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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Wednesday 17 July, 2002

Henderson Smllr Cos

Final Results-Replacement

Henderson Smaller Cos Inv Tst PLC
17 July 2002

The Issuer advises that the following text replaces the Notification of Final
Results announcement released on 15 July 2002 at 07.00 under RNS number 5948Y.
There was an error in the analysis of the fixed asset investments as given on
the balance sheet. The United Kingdom listed investments totalled £251,208,000
(not £255,208,000) and the AIM investments totalled £20,248,000 (not
£16,248,000). All other figures are unaffected.

15 July 2002


       Unaudited Preliminary Group Results for the year ended 31 May 2002

The Chairman's Statement:

Last year we reported stockmarket volatility, and warned of more to come. Our
cautious outlook turned out to be correct, as the downturn in technology stocks
accelerated, and action was taken to rebalance the portfolio. In spite of these
warnings, it gives me no satisfaction to report a 45% drop in net asset value.

Our valuations are now considerably lower. Conditions have not, however, changed
to the extent that this causes us to alter our philosophy - which is the
commitment to growth. The fundamentals of our approach have been reviewed, and
we have adjusted the portfolio to suit difficult times.

Dividend The growth companies we invest in tend to retain the bulk of their
earnings. Capital growth, not income, is our priority. In general we expect to
pay only nominal dividends, and propose for this year once again a single and
final dividend of 0.5p, paid out of reserves.

Share buy-backs We continue to monitor our discount. During the year we
purchased 26.1 million shares for cancellation at a favourable discount,
representing 16.1% of those in issue on 31 May 2001. These buy-backs enhanced
net asset value by £9.9 million. Since the year end we have bought back a
further 2.4 million shares, and our buy-back authority was renewed at the EGM on
26 June 2002.

Prospects A great deal of bad news is out, and the prevailing gloom is already
discounted in our share price. While the short term is painful for us all, I can
only restate our continued confidence in the strategy. We will be monitoring
performance very closely.

P H G Cadbury

12 July 2002

                                     - 2 -


       Unaudited Preliminary Group Results for the year ended 31 May 2002

Group Statement of Total Return (incorporating the consolidated revenue account)

                                                Year ended 31 May 2002                    Year ended 31 May 2001
                                         Revenue       Capital         Total       Revenue       Capital         Total
                                           £'000         £'000         £'000         £'000         £'000         £'000

Total capital losses from                      -     (240,230)     (240,230)             -     (162,352)     (162,352)

Income from fixed asset                    4,592             -         4,592         4,506             -         4,506

Other interest receivable and                111             -           111           926             -           926
similar income
                                   ------------- ------------- ------------- ------------- ------------- -------------
Gross revenue and capital losses           4,703     (240,230)     (235,527)         5,432     (162,352)     (156,920)

Management fee                           (2,734)             -       (2,734)       (3,022)             -       (3,022)

Other administrative expenses              (352)             -         (352)         (344)             -         (344)

Irrecoverable VAT                          (416)             -         (416)         (512)             -         (512)
                                   ------------- ------------- ------------- ------------- ------------- -------------
Net return/(loss) on ordinary
before interest payable and                1,201     (240,230)     (239,029)         1,554     (162,352)     (160,798)

Interest payable                         (2,381)             -       (2,381)       (2,123)             -       (2,123)
                                   ------------- ------------- ------------- ------------- ------------- -------------
Net loss on ordinary activities
before taxation                          (1,180)     (240,230)     (241,410)         (569)     (162,352)     (162,921)

Taxation on net return on ordinary           (1)             -           (1)             -             -             -
                                   ------------- ------------- ------------- ------------- ------------- -------------
Net loss on ordinary activities
after taxation                           (1,181)     (240,230)     (241,411)         (569)     (162,352)     (162,921)

                                   ------------- ------------- ------------- ------------- ------------- -------------
Dividends - ordinary shares
Final: 0.50p (2001: 0.50p)                 (654)             -         (654)         (810)             -         (810)

                                   ------------- ------------- ------------- ------------- ------------- -------------

Transfer from reserves                   (1,835)     (240,230)     (242,065)       (1,379)     (162,352)     (163,731)
                                         =======       =======       =======       =======       =======       =======

Loss per ordinary share
                                         (0.77)p     (157.34)p     (158.11)p       (0.34)p      (95.91)p      (96.25)p
                                         =======       =======       =======       =======       =======       =======

The revenue columns of this statement represent the consolidated revenue
accounts of the Group

                                    - MORE -

                                     - 3 -


       Unaudited Preliminary Group Results for the year ended 31 May 2002

Balance Sheets                                                   Group         Group          Company       Company
                                                                  2002          2001             2002          2001
                                                                 £'000         £'000            £'000         £'000
Fixed asset investments
United Kingdom listed investments at market value              251,208       518,103          251,208       518,103
AIM investments at market value                                 20,248        30,036           20,248        30,036
Unquoted investments at directors' valuation                     1,907         2,250            1,907         2,250
Subsidiary undertaking                                               -             -            2,272         3,960
                                                         ------------- -------------    ------------- -------------
                                                               273,363       550,389          275,635       554,349
                                                         ------------- -------------    ------------- -------------
Current assets
Debtors                                                          1,815         1,370            1,815         2,066
Cash at bank and short term deposits                                40        16,876               38        15,785
                                                         ------------- -------------    ------------- -------------
                                                                 1,855        18,246            1,853        17,851
Creditors: amounts falling due within one year                 (8,935)      (15,434)         (11,205)      (18,999)
                                                         ------------- -------------    ------------- -------------
Net current (liabilities)/assets                               (7,080)         2,812          (9,352)       (1,148)
                                                         ------------- -------------    ------------- -------------
Total assets less current liabilities                          266,283       553,201          266,283       553,201

Creditors: amounts falling due after more than one year       (20,000)      (20,000)         (20,000)      (20,000)
                                                         ------------- -------------    ------------- -------------
Total net assets                                               246,283       533,201          246,283       533,201
                                                              ========      ========         ========      ========
Capital and reserves
Called-up share capital                                         34,004        40,531           34,004        40,531
Other capital reserves                                         208,472       487,028          210,744       490,988
Revenue reserve                                                  3,807         5,642            1,535         1,682
                                                         ------------- -------------    ------------- -------------
Shareholders' funds (including non-equity
interests of £9,000; 2001: £9,000)                             246,283       533,201          246,283       533,201
                                                              ========      ========         ========      ========

Net asset value per ordinary share                              181.1p        328.9p           181.1p        328.9p
                                                              ========      ========         ========      ========


                                     - 4 -


       Unaudited Preliminary Group Results for the year ended 31 May 2002

Group Cash Flow Statement                                         2002           2002           2001            2001
                                                                 £'000          £'000          £'000           £'000

Net cash inflow from operating activities                                       1,282                          1,284

Servicing of finance
Debenture interest paid                                        (2,100)                       (3,150)
Bank overdraft and loan interest paid                            (261)                          (23)
                                                         -------------                 -------------
Net cash outflow from servicing of finance                                    (2,361)                        (3,173)

UK tax recovered                                                     -                            10
Overseas tax recovered                                               -                            33
                                                         -------------                 -------------
Net tax recovered                                                                   -                             43

Financial investment
Purchases of investments                                     (115,920)                     (117,448)
Sales of investments                                           137,809                       129,405
                                                         -------------                 -------------
Net cash inflow from financial investment                                      21,889                         11,957

Equity dividends paid                                                           (784)                          (852)

Management of liquid resources
Cash withdrawn from deposit                                                    10,000                         10,000

Purchase of ordinary shares                                   (44,863)                      (25,038)
Drawdown of loans                                                8,000                             -
                                                         -------------                 -------------
                                                                             (36,863)                       (25,038)
                                                                        -------------                  -------------
Decrease in cash                                                              (6,837)                        (5,779)
                                                                             ========                       ========
Reconciliation of net cash flow to movements in net (debt)/funds
Decrease in cash as above                                                     (6,837)                        (5,779)
Cash inflow from management of liquid resources                              (10,000)                       (10,000)
Cash inflow from debt financing                                               (8,000)                              -
                                                                        -------------                  -------------
Change in net debt resulting from cash flows                                 (24,837)                       (15,779)
Exchange movements                                                                  1                              1
                                                                        -------------                  -------------
Movement in net debt in the year                                             (24,836)                       (15,778)
Net (debt)/funds as at 1 June                                                 (3,124)                         12,654
                                                                        -------------                  -------------
Net debt at 31 May                                                           (27,960)                        (3,124)
                                                                             ========                       ========


                                     - 5 -


       Unaudited Preliminary Group Results for the year ended 31 May 2002


        1.     Loss per ordinary share

        The revenue loss per ordinary share is based on the losses
        attributable to the ordinary shares of £1,181,000 (2001: £569,000) and
        on the weighted average number of ordinary shares in issue during the
        year of 152,680,943 (2001: 169,276,109).

        The capital loss per ordinary share is based on the net capital losses
        for the year of £240,230,000 (2001: £162,352,000) and on the weighted
        average number of ordinary shares in issue during the year of
        152,680,943 (2001: 169,276,109).

        2.     Issued Share Capital

        There were 135,980,999 shares of 25p in issue at 31 May 2002 (31 May
        2001: 162,089,094).

        3.     Dividend

        The recommended final dividend of 0.5p per ordinary share, subject
        to approval at the Annual General Meeting, will be paid on 1 October
        2002 to shareholders on the register at the close of business on 6
        September 2002.

        The final dividend accrued in respect of the year ended 31 May 2002, at
        0.5p per ordinary share, amounts to £680,000. The buy-backs of the
        Company's ordinary shares, after 31 May 2001 but before the record date
        of the final dividend for the year ended on that date, resulted in a
        write-back of £26,000 for dividends accrued in respect of the year ended
        31 May 2001 but not in the event payable. The £654,000 shown is the sum
        of these two figures.

        4.     Basis of consolidation

        The Group accounts consolidate the accounts of the Company and of
        its wholly owned subsidiary undertaking, Henderson Smaller Companies
        Finance Limited.

        5.     2002 Accounts

        The preliminary figures for the year ended 31 May 2002 are an
        extract from the Group's accounts for that year. These accounts have not
        yet been delivered to the Registrar of Companies, nor have the auditors
        yet reported on them.

        6.     2001 Accounts

        The figures and financial information for the year ended 31 May
        2001 are an extract of the latest published accounts and do not
        constitute the statutory accounts for that year. These 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
        either section 237(2) or section 237(3) of the Companies Act 1985.


                                     - 6 -


           Unaudited Preliminary Group Results for the year ended 31 May 2002

        7.     Annual General Meeting

        The full annual report and accounts will be posted to shareholders
        in late August 2002 and copies will be available thereafter from the
        Secretary at the Company's Registered Office, 4 Broadgate, London EC2M
        2DA. The Annual General Meeting will be held on Friday 27 September 2002
        at 2.00 pm.

                                    - ENDS -

  For further information please contact :

  John Alexander        or     Mark Vickery

  The Henderson Smaller Companies Investment Trust plc   Henderson Press Office

  Telephone: 020 7818 4340               Telephone: 020 7818 4222

  Andrew Stack

  The Henderson Smaller Companies Investment Trust plc

  Telephone: 020 7818 4351

  Stephen Westwood

  Head of Investment Trusts

  Henderson Global Investors

  020 7818 5517

                      This information is provided by RNS
            The company news service from the London Stock Exchange