Interim Results - Three Months to 31 March 2000
Shires Smaller Companies PLC
20 April 2000
SHIRES SMALLER COMPANIES PLC
INTERIM REPORT FOR THE THREE MONTHS ENDED 31 MARCH 2000
Comments
The share prices of UK smaller companies continued to outperform those of
larger market capitalisation stocks in the first three months of 2000. The total
return on the FTSE SmallCap Index (excluding Investment Companies) was
9.9%, which compared with -3.4% on the FTSE All-Share Index. The
performance of the UK stockmarket continued to be dominated by stocks offering
the prospect of capital growth but low dividend yields.
The total return on the fully diluted net assets of the Company over the
quarter was 1.5%. As the discount at which the ordinary share price stood
to underlying fully diluted net asset value per share fell slightly, the
total return to a shareholder was 5.4%, ahead of the return on net assets.
The Board has declared a first interim dividend of 1.50p in respect of
the year to 31 December 2000, payable on 30 June 2000 to shareholders on
the register at close of business on 26 May 2000. The first interim
dividend in respect of the year to 31 December 1999 was 1.45p.
At the Annual General Meeting on 25 March 2000 shareholders passed a
resolution that the Company should continue as an investment trust for a
further five year period after the Board outlined a proposed change in
investment strategy intended to raise the yield on net assets of the
Company to 6% per annum. The Board is currently taking steps to
introduce the changes in strategy outlined at the AGM.
For further information please contact:
David Williams
Managing Director
Glasgow Investment Managers
0141 572 2700
SHIRES SMALLER COMPANIES PLC
Consolidated Statement Of Total Return
(incorporating the Revenue Account)
for the three months ended 31 March 2000
Three months to Three months to
31 March 2000 31 March 1999
(unaudited) (unaudited)
£000 £000 £000 £000 £000 £000
Revenue Capital Total Revenue Capital Total
Gains on
investments - 798 798 - 3,892 3,892
Dividends and
interest receivable
(note 1) 301 - 301 640 - 640
Profits less losses
of dealing subsidiary 40 - 40 - - -
Investment management
fee (62) (62) (124) (50) (50) (100)
Other administrative
expenses (43) - (43) (55) - (55)
Net return before finance
costs and taxation 236 736 972 535 3,842 4,377
Finance costs of
borrowings 118 118 236 130 130 260
Return on ordinary
activities
before taxation 118 618 736 405 3,712 4,117
Taxation - - - - - -
Return on ordinary activities
after taxation for
the period 118 618 736 405 3,712 4,117
Dividends on
equity shares 295 - 295 285 - 285
Transfer (from)/
to reserves (177) 618 441 120 3,712 3,832
Return per share
-undiluted 0.60p 3.14p 3.74p 2.06p 18.90p 20.96p
-filly diluted 0.57p 3.01p 3.58p 1.96p 17.98p 19.94p
Dividends per share 1.50p 1.45p
SHIRES SMALLER COMPANIES PLC
Group Balance Sheet
as at 31 March 2000
31 March 2000 31 December 1999
(unaudited) (audited)
£000 % £000 %
Fixed assets
Investments listed on the London Stock Exchange
- ordinary shares 54,641 113.2 54,467 113.9
- convertibles 4,412 9.2 4,649 9.7
59,053 122.4 59,116 123.6
Current assets
Debtors 939 460
Investments of dealing
subsidiary undertaking - -
939 460
Creditors:amounts falling
due within one year 1,767 1,793
Net current liabilities (828) (1.7) (1,333) (2.8)
Total assets less
current liabilities 58,225 120.7 57,780 120.8
Creditors; amounts falling
due after more than one year 9,969 (20.7) 9,968 (20.8)
Net assets 48,256 100.0 47,815 100.0
Capital and reserves
Called up share capital 9,827 9,827
Share premium account 9,509 9,509
Capital redemption reserve 2,032 2,032
Warrants reserve 864 864
Realised capital reserve 14,617 10,410
Unrealised capital reserve 10,877 14,466
Revenue reserve 530 707
Equity shareholders' funds 48,256 47,815
Net asset value per share
- undiluted 245.5p 243.3p
- fully diluted 230.7p 228.7p
Notes
1. Dividends and interest receivable include special dividends totalling
£nil (1999 - £262,000).
2. These are not statutory accounts under section 240 of the Companies Act 1985
and are unaudited. The information relating to the balance sheet as at 31
December 1999 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 and did not contain a statement under Section 237(3) of
the Companies Act 1985.
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