SAINTS Preliminary Results

RNS Number : 3812W
Scottish American Investment Co PLC
09 February 2017
 

RNS Announcement: Preliminary Results

 

Scottish American Investment Company plc

 

 Results for the year to 31 December 2016

 

¾  Dividend - the full year dividend, including a recommended final dividend of 2.725p, is 10.825p per share. This is 1.2% ahead of the 2015 dividend, extending the Company's record of dividend increases to thirty seven consecutive years.

¾  Total return - Net Asset Value Total Return (capital and income) for the year was 29.9%, slightly ahead of the very strong total return from global equities of 29.6%. The share price total return was 28.7%. Positive returns were assisted by the strong operational performance of many of the companies in which SAINTS invests.

¾  The Company's property investments have delivered a healthy return of over 9%.

¾  Revenues - Investment income rose to £18.8m (2015 - £18.6m) and earnings per share were 10.54p (2015 - 10.47p).

¾  Outlook - Against an uncertain backdrop, the equity portfolio's prospects for growth and resilience are quite distinct from those of the market as a whole. The Board endorses the Manager's approach, which is built on investing globally in individual businesses which are operationally dependable and which produce and distribute strong and growing cash-flows.        

 

8 February 2017

 

SAINTS' objective is to deliver real dividend growth by increasing capital and growing income. Its policy is to invest mainly in equity markets, but other investments may be held from time to time including bonds, property and other asset classes.

The Company is managed by Baillie Gifford, the Edinburgh based fund management group with around £153 billion under management and advice as at 8 February 2017.

Past performance is not a guide to future performance. SAINTS is a listed UK company. As a result, the value of its shares and any income from those shares is not guaranteed and could go down as well as up. You may not get back the amount you invested. As SAINTS invests in overseas securities, changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. You can find up to date performance information about SAINTS on the SAINTS page of the Managers' website www.saints-it.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

For further information please contact:

Dominic Neary, Manager, The Scottish American Investment Company P.L.C.

Tel: 0131 275 2242

James Budden, Baillie Gifford & Co  

Tel: 0131 275 2816 or 07507 201208

Roland Cross, Director, Four Broadgate

Tel: 0203 697 4200 or 07831 401309

The following is the unaudited Annual Financial Report for the year to 31 December 2016.

 

 

Chairman's Statement

 

The Company's objective is to deliver real dividend growth by increasing capital and growing income. An increased dividend of 10.825p (2015: 10.70p) will extend the Company's record of raising its dividend to thirty seven consecutive years.

 

Overview

To say that it has been an eventful year for investment markets is something of an understatement. Looking back over the year of the Brexit vote and of the Republican victory in the US presidential elections, it is striking not just that both of these events were largely unpredicted but also that even those who did predict them generally misjudged the short term impact on markets.

Since President Trump's victory, hopes for a significant boost to the US economy from infrastructure spending and tax cuts have, for the time being at least, outweighed any concerns about longer term debt problems, protectionism and the consequent risk of a decline in global trade.

Closer to home, while sterling was an early casualty of the Referendum result, markets generally stayed calm. But Brexit negotiations have yet to start, and are unlikely to conclude before late 2018. Uncertainty will have a cost, but it is too soon to be sure of the full economic consequences of leaving the EU.

Despite or even partly because of this tumultuous background markets have delivered very good returns over the year, especially for sterling investors who have benefitted from the currency appreciation of their overseas assets. Your Company's investments have benefitted accordingly, particularly equities which represent the majority of SAINTS' portfolio for their long-term income and capital growth potential. In addition it is pleasing to report that the Company's investments in property have again delivered a healthy return, in contrast to many segments of the UK commercial property sector.

 

Total Return Performance

The Company's net asset value total return (capital and income) for the year was 29.9% and the share price total return was 28.7%. The total return from the global equity market was 29.6%.  Whilst it is encouraging that returns have matched the very strong returns of equities generally over the year, it is a coincidence that they are so close, particularly as the Company's portfolio of investments differs markedly from the make up of the global equity index against which performance is often compared. This differentiated portfolio is necessary and appropriate in order for the Company to deliver a high and growing yield and service its borrowings. In addition, both the Managers and your Board have a long term perspective and so we do not believe that it is generally helpful to dwell on the comparison of performance against any equity index over short periods.

Nonetheless it is worth highlighting that, whilst on the one hand the operational performance of the Company's equity investments has been generally encouraging, currency movements have detracted from relative performance over the year. Given that the Company has greater exposure to sterling-denominated assets than their weighting in the comparative global index, sterling's weakness has been unhelpful in this regard. Overall, however, returns have been helped by the sound operational performance already mentioned and also by another good year for the Company's property investments. The principal contributors to and detractors from performance are explained in more detail in the Managers' Review.

 

Revenues

At the interim stage we intimated that earnings per share for 2016 were likely to be below the 10.47p per share reported for 2015. In the event earnings per share rose slightly to 10.54p per share, whilst investment income increased to £18.8m from £18.6m. Overseas equity income has been helped by currency movements, and bond income has also increased. Income from property was stable despite some adjustments to the portfolio, and over the course of the year the proportion of rental income which is linked to inflation was again increased. Both managers (Baillie Gifford and, for the Company's property investments, OLIM) continue at the Board's request to place increasing emphasis on supporting the dependability and the future growth of the Company's dividend in line with its objective.

 

Dividend and Inflation

A final dividend of 2.725p is recommended which will take the full year dividend to 10.825p per share, 1.2% higher than the 2015 dividend of 10.70p.

The recommended dividend is largely, but not fully, covered by this year's earnings. The Company has built up revenue reserves in the past with a view to facilitating the smooth progression of dividends. The Board has taken into account both these reserves (which will stand at 9.61p per share after the recommended final dividend) and the overall performance of and prospects for the Company's investments in recommending a dividend which reinforces its progressive dividend policy. In recent years the Company has effected a significant shift in its allocation away from fixed income investments and towards 'real assets' where income is expected to grow in the future. Your Board is confident that this growth will permit both further increases in the Company's dividend and a return to a fully covered dividend. In the meantime, in an environment where increases in interest rates are increasingly likely, the marked reduction in exposure to fixed income investments should be helpful to total returns.

This year's increase, whilst slightly below the annual rate of inflation of 1.6% as measured by CPI, extends the Company's record of annual dividend increases to thirty seven years. Over the last ten years the Company's dividends have increased at well over the rate of inflation, as will be illustrated on the first chart on page 1 of the Annual Report. Whilst a picture is normally worth a thousand words, it is perhaps an even more striking illustration of the power of compound growth that the 2016 dividend of 10.825p will be some 46% higher than the 2006 dividend of 7.4p.

 

Borrowings

SAINTS' borrowings take the form of a single £80m debenture which is due for repayment in April 2022.  During 2016, the borrowings mainly funded a range of higher yielding commercial property and, to a much lesser extent, some fixed income investments.

The book value of the debenture is £84.1m which, at the year end, was equivalent to approximately 19% of shareholders' funds.  The estimated market or fair value of the debenture was £103.2m, a decrease from the previous year's value of £103.6m.  Whilst the market value of the Company's borrowings will continue to be influenced by prevailing interest rates, over the coming years we continue to expect declines in both the debenture's book and market values, and a narrowing between those values, as it approaches its final redemption value of £80m.

 

Outlook

The longer-term implications of both Brexit and President Trump's victory will take a while to emerge. Inflation in the UK is likely to pick up this year as the fall in sterling causes imported goods to become more expensive, as last year's falls in the oil price drop out of the figures and as wages, housing costs and interest rates start to rise. In the US interest rate rises are also likely, and indeed the progression of the economic cycle does raise the question of whether significant fiscal stimulus is actually required. Assuming it gets Congressional approval later in the year, fiscal stimulus which turned out to be unnecessary might have the unfortunate effect of stoking wage inflation that is already evident. Markets have been strong and, whilst inflation often helps equities, it is fair to say both that starting valuations are not particularly low and that the market's earnings growth thus far has not been especially encouraging.

The Board and the Managers are alert to the potential challenges and opportunities arising from the UK electorate's vote to leave the European Union. It is worth emphasising the international nature of the Company's investments, including many of those listed in the UK. It is also important to note the supportive characteristics of the Company's property investments including healthy covenants, long lease lengths and, in many cases, inflation-linked rents. In this environment, your Board endorses the Managers' approach, which is built on investing globally in individual businesses which are operationally dependable and which produce and distribute strong and growing cash-flows. The equity portfolio's prospects for growth and resilience are quite distinct from the prospects for the market as a whole. The Company's investments in property and selected bonds provide additional sources of income and returns. The Board believes that the portfolio as a whole is well placed to support the continued growth of the Company's dividend over time and recent operational performance has largely supported our confidence in the prospects of the Company's portfolio.

 

The Board and the Managers

My fellow Board members and I would like to record our thanks for all Sir Brian Ivory's considerable efforts on behalf of the Company and its shareholders over many years as a Director and as Chairman, prior to his stepping down from the Board at last April's Annual General Meeting. I hope to carry forward the Chairmanship with similar energy and application.

We were also delighted to welcome Lord Macpherson of Earl's Court (formerly Sir Nicholas Macpherson GCB) to the Board in September. His considerable experience and knowledge will undoubtedly be a great benefit to the Company in the years ahead.

Lastly, I wanted to highlight the appointment of James Dow and Toby Ross as deputy managers of the Company, which was announced at the interim stage. The appointments reflect Baillie Gifford's team-based approach and the Board looks forward to a fruitful and productive working relationship with James, Toby and the manager Dominic Neary in the future.

 

AGM

The AGM will be held at 11am on Thursday 6 April at Baillie Gifford's offices at Calton Square, 1 Greenside Row, Edinburgh. The Managers will make a presentation on the investment portfolio and there will also be an opportunity to ask questions. The Directors and the Managers look forward to meeting you there.

 

Peter Moon

Chairman

8 February 2017

 

 

Income statement

 

The following is the unaudited preliminary statement for the year to 31 December 2016 which was approved by the Board on 8 February 2017. The Board of The Scottish American Investment Company P.L.C. is recommending to the Annual General Meeting of the Company to be held on 6 April 2017 the payment of a final dividend of 2.725p (2.70p last year) per ordinary share making a total of 10.825p (10.70p last year) paid and proposed for the year ended 31 December 2016.

 

For the year ended

31 December 2016

(unaudited)

For the year ended

31 December 2015

(audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Net gains on investments - securities

87,566 

87,566 

7,038 

7,038 

Net gains on investments - property

1,265 

1,265 

1,643 

1,643 

Currency losses

(1,084)

(1,084)

(272)

(272)

Income (note 2)

18,789 

18,789 

18,626 

18,626 

Management fees

(775)

(1,440)

(2,215)

(690)

(1,282)

(1,972)

Other administrative expenses

(968)

(968)

(1,137)

(1,137)

Net return before finance costs and taxation

17,046 

86,307 

103,353 

16,799 

7,127 

23,926 

Finance costs of borrowings

(2,015)

(3,741)

(5,756)

(2,028)

(3,767)

(5,795)

Net return on ordinary activities before taxation

15,031 

82,566 

97,597 

14,771 

3,360 

18,131 

Tax on ordinary activities

(988)

325 

(663)

(858)

226 

(632)

Net return on ordinary activities after taxation

14,043 

82,891 

96,934 

13,913 

3,586 

17,499 

Net return per ordinary share (note 3)

10.54p

62.19p

72.73p

10.47p

2.70p

13.17p

 

The total column of this statement is the profit and loss account of the Company.

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

 

 

Balance sheet

 

 

At 31 December 2016

(unaudited)

At 31 December 2015

(audited)

 

£'000

£'000

£'000

£'000

Fixed assets

 

 

 

 

Investments - securities

452,554 

 

375,868 

 

Investments - property

61,000 

 

56,000 

 

 

 

513,554 

 

431,868 

Current assets

 

 

 

 

Debtors

1,252 

 

1,115 

 

Cash and cash equivalents

4,174 

 

3,399 

 

 

5,426 

 

4,514 

 

Creditors

 

 

 

 

Amounts falling due within one year

(3,222)

 

(3,173)

 

Net current assets

 

2,204 

 

1,341 

Total assets less current liabilities

 

515,758 

 

433,209 

Creditors

 

 

 

 

Amounts falling due after more than one year

 

(84,112)

 

(84,756)

Net assets

 

431,646 

 

348,453 

Capital and reserves

 

 

 

 

Called up share capital

 

33,349 

 

33,290 

Share premium

 

2,131 

 

1,534 

Capital redemption reserve

 

22,781 

 

22,781 

Capital reserve

 

356,929 

 

274,038 

Revenue reserve

 

16,456 

 

16,810 

Shareholders' funds

 

431,646 

 

348,453 

Net asset value per ordinary share (debenture at fair value)

 

309.3p

 

247.5p

Net asset value per ordinary share (debenture at book value)

 

323.6p

 

261.7p

Ordinary shares in issue (note 6)

 

133,395,943

 

133,160,943 

 

 

 

Statement of Changes in Equity

 

 

For the year ended 31 December 2016 (unaudited)

 

Share
capital

£'000

 

Share

Premium

£'000

Capital redemption reserve

£'000

Capital reserve

£'000

Revenue reserve

£'000

Shareholders'
funds

£'000

Shareholders' funds at 1 January 2016

1,534

22,781

274,038

16,810 

348,453 

Shares issued

597

-

-

656 

Net return on ordinary activities after taxation

-

-

82,891

14,043 

96,934 

Dividends paid in the year (note 4)

-

-

-

(14,397)

(14,397)

Shareholders' funds at 31 December 2016

33,349

2,131

22,781

356,929

16,456 

431,646 

 

 

For the year ended 31 December 2015 (audited)

 

Share
capital

£'000

 

Share

Premium

£'000

Capital redemption reserve

£'000

Capital reserve

£'000

Revenue reserve

£'000

Shareholders'
funds

£'000

Shareholders' funds at 1 January 2015

357

22,781

270,452

17,047 

343,806 

Shares issued

1,177

-

-

1,298 

Net return on ordinary activities after taxation

-

-

3,586

13,913 

17,499 

Dividends paid in the year (note 4)

-

-

-

-

(14,150)

(14,150)

Shareholders' funds at 31 December 2015

33,290

1,534

22,781

274,038

16,810 

348,453 

 

 

 

Cash flow statement

 

 

Year Ended

31 December 2016

(unaudited)

Year Ended

31 December 2015

(audited)

 

£'000

£'000

£'000

£'000

Cash flows from operating activities

 

 

 

 

Net return on ordinary activities before taxation

97,597 

 

18,131 

 

Net gains on investments - securities

(87,566)

 

(7,038)

 

Net gains on investments - property

(1,265)

 

(1,643)

 

Currency gains

1,084 

 

272 

 

Finance costs of borrowings

5,756 

 

5,795 

 

Overseas withholding tax

(625)

 

(651)

 

Changes in debtors and creditors

74 

 

(79)

 

Other non-cash changes

(65)

 

(93)

 

Cash from operations

 

14,990 

 

14,694 

Interest paid

 

(6,400)

 

(6,400)

Net cash inflow from operating activities

 

8,590 

 

8,294 

Cash flows from investing activities

 

 

 

 

Acquisitions of investments

(83,824)

 

(106,814)

 

Disposals of investments

91,034 

 

104,757 

 

Forward currency contracts

(1,691)

 

188 

 

Net cash inflow/(outflow) from investing activities

 

5,519 

 

(1,869)

Cash flows from financing activities

 

 

 

 

Equity dividends paid

(14,397)

 

(14,150)

 

Shares issued

656 

 

1,298 

 

Net cash outflow from financing activities

 

(13,741)

 

(12,852)

Increase/(decrease) in cash and cash equivalents

 

368 

 

(6,427)

Exchange movements

 

407 

 

(151)

Cash and cash equivalents at 1 January

 

3,399 

 

9,977 

Cash and cash equivalents at 31 December*

 

4,174 

 

3,399 

 

*      Cash and cash equivalents represent cash at bank and short term money market deposits repayable on demand.

 

 

Asset allocation

 

 

At 31 December

2016

%

(unaudited)

 

At 31 December 2015

%

(audited)

 

Quoted equities

 

82.8

 

 

82.9

Bonds

5.0

 

3.9

Direct property

11.8

 

12.9

Net liquid assets

0.4

 

0.3

Total assets

100.0

 

100.0

 

 

Performance attribution

 

 

 

 

 

 

Portfolio Breakdown

Average allocation

Total return

SAINTS

%

Benchmark

%

SAINTS

%

Benchmark

%

Global equities

100.3 

100.0

26.7 

29.6

Bonds

5.3 

 

48.2 

 

Direct property

15.1 

 

9.3 

 

Deposits

1.1 

 

 

Debenture at book value

(21.8)

 

6.8 

 

Portfolio total return (debenture at book value)

 

 

29.1 

29.6

Other items*

 

 

(0.8)

 

Fund total return (debenture at book value)

 

 

28.3 

29.6

Adjustment for change in fair value of debenture

 

 

1.6 

 

Fund total return (debenture at fair value)

 

 

29.9 

29.6

 

* Includes Baillie Gifford and OLIM management fees.

The above returns are calculated on a total return basis with net income reinvested.

Past performance is not a guide to future performance.

Source: Baillie Gifford

 

 

Thirty largest equity holdings (unaudited)

 

 

Name

Business

2016 Value

£'000

2016

% of
total assets

2015

Value

£'000

Coca Cola

Beverage manufacturer

12,582

2.4

8,761

WPP

Advertising agency

10,951

2.1

9,914

Johnson and Johnson

Pharmaceuticals and healthcare products

10,414

2.0

5,919

Taiwan Semiconductor Manufacturing

Semiconductor manufacturer

10,307

2.0

7,806

Fastenal

Distribution and sales of industrial supplies

9,842

1.9

6,614

Procter & Gamble

Household product manufacturer

9,711

1.9

6,483

Total

Integrated oil company

9,616

1.9

6,521

Partners Group

Asset management

9,539

1.8

6,680

Reynolds American

Cigarette manufacturer

9,151

1.8

6,817

Prudential

Life insurer

8,990

1.7

3,748

United Parcel Service

Courier services

8,864

1.7

5,755

Scottish & Southern Energy

Electricity utility

8,633

1.7

5,274

Sonic Healthcare

Laboratory testing

8,557

1.7

5,693

Analog Devices

Integrated circuits

8,463

1.6

6,945

Anta Sports Products

Sportswear manufacturer and retailer

8,021

1.6

5,513

Pepsico

Snack and beverage manufacturer

7,861

1.5

6,774

AVI

Staple foods manufacturer

7,856

1.5

5,148

Deutsche Boerse

Securities exchange owner/operator

7,845

1.5

8,218

New York Community Bankcorp

Banking

7,461

1.4

5,822

China Mobile

Mobile telecommunication services

7,297

1.4

5,382

CH Robinson

Delivery and logistics

7,281

1.4

4,175

Atlas Copco

Engineering

7,232

1.4

4,453

Experian

Credit scoring and marketing services

7,034

1.4

4,888

Want Want

Snacks and milk-based products

6,974

1.4

5,566

Alphabet Class A and C

Online search engine

6,877

1.3

5,469

Kimberley-Clark de México

Paper-based household products

6,624

1.3

7,288

McDonald's

Fast food restaurant

6,516

1.3

6,742

Sumitomo Mitsui Trust Holdings

Trust bank and investment manager

6,499

1.3

3,939

Microsoft

Computer software

6,488

1.3

6,185

Admiral

Car insurance

6,478

1.3

6,591

 

 

249,964

48.5

185,083

 

 

 

Notes (unaudited)

 

1.    

The Financial Statements for the year to 31 December 2016 have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ending 31 December 2015.

In accordance with the Financial Reporting Council's guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern. The Company's principal risks are market related and include market risk, liquidity risk and credit risk. An explanation of these risks and how they are managed is contained in note 17 to the Financial Statements.

The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. The Company has no short term borrowings and the redemption date for the Company's debenture is April 2022.

Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors' opinion, having assessed the principal risks and other matters set out in the Viability Statement in the Annual Report and Financial Statements, that the Company will continue in operational existence for a period of at least 12 months from the date of approval of these Financial Statements.

The Directors consider the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK and the Company and its investment manager, who are subject to the UK's regulatory environment, are also UK based.

2.    

Income

2016

£'000

 2015

£'000

Income from investments

 

 

UK dividend income

3,176

3,666

UK interest

157

238

Overseas dividends

10,475

10,017

Overseas interest

873

660

 

14,681

14,581

Other income

 

 

Deposit interest

64

17

Rental income

4,021

4,004

Other income

23

24

 

4,108

4,045

Total income

18,789

18,626

 

Total income comprises

 

 

Dividends from financial assets designated at fair value through profit or loss

13,651

13,683

Interest from financial assets designated at fair value through profit or loss

1,030

898

Interest from financial assets not at fair value through profit or loss

64

17

Other income not from financial assets

4,044

4,028

 

18,789

18,626

 

 

 

Notes (unaudited) (ctd)

 

 

3.    

Returns per ordinary share

2016

2015

 

 

Revenue

Capital

Total

Revenue

Capital

Total

 

Net return per ordinary share

10.54p

62.19p

72.73p

10.47p

2.70p

13.17p

 

Revenue return per ordinary share is based on the net revenue on ordinary activities after taxation of £14,043,000 (2015 - £13,913,000) and on 133,291,026 (2015 - 132,864,655) ordinary shares of 25p, being the weighted average number of ordinary shares in issue during the year.

 

Capital return per ordinary share is based on the net capital gain for the financial year of £82,891,000 (2015 - net capital gain of £3,586,000), and on 133,291,026 (2015 - 132,864,655) ordinary shares of 25p, being the weighted average number of ordinary shares in issue during the year.

 

There are no dilutive or potentially dilutive shares in issue.

 

4.    

Ordinary Dividends

2016

2015

2016

£'000

2015

£'000

Amounts recognised as distribution in the year:

 

 

 

 

Previous year's final (paid 5 April 2016)

2.70p

2.65p

3,595

3,516

First interim (paid 24 June 2016)

2.70p

2.65p

3,598

3,516

Second interim (paid 23 September 2016)

2.70p

2.675p

3,602

3,559

Third interim (paid 16 December 2016)

2.70p

2.675p

3,602

3,559

 

10.80p

10.65p

14,397

14,150

 

We also 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 1159 of the Corporation Tax Act 2010 are considered. The revenue available for distribution out of current year profits by way of dividend for the year is £14,043,000 (2015 - £13,913,000).

 

 

2016

2015

2016

£'000

2015

£'000

Dividends paid and payable in respect of the year:

 

 

 

 

First interim (paid 24 June 2016)

2.70p

2.65p

3,598

3,516

Second interim (paid 23 September 2016)

2.70p

2.675p

3,602

3,559

Third interim (paid 16 December 2016)

2.70p

2.675p

3,602

3,559

Current year's proposed final dividend (payable 12 April 2017)

2.725p

2.70p

3,635

3,595

 

10.825p

10.70p

14,437

14,229

 

If approved the final dividend of 2.725p will be paid on 12 April 2017 to all shareholders on the register at the close of business on 10 March 2017. The ex-dividend date is 9 March 2017. The Company's Registrar offers a Dividend Reinvestment Plan and the final date for the receipt of elections for reinvestment of this dividend is 22 March 2017.

5.    

The fair value of the 8% Debenture Stock 2022 at 31 December 2016 was £103.2m (2015 - £103.6m).

6.    

During the year, 235,000 (2015 - 485,000) shares were issued at a premium to net asset value raising proceeds of £656,000 (2015 - £1,298,000). At 31 December 2016 the Company had authority to buy back 19,960,825 ordinary shares and to allot 13,081,092 ordinary shares without application of pre-emption rights in accordance with the authorities granted at the AGM in April 2016. No shares were bought back during the year.

7.    

The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2016. The financial information for 2015 is derived from the statutory accounts for 2015 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2015 accounts, their report was unqualified and did not contain a statement under section 495 to 497 of the Companies Act 2006. The statutory accounts for 2016 are unaudited and will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

8.    

The Report and Accounts will be available on the SAINTS page of the Managers' website www.saints-it.com on or around 6 March 2017

                     

 

‡    Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

 

None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

 

Legal Entity Identifier code: 549300NF03XVC5IFB447

 

- ends -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR LLFVRFTITIID
UK 100

Latest directors dealings