Final Results
June 13 2003 - 11:41AM
UK Regulatory
PICCADILLY GROWTH TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
The Directors announce the unaudited consolidated statement of results for the
year ended 30 April 2003:
CONSOLIDATED STATEMENT OF TOTAL RETURN
(*incorporating the revenue account)
Year ended Year ended
30 April 2003 30 April 2002
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Losses on - (3,903) (3,903) - (2,801) (2,801)
investments
Exchange losses on - (14) (14) - (12) (12)
capital items
Dividends and 405 - 405 247 - 247
interest
Underwriting 4 - 4 - - -
commission
Subsidiary's (19) - (19) 25 - 25
dealing (loss)/
profit
Investment (14) (127) (141) - (107) (107)
management fee
Other expenses (126) - (126) (93) - (93)
Net return on
ordinary activities
before
finance costs and 250 (4,044) (3,794) 179 (2,920) (2,741)
taxation
Interest payable (7) (66) (73) - (77) (77)
and similar charges
Return on ordinary 243 (4,110) (3,867) 179 (2,997) (2,818)
activities before
taxation
Taxation on (21) - (21) (9) - (9)
ordinary activities
Return on ordinary 222 (4,110) (3,888) 170 (2,997) (2,827)
activities after
taxation for the
period
Dividends in (261) - (261) (215) - (215)
respect of equity
shares
Transfer from (39) (4,110) (4,149) (45) (2,997) (3,042)
reserves
Return per ordinary 1.70p (31.49)p (29.79)p 1.59p (27.99)p (26.40)p
share
The revenue column of this statement is the consolidated revenue account of the
Group.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.
CONSOLIDATED BALANCE SHEET
As at As at
30 April 30 April
2003 2002
�'000 �'000
Fixed assets 8,102 14,813
Investments
Current assets
Investments - 45
Debtors 682 715
Cash at bank 999 -
1,681 760
Creditors - Amounts falling due (677) (2,318)
within one year
Net current assets/(liabilities) 1,004 (1,558)
Net assets 9,106 13,255
Capital and reserves
Called up share capital 130 130
Share premium account 8,208 8,208
Capital redemption reserve 2 2
Capital reserve - realised 1,577 5,000
Capital reserve - unrealised (842) (155)
Revenue reserve 31 70
Equity shareholders' funds 9,106 13,255
Net asset value per ordinary 69.78p 101.57p
share:
CONSOLIDATED STATEMENT OF CASHFLOWS
Year ended Year ended
30 April 30 April
2003 2002
�'000 �'000
Operating activities
Investment income received 315 240
Deposit interest received 3 4
Underwriting commission 4 -
received
Investment management fees (155) (80)
paid
Company secretarial fees paid (13) (12)
Other cash payments (114) (82)
Income tax recovered 20 21
Net cash inflow from 60 91
operating activities
Servicing of finance
Loan interest paid and other (75) (80)
finance costs
Net cash outflow from (75) (80)
servicing
of finance
Taxation
Corporation tax paid - (12)
Net cash outflow from - (12)
taxation
Capital expenditure and
financial investments
Purchases of listed (4,148) (3,680)
investments
Sales of listed investments 6,455 2,795
Net cash inflow/(outflow)
from capital expenditure and
financial investment 2,307 (885)
Equity dividends paid (238) (190)
Financing
Amounts repaid under (925) (825)
revolving credit facility
Issue of shares 385 1,492
Expenses of share issue (38) (171)
Net cash (outflow)/inflow (578) 496
from financing
Increase/(decrease) in cash 1,476 (580)
These accounts have been prepared using the accounting standards and policies
adopted at the previous year-end. As stated in the Annual Report for the year
ended 30 April 2002, with effect from 1 May 2002 the Company has allocated its
management fees and finance costs in the ratio 90:10 to the capital reserve and
revenue account respectively in line with the Directors' expectations of the
ratio of relative returns in the form of capital gains and income. Previously,
such expenses were fully charged to capital reserve. All other expenses have
been charged in full to the revenue account. This is not considered a change in
accounting policy and therefore the comparative figures have not been restated.
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2002 or 2003. Statutory
accounts for 2002 have been delivered to the Registrar of Companies and
received an audit report which was unqualified and did not contain a statement
under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts
for the year ended 30 April 2003 have not yet been approved, audited or
delivered to the Registrar of Companies.
Post Year-end Events
The Company announced on 23 May 2003 a change in investment policy and the
appointment of Artemis Investment Management Limited ("Artemis") as manager of
the Company. Following their appointment on 1 June 2003, Artemis have managed
the portfolio under a new investment objective, being to achieve above average
rates of total return over the longer term and to achieve a growing dividend
stream and have undertaken to realign the portfolio accordingly.
Following the realignment, the Company's portfolio will comprise mainly UK and
selected international equities, with the potential for investment in hedge
funds, cash and bonds, unquoted investments, derivatives and other investments
and securities as appropriate. It is intended that the Company will be
positioned in the UK Growth sector rather then its existing European peer
group.
The results announced today therefore represent the Company's performance under
the previous investment policy up to 30 April 2003. They should not be seen as
an indication of future performance.
Further details of the changes will be included in the Company's Annual Report
and Accounts for the year ended 30 April 2003.
Dividend
The Directors propose the payment of a final dividend of 1p per share (net).
Subject to shareholder approval, the dividend will be paid on 5 September 2003
to shareholders on the register on 8 August 2003. The ex-dividend date will be
6 August 2003. The payment of this dividend will maintain the level of dividend
of 2p per share paid to shareholders in respect of the year ended 30 April
2002.
The Directors, Piccadilly Growth Trust PLC
13 June 2003
Copies of the Company's Annual Report and Accounts for the year ended 30 April
2003 will be sent to shareholders in July and will be available to members of
the public from the Registered Office at 23 Cathedral Yard, Exeter, Devon, EX1
1HB.
END