Interim Results
October 31 2008 - 3:00AM
UK Regulatory
RNS Number : 1037H
Albany Investment Trust PLC
31 October 2008
Albany Investment Trust Plc
Interim report
For the period ended 31 August 2008
Chairman's statement
The unaudited results of the company for the half year ended 31st August 2008 are attached. The company carried on the normal business
of an Investment Trust as defined by Section 266 of the Companies Act 1985, and the company is approved by the Inland Revenue as an
Investment Trust for the purpose of Section 842 of the Income and Corporation Taxes Act 1988.
The results show that the net asset value per share of the company fell by 6.9% compared with a fall of 4.8% in the FT Actuaries All
Share Index for the six month period to 31st August 2008. The results also disclose income of �865,000 which represents an increase of over
4.6% compared to the first half of last year.
The directors have, in light of the current market situation, decided to maintain the interim dividend at 3.85p (2007; 3.85p). This will
be paid to shareholders on the register at the close of business on 7th November 2008 (ex dividend date 5th November) and dividend warrants
will be posted on 5th December 2008. It is the hope of the board that the dividend can be increased for the full year at the final dividend
payment.
The principal risks facing the company relate to the company's investment activities. The major risk is market price risk. Details of
this risk and the policies adopted are unchanged from those set out in note 11 of the 2008 Annual report and accounts.
ON BEHALF OF THE BOARD
P T Furlong
Chairman
30th October 2008
A copy of this statement is available at the company's registered office at Port of Liverpool Building, Pier Head, Liverpool, L3 1NW and
via its website: www.albanyinvestmenttrust.com
Summarised statement of total return (Incorporating the revenue account)
Note 6 months to 6 months to 12 months to
31 August 2008 31 August 2007 29 February 2008
�'000 �'000 �'000
Income 2 865 827 1,362
Expenses (141) (116) (221)
Return on revenue 724 711 1,141
Return on capital 4 (2,634) 65 (3,261)
Return on ordinary activities (1,910) 776 (2,120)
before taxation
Taxation on ordinary - - -
activities
Return on ordinary activities
after taxation
for the financial year (1,910) 776 (2,120)
Return per ordinary share: 3
Basic -
Revenue 7.2p 7.1p 11.4p
Capital -26.3p 0.6p -32.5p
Total -19.1p 7.7p -21.1p
Balance Sheet
Note 31 August 2008 29 February 2008
�'000 �'000
Fixed assets
Investments at valuation 32,191 34,206
Current assets
Debtors 236 52
Cash at bank and in hand 1,414 2,071
1,650 2,123
Creditors: amounts falling due within (52) (39)
one year
Net current assets 1,598 2,084
Total assets less current liabilities 33,789 36,290
Capital and reserves
Called up share capital 2,005 2,005
Other reserves
Capital reserve - realised 4 29,891 32,526
Capital reserve - unrealised 4 87 86
Revenue reserve 4 1,806 1,673
Total shareholders' funds 33,789 36,290
Net asset value per ordinary share:
Ordinary - Basic 5 337.09p 362.04p
To the best of the directors' knowledge:
the half yearly financial report which has been prepared in accordance with the applicable set of accounting standards gives a true and
fair view of the assets, liabilities, financial position and profit of the company the half yearly financial report includes a fair view of
the development and performance of the business and the position of the company together with a description of the principal risks and
uncertainties that it faces
The half yearly financial report was approved by the Board of directors on 30th October 2008 and was signed on its behalf by
P T Furlong,
Chairman
Summarised cash flow statement
Note 6 months to 12 months to
31 August 2008 29 February 2008
�'000 �'000
Net cash inflow from operating 7 508 983
activities
Capital expenditure and financial
investment
Purchase of investments (5,809) (10,252)
Disposal of investments 5,235 11,719
Net cash (outflow)/inflow from (574) 1,467
capital expenditure and financial
investment
Equity dividends paid (591) (957)
(Decrease)/increase in cash 6 (657) 1,493
Notes to the half yearly financial report
1 Basis of preparation
The half yearly financial information has been prepared under the historical cost convention, except for the measurement at fair value
of investments. The financial information has been prepared in accordance with applicable accounting standards and with pronouncements on
interim reporting issued by the Accounting Standards Board.
The principal accounting policies of the company have remained unchanged from those set out in the company's 2008 annual report and
financial statements.
2 Income
6 months to 6 months to 12 months to
31 August 2008 31 August 2007 29 February 2008
�'000 �'000 �'000
Income from investments
Franked investment income
- Ordinary dividends 712 752 1,214
- Overseas dividends 99 57 98
811 809 1,312
Other income
Bank and other interest 54 18 50
Total income 865 827 1,362
Income from investments
Listed UK 710 750 1,210
Listed overseas 99 57 98
Unlisted 2 2 4
811 809 1,312
3 Return per ordinary shares
Basic revenue return per ordinary share is based on the revenue return on ordinary activities after taxation of �724,000 (2007:
�711,000) and on 10,023,750 ordinary shares.
Basic capital return per ordinary share is based on the capital loss on ordinary activities after taxation of �2,634,000 (2007: capital
gain �65,000) and on 10,023,750 ordinary shares.
4 Reserves
Capital reserve Capital reserve - unrealised Revenue reserve
-realised
�'000 �'000 �'000
At 1 March 2008 32,526 86 1,673
Net loss on realisation of (2,590) - -
investments
Expenses allocated to capital (69) - -
Increase in unrealised - 1 -
appreciation
Net revenue for the period - - 724
after tax
Dividends paid - - (591)
Capital distribution received 24 - -
At 31 August 2008 29,891 87 1,806
Return on capital
6 months to 6 months to 12 months to
31 August 2008 31 August 2007 29 February 2008
�'000 �'000 �'000
Net gain/(loss) on realisation (2,590) 2,367 2,371
of investments
Expenses allocated to capital (69) (98) (182)
Increase/(decrease) in 1 (2,227) (5,473)
unrealised appreciation
Capital distribution received 24 23 23
(2,634) 65 (3,261)
5 Net asset value per share
Net asset value per share Net asset values
Attributable Attributable
31 August 2008 29 February 2008 31 August 2008 29 February 2008
�'000 �'000
Ordinary shares (basic) 337.09p 362.04p 33,789 36,290
Basis net asset value per ordinary share is based on net assets and on 10,023,750 ordinary shares.
6 Analysis of changes in net debt during the period
6 months to 12 months to
31 August 2008 29 February 2008
�'000 �'000
At 1 March 2008 2,071 578
Net cash (outflow)/inflow (657) 1,493
At 31 August 2008 1,414 2,071
Analysis of balances:
Cash at bank and in hand 1,414 2,071
7 Reconciliation of net total return on ordinary activities before taxation to net cash inflow from operating activities
6 months to 12 months to
31 August 2008 29 February 2008
�'000 �'000
Net total return on ordinary activities (1,910) (2,120)
before taxation
Less realised losses/(gains) on sale of 2,590 (2,371)
investments
Add/less fair value movements (1) 5,473
(Increase)/decrease in debtors (184) (5)
Increase in other creditors 13 6
Net cash inflow from operating activities 508 983
8 Related party transactions
The directors have delegated day-to-day investment decisions to Rathbone Investment Management Limited (RIM). R A Morris is a former
director of Rathbones PLC. Fees of �122,603 (2007: �155,529) were payable to RIM during the period.
9 Publication of non-statutory accounts
The financial information set out in this half yearly financial report does not constitute statutory accounts as defined in Section 240
of the Companies Act 1985. The figures for the year ended 29 February 2008 have been extracted from the statutory financial statements which
have been filed with the Registrar of Companies. The auditors report on those financial statements was unqualified and did not contain a
statement under Section 237(2) of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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