Preliminary Results - Replace
Law Debenture Corp PLC
1 March 2001
The issuer has made the following amendment to the Preliminary Results
announcement released on 28 February 2001 at 07:30 under RNS No 6100Z.
The date which the dividend warrants will be posted should read 10 April 2001,
and not 11 April 2001 as previously stated.
All other details remain unchanged.
The full corrected version is shown below.
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PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR TO 31 DECEMBER 2000 (unaudited)
The directors recommend a final dividend of 21.0p on the ordinary shares for the
year to 31 December 2000; this, together with the interim dividend of 13.0p paid
in September 2000, makes a total of 34.0p (1999: 33.0p) for the year, an
increase of 3.0% compared with 1999.
Consolidated Statement of Total Return (incorporating the revenue account)
2000 1999
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
______ ______ ______ ______ ______ ______
Total capital gains
from investments - 5,921 5,921 - 36,396 36,396
Income from investments
and deposits 10,728 - 10,728 9,673 - 9,673
Trustee and other fee
income 10,422 - 10,422 9,120 - 9,120
Underwriting commission
and other income 60 - 60 33 - 33
______ _______ _______ ______ _____ _______
Gross revenue and
capital gains 21,210 5,921 27,131 18,826 36,396 55,222
Administrative expenses (8,527) - (8,527) (7,521) - (7,521)
_____ ______ ______ ______ ______ _______
Return, including profit
on ordinary activities
before interest payable
and taxation 12,683 5,921 18,604 11,305 36,396 47,701
Interest payable (2,501) - (2,501) (793) - (793)
_____ ______ ______ ______ ______ _______
Return, including profit
on ordinary activities
before taxation 10,182 5,921 16,103 10,512 36,396 46,908
Taxation (1,027) - (1,027) (1,512) - (1,512)
_____ ______ ______ ______ ______ _______
Return, including profit
on ordinary activities
after taxation 9,155 5,921 15,076 9,000 36,396 45,396
Dividends on
preference shares - - - (17) - (17)
_____ ______ ______ ______ ______ _______
Return, including profit
attributable to ordinary
shareholders 9,155 5,921 15,076 8,983 36,396 45,379
Dividends on ordinary
Shares (7,931) - (7,931) (7,701) - (7,701)
_____ ______ ______ ______ ______ _______
Transfer to reserves 1,224 5,921 7,145 1,282 36,396 37,678
_____ ______ ______ ______ ______ _______
Return per ordinary
share (pence) 39.25 25.39 64.64 38.50 156.01 194.51
Diluted return per
ordinary share (pence) 38.45 25.01 63.46 37.65 153.46 191.11
Net Asset Value
Based on the group balance sheet as at 31 December 2000 and valuing listed
investments at middle market prices and unlisted investments at directors'
valuations, the net asset value of each share was 1,262.9p (1999: 1,232.4p) an
increase of 2.5%. This compares with a decline in the FTSE Actuaries All Share
Index of 8.0%.
Dividends
2000 1999
£000 £000
Interim of 13.0p (1999: 12.5p) 3,032 2,917
Proposed final of 21.0p (1999: 20.5p) 4,899 4,784
_____ _____
Total 34.0p (1999: 33.0p) 7,931 7,701
Geographical distribution of the portfolio
2000 1999
% %
UK 65.6 64.6
N. America 9.8 8.5
Europe 17.6 17.1
Japan 3.2 5.5
Other Pacific 3.8 4.3
_____ _____
100.0 100.0
Prospects
We remain committed to maintaining a quality portfolio that will add value in
the long term, utilising specialist regional investment management expertise.
The trustee services business again produced record income, profits and new
business and continues to widen the scope of its activities. Our larger
premises will enable growing amounts of new business to be serviced efficiently.
We have confidence in the high quality of our professional independent trustee
services and believe that the demand for them will continue to grow.
Subject to the recommended final dividend of 21.0p per share being approved at
the Annual General Meeting to be held at the Brewer's Hall, Aldermanbury Square,
London EC2V 7HR on Tuesday 3 April 2001, dividend warrants will be posted on 10
April 2001 to holders on the register on the record date of 9 March 2001.
By order of the board 28 February 2001
Law Debenture Corporate Services
Secretary
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