Interim Results
May 12 2005 - 12:53PM
UK Regulatory
FRAMLINGTON AIM VCT PLC
CHAIRMAN'S STATEMENT
I should like to welcome shareholders to the trust and thank them for their
support in this, the inaugural statement for the trust.
I am delighted to report that the trust raised �17.7 million from its launch on
20 September 2004 to 31 March 2005 and a further �5.3 million, giving a total
of �23 million, by the close of the 2004/05 tax year on 5 April 2005. As
shareholders will be aware the launch period was extended until 29 April 2005
and during this period a further �1.64 million was raised, giving a total of �
24.64 million.
The trust's first reporting period, being the period from September to 31
March, has seen the small company market in a fairly ebullient mood. This is
the period of the year when corporate earnings forecasts tend to be at their
peak, only to be reduced as the year progresses. Towards the end of the period
the market suffered from profit taking, especially evident in those areas where
risk aversion had been low.
It is healthy for markets to take a pause for breath from time to time, and it
is not surprising that there was a short-term correction in April due to the
imminent election and the uncertainty surrounding it. Traditionally, once the
election is out of the way markets tend to rise and with the current economic
backdrop I see no reason why this should not happen again. The caveat to this
is longer term economic policy, especially as it may contain tax increases and
higher interest rates.
During the interim period the new issue market has been vibrant, although in
many cases the quality has not matched the quantity and pricing has been
towards the top end. Bearing this in mind, together with the fact that the
trust has three years to reach its qualifying status, the investment manager
has not rushed to invest the proceeds of the issue.
The amount that the trust has raised via subscription and the critical mass
that it brings, enables diversity throughout the portfolio. As at 31 March, �
4.2 million was invested of which �3.3 million is within qualifying assets,
ranging from Sanderson Group, a software business, through to Brooks Macdonald,
an IFA and asset manager.
Looking forward, stock selection remains paramount and your managers will
continue to focus on well managed companies sharing characteristics of
sustainable and predictable growth.
Our next report to you will be the annual report and accounts to 30 September
2005 which we expect to send out in January 2006.
Tim How
Chairman
12 May 2005
Framlington AIM VCT PLC
Statement of Total Return
6 months to 31 March 2005
(Unaudited)
Revenue Capital Total
�000s �000s �000s
Gains on investments - 550 550
Income 115 - 115
Investment management fee (22) (67) (89)
Other expenses (68) - (68)
Net return before finance costs and 25 483 508
taxation
Interest payable and similar - - -
charges
Return on ordinary activities 25 483 508
before taxation
Tax on ordinary activities - - -
Return on ordinary activities after 25 483 508
taxation
attributable to equity shareholders
Dividends in respect of equity - - -
shares
Transfer to reserves 25 483 508
Return per ordinary share:
Basic* 0.26p 5.11p 5.37p
*The return per ordinary share is based on 9,452,257 ordinary shares being the
weighted average number of shares in the period.
The figures for the period to 31 March 2005 are unaudited.
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.
Framlington AIM VCT PLC
Summarised Balance Sheet
at 31 March 2005
(Unaudited)
�000s
Qualifying investments* 3,256
Non-qualifying investments* 964
Current assets 14,786
Creditors due within one year (1,469)
17,537
Called up share capital 1,792
Share premium account 15,237
Revenue reserves 25
Capital reserves 483
Equity shareholders' funds 17,537
*Investment valuations are stated at market value based on bid market prices at
the period end.
Further copies of these interim results are available from the Trust's
registered office - 155 Bishopsgate, London, EC2M 3XJ.
Assets
at 31 March 2005
(Unaudited)
Net asset value per share (bid basis) 97.83p
Net asset value per share (mid basis) 98.30p
Net asset values per share at 6 May 2005 were 96.27p (bid basis) and 96.69p
(mid basis).
All net asset values per share are calculated on the AITC basis, including
current year revenue reserves.
At 31 March 2005 there were 17,925,340 ordinary shares in issue.
Framlington AIM VCT PLC
Cash Flow Statement
6 months to
31 March 2005
(Unaudited)
�000s
Operating Activities
Interest received 65
Investment management fee charged to revenue (14)
Cash paid to and on behalf of directors (25)
Other cash payments (35)
Net cash outflow from operating activities (9)
Capital expenditure and financial investment
Net purchases of investments (2,627)
Investment management fee charged to capital (41)
Net cash outflow before financing (2,677)
Financing
Issue of ordinary share capital 10,598
Issue costs (529)
Net cash inflow from financing 10,069
Increase in cash 7,392
END
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