Final Results
Finsbury Technology Trust PLC
07 March 2003
Friday 7 March 2003
Finsbury Technology Trust PLC
Preliminary results for the year ended 30 November 2002
Finsbury Technology Trust PLC today announces preliminary results for the year
ended 30 November 2002.
Financial Summary
(unaudited) (audited)
30.11.02 30.11.01 % Change
Net Assets £49.8m £88.8m -43.9
Net Asset Value per share 180.3p 321.7p -43.9
Share Price 171.0p 318.0p -46.2
Discount 5.2% 1.2% -
MSCI World Net Index (sterling adjusted without 1,286 1,679 -23.4
dividends reinvested)
The Company has not generated significant income and the Directors are not
proposing a dividend for the year (2001: nil).
For and on behalf of Close Finsbury Asset Management Limited - Secretary
7 March 2003
The following are attached:
• Chairman's Statement
• Statement of Total Return
• Balance Sheet
• Cash Flow Statement
• Notes to the Preliminary Results
For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited 020 7426 6240
Faith Pengelly, Close Finsbury Asset Management Limited 020 7426 6229
Michael Bourne, Reabourne Technology Investment Management Limited 020 7426 6290
Jo Stonier, Quill Communications 020 7763 6970
Finsbury Technology Trust PLC
Chairman's Statement
Results
In the year ended 30 November 2002, the net asset value per share fell by 43.9%
from 321.7p to 180.3 p. This compares with a decline of 28.7% in the NASDAQ
Composite Index (sterling adjusted) and of 23.4% in the MSCI World Net Index,
which is our benchmark index.
During the year ended 30 November 2002, the Company's share price fell by 46.2%
from 318p to 171p. This resulted in the share price standing at a 5.2% discount
to the net asset value at 30 November 2002. Since the end of the year there have
been further declines in the technology sector and equities generally. On 4
March 2003 the net asset value per share was 151.4p and the share price was
123.5p, a discount to net asset value of 18.4%.
Statement of Total Return
The Statement of Total Return is set out in the Annual Report. The total deficit
per share for the year was 141.4p (2001: deficit of 95.8p) made up of a revenue
deficit of 2.9p (2001:4.2p) and a capital deficit of 138.5p (2001: deficit of
91.6p).
Dividends
The investments making up the Company's investment portfolio typically provide a
very low yield. No dividend has been declared in respect of the year ended 30
November 2002 (2001: nil) and it is unlikely that a dividend will be paid for
the foreseeable future.
Outlook
In these uncertain times it is difficult to predict when markets will recover,
particularly following the corporate scandals in the US and the continuing
political uncertainty over potential military action in the Middle East.
Your Board maintains a policy of being fully invested in technology shares as
set out in the original investment mandate and continues to be confident that in
the long-term this strategy is appropriate to providing enhanced shareholder
value.
The Board
I am pleased to announce that Mr Chris Martin and Mr David Quysner have joined
the Board as non-executive directors with effect from today, brief details of
whom are given in the Annual Report. We welcome the knowledge and expertise that
they will bring to the issues facing your Company and I hope that you will vote
for their re-election at the forthcoming Annual General Meeting.
Finsbury Technology Trust PLC
Chairman's Statement (continued)
Annual General Meeting
The Annual General Meeting will be held at 10 Crown Place, London, EC2 on 2
April 2003 at 12.00 noon and I hope that as many shareholders as possible will
be able to attend. Our investment adviser, Michael Bourne, will make a
presentation after the meeting. A map showing the location of 10 Crown Place can
be found at the back of the Annual Report.
Bryan Lenygon, Chairman
7 March 2003
Finsbury Technology Trust PLC
Statement of Total Return
incorporating the revenue account for the year ended 30 November 2002
Restated*
(unaudited) (audited)
Revenue Capital Total Revenue Capital Total
2002 2002 2002 2001 2001 2001
£000 £000 £000 £000 £000 £000
Losses on investments - (38,213) (38,213) - (24,646) (24,646)
Exchange losses on currency balances - (55) (55) - (216) (216)
Income (see note 2) 327 - 327 431 - 431
Investment management fee (666) - (666) (972) (99) (1,071)
(see note 3)
Other expenses (427) - (427) (452) - (452)
Net loss before finance (766) (38,268) (39,034) (993) (24,961) (25,954)
costs and taxation
Interest payable (12) - (12) (134) - (134)
and similar charges
Loss on ordinary activities before taxation (778) (38,268) (39,046) (1,127) (24,961) (26,088)
Taxation on ordinary activities (11) - (11) (12) - (12)
Loss on ordinary activities after taxation (789) (38,268) (39,057) (1,139) (24,961) (26,100)
Dividends on Ordinary shares - - - - - -
Transfer from reserves (789) (38,268) (39,057) (1,139) (24,961) (26,100)
Loss per Ordinary share (2.9p) (138.5p) (141.4p) (4.2p) (91.6p) (95.8p)
(see note 4)
All revenue and capital items in the above statement derive from continuing
operations.
*Restated to exclude subsidiary company (see note 1).
Finsbury Technology Trust PLC
Balance Sheet
as at 30 November 2002
(unaudited) (audited)
2002 2001
£000 £000
Fixed Asset Investments 50,053 86,621
Current Assets
Debtors 315 3,961
Cash at bank 704 229
1,019 4,190
Creditors
Amounts falling due within one year (1,284) (1,966)
Net current (liabilities)/assets (265) 2,224
Net assets 49,788 88,845
Capital and reserves
Called up share capital 6,904 6,904
Share premium account 23,488 23,488
Capital reserve - realised 58,264 70,538
Capital reserve - unrealised (33,000) (7,006)
Revenue reserve (5,868) (5,079)
Total shareholders' funds 49,788 88,845
Net asset value per Ordinary 180.3p 321.7p
share (see note 5)
Finsbury Technology Trust PLC
Cash Flow Statement
for the year ended 30 November 2002
Restated*
(unaudited) (audited)
2002 2001
£000 £000
Net cash inflow/(outflow) from operating activities 1,494 (12,408)
Servicing of finance
Bank overdraft and loan interest paid (12) (134)
Taxation
Tax recovered - 6
Financial investment
Purchases of investments (25,998) (45,579)
Sales of investments 25,046 57,018
Net cash (outflow)/inflow from financial investments (952) 11,439
Financing
Repayment of loans - (3,143)
Issue of Ordinary shares - 2,734
Net cash outflow from financing - (409)
Increase/(decrease) in cash 530 (1,506)
Reconciliation of net cash flow to movement in net funds
Increase/(decrease) in cash as above 530 (1,506)
Cash outflow from repayment of loan - 3,143
Exchange movements (55) (216)
Movement in net funds 475 1,421
Net funds/(debt) at 1 December 229 (1,192)
Net funds at 30 November 704 229
*Restated to exclude subsidiary company (see note 1).
Finsbury Technology Trust PLC
Notes
1 Accounting Policies
The figures in this announcement have been prepared using accounting policies
that are consistent with those adopted in the last published set of accounts,
with the exception of the adoption of Financial Reporting Standard 19.
The Company's wholly owned subsidiary, Fintech Investments Limited, was placed
into members voluntary (solvent) liquidation on 11 November 2002. As a result
the Company no longer prepares group accounts. Comparative information
has been provided for the Company only.
2 Income
Income for the year was derived from the following sources:
2002 2001
£000 £000
Income from investments 317 362
Interest receivable and other income 10 69
Total 327 431
3 Investment Management Fee
Revenue Capital Total Revenue Capital Total
2002 2002 2002 2001 2001 2001
£000 £000 £000 £000 £000 £000
Periodic fee 607 - 607 905 - 905
Irrecoverable 59 - 59 67 99 166
VAT thereon
Total 666 - 666 972 99 1,071
4. Loss Per Share
The revenue loss per Ordinary share is based upon the loss attributable to
Ordinary shareholders of £789,000 (2001: £1,139,000) and 27,615,312 Ordinary
shares being the weighted average number of Ordinary shares in issue during the
year of (2001: 27,240,312). Capital loss per Ordinary share is based upon net
capital losses attributable to Ordinary shareholders of £38,268,000 (2001:losses
of £24,961,000) and 27,615,312 Ordinary shares being the weighted average number
of Ordinary shares in issue during the year of (2001: 27,240,312).
5. Net Asset Value Per Share
The net asset value per Ordinary share is based on the net assets
attributable to Ordinary shareholders of £49,788,000 (2001: £88,845,000) and
27,615,312 (2001: 27,615,312) Ordinary shares in issue at 30 November 2002.
6. Comparative Information
These accounts are not statutory accounts. The above results have been agreed
with the auditors and are an abridged version of the Company's full draft
accounts, which have not yet been approved, audited or filed with the Registrar
of Companies.
Statutory accounts for the year ended 30 November 2001 have been delivered to
the Registrar of Companies and received an audit report which was unqualified
and did not contain statements under Section 237 (2) and (3) of the Companies
Act 1985.
Close Finsbury Asset Management Limited - Secretary
7 March 2003
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 45 minutes ago Dowlais Group
- 45 minutes ago RS Group
- 1 hour ago Howden Joinery Group
- 1 hour ago Mears Group
- 3 hours ago Touchstone Exploration Inc NPV (DI)