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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Wednesday 19 January, 2011

Henderson Smllr Cos

Half Yearly Report

RNS Number : 6919Z
Henderson Smaller Cos Inv Tst PLC
19 January 2011
 



 Page 1 of 11

 

19 January 2011

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Interim Management Report

 

Results and performance

The results for the half year ended 30 November 2010 are good, in both absolute and relative terms. The net asset value per share rose from 277.1p to 330.4p, a total return for the period of 22.1%. By comparison, the total return of the benchmark index was 12.7%. On 8 October 2010 the Company paid a final dividend of 3.6p per share, in respect of the year ended 31 May 2010. The share price total return for the period was 24.3%.

 

Equity markets continued their recovery over the half year, although the progress was not constant. Generally companies have produced strong results but against a background of variable macro economic news. The Manager's attribution of the Company's results for the period shows that the outperformance was attributable primarily to stock selection. Gearing was applied cautiously but to beneficial effect.

 

The revenue earnings per share were 1.48p (2009: 2.30p). The investment income per share grew by about 5% but the prior period included two sources of other income that have not been repeated: income from sub-underwriting commitments and interest from HM Revenue & Customs on the refunds of VAT received. The management fee increased, reflecting the recovery in the value of the Company's assets. Provision has been made for a performance fee to be paid; this assumes that the strong performance will be maintained to the year end (31 May 2011) and is allocated to capital.

 

Continuation

In accordance with the established three-year cycle, a continuation vote was put to the Annual General Meeting on 24 September 2010. A total of 53.8 million votes were cast of which only 0.9 million were against continuation.

 

Share buy-backs

No shares were bought back during the period. The Board is encouraged by the interest in the Company shown by new investors but monitors the discount closely. It 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 79% of the investments by value,  are listed on page 10. Most of the investments were held throughout the period.

 

The global economic situation is improving, with developed economies enjoying modest growth and emerging economies displaying stronger conditions. There are a number of headwinds, including the threat of inflation, sovereign debt risk and higher interest rates. However, corporate profitability is robust and equities represent good value, based on forecast earnings for 2011. In addition, corporate activity has increased, with small and medium sized companies in the UK attracting particular interest from foreign corporates. We expect the markets to remain choppy but to make progress over the coming months. Gearing will be used to take up particular investment opportunities as they arise.

 



 

Page 2 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Interim Management Report, continued

 

Regulatory Disclosures

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 Company's Annual Report for the year ended 31 May 2010.

 

Principal 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.

 

Information on these risks is given in the Directors' Report and in the Notes to the Financial Statements in the Company's Annual Report for the year ended 31 May 2010. In the view of the Board these principal risks and uncertainties are applicable to the remaining six months of the financial year as they were to the six months under review.

 

Directors' Responsibility Statement

The directors confirm that, to the best of their knowledge:

 

(a)        the condensed set of financial statements has been prepared in accordance with 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).

 

For and on behalf of the Board

 

J Dudley Fishburn

Chairman

18 January 2011

 



Page 3 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Consolidated Statement of Comprehensive Income

for the half year ended 30 November 2010


(Unaudited)

Half year ended

30 November 2010

(Unaudited)

Half year ended

30 November 2009

(Audited)

Year ended

31 May 2010


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

2,772

-

2,772

2,647

-

2,647

5,961

-

5,961

Other income

4

-

4

606

-

606

627

-

627

Gains on investments held at

  fair value through profit or loss

-

42,537

42,537

-

36,204

36,204

-

56,091

56,091

 

----------

----------

----------

----------

----------

----------

----------

----------

---------

Total income

2,776

42,537

45,313

3,253

36,204

39,457

6,588

56,091

62,679











Expenses










Management fees

(413)

-

(413)

(303)

-

(303)

(679)


(679)

Performance fee

-

(1,008)

(1,008)

-

-

-

-

-

-

Write-back of VAT (note 2)

-

-

-

45

-

45

44

-

44

Other expenses

(194)

-

(194)

(209)

-

(209)

(373)

-

(373)


---------

----------

----------

---------

----------

----------

----------

----------

----------

Profit before finance

costs and taxation

2,169

41,529

43,698

2,786

36,204

38,990

5,580

56,091

61,671

Finance costs

(1,056)

-

(1,056)

(1,060)

-

(1,060)

(2,129)

-

(2,129)


---------

----------

----------

---------

----------

----------

----------

----------

---------










Profit before taxation

1,113

41,529

42,642

1,726

36,204

37,930

3,451

56,091

59,542

Taxation

(1)

-

(1)

(1)

-

(1)

(2)

-

(2)

---------

----------

----------

---------

----------

----------

---------

---------

---------

Profit for the period and total

  comprehensive income

1,112

41,529

42,641

1,725

36,204

37,929

3,449

56,091

59,540

=====

======

======

=====

======

======

=====

=====

======











Earnings per ordinary

  share (note 3)

1.48p

55.44p

56.92p

2.30p

48.17p

50.47p

4.59p

74.70p

79.29p

=====

======

======

=====

======

======

======

======

======











 

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

 

The Group does not have any Other Comprehensive Income and hence the net profit, as disclosed above, is the same as the Group's Total Comprehensive Income.

 

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 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Consolidated Statement of Changes in Equity

for the half year ended 30 November 2010

 


(Unaudited)

Half year ended 30 November 2010


 

Called up share

capital

 

Capital

 redemption

reserve

 

Other

capital

reserves

 

 

Revenue

reserve

 

 

 

Total

£'000

£'000

£'000

£'000

£'000

Total equity at 31 May 2010

18,727

26,694

151,870

10,242

207,533

Total comprehensive income:

  Profit for the period

-

-

41,529

1,112

42,641

Transactions with owners,

  recorded directly to equity:






  Ordinary dividend paid

-

-

-

(2,696)

(2,696)

  Buy-backs of ordinary shares

-

-

-

-

-

----------

----------

----------

--------

-----------

Total equity at 30 November 2010

18,727

26,694

193,399

8,658

247,478

======

======

======

=====

======

 


(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

Total equity at 31 May 2009

19,343

26,078

99,930

10,998

156,349

Total comprehensive income:

    Profit for the period

-

-

36,204

1,725

37,929

Transactions with owners,

  recorded directly to equity:

  Ordinary dividend paid

-

-

-

(4,204)

(4,204)

  Buy-backs of ordinary shares

(578)

578

(3,814)

-

(3,814)

----------

----------

----------

----------

----------

Total equity at 30 November 2009

18,765

26,656

132,320

8,519

186,260

======

======

======

=====

======








(Audited)

Year ended 31 May 2010


 

Called up share

capital

 

Capital

 redemption

reserve

 

Other

capital

reserves

 

 

Revenue

 reserve

 

 

 

Total

£'000

£'000

£'000

£'000

£'000

Total equity at 31 May 2009

19,343

26,078

99,930

10,998

156,349

Total comprehensive income:

    Profit the period

-

-

56,091

3,449

59,540

Transactions with owners,

  recorded directly to equity:

  Ordinary dividend paid

-

-

-

(4,205)

(4,205)

  Buy-backs of ordinary shares

(616)

616

(4,151)

-

(4,151)

----------

----------

----------

---------

----------

Total equity at 31 May 2010

18,727

26,694

151,870

10,242

207,533

======

======

======

=====

======








Page 5 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Consolidated Balance Sheet

at 30 November 2010

 


(Unaudited) 30 November 2010

(Unaudited)

30 November 2009

(Audited)

31 May

2010

£'000

£'000

£'000

Non current assets




Investments held at fair value through

  profit or loss

267,978

207,906

227,323

-----------

-----------

-----------

Current assets




Securities sold for future settlement

1,055

101

1,431

Taxation recoverable

39

38

-

Prepayments and accrued income

323

443

-

Cash and cash equivalents

2,090

1,162

1,097

----------

----------

----------


3,507

1,744

2,528

----------

----------

----------





Total assets

271,485

209,650

229,851

----------

----------

----------

Current liabilities




Securities purchased for future settlement

(1,783)

(198)

(311)

Accruals and deferred income

(1,220)

(188)

-

Bank loans

(1,000)

(3,000)

(2,003)

----------

----------

----------


(4,003)

(3,386)

(2,314)

----------

----------

----------

 




Total assets less current liabilities

267,482

206,264

227,537

 




Non current liabilities

(20,004)

(20,004)

(20,004)


----------

----------

-----------

Net assets

247,478

186,260

207,533

 

======

======

======

 




Equity attributable to equity shareholders




Called up share capital (note 5)

18,727

18,765

18,727

Capital redemption reserve

26,694

26,656

26,694

Retained earnings:



  Capital reserves

193,399

132,320

151,870

  Revenue reserve

8,658

8,519

10,242

----------

----------

----------

Total equity

247,478

186,260

207,533

======

======

======





Net asset value per ordinary share (note 6)

330.4p

248.1p

277.1p

======

======

======

 



Page 6 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Consolidated Cash Flow Statement

for the half year ended 30 November 2010

 



(Unaudited)

Half year ended

30 November 2010

(Unaudited)

Half year ended

30 November 2009

(Audited)

Year ended

31 May

2010



£'000

£'000

£'000






Net cash inflow from operating activities

(note 7)


4,692

5,946

7,216


----------

----------

----------






Net cash inflow before use of financing


4,692

5,946

7,216

Net cash outflow from financing activities


(3,699)

(5,018)

(6,353)


----------

----------

-----------

Net increase in cash

  and cash equivalents


993

928

863






Cash and cash equivalents at the start

  of the period


1,097

234

234



--------

--------

--------

Cash and cash equivalents at the

 period end


2,090

1,162

1,097

 


=====

====

=====






 



Page 7 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

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 2010 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

As at 31 May 2010 the Company had received back from HM Revenue & Customs all of the VAT on investment management fees that had been borne by the Company in respect of the periods 1990 to 1996 and 2000 to 2007, as well as simple interest on those amounts.

 

There remain outstanding claims relating to the period 1996 to 2000 and claims for compound interest from 1990 onwards.  No amounts have been recognised as it is uncertain whether any further amounts will be recovered.

 

3.

Earnings per ordinary share

The earnings per ordinary share figure is based on the net profit for the half year of £42,641,000 (half year ended 30 November 2009: £37,929,000; year ended 31 May 2010: £59,540,000) and on 74,906,796 (half year ended 30 November 2009: 75,151,294; year ended 31 May 2010: 75,089,586) 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 2010

(Unaudited)

30 November 2009

(Audited)

31 May 2010

 

 

£'000

£'000

£'000

 

 

Net revenue profit

1,112

1,725

3,449

 

 

Net capital profit

41,529

36,204

56,091

 

 

-----------

-----------

-----------

 

 

Net total profit

42,641

37,929

59,540

 

 

======

======

======

 

 

Weighted average number of

  ordinary shares in issue during

  the period

 

 

74,906,796

 

 

75,151,294

 

 

75,089,586

 

 





 

 


Pence

Pence

Pence

 

 

Revenue profit per ordinary share

1.48

 

2.30

 

4.59

 

 

 




 

 

Capital profit per ordinary share

55.44

48.17

74.70

 

 

---------

---------

---------

 

 





 

 

Total profit per ordinary share

56.92

50.47

79.29

 

 

 

=====

=====

======

 

Page 8 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Notes to the Condensed Financial Statements, continued

 

4.

Dividends

The Company has not declared an interim dividend (2009: nil).

 

The final dividend of 3.60p per ordinary share, paid on 8 October 2010, in respect of the year ended 31 May 2010, has been recognised as a distribution in the period.

 

5.

Called up share capital

At 30 November 2010 there were 74,906,796 ordinary shares in issue (30 November 2009: 75,060,296; 31 May 2010: 74,906,796).  During the half year ended 30 November 2010 the Company did not buy back any of its own issued ordinary shares in the market for cancellation (half year ended 30 November 2009: 2,310,000; year ended 31 May 2010: 2,463,500).  The cost of the share buy-backs, including stamp duty, amounted to £nil (half year ended 30 November 2009: £3,814,000; year ended 31 May 2010: £4,151,000).

 

6.

Net asset value per share

The net asset value per ordinary share is based on the net assets attributable to the equity shareholders of £247,478,000 (30 November 2009: £186,260,000; 31 May 2010: £207,533,000) and on 74,906,796 (30 November 2009: 75,060,296; 31 May 2010: 74,906,796) ordinary shares, being the number of ordinary shares in issue at the period end.

 

 7.

Reconciliation of the profit before taxation to the net cash inflow from

operating activities

 

 

 



(Unaudited)

Half year ended

30 November

2010

(Unaudited)

Half year ended

30 November 2009

(Audited)

Year ended

31 May

2010

 


£'000

£'000

£'000

 





 

Profit before taxation


42,642

37,930

59,542

 

Profit on investments held

  at fair value through profit or loss


(42,537)

(36,204)

(56,091)

 

Increase/(decrease) in purchases for

  future settlement creditor


1,676

(682)

(773)

 

Increase/(decrease) in sales for

  future settlement debtor


(492)

411

(51)

 

Net sales of investments


1,882

2,529

3,000

 

Decrease in other receivables


505

1,007

622

 

Decrease in other debtors


9

855

846

 

Increase in accruals


1,016

101

117

 

Taxation on investment income


(9)

(1)

4

 


---------

---------

---------

 



4,692

5,946

7,216

 


=====

=====

=====



Page 9 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Notes to the Condensed Financial Statements, continued

 

8.

Transaction costs

Purchase transaction costs for the half year ended 30 November 2010 were £139,000 (half year ended 30 November 2009: £60,000; year ended 31 May 2010: £145,000). These comprise mainly stamp duty and commission.  Sale transaction costs for the half year ended 30 November 2010 were £40,000 (half year ended 30 November 2009: £35,000; year ended 31 May 2010: £64,000).

 

9.

Going concern

The directors consider that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.  The assets of the Company consist almost entirely of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in existence for the foreseeable future.

 

10.

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 2010 and 30 November 2009 has not been audited.

 

The information for the year ended 31 May 2010 has been extracted from the statutory accounts for that year, 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.

 

11.

Financial Report for the half year ended 30 November 2010

The full half year report will be available on www.hendersonsmallercompanies.com for viewing on 19 January 2011.  Copies will be posted to shareholders in early February 2010 and will be available thereafter from the Secretary at the Company's Registered Office, 201 Bishopsgate, London EC2M 3AE.

 

                                                                                                    



Page 10 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

Investment Portfolio

at 30 November 2010


Valuation at

30 November

2010

£'000

 

 

% of portfolio


Valuation at

30 November

2010

£'000

% of portfolio

Informa

9,092

3.39

Charter

2,841

1.06

WSP

8,496

3.17

Synergy Healthcare

2,794

1.04

Croda

7,851

2.93

Spirent Communications

2,755

1.03

Spectris

7,759

2.89

Carphone Warehouse

2,641

0.99

Domino Printing Sciences

6,894

2.57

Shaftesbury

2,610

0.97

Victrex

6,399

2.39

Taylor Wimpey

2,560

0.96

e2v technologies

6,072

2.27

Chime Communications

2,530

0.94

Intermediate Capital

5,943

2.22

CPP Group

2,515

0.94

Premier Oil

5,508

2.06

SIG

2,500

0.93

Melrose

5,279

1.97

Anite

2,475

0.92

----------

--------

 

----------

----------

10 largest

69,293

25.86

40 largest

168,835

63.00







Oxford Instruments

4,923

1.84

Greene King

2,436

0.91

Carillion

4,816

1.80

Grainger

2,419

0.90

WS Atkins

4,550

1.70

CSR

2,384

0.89

Bellway

4,241

1.58

AZ Electronic Materials

2,380

0.89

Rotork

4,106

1.53

GlobeOp Financial Services

2,360

0.88

Paragon

3,955

1.47

ITE Group

2,245

0.84

Restaurant Group

3,809

1.42

Hyder Consulting

2,198

0.82

Balfour Beatty

3,696

1.38

LSL Property Services

2,160

0.81

Senior

3,596

1.34

Debenhams

2,150

0.80

Chemring

3,581

1.34

Dunelm

2,113

0.79

---------

--------

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

-----------

20 largest

110,566

41.26

50 largest

191,680

71.53







Laird

3,564

1.33

Costain

2,086

0.78

Ultra Electronics

3,434

1.28

NCC Group

2,038

0.76

Euromoney Institutional 

  Investor

 

3,352

 

1.25

Aberdeen Asset

  Management

 

2,005

 

0.75

John Menzies

3,255

1.22

Heritage Oil

1,967

0.73

Interserve

3,185

1.19

Meggitt

1,955

0.73

Northgate

3,182

1.19

Halfords

1,881

0.70

Fidessa

3,170

1.18

Capital & Regional

1,845

0.69

Babcock International

3,037

1.13

Phoenix

1,841

0.69

Aveva Group

3,000

1.12

Kofax

1,811

0.67

Renishaw

2,869

1.07

Hochschild Mining

1,788

0.67

-----------

----------

-----------

-----------

30 largest

142,614

53.22

60 largest

210,897

78.70





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Page 11 of 11

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Financial Report for the half year ended 30 November 2010

 

For further information please contact:

 

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc

Telephone: 020 7818 4351

 

or

 

James de Sausmarez

Director

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

 

- END -

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 


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