Interim Results
March 30 2001 - 11:13AM
UK Regulatory
RNS Number:4071B
Downing Healthcare Protectd.VCT PLC
30 March 2001
CHAIRMAN'S STATEMENT
I am pleased to present the fourth interim statement for Downing
Healthcare Protected VCT plc for the six months ended 31 December
2000.
Trading results
The revenue return after taxation was #167,000 (1.7p per share) for
the period and net assets per share were 90.4p, a marginal increase of
0.1p over the net asset value per share at 30 June 2000. The total
return to original investors (net assets per share plus cumulative
dividends) is 105.8p.
Venture capital investments
The Company made no further investments in the period with the total
proportion of funds invested in care homes remaining at over 90%.
As discussed in my year-end statement, the operating environment for
care homes continues to be difficult. Performance of a number of the
investee companies remains disappointing, although it is hoped that
changes to the management and format of some of the homes will start
to show improved results in the near future.
The new National Required Standards, which take effect over the next
few years, are already starting to have an impact on the industry.
There are signs that more nursing homes are closing or converting to
alternative use rather than comply with the standards. There have also
been a number of significant business failures in the sector over the
last year. As a result, there is now some optimism that prospects for
the remaining operators may improve as the supply of care home beds is
reduced. The Board will seek to ensure that the investee companies
take full advantage of any general improvements in the prospects
within the industry.
Listed investments
During the period the remaining fixed income investments were redeemed
giving rise to no gain or loss.
Dividend payment
An interim dividend of 1.5p per share will be paid on 4 May 2001 to
shareholders on the register at 17 April 2001.
Repurchase of shares
The Directors acknowledge that the Company's share price is affected
by the illiquidity of its shares in the market, resulting from the
requirement that shareholders must retain their shares at least five
years in order to retain their tax benefits. The Directors are
continuing to monitor the market in the Company's shares and will make
share purchases when appropriate.
Publication of share price
Downing Healthcare Protected VCT plc's share price continues to be
quoted in the Financial Times on a daily basis in the "Investment
Companies" section.
Outlook
The focus, at this time, is very much on optimising the trading
performance of the care homes in order to improve the returns to
shareholders. The Directors are continually reviewing strategies to
enhance performance
The changes which have been made within a number of the investee
companies over the last few months will take some time to be reflected
in the trading results. Consequently I do not expect to see a
significant improvement in the revenue return for the year to 30 June
2001. I do, however, hope to report a more positive underlying
performance in my statement with the results for the full year ending
30 June 2001.
Chris Kay
Chairman
30 March 2001
SUMMARISED BALANCE SHEET
as at 31 December 2000
31 Dec 31 Dec 30 June
2000 1999 2000
#000 #000 #000
Fixed assets
Venture capital investments 8,212 8,320 8,212
Listed fixed income investments - 751 200
8,212 9,071 8,412
Net current assets 625 154 410
Net assets 8,837 9,225 8,822
Capital and reserves
Called up share capital 4,887 4,899 4,887
Share premium account 4,415 4,415 4,415
Capital redemption reserve 19 7 19
Capital reserve (517) (120) (513)
Revenue reserve 33 24 14
Total shareholders' funds 8,837 9,225 8,822
Net asset value per share 90.4p 94.3p 90.3p
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
The above financial information has been prepared on the basis of the
accounting policies set out in the Annual Report.
The calculation of the revenue and capital return per share for the period is
based upon the net revenue and capital after tax of #164,000 and (#3,000)
respectively, divided by the weighted average number of shares in issue during
the period of 9,775,000.
The unaudited financial statements set out above do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 and have
not been delivered to the Registrar of Companies. The figures for the year
ended 30 June 1999 have been extracted from the financial statements for that
year, which have been delivered to the Registrar of Companies; the auditors'
report on those financial statements was unqualified.
Copies of the unaudited interim results are being sent to shareholders in
shortly. Further copies can be obtained from the Company's Registered Office.
STATEMENT OF TOTAL RETURNS (incorporating the revenue account)
for the six months ended 31 December 2000
Six months ended
31 December 2000
Revenue Capital Total
#000 #000 #000
Income 282 282
Gains/(losses) on investments:
- Realised - - -
- Unrealised - - -
Management fees (4) (4) (8)
Other expenses (51) - (51)
Return on ordinary activities before taxation 227 (4) 223
Tax on ordinary activities (63) 1 (62)
Return attributable to equity shareholders 164 (3) 161
Net dividends (147) - (147)
Transfer to/(from) reserves 17 (3) 14
Return per share 1.7p (0.1p) 1.6p
Year ended
Six months ended 30 June
31 December 1999 2000
Revenue Capital Total Total
#000 #000 #000 #000
Income 268 - 268 543
Gains/(losses) on investments:
- Realised - (10) (10) (17)
-Unrealised - (9) (9) (391)
Management fees (4) (4) (8) (20)
Other expenses (34) - (34) (61)
Return on ordinary activities before 230 (23) 207 54
taxation
Tax on ordinary activities (63) 7 (56) (144)
Return attributable to equity 167 (16) 151 (90)
shareholders
Net dividends (147) - (147) (294)
Transfer to/(from) reserves 20 (16) 4 (32)
Return per share 1.7p (0.2p) 1.5p 3.6p
The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
The comparative figures were in respect of the six months ended 31 December
1999 and the year ended 30 June 2000 respectively.
UNAUDITED CASHFLOW STATEMENT
for the six months ended 31 December 2000
Six months Six months Year
ended ended ended
31 Dec 2000 31 Dec 1999 30 June
2000
#'000 #'000 #'000
Notes
Net cashflow from operating activities 1 41 97 532
Taxation
Corporation and income tax paid - - (246)
Investing activities
Purchase of listed fixed income - (204) (204)
securities
Purchase of venture capital - (900) (1,180)
investments
- (1,104) (1,384)
Equity dividend paid - (157) (304)
Management of liquid resources
Sale of fixed income securities 200 956 1,511
Financing
Repurchase of ordinary shares - (16) (16)
Increase/ (decrease) in cash and cash 2 241 (224) 93
equivalents
Notes to the Cashflow Statement
1 Net cashflow from operating activities
Net revenue before taxation 222 230 472
Management fees charged to capital - (4) (10)
(Increase)/decrease in accrued income/other debtors (179) (115) 61
Increase/(decrease) in other creditors (2) (14) 9
41 97 532
2 Change in cash and cash equivalents
Beginning of period 398 305 305
Net cash inflow/ (outflow) 241 (224) 93
End of period 639 81 398
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