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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Tuesday 19 July, 2005

Henderson Smllr Cos

Final Results

Henderson Smaller Cos Inv Tst PLC
19 July 2005

19 July 2005


       Unaudited Preliminary Group Results for the year ended 31 May 2005


•  Strong absolute and relative performance*

   -   NAV total return 24.5%

   -   Benchmark total return 19.0%

•  Dividend increased to 1.15p per share

•  Confidence in the outlook for UK smaller companies and in the ability
   of the Trust to outperform

                                                            *source:  Datastream

Extracts from the Chairman's Statement


I am pleased to report that the Company has enjoyed a further year of strong
investment performance. The net asset value per share increased by 24%, on a
total return basis.  By comparison our benchmark index increased by 19%.  The
gearing provided by our debenture stock has contributed to performance, as has
judicious short-term use of our bank facility.  Share buy-backs, at an average
discount of over 19%, have added to the net asset value of the remaining shares.
  Nevertheless, the main contribution to our performance continues to be the
disciplined and diligent approach of our fund management team at Henderson, Neil
Hermon and Theresa Wat.

Continuation vote

The Company's first triennial continuation vote was passed at the Annual General
Meeting on 24 September 2004.  The clear majority for continuation - the proxy
votes received were 3.7 to 1 in favour - indicated that our investors share the
Board's confidence in the ability of our fund managers to achieve strong
investment performance from the active management of the Company's portfolio.

Revenue and dividend

The revenue account has continued to strengthen.  Investment income has risen
and, notwithstanding the increase in the management fee and higher borrowing
costs, the revenue return per share rose by 23% to 1.44p.  We propose a single
and final dividend for the year of 1.15p per share, an increase of 15% on that
paid last year.

                                                                     Page 2 of 7


       Unaudited Preliminary Group Results for the year ended 31 May 2005

Extracts from the Chairman's Statement (continued)

Whilst we shall continue to pay due regard to investment income, capital growth
will remain our priority.  Our largest variable item of expense, the management
fee, is calculated by reference to the value of our investments.  If in future
the capital value of the portfolio grows more strongly than its income yield -
not itself an unwelcome outcome - our ability to distribute earnings to
shareholders could be restricted.

Share buy-backs

During the year we bought back thirteen million shares, equivalent to about 11%
of those in issue at 31 May 2004.  Whilst it is disappointing that the recent
demand for investment trust company shares has been weak - particularly after a
twelve month period in which we bought back no shares at all - we are pleased to
welcome a number of new shareholders to our register.  Since the year end we
have bought back a further 125,000 shares.  We shall seek to renew the Company's
authority to buy back its own shares at the Annual General Meeting on 30
September 2005.

Management and performance fees

The fee arrangements with our Investment Manager, Henderson Global Investors
Limited, are subject to formal review every three years.  The Board is in the
process of negotiating revised fee arrangements with Henderson and expects these
to include the introduction of a performance fee, to apply with effect from 1
June 2005.  Details will be announced when the negotiations have been concluded.


The stockmarket has recovered strongly from its low point in March 2003 and
smaller companies have experienced a significant re-rating over that period.
Whilst we do not expect such returns to be repeated in the coming year, we are
confident about the general outlook and we expect our fund managers'
stock-picking skills to give us relative advantage.

                                                                     Page 3 of 7


       Unaudited Preliminary Group Results for the year ended 31 May 2005

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

                                             Year ended 31 May 2005                    Year ended 31 May 2004
                                          Revenue       Revenue       Revenue       Revenue       Capital         Total

                                            £'000         £'000         £'000         £'000         £'000         £'000

Total capital gains from                        -        39,921        39,921             -        57,939        57,939

Income from fixed asset investments         5,320             -         5,320         4,732             -         4,732

Other interest receivable and                 136             -           136           110             -           110
similar income
                                    ------------- ------------- ------------- ------------- ------------- -------------
Gross revenue and capital gains             5,456        39,921        45,377         4,842        57,939        62,781

Management fee                            (1,120)             -       (1,120)         (893)             -         (893)

Other administrative expenses               (319)             -         (319)         (334)             -         (334)
                                    ------------- ------------- ------------- ------------- ------------- -------------
Net return on ordinary activities
    before interest payable and             4,017        39,921        43,938         3,615        57,939        61,554

Interest payable                          (2,454)             -       (2,454)       (2,244)                     (2,244)
                                    ------------- ------------- ------------- ------------- ------------- -------------
Net return on ordinary activities
    before taxation                         1,563        39,921        41,484         1,371        57,939        59,310

Taxation on net return on ordinary              -             -             -             -             -             -
                                    ------------- ------------- ------------- ------------- ------------- -------------
Net return on ordinary activities
    after taxation                          1,563        39,921        41,484         1,371        57,939        59,310

                                    ------------- ------------- ------------- ------------- ------------- -------------
Dividends - ordinary shares (note 3)
Final: 1.15p (2004: 1.00p)                (1,116)             -       (1,116)       (1,148)             -       (1,148)

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

Transfer to reserves                          447        39,921        40,368           223        57,939        58,162
                                          =======       =======       =======       =======       =======       =======

Return per ordinary share (note 1)          1.44p        36.71p        38.15p         1.17p        49.65p        50.82p
                                          =======       =======       =======       =======       =======       =======

The revenue columns of this statement represent the consolidated profit and loss
accounts of the Group.

                                                                     Page 4 of 7


       Unaudited Preliminary Group Results for the year ended 31 May 2005

Balance Sheets                                             Group          Group        Company        Company
                                                            2005           2004           2005           2004

                                                           £'000          £'000          £'000          £'000
Fixed asset investments
Listed investments at market value                       216,098        209,469        216,098        209,469
AIM investments at market value                           28,805         16,876         28,805         16,876
Unquoted investments at directors' valuation                 324            324            324            324
Subsidiary undertaking                                         -              -          2,269          2,270
                                                   -------------  -------------  -------------  -------------
                                                         245,227        226,669        247,496        228,939
                                                   -------------  -------------  -------------  -------------
Current assets
Debtors                                                    1,157          1,406          1,157          1,406
Cash at bank and short term deposits                           -            488              -            488
                                                   -------------  -------------  -------------  -------------
                                                           1,157          1,894          1,157          1,894
Creditors: amounts falling due within one year           (9,304)       (11,020)       (11,573)       (13,290)
                                                   -------------  -------------  -------------  -------------
Net current liabilities                                  (8,147)        (9,126)       (10,416)       (11,396)
                                                   -------------  -------------  -------------  -------------

Total assets less current liabilities                    237,080        217,543        237,080        217,543

Creditors: amounts falling due after more than          (20,000)       (20,000)       (20,000)       (20,000)
one year
                                                   -------------  -------------  -------------  -------------
Total net assets                                         217,080        197,543        217,080        197,543
                                                        ========       ========       ========       ========
Capital and reserves
Called up share capital                                   25,423         28,700         25,423         28,700
Capital redemption reserve                                20,002         16,725         20,002         16,725
Other capital reserves                                   167,494        148,404        169,763        150,674
Revenue reserve                                            4,161          3,714          1,892          1,444
                                                   -------------  -------------  -------------  -------------
Shareholders' funds (including non-equity
   interests of £9,000; 2004: £9,000)                    217,080        197,543        217,080        197,543
                                                        ========       ========       ========       ========

Net asset value per ordinary share                        213.5p         172.1p         213.5p         172.1p
                                                        ========       ========       ========       ========

                                                                     Page 5 of 7


       Unaudited Preliminary Group Results for the year ended 31 May 2005

Group Cash Flow Statement                                  2005            2005            2004            2004
                                                          £'000           £'000           £'000           £'000

Net cash inflow from operating activities                                 4,410                           3,256

Servicing of finance
Debenture interest paid                                 (3,150)                         (2,100)
Bank overdraft and loan interest paid                     (353)                           (157)
                                                  -------------                   -------------
Net cash outflow from servicing of finance                              (3,503)                         (2,257)

Net tax recovered                                                             -                               -

Financial investment
Purchases of investments                               (57,714)                        (70,843)
Sales of investments                                     78,181                          63,807
                                                  -------------                   -------------
Net cash inflow/(outflow) from financial                                 20,467                         (7,036)

Equity dividends paid                                                   (1,106)                           (585)

Purchase of own shares                                 (20,831)                         (3,109)
(Repayment)/drawdown of loans                             (286)                           7,500
                                                  -------------                   -------------
Net cash (outflow)/inflow from financing                               (21,117)                           4,391
                                                                  -------------                   -------------
Decrease in cash                                                          (849)                         (2,231)
                                                                       ========                        ========
Reconciliation of net cash flow to movements in net debt
Decrease in cash as above                                                 (849)                         (2,231)
Cash outflow/(inflow) from debt financing                                   286                         (7,500)
                                                                  -------------                   -------------
Change in net debt resulting from cash flows                              (563)                         (9,731)

Net debt at 1 June                                                     (27,012)                        (17,281)
                                                                  -------------                   -------------
Net debt at 31 May                                                     (27,575)                        (27,012)
                                                                       ========                        ========

                                                                     Page 6 of 7


       Unaudited Preliminary Group Results for the year ended 31 May 2005


1.  Return per ordinary share

    The revenue return per ordinary share is based on the earnings
attributable to the ordinary shares of £1,563,000 (2004: £1,371,000) and on the
weighted average number of ordinary shares in issue during the year of
108,747,775 (2004: 116,695,187).

The capital return per ordinary share is based on the net capital gains for the
year of £39,921,000 (2004: £57,939,000) and on the weighted average number of
ordinary shares in issue during the year, as above.

2.  Issued share capital

There were 101,656,282 ordinary shares in issue at 31 May 2005 (31 May 2004:

3.  Dividend

Subject to approval at the annual general meeting, the recommended final
dividend of 1.15p per ordinary share will be paid on 7 October 2005 to
shareholders on the register of members at the close of business on 2 September
2005.  A sum of £1,169,000 has been provided to cover this, based on the issued
share capital at 31 May 2005.

The final dividend accrued in respect of the year ended 31 May 2004, at 1.0p per
ordinary share, amounted to £1,148,000.  The buy-backs of the Company's ordinary
shares, after 31 May 2004 but before the record date of the final dividend for
the year ended on that date, resulted in a write-back of £42,000 for dividends
accrued in respect of the year ended 31 May 2004 but not in the event payable.
In addition to this, £11,000 has been written back in respect of dividends
unclaimed for more than 12 years.  The figure of £1,116,000 shown is net of
these amounts.

4.  Basis of consolidation

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

5.  2005 accounts

    The preliminary figures for the year ended 31 May 2005, which do not
constitute statutory accounts, are an extract from the Group's draft accounts
for the year.  These accounts have not yet been delivered to the Registrar of
Companies, nor have the auditors yet reported on them.

6.  2004 accounts

    The figures and financial information for the year ended 31 May 2004
are an extract of the latest published accounts and do not constitute the
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 either section 237(2) or
section 237(3) of the Companies Act 1985.

                                                                     Page 7 of 7


       Unaudited Preliminary Group Results for the year ended 31 May 2005

7.   Annual General Meeting

     The full annual report and accounts will be posted to shareholders in late
July 2005 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 30 September 2005 at 2.00 pm.

For further information please contact :

Neil Hermon
Fund Manager
The Henderson Smaller Companies Investment Trust plc
Telephone: 020 7818 4351

Theresa Wat
Deputy Fund Manager
The Henderson Smaller Companies Investment Trust plc
Telephone: 020 7818 4644

James de Sausmarez
Head of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349

Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
020 7818 3198

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