Consolidated Income Statement
| Six Months Ended | 29 February 2016 | 28 February 2015 | ||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| Investment income | 1,785,877 | --- | 1,785,877 | 1,644,283 | --- | 1,644,283 |
| Other operating income | 469,810 | --- | 469,810 | 596,255 | --- | 596,255 |
| Gain/(loss) on investments held at fair value | --- | -5,471,507 | -5,471,507 | --- | 3,168,608 | 3,168,608 |
| ------------- | ------------- | -------------- | ------------- | ------------- | -------------- | |
| Total Return | 2,255,687 | -5,471,507 | -3,215,820 | 2,240,538 | 3,168,608 | 5,409,146 |
| Expenses | ||||||
| Investment Management | -200,827 | --- | -200,827 | -288,936 | --- | -288,936 |
| Other admin expenses | -211,928 | --- | -211,928 | -117,340 | --- | -117,340 |
| ------------ | ------------- | -------------- | ------------ | ------------- | -------------- | |
| Return before finance costs and tax | 1,842,932 | -5,471,507 | -3,628,575 | 1,834,262 | 3,168,608 | 5,002,870 |
| Finance costs | -7,000 | --- | -7,000 | -7,000 | --- | -7,000 |
| ------------ | ------------- | -------------- | ------------ | ------------- | -------------- | |
| Return before tax | 1,835,932 | -5,471,507 | -3,635,575 | 1,827,262 | 3,168,608 | 4,995,870 |
| Tax | -115,964 | --- | -115,964 | -147,823 | --- | -147,823 |
| ------------ | ------------- | -------------- | ------------ | ------------- | -------------- | |
| Net Return for the period | 1,719,968 | -5,471,507 | -3,751,539 | 1,679,439 | 3,168,608 | 4,848,047 |
| ======= | ======= | ======== | ======= | ======= | ======== | |
| Basic and diluted return per share | 5.94p | -18.90p | -12.96p | 5.80p | 10.95p | 16.75p |
| Basic and diluted ordinary shares in issue | 28,948,944 | 28,948,944 | ||||
The total column of this statement represents the Group’s income statement, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are published under guidance published by the Association of Investment Trust Companies. All items in the above statement derive from continuing operations.
Unaudited Consolidated Statement of Changes in Equities
| Six Months Ended 29 February 2016 | ||||||
| Ordinary share capital | Capital redemption | Share premium | Capital reserves | Retained earnings | Total | |
| Opening balance at 1 September 2015 | 1,447,447 | 203,602 | 21,033,364 | 79,126,209 | 3,264,267 | 105,074,889 |
| Profit for period | --- | --- | --- | -5,471,507 | 1,719,968 | -3,751,539 |
| Dividends paid | --- | --- | --- | --- | -1,013,213 | -1,013,213 |
| ------------ | ---------- | -------------- | ------------- | ------------ | ------------- | |
| As at 29 February 2016 | £1,447,447 | £203,602 | £21,033,364 | £73,654,702 | £3,971,022 | £100,310,137 |
| ======== | ====== | ======== | ======== | ======= | ======== | |
| Six Months Ended 28 February 2015 | ||||||
| Opening balance at 1 September 2014 | 1,436,197 | 203,602 | 20,207,043 | 79,722,900 | 3,188,286 | 105,595,599 |
| Profit for period | --- | --- | --- | 3,168,608 | 1,679,439 | 4,848,047 |
| Dividends paid | --- | --- | --- | --- | -984,264 | -984,264 |
| ------------ | ---------- | -------------- | ------------- | ------------ | ------------- | |
| As at 28 February 2015 | £1,436,197 | £203,602 | £20,207,043 | £82,891,508 | £3,883,461 | £109,459,382 |
| ======= | ====== | ======== | ======== | ======= | ======== |
Unaudited Consolidated Statement of Financial Position
| Unaudited | 29 February 2016 | Unaudited | 28 February 2015 | |
| Group | Company | Group | Company | |
| Assets | ||||
| Investments held at fair value | 95,839,932 | 95,467,895 | 105,065,645 | 104,640,595 |
| Subsidiaries | --- | 4,188,510 | --- | 4,213,598 |
| Intangible assets | 2,159,979 | --- | 2,159,979 | --- |
| ------------- | ------------- | ------------- | ------------- | |
| Total non current assets | 97,999,911 | 99,656,405 | 107,225,624 | 108,854,193 |
| Current assets | ||||
| Trade and other receivables | 361,343 | 292,816 | 459,751 | 376,509 |
| Cash and cash equivalents | 2,660,289 | 870,133 | 2,506,134 | 721,611 |
| ------------ | ------------ | ------------ | ------------ | |
| Total current assets | 3,021,632 | 1,162,949 | 2,965,885 | 1,098,120 |
| ------------ | ------------ | ------------ | ------------ | |
| Total assets | 101,021,543 | 100,819,354 | 110,191,509 | 109,952,313 |
| ------------- | ------------- | ------------- | ------------- | |
| Current liabilities – falling due within one year | ||||
| Trade and other payables | -431,406 | -229,217 | -452,127 | -212,931 |
| Non current liabilities – falling due after more than one year | -280,000 | -280,000 | -280,000 | -280,000 |
| ----------- | ----------- | ----------- | ----------- | |
| Total liabilities | -711,406 | -509,271 | -732,127 | -492,931 |
| ------------- | ------------- | ------------- | ------------- | |
| Net Assets | 100,310,137 | 100,310,137 | 109,459,382 | 109,459,382 |
| ======== | ======== | ======== | ======== | |
| Equity | ||||
| Ordinary share capital | 1,447,447 | 1,447,447 | 1,447,447 | 1,447,447 |
| Capital redemption reserve | 203,602 | 203,602 | 203,602 | 203,602 |
| Share premium | 21,033,364 | 21,033,364 | 21,033,364 | 21,033,364 |
| Capital reserves | 73,654,702 | 76,876,609 | 82,891,508 | 86,305,308 |
| Retained earnings | 3,971,022 | 749,115 | 3,883,461 | 469,661 |
| ------------- | ------------- | ------------- | ------------- | |
| Total equity attributable to equity shareholders | £100,310,137 | £100,310,137 | £109,459,382 | £109,459.382 |
| ======== | ======== | ======== | ======== | |
| Basic and diluted net asset value per ordinary share | 346.51p | 346.51p | 378.11p | 378.11p |
Unaudited Consolidated Cashflow Statement
| Interim | 29 February 2016 | 28 February 2015 | ||
| Cashflows from operating activities | ||||
| Cash generated from operations | 2,269,994 | 2,210,178 | ||
| Taxation paid | -53,455 | -38,743 | ||
| ------------- | ------------- | |||
| Net cash generated from operating activities | 2,216,539 | 2,171,435 | ||
| Cash flows from investing activities | ||||
| Purchase of investments | -6,127,220 | -5,159,246 | ||
| Sales of investments held at fair value | 6,001,734 | 5,181,731 | ||
| ------------ | -125,486 | ------------ | 22,485 | |
| ------------- | ------------- | |||
| 2,091,053 | 2,193,920 | |||
| Cash flows from financing activities | ||||
| Dividends paid to ordinary shareholders | -2,200,120 | -2,142,222 | ||
| Dividends paid to preference shareholders | -7,000 | -7,000 | ||
| ------------- | -2,207,120 | ------------- | -2,149,222 | |
| ------------ | ------------ | |||
| Net decrease/increase in cash and cash equivalent | -116,067 | 44,698 | ||
| Cash and cash equivalent at 1 September 2015 | 2,776,356 | 2,461,436 | ||
| ------------ | ------------ | |||
| Cash and cash equivalent at 29 February 2016 | £2,660,289 | £2,506,134 | ||
| ======= | ======= | |||
A First Quarterly Dividend of 3.5p was paid to shareholders on 29 February 2016, to shareholders registered on 22 January 2016. The shares were quoted ex-dividend on 21 January 2016. Further quarterly dividends will be paid as follows: Second payable in May 2016, Third payable in August 2016 and the Fourth payable in November 2016.
The Company will continue to pursue the policy of investing in Approved Investment Trusts, Authorised Unit Trusts and other financial securities. The Company operates as an Investment Trust and its affairs have been directed so as 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 with IAS34 as adopted by the EU.
The Interim Management Report includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.7R.
The half-yearly financial report was approved by the Board on 12 April 2016.
Copies of the interim report and the latest published accounts are available to the public at the Registered Office of the Company at: Fair Lorna House, Buckingham Road, Singleborough, Milton Keynes, MK17 0RB
END
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