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Brunner Investment (BUT)

  Print      Mail a friend       Annual reports

Monday 22 July, 2013

Brunner Investment

Half Yearly Report

RNS Number : 8310J
Brunner Investment Trust PLC
22 July 2013
 



                                                                         

 

For immediate release                                                                                    22 July 2013

 

 

THE BRUNNER INVESTMENT TRUST PLC

 

HALF-YEARLY FINANCIAL REPORT

For the six months ended 31 May 2013

 

Highlights

 

 

·      Net asset value per share up by 15.4%.

·      Earnings per ordinary share  8.63p (2012 - 7.30p)

·      Dividend per share 6.00p (2012 - 5.00p).

 

 

Interim Management Report

 

Net Asset Value

 

A summary of the results for the six months ended 31 May 2013 is set out below.  The net asset value attributable to each ordinary share at 31 May 2013 was 606.5p. This compares with 525.4p at 30 November 2012, an increase of 15.4% over the period. The capital return on the benchmark index (50% FTSE All-Share, 50% FTSE World Index (ex UK Sterling), was 15.5% over the period. 

 

Earnings

 

Earnings increased by 18.2% to 8.63p per ordinary share in the six months to 31 May 2013 (2012 - 7.30p), reflecting higher income from investments.

 

Gearing

 

The gearing at 30 November 2012 was 6.2% and at 31 May 2013 was 8.8%, reflecting the fact that more of the cash held has been invested in the portfolio since the year end.Gearing is calculated after deducting cash and the value of holdings in government securities held to offset some of the long term debentures issued.

 

 

Interim Dividend

 

As we reported last year, the board has decided to take steps to equalise the half-year and year end payments more closely over time and this half-year's payment is being increased to continue this process. The board has declared an interim dividend of 6.00p (2012 - 5.00p) per ordinary share payable on 30 August 2013 to holders on the register of members at the close of business on 2 August 2013.  It is the board's intention at least to maintain the final dividend for the year ending 30 November 2013.

 

Board

 

We are pleased to welcome Carolan Dobson who will be joining us as a director from 1 December this year. Carolan's extensive investment management background will be a valuable addition to the board's skills.

 

Material events and transactions

 

In the six month period ended 31 May 2013 the following material events and transactions have taken place.

 

·      At the annual general meeting of the company held on 19 March 2013, all the resolutions put to shareholders were passed.

 

·      During the period under review the company purchased 141,000 ordinary shares for cancellation.

 

 

There were no related party transactions in the period.

 

Since the period end, a further 12,500 ordinary shares have been purchased for cancellation.

 

Principal Risks and Uncertainties     

 

The principal risks and uncertainties facing the company over the next six months are broadly unchanged from those described in the annual financial report for the year ended 30 November 2012. These are set out in a table in the Directors' Report on page 28 of the annual financial report, together with commentary on the board's approach to mitigating the risks and uncertainties, under the following headings: Investment Strategy; Market Volatility; and Financial and Liquidity Risk.

 

 

Responsibility Statement

 

The directors confirm to the best of their knowledge that:

 

·      The condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with the Accounting Standards board's Statement 'Half-Yearly Financial Reports'; and

 

·      The interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7 R of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

 

·      The interim management report includes a fair review of the information concerning related parties transactions as required by the Disclosure and Transparency Rule 4.2.8 R.

 

The half-yearly financial report was approved by the board on 22 July 2013 and the above responsibility statement was signed on its behalf by the Chairman.

 

 

Keith Percy

Chairman

 

 

Enquiries:

 

For further information, please contact:

 

RCM (UK) Limited

Melissa Gallagher

Head of Investment Trusts

Tel: 020 7065 1539



 

 

Investment Managers' Review   

 

Market Review

 

Global equity markets rallied as risk assets continued to be supported by accommodative monetary policies and low interest rates. However, towards the end of the period markets declined and volatility increased on comments from Federal Reserve Chairman Ben Bernanke that a tapering of quantitative easing would be justified if US economic data continued to improve. During the period, the portfolio rose in absolute terms and performed broadly in line with the benchmark.

 

Shares ended 2012 supported by positive developments in Europe, Asia and the US. Greece successfully bought back a tranche of government debt, paving the way for further EU financial support. Investors also reacted positively to the results of the Japanese election, which gave the in-coming government a strong mandate to pursue more aggressive monetary easing and fiscal stimulus in order to reignite economic growth. Finally, markets were also supported by the Federal Reserve Board's announcement that it would implement an additional round of quantitative easing, taking monthly purchases of US Treasuries and mortgaged-back securities to $85 bn.

 

Positive momentum continued in Q1 2013 with the resolution of the US fiscal cliff as politicians agreed to raise taxes on higher income earners and delay mandatory across-the-board spending cuts. Markets were also supported by positive US employment, consumer spending and durable goods data. Corporate earnings announcements also helped as a majority of companies beat consensus forecasts and despite financial turmoil in Cyprus and political gridlock in Italy, markets continued to move higher.

 

In April the Bank of Japan announced a major change in policy in an attempt to reverse the deflationary morass the economy has suffered for over a decade. The shift includes aggressive buying of Japanese bonds and a doubling of the monetary base by the end of 2014. Investors reacted positively and equity markets ended the month at multi-year highs. As May progressed, market volatility increased on growing uncertainty over the direction of US monetary policy. Japanese shares and US Treasuries experienced their biggest one day falls in two years. Other equity markets saw profit-taking and bond yields in the UK, Germany and Japan also moved higher.

 

Portfolio Review

 

Over the period the portfolio's NAV rose 15.4%, compared with an increase of 15.5% for the benchmark index (50% FTSE All-Share, 50% FTSE World ex-UK). Performance benefited from positive stock selection in Industrials and Financials. The overweight in Health Care and underweight in Basic Materials also helped. Stock selection in Oil & Gas, Consumer Services and Telecommunications detracted, as did the underweight in Financials.

 

US biotechnology company Celgene was the top contributor to returns.  Celgene has a number of new and existing drugs in various trial phases including Revlimid for myeloma, apremilast Phase 3 psoriasis data, abraxane for new pancreatic indications and recently FDA approved oral therapy pomalidomide, also for multiple myeloma. We believe that eventual approval for Revlimid in Europe represents further option value.

 

Walgreen was another strong contributor. The shares were first purchased last year after the announcement of the Alliance Boots (AB) deal on the basis that the stock had been de-rated due to a dispute (since resolved) with Pharmacy Benefits Manager Express Scripts and that the acquisition of AB represented an attractive opportunity to extract meaningful operational synergies, particularly in the bulk purchase of generic drugs. Same-store-sales have turned positive and the average spend per transaction rose 5.5%, more than offsetting a 1.3% decline in traffic. The shares have begun to re-rate on the steady turnaround and continue to have upside potential.

 

AZ Electronic Materials was the top detractor. Q1 sales fell 2% due to both company specific issues and on-going weakness in the integrated circuits industry, which AZ is a supplier to. We concluded that while this is a reasonably high quality company with decent growth prospects, industry visibility is poor and therefore it is difficult to foresee a higher rating for the shares and sold the holding.

 

Energy companies Petroceltic International and CNOOC also detracted. Petroceltic has been impacted by unrest in Algeria and Egypt where it has major gas assets. The shares trade at a significant discount to NAV and we believe this valuation gap will close over the medium term, possibly in Q3 2013 if the company is successful in farming out a portion of the Algerian asset. CNOOC released solid Q1 2013 results, with a 17% increase in oil volumes and confirmation of another significant crude oil discovery off the coast of China. The shares have been impacted by negative sentiment towards both oil demand and China but we believe the fundamentals of the company remain in place and continue to hold the shares.

 

New holdings during the period include CBS and ICAP. CBS has several long-term drivers in place that should provide tailwinds for the share price. Total retransmission income is ramping up quickly and will be a source of material incremental income over the next five years. Income should also be boosted by new high margin syndication and subscription video-on-demand deals. The company also has the capacity to meaningfully increase its share buyback program by raising leverage. Inter-broker dealer ICAP has underperformed over the past couple of years due to low volatility and bank deleveraging. Sentiment has also been negative ahead of regulatory changes. The recent upward move in interest rates and increased foreign exchange volatility are potential catalysts for improved trading. Indeed, ICAP reported strong May electronic volumes, especially in US Treasuries. Regulation remains an uncertainty but also presents opportunities. There is scope for the shares to continue to move higher as they are on low forward P/E of 11x and offer a dividend yield of 6.5%.

 

In addition to AZ Electronic Materials, Cobham was also sold. Cobham has a leading position in air-to-air refuelling and is a strong cash generator. The shares performed well after the release of Q1 2013 earnings and while the company remains well positioned, probable reductions in US defence spending as a result of public spending cuts are likely and the impact on the company is impossible to predict. We concluded that, after the shares' strong run, the risk/reward trade-off was no longer attractive and we sold the position.

 

 

Outlook

 

Market gyrations have not altered our view that for long term investors equities should be a preferred asset class. It is far from clear that the Fed will remove monetary support soon and even if we do see a tapering of bond purchases the implication would be that the US economy was healing in a sustainable way. In Europe the economic data remains uninspiring but it is heartening to see that the eurozone has begun to emphasise growth over austerity, which should ease some of the social pressures that have been building up in some countries. The initial knee-jerk reaction of a weakening Yen and soaring stock market to "Abenomics" in Japan appears to have run its course and now markets are looking for further progress on structural reforms which of course will be more difficult to implement. Nonetheless, there does appear to be a fundamental shift in sentiment that could end the debilitating deflationary spiral that the country has been mired in for so long. Finally, China's pivot from export-led growth to domestic consumption will take time, but ultimately will be instrumental in addressing global demand imbalances. We view market weakness as an opportunity to add to high conviction portfolio holdings, particularly quality dividend-paying companies capturing global growth opportunities.

 

Lucy MacDonald and Jeremy Thomas

RCM (UK) Limited



BRUNNER INVESTMENT TRUST PLC

LISTED EQUITY HOLDINGS AS AT 31 MAY 2013   

 

 

 

Security Name

Market

Value

Total Assets

 

 

£'000s

%

Principal Activity

Royal Dutch Shell 'B' Shares

10,453

3.50

Oil & Gas Producers

GlaxoSmithKline

10,307

3.45

Pharmaceuticals & Biotechnology

HSBC Holdings

10,080

3.37

Banks

BP

8,988

3.01

Oil & Gas Producers

Vodafone Group

7,678

2.57

Mobile Telecommunications

Reed Elsevier

5,839

1.95

Media

Unilever

4,255

1.42

Food Producers

Rio Tinto

4,155

1.39

Mining

Centrica

4,109

1.37

Gas, Water & Multiutilities

Tesco

3,912

1.31

Food & Drug Retailers

Tyman

3,894

1.30

Construction & Materials

Diageo

3,805

1.27

Beverages

Resolution

3,704

1.24

Life Insurance

Microsoft

3,685

1.23

Software & Computer Services

Boot (Henry)

3,634

1.22

Construction & Materials

Visa

3,466

1.16

Financial Services

Muenchener Rueckve

3,337

1.12

Non-Life Insurance

Walgreen

3,308

1.11

Food & Drug Retailers

Celgene

3,296

1.10

Pharmaceuticals & Biotechnology

Amadeus

3,289

1.10

Support Services

Philip Morris

3,214

1.08

Tobacco

BHP Billiton

3,180

1.06

Mining

Nestle

3,174

1.06

Food Producers

Itochu

3,107

1.04

Support Services

Google

3,025

1.01

Software & Computer Services

UBM

3,010

1.01

Media

Wells Fargo

2,926

0.98

Banks

Carnival

2,885

0.97

Travel & Leisure

Henkel

2,876

0.96

Household Goods

CBS

2,875

0.96

Media

2,860

0.96

Banks

Allergan

2,851

0.95

Pharmaceuticals & Biotechnology

Pfizer

2,851

0.95

Pharmaceuticals & Biotechnology

Hansteen Holdings

2,830

0.95

Real Estate

Samsung Electronics (GDR)

2,829

0.95

Technology Hardware & Equipment

BOC Hong Kong Holdings

2,777

0.93

Banks

Priceline.com

2,774

0.93

Travel & Leisure

SMC

2,764

0.92

Industrial Engineering

Xchanging

2,701

0.90

Support Services

Fresenius

2,686

0.90

Health Care Equipment & Services

Mothercare

2,676

0.90

General Retailers

CCR

2,656

0.89

Industrial Transportation

BAE Systems

2,605

0.87

Aerospace & Defence

Suncor Energy

2,560

0.86

Oil & Gas Producers

Ameriprise

2,554

0.85

Financial Services

Australia & New Zealand Bank

2,531

0.85

Banks

Astellas Pharma

2,525

0.84

Pharmaceuticals & Biotechnology



 

Security Name

Market

Value

Total Assets



£'000s

%

Principal Activity

Jardine Matheson

2,513

0.84

General Industrials

China Mobile

2,470

0.83

Mobile Telecommunications

Crown Castle International

2,466

0.82

Mobile Telecommunications

AbbVie

2,447

0.82

Pharmaceuticals & Biotechnology

BG Group

2,377

0.80

Oil & Gas Producers

ICAP

2,368

0.79

Financial Services

Tullett Prebon

2,335

0.78

Financial Services

BHP Billiton (AUD)

2,278

0.76

Mining

Compass

2,246

0.75

Travel & Leisure

Apple

2,240

0.75

Technology Hardware & Equipment

Shire

2,170

0.73

Pharmaceuticals & Biotechnology

Balfour Beatty

2,168

0.73

Construction & Materials

Adidas

2,160

0.72

Personal Goods

Reckitt Benckiser

2,155

0.72

Household Goods

United Health Group

2,155

0.72

Health Care Equipment & Services

AMETEK

2,154

0.72

Electronic & Electrical Equipment

Smith & Nephew

2,118

0.71

Health Care Equipment & Services

IG Group

2,110

0.71

Financial Services

Abbott Laboratories

2,100

0.70

Pharmaceuticals & Biotechnology

BASF

2,087

0.70

Chemicals

Toyota Motor

2,073

0.69

Automobiles

Agilent Technologies

2,044

0.68

Electronic & Electrical Equipment

Hays

2,006

0.67

Support Services

AMEC

1,985

0.66

Oil Equipment, Services & Distribution

Estee Lauder 'A' Shares

1,976

0.66

Personal Goods

Anadarko Petroleum

1,965

0.66

Oil & Gas Producers

Petroceltic International

1,957

0.65

Oil & Gas Producers

Fubon Financial

1,935

0.65

Life Insurance

Glencore Xstrata

1,887

0.63

Mining

Air Liquide

1,883

0.63

Chemicals

Accenture

1,872

0.63

Support Services

Microchip Technology

1,858

0.62

Technology Hardware & Equipment

Mitsui Fudosan

1,851

0.62

Real Estate

Taiwan Semiconductor (ADS)

1,837

0.61

Electronic & Electrical Equipment

Man Group

1,832

0.61

Financial Services

Inmarsat

1,697

0.57

Mobile Telecommunications

Union Pacific

1,621

0.54

Industrial Transportation

AIA

1,599

0.53

Life Insurance

Genting Singapore

1,574

0.53

Travel & Leisure

CNOOC

1,560

0.52

Oil & Gas Producers

UCB

1,519

0.51

Pharmaceuticals & Biotechnology

Flowserve

1,516

0.51

Industrial Engineering

Itau Unibanco (ADR)

1,476

0.49

Banks

Brambles

1,472

0.49

General Industrials

Starbucks

1,465

0.49

Travel & Leisure

Jiangsu Express

1,463

0.49

Industrial Transportation

Technip

1,423

0.48

Oil Equipment, Services & Distribution

Vienna Insurance

1,341

0.45

Non-Life Insurance

Canon

1,301

0.44

Technology Hardware & Equipment

F5 Network

1,261

0.42

Technology Hardware & Equipment

Eutelsat

1,020

0.34

Media

CPFL Energia (ADR)

955

0.32

Electricity

Royal Bank of Scotland

561

0.19

Banks

 

280,398

93.80

 

 



 

 

FIXED INTEREST HOLDINGS


 

 

at 31 May 2013

 

 

 

 

Market Value

Total Assets

 

 

£'000s

%

Principal Activity

 

 

 

 

Treasury Stock 2.5% I/L 16/04/2020

9,724

3.25

Gilt

Treasury Stock 4% 07/03//2022

8,791

2.94

Gilt

 

18,515

6.19

 

UNLISTED EQUITY HOLDINGS


 

 

at 31 May 2013

 

 

 

 

Market Value

Total Assets

 

 

£'000s

%

Principal Activity

 

 

 

 

First Debenture Finance

24

0.01

Financial Services

Fintrust Debenture

4

0.00

Financial Services

 

28

0.01

 

 

 



                       

GEOGRAPHICAL ANALYSIS AS AT 31 MAY 2013

 


%



United Kingdom*

51.29

North America

22.92

Europe

10.55

Pacific Basin

8.98

Japan

4.56

Latin America

1.70


 

Total

100.00

 

*Includes Gilts.

 

SECTORAL ANALYSIS AS AT 31 MAY 2013

 


%



Financials

18.23

Industrials

14.54

Healthcare

12.39

Consumer Services

11.24

Oil & Gas

11.13

Consumer Goods

9.54

Gilts

6.19

Basic Materials

5.17

Technology

5.09

Telecommunications

4.79

Utilities

1.69


 

Total

100.00

 



 

SUMMARY OF UNAUDITED RESULTS

INCOME STATEMENT

for the six months ended 31 May 2013

 

 

Revenue

Capital

Total Return

 

£'000s

£'000s

£'000s

 

 

 

(Note 2)

 

Net gains on investments at fair value

 

-

           36,749

           36,749

Net gains on foreign currency

-

                 12

                 12

Income from investments

4,992

-

4,992

Other income

              27

-

27

Investment management fee

(203)

(473)

(676)

Administration expenses

(247)

(4)

(251)

Net return on ordinary activities before finance costs and taxation

4,569

36,284

         40,853

Finance costs: interest payable and similar charges

(676)

(1,552)

(2,228)

Net return on ordinary activities before taxation

3,893

34,732

38,625

Taxation

(165)

-

(165)

 

 

 

 

Net return attributable to ordinary shareholders

 

3,728

 

34,732

 

38,460

Net return per ordinary share (Note 1)

 

 

 

(basic and diluted)

8.63p

80.40p

89.03p

 

 

 

 

 

BALANCE SHEET

as at 31 May 2013

 

 

£'000s

 

 

Investments held at fair value through profit or loss

 298,941

Net current assets

 12,417

Total assets less current liabilities

 311,358

Creditors: amount falling due after more than one year

(49,957)

Total net assets

261,401

 

 

Called up share capital

 10,775

Capital redemption reserve

 5,225

Capital reserves

 231,623

Revenue reserve

 13,778

Equity shareholders' funds

261,401

 

 

Net asset value per ordinary share

606.5p

 

 

The net asset value is based on 43,101,918 ordinary shares in issue

 

 

 



 

 

SUMMARY OF UNAUDITED RESULTS

INCOME STATEMENT

for the six months ended 31 May 2012

 

 

Revenue

Capital

Total Return

 

£'000s

£'000s

£'000s

 

 

 

(Note 2)

Net gains on investments at fair value

-

           7,156

           7,156

Net gains on foreign currency

-

                   8

                   8

Income from investments

4,301

-

4,301

Other income

                9

-

9

Investment management fee

(180)

(419)

(599)

Administration expenses

(149)

(7)

(156)

Net return on ordinary activities before finance costs and taxation

3,981

6,738

         10,719

Finance costs: interest payable and similar charges

(677)

(1,553)

(2,230)

Net return on ordinary activities before taxation

3,304

5,185

8,489

Taxation

(134)

-

(134)

 

 

 

 

Net return attributable to ordinary shareholders

 

3,170

 

5,185

 

8,355

Net return per ordinary share (Note 1)

 

 

 

(basic and diluted)

7.30p

11.93p

19.23p

 

 

 

 

 

BALANCE SHEET

as at 31 May 2012

 

 

£'000s

 

 

Investments held at fair value through profit or loss

 252,445

Net current assets

 5,604

Total assets less current liabilities

 258,049

Creditors: amount falling due after more than one year

(50,181)

Total net assets

207,868

 

 

Called up share capital

 10,819

Capital redemption reserve

 5,181

Capital reserves

 178,689

Revenue reserve

 13,179

Equity shareholders' funds

207,868

 

 

Net asset value per ordinary share

480.3p

 

 

The net asset value is based on 43,277,918 ordinary shares in issue

 

 

 



 

 

SUMMARY OF UNAUDITED RESULTS

INCOME STATEMENT

for the year ended 30 November 2012

 

 

 

 

Revenue

Capital

Total Return

 

£'000s

£'000s

£'000s

 

 

 

(Note 2)

Net gains on investments at fair value

-

28,149

28,149

Net gains on foreign currency

-

3

3

Income from investments

8,139

-

8,139

Other income

26

-

26

Investment management fee

(364)

(848)

(1,212)

Administration expenses

(398)

(9)

(407)

Net return on ordinary activities before finance costs and taxation

7,403

27,295

34,698

Finance costs: interest payable and similar charges

(1,351)

(3,100)

(4,451)

Net return on ordinary activities before taxation

6,052

24,195

30,247

Taxation

(271)

-

(271)

Net return attributable to ordinary shareholders

 

5,781

 

24,195

 

29,976

Net return per ordinary share (Note 1)

 

 

 

(basic and diluted)

13.34p

55.81p

69.15p

 

 

 

 

 

 

BALANCE SHEET

as at 30 November 2012

 

 

 

 

£'000s

 

 

Investments held at fair value through profit or loss

 266,000

Net current assets

11,266

Total assets less current liabilities

 277,266

Creditors: amount falling due after more than one year

(50,072)

Total net assets

227,194

 

 

Called up share capital

 10,811

Capital redemption reserve

 5,189

Capital reserves

 197,558

Revenue reserve

 13,636

Equity shareholders' funds

277,194

 

 

Net asset value per ordinary share

525.4p

 

 

The net asset value is based on 43,242,918 ordinary shares in issue

 

 

 

 

 



 

 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

           

 

 


Called up

Share

Capital

£'000s

Capital Redemption Reserve

£'000s

 

Capital

Reserve

£'000s

 

Revenue Reserve

£'000s

 

 

Total

£'000s







Six months ended 31 May 2013






Net Assets at 30 November 2012

           10,811

5,189

197,558

           13,636

         227,194

Revenue return

                    -

                    -

                    -

3,728

             3,728

Shares repurchased during the period

(36)

               36

(667)

                    -

(667)

Dividends on ordinary shares

                    -

                    -

                    -

(3,586)

(3,586)

Capital return

                    -

                    -

           34,732

                    -

                 34,732







Net assets at 31 May 2012

           10,775

             5,225

         231,623

           13,778

         261,401



















Six months ended 31 May 2012






Net assets at 30 November 2011

           10,915

5,085

175,084

           13,496

         204,580

Revenue return

                    -

                    -

                    -

3,170

             3,170

Shares repurchased during the period

(96)

               96

(1,580)

                    -

(1,580)

Dividends on ordinary shares

                    -

                    -

                    -

(3,487)

(3,487)

Capital return

                    -

                    -

           5,185

                    -

                 5,185







Net assets at 31 May 2012

           10,819

             5,181

         178,689

           13,179

         207,868













For the year ended 30 November 2012






Net assets at 30 November 2011

           10,915

5,085

175,084

           13,496

         204,580

Revenue return

                    -

                    -

                    -

             5,781

             5,781

Shares repurchased during the year

(104)

             104

(1,721)

                    -

(1,721)

Dividends on ordinary shares

                    -

                    -

                    -

(5,651)

(5,651)

Unclaimed dividends over 12 years

-

-

-

10

10

Capital return

                    -

                    -

24,195

                    -

24,195







Net assets at 30 November 2012

           10,811

             5,189

        197,558

           13,636

         227,194

 

 

 

 



 

 

SUMMARY OF UNAUDITED RESULTS

CASH FLOW STATEMENT

 

 

Six Months

ended 31 May 2013

 

Six Months

ended 31 May 2012

 

Year ended

30 November

2012

 

£'000s

 

£'000s

 

£'000s

Net cash inflow from operating activities

           3,598


           3,178


                6,759


 





Return on investments and servicing of finance

 





Interest paid

(2,334)


(2,328)


(4,646)

Dividends paid on preference stock

(11)


(11)


(22)


 





Net cash outflow from servicing of finance

(2,345)


(2,339)


(4,668)


 





Capital expenditure and financial investment

 





Purchase of fixed asset investments

(37,942)


(34,486)


(55,765)

Sale of fixed asset investments

 41,212


 36,540


 65,584


 





Net cash inflow from capital expenditure and financial investment

           3,270


           2,054


              9,819


 






 





Equity dividends paid

   (3,586)


   (3,487)


(5,651)

Unclaimed dividends over 12 years

-


-


10

Net cash inflow (outflow) before financing

           937


           (594)


                6,269


 





Financing

 





Purchase of ordinary shares for cancellation

(667)


(1,580)


(1,721)

Increase (decrease) in cash

        270


        (2,174)


             4,548


 





Reconciliation of return on ordinary activities before finance costs and taxation to net cash flow from operating activities

 






 





Total return before finance costs and taxation

 40,853


 10,719


 34,698

Add: Net gains on investments at fair value

(36,749)


(7,156)


(28,149)

Add: Special dividends credited to capital

-


-


32

Add: Effective yield amortisation

 23


 115


 230

Less: Net gains on foreign currency

(12)


(8)


(3)

Less: Overseas tax suffered

(165)


(134)


(271)


 






           3,950


           3,536


               6,537


 





(Increase) decrease in debtors

(297)


(299)


186

(Decrease) increase in creditors

(55)


(59)


 36

Net cash inflow from operating activities

           3,598


           3,178


               6,759


 





Reconciliation of net cash flow to movement in net debt

 





Net cash inflow (outflow)

270


(2,174)


4,548

Net gains on foreign currency

 12


 8


3

Decrease in long term loans

 115


 108


 217

Movement in net debt

397


(2,058)


4,768

Net debt brought forward

(38,110)


(42,878)


(42,878)

Net debt carried forward

(37,713)


(44,936)


(38,110)

 

 

NOTES

 

Note 1

 

The returns per ordinary share have been calculated using a weighted average number of shares in issue of 43,200,814 (31 May 2012 - 43,443,600; 30 November 2012 - 43,351,553 shares).

 

Note 2

 

The total column of this statement is the profit and loss account of the company.

 

All revenue and capital items derive from continuing operations.  No operations were acquired or discontinued in the period.

 

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the company have been reflected in the Income Statement.

 

Included in the cost of investments are transaction costs on purchases which amounted to £109,000

(31 May 2012 - £58,000; 30 November 2012 - £161,000) and transaction costs on sales which amounted to £31,000 (31 May 2012 - £25,000; 30 November 2012 - £59,000).

 

 Note 3

 

Investments are designated as held at fair value through profit or loss in accordance with FRS 26 'Financial Instruments: Recognition and Measurement'.  Listed investments are valued at bid market prices.

 

Note 4

 

In accordance with FRS21 'Events after the Balance Sheet Date', the final dividend payable on ordinary shares is recognised as a liability when approved by shareholders. Interim dividends are recognised only when paid.

 

Dividends payable on ordinary shares in respect of earnings for each period are as follows:

 


Six months ended

31 May 2013

£'000s

Six months ended

31 May 2012

£'000s

Year ended

30 November 2012

£'000s

Final dividend 8.30p paid 22 March 2013  (2012 - 8.00p)

  3,586

  3,487

3,487

Interim dividend 5.00p paid 31 August 2012

-

-

2,164


 3,586

 3,487

5,651

 

 

Dividends payable at the period end are not recognised as a liability under FRS 21 'Events after the Balance Sheet Date'.  Details of these dividends are set out below.

 


Six months ended

31 May 2013

£'000s

Six months ended

31 May 2012

£'000s

Year ended

30 November 2012

£'000s

Interim proposed dividend 6.00p payable 30 August 2013 (2012 - 5.00p)

2,586

 2,164

 

-

Final dividend 8.30p

-

-

3,589

 

2,586

2,164

3,589

 

 

 

 

 

The interim and final dividend above is based on the number of shares in issue at the period end. However, the dividend payable will be based upon the number of shares in issue on the record date and will reflect any purchases or cancellations of shares by the company settled subsequent to the period end.

 

Note 5

 

The directors believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements, as the assets of the company consist mainly of securities which are readily realisable and accordingly, that the company has adequate financial resources to continue in operational existence for the foreseeable future.

 

Note 6

 

The half yearly report has neither been audited nor reviewed by the company's auditors. The financial information for the year ended 30 November 2012 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies and restated by reference to the changes in accounting policies detailed above. The auditor's report on those accounts was unqualified and did not contain a statement under either section 498(2) or (3) of the Companies Act 2006.

 

In accordance with the UK's disclosure requirements for listed companies, the company is required to make limited additional and updated disclosures, mainly relating to the first and third quarters of the financial year.  These Interim Management Statements are released via the Regulatory News Service and posted on the company's website www.brunner.co.uk on or shortly before 19 April and 19 October each year.

 

The half yearly financial report will be sent to shareholders in early August 2013 and will be available to members of the public from the company's registered office at 155 Bishopsgate, London EC2M 3AD.

 


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