Interim Results- Replacement
Finsbury Technology Trust PLC
1 August 2001
Finsbury Technology Trust PLC
Preliminary results for the six months ended 31 May 2001
The issuer advises that the following replaces the interim results
announcement released today at 07.30 under RNS number 8154H.
In the first table the second column heading should read Year ended 30
November 2000 and not as it appeared previously.
All other details remain unchanged. The full amended text appears below.
Finsbury Technology Trust PLC
Preliminary results for the six months ended 31 May 2001
* Finsbury Technology continues to outperform the major technology indices
* market weakness represents a good long term investment opportunity
Finsbury Technology Trust PLC today announces preliminary results for the six
months ended 31 May 2001.
Half year Year ended
ended 30 November 2000 % Increase /
31 May 2001 (audited) (decrease)
(unaudited)
Net Asset Value (£m) 101.7 112.2 (9.4)
Net asset value per ordinary 371.5 417.7 (11.1)
share (p)
Share Price (p) 393.5 431.0 (8.7)
Premium (%) 5.9 3.2 -
MSCI World Net Index 1,894 2,037 (7.0)
No interim dividend is proposed (2000: nil)
Mr Bryan Lenygon, Chairman, commented:
'The last year or so has been a painful period for the technology investor and
there is widespread disenchantment with the sector. However the application of
scientific advancement and innovation continues and we believe that the
current problems present a good opportunity to the long term investor.'
For and on behalf of Close Finsbury Asset Management Limited - Secretary
31 July 2001
- ENDS -
The following are attached:
* Chairman's Statement * Consolidated Cash Flow Statement
* Consolidated Statement of Total * Notes to the interim financial
Return statement
* Consolidated Balance Sheet
For further information please contact:
Michael Bourne, Reabourne Technology Investment
Management Ltd 020 7426 6290
Colin Edge, Close Finsbury Asset Management Ltd 020 7426 6233
Alastair Smith, Close Finsbury Asset Management Ltd 020 7426 6240
Fiona Harris, Quill Communications 020 7618 8905
Finsbury Technology Trust PLC
Chairman's Statement
Performance
During the half year ended 31 May 2001 the Net Asset Value per share ('NAV')
fell from 417.7p to 371.5p, a decline of 11.1%. The Morgan Stanley Capital
International World Index (sterling adjusted) without dividends reinvested,
against which we measure our performance, fell by 7.0% over the same period.
Results and dividend
The total return per share for the half year ended 31 May 2001 was a deficit
of 46.4p (May 2000: gain of 113.0p). This was made up of a capital deficit of
39.6p (May 2000: gain of 116.4p) and a revenue deficit of 6.8p (May 2000:
deficit of 3.4p). The companies in which we invest tend to have low yields
and, as with last year, no interim dividend is proposed.
Issue of shares
In the first six months of the year the Company allotted a total of 500,000
shares at an average premium to the NAV of 6.9%.
Review and outlook
The year to date has been a torrid period for the technology sector, with the
NASDAQ Composite Index falling 18.8%, the Techmark 100 Index falling 47.3% and
the Neuer Markt plummeting 65.6%. Whilst the Company has outperformed each of
these indices the year to date has nonetheless proved the most disappointing
period since the Company was launched.
The worldwide decline in technology share prices was initiated in the United
States where a series of leading companies such as Cisco, Lucent, Oracle and
Intel pre-announced very poor results. These poor trading conditions rapidly
spread to Europe where profit warnings were made by Nokia, Ericsson, Marconi
and Alcatel.
Whilst the short term outlook for the sector is uncertain, the long term
prospects for technology remain positive. We expect demand for digital
products will continue to grow, the next generation of games consoles should
prove highly successful and semiconductors will continue to infiltrate an ever
increasing range of products. Looking further ahead the prospects both
biotechnology and energy technology are bright.
Finsbury Technology Trust PLC
Chairman's Statement (continued)
The last year or so has been a painful period for the technology investor and
there is widespread disenchantment with the sector. However the application of
scientific advancement and innovation continues and we believe that the
current problems present a good opportunity to the long term investor.
Bryan Lenygon Chairman
31 July 2001
Finsbury Technology Trust PLC
Consolidated Statement of Total Return
Incorporating the revenue account for the six months ended 31 May 2001
(unaudited) (unaudited)
Half year ended Half year ended
31 May 2001 31 May 2000
Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000
(Loss)/gains - (10,607) (10,607) - 36,982 36,982
on investments
Exchange - (124) (124) - (21) (21)
losses on
currency
balances
Income (see (901) - (901) 301 - 301
note 2)
Investment (532) - (532) (884) (6,049) (6,933)
management fees
Other expenses (269) - (269) (293) - (293)
Net return (1,702) (10,731) (12,433) (876) 30,912 30,036
before finance
costs and
taxation
Interest (114) - (114) (15) - (15)
payable and
similar charges
(Deficit)/ (1,816) (10,731) (12,547) (891) 30,912 30,021
return on
ordinary
activities
before taxation
Taxation on (14) - (14) (5) - (5)
ordinary
activities
(Deficit)/return (1,830) (10,731) (12,561) (896) 30,912 30,016
on ordinary
activities
after
taxation
Dividend on - - - - - -
ordinary
shares
Transfer (1,830) (10,731) (12,561) (896) 30,912 30,016
(from)/to
reserves
Return per (6.8p) (39.6p) (46.4p) (3.4p) 116.4p 113.0p
ordinary share
- pence (note
3)
(audited)
Year ended
30 November 2000
Revenue Capital Total
£000 £000 £000
(Loss)/gains on investments - 19,342 19,342
Exchange losses on currency balances - (351) (351)
Income (see note 2) 94 - 94
Investment management fees (1,737) (2,787) (4,524)
Other expenses (630) - (630)
Net return before finance costs and (2,273) 16,204 13,931
taxation
Interest payable and similar charges (96) - (96)
(Deficit)/ return on ordinary (2,369) 16,204 13,835
activities before taxation
Taxation on ordinary activities (7) - (7)
(Deficit)/return on ordinary (2,376) 16,204 13,828
activities after taxation
Dividend on ordinary - - -
shares
Transfer (from)/to (2,376) 16,204 13,828
reserves
Return per ordinary share - pence (8.9p) 60.9p 52.0p
(note 3)
Finsbury Technology Trust PLC
Consolidated Balance Sheet
As at 31 May 2001
(unaudited) (unaudited) (audited)
31 May 2001 31 May 2000 30 November 2000
£000 £000 £000
Fixed asset investments 100,676 135,811 121,312
Current assets
Debtors 463 1,098 1,200
Investments 833 - 1,166
Cash at bank 3,860 4,060 1,951
5,156 5,158 4,317
Creditors
Amounts falling due within (4,167) (14,392) (13,418)
one year
Net current 989 (9,234) (9,101)
assets/(liabilities)
Net assets 101,665 126,577 112,211
Capital
Called up share capital 6,841 6,641 6,716
Share premium account 22,832 19,195 20,942
Capital reserve - realised 72,009 44,727 71,802
Capital reserves - unrealised 5,753 58,474 16,691
Revenue reserve (5,770) (2,460) (3,940)
Total shareholders' funds 101,665 126,577 112,211
Net asset value per ordinary 371.5p 476.5p 417.7p
share
Finsbury Technology Trust PLC
Consolidated Cash Flow Statement
For the half year ended 31 May 2001
(unaudited) (unaudited) (audited)
Half year ended Half year ended Year ended
31 May 2001 31 May 2000 30 November
£000 £000 2000
£000
Net cash outflow from (11,913) (7,925) (10,562)
operating activities
Servicing of finance
Bank overdraft and loan (112) (15) (96)
interest paid
Financial investment
Purchase of investments (26,186) (47,548) (102,966)
Sales of investments 38,172 52,070 103,462
Net cash inflow from 11,986 4,522 496
financial investment
Financing
Drawdown on loans 57 - 3,143
Proceeds from issue of 2,015 106 1,928
ordinary shares
Net cash inflow from 2,072 106 5,071
financing
Increase/(decrease) in 2,033 (3,312) (5,091)
cash
Finsbury Technology Trust PLC
Notes to the interim accounts
1. Revenue Account
The revenue column of the Consolidated Statement of Total Return
represents the revenue account of the Group.
2 Income
Half year ended Half year Year ended
31 May 2001 ended 31 May 30 November
2000 2000
£'000 £'000 £'000
Income from 228 64 207
investments
Loss on dealing (1,195) - (336)
subsidiary
Interest receivable 66 237 223
and other income
Total (901) 301 94
3. Return per ordinary share
Revenue return per ordinary share is calculated by dividing the deficit
of £1,830,000 (half year ended 31 May 2000: deficit of £896,000) by
27,081,246 (half year ended 31 May 2000: 26,563,079) the weighted average
number of ordinary shares. Capital return per ordinary share is
calculated by dividing the net capital deficit of £10,731,000 (half year
ended 31 May 2000: £30,912,000) by the weighted average number of
ordinary shares as above.
4 Investment Management Fees
half year half year Year
ended ended 30 November
31 May 31 May 2000
2001 2000
£'000 £'000 £'000
Periodic fee 489 833 1,572
Annual performance fee - 2,635 941
Long term performance - 3,236 1,782
fee
Irrecoverable VAT 43 229 229
thereon
Total 532 6,933 4,524
5 Issue of ordinary shares
During the half year ended 31 May 2001 the Company issued a total of
500,000 ordinary shares. Following these issues the Company has
27,365,312 ordinary shares in issue.
Finsbury Technology Trust PLC
Notes to the interim accounts (continued)
6. Comparative information
The figures and financial information for the year ended 30 November 2000
are an extract from the latest published financial statements and do not
constitute statutory financial statements for that year. Those financial
statements have been delivered to the Registrar of Companies and included
the report of the auditors which was unqualified and did not contain a
statement under either section 237(2) and 237(3) of the Companies Act
1985.
The interim financial statements has neither been audited or reviewed by
the Company's auditors. They have been prepared using the using the same
accounting policies as those adopted in the annual financial statement
for the year ended 30 November 2000.
Close Finsbury Asset Management Ltd - Secretary
31 July 2001
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