Final Results

RNS Number : 8227N

Hansa Trust PLC

17 June 2010

 



HANSA TRUST PLC

Preliminary Announcement of Unaudited Results

for the year ended 31 March 2010

Hansa Trust PLC announces its Preliminary Results for the year ended 31 March 2010

Financial Highlights	Year ended 31 March 2010 (unaudited)	Year ended 31 March 2009 (unaudited)
Net Asset Value - Total Return	48.0%	(30.2%)
Performance Benchmark	6.2%	6.7%
Capital return per equity share	272.9	(294.8p)
Revenue return per share	27.4	18.3p
Net asset value per share	895.9	635.0p
Total dividend per equity share for the year	25.0	18.0p
Total income (£000's)	8,370	6,479
Revenue before taxation (£000's)	6,584	4,474

The following are attached:

·              Chairman's Statement

·              Group Income Statement

·              Statement of Changes in Equity-Group and Company

·              Balance Sheet for the Group and Company

·              Cash Flow Statement

·              Notes

For further information please contact:

Peter Gardner                Hansa Capital Partners LLP                    020 7647 5750

Chairman's Statement

2009-2010: Stock Market Recovers, Volatility Continues

A year ago all was gloom and doom; a year on there is a sense of relief that there has been no doom, but no conviction that it hasn't just been postponed.  Stock markets remain volatile and edgy.  It is interesting to look back over the last ten years (31 March 2000 to 2010) and remind ourselves how volatile stock markets have been.  Volatility may be born of many things but three certainly contribute to it: volatile interest rates, excessive amounts of debt and nervousness about the future (caused I believe by - as much as anything - lack of credibility in our political leadership and its policies).

The decade began with the bursting of the dot.com boom. Indices had become thoroughly distorted by small and often worthless companies being valued as large, while larger well established businesses were demoted to the junior leagues.  The UK stock market duly collapsed and over circa three years between 31 March 2000 and its subsequent low on 12 March 2003, just before the invasion of Iraq, it fell by 48.9%.  The Federal Reserve, the US central bank, had reduced its interest rate from 6% to 1%, in an almost panic like fashion; markets worldwide became flush with money.

In response to very easy global monetary conditions stock markets recovered, the FTSE All-Share Index rising by 119% in the space of just over four years. However the loose money had also triggered what proved to be property and housing bubbles of volcanic proportions; like all volcanoes, they do eventually burst and it did - in spectacular fashion.  Between an intra-day high on 13 July 2007 and the eventual bottom nearly two years later on 9 March 2009 the UK stock market fell 49.6%. Now just over one year on, the stock market, once again swimming in oceans of money, had recovered by no less than 65.7% at our year end.  It all amounted to one hell of a roller coaster.

Given that over the full ten years the UK stock market declined by 6.4%, it can be said that Macbeth's "full of sound and fury signifying nothing" aptly describes what has been going on.  The point of all of this is that we live in volatile times and we are likely to continue to do so; the three causes outlined above are still very much in play.  Our own net asset values and therefore our two share prices have also experienced volatility (although we have been fortunate enough to make money over the ten year period); the volatility is likely to continue.

THE YEAR'S RESULTS:

NAV:       +41.1% to 895.9p per share

After the disappointment of not making any money last year - during which the net asset value declined by 31.3% - we enjoyed the benefit of the recovery in the world's stock markets.  Our net asset value rose after dividend payments by 260.9p per share (41.1%) to 895.9p per share, driven once again by a stellar performance by our holding in Ocean Wilsons - it contributed 167.6p of the rise and ended the year accounting for 39.4% of the Trust's net asset value.  Most of the rest of the portfolio chipped in but to a lesser extent, the individual holdings being much smaller than that in Ocean Wilsons.  We suffered just a few losses, most notably from our holding in Ark Therapeutics.

We have stressed many times that it is our aim to make money for shareholders over the longer-term (which I will return to later) and so it is that we have an absolute benchmark (described on page 2 of the full accounts) that reflects that money making goal.  During the year it returned 6.2%.  The FTSE All-Share Index, which we keep an eye on, rose by 46.7%.  John Alexander's portfolio management commentary, which is shown in the full annual accounts, is his usual excellent account of what has been going on in stock markets and in our portfolio and his observations about the outlook for stocks and shares in the UK.  It is a good read and I do encourage shareholders to peruse it; very few portfolio managers provide such a thorough resume of their activities.

OCEAN WILSONS:

Value of Holding: +74.0% at £84.6m.

Our investment in the shares of Ocean Wilsons, as I mentioned above, had a cracking good year; the value of it rose by 74% and stood at £84.6 million at our year end (accounting for 39.4% of the net asset value).  The company continues to do well and its prospects remain exciting.  Again, John's commentary provides a good review of its progress.

We should remember that Ocean Wilsons' business (market capitalisation 31 March 2010: £325.3 m) now consists of:-

i.      its 58.25% owned subsidiary, Wilson Sons Ltd which is involved in maritime services in Brazil and which had a stock market value at our year end of $922.4 m; and

ii.     a portfolio of investments with a market value of $245 m (of which 41% is invested in quoted equities, 9% in bonds, 25% in unquoted investments and 25% is held in cash) - invested in different countries but with an emphasis on the emerging economies (including the Americas 41%, Asia 30%, Europe 5%, and the UK 10%).

It is not our policy to trade in and out of our holding in Ocean Wilsons.  One of the reasons for achieving the quotation for Wilson Sons shares two years ago, realising some cash from Ocean Wilsons'  investment in it, was to make Ocean Wilsons a geographically more diversified company.  So, although our holding of 26.4% of Ocean Wilsons accounts for 39.4% of our net asset value  (as mentioned above) the exposure to any one country or to any single investment is much less.

DIVIDEND

+38.9% to 25.0p per share

We experienced a particularly good year in terms of the investment income from our portfolio; it rose from £6.5 million to £8.4 million, an increase of 29.2%.  Declines in the interest and tax paid meant that the earnings rose by even more - by 50% - from 18.28p to 27.42p per share.  The investment income benefitted from increased dividends, most notably that from Ocean Wilsons, which increased its dividends by 40% - from US$0.30 to US$0.42 per Ocean Wilsons share. 

In respect of this year the Board of Directors has declared interim dividends - one of 3.5p per share and one of 21.5p per share, totaling 25.0p per share (18.0p per share was paid in respect of last year).  Details of the payments can be found in note 7 to the accounts.

As I mentioned last year, the portfolio is managed for capital growth so that the amount of income generated will vary with whatever happens to be in the portfolio in any given year and when the companies concerned pay their dividends.  As a consequence the dividend may rise or fall from one year to the next, although over the very long term it should rise as the general level of dividends grows (over the last ten years it has risen from 5p to 25p per share).

SHARE PRICE PERFORMANCE:

Ordinary shares:                                +49.0% to 760p per share;                               Discount to NAV: 15.2%

"A" Ordinary shares:                         +53.1% to 750p per share;                               Discount to NAV: 16.3%

As confidence returned to the stock market and share price valuations recovered, so the discounts on investment trust shares declined, thereby providing even better returns for shareholders than those of their underlying net asset values.  In our case the discounts declined from the very depressed levels of March 2009.

The table below provides an attribution of shareholders' return over the course of the year - after taking into consideration the dividends paid during the course of the year, amounting to 39.5p per share:

Attribution of Shareholder Returns	Ordinary Shares			"A" Ordinary Shares
Share price change due to change in NAV	+209.5p			+201.3p
Share price change due to change in discount	+40.5p			+58.7p
Dividends paid during the year	+39.5p			+39.5p
Shareholders' Return	+289.5p			+299.5p

We do take powers to buy back shares and will do so if the circumstances make it particularly attractive.  But, as I will expound upon later, we do not seek to manage the share price over the short term with buy back programmes, content in the knowledge that over the long term the share price return will not be materially different from the net asset value return. 

LONG TERM NAV RETURNS:

5 Years:  NAV:  +53.5%;                     Benchmark:  +33.0%;                         FTSE All-Share Index: +18.4%                         

Ordinary share price:                        +34.3% (including dividends +49.1%)            

"A" Ordinary share price:                +37.2% (including dividends +52.7%)

As I stressed above, we manage the Company and its portfolio to make money over the longer-term, a period that we deem to be a rolling five years.  So the Board of Directors, in assessing the performance of the Company, looks at returns that have been earned for shareholders as part of their annual assessment of the Management.  As the numbers above show, the returns over the last five year period have been quite satisfactory, particularly given that  it included the severe two year bear market that ended in March 2009.  The net asset value has risen by 53.5% which is equivalent to 9.0% per annum, better than the benchmark, which in turn is rather better than the stock market (FTSE All-Share Index).

However, looking at how the five year rolling returns have worked out in the last ten years, by and large and with the exception of one period, the five year returns have been satisfactory - some very good periods, others not quite as good but, in nine out of the ten periods, money has been made for shareholders.  For the first ten years of this new century the net asset value rose 101.3% (equivalent to 7.2% per annum). That's not bad considering that the FTSE All-Share Index declined 6.5% over those years.

Having considered this record, the Independent Directors have had no difficulty in concluding that it is in shareholders' interests that Hansa Capital Partners remain as the Company's investment manager.  It isn't just the long-term returns that we looked at in reaching the conclusion but also the management and administration of the Company's affairs generally.  In that respect we are also in good hands.  It is appropriate for us, on behalf of all shareholders, to thank William Salomon, John Alexander, Peter Gardner and all their colleagues at Hansa Capital Partners for all they do for us and the returns they have earned for us over the years.  Thank you.

HANSA TRUST - AN INVESTMENT TRUST THAT IS DIFFERENT

It is always risky to portray anything as unique, but I would describe Hansa Trust as very different from the vast majority of other investment trusts.  The first and perhaps most fundamental difference lies in the capital structure of the Trust, with 16 million non-voting "A" Ordinary shares and 8 million voting Ordinary shares. The Directors and members of the investment manager have a significant interest in the shares of Hansa Trust PLC, which affords the Trust the protection from the corrosive influence of short-termism so prevalent in the activities of today's stock market.  Hansa Trust really can and does take long term decisions when making investments.

Perhaps the most obvious illustration of our long-termism is provided by our investment in Ocean Wilsons. Our holding of 9,352,770 shares was acquired in 1958 and has never been changed since.  As I have mentioned earlier, it is not our policy to trade this investment, largely because it is unlikely we will add value to our holding by trading in and out of it and it would compromise our tax status.  While I would not suggest that all of the different holdings in the portfolio will be retained for decades on end, we do not seek to trade them just because there might be short term price movements.  We believe that high portfolio turnover seldom adds value and that we certainly won't achieve extra returns from trading and of course having 39.4% of the Trust's assets invested in the shares of one rather unusual company - Ocean Wilsons - makes Hansa Trust's portfolio very different from most others.

Another feature of Hansa Trust, although by no means unique, is that its Investment Manager, Hansa Capital Partners, is not in the asset gathering business. Hansa Capital Partners concentrates solely on making money for its clients. The business model of most investment managers is focused on building the assets under management - so as to build their management fee revenues and profits.  Although that is difficult to achieve without a good performance record, it is not quite the same thing.  For them, making money from - rather than for - their clients is the priority.  Nothing better reflects this than the fact that many managers charge performance fees for losing their clients' money - providing they lose them less than the market.  Hansa Trust, with a large proportion of its shares in the hands of the Board and Management (an unusual feature within the investment trust world) benefits from that focus on making money.

Investment trusts are subject to the pressure not only to produce good short-term returns but also to ensure that their share prices are as high as possible - again in the short-term.  Faced with the competition of the instant liquidity of unit trusts and open-ended investment companies, investment trusts have found themselves being forced to minimise their discounts - if possible at all times.  Worse still the market making capacity for investment trusts has shrunk so that they find themselves playing the role of market maker of last resort.  They are becoming hybrids - half investment trusts and half unit trusts - and are losing some of the benefits that accrue from proper long-term portfolio management.  We do not engage in a policy of discount control management, believing that it is not the duty of any board of any company to engage in short-term share price fixing.  However, we do retain the ability to buy back shares should an appropriate and very attractive opportunity to enhance the net asset value significantly present itself.

The point that I am guilty of going on and on about: the portfolio is managed to make money over the long-term.  Nearly all investment trusts do in fact have an absolute return goal (usually expressed as capital gains) but they judge their performance on a relative basis by comparing their returns to that of an equity index.  It is a perfectly well understood axiom that, if a benchmark for performance in any field is set (teaching, hospitals, etc and, of course, portfolio management), then beating it will ultimately become the goal.  The fact that portfolio managers generally regard the risk in any holding to be its weighting relative to that within an index provides evidence of the relative portfolio management bias.  We regard the risk in any holding as the risk that we have made a bad investment and will lose money for shareholders.

I should make one final point and make it emphatically. Just because we are different does not mean we will always perform better than others.  We won't.  However, we are not different just for the sake of it but rather because we believe it is the better way to do things and that, over the long-term, it will produce good results for our shareholders - whatever anyone else may achieve.

ANNUAL GENERAL MEETING

3 August 2010 at 11.30am at the Washington Hotel, Curzon Street.

The Annual General Meeting will be held at the Washington Hotel, Curzon Street, London (near Green Park tube station) at 11.30am on Tuesday 3 August 2010. Your attendance is important to us because it gives us, the Directors and Management, the chance to hear your views, concerns and suggestions.  Please come and join us.  John will give his usual presentation of the events of the past year and the prospects for the current one.  Following the formal AGM you will have the chance to meet the Directors and Management and discuss any aspect of the Company's business - should you wish to do so.

OUTLOOK

Shorter-term very difficult to assess but longer-term optimistic

The strap line above is the same as that above last year's outlook statement.  The fact that not much of a fundamental long-term nature has changed in the last year does perhaps justify repeating the statement.  Governments in many countries all over the world have flooded markets with money and made their tax payers bail out their banking systems - so that the consequences of decades of living beyond our means have been alleviated for the time being: liquidity has been returned to the financial system, economies have stopped shrinking and stock markets have made remarkable recoveries. But the basic causes of the crisis have not been addressed, with governments frightened of doing anything too drastic or too quickly for fear of the political consequences. Macbeth's (again!) quote: "if it were done when 'tis done, then 'twere well it were done quickly" does not seem to resonate with our political masters.

In the statement last year I addressed the inflation/deflation conundrum, wondering which way it would go.  Would we follow down the path of Japan which has still not fully recovered from its financial orgy of the 1980s?  Or would we suffer the fate of high inflation as governments set about debasing their currencies as a solution to their debt repayment problems?  The jury remains out on the conundrum and I suspect will remain so for quite some time.

But it isn't just this rather fundamental issue that creates uncertainty about the future.  There are all sorts of paradoxes that abound within the writings of City commentators, which will be resolved in the longer-term but which add to the uncertainty of the moment.  For instance:

·      Economic growth will return but consumer expenditure will be restrained and government expenditure will be cut.

·      Economic growth can return (to previous debt enhanced rates, even) but interest rates will remain low.

·      Consumer expenditure (the biggest component of GNP) can grow but the consumer will be hit with higher taxes and repayment of debts.

·      The Government will put its house in order (raise taxes and cut expenditure) but the economy will continue to grow.

·      Interest rates will stay low but the government will be borrowing huge quantities of money.

·      Inflation will stay low but the central bank will continue to buy government debt and thereby print money.

·      Interest rates will stay low because of slow economic growth but company sales and profits will continue to grow.

·      The City will prosper but the rest of the economy won't.

To be fair there are quite a number of commentators who are both realistic and logical in their assessments of the future; it is important to understand, however, that optimism is the oxygen of the City and that much of what is said drives stock market sentiment in the short term but suffers from the Mandy Rice-Davies syndrome - "he would say that, wouldn't he."  So when reality slaps us in the face - the Greek Euro Tragedy, for instance - markets retreat very quickly indeed and so it is that volatility continues to dominate investing.

We really don't know how the future is going to pan out for our economy.  As long as we go on believing that past economic policies and behaviour are the solution to the problems we face, the greater the problems we store up for ourselves.  To quote Martin Wolf "The question is whether the country drives those adjustments [the ones necessary to address our structural problems] or is driven by them."  At this stage it must be said that the second outcome is the more likely.

Having wallowed for a few paragraphs in gloom and doom, I think it is worth making a couple of very positive points about the corporate world in which we invest.  While our Government seems to be frozen in indecision (or, where it does make a decision, it is usually too little rather late), companies have been anything but.  They have been decisive and quick about putting their houses in order and preparing themselves for difficult times ahead (whether or not they occur). Costs have been slimmed down, debt has been repaid, equity has been raised and positive cash flow is being generated.

Secondly, British companies are - as a generalisation - very international in the structure of their businesses so that the woes of Britain don't affect them hugely.  Something like two thirds of the sales and profits of quoted companies are earned abroad - providing an excellent hedge against our own problems but, better still, providing growth opportunities from exposure to more soundly financed countries with growing economies and from any decline in the exchange rate of the Pound.

Therein lies the opportunity for Hansa Trust.  The right equities can provide a good safe haven in these troubled times and it is, in part at least, these two factors that have driven the recovery in the stock market.  Despite having a portfolio of stocks and shares that are listed on the London Stock Exchange, our exposure to the UK economy is a little less than 30%.  We undertook a portfolio exercise - by looking at the geographic breakdowns of the companies that are provided in their annual reports - which showed that circa 37% is exposed to the Americas (of which circa 29% is accounted for by Brazil), circa 20% to Europe, Middle East and Africa, circa 11% to the emerging markets of East Asia and circa 29% in the UK.

We have always stated that ultimately the prospects for Hansa Trust are in our own hands.  Choosing the right companies to invest in can be very rewarding over the long-term.  Patience in investing has always been rewarding generally and for our shareholders specifically.  I think it will prove to be so in the future.

Alex Hammond-Chambers
Chairman

Group Income Statement (Unaudited)

For the year ended 31 March 2010

		Revenue		Capital		Total		Revenue		Capital		Total
		2010		2010		2010		2009		2009		2009
		£000		£000		£000		£000		£000		£000
Gains/(losses) on investments		-		66,232		66,232		-		(72,631)		(72,631)
(Loss)/gain on derivatives		-		(744)		(744)		-		1,891		1,891
Exchange gains on currency balances
		-		-		-		-		1		1
Investment income		8,370		-		8,370		6,479		-		6,479
		8,370		65,488		73,858		6,479		(70,739)		(64,260)
Investment Management fee		(1,264)		-		(1,264)		(1,276)		-		(1,276)
Write back of prior years' VAT		97		-		97		-		-		-
Other expenses		(618)		-		(618)		(616)		-		(616)
		(1,785)		-		(1,785)		(1,892)		-		(1,892)
Profit/(loss) before finance costs
and taxation		6,585		65,488		72,073		4,587		(70,739)		(66,152)
Finance costs		(1)		-		(1)		(113)		-		(113)
Profit/(loss) before taxation		6,584		65,488		72,072		4,474		(70,739)		(66,265)
Taxation		(4)		-		(4)		(87)		-		(87)
Profit/(loss) for the year		6,580		65,488		72,068		4,387		(70,739)		(66,352)
Return per Ordinary and 'A'
non-voting Ordinary share		27.4p		272.9p		300.3p		18.3p		(294.8p)		(276.5p)

The Company does not have any income or expense that is not included in the profit for the year. Accordingly the "Profit for the year" is also the "Total comprehensive income for the year", as defined in IAS 1 (revised) and no separate Statement of Comprehensive Income has been presented.

The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The supplementary revenue and capital return columns are both prepared under guidance published by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

Statement of Changes in Equity - Group (Unaudited)

For the year ended 31 March 2010

				Capital								Capital
		Share		redemption		Retained				Share		redemption		Retained
		capital		reserve		earnings		Total		capital		reserve		earnings		Total
		2010		2010		2010		2010		2009		2009		2009		2009
		£000		£000		£000		£000		£000		£000		£000		£000
Net assets at 1 April		1,200		300		150,906		152,406		1,200		300		220,378		221,878
Profit/(loss) for the year		-		-		72,068		72,068		-		-		(66,352)		(66,352)
Dividends		-		-		(9,460)		(9,460)		-		-		(3,120)		(3,120)
Net assets at 31 March		1,200		300		213,514		215,014		1,200		300		150,906		152,406

Statement of Changes in Equity - Company (Unaudited)

For the year ended 31 March 2010

				Capital								Capital
		Share		redemption		Retained				Share		redemption		Retained
		capital		reserve		earnings		Total		capital		reserve		earnings		Total
		2010		2010		2010		2010		2009		2009		2009		2009
		£000		£000		£000		£000		£000		£000		£000		£000
Net assets at 1 April		1,200		300		150,906		152,406		1,200		300		220,378		221,878
Profit/(loss) for the year		-		-		72,068		72,068		-		-		(66,352)		(66,352)
Dividends		-		-		(9,460)		(9,460)		-		-		(3,120)		(3,120)
Net assets at 31 March		1,200		300		213,514		215,014		1,200		300		150,906		152,406

Balance Sheet of the Group and Company(Unaudited)

as at 31 March 2010

		Group		Group		Company		Company
		2010		2009		2010		2009
		£000		£000		£000		£000
Non-current investments
Investment in subsidiary		-		-		634		635
Investments at fair value through
profit or loss		216,309		139,027		216,309		139,027
		216,309		139,027		216,943		139,662
Current assets
Trade and other receivables		631		1,150		631		1,150
Cash and cash equivalents		1,824		12,452		1,824		12,452
		2,455		13,602		2,455		13,602
Current liabilities
Trade and other payables		(3,750)		(223)		(4,384)		(858)
Net current (liabilities)/assets		(1,295)		13,379		(1,929)		12,744
Net assets		215,014		152,406		215,014		152,406
Capital and reserves
Called up share capital		1,200		1,200		1,200		1,200
Capital redemption reserve		300		300		300		300
Retained earnings		213,514		150,906		213,514		150,906
Total equity shareholders' funds		215,014		152,406		215,014		152,406
Net asset value per Ordinary and
'A' non-voting Ordinary share		895.9p		635.0p		895.9p		635.0p

Cash Flow Statement (Unaudited)

for the year ended 31 March 2010

		Group		Group		Company		Company
		2010		2009		2010		2009
		£000		£000		£000		£000
Cash flows from operating activities
Gain/(loss) before finance costs and taxation		72,073		(66,152)		72,073		(66,152)
Adjustments for:
Realised losses/(gains) on investments		1,704		(13,181)		1,704		(13,181)
Unrealised (gains)/losses on investments		(67,936)		85,812		(67,935)		85,814
Effect of foreign exchange rate changes		-		(1)		-		(1)
Interest paid		-		-		-		-
Decrease in current asset investments		-		-		-		-
Decrease in trade and other receivables		519		1,248		519		1,248
Increase/(decrease) in trade and other payables		27		(114)		26		(116)
Taxes paid		(4)		(87)		(4)		(87)
Purchase of non-current investments		(16,075)		(6,974)		(16,075)		(6,974)
Sale of non-current investments		5,025		30,682		5,025		30,682
Net cash (outflow)/inflow from
operating activities		(4,667)		31,233		(4,667)		31,233
Cash flows from financing activities
Interest paid on bank loans		(1)		(113)		(1)		(113)
Dividends paid		(9,460)		(3,120)		(9,460)		(3,120)
Drawdown/(repayment) of loans		3,500		(15,800)		3,500		(15,800)
Net cash outflow from
financing activities		(5,961)		(19,033)		(5,961)		(19,033)
(Decrease)/increase in cash and cash equivalents		(10,628)		12,200		(10,628)		12,200
Cash and cash equivalent at 1 April		12,452		251		12,452		251
Effect of foreign exchange rate changes		-		1		-		1
Cash and cash equivalents at 31 March		1,824		12,452		1,824		12,452

Notes

INCOME

	Revenue		Revenue
	2010		2009
	£000		£000
Income from quoted investments
Dividends	3,446		3,474
Overseas dividends	4,869		2,454
	8,315		5,928
Other operating income
Interest receivable on AAA rated money market funds	24		487
Other interest receivable	31		64
	55		551
Total income	8,370		6,479
Total income comprises:
Dividends	8,315		5,928
Interest	55		551
	8,370		6,479

DIVIDENDS PAID

	Revenue		Revenue
	2010		2009
	£000		£000
Amounts recognised as distributions to equity holders in the year:
Final dividend for 2009: 14.5p (2008: 9.5p)	3,480		2,280
Interim dividends for 2010: 25.0p (2009: 3.5p)	6,000		840
Unclaimed dividends' refunded	(20)		-
	9,460		3,120

We set out below the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of Section 842 of the Income and Corporation Taxes Act 1988 are considered. The Company's revenue available for distribution by way of dividend for the year is £6,581,000 (2009: £4,389,000).

	Revenue		Revenue
	2010		2009
	£000		£000
Interim dividends for 2010: 25.0p (2009: 3.5p)	6,000		840
Proposed final dividend for 2010: Nil (2009: 14.5p)	-		3,480
	6,000		4,320

The Board are not proposing a final dividend

Notes:

1.     This Preliminary Announcement is not the Company's statutory accounts. It is an abridged version of the Company's full draft accounts for the year ended 31 March 2010, which have not yet been approved, audited or filed with the Registrar of Companies.

2.     The full draft accounts for the year ended 31 March 2010 have been prepared in accordance with International Financial Reporting Standards ("IFRS") and using the same accounting policies as those in the last published annual accounts, being those to 31 March 2009.

3.     Statutory accounts for the 12 months ended 31 March 2009 have been delivered to the Registrar of Companies and received an audit report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain statements under Section 498 of the Companies Act 2006.

Hansa Capital Partners LLP - Company Secretary

17 June 2010

 

END

 

 

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