Half Yearly Report
October 16 2009 - 2:00AM
UK Regulatory
TIDMABNY
RNS Number : 8740A
Albany Investment Trust PLC
16 October 2009
Albany Investment Trust Plc
Half yearly financial report
For the period ended 31 August 2009
Chairman's statement
The unaudited results of the company for the half year ended 31 August 2009 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 rose by 17.1%
compared with a rise of 30.6% in the FT Actuaries All Share Index for the six
month period to 31 August 2009. The results also disclose a return on revenue
of GBP609,000 which represents a decrease of 15.9% compared to the first half of
last year.
The directors are fully aware of the underperformance relative to the All Share
benchmark over the first six months which has come about from a relatively
defensively positioned portfolio in a rising market in cyclical sectors. We have
been in constant discussion with our investment managers over this period and
although the capital position has underperformed, the income stream is running
in line with expectations. The net asset value has risen 17.1% which is positive
in light of the turbulence of last year. So far in the current half the net
asset value has continued to increase but we still maintain a defensive stance.
The directors anticipate being able to declare an increase in the total dividend
for the current year and accordingly have declared an interim dividend of 3.90p
per share for the year ended 28 February 2010 (2009: 3.85p ). This will be
paid to shareholders on the register at the close of business on 30 October 2009
(ex dividend date 28th October 2009) and dividend warrants will be posted on 25
November 2009.
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 2009 Annual
report and accounts.
ON BEHALF OF THE BOARD
P T Furlong
Chairman
15th October 2009
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
Enquiries
Albany Investment Trust PLC Tel. 0151 236 6666
Tom Evans
Summarised statement of total return (Incorporating the revenue account)
+-----------------------------------+------+------------+---------------+--------------+
| |Note | 6 months | 6 months to | 12 months to |
| | | to | | |
+-----------------------------------+------+------------+---------------+--------------+
| | | 31 August | 31 August | 28 February |
| | | 2009 | 2008 | 2009 |
+-----------------------------------+------+------------+---------------+--------------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Income | 2 | 724 | 865 | 1,406 |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Expenses | | (115) | (141) | (237) |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Return on revenue | | 609 | 724 | 1,169 |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Return on capital | 4 | 4,099 | (2,634) | (12,577) |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Return on ordinary activities | | 4,708 | (1,910) | (11,408) |
| before taxation | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Taxation on ordinary activities | | - | - | - |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Return on ordinary activities | | | | |
| after taxation | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| for the financial year | | 4,708 | (1,910) | (11,408) |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Return per ordinary share: | 3 | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Basic - | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Revenue | | 6.1p | 7.2p | 11.7p |
+-----------------------------------+------+------------+---------------+--------------+
| Capital | | 40.9p | (26.3p) | (125.5p) |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
| Total | | 47.0p | (19.1p) | (113.8p) |
+-----------------------------------+------+------------+---------------+--------------+
| | | | | |
+-----------------------------------+------+------------+---------------+--------------+
Balance sheet
+-----------------------------------------------+------+------------+----+--------------+
| |Note | 31 August | | 28 February |
| | | 2009 | | 2009 |
| | | Unaudited | | Audited |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| | | GBP'000 | | GBP'000 |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Fixed assets | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Investments at valuation | | 27,719 | | 22,826 |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Current assets | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Debtors | | 136 | | 72 |
+-----------------------------------------------+------+------------+----+--------------+
| Cash at bank and in hand | | 351 | | 1,051 |
+-----------------------------------------------+------+------------+----+--------------+
| | | 487 | | 1,123 |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Creditors: amounts falling due within one | | (209) | | (44) |
| year | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Net current assets | | 278 | | 1,079 |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Total assets less current liabilities | | 27,997 | | 23,905 |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Capital and reserves | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Called up share capital | | 2,005 | | 2,005 |
+-----------------------------------------------+------+------------+----+--------------+
| Other reserves | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Capital reserve - realised | 4 | 24,053 | | 19,954 |
+-----------------------------------------------+------+------------+----+--------------+
| Capital reserve - unrealised | 4 | 81 | | 81 |
+-----------------------------------------------+------+------------+----+--------------+
| Revenue reserve | 4 | 1,858 | | 1,865 |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Total shareholders' funds | | 27,997 | | 23,905 |
+-----------------------------------------------+------+------------+----+--------------+
| | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Net asset value per ordinary share: | | | | |
+-----------------------------------------------+------+------------+----+--------------+
| Ordinary - Basic | 5 | 279.31p | | 238.48p |
+-----------------------------------------------+------+------------+----+--------------+
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 15th
October 2009 and was signed on its behalf by
P T Furlong,
Chairman
Summarised cash flow statement
+-----------------------------------------------+------+------------+-------------+
| |Note | 6 months | 12 months |
| | | to | to |
+-----------------------------------------------+------+------------+-------------+
| | | 31 August | 28 February |
| | | 2009 | 2009 |
+-----------------------------------------------+------+------------+-------------+
| | | Unaudited | Audited |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| Net cash inflow from operating activities | 7 | 643 | 1,075 |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| Capital expenditure and financial investment | | | |
+-----------------------------------------------+------+------------+-------------+
| Purchase of investments | | (5,107) | (11,539) |
+-----------------------------------------------+------+------------+-------------+
| Disposal of investments | | 4,380 | 10,421 |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| Net cash outflow from capital expenditure and | | (727) | (1,118) |
| financial investment | | | |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| Equity dividends paid | | (616) | (977) |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
| Decrease in cash | 6 | (700) | (1,020) |
+-----------------------------------------------+------+------------+-------------+
| | | | |
+-----------------------------------------------+------+------------+-------------+
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 2009 annual report and financial statements.
2 Income
+---------------------------------------+-------------+------------+-------------+
| | 6 months to | 6 months | 12 months |
| | | to | to |
+---------------------------------------+-------------+------------+-------------+
| | 31 August | 31 August | 28 February |
| | 2009 | 2008 | 2009 |
+---------------------------------------+-------------+------------+-------------+
| | | | |
+---------------------------------------+-------------+------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+-------------+------------+-------------+
| | | | |
+---------------------------------------+-------------+------------+-------------+
| Income from investments | | | |
+---------------------------------------+-------------+------------+-------------+
| Franked investment income | | | |
+---------------------------------------+-------------+------------+-------------+
| - Ordinary dividends | 640 | 712 | 1,194 |
+---------------------------------------+-------------+------------+-------------+
| - Overseas dividends | 70 | 99 | 135 |
+---------------------------------------+-------------+------------+-------------+
| | 710 | 811 | 1,329 |
+---------------------------------------+-------------+------------+-------------+
| Other income | | | |
+---------------------------------------+-------------+------------+-------------+
| Bank and other interest | 14 | 54 | 77 |
+---------------------------------------+-------------+------------+-------------+
| | | | |
+---------------------------------------+-------------+------------+-------------+
| Total income | 724 | 865 | 1,406 |
+---------------------------------------+-------------+------------+-------------+
| | | | |
+---------------------------------------+-------------+------------+-------------+
| Income from investments | | | |
+---------------------------------------+-------------+------------+-------------+
| Listed UK | 638 | 710 | 1,189 |
+---------------------------------------+-------------+------------+-------------+
| Listed overseas | 70 | 99 | 135 |
+---------------------------------------+-------------+------------+-------------+
| Unlisted | 2 | 2 | 5 |
+---------------------------------------+-------------+------------+-------------+
| | 710 | 811 | 1,329 |
+---------------------------------------+-------------+------------+-------------+
3 Return per ordinary shares
Basic revenue return per ordinary share is based on the revenue return on
ordinary activities after taxation of GBP609,000 (2008: GBP724,000) and on
10,023,750 ordinary shares.
Basic capital return per ordinary share is based on the capital gain on ordinary
activities after taxation of GBP4,099,000 (2008: capital loss GBP2,634,000) and
on 10,023,750 ordinary shares.
4 Reserves
+--------------------------------------+--------------+------------+------------+
| | Capital | Capital | Revenue |
| | reserve | reserve - | reserve |
| | -realised | unrealised | |
+--------------------------------------+--------------+------------+------------+
| | | | |
+--------------------------------------+--------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+--------------+------------+------------+
| | | | |
+--------------------------------------+--------------+------------+------------+
| At 1 March 2009 | 19,954 | 81 | 1,865 |
+--------------------------------------+--------------+------------+------------+
| Net loss on realisation of | (1,373) | - | - |
| investments | | | |
+--------------------------------------+--------------+------------+------------+
| Expenses allocated to capital | (83) | - | - |
+--------------------------------------+--------------+------------+------------+
| Increase in fair value | 5,539 | - | - |
+--------------------------------------+--------------+------------+------------+
| Net revenue for the period after tax | - | - | 609 |
+--------------------------------------+--------------+------------+------------+
| Dividends paid | - | - | (616) |
+--------------------------------------+--------------+------------+------------+
| Capital distribution received | 16 | - | - |
+--------------------------------------+--------------+------------+------------+
| At 31 August 2009 | 24,053 | 81 | 1,858 |
+--------------------------------------+--------------+------------+------------+
Return on capital
+--------------------------------------+--------------+--------------+---------------+
| | 6 months to | 6 months to | 12 months to |
| | 31 August | 31 August | 28 February |
| | 2009 | 2008 | 2009 |
+--------------------------------------+--------------+--------------+---------------+
| | | | |
+--------------------------------------+--------------+--------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+--------------+--------------+---------------+
| | | | |
+--------------------------------------+--------------+--------------+---------------+
| Net loss on realisation of | (1,373) | (2,590) | (1,993) |
| investments | | | |
+--------------------------------------+--------------+--------------+---------------+
| Expenses allocated to capital | (83) | (69) | (103) |
+--------------------------------------+--------------+--------------+---------------+
| Increase/(decrease) in unrealised | 5,539 | 1 | (10,505) |
| appreciation | | | |
+--------------------------------------+--------------+--------------+---------------+
| Capital distribution received | 16 | 24 | 24 |
+--------------------------------------+--------------+--------------+---------------+
| | 4,099 | (2,634) | (12,577) |
+--------------------------------------+--------------+--------------+---------------+
| | | | |
+--------------------------------------+--------------+--------------+---------------+
5 Net asset value per share
+---------------------------+--------------+--------------+------------+--------------+
| | Net asset value per share | Net asset values |
+---------------------------+-----------------------------+---------------------------+
| | Attributable | Attributable |
+---------------------------+-----------------------------+---------------------------+
| | 31 August | 28 February | 31 August | 28February |
| | 2009 | 2009 | 2009 | 2009 |
+---------------------------+--------------+--------------+------------+--------------+
| | | | | |
+---------------------------+--------------+--------------+------------+--------------+
| | | | GBP'000 | GBP'000 |
+---------------------------+--------------+--------------+------------+--------------+
| | | | | |
+---------------------------+--------------+--------------+------------+--------------+
| Ordinary shares (basic) | 279.31p | 238.48p | 27,997 | 23,905 |
+---------------------------+--------------+--------------+------------+--------------+
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 | 12 months |
| | to | to |
+--------------------------------------------------+------------+-------------+
| | 31 August | 28 February |
| | 2009 | 2009 |
+--------------------------------------------------+------------+-------------+
| | | |
+--------------------------------------------------+------------+-------------+
| | GBP'000 | GBP'000 |
+--------------------------------------------------+------------+-------------+
| | | |
+--------------------------------------------------+------------+-------------+
| At 1 March 2009 | 1,051 | 2,071 |
+--------------------------------------------------+------------+-------------+
| Net cash outflow | (700) | (1,020) |
+--------------------------------------------------+------------+-------------+
| At 31 August 2009 | 351 | 1,051 |
+--------------------------------------------------+------------+-------------+
| | | |
+--------------------------------------------------+------------+-------------+
| Analysis of balances: | | |
+--------------------------------------------------+------------+-------------+
| Cash at bank and in hand | 351 | 1,051 |
+--------------------------------------------------+------------+-------------+
7 Reconciliation of net total return on ordinary activities before taxation
to net cash inflow from operating activities
+--------------------------------------------------+------------+-------------+
| | 6 months | 12 months |
| | to | to |
+--------------------------------------------------+------------+-------------+
| | 31 August | 28 February |
| | 2009 | 2009 |
+--------------------------------------------------+------------+-------------+
| | | |
+--------------------------------------------------+------------+-------------+
| | GBP'000 | GBP'000 |
+--------------------------------------------------+------------+-------------+
| | | |
+--------------------------------------------------+------------+-------------+
| Net total return on ordinary activities before | 4,708 | (11,408) |
| taxation | | |
+--------------------------------------------------+------------+-------------+
| Less realised losses on sale of investments | 1,373 | 1,993 |
+--------------------------------------------------+------------+-------------+
| Add/(less) fair value movements | (5,539) | 10,505 |
+--------------------------------------------------+------------+-------------+
| Increase in debtors | (64) | (20) |
+--------------------------------------------------+------------+-------------+
| Increase in other creditors | 165 | 5 |
+--------------------------------------------------+------------+-------------+
| Net cash inflow from operating activities | 643 | 1,075 |
+--------------------------------------------------+------------+-------------+
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 GBP97,314 (2008: GBP122,603) 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 28 February 2009 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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