Half Yearly Report
October 15 2010 - 2:00AM
UK Regulatory
TIDMABNY
RNS Number : 4208U
Albany Investment Trust PLC
15 October 2010
Albany Investment Trust Plc
Half yearly financial report
For the period ended 31 August 2010
The unaudited results of the company for the half year ended 31st August 2010
are attached. The company carried on the normal business of an Investment Trust
as defined by Section 833 of the Companies Act 2006 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 (NAV) per share of the company fell
2.2% compared to the FTSE All Share which fell 1.5% for the sixth month period
to 31st August 2010. The results also disclose net revenue of GBP524,000 which
represents a decrease of 13.9% compared to the first half of last year.
I would like to begin by welcoming Manjit Wolstenholme to the Board. She brings
a wealth of knowledge and experience and we look forward to working with her
during her tenure. Turning to the markets, given the increasing volatility we
have witnessed in markets over the first half, it is pleasing to see the trust
remain within reach of the benchmark in terms of performance. The income
generated over the period has declined, with this explained in part by BP's well
published problems and subsequent temporary dividend cut as well as lower income
from overseas following a number of disposals. In addition to the fall in
income, expenditure has increased. This was due to the unavoidable costs
relating to legal and production costs of printing of the new Articles of
Association.
Following regular updates from the investment managers, the Board remain happy
with the approach as well as the portfolio and hope to report a successful
second half at our final results. However, looking to the future the Board will
be undertaking a review of future investment strategy.
The directors announce an unchanged interim dividend of 3.90p per share for the
year ending 28th February 2011. This will be paid to shareholders on the
register on 29th October 2010 (XD date 27th October 2010) and dividend warrants
will be posted on 25th November 2010.
The principal risks facing the company relate to the company's investment
activities. The major risk is market price risk. Details of the risk and the
policies adopted are unchanged from those set out in note 11 of the 2010 Annual
report and accounts.
ON BEHALF OF THE BOARD
P T Furlong
Chairman
14 October 2010
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 | 6 months | 12 months |
| | | to | to | to |
+-------------------------------+------+-----------+-----------+-----------+
| | | 31 August | 31 August | 28 |
| | | | | February |
+-------------------------------+------+-----------+-----------+-----------+
| | | 2010 | 2009 | 2010 |
+-------------------------------+------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Income | 2 | 679 | 724 | 1,139 |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Expenses | | (155) | (115) | (229) |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Return on revenue | | 524 | 609 | 910 |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Return on capital | 4 | (570) | 4,099 | 6305 |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Return on ordinary activities | | (46) | 4,708 | 7,215 |
| before taxation | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Taxation on ordinary | | - | - | - |
| activities | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Return on ordinary activities | | | | |
| after taxation | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| for the financial year | | (46) | 4,708 | 7,215 |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Return per ordinary share: | 3 | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Basic - | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Revenue | | 5.23p | 6.1p | 9.08p |
+-------------------------------+------+-----------+-----------+-----------+
| Capital | | (5.69)p | 40.9p | 62.9p |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
| Total | | (0.46)p | 47.0p | 71.98p |
+-------------------------------+------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+------+-----------+-----------+-----------+
Balance sheet
+-----------------------------------------+------+------------+------------+
| |Note | 31 August | 28 |
| | | 2010 | February |
| | | | 2010 |
+-----------------------------------------+------+------------+------------+
| | | Unaudited | Audited |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------+------+------------+------------+
| Fixed assets | | | |
+-----------------------------------------+------+------------+------------+
| Investments at valuation | | 29,377 | 29,652 |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| Current assets | | | |
+-----------------------------------------+------+------------+------------+
| Debtors | | 103 | 62 |
+-----------------------------------------+------+------------+------------+
| Cash at bank and in hand | | 50 | 451 |
+-----------------------------------------+------+------------+------------+
| | | 153 | 513 |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| Creditors: amounts falling due within | | (84) | (52) |
| one year | | | |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| Net current assets | | 69 | 461 |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| Total assets less current liabilities | | 29,446 | 30,113 |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| Capital and reserves | | | |
+-----------------------------------------+------+------------+------------+
| Called up share capital | | 2,005 | 2,005 |
+-----------------------------------------+------+------------+------------+
| Other reserves | | | |
+-----------------------------------------+------+------------+------------+
| Capital reserve - realised | 4 | 25,693 | 26,259 |
+-----------------------------------------+------+------------+------------+
| Capital reserve - unrealised | 4 | 77 | 81 |
+-----------------------------------------+------+------------+------------+
| Revenue reserve | 4 | 1,671 | 1,768 |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| Total shareholders' funds | | 29,446 | 30,113 |
+-----------------------------------------+------+------------+------------+
| | | | |
+-----------------------------------------+------+------------+------------+
| Net asset value per ordinary share: | | | |
+-----------------------------------------+------+------------+------------+
| Ordinary - Basic | 5 | 293.76p | 300.42p |
+-----------------------------------------+------+------------+------------+
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 14
October 2010 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 |
| | | 2010 | February |
| | | | 2010 |
+-----------------------------------------+------+-----------+------------+
| | | Unaudited | Audited |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| Net cash inflow from operating | 7 | 426 | 772 |
| activities | | | |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| Capital expenditure and financial | | | |
| investment | | | |
+-----------------------------------------+------+-----------+------------+
| Purchase of investments | | (11,227) | (10,861) |
+-----------------------------------------+------+-----------+------------+
| Disposal of investments | | 11,021 | 10,496 |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| Net cash outflow from capital | | | |
| expenditure and financial | | | |
+-----------------------------------------+------+-----------+------------+
| investment | | (206) | (365) |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| Equity dividends paid | | (621) | (1,007) |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
| Decrease in cash | 6 | (401) | (600) |
+-----------------------------------------+------+-----------+------------+
| | | | |
+-----------------------------------------+------+-----------+------------+
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 United
Kingdom accounting standards (United Kingdom Generally Accepted Accounting
Practice) 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 2010 annual report and financial statements.
2 Income
+-----------------------------------+-----------+----------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
| | 31 August | 31 | 28 |
| | 2010 | August | February |
| | | 2009 | 2010 |
+-----------------------------------+-----------+----------+------------+
| | | | |
+-----------------------------------+-----------+----------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+-----------+----------+------------+
| | | | |
+-----------------------------------+-----------+----------+------------+
| Income from investments | | | |
+-----------------------------------+-----------+----------+------------+
| Franked investment income | | | |
+-----------------------------------+-----------+----------+------------+
| - Ordinary dividends | 631 | 640 | 1,012 |
+-----------------------------------+-----------+----------+------------+
| - Overseas dividends | 26 | 70 | 92 |
+-----------------------------------+-----------+----------+------------+
| | 657 | 710 | 1,104 |
+-----------------------------------+-----------+----------+------------+
| Other income | | | |
+-----------------------------------+-----------+----------+------------+
| Bank and other interest | 22 | 14 | 35 |
+-----------------------------------+-----------+----------+------------+
| | | | |
+-----------------------------------+-----------+----------+------------+
| Total income | 679 | 724 | 1,139 |
+-----------------------------------+-----------+----------+------------+
| | | | |
+-----------------------------------+-----------+----------+------------+
| Income from investments | | | |
+-----------------------------------+-----------+----------+------------+
| Listed UK | 628 | 638 | 1,007 |
+-----------------------------------+-----------+----------+------------+
| Listed overseas | 26 | 70 | 92 |
+-----------------------------------+-----------+----------+------------+
| Unlisted | 3 | 2 | 5 |
+-----------------------------------+-----------+----------+------------+
| | 657 | 710 | 1,104 |
+-----------------------------------+-----------+----------+------------+
3 Return per ordinary shares
Basic revenue return per ordinary share is based on the revenue return on
ordinary activities after taxation of GBP524,000 (2009: GBP609,000) 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
GBP570,000 (2009: capital gain GBP4,099,000) and on 10,023,750 ordinary
shares.
4 Reserves
+----------------------------------+-----------+------------+-----------+
| | Capital | Capital | |
| | reserve | reserve | Revenue |
| | - | - | reserve |
| | realised | unrealised | |
+----------------------------------+-----------+------------+-----------+
| | | | |
+----------------------------------+-----------+------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-----------+------------+-----------+
| | | | |
+----------------------------------+-----------+------------+-----------+
| At 1 March 2010 | 26,259 | 81 | 1,768 |
+----------------------------------+-----------+------------+-----------+
| Net gain on realisation of | 1,613 | - | - |
| investments | | | |
+----------------------------------+-----------+------------+-----------+
| Expenses allocated to capital | (89) | - | - |
+----------------------------------+-----------+------------+-----------+
| Decrease in fair value | (2,090) | (4) | - |
+----------------------------------+-----------+------------+-----------+
| Net revenue for the period after | - | - | 524 |
| tax | | | |
+----------------------------------+-----------+------------+-----------+
| Dividends paid | - | - | (621) |
+----------------------------------+-----------+------------+-----------+
| At 31 August 2010 | 25,693 | 77 | 1,671 |
+----------------------------------+-----------+------------+-----------+
Return on capital
+----------------------------------+------------+------------+----------+
| | 6 months | 6 months | 12 |
| | to | to | months |
| | 31 August | 31 August | to |
| | 2010 | 2009 | 28 |
| | | | February |
| | | | 2010 |
+----------------------------------+------------+------------+----------+
| | | | |
+----------------------------------+------------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------------+------------+----------+
| | | | |
+----------------------------------+------------+------------+----------+
| Net gain/(loss) on realisation | 1,613 | (1,373) | (819) |
| of investments | | | |
+----------------------------------+------------+------------+----------+
| Expenses allocated to capital | (89) | (83) | (172) |
+----------------------------------+------------+------------+----------+
| (Decrease)/increase in | (2,094) | 5,539 | 7,280 |
| unrealised appreciation | | | |
+----------------------------------+------------+------------+----------+
| Capital distribution received | - | 16 | 16 |
+----------------------------------+------------+------------+----------+
| | (570) | 4,099 | 6,305 |
+----------------------------------+------------+------------+----------+
5 Net asset value per share
+----------------------+-------------------------+------------+----------+------------+
| | Net asset value per | Net asset values |
| | share | |
+----------------------+--------------------------------------+-----------------------+
| | Attributable | Attributable |
+----------------------+--------------------------------------+-----------------------+
| | 31 August | 28 | 31 | 28 |
| | 2010 | February | August | February |
| | | 2010 | 2010 | 2010 |
+----------------------+-------------------------+------------+----------+------------+
| | | | | |
+----------------------+-------------------------+------------+----------+------------+
| | | | GBP'000 | GBP'000 |
+----------------------+-------------------------+------------+----------+------------+
| | | | | |
+----------------------+-------------------------+------------+----------+------------+
| Ordinary shares | 293.76p | 300.42p | 29,446 | 30,113 |
| (basic) | | | | |
+----------------------+-------------------------+------------+----------+------------+
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 |
| | 2010 | February |
| | | 2010 |
+---------------------------------------------+-----------+-----------+
| | | |
+---------------------------------------------+-----------+-----------+
| | GBP'000 | GBP'000 |
+---------------------------------------------+-----------+-----------+
| | | |
+---------------------------------------------+-----------+-----------+
| At 1 March 2010 | 451 | 1,051 |
+---------------------------------------------+-----------+-----------+
| Net cash outflow | (401) | (600) |
+---------------------------------------------+-----------+-----------+
| At 31 August 2010 | 50 | 451 |
+---------------------------------------------+-----------+-----------+
| | | |
+---------------------------------------------+-----------+-----------+
| Analysis of balances: | | |
+---------------------------------------------+-----------+-----------+
| Cash at bank and in hand | 50 | 451 |
+---------------------------------------------+-----------+-----------+
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 |
| | 2010 | February |
| | | 2010 |
+---------------------------------------------+------------+-----------+
| | | |
+---------------------------------------------+------------+-----------+
| | GBP'000 | GBP'000 |
+---------------------------------------------+------------+-----------+
| | | |
+---------------------------------------------+------------+-----------+
| Net total return on ordinary activities | (46) | 7,215 |
| before taxation | | |
+---------------------------------------------+------------+-----------+
| Less realised (gain)/loss on sale of | (1,613) | 819 |
| investments | | |
+---------------------------------------------+------------+-----------+
| Add/(less) fair value movements | 2,094 | (7,280) |
+---------------------------------------------+------------+-----------+
| (Increase)/decrease in debtors | (41) | 10 |
+---------------------------------------------+------------+-----------+
| Increase in other creditors | 32 | 8 |
+---------------------------------------------+------------+-----------+
| Net cash inflow from operating activities | 426 | 772 |
+---------------------------------------------+------------+-----------+
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 GBP105,156 (2009: GBP97,314) 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 by the Companies Act 2006. The figures
for the year ended 28 February 2010 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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