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Wigmore Property Inv (WGM)

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Friday 16 November, 2001

Wigmore Property Inv

Final Results

Wigmore Property Invest. Trust PLC
16 November 2001

 
PRESS RELEASE                                        020 7628 6000

16th November, 2001

Wigmore Property Investment Trust plc

Preliminary unaudited announcement 
in respect of the year ended 30th September, 2001

STATEMENT OF TOTAL RETURN                                   
                                         Year ended 30th September, 2001     
                                   Revenue          Capital          Total      
                                      £000             £000           £000     
                                   
Losses on investments                    -             (901)          (901)
                                   
Income                                 682                -            682     
Investment management fee             (290)               -           (290)
Other expenses                        (207)               -           (207)
Net return before interest 
payable and taxation                   185             (901)          (716)
                                   
Interest payable                       (17)               -            (17)
Return on ordinary activities 
before taxation                        168             (901)          (733)
Taxation                                (2)               -             (2)
Return on ordinary activities 
after taxation                         166             (901)          (735)     
                                   
Dividend                              (122)               -           (122)
Transfers to reserves                   44             (901)          (857)
                                   
                                   Revenue          Capital          Total      

Return per ordinary share: basic      0.82p           (4.44)p        (3.62)p
                                   
                         diluted      0.79p           (4.30)p        (3.51)p
                                   
Dividend per ordinary share           0.60p               -p          0.60p
                                   
                         
STATEMENT OF TOTAL RETURN                                   

                                         Year ended 30th September, 2000     
                                   Revenue          Capital          Total      
                                      £000             £000           £000     
                                   
Gains on investments                     -            3,106          3,106     
                                   
Income                                 572                -            572     
Investment management fee             (242)               -           (242)
Other expenses                        (185)               -           (185)
Net return before interest 
payable and taxation                   145            3,106          3,251     
                                   
Interest payable                       (49)               -            (49)
Return on ordinary activities 
before taxation                         96            3,106          3,202     
Taxation                                 -                -              -     
Return on ordinary activities 
after taxation                          96            3,106          3,202     
                                   
Dividends                              (82)               -            (82)
Transfers to reserves                   14            3,106          3,120     
                                   
                                   Revenue          Capital          Total      
                                   
Return per ordinary share:  basic     0.47p           15.33p         15.80p
                                   
                          diluted     0.47p           15.33p         15.80p
                                   
Dividends per ordinary share          0.40p               -p          0.40p
                                   
                         

BALANCE SHEET                                   
                                                       30th            30th
                                                 September,      September,     
                                                       2001            2000     
                                                       £000            £000     
                                   
Fixed assets                              
Investments                                          26,890          30,266     
                                   
Current assets                                   
Debtors                                                  99           1,212     
Cash at bank and in hand                              2,758             263     
    
                                                      2,857           1,475     
Creditors: Amounts falling due within one year         (188)         (1,342)
Net current assets                                    2,669             133     
Net assets                                           29,559          30,399     
                                   
Capital and reserves                                   
Called-up share capital                               5,069           5,065     
Share premium account                                13,496          13,483     
Warrant reserve account                                 878             882     
                                   
Capital reserve-realised                              4,363           1,846     
Capital reserve-unrealised                            5,468           8,882     
Revenue reserve                                         285             241     
Total equity shareholders' funds                     29,559          30,399     
                                   
Net asset value per share:                                   
                                   
Basic                                                 145.8p          150.0p
                                   
Diluted                                               138.2p          141.7p
                                   
 
CASHFLOW STATEMENT                         

                                                 Year ended      Year ended 
                                                       30th            30th
                                                 September,      September,     
                                                       2001            2000     
                                                       £000            £000     

Operating activities                              
Investment income received                              595             575     
Deposit interest received                                64              22     
Underwriting commission received                          2               -     
Investment management fees paid                        (290)           (240)
Other cash payments                                    (213)           (185)
Net cash inflow from operating activities               158             172     
                                   
Servicing of finance                                   
Interest paid                                           (26)            (40)
                                   
Taxation                                   
UK tax (paid)/recovered                                  (4)             16     
Overseas tax paid                                        (2)              -     
Net cash (outflow)/inflow from taxation                  (6)             16     
                                   
Financial investment                                   
Purchases of investments                             (5,417)         (5,245)    
Sales of investments                                  8,810           3,832     
    
Net cash inflow/(outflow) from financial investment   3,393          (1,413)
                                                                   
Equity dividends paid                                   (41)            (82)
Net cash inflow/(outflow) before financing            3,478          (1,347)
                                   
Financing                                   
(Loans repaid)/additional loans                      (1,000)          1,000     
    
Issue of share capital                                   17               6     
    
Net cash (outflow)/inflow from financing               (983)          1,006     
                                   
Increase/(decrease) in cash                           2,495            (341)
                                   

NOTES

1) The 2000 accounts, figures and financial information for the year ended 30th 
September, 2000 are an extract from the latest published accounts of the Company
and do not constitute statutory accounts for that year. Those accounts 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 Section 237 (2) or 
237 (3) of the Companies Act 1985.

2) The abridged figures for 2001 are an extract from the latest Accounts. These 
Accounts have not yet been delivered to the Registrar of Companies, nor have the
Auditors yet reported on them.

3) The Directors' Report and Statement of Accounts will be posted on Monday 10th
December, 2001.

4) The Annual General Meeting will be held at 155 Bishopsgate, London EC2, on 
Thursday, 17th January, 2002 at 2.30pm.

5) Subject to the approval of the Annual General Meeting, the annual dividend 
will be paid on 29th January, 2002 to Members on the Register at the close of 
business on 4th January, 2002. The shares will be marked ex-dividend on 2nd 
January, 2002.


CHAIRMAN'S STATEMENT

Net Asset Value
During the year under review, Wigmore's net asset value has fallen from 150.0p 
to 145.8p per share, an overall decline of 2.8%. This compares with a fall of 
0.9% in our benchmark index, the FTSE Smaller Capitalisation Real Estate Index, 
which measures the universe of companies in which the Company invests.

Prior to the atrocities on September 11th, the net asset value was showing an 
increase of almost 10% for the eleven months to the end of August. However, 
stockmarket reaction to the terrorist attacks was such that all of this 
increase, and more, was surrendered and in the month of September alone, the net
asset value fell by 11.5% resulting in the above mentioned decline of 2.8% for 
the year as a whole. Wigmore's share price in particular performed strongly in 
the first eleven months, rising by almost 15% and despite a large fall in 
September, still managed to record an overall increase of 2% for the year as a 
whole.

Total Return
Reflecting the fall in the Company's net asset value, the total return figure 
for the current year is a negative 3.62 pence per share, compared to a positive 
figure of 15.80 pence per share last year.
 
Revenue
Healthy dividend increases during the year and higher bank interest receipts 
have resulted in a substantial increase in the Company's income since a year 
ago. Although fees and expenses have also increased, earnings have risen 74%, 
from 0.47 pence per share to 0.82 pence per share.

Dividend
In the light of the improved earnings, your Board is recommending an annual 
dividend of 0.60 pence per share, which represents an increase of 50% over the 
previous year's total of 0.40 pence.

Subject to approval at the Annual General Meeting, this dividend will be paid to
shareholders on 29th January, 2002.

Gearing
The manager, in consultation with the Directors, agreed that a prudent policy on
gearing was appropriate for the prevailing market conditions. During the period 
all borrowings were repaid, leaving a cash position of some £2.8m at the year 
end. Selective additions to holdings have been made as suitable opportunities 
arose.

Valuation Policy
With a softening economic environment and a weak equity market the Directors 
reviewed the valuation of the one unlisted holding in Wigmore's portfolio. This 
is a residual interest in Prestbury shares and in the absence of a readily 
available price it was decided to write down the value to zero. This reduced the
net asset value by some 0.4%. 

Outlook
Whilst capital values are softening and rental growth has peaked, the cycle is 
likely to be benign because of the limited speculative development that has 
taken place.  In addition, the sector is better placed financially than it has 
been in previous cycles and although bank borrowings have increased it has been 
mainly linked to income producing assets. Further progress should be possible 
but it will be hard won. 

J. M. Greenwood
Chairman
For Wigmore Property Investment Trust plc
M. J. Nokes
Secretary

155 Bishopsgate, London, EC2M 3XY
020 7628 6000