TIDMATY
RNS Number : 8721L
Athelney Trust PLC
25 July 2017
ATHELNEY TRUST PLC HALF YEARLY RESULTS
CHAIRMAN'S STATEMENT AND BUSINESS REVIEW
I enclose the unaudited results for the six months to 30 June
2017. The salient points are as follows:
-- The overall return, which is the increase in NAV during the
half year plus the dividend paid, is 10.4 per cent.
-- Unaudited Net Asset Value (NAV) is 268.7p per share (31
December 2016: 251.1p, 30 June 2016: 216.5p), an increase of 7 per
cent for the half year and an increase of 24.1 per cent over the
past year.
-- Gross Revenue increased by 8.5 per cent to GBP126,098
compared with the half year ended 30 June 2016 of GBP116,257 (full
year to 31 December 2016 GBP242,157).
-- Revenue return per ordinary share was 5.1p (31 December 2016:
10p, 30 June 2016: 4.9p).
-- A final dividend of 8.6p was paid in April 2017 (2016: final dividend 7.9p).
Review of 1 January 2017 to 30 June 2017
If you want to give God a good laugh, tell Him of your plans. -
Old Yiddish proverb.
David Davis [Secretary of State for Exiting the European Union]
- the only man I know who can swagger sitting down. - Alex Wickham,
Tweeter.
The most significant event of the 20(th) Century will be the
fact that the North Americans speak English. - Count Otto von
Bismarck.
And ye shall hear of wars and rumours of wars: see that ye be
not troubled: for all these things must come to pass, but the end
is not yet.- Matthew 24:6-8, King James Bible.
It is my view that we are living through one of the most hated
bull markets in modern times. Fund managers across the world sit at
their desks all day conscious of the fact that almost every
conceivable type of investment opportunity appears expensive
(solution: specialise in UK smaller companies as does Athelney
Trust). Stock markets have entered the eighth year of their
recovery following the Great Recession, while record low interest
rates in developed countries have driven yields on all manner of
bonds into the floor. In short, some fund managers believe that
there exists no single asset class on this planet from fine wines
to Latin American junk debt, priced attractively enough to be
bought without worry.
Let's have a look at some numbers. All major markets made steady
progress: New York, London, Tokyo and Shanghai rose by 8.6, 3.4,
5.3 and 2.3 per cent respectively. In minor markets, Turkey, Greece
and Argentina (more of this particular market later) increased by
28.8, 27.8 and 26.5 per cent respectively. Less optimistically,
Russia and Pakistan fell by 13 and 3.1 per cent respectively.
The history of markets is littered with vivid anecdotes, from
share-tipping shoeshine boys to trading rotten tins of
sardines,that signal when optimism became ebullience just before a
smash. In time, Argentina's 100-year bond yielding 7.9 per cent
might just enter the same pantheon. The last century has seen
Argentina in debt crisis in 1930, 1955, 1975, 1989, 2001 and 2014.
Indeed, Argentina has been in default on at least some of its debts
for all but six years in the last two decades. There is no doubt
that there are huge amounts of global money whose owners are
suffering from dividend starvation and are keen to latch on to such
opportunities. However, my feeling is that this is hot money which
might well be withdrawn swiftly should emerging markets be hit by a
shock.
Total customer loyalty: GBP5.1bn in TV money; a combined loss in
15 of the last 17 seasons. It truly is the Premier League of Planet
Football.
What do we do about high-frequency traders, the bogey-men of
markets? No month seemingly goes by without some strange price
movement being linked to their actions. So it was little surprise
that, after a mini-crash in sterling in May, fingers were pointed
towards the flash boys. The question would seem to be how to deal
with them when they are caught doing things which don't look right.
How do I explain the $20,000 penalty handed out by the New York
Stock Exchange to an outfit called Andrei Trading? With great
difficulty, I have to say. Over a two-month period in early 2016,
the firm submitted 15 billion quotes in financial options, or
19,000 quotes every second. But how many contracts did Andrei
actually trade - why just 1,004 or about 0.000006 per cent of total
quotes. Perhaps you have to be trading from your parents' house in
a London suburb to get the regulator really worried.........
World Password Day was 4 May. We all know that we should use
unique, complex, hard-to-guess passwords, a mixture of letters,
numbers and symbols. Last year's most popular password used by 17
per cent of those who were hacked? 123456.
One year on from the referendum it is time to look at the
economic consequences so far. The economy has grown at an
annualised rate of 1.8 per cent in the three quarters following the
poll and unemployment has fallen from 4.9 to 4.6 per cent. So far
so good but the bad news is the type of growth the UK has
experienced and developments in living standards. Household
consumption accounted for more than 80 per cent of economic growth,
business investment did not contribute at all while net exports
actually detracted from growth. The latest numbers indicate that
prices are rising at 2.9 per cent but wages by only 1.7 per cent
and most working-age benefits are frozen. Households will, on
balance, be worse off a year after the referendum. As for the
forecasts made by the Treasury on the Remain side, the shallow
recession did not arrive but there were serious errors on the Leave
side. The Economists for Brexit forecast almost no immediate drop
in sterling, inflation in mid-2017 of 1.5 per cent and average
earnings growth of 3.5 per cent. The voting public punished the
government in the recent general election but it does not yet
realise that the British pound's fall is likely to prolong the
Brexit squeeze on living standards for another two years or so.
News that the government will make a GBP500m profit on its
GBP20.3bn bailout of Lloyds Banking Group invites an obvious
comparison. Over eight-and-a half years, that stake generated a
compound annual return of 0.31 per cent. But a GBP20.3bn deposit in
Lloyds' highest paying instant access bank account would have
earned GBP2.9bn in interest at a compound rate of 1.7 per cent. We
are not very good at this, are we?
Ministers really need to stop using the statistic that Britain
is one of the fastest-growing economies in the G7. It was true for
a while last year but not true now. The United States and Japan
grew half as much again as the U.K. in the first quarter of 2017
while Italy grew twice as fast, France two and a half times as
fast, Germany three times faster and Canada four and a half times
faster. And if we started using GDP per head rather than raw GDP,
then, er, we didn't grow at all.
Incredible, brilliant, genius Corbyn got only nine seats fewer
in 2017 than did disastrous Neil Kinnock in 1992.
The Conservative government has really got itself into a
terrible mess over tax. If we consider that Gordon Brown was the
pioneer of stealth taxes, then George Osborne and now Philip
Hammond have been enthusiastic upholders: uncosted pledges have
also been made to increase the personal allowance to GBP12,500 and
the higher rate threshold to GBP50,000. The government has not
reached the end of the line with its reductions in corporation tax
due to be cut to 17 per cent by 2020. The self-imposed moratorium
on fuel duty increases, originally a response to Labour's fuel duty
escalator, looks likely to be continued indefinitely. The result of
all this is that the Office for Budget Responsibility has forecast
a rise in tax receipts to 37.2 per cent of GDP, and yet it is not
at all clear to me how these promises will be funded. The fault
lies in the decision to sweeten the austerity pill with tax
giveaways during the last parliament. Mr Osborne grasped the nettle
firmly with a bold VAT rise but then gave it all back by increasing
tax allowances, freezing fuel duty, cutting corporation tax and
reducing Labour's 50 per cent top rate to 45 per cent. It used to
be so different. In the 1980s, under Margaret Thatcher, the
Conservatives had an unchallenged reputation as a tax-cutting
party. This was because when it needed to raise taxes, as in
Geoffrey Howe's austerity budget of 1981, it did not hold back.
Raising taxes hard when it was needed, rather than tinkering round
the edges, paved the way for big tax cuts later.
Ellis Short, whose Sunderland Football Club was relegated from
the Premier League with debts of GBP100m, appears to have a sense
of irony. Or perhaps not. He launched a GBP2bn fund in June to
invest in the distressed property debt market. Who will manage it?
Mr. Short made five attempts to lure David Moyes to Sunderland,
only for that hapless man's tenure to end in resignation. So he is
technically available again........
Labour wants to raise corporation tax and tax the rich so as not
to tax the ordinary working family any more than it is at the
moment. But who are the rich? Everyone on the Sunday Times Rich
List? All 1,000 have assets worth GBP100m: they make up 0.000002 of
the U.K. population. Sadly there are not nearly enough of them to
generate serious revenue. What about the top 1 per cent then? They
must be rich, surely - certainly richer than the other 99 per cent.
To be included in this category, you would need assets of GBP3m
including the value of your house and any private pension. Plenty
of middle-aged homeowners in London and the South East qualify.
What about income, then? The top 1 per cent of income taxpayers
have pre-tax incomes in excess of GBP160,000 a year. That sounds
good but it is still GBP340,000 below the top 0.1 per cent. However
we define the rich, we know one thing: they are already paying a
lot of tax. The richest 1 per cent of income taxpayers pay over a
quarter of all income tax and the top 10 per cent pay 60 per cent
of the total. Whatever we think of the rich, we are dependent upon
them
- perhaps to an uncomfortable extent. We would like to get more
money from them but must not pretend that they are the only ones
who will need to pay more if we are to increase spending on health,
education and infrastructure.
At this rate, David Davis has a big problem. What will he do
when he has breezed through Brexit? Perhaps he will read out the
football results on TV so that everyone's team always wins. Or
invent a happiness pill. Or become a meteorologist only forecasting
sunny weather..........
It's been a long time since nationalisation was on the political
agenda. But now, with Jeremy Corbyn in charge of the Labour Party,
the process has been adopted with enthusiasm. Labour's manifesto
proposed a GBP250 billion national transformation fund to upgrade
the economy. The policy included nationalising Royal Mail, the
railways, energy supply and water. After the Second World War,
nationalisation became the main form of ownership in Britain for
utilities and public services together with some basic industries.
So, by the end of the 1970s, before the Conservatives embarked on
privatisation, nationalised industries accounted for about 10 per
cent of GDP and 8 per cent of employment. Some companies were
pretty dire: British Airways customer service was famously
appalling whereas British Rail produced the worst sandwich in
Christendom and was allowed to operate unsuccessfully in the hotel
and ferry businesses. Over-manning was notorious, perhaps to the
extent of 40 per cent. Research in the 1980s found that putting
contracts out for private tender reduced costs by 20 per cent
thanks to greater efficiency, not lower wages. A programme of
nationalisation has no obvious economic justification except dogma
about the size of the state. It is an idea whose time has gone.
Isn't it strange that the British and Irish media regularly use
the term Tory to refer to the present government. Tory comes from
the Irish toraidhe and refers to the dispossessed Irish Catholic
outlaws who preyed on the Protestant settlers. In the light of the
agreement with the DUP perhaps it should revert to the correct
title of Conservative and Unionist Party.
Here is how to make money running a private railway. You charge
about GBP2 a minute for a 15-minute journey and, with profit
margins of 50 per cent, make GBP66 million on revenues of GBP134
million. The genius of the Heathrow Express, linking Paddington
station with the airport, is that travellers continue to pay such
exorbitant prices because the Piccadilly Line takes so long and a
taxi is ruinously expensive. Not content with this juicy plum,
however, Heathrow was planning to levy excess access fares for
London to run its Crossrail trains into the airport. This would
have blocked long-awaited mass transit into Heathrow or forced
Crossrail to increase prices. That was until the courts threw out
Heathrow's claim. Who would have benefitted? Why investors from
Spain, China, Qatar, Singapore and America that's who.
What is worse than listening to an estate agent? How about
listening to an Aussie estate agent whose every sentence ends with
a question? Presumably Australians don't notice, which may help to
explain why Purplebricks' antipodean operation is ahead of its UK
business at the same stage of development. But does first-mover
advantage justify a valuation of 150 times 2019 earnings? If
Countrywide, offering the very same fixed-fee model, can be bought
on a prospective P/E of 8? That is the question? Isn't it?
The U. K. financial regulator came under heavy criticism in June
for failing to take action against asset managers that over-charged
investors by selling expensive funds that promised stock-picking
expertise but in reality merely mirror an index. The Financial
Conduct Authority (FCA) published a damning report on the asset
management industry that said that there was GBP109bn of investor
money sitting in so-called closet trackers. This involved fund
managers charging high fees for aiming to beat a benchmark but in
reality closely tracking an index. This practice, in some circles,
is considered fraudulent. The FCA also highlighted other problems
including poor value for money for retail investors, opaque
charging structures and weak price competition. However, the report
contains the word consult 29 times versus the word decide just
twice and is extremely disappointing to those wanting big changes
in the industry. Action has already been taken in Sweden and
Norway, so why not here?
News that the new polymer GBP5 notes are being kept in
circulation despite a 134,000 petition protesting at their animal
fat content came as no surprise. Last summer 4m signed a petition
for a second Brexit referendum when it emerged that all UK
banknotes contained 20 per cent of an equally slippery commodity:
value in foreign exchange markets.
Leaving the EU was always going to be complicated but few really
appreciate how complex the task will be. At least 759 different
agreements with 168 countries covering trade in nuclear goods,
customs, fisheries, transport and regulatory co-operation in areas
such as anti-trust or financial services will have to be
renegotiated just for Britain to stand still. The U.K. really needs
to find a cross-party agreement on the basic principles of Brexit
and then work out a way to make the consensus stick. Reaching a
good deal will take time. So both sides should agree on a long
transition, in which Britain lives under today's terms until a
trade agreement is struck. The most difficult area is likely to be
freedom of movement. Britain cannot expect special treatment but a
minor get-out such as is already enjoyed by Switzerland and Norway
might allow a better deal for all. Britain's position is
appallingly weak. The negotiations may well blow up before they
really get going but chaos in Westminster presents a rare
opportunity to change the course of Brexit. Both sides should seize
it.
Results
Gross revenue increased to GBP126,098 compared to the same
period last year of GBP116,257.
Portfolio Review
Holdings of Biffa, Countrywide, Crest Nicholson, Debenhams,
Hostelworld, Ibstock, Murgitroyd, Safecharge and The PRS REIT were
all purchased for the first time. Additional holdings of Record
were also acquired. Beazley, Hiscox and Novae were sold. In
addition eight shareholdings were top-sliced to provide capital for
new purchases.
Corporate Activity
The holding of Lavendon were taken over at a capital profit of
99.1 percent.
Dividend
As is the Board's practice, consideration of a dividend will be
left until the final results are known.
Risks
The Company's assets consist mainly of listed securities and its
principal risks are therefore market-related. The Company is also
exposed to currency risk in respect of a small number of
investments held in overseas markets.
The major risks associated with the Company are market and
liquidity risk. The Company has established a framework for
managing these risks. The directors have guidelines for the
management of investments and financial instruments.
Market Risk
Market risk arises from changes in interest rates, valuations
awarded to equities, movements in prices and the liquidity of
financial instruments.
Liquidity Risk
Liquidity Risk is the risk that the Company may have difficulty
in meeting obligations associated with financial liabilities. The
Company has no borrowings; therefore there is no exposure to
interest rate changes.
The Company is able to reposition its investment portfolio when
required so as to accommodate liquidity needs.
Prospects
The news is grim: terrorist outrages, political chaos and the
Grenfell Tower tragedy have dominated headlines in recent weeks and
months. Elsewhere, the economy appears to be slowing and
productivity is a national disgrace. Credit growth has been running
at over 10 per cent since June 2016 while household savings have
collapsed to 1.7 per cent of disposable income, the lowest reading
since the data series began in 1963. The British people are deeply
divided: there is a majority neither for a hard exit nor for
remaining in the EU. There is neither a majority for the
Conservative vision of continued austerity nor for Labour's vast
tax and spending gamble. A divided House of Commons and Cabinet
reflects a divided country.
A sensible aim would be to try to hang onto the gains made in
the first half.
Dr. E.C. Pohl
21 July 2017
HALF YEARLY INCOME STATEMENT
(INCORPORATING THE REVENUE ACCOUNT)
Audited
Year
ended
Unaudited Unaudited 31 December
6 months ended 6 months ended
30 June 2017 30 June 2016 2016
Revenue Capital Total Revenue Capital Total Total
GBP GBP GBP GBP GBP GBP GBP
Gains on
investments
held at
fair value - 212,073 212,073 - 67,872 67,872 236,357
Income from
investments 126,098 - 126,098 116,257 - 116,257 242,157
Investment
Management
expenses (2,968) (26,930) (29,898) (2,608) (23,301) (25,909) (52,143)
Other expenses (12,925) (33,663) (46,588) (12,811) (59,624) (72,435) (88,912)
Net return
on ordinary
activities
before taxation 110,205 151,480 261,685 100,838 (15,053) 85,785 337,459
Taxation - - - - - - -
Net return
on ordinary
activities
after taxation 110,205 151,480 261,685 100,838 (15,053) 85,785 337,459
Dividends
Paid:
Dividend (185,577) - (185,577) (156,663) - (156,663) (156,663)
Transferred
to reserves (75,372) 151,480 76,108 (55,825) (15,053) (70,878) 180,796
========== ========= ========== ========== ========= ========== ============
Return per
ordinary
share 5.1p 7p 12.1p 4.9p (0.7p) 4.2p 16p
The total column of this statement is the profit and loss
account for the Company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued during the above
financial periods.
A Statement of Comprehensive Income is not required as all gains
and losses of the Company have been reflected in the above
Statement.
HALF-YEARLY STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended 30 June
2017 (Unaudited)
Called-up Capital Capital Total
Share Share reserve reserve Retained Shareholders'
Capital Premium realised unrealised Earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at
1 January 2017 539,470 881,087 1,747,083 1,852,759 398,134 5,418,533
Net gains on
realisation
of investments - - 212,073 - - 212,073
Increase in
unrealised
Appreciation - - - 303,799 - 303,799
Expenses allocated
to
Capital - - (60,593) - - (60,593)
Profit for
the period - - - - 110,205 110,205
Dividend paid
in year - - - - (185,577) (185,577)
Shareholders'
Funds at 30
June 2017 539,470 881,087 1,898,563 2,156,558 322,762 5,798,440
========== ======== ========== =========== ========== ==============
For the Six Months Ended 30 June
2016 (Unaudited)
Called-up Capital Capital Total
Share Share reserve Reserve Retained Shareholders'
Capital Premium realised Unrealised earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at
1 January 2016 495,770 545,281 1,563,158 1,910,653 343,369 4,858,231
Net gains on
realisation
of investments - - 67,872 - - 67,872
Decrease in
unrealised
Appreciation - - - (523,129) - (523,129)
Share Capital
issued 43,700 363,933 - - - 407,633
Expenses allocated
to
Capital - (28,127) (54,798) - - (82,925)
Profit for
the year - - - - 100,838 100,838
Dividend paid
in year - - - - (156,663) (156,663)
Shareholders'
Funds at 30
June 2016 539,470 881,087 1,576,232 1,387,524 287,544 4,671,857
========== ========= ========== =========== ========== ==============
For the Year Ended 31 December
2016 (Audited)
Called-up Capital Capital Total
Share Share reserve Reserve Retained Shareholders'
Capital Premium realised Unrealised earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at
1 January 2016 495,770 545,281 1,563,158 1,910,653 343,369 4,858,231
Net gains on
realisation
of investments - - 294,251 - - 294,251
Decrease in
unrealised
appreciation - - - (57,894) - (57,894)
Expenses allocated
to
Capital - (28,127) (110,326) - - (138,453)
Shares issued
in the year 43,700 363,933 407,633
Profit for
the year - - - - 211,428 211,428
Dividend paid
in year - - - - (156,663) (156,663)
Shareholders'
Funds at 31
December 2016 539,470 881,087 1,747,083 1,852,759 398,134 5,418,533
========== ========= ========== =========== ========== ==============
HALF YEARLY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE
2017
Audited
Unaudited Unaudited 31 December
30 June 30 June
2017 2016 2016
GBP GBP GBP
Fixed assets
Investments held
at fair value
through profit
and loss 5,660,338 4,607,086 5,117,268
---------- ---------- ------------
Current assets
Trade receivables 88,028 46,653 256,964
Cash at bank and
in hand 60,351 29,020 59,133
148,379 75,673 316,097
Creditors: amounts
falling due within
one year (10,277) (10,902) (14,832)
---------- ---------- ------------
Net current assets 138,102 64,771 301,265
---------- ---------- ------------
Total assets less
current liabilities 5,798,440 4,671,857 5,418,533
Provisions for liabilities
and charges - - -
Net assets 5,798,440 4,671,857 5,418,533
========== ========== ============
Capital and reserves
Called up share
capital 539,470 539,470 539,470
Share premium account 881,087 881,087 881,087
Other reserves
(non distributable)
Capital reserve
- realised 1,898,563 1,576,232 1,747,083
Capital reserve
- unrealised 2,156,558 1,387,524 1,852,759
Retained earnings 322,762 287,544 398,134
Shareholders' funds
- all equity 5,798,440 4,671,857 5,418,533
========== ========== ============
Net Asset Value
per share 268.7p 216.5p 251.1p
Number of shares
in issue 2,157,881 2,157,881 2,157,881
HALF YEARLY STATEMENT OF CASHFLOWS FOR THE SIX MONTHSING
30 JUNE 2017
Notes Unaudited Unaudited Audited
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Cash flows from
operating activities
Net revenue return 110,205 100,838 211,428
Adjustments for:
Expenses charged
to capital (60,593) (54,797) (110,326)
Decrease in creditors (4,554) (4,477) (547)
Decrease/(Increase)
in debtors 168,937 77,715 (132,596)
Cash from operations 213,995 119,279 (32,041)
---------- ---------- ------------
Cash flows from
investing activities
Purchase of investments (452,748) (509,411) (741,319)
Proceeds from sales
of investments 425,548 156,816 570,157
Net cash from investing
activities (27,200) (352,595) (171,162)
---------- ---------- ------------
Financing Activities
Share issue - 379,506 379,506
- 379,506 379,506
Equity dividends
paid (185,577) (156,663) (156,663)
Net (Decrease)/
Increase 1,218 (10,473) 19,640
Cash at the beginning
of the period 59,133 39,493 39,493
Cash at the end
of the period 60,351 29,020 59,133
========== ========== ============
NOTES TO THE HALF YEARLY FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2017
1. Accounting Policies
a) Statement of Compliance
The Company's Interim Financial Statements for the period ended
30 June 2017 have been prepared under UK Generally Accepted
Accounting Practice (UK GAAP) and the 2014 Statement of Recommended
Practice, 'Financial Statements of Investment Trust Companies and
Venture Capital Trusts' ('the SORP') issued by the Association of
Investment Trust Companies.
The Company has also adopted FRS 104, which applies to interim
periods commencing on or after 1 January 2015. The transition to
FRS 104 has had no impact on the previous reported financial
position and financial performance. With the exception of this, the
financial statements have been prepared in accordance with the
accounting policies set out in the statutory accounts for the year
ended 31 December 2016.
b) Financial information
The financial information contained in this report does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The financial information for the period ended
30 June 2017 and 30 June 2016 have not been audited or reviewed by
the Company's Auditor pursuant to the Auditing Practices Board
guidance on such reviews. The information for the year to 31
December 2016 has been extracted from the latest published Annual
Report and Financial Statements, which have been lodged with the
Registrar of Companies, contained an unqualified auditor's report
and did not contain a statement required under Section 498(2) or
(3) of the Companies Act 2006.
c) Going concern
The Company's Assets consist mainly of equity shares in
companies which, in most circumstances are realisable within a
short timescale. The Directors believe that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Accordingly, they continue to adopt the going
concern basis in preparing the accounts.
2. To the best of our knowledge and belief there are no related
party transactions within the meaning required by the Disclosure
and Transparency Rules 4.2.8R (disclosure of related party
transactions and changes therein).
3. Taxation
The tax charge for the six months to 30 June 2017 is nil (year
to 31 December 2016: nil; six months to 30 June 2016: nil).
The Company has an effective tax rate of 20% for the year ending
31 December 2017. The estimated effective tax rate is 20%.
4. The calculation of earnings per share for the six months
ended 30 June 2017 is based on the attributable return on ordinary
activities after taxation and on the weighted average number of
shares in issue during the period.
6 months ended 6 months ended
30 June 2017 (Unaudited) 30 June 2016 (Unaudited)
Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
Attributable
return on
ordinary activities
after taxation 110,205 151,480 261,685 100,838 (15,053) 85,785
Weighted average
number of
shares 2,157,881 2,051,272
Return per
ordinary share 5.1p 7p 12.1p 4.9p (0.7p) 4.2p
12 months ended
31 December 2016
(Audited)
Revenue Capital Total
GBP GBP GBP
Attributable
return on
ordinary activities
after taxation 211,428 126,031 337,459
Weighted average
number of
shares 2,104,868
Return per
ordinary share 10p 6p 16p
5. Return per ordinary share is calculated by dividing
shareholders' funds by the weighted average number of shares in
issue at 30 June 2017 of 2,157,881 (30 June 2016: 2,051,272 and 31
December 2016: 2,104,868).
6. Copies of the Half Yearly Financial Statements for the six
months ended 30 June 2017 will be available on the Company's
website www.athelneytrust.co.uk as soon as practicable.
For further information:
Robin Boyle
Managing Director Athelney Trust
020 7628 7937
This information is provided by RNS
The company news service from the London Stock Exchange
END
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