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Finsbury Growth Tst. (FGT)

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Thursday 10 May, 2001

Finsbury Growth Tst.

Interim Results

Finsbury Growth Trust PLC
10 May 2001


To: News Editors
For immediate release


Thursday, 10th May 2001



Finsbury Growth Trust PLC

Preliminary results for the six months ended 31 March 2001


Finsbury Growth Trust PLC, which invests principally in larger UK company
shares with the objective of achieving capital growth and providing a total
return in excess of that of the FTSE All-Share Index, today announces its
interim results for the six months ended 31 March 2001.

*    Lindsell Train Limited appointed Investment Adviser on 11 December 2000.   
     Nick Train, a director of Lindsell Train Limited, has assumed
     responsibility for the portfolio.

*    The portfolio is being restructured and in future will generally consist of
     25 to 35 stocks, a substantial reduction in the number previously held.

*    A large cash position (25% of the portfolio) will enable the Company to    
     take advantage of the recent decline in share prices.

*    The share price discount narrowed from 16.0% at 30 September 2000 to 8.3%  
     at 31 March 2001, an improvement of 48.1%.


                                       31 March 2001     30 September  % change
                                                                2000
                                         (unaudited)        (audited)

Total assets less current liabilities*       £100.9m           £114.8m   -12.1%
Shareholders funds *                          £81.0m            £94.9m   -14.6%
Net asset value per share *                   208.3p            241.0p   -13.6%
Share price                                   191.0p            202.5p    -5.7%
Discount                                        8.3%             16.0%        -
Market capitalisation *                       £74.2m            £79.7m    -6.9%
FTSE All-Share Index (total return)          2,628.7           2,902.4    -9.4%


*In the six months ended 31 March 2001 the Company repurchased 1.3% of the
current issued share capital at a cost of £1,048,000.

An interim dividend of 1.2p per share (2000: 1.8p) will be paid on 30 June
2001 to shareholders registered at the close of business on 1 June 2001.

For and on behalf of Close Finsbury Asset Management Limited - Secretary

9 May 2001

                                   - ENDS -

Finsbury Growth Trust PLC
Preliminary results for the six months ended 31 March 2001 (continued)

The following are attached:

*  Chairman's Statement
*  Consolidated Statement of Total Return
*  Consolidated Balance Sheet
*  Consolidated Cash Flow Statement
*  Notes to the interim accounts

For further information please contact:
Colin Edge, Close Finsbury Asset Management Ltd          020 7426 6233
Alastair Smith, Close Finsbury Asset Management Ltd      020 7426 6240
Fiona Harris, Quill Communications                       020 7618 8905
Nick Train, Lindsell Train Ltd                           020 7225 6400

Finsbury Growth Trust PLC

Chairman's Statement

I reported at the Annual General Meeting last December that Lindsell Train
Limited had been appointed our new investment advisers with effect from 11
December 2000. AFIM Limited remain our investment managers and, following the
termination of the joint venture agreement with Artemis Investment Management
Limited ('Artemis'), AFIM Limited is now a wholly owned subsidiary of Close
Brothers Group.  Nick Train, who is a director of our new investment advisers,
has assumed responsibility for our investment portfolio in place of Artemis.
He is an experienced and highly regarded fund manager and we believe he will
add long term value to the portfolio.

The portfolio is being restructured and in future it is envisaged that it will
consist of 25 to 35 stocks, a substantial reduction in the number previously
held. In view of recent market conditions our investment adviser has taken a
cautious approach to reinvesting the cash raised in the restructuring process
and at 31 March 2001 approximately 25% of the portfolio was held in cash.

Following the appointment of Lindsell Train Limited, your board approved a 5%
investment at a cost of £1,000,000 in The Lindsell Train Investment Trust plc,
which in turn owns 25% of Lindsell Train Limited.

Shareholders were advised in the Annual Accounts that the Company had amended
its investment objective and that in future the Company would seek to achieve
capital growth and provide a total return in excess of that of the FTSE
All-Share Index.  Shareholders should be aware that this change, combined with
current market conditions, will lead to a reduction in the level of dividends
paid by the Company.

Performance

In the six months to 31 March 2001 the Net Asset Value per ordinary share ('
NAV') declined from 241.0p to 208.3p, a decrease of 13.6%. This compares with
a fall of 9.4% in the FTSE All-Share Index (total return), which is our
benchmark index.

The share price has declined from 202.5p to 191.0p, a reduction of 5.7%. Over
the period the discount of the share price to NAV narrowed from 16.0% to 8.3%.

Total return

The total deficit per ordinary share for the period was 31.89p (2000: return
of 26.53p) made up of a revenue deficit of 0.13p (2000: return of 2.09p) and a
capital deficit of 31.76p (2000: return of 24.44p).

Finsbury Growth Trust PLC

Chairman's Statement (continued)

The revenue deficit was substantially caused by a loss of £504,000 incurred by
our dealing subsidiary prior to the appointment of our new investment adviser.
In the comparable period last year the dealing subsidiary made a profit of £
426,000. At the current time active dealing is not being undertaken by the
subsidiary.

The capital deficit was related to the market decrease in share prices which
reached a low point near the end of March.

Interim dividends

An interim dividend of 1.2p is being declared. This compares to the interim
dividend of 1.8p declared last year against the background of special
dividends and dealing profits in the subsidiary, neither of which factors are
currently applicable.

The interim dividend will be paid on 30 June 2001 to shareholders registered
at the close of business on 1 June 2001.

Repurchase of ordinary shares

In the six months to 31 March 2001 the Company repurchased a further 517,570
shares, which is equivalent to 1.3% of the current issued share capital. These
shares were repurchased at an average discount of 17.2%.  The effect of these
share buy-backs was to increase NAV by 0.5%.

In the six months to 31 March 2000 the Company repurchased 6.7% of the issued
share capital at an average discount of 20.2%, which increased NAV by 1.3%.

Investment Management Fee

A change in the basis on which AFIM limited is remunerated was also announced
on 11 December 2000. The basic fee was changed from an annual fee of 0.75% of
the gross asset value of the Company to an annual fee of 0.65% of the average
market capitalisation of the Company over the year. In addition to the basic
fee, the investment manager is entitled to a performance fee amounting to 15%
of the increase in the Company's market capitalisation in any year, but only
after the attainment of an absolute return hurdle, which will be the sum of
the increase in the Retail Price Index in the year, plus a fixed return of
6.0%. The basic and performance fee total payable in any one year is capped at
1.25% of the year-end market capitalisation. Any outperformance, that would
have resulted in a higher fee being paid had there been no cap, will be
carried forward into the calculation of future years' fees. Similarly, in the
case of underperformance against the hurdle, any underperformance will have to
be made up in future years before a performance fee becomes payable in those
years. Your board believes that these changes result in a closer alignment
between the investment manager's remuneration and the interests of
shareholders.

Finsbury Growth Trust PLC

Chairman's Statement (continued)

Outlook

Investors in the London equity market are still coming to terms with the
eclipse of the 'New Economy' boom that illuminated the close of the last
century.  Losing money is one thing, but losing faith in the firmly held
convictions that sustain a boom has another and more pernicious effect.  It
will take time before confidence is restored and for new leadership within the
stock market to be established.

Whilst bear markets are a painful experience for investors, the recent market
decline will enable the Company to re-invest the cash raised during the
re-structuring process at attractive valuations.

Michael Reeve
Chairman

9 May 2001

Finsbury Growth Trust PLC

Consolidated Statement of Total Return
Incorporating the revenue account for the six months ended 31 March 2001

                   (unaudited)           (unaudited)            (audited)
                Six months ended      Six months ended         Year ended
                  31 March 2001         31 March 2000       30 September 2000
              Revenue Capital Total Revenue Capital Total Revenue Capital Total

                 £000    £000  £000    £000    £000  £000    £000    £000  £000
(Losses)/           - (11,566) (11,566)   -  11,801 11,801      -   9,264 9,264
gains on
investments
Income (see       631       -      631 1,647      -  1,647   3,146      - 3,146
note 2)
Investment      (120)    (243)    (363) (200)  (400)  (600)   (361) (734)(1,095)
management
fees
Other           (287)       -     (287) (206)   (30)  (236)   (349)     -  (349)
expenses
Net return/       224 (11,809) (11,585) 1,241 11,371 12,612  2,436  8,530 10,966
(deficit)
before
finance costs
and taxation

Interest         (274)   (555)    (829)  (307) (530)   (837) (558)(1,131)(1,689)
payable and
similar
charges
(Deficit)/        (50)(12,364) (12,414)   934 10,841 11,775  1,878 7,399  9,277
return on
ordinary
activities
before
taxation

Taxation on         -       -     -       -       -     -       -       -     -
ordinary
activities
(Deficit)/       (50)(12,364) (12,414)    934 10,841 11,775  1,878 7,399  9,277
return on
ordinary
activities
after
taxation

Dividends in        -       -        -     (6)     -     (6)    (6)    -     (6)
respect of
non-equity
shares

(Deficit)/       (50)(12,364) (12,414)    928 10,841 11,769  1,872  7,399 9,271
return
attributable
to equity
shareholders

Dividends on    (454)      -     (454)   (767)     -   (767)(1,732)     -(1,732)
ordinary
shares
(equity)

Transfer        (504)(12,364) (12,868)    161 10,841 11,002    140  7,399 7,539
(from)/to
reserves

(Deficit)/    (0.13)p (31.76)p (31.89)p  2.09p 24.44p 26.53p 4.52p 17.87p 22.39p
return per                 
ordinary
share - pence
(note 3)


Finsbury Growth Trust PLC

Consolidated Balance Sheet
As at 31 March 2001


                                        (unaudited) (unaudited)       (audited)
                                           31 March    31 March    30 September
                                               2001        2000            2000
                                               £000        £000            £000
Fixed asset investments                      76,642     121,654         113,083

Current assets
Debtors                                       1,498         695           2,654
Investments                                       -       3,006           1,422
Cash at bank                                 25,818       3,416           4,795
                                             27,316       7,117           8,871

Creditors
Amounts falling due within one year         (3,071)     (3,830)         (7,179)

Net current assets                           24,245       3,287           1,692

Total assets less current liabilities       100,887     124,941         114,775

Creditors
Amounts falling due after more than one    (19,931)    (19,889)        (19,903)
year
Net assets                                   80,956     105,052          94,872

Capital
Called up share capital                       9,714      10,656           9,843
Share premium account                        13,160      13,160          13,160
Capital redemption reserve                    3,353       2,186           3,224
Capital reserves- realised                   53,030      64,476          58,947
Capital reserve - unrealised                    501      12,851           7,996
Revenue reserve                               1,198       1,723           1,702
Total shareholders' funds                    80,956     105,052          94,872

Net asset value per ordinary share           208.3p      246.5p          241.0p

Finsbury Growth Trust PLC

Consolidated Cash Flow Statement
For the six months ended 31 March 2001

                                      (unaudited)   (unaudited)      (audited)
                                       Six months    Six months     Year ended
                                            ended         ended   30 September
                                    31 March 2001 31 March 2000           2000
                                             £000          £000           £000
Net cash flow from operating                  960         1,908          2,236
activities

Servicing of finance
Loan interest and bank overdraft            (801)         (307)        (1,632)
paid
Preference dividend paid                        -           (6)            (6)
                                            (801)         (313)        (1,638)

Financial investment
Purchase of investments                  (55,931)      (65,088)       (91,359)
Sale of investments                        82,692        69,985         95,274
Net cash inflow from financial             26,761         4,897          3,915
investment

Equity dividends paid                       (953)       (1,274)        (2,041)

Management of liquid resources                  -             -          (283)

Financing
Purchase of own shares                    (4,944)             -        (8,413)

Increase/(decrease) in cash                21,023         5,218        (6,224)


Finsbury Growth Trust PLC

Notes to the interim accounts

1.    Revenue Account
      The revenue column of the Consolidated Statement of Total Return
      represents the revenue account of the Group.

2.    Income

                                6 months ended 6 months ended        Year ended
                                 31 March 2001  31 March 2000 30 September 2000
                                         £'000          £'000             £'000

      Investment income                    891          1,115             2,383
      Bank interest                        244            106               213
      Underwriting commission                -              -                14
      Dealing (loss)/profit              (504)            426               536
      Total                                631          1,647             3,146

3.    Return per ordinary share
      The revenue (deficit)/return per ordinary share is calculated by dividing
      the net revenue deficit of  £50,000 (six months ended 31 March 2000:
      return of £928,000) by 38,931,389 (six months ended 31 March 2000:
      44,355,327) being the weighted average number of ordinary shares. The
      capital return per ordinary share is calculated by dividing the net
      capital deficit of £12,364,000 (six months ended 31 March 2000: return of
      £10,841,000) by the weighted average number of ordinary shares as above.

4.    Investment Management Fees

                                6 months ended 6 months ended        Year ended
                                 31 March 2001  31 March 2000 30 September 2000
                                         £'000          £'000             £'000

      Periodic fee                         309            511               932
      Performance fee                        -              -                 -
      Irrecoverable VAT thereon             54             89               163
      Total                                363            600             1,095

5.    Repurchase of ordinary shares
      During the six months ended 31 March 2001 the Company repurchased for
      cancellation a total of 517,500 ordinary shares. Following these
      repurchases the Company has 38,856,430 ordinary shares in issue.

Finsbury Growth Trust PLC

Notes to the interim accounts (continued)

6.    Comparative information
      The figures and financial information for the year ended 30 September
      2000 are an extract from the latest published financial statements and do
      not constitute statutory financial statements for that year. Those
      financial statements have been delivered to the Registrar of Companies
      and included the report of the auditors which was unqualified and did not
      contain a statement under either section 237(2) or 237(3) of the
      Companies Act 1985. They have been prepared using the same accounting
      policies as those adopted in the financial statements for the year ended
      30 September 2000.


Close Finsbury Asset Management Ltd - Secretary

9 May 2001