Preliminary announcement of group results
The Law Debenture Corporation p.l.c.
Fifth Floor, 100 Wood Street, London EC2V 7EX
Telephone: 020 7606 5451 Telex: 888347/8956803 Fax 020 7606 0643
PRELIMINARY ANNOUNCEMENT OF GROUP RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2002
(Please note that values have been restated where necessary to reflect the
share split in August 2002)
The directors recommend a final dividend of 4.24p on the ordinary shares for
the year ended 31 December 2002; this, together with the interim dividend of
2.66p paid in September 2002, makes an unchanged total of 6.90p (2001: 6.90p)
for the year.
Consolidated Statement of Total Return (incorporating the revenue account)
2002 2001 (as
restated)
Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000
______ ______ ______ ______ ______ ______
Total capital losses from - (60,467) (60,467) - (34,684) (34,684)
investments
Income from investments 9,287 - 9,287 9,226 - 9,226
and deposits
Trustee and other fee 13,257 - 13,257 11,663 - 11,663
income
Underwriting commission 217 - 217 53 - 53
and other income
______ ______ ______ ______ ______ ______
Gross revenue and capital 22,761 (60,467) (37,706) 20,942 (34,684) (13,742)
losses
Administrative expenses (11,822) - (11,822) (9,636) - (9,636)
______ ______ ______ ______ ______ ______
Return, including profit 10,939 (60,467) (49,528) 11,306 (34,684) (23,378)
on ordinary activities
before interest payable
and taxation
Interest payable (2,451) - (2,451) (2,479) - (2,479)
______ ______ ______ ______ ______ ______
Return, including profit 8,488 (60,467) (51,979) 8,827 (34,684) (25,857)
on ordinary activities
before taxation
Taxation (1,086) - (1,086) (639) - (639)
______ ______ ______ ______ ______ ______
Return, including profit 7,402 (60,467) (53,065) 8,188 (34,684) (26,496)
attributable to
shareholders
Dividends (8,073) - (8,073) (8,057) - (8,057)
______ ______ ______ ______ ______ ______
Transfer (from)/to (671) (60,467) (61,138) 131 (34,684) (34,553)
reserves
______ ______ ______ ______ ______ ______
Return per share (pence) 6.33 (51.72) (45.39) 7.02* (29.72)* (22.70)*
.........................
Diluted return per share 6.26 ** ** 6.88* ** **
(pence)
Notes
The revenue columns of this statement represent the profit and loss accounts of
the Group
* Values restated following share split in August 2002
** No dilutive effect
Net asset value
Based on the group balance sheet as at 31 December 2002 and valuing listed
investments at middle market prices and unlisted investments at directors'
valuations, the net asset value of each share was 170.5p (2001: 222.9p), a
decrease of 23.5%. Over the same period, our benchmark, the FTSE Allshare
Index, declined by 25.0%.
Dividends
2002 2001
£000 £000
Interim of 2.66p (2001: 2.66p) 3,111 3,105
Proposed final of 4.24p (2001: 4.24p) 4,962 4,952
Total 6.90p (2001: 6.90p) 8,073 8,057
Geographical distribution of the portfolio
2002 2001
% %
UK 71.8 68.5
N. America 6.4 10.0
Europe 14.6 14.6
Pacific 7.2 6.9
100.0 100.0
Prospects
We remain committed to maintaining a quality portfolio that will add value in
the long term.
The trustee services business continues to diversify into related areas,
building on its expertise, so as to give a broader base to its earnings. We
believe that Law Debenture's experience and independence are valued in its
chosen markets.
Subject to the recommended final dividend of 6.90p per share being approved at
the Annual General Meeting to be held at the Brewers' Hall, Aldermanbury
Square, London EC2V 7HR on Tuesday 15 April 2003, dividend warrants will be
posted on 21 April 2003 to holders on the register on the record date of 14
March 2003.
By order of the board 25 February 2003
Law Debenture Corporate Services Limited
Secretary
Copies of this announcement are available from the Corporation's Registered
Office at Fifth Floor, 100 Wood Street, London EC2V 7EX
Prelimann2002
21.02.03
Latest directors dealings
- 23 minutes ago Naked Wines
- 23 minutes ago Greencoat UK Wind
- 36 minutes ago Everyman Media Group
- 38 minutes ago BP
- 44 minutes ago Imperial Brands