9 Months Results
SHIRES SMALLER COMPANIES PLC
21 October 1999
INTERIM RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 1999
(UNAUDITED)
STATEMENT OF TOTAL RETURN
(incorporating the Revenue Account)
for the nine months ended 30 September 1999
Nine months to 30 Nine months to 30
September 1999 September 1998
(unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000
Gains/(Losses) on - 9,164 9,164 - (2,938) (2,938)
investments
Dividends and interest 2,113 - 2,113 1,700 - 1,700
receivable (note1)
Foreign income dividends 70 - 70 100 - 100
Underwriting commission 17 - 17 28 - 28
Investment management (159) (159) (318) (164) (164) (328)
fee
Other administrative (135) - (135) (158) - (158)
expenses
______ ______ ____ ______ ______ _____
NET RETURN BEFORE
FINANCE COSTS AND 1,906 9,005 10,911 1,506 (3,102) (1,596)
TAXATION
Finance costs of 388 388 776 381 381 762
borrowings
______ ______ ____ ______ ______ _____
RETURN ON ORDINARY
ACTIVITIES BEFORE 1,518 8,617 10,135 1,125 (3,483) (2,358)
TAXATION
Taxation (note2) 218 - 218 323 - 323
______ ______ ____ ______ ______ _____
RETURN ON ORDINARY
ACTIVITIES AFTER 1,300 8,617 9,917 802 (3,483) (2,681)
TAXATION FOR THE PERIOD
Dividends on equity 855 - 855 823 - 823
shares
______ ______ ____ ______ ______ _____
TRANSFER TO/(FROM) 445 8,617 9,062 (21) (3,483) (3,504)
RESERVES
______ ______ ____ ______ ______ _____
RETURN PER SHARE
- undiluted 6.62p 43.85p 50.47 4.10p (17.79)p (13.69)p
-fully diluted (note 3) 6.29p 41.70p 47.99 3.83p (16.63)p (12.80)p
(note 3)
DIVIDENDS PER SHARE 4.35p 4.20p
INTERIM RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 1999
(UNAUDITED)
Distribution of Assets
30 September 1999 31 December 1998
(unaudited) (audited)
£000 % £000 %
Ordinary shares 51,186 118.0 41,371 118.7
Convertibles 4,808 11.1 5,666 16.2
______ ______ ______ ______
55,994 129.1 47,037 134.9
Net current liabilities (2,655) (6.1) (2,209) (6.3)
______ ______ ______ ______
TOTAL ASSETS (less 53,339 123.0 44,828 128.6
current liabilities)
Long term loan (9,966) (23.0) (9,962) (28.6)
______ ______ ______ ______
NET ASSETS 43,373 100.0 34,866 100.0
______ ______ ______ ______
NET ASSET VALUE PER
SHARE 220.7p 177.5p
- undiluted
- fully diluted 208.4p 166.9p
Notes
1. Dividends and interest receivable include special
dividends totalling £541,000 (1998 - £54,000).
2. The tax charge comprises tax credits of 20% of the gross
amount of dividends receivable before 5 April 1999 and 10% of
gross dividends receivable after that date.
3. The fully diluted returns per share have been calculated
in accordance with the new Financial Reporting Standard 14
'Earnings per Share'. Comparative figures for 1998 have been
restated.
4. The information relating to the assets as at 31 December
1998 is an extract from the latest audited accounts which have
been delivered to the Registrar of Companies; the report of
the auditors on these accounts was unqualified.
5. As at 30 September 1999, there were 19,653,121 ordinary
shares and 2,233,417 warrants in issue.
Comments
In the UK the share prices of smaller companies maintained the
recovery which began after the setback in the third quarter of
1998 and continued to recoup the underperformance relative to
larger capitalisation stocks which began in the second quarter
of 1997. In the third quarter the total return on the FTSE
SmallCap Index was 1.7%, bringing the return on that index for
the first nine months of 1999 to 32.2% which was well above
the 7.9% return on the FTSE All-Share Index.
The total return on the Company's fully diluted net assets,
including net dividends reinvested, was 4.8% in the third
quarter of 1999, bringing the total return for the first three
quarters of the year to 27.5%. The underperformance relative
to the small capitalisation index in the first half of the
year, due to the portfolio's lower exposure to cyclical basic
industry and resource stocks, began to be recovered in the
third quarter.
The Board has declared a third interim dividend of 1.45p in
respect of the year to 31 December 1999, payable on 30
December 1999 to shareholders on the register at close of
business on 10 December 1999. This brings the total dividends
paid and declared for 1999 to 4.35p per share which compares
with a total of 4.2p per share for the corresponding period in
1998.
For further information please contact:
David Williams, Managing Director
Glasgow Investment Managers 0141 572 2700
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