Interim Results

SVM Ofex Fund PLC 30 October 2002 30 October 2002 SVM OFEX FUND PLC Results for the six months to 30 September 2002 KEY POINTS • In the period under review, the Fund has outperformed its benchmark, the FTSE Fledgling Index. SVM Ofex Fund's net asset value decreased by 17.2% compared to a decline of 22.4% in the benchmark • Among the strongest contributors to performance during the period were Symphony Plastics, Printing.com and Dawmed. Each company has achieved significant turnover growth in recently reported results. • The Fund has also benefited from its largest holding, the Flying Scotsman, being admitted to OFEX in March 2002. • The portfolio contains a number of companies which have indicated their intention to move to AIM. Together with the investments already mentioned, these are likely to enhance the Fund's performance in the near term. • The Board remains positive about the outlook for the Fund. - Ends - For further information, please contact: David Stevenson SVM Asset Management 0131 226 6699 Roland Cross Broadgate 020 7726 6111 SVM OFEX FUND PLC Chairman's Statement Unaudited results for the six months to 30 September 2002 In the period under review, the Fund's net asset value decreased by 17.2%, which compares with a decline of 22.4% in the benchmark FTSE Fledgling Index. The environment remains difficult for smaller companies, with reduced investor appetite evident in falls of nearer 30% for the AIM and FTSE SmallCap Indices over the same period. The Fund's relative outperformance reflects its strategic focus on companies with the potential to produce sustained business growth. Since inception, the Fund has fallen 27.6%. Over the same period the FTSE SmallCap Index and the AIM Index have fallen 42.5% and 62.7% respectively. The strongest contribution to performance came from degradable packaging manufacturer, Symphony Plastics, which achieved successful promotion from OFEX to AIM in November 2001. Since then, the company has announced a series of supply contracts with food retailers, food manufacturers and local authorities. The most recent interim results show turnover growth for its degradable products of 54%, with a corresponding progression in margin and gross profit. The shares gained 34% in the period. Positive gains were also achieved by print services provider, Printing.com. The company operates a chain of outlets providing online colour printing technology and has also launched a fast growing franchise operation. Recent full year results showed turnover growth of 45%. One of the larger holdings in the portfolio, hospital equipment manufacturer Dawmed, also made further trading progress with a turnover increase of 33% announced in recent interim figures. The company was promoted from OFEX to AIM in mid-October and the Managers expect the shares to benefit from a wider investor audience. In addition to promotions for Dawmed and Symphony Plastics, the Fund has also benefited from its largest holding, Flying Scotsman, being admitted to OFEX in March 2002. The company subsequently announced approval from Edinburgh Council for its proposed visitor site at Waverley Station, in the centre of the City. With the launch of a new range of merchandise and an online membership club, the company now has several revenue streams to augment its rail excursion business for Orient Express and other rail enthusiast groups. A number of other companies within the portfolio have indicated their intention to move to AIM. Together with the investments already mentioned, these are likely to enhance the Fund's performance in the near term. The Board remains positive about the outlook for the Fund.' Peter Dicks Chairman 30 October 2002 SVM OFEX Fund plc Cont'd/.. Summarised Statement of Total Return 6 months to 30 September 2002 6 months to 30 September 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on sale of investments - - - - 38 38 Movement in unrealised - (748) (748) - (909) (909) depreciation -------- -------- -------- -------- -------- -------- Losses on investments - (748) (748) - (871) (871) Income 8 - 8 29 - 29 Investment management fees - (18) (18) - (23) (23) Other expenses (36) - (36) (52) - (52) -------- -------- -------- -------- -------- -------- Return on ordinary activities (28) (766) (794) (23) (894) (917) before taxation Taxation - - - 14 - 14 -------- -------- -------- -------- -------- -------- Transfer from reserves (28) (766) (794) (9) (894) (903) ===== ===== ===== ===== ===== ===== Return per ordinary Share (0.52p) (14.03p) (14.55p) (0.15p) (14.92p) (15.07p) Balance Sheet As at As at 30 September 30 September 2002 2001 £'000 £'000 Investments 3,598 4,141 Net current assets 238 398 ----------- ----------- Ordinary shareholders funds 3,836 4,539 ====== ====== Net asset value per ordinary share 70.26p 80.33p Summarised Cash Flow Statement 6 months to 6 months to 30 September 30 September 2002 2001 £'000 £'000 Net cash flow from operating activities (63) 113 Capital expenditure and financial (375) (2,640) investment Financing - (257) ---------- ---------- Decrease in cash (438) (2,784) ====== ====== Notes 1. Returns per Ordinary Share are based on 5,460,000 shares in issue during the period (30 September 2001 - 5,991,575). The number of shares in issue at 30 September 2002 was 5,460,000. (30 September 2001- 5,650,000). 2. The above figures do not constitute full accounts in terms of Section 240 of the Companies Act 1985. The accounts for the period from incorporation to 31 March 2002, which were unqualified, have been lodged with the Registrar of Companies. The interim report will be mailed to shareholders in early November 2002. Copies will be available for inspection at 7 Castle Street, Edinburgh, the registered office of the Company. ENDS This information is provided by RNS The company news service from the London Stock Exchange

Companies

SVM UK Emerging Fund (SVM)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today