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Finsbury Growth Tst. (FGT)

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Thursday 16 May, 2002

Finsbury Growth Tst.

Interim Results

Finsbury Growth Trust PLC
16 May 2002


To:      City Editors                   For immediate release

                                        16 May 2002





Finsbury Growth Trust PLC

Announces Interim Results for

the six months to 31 March 2002





Financial Highlights:


                                                     31 March 2002       30 September  2001       % change

                                                       (unaudited)                (audited)

Total assets less current liabilities                       £79.0m                   £69.8m          +13.1
Shareholders' funds                                         £79.0m                   £69.8m          +13.1
Net asset value per share                                   203.2p                   179.7p          +13.1
Share price                                                 180.0p                   162.0p          +11.1
Discount                                                     11.4%                     9.8%            N/a
Market capitalisation                                       £69.9m                   £62.9m          +11.1
FTSE All-Share Index                                       2,557.4                  2,340.5           +9.3





An interim dividend of 1.2p per share (2001: 1.2p) will be paid on 31 May 2002
to shareholders registered at the close of business on 24 May 2002.



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



16 May 2002



                                    - ENDS -



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 Limited                020 7426 6233

Alastair Smith, Close Finsbury Asset Management Limited            020 7426 6240

Fiona Harris, Quill Communications                                 020 7763 6970

Nick Train, Lindsell Train Limited                                 020 7225 6400

Finsbury Growth Trust PLC



Chairman's Statement



I am pleased to be able to report that in the first six months of the current
financial year your Company's investment portfolio outperformed its benchmark,
the FTSE All-Share Index, and performed in the top quartile of our peer group of
competitor trusts. This outperformance was reflected in an increase in the net
asset value per share of 13.1% and in the increase of 11.1% in the market price
of your Company's shares in the six months to 31 March 2002. In that period the
FTSE All-Share Index increased by 9.3%.



Return and dividends



The Statement of Total Return is set out in the Interim Report.



An interim dividend of 1.2p is being declared.  This equates to the interim
dividend of 1.2p declared for the six months to 31 March 2001. The interim
dividend will be paid on 31 May 2002 to shareholders registered at the close of
business on 24 May 2002.



Investments



Our investment adviser Nick Train of Lindsell Train has completed the
restructuring of the portfolio.



The largest sector weightings in the portfolio continue to be Media and
Financial stocks with the holding in the HBOS Group, comprising both ordinary
and preference shares, accounting for the largest single position as at 31 March
2002 (14.6%).  The portfolio includes a balance of defensive and more volatile
media stocks, the latter of which should benefit from any upturn in the
communications and technology sectors.



Details of the Company's portfolio are set out in the Interim Report and are
accompanied by commentary by our investment adviser.



Borrowings



In December 2001 we made early repayment of the £20m 7.95% Senior Notes to take
advantage of lower interest rates and to increase flexibility of borrowing. In
its place we now have a £10m revolving credit facility and a £10m term loan
facility both of which are for a fixed term expiring in December 2008 and in
respect of which the interest rate can be fixed should we so wish. As at 31
March 2002 we had drawn down £8m of the revolving credit facility upon which the
current variable interest rate is 5.01%. Gearing at that date was 10.0%.









It is our intention in due course to utilise the whole of these facilities at
least from time to time and at least in part to fix the rate of interest at an
appropriate time.



Outlook



Although our investment strategy is not one aimed at tracking the FTSE All-Share
Index, as we invest in larger UK companies, our performance cannot but be
affected by that of the market as a whole.  The FTSE-All Share index is still
well below the level at which it peaked a couple of years ago, although in
recent months it has recovered some of what it had lost. There are clouds
hanging over it on the international front and corporate profits are under
pressure. There have been too many large corporate upsets both here and in the
United States.



The outlook must therefore be uncertain. However your Board believes that the
investment strategy being implemented by our investment adviser, concentrating
as it does on a restricted portfolio of larger UK companies exhibiting
durability, a high prospective return on equity and low capital intensity/high
free cash generation, will succeed in achieving the exceptional returns we seek
in the long term.  This strategy has so far enabled us to outperform against our
benchmark and peer group.  As markets recover your Board believes that this
strategy will generate satisfactory gains in total return.







M A F Reeve

Chairman

16 May 2002



Finsbury Growth Trust PLC



Consolidated Statement of Total Return

Incorporating the revenue account for the six months ended 31 March 2002


                                          (Unaudited)                   (Unaudited)                     (Audited)
                                     Six months ended              Six months ended                    Year ended
                                        31 March 2002                 31 March 2001             30 September 2001
                           Revenue   Capital    Total   Revenue   Capital     Total   Revenue   Capital     Total

                              £000      £000     £000      £000      £000      £000      £000      £000      £000
Gains/(losses) on                -     9,605    9,605         -  (11,566)  (11,566)         -  (22,155)  (22,155)
investments
Income (note 2)              1,410         -    1,410       631         -       631     2,142         -     2,142
Exchange gains on                -         -        -         -         -         -         -        10        10
currency balances
Investment management         (85)     (173)    (258)     (120)     (243)     (363)     (212)     (431)     (643)
fees
Other expenses               (215)         -    (215)     (287)         -     (287)     (459)         -     (459)
Net return/(deficit)         1,110     9,432   10,542       224  (11,809)  (11,585)     1,471  (22,576)  (21,105)
before finance costs
and taxation


Interest payable and         (311)     (631)    (942)     (274)     (555)     (829)     (547)   (1,111)   (1,658)
similar charges (note
3)
Return/(deficit) on            799     8,801    9,600      (50)  (12,364)  (12,414)       924  (23,687)  (22,763)
ordinary activities
before taxation


Taxation on ordinary             -         -        -         -         -         -         -         -         -
activities
Return/(deficit) on            799     8,801    9,600      (50)  (12,364)  (12,414)       924  (23,687)  (22,763)
ordinary activities
after taxation
Dividends on Ordinary        (466)         -    (466)     (454)         -     (454)   (1,230)         -   (1,230)
shares (equity)

Transfer to/(from)             333     8,801    9,134     (504)  (12,364)  (12,868)     (306)  (23,687)  (23,993)
Reserves

Return/(deficit) per         2.06p    22.65p   24.71p   (0.13p)  (31.76p)  (31.89p)     2.38p  (60.90p)  (58.52p)
Ordinary share - pence
(note 4)


Finsbury Growth Trust PLC

Consolidated Balance Sheet

As at 31 March 2002


                                               (Unaudited)          (Unaudited)                  (Audited)
                                    31 March 2002                 31 March 2001          30 September 2001

                                                      £000                 £000                       £000
Fixed asset investments                             86,368               76,642                     76,886



Current assets

Debtors                                                820                1,498                        660
Cash at bank                                           369               25,818                     13,660
                                                     1,189               27,316                     14,320

Creditors

Amounts falling due within one year                (8,592)              (3,071)                   (21,375)

Net current (liabilities)/assets                   (7,403)               24,245                    (7,055)

Total assets less current                           78,965              100,887                     69,831
liabilities

Creditors
Amounts falling due after more than                      -             (19,931)                          -
one year
Net assets                                          78,965               80,956                     69,831

Capital
Called up share capital                              9,714                9,714                      9,714
Share premium account                               13,160               13,160                     13,160
Capital redemption reserve                           3,353                3,353                      3,353
Capital reserve- realised                           48,871               53,030                     53,270
Capital reserve - unrealised                         2,138                  501                   (11,062)
Revenue reserve                                      1,729                1,198                      1,396
Total shareholders' funds                           78,965               80,956                     69,831

Net asset value per Ordinary share                  203.2p               208.3p                     179.7p







Finsbury Growth Trust PLC



Consolidated Cash Flow Statement

For the six months ended 31 March 2002


                                                (Unaudited)            (Unaudited)                 (audited)

                                           Six months ended       Six months ended                Year ended

                                              31 March 2002          31 March 2001         30 September 2001

                                                       £000                   £000                      £000
Net cash flow from operating                            666                    960                     2,028
activities


Servicing of finance
Loan and bank overdraft                             (1,439)                  (801)                   (1,602)
     interest paid

Taxation

Income tax recovered                                      8                      -                         -

Financial investment
Purchase of investments                            (13,211)               (55,931)                  (70,850)
Sale of investments                                  13,423                 82,692                    85,651
Net cash inflow from financial                          212                 26,761                    14,801
investment


Equity dividends paid                                 (777)                  (953)                   (1,418)



Financing

Net repayment of loans                             (11,961)                      -                         -

Purchase of own shares                                    -                (4,944)                   (4,944)


(Decrease)/increase in cash                        (13,291)                 21,023                     8,865




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
                                                                 (Unaudited)     (Unaudited)           (Audited)
                                                             6 months ended  6 months ended           Year ended
                                                               31 March 2002   31 March 2001   30 September 2001
                                                                       £'000           £'000               £'000

     Investment income                                                 1,317             891               2,045
     Bank interest                                                        93             244                 800
     Underwriting commission                                               -               -                   2
     Dealing loss                                                          -           (504)               (705)
     Total                                                             1,410             631               2,142

3.   Interest payable and similar charges*

                                                             6 months ended  6 months ended           Year ended
                                                               31 March 2002   31 March 2001   30 September 2001
                                                                        £000            £000                £000

     Interest payable on £20m 7.95% Senior Loan Notes                    355             795               1,590
     Early redemption fee on £20m 7.95% Senior Loan Notes                409               -                   -
     Amortisation of issue expenses of Senior Loan Notes                  39              28                  58

     Interest payable on AIB revolving credit facility                   108               -                   -
     Arrangement fee for AIB facilities                                   30               -                   -

     Other bank interest                                                   1               6                  10
     Total                                                               942             829               1,658

     * The £20m 7.95% Senior Loan Notes due June 2002 were pre-paid on 21 December 2001.  A £10m

        revolving credit facility and a £10m term loan facility with AIB were arranged in replacement of the

        loan notes on 12 December 2001.

4.   Return per Ordinary share

     The revenue return/(deficit) per Ordinary share is calculated by dividing the net revenue return of
     £799,000 (six months ended 31 March 2001: deficit of £50,000, 30 September 2001: return of £924,000) by
     38,856,430 (six months ended 31 March 2001: 38,931,389, 30 September 2001:  38,893,807) being the weighted
     average number of Ordinary shares in issue. The capital return/(deficit) per Ordinary share is calculated
     by dividing the net capital return available for Ordinary shareholders of £8,801,000 (six months ended 31
     March 2001: £12,364,000 deficit, 30 September 2001: £23,687,000 deficit) by the weighted average number of
     Ordinary shares in issue as above.




5.   Investment management fees

                                                        6 months ended    6 months ended              Year ended
                                                         31 March 2002      31 March 2001      30 September 2001
                                                                 £'000              £'000                  £'000
     Investment management fee                                     220                309                    549
     Performance fee                                                 -                  -                      -
     Irrecoverable VAT thereon                                      38                 54                     94
     Total                                                         258                363                    643

6.   Comparative information

     The figures and financial information for the year ended 30 September 2001 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 2001.







Close Finsbury Asset Management Limited - Secretary

 16 May 2002



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