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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Friday 29 January, 2010

Henderson Smllr Cos

Half Yearly Report

RNS Number : 3833G
Henderson Smaller Cos Inv Tst PLC
29 January 2010
 



Page 1 of 13


29 January 2010


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Directors' 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

29 January 2010


  Page 2 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Interim Management Report

                                            

Results and performance

The results for the half year ended 30 November 2009 are encouraging, with the net asset value per share rising from 202.1p to 248.1p. The net asset value total return for the period was 27.9%. By comparison, the total return of the benchmark index was 20.7%. On 9 October 2009 the Company paid both a final and a special dividend, amounting in total to 5.6p per share, in respect of the year ended 31 May 2009.  


Equity markets have recovered strongly since March 2009. The shares of smaller companies have performed particularly well and are now rated in line with those of larger companies. The Manager's attribution of the performance for the period shows that the outperformance was attributable to both stock selection and to gearing; other positive factors were the further recovery of VAT on management fees (and the related interest) and share buy-backs. The attribution to stock selection reflects the fact that many of the holdings in the Company's portfolio were unduly marked down in the previous period; the strengths of the underlying businesses are now better appreciated.


The revenue earnings per share were 2.30p (2008: 2.47p); both figures reflect the exceptional write-back of VAT on management fees and the related interest.


Share buy-backs

During the half year a total of 2.3 million shares were bought back and cancelled, representing 3% of the issued share capital as at 31 May 2009. 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 76% of the portfolio by value, are listed on page 12. Almost all the investments were held throughout the period.  


The global economic situation remains difficult but there are signs of stabilisation. Corporate profitability is proving robust, with companies cutting costs to offset lower turnover. After the strong recovery in the period under review, and into the New Year, valuations in the UK market have returned to more normal levels with the FTSE All-Share Index priced at about 13 times forward earnings.  However, there remain plenty of excellent investment opportunities.   


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.


  Page 3 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Interim Management Report continued


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 financial statements.

  

Going concern

The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements. The assets of the Company consist of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. The directors consider this to be the case, notwithstanding the continuation vote to be held at the Annual General Meeting in 2010 and every third year thereafter.

  

Page 4 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Consolidated Income Statement

for the half year ended 30 November 2009


(Unaudited)

Half year ended

30 November 2009

(Unaudited)

Half year ended

30 November 2008

(Audited)

Year ended

31 May 2009


Revenue

return 

Capital

return 


Total 

Revenue

return 

Capital

return 


Total 

Revenue

return 

Capital

return 


Total 

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 










Investment income

2,647

-

2,647

3,280

-

3,280

6,271

-

6,271

Other income (note 2)

606

-

606

275

-

275

947

-

947

Gains/(losses) on investments held at 

fair value through profit or loss

-

36,204

36,204


-


(127,353)


(127,353)


-

(95,301)

(95,301)

  

----------

----------

----------

----------

----------

----------

----------

----------

---------

Total income/(loss)

3,253

36,204

39,457

3,555

(127,353)

(123,798)

7,218

(95,301)

(88,083)

 










Expenses










Management fees

(303)

-

(303)

(419)

-

(419)

(687)

-

(687)

Write-back of VAT (note 2)

45

-

45

305

-

305

1,150

-

1,150

Other expenses 

(209)

-

(209)

(187)

-

(187)

(360)

-

(360)


---------

----------

----------

---------

----------

----------

----------

----------

----------

Profit/(loss) before finance 

costs and taxation

2,786

36,204

38,990

3,254

(127,353)

(124,099)

7,321

(95,301)

(87,980)

Finance costs

(1,060)

-

(1,060)

(1,309)

-

(1,309)

(2,376)

-

(2,376)

 

---------

----------

----------

---------

----------

----------

----------

----------

---------











Profit/(loss) before taxation

1,726

36,204

37,930

1,945

(127,353)

(125,408)

4,945

(95,301)

(90,356)

Taxation

(1)

-

(1)

(7)

-

(7)

(9)

-

(9)

 

---------

----------

----------

---------

----------

----------

---------

---------

---------

Profit/(loss) for the period 

1,725

36,204

37,929

1,938

(127,353)

(125,415)

4,936

(95,301)

(90,365)

 

=====

======

======

=====

======

======

=====

=====

======











Earnings/(loss) per ordinary 

share (note 3) 

2.30p

48.45p

50.75p

2.47p

(162.40)p

(159.93)p

6.30p

(121.71)p

(115.41)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 5 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Consolidated Statement of Changes in Equity

for the half year ended 30 November 2009



(Unaudited)

Half year ended 30 November 2009



Called up share 

capital


Capital

 redemption 

reserve


Other 

capital 

reserves 



Revenue

reserve




Total

 

£'000

£'000

£'000

£'000

£'000

Balance at 31 May 2009

19,343

26,078

99,930

10,998

156,349

Buy-backs of ordinary shares

(578)

578

(3,814)

-

(3,814)

Profit for the period 

-

-

36,204

1,725

37,929

Ordinary dividend paid

-

-

-

(4,204)

(4,204)


----------

----------

----------

----------

----------

Balance at 30 November 2009

18,765

26,656

132,320

8,519

186,260

 

======

======

======

=====

======



(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 the period 

-

-

(127,353)

1,938

(125,415)

Ordinary dividend paid

-

-

-

(3,007)

(3,007)


----------

----------

----------

----------

----------

Balance at 30 November 2008

19,500

25,916

68,554

8,000

121,970

 

======

======

======

=====

======








(Audited)

Year ended 31 May 2009



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

(770)

770

(5,750)

-

(5,750)

Buy-back of preference stock 

(in 2008)

-

5

(5)

-

-

(Loss)/profit for the year

-

-

(95,301)

4,936

(90,365)

Ordinary dividend paid

-

-

-

(3,007)

(3,007)

 

----------

----------

----------

----------

----------

Balance at 31 May 2009

19,343

26,078

99,930

10,998

156,349

 

======

======

======

=====

======








Page 6 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Consolidated Balance Sheet

at 30 November 2009



(Unaudited) 30 November 2009

(Unaudited)

30 November 2008 

(Audited)

31 May

2009

 

£'000

£'000

£'000

Non current assets




Investments held at fair value through 

profit or loss

207,906

143,538

174,232

 

-----------

-----------

-----------

Current assets




Sales for future settlement

101

161

512

Taxation recoverable 

38

29

37

Prepayments and accrued income

443

303

1,450

Cash and cash equivalents

1,162

514

234

Other debtors 

-

2,266

855

 

----------

----------

----------

 

1,744

3,273

3,088

 

----------

----------

----------





Total assets 

209,650

146,811

177,320

 

----------

----------

----------

Current liabilities 




Purchases for future settlement

(198)

(143)

(880)

Accruals 

(188)

(191)

(87)

Bank loans and overdrafts

(3,000)

(4,503)

-

 

----------

----------

----------

 

(3,386)

(4,837)

(967)

 

----------

----------

----------





Total assets less current liabilities 

206,264

141,974

176,353





Non current liabilities 

(20,004)

(20,004)

(20,004)

 

----------

----------

-----------

Net assets

186,260

121,970

156,349

 

======

======

======





Equity attributable to equity shareholders 




Called up share capital (note 5)

18,765

19,500

19,343

Capital redemption reserve

26,656

25,916

26,078

Retained earnings:




  Other capital reserves

132,320

68,554

99,930

  Revenue reserve

8,519

8,000

10,998

 

----------

----------

----------

Total equity

186,260

121,970

156,349

 

======

======

======





Net asset value per ordinary share (note 6)

248.1p

156.4p

202.1p

 

======

======

======


  Page 7 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Consolidated Cash Flow Statement

for the half year ended 30 November 2009




(Unaudited)

Half year ended

30 November 2009

(Unaudited)

Half year ended

30 November 2008

(Audited)

Year 

ended

31 May 

2009

 


£'000

£'000

£'000






Net cash inflow from operating activities 

(note 7)


5,946

16,923

21,819


----------

----------

----------






Net cash inflow before use of financing


5,946

16,923

21,819

  





Net cash outflow from financing activities


(5,018)

(17,084)

(22,257)



----------

----------

-----------

Net increase/(decrease) in cash 

and cash equivalents 


928

(161)

(438)






Cash and cash equivalents at the start 

of the period


234

672

672






Exchange movements


-

3

-



--------

--------

---------

Cash and cash equivalents at the

period end


1,162

514

234

 


====

====

=====







  Page 8 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


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 Financial Statements for the year ended 31 May 2009 and in accordance with IAS 34.


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


2.

VAT on management fees 


In 2004 the Association of Investment Companies (the "AIC"), together with JPMorgan Claverhouse Investment Trust plc, launched a case against HM Revenue & Customs ("HMRC") to challenge whether Value Added Tax ("VAT") should have been charged on fees paid for management services provided to investment trust companies. On 28 June 2007 the European Court of Justice delivered its judgement on the case in favour of the AIC. 


Since then HMRC has accepted that the provision of investment management services to investment trust companies is VAT exempt and has acknowledged its liability to pay claims in respect of VAT borne by investment companies in respect of much, but not all, of the period from 1 January 1990 to the point in 2007 from which VAT ceased to be applied to investment management fees. Accordingly, the Manager (Henderson Global Investors Limited) has been able, on behalf of the Company, to reclaim from HMRC the VAT borne, together with simple interest thereon. 


An aggregate amount of £2,055,000, in respect of the VAT on investment management fees borne by the Company in the period from October 2000 to October 2006, was written back in the years ended 31 May 2008 and 2009, in accordance with an agreement reached between the Manager and the Company. An aggregate amount of £844,000, in respect of the period from 1 January 1990 to 4 December 1996, was written back in the year ended 31 May 2009 and a further £45,000 has been recognised in the half year ended 30 November 2009. These amounts have been received in full by the Company. The write-backs of VAT have been allocated between revenue return and capital return according to the allocation of the amounts originally paid. The £45,000 recognised in the period has been allocated wholly to the revenue return (half year ended 30 November 2008: £305,000; year ended 31 May 2009: £1,150,000). 


The Company has also received from the Manager the interest paid by HMRC on the amounts of VAT recovered. Interest of £749,000 was recognised in the year ended 31 May 2009 (half year ended 30 November 2008: £200,000) and a further £236,000 has been recognised in the half year ended 30 November 2009. These amounts are included in other income.



  Page 9 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


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 £37,929,000 (half year ended 30 November 2008: losses of £125,415,000; year ended 31 May 2009losses of £90,365,000) and on 74,729,664 (half year ended 30 November 200878,418,478; year ended 31 May 2009: 78,298,336) 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 2009


(Unaudited)

30 November 2008


(Audited)

31 May 

2009 



£'000

£'000

£'000


Net revenue profit

1,725

1,938

4,936


Net capital profit/(loss)

36,204

(127,353)

(95,301)


 

-----------

-----------

-----------


Net total profit/(loss)

37,929

(125,415)

(90,365)


 

======

======

======


Weighted average number of ordinary shares in issue during 

the period



74,729,664



78,418,478



78,298,336








Pence

Pence

Pence







Revenue profit per ordinary share


2.30


2.47


6.30


  





Capital profit/(loss) per 

ordinary share

48.45

(162.40)

(121.71)


 

---------

---------

---------







Total profit/(loss) per 

ordinary share

50.75

(159.93)

(115.41)


  

=====

=====

======







  

                Page 10 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Notes to the Condensed Financial Statements, continued



4.

Dividends 

The Company has not declared an interim dividend (2008: nil).


The final dividend of 3.00p per ordinary share and the special dividend of 2.60p per ordinary share, paid in respect of the year ended 31 May 2009, have been recognised as distributions in the period.



5.

Called up share capital 

At 30 November 2009 there were 75,060,296 ordinary shares in issue (30 November 200877,997,046; 31 May 200977,370,296).  During the half year ended 30 November 2009 the Company bought 2,310,000 of its own issued ordinary shares in the market for cancellation (half year ended 30 November 20082,451,984; year ended 31 May 20093,078,734).  The cost of the share buy-backs, including stamp duty, amounted to £3,814,000 (half year ended 30 November 2008: £5,079,000; year ended 31 May 2009: £5,750,000).



6.

Net asset value per share

The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £186,260,000 (30 November 2008£121,970,000; 31 May 2009: £156,349,000) and on 75,060,296 (30 November 200877,997,046; 31 May 200977,370,296) ordinary shares, being the number of ordinary shares in issue at the period end.

 

7.


Reconciliation of the profit/(loss) before taxation to the net cash inflow from 

operating activities






(Unaudited)

Half year ended 

30 November 2009

(Unaudited)

Half year ended 

30 November 2008

(Audited)

Year ended 

31 May

2009


 


£'000

£'000

£'000








Profit/(loss) before taxation 


37,930

(125,408)

(90,356)


(Profit)/losses on investments held 

at fair value through profit or loss


(36,204)


127,353

95,301


Decrease in purchases for 

  future settlement creditor


(682)


(1,464)

(443)


Decrease/(increase) in sales for 

future settlement debtor


411


(92)

(727)


Net sales of investments 


2,529

15,926

17,286


Decrease in other receivables 


1,007

1,147

893


Decrease/(increase) in other debtors


855

(518)

-


Increase/(decrease) in accruals 


101

(8)

(112)


Taxation on investment income


(1)

(13)

(23)




---------

---------

---------




5,946

16,923

21,819




=====

=====

=====

  Page 11 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Notes to the Condensed Financial Statements, continued


8.

Transaction costs


Purchase transaction costs for the half year ended 30 November 2009 were £60,000 (half year ended 30 November 2008: £48,000; year ended 31 May 2009: £126,000). These comprise mainly stamp duty and commission.  Sale transaction costs for the half year ended 30 November 2009 were £35,000 (half year ended 30 November 2008: £30,000; year ended 31 May 2009: £55,000).



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 2009 and 30 November 2008 has not been audited.


The information for the year ended 31 May 200has 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 2009

The full half year report will be available on www.hendersonsmallercompanies.com for viewing on 29 January 2010. Copies will be posted to shareholders in February 2010 and will be available thereafter from the Secretary at the Company's Registered Office, 201 Bishopsgate, London EC2M 3AE.


    

  Page 12 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


Notes to the Condensed Financial Statements, continued


Investment Portfolio

at 30 November 2009


Valuation at 

30 November 

2009

£'000



% of portfolio


Valuation at 

30 November 

2009

£'000

% of portfolio

Informa 

7,215

3.47

Shaftesbury

2,212

1.06

WSP

6,187

2.98

Capital & Regional 

2,131

1.02

Intermediate Capital

4,751

2.29

CSR

2,131

1.02

Spectris

4,648

2.24

Greene King

2,006

0.96

W S Atkins

4,634

2.23

Babcock International 

1,992

0.96

Bellway

4,549

2.19

*RWS Holdings 

1,969

0.95

Victrex

4,438

2.13

Debenhams 

1,963

0.94

Carillion

4,362

2.10

Aveva Group

1,940

0.93

Croda

4,020

1.93

Big Yellow

1,940

0.93

Interserve 

3,626

1.74

   Keller Group

1,906

0.92


----------

--------

  

--------

----------

10 largest

48,430

23.30

40 largest

125,908

60.55







Domino Printing

3,563

1.71

Halfords

1,893

0.91

Balfour Beatty

3,460

1.66

Chime Communications 

1,890

0.91

Premier Oil

3,446

1.66

Persimmon

1,861

0.90

Chemring

3,248

1.56

Spirent Communications 

1,857

0.89

Northgate 

3,226

1.55

BSS Group

1,847

0.89

Melrose

3,161

1.52

Mouchel 

1,845

0.89

Rotork

3,094

1.49

EAGA

1,822

0.88

Charter

3,007

1.45

Euromoney Institutional Investor 

1,753

0.84

Paragon

2,946

1.42

    Oxford Instruments 

1,666

0.80

VT Group

2,830

1.36

NCC Group

1,628

0.78


---------

--------


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

-----------

20 largest 

80,411

38.68

50 largest

143,970

69.24







LSL Property Services

2,743

1.32

Senior 

1,620

0.78

Phoenix

2,720

1.31

Psion

1,602

0.77

Ultra Electronic

2,668

1.28

Aberdeen Asset Management 

1,568

0.75

Restaurant Group

2,572

1.24

Chloride

1,517

0.73

Costain

2,547

1.23

International Ferro Metals

1,516

0.73

Grainger

2,531

1.22

SIG

1,509

0.73

Synergy Healthcare

2,508

1.21

Meggitt

1,508

0.73

Fidessa 

2,471

1.19

ITE Group

1,497

0.72

Bluebay Asset Management

2,317

1.11

Anite

1,435

0.69

Laird 

2,230

1.07

Care UK

1,432

0.69


-----------

----------


-----------

-----------

30 largest

105,718

50.86

60 largest

159,174

76.56





======

======







* quoted on the Alternative Investment Market

  Page 13 of 13


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2009


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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