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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Wednesday 28 January, 2009

Henderson Smllr Cos

Half Yearly Report

RNS Number : 3825M
Henderson Smaller Cos Inv Tst PLC
28 January 2009
 



Page 1 of 12


28 January 2009




THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Interim Management Report

                                            

Results and performance

The results for the half year ended 30 November 2008 are very disappointing, with the net asset value per share, including half year adjustments, falling by 51% from 317.6p to 156.4p.  By comparison, the total return of the benchmark index was a negative 39.4%.  On 3 October 2008 the Company paid a final and a special dividend, amounting in total to 3.8p per share, in respect of the year ended 31 May 2008.  


Equity markets had a torrid time in the period under review.  The Manager's attribution of performance for the period shows that the underperformance was attributable almost equally to stock selection and to the gearing; share buy-backs made a small positive contribution to the total return.  


Investment income in the period was almost 7% ahead of the figure for the comparative period, despite a reduction in the number of shares in issue. The revenue earnings per share were 2.47p (2007: 2.28p); both figures reflect the exceptional write-back of VAT on management fees.


Share buy-backs

During the half year a total of 2.5 million shares were bought back and cancelled, representing 3% of the issued share capital at 31 May 2008. The Board will continue to buy back shares when to do so helps to maintain an orderly market and is in the interests of the shareholders generally.


Investment activity and outlook

The 60 largest companies in the portfolio, which account for 82% of the portfolio by value, are listed on page 11 below.  


The credit crunch has caused a major downturn in the world economy and most of the major Western economies will be in recession during 2009. However, much of the bad news has been discounted and company valuations are now at historically low levels. While there will be a degree of corporate distress in 2009, well financed businesses with pricing power are well placed to withstand the pressures of the downturn and emerge stronger into the recovery. Markets are expected to remain volatile but there are investment opportunities available, offering real value.  


  

Page 2 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Interim Management Report, continued


Risks and uncertainties

The principal risks and uncertainties facing the Company relate to its activity of investing in the shares of smaller companies.  Although the Company invests entirely in securities that are quoted on recognised markets, share prices may move rapidly and it may not be possible to realise an investment at the Manager's assessment of its value.  The Company is exposed to gearing risk in that its borrowings, £20 million of which are fixed debt, increase the shareholders' exposure to equities. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service.


Related party transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or performance of the Company during the period.  Details of related party transactions are contained in the annual report and accounts.

  

Responsibility Statement

We confirm that to the best of our knowledge: 


(a)    the condensed set of financial statements has been prepared in accordance with the IAS 34;

 

(b)    the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (an indication of important events that have occurred during the first six months of the financial year and a description of the principal risks and uncertainties for the remaining six months of the financial year); and 

 

(c)    the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein).

 

By order of the Board 


 

J Dudley Fishburn

Chairman

28 January 2009





Page 3 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Consolidated Income Statement

for the half year ended 30 November 2008


(Unaudited)

Half year ended

30 November 2008

(Unaudited)

Half year ended

30 November 2007

(Audited)

Year ended

31 May 2008


Revenue

return £'000

Capital

return £'000


Total £'000

Revenue

return £'000

Capital

return £'000


Total £'000

Revenue

return £'000

Capital

return £'000


Total £'000











Investment income

3,280

-

3,280

3,069

-

3,069

7,086

-

7,086

Other income

275

-

275

60

-

60

108

-

108

Losses on investments held at fair value 

   through profit or loss


-


(127,353)


(127,353)


-


(58,408)


(58,408)


-


(70,417)


(70,417)

  

----------

----------

----------

----------

----------

----------

----------

----------

---------

Total income/(loss)

3,555

(127,353)

(123,798)

3,129

(58,408)

(55,279)

7,194

(70,417)

(63,223)











Expenses










Management fees

(419)

-

(419)

(666)

-

(666)

(1,156)

-

(1,156)











Write-back of VAT (note 2)

305

-

305

1,312

437

1,749

1,312

437

1,749

Other expenses 

(187)

-

(187)

(197)

-

(197)

(373)

-

(373)


---------

----------

----------

---------

----------

----------

----------

----------

----------

Profit/(loss) before finance costs and taxation

3,254

(127,353)

(124,099)

3,578

(57,971)

(54,393)

6,977

(69,980)

(63,003)

Finance costs

(1,309)

-

(1,309)

(1,670)

-

(1,670)

(3,109)

-

(3,109)


---------

----------

----------

---------

----------

---------

----------

----------

---------











Profit/(loss) before taxation

1,945

(127,353)

(125,408)

1,908

(57,971)

(56,063)

3,868

(69,980)

(66,112)

Taxation

(7)

-

(7)

-

-

-

-

-

-


---------

----------

----------

---------

----------

----------

---------

---------

---------

Profit/(loss) for the period 

1,938

(127,353)

(125,415)

1,908

(57,971)

(56,063)

3,868

(69,980)

(66,112)


=====

======

======

=====

======

======

=====

=====

======











Earnings/(loss) per ordinary share (note 3) 

2.47p

(162.40)p

(159.93)p

2.28p

(69.26)p

(66.98)p

4.64p

(83.96)p

(79.32)p


=====

======

======

=====

======

======

======

======

======












The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. 


All items in the above statement derive from continuing operations.


All income is attributable to the equity holders of The Henderson Smaller Companies Investment Trust plc, the parent company.

There are no minority interests. 





Page 4 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Consolidated Statement of Changes in Equity

for the half year ended 30 November 2008



(Unaudited)

Half year ended 30 November 2008



Called up share 

capital


Capital

 redemption 

reserve


Other 

capital 

reserves 



Revenue

reserve




Total


£'000

£'000

£'000

£'000

£'000

Balance at 31 May 2008

20,113

25,303

200,986

9,069

255,471

Buy-backs of ordinary shares

(613)

613

(5,079)

-

(5,079)

(Loss)/profit for the period 

-

-

(127,353)

1,938

(125,415)

Ordinary dividends paid

-

-

-

(3,007)

(3,007)


----------

----------

----------

----------

----------

Balance at 30 November 2008

19,500

25,916

68,554

8,000

121,970


======

======

======

=====

======



(Unaudited)

Half year ended 30 November 2007



Called up share 

capital


Capital

 redemption 

reserve


Other 

capital 

reserves 



Revenue

reserve 




Total


£'000

£'000

£'000

£'000

£'000

Balance at 31 May 2007

21,657

23,759

287,650

6,634

339,700

Buy-backs of ordinary shares

(689)

689

(8,597)

-

(8,597)

(Loss)/profit the period 

-

-

(57,971)

1,908

(56,063)

Ordinary dividend paid

-

-

-

(1,433)

(1,433)


----------

----------

----------

----------

----------

Balance at 30 November 2007

20,968

24,448

221,082

7,109

273,607


======

======

======

=====

======








(Audited)

Year ended 31 May 2008



Called up share 

capital


Capital

 redemption 

reserve


Other 

capital 

reserves 



Revenue

 reserve 




Total


£'000

£'000

£'000

£'000

£'000

Balance at 31 May 2007

21,657

23,759

287,650

6,634

339,700

Buy-backs of ordinary shares

(1,544)

1,544

(16,684)

-

(16,684)

(Loss)/profit for the year

-

-

(69,980)

3,868

(66,112)

Ordinary dividend paid

-

-

-

(1,433)

(1,433)


----------

----------

----------

----------

----------

Balance at 31 May 2008

20,113

25,303

200,986

9,069

255,471


======

======

======

=====

======








Page 5 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Consolidated Balance Sheet

at 30 November 2008



(Unaudited) 30 November 2008

(Unaudited)

30 November 2007 

(Audited)

31 May

2008


£'000

£'000

£'000

Non current assets




Investments held at fair value through profit or loss

143,538

307,619

286,819


-----------

-----------

-----------

Current assets




Sales for future settlement

161

553

69

Taxation recoverable 

29

12

23

Prepayments and accrued income

303

479

1,450

Cash and cash equivalents

514

362

672

Other debtors 

2,266

1,754

1,748


----------

----------

----------


3,273

3,160

3,962


----------

----------

----------





Total assets 

146,811

310,779

290,781


----------

----------

----------

Current liabilities 




Purchases for future settlement

(143)

(379)

(1,607)

Accruals 

(191)

(269)

(199)

Bank loans and overdrafts

(4,503)

(16,520)

(13,500)


----------

----------

----------


(4,837)

(17,168)

(15,306)


----------

----------

----------





Total assets less current liabilities 

141,974

293,611

275,475





Non current liabilities 

(20,004)

(20,004)

(20,004)


----------

----------

-----------

Net assets

121,970

273,607

255,471


======

======

======





Equity attributable to equity shareholders 




Called up share capital (note 5)

19,500

20,968

20,113

Capital redemption reserve

25,916

24,448

25,303

Retained earnings:




  Other capital reserves

68,554

221,082

200,986

  Revenue reserve

8,000

7,109

9,069


----------

----------

----------

Total equity

121,970

273,607

255,471


======

======

======





Net asset value per ordinary share (note 6)

156.4p

326.2p

317.6p


======

======

======


  Page 6 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Consolidated Cash Flow Statement

for the half year ended 30 November 2008




(Unaudited)

Half year ended

30 November 2008

(Unaudited)

Half year ended

30 November 2007

(Audited)

Year 

ended

31 May 

2008



£'000

£'000

£'000






Net cash inflow from operating  activities (note 7)


16,923

12,541

24,009

 


----------

----------

----------






Net cash inflow before use of financing


16,923

12,541

24,009

  





Net cash outflow from financing activities


(17,084)

(13,539)

(24,723)



----------

----------

-----------






Net decrease in cash and cash equivalents 


(161)

(998)

(714)






Cash and cash equivalents at the start of the period


672

1,360

1,360






Exchange movements


3

-

26



--------

--------

---------

Cash and cash equivalents at the period end


514

362

672

  


====

=====

=====







  Page 7 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Notes to the Condensed Financial Statements


1.

Accounting policies - basis of preparation


The condensed set of financial statements has been prepared using the same accounting policies as are set out in the Company's Report and Accounts for the year ended 31 May 2008 and in accordance with IAS34.


The condensed set of financial statements has not been either audited or reviewed by the Company's auditors.


2.

VAT on management fees 


Following a judgement of the European Court of justice in June 2007, HM Revenue & Customs ('HMRC') accepted that the provision of investment management services to investment trust companies is VAT exempt and acknowledged its liability to pay claims in respect of VAT borne by investment trust companies.


The Manager (Henderson Global Investors Limited) is in the process of reclaiming from HMRC the amount of VAT charged to the Company in respect of investment management services from 1 October 2000 to 2007. An amount of £1,749,000 was recognised in the prior year, reflecting the extent that recovery by the Company was then considered to be certain, and a further £305,000 has been recognised in this period  The write-back has been allocated between revenue return and capital return according to the allocation of the amounts originally paid. VAT has not been applied to investment management fees invoiced since September 2007.


The Company may be able to recover further amounts of the VAT charged on investment management fees back to 1990, in particular in respect of the period from 1 January 1990 to 4 December 1996. However, the Board considers that currently there are too many uncertainties for any reasonable estimate of the amounts potentially recoverable to be calculated.  


The Company will receive from the Manager any interest paid by HMRC on the amounts eventually recovered. An amount of £200,000 has been recognised in this period as an estimate of the amount receivable.



  Page 8 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Notes to the Condensed Financial Statements, continued 


3.

Earnings/(loss) per ordinary share

The earnings per ordinary share figure is based on the net loss for the half year of £125,415,000 (half year ended 30 November 2007: £56,063,000; year ended 31 May 2008: £66,112,000) and on 78,418,478 (half year ended 30 November 200783,696,713; year ended 31 May 200883,350,298) ordinary shares, being the weighted average number of ordinary shares in issue during the period.


The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below.




(Unaudited)

30 November 2008


(Unaudited)

30 November 2007


(Audited)

31 May 

2008 



£'000

£'000

£'000


Net revenue profit

1,938

1,908

3,868


Net capital loss

(127,353)

(57,971)

(69,980)



-----------

----------

----------


Net total loss

(125,415)

(56,063)

(66,112)



======

======

======


Weighted average number of ordinary shares in issue during the period



78,418,478



83,696,713



83,350,298








Pence

Pence

Pence







Revenue earnings per ordinary share


2.47


2.28


4.64


  





Capital loss per ordinary share

(162.40)

(69.26)

(83.96)


 

---------

---------

---------







Total loss per ordinary share

(159.93)

(66.98)

(79.32)


  

=====

=====

=====







  

                Page 9 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Notes to the Condensed Financial Statements, continued



4.

Dividends 

The Company has not declared an interim dividend (2007: nil).


The final dividend of 2.20p per ordinary share and the special dividend of 1.60p per ordinary share, paid in respect of the year ended 31 May 2008, have been recognised as distributions in the period.



5.

Called up share capital 

At 30 November 2008 there were 77,997,046 ordinary shares in issue (30 November 200783,871,030; 31 May 2008: 80,449,030).  During the half year ended 30 November 2008 the Company bought 2,451,984 of its own issued ordinary shares in the market for cancellation (half year ended 30 November 20072,755,000; year ended 31 May 20086,177,000).  The cost of the share buy-backs, including stamp duty, amounted to £5,079,000 (half year ended 30 November 2007: £8,597,000; year ended 31 May 2008: £16,684,000).



6.

Net asset value per share

The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £121,970,000 (30 November 2007£273,607,000; 31 May 2008: £255,471,000) and on 77,997,046 (30 November 2007: 83,871,030; 31 May 2008: 80,449,030) ordinary shares, being the number of ordinary shares in issue at the period end.

 

7.


Reconciliation of the loss before taxation to net cash inflow from operating activities






(Unaudited)

Half year ended 

30 November 2008

(Unaudited)

Half year ended 

30 November 2007

(Audited)

Year ended 

31 May

2008




£'000

£'000

£'000








Loss before taxation 


(125,408)

(56,063)

(66,112)


Losses on investments held at fair value

   through profit or loss



127,353


58,408


70,417


(Decrease)/increase in purchases for 

  future settlement creditor



(1,464)


(1,152)


76


(Increase)/decrease in sales for 

  future settlement debtor



(92)


(79)


405


Net sales of investments 


15,926

14,587

23,409


Decrease/(increase) in other receivables 


1,147

962

(1,752)


Increase in other debtors


(518)

(1,749)

-


Decrease in accruals 


(8)

(2,373)

(2,423)


Taxation on investment income


(13)

-

(11)




---------

---------

---------




16,923

12,541

24,009




=====

=====

=====

  Page 10 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Notes to the Condensed Financial Statements, continued


8.

Transaction costs


Purchase transaction costs for the half year ended 30 November 2008 were £48,000 (half year ended 30 November 2007: £144,000; year ended 31 May 2008: £266,000). These comprise mainly stamp duty and commission. Sales transaction costs for the half year ended 30 November 2008 were £30,000 (half year ended 30 November 2007: £72,000; year ended 31 May 2008: £116,000).



9.

Comparative information


The financial information contained in this half-yearly financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 November 2008 and 30 November 2007 has not been audited.


The information for the year ended 31 May 2008 has been extracted from the statutory accounts, which have been filed with the Registrar of Companies. The report of the auditors on those accounts was unqualified and contained no statement under either section 498(2) or section 498 (3) of the Companies Act 2006.



10.

Financial Report for the half year ended 30 November 2008

The full half year report will be available on www.hendersonsmallercompanies.com for viewing on 30 January 2009. Copies will be posted to shareholders in early February 2009 and will be available thereafter from the Secretary at the Company's Registered Office, 201 Bishopsgate, London EC2M 3AE.


    

  Page 11 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


Notes to the Condensed Financial Statements, continued


Investment Portfolio

at 30 November 2008


Valuation at 

30 November 

2008

£'000



% of portfolio


Valuation at 

30 November 

2008

£'000

% of portfolio

W S Atkins

5,506

3.84

Chloride

1,495

1.04

WSP

5,175

3.61

Bovis Homes 

1,492

1.04

Informa

4,878

3.40

Keller

1,466

1.02

Bellway 

4,450

3.10

Babcock International

1,440

1.00

Balfour Beatty

4,437

3.09

*RWS Group

1,406

0.98

Spectris

3,723

2.59

Melrose 

1,339

0.93

Domino Printing 

3,449

2.40

Halfords

1,320

0.92

Interserve

3,407

2.37

NCC Group

1,296

0.90

Carillion

3,360

2.34

Big Yellow

1,272

0.89

Victrex

2,888

2.01

Wellstream Holdings

1,251

0.87


----------

--------

  

--------

----------

10 largest

41,273

28.75

40 largest

96,517

67.24







Ultra Electronic

2,865

2.00

Meggitt

1,233

0.86

VT Group

2,767

1.93

Charter International

1,195

0.83

Intermediate Capital

2,725

1.90

Renishaw

1,193

0.83

Rotork

2,652

1.85

Greene King

1,174

0.82

Mouchel Parkman

2,593

1.81

RPS Group

1,134

0.79

Croda

2,366

1.65

Fidessa

1,125

0.78

Chemring

2,244

1.56

Euromoney Institutional Investor

1,088

0.76

Costain

2,118

1.48

Laird 

1,065

0.74

Anite

2,036

1.42

Consort Medical 

1,050

0.73

BSS Group

1,929

1.34

Aveva

1,050

0.73


---------

--------


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

-----------

20 largest 

65,568

45.69

50 largest

107,824

75.11







e2v technologies

1,916

1.33

Capital & Regional 

1,010

0.70

Savills

1,914

1.33

Care UK

1,009

0.70

Premier Oil

1,814

1.26

John Wood

978

0.68

Restaurant Group

1,807

1.26

Rathbone Brothers

962

0.67

Imperial Energy

1,692

1.18

Headlam

942

0.66

Phoenix 

1,682

1.17

Oxford Instruments 

923

0.64

Synergy Healthcare 

1,645

1.15

CSR

895

0.62

*Playtech

1,601

1.12

International Ferro Metals

887

0.62

EAGA

1,568

1.09

Paragon

885

0.62

Shaftsbury

1,533

1.07

SIG

870

0.61


-----------

----------


-----------

-----------

30 largest

82,740

57.65

60 largest

117,185

81.63





======

======







* quoted on the Alternative Investment Market

  Page 12 of 12


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2008


For further information please contact:


Neil Hermon

The Henderson Smaller Companies Investment Trust plc

Telephone: 020 7818 4351


or


James de Sausmarez

Head of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349


or


Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198



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