TIDMSCP
RNS Number : 1118E
Schroder UK Mid Cap Fund PLC
28 June 2023
Schroder UK Mid Cap plc
Half Year Report and Accounts
Schroder UK Mid Cap plc hereby submits its Half Year Report for
the period ended 31 March 2023 as required by the Financial Conduct
Authority's Disclosure Guidance and Transparency Rule 4.2.
The Half Year Report is also being published in hard copy format
and an electronic copy of that document will shortly be available
at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/1118E_1-2023-6-27.pdf
This is also available to download from the Company's
website
www.schroders.co.uk/ukmidcap
The Company has submitted its Half Year Report to the National
Storage Mechanism and it will shortly be available in unedited full
text at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Enquiries:
Paula Lockwood
Schroder Investment Management Limited
Tel: 020 7658 6000
Half Year Report and Accounts for the six months ended 31 March
2023
Chairman's Statement
Investment and share price performance
During the six-month period to 31 March 2023, the Company's net
asset value total return ("NAV") rose by 18.5%, comfortably
outperforming the 15.0% return of the Company's Benchmark (FTSE 250
ex Investment Trusts Index). The share total return price rose by
18.7% over the period.
More detailed comment on the performance of your Company can be
found in the Portfolio Manager's review.
Dividend
As portfolio income continues to recover the Board is pleased to
announce an increased interim dividend of 5.5 pence per share for
the financial year ending 30 September 2023, an increase of 10%.
This will be payable on 4 August 2023 to shareholders registered at
the close of business on 14 July 2023.
Discount management
The discount started and ended the period around the 11% mark,
which is broadly in line with the Company's mid cap listed peers.
The Board regularly monitors the discount and will continue to
consider share repurchases should it widen to a level at which the
Board believes buy-backs are in shareholders' best interests.
During the six-month period to 31 March 2023, the Company did not
buy back any shares.
Gearing
Net gearing as at 31 March 2023 was 8.8% versus 10.8% at the
beginning of the period with GBP25.0 million of the Company's
Revolving Credit Facilities deployed. It is expected that the
Manager will continue to use this gearing to take advantage of
attractive new investment opportunities and to participate in
capital raisings by portfolio companies.
Outlook
After a challenging financial year for the Company in 2022 it is
most pleasing to report a period of strong performance during the
first six months of the current financial year. Despite the ongoing
challenges of stubbornly high inflation and increasing UK rates,
investor sentiment has much improved in 2023 and there are some
good reasons for optimism in the outlook. Energy prices have
decreased to more sustainable levels, relieving pressure on
businesses and households, and inflation, though still elevated,
seems like it may have peaked. Though the conflict in Ukraine
continues and the associated geopolitical risks remain, a more
stable domestic political environment has helped calm UK markets
and improve sentiment.
Portfolio performance was strong during the period and more
details can be found in the Portfolio Manager's review regarding
the drivers of this performance. There are many reasons to be
optimistic about the outlook for UK mid caps and the Company's
portfolio. The portfolio contains many companies with strong
balance sheets which have been resilient through a challenging
period, continuing to grow earnings and margins. Many of these
companies' unique offerings have allowed them to pass through costs
to their customers enabling them to thrive in an inflationary
environment. The UK stock market remains cheap relative to many
other global markets on traditional valuation measures. Given these
clear valuation opportunities, it is unlikely that elevated
interest from foreign buyers, such as Private Equity funds, will
abate anytime soon, with domestically focused mid caps being
particularly attractive. While investors should never be complacent
given the complex international situation, still sticky levels of
inflation and the risk of higher interest rates in the UK, the
overall outlook has improved from the beginning of the financial
year and the Board remains optimistic that the Portfolio Managers
can continue to find attractive investment opportunities with the
prospect of long-term returns for shareholders.
Robert Talbut
Chairman
27 June 2023
Portfolio Manager's Review
Market Background
UK equities rose over the period helped in part as the country
emerged from its self-inflicted crisis, when the former prime
minister ("PM") and chancellor announced huge fiscal stimulus, with
little regard to how it would be funded. Many of the policies
announced with September's 2022 'mini-budget' were reversed and the
new chancellor Jeremy Hunt used the Autumn Statement to emphasise
fiscal discipline. These developments supported a strong recovery
by domestically focussed areas which also bounced back as it
transpired the UK economy had performed resiliently during the
energy crisis. Data from the Office for National Statistics
revealed that the UK economy had not contracted in Q4 2022,
contrary to consensus expectations. As a result, the economy dodged
a technical recession by dint of avoiding two consecutive quarters
of decline following the contraction recorded for Q3 2022. More
broadly, economically sensitive areas of UK equities outperformed
in line with other markets. This occurred amid hopes that the US
Federal Reserve might be in a position to 'pivot' to cutting
interest rates in late 2023.
Portfolio Performance
The portfolio NAV achieved a return of 18.5% during the period,
outperforming the Benchmark by 3.5%. Similarly, the share price
returned 18.7%, and so the discount, which began the period at
11.4%, widened slightly to 11.5%. Gearing was a positive
factor.
Stock-picking in the Consumer Discretionary sector, alongside
our underweight in the Real Estate sector, contributed strongly to
performance. Healthy absolute returns in Consumer Discretionary
were driven by a combination of stock selection and more resilient
consumer spending than the market anticipated. Pressure on the Real
Estate sector has been relentless in what we must admit is a more
normal interest rate environment.
At a stock specific level, homewares retailer, Dunelm, continued
to bounce back from its oversold position at the end of September
2022, when concern around consumer-focused stocks was at peak
levels. Dunelm has continued to trade strongly, taking market share
in both its core homewares sector and in furniture. The company is
continuing to benefit from people spending increased time in their
homes, partly driven by more home-working, and also, presumably,
because of a desire to save money, now that the excitement of being
able to eat in a restaurant again has receded. The announced 40p
special dividend emphasises both the momentum in the business and
its cash generative nature.
Share buy-backs were a common factor amongst some of our top
performing holdings, including commercial vehicle fleet operator,
Redde Northgate, and UK specialist bank, Paragon Banking Group,
which is exposed to the residential buy-to-let market, and proving
very resilient. Games Workshop, the company behind the Warhammer
franchise, performed very well on the back of news it had struck an
agreement in principle with Amazon to develop its intellectual
property into film and TV productions. We have long seen scope for
the company to selectively licence its intellectual property to
grow the fan base and create a truly global franchise. The Amazon
deal has brought this potential to the attention of the wider
market.
4Imprint , the promotional products business with over 98% of
revenues coming from North America, continues to enjoy rapid
post-pandemic growth. 2022 results revealed 45% revenue growth and
record operating profit. With just 5% market share of an industry
that is transitioning online, 4Imprint's leading digital marketing
skills position it well for further market share gains.
The largest detractor to performance was cyber security
business, NCC. In the second half of its financial year 2023, NCC
experienced softening demand for its services, as large US West
Coast technology customers deferred buying decisions. Margins are
also being squeezed from cheaper, overseas competition, although
the resilience of NCC's profitable escrow business is mitigating
some of the pressure.
Payments specialist, PayPoint, underperformed as the market
digested its acquisition of multi-retailer redemption product
provider Appreciate Group. However, the company has, in early June
2023, reported a positive year-end trading update, stating that
"profit before tax for the financial year ended 31 March 2023 will
be at the top end of the range of market expectations, driven by
the strong momentum across the business." Mining royalties
business, Ecora Resources, delivered results that fell marginally
short of expectations. In the last two years, the business has
begun to move away from being a predominantly coal weighted
business, using the supernormal profits from this commodity to
pivot towards commodities that will enable the energy
transition.
High performance polymer business Victrex underperformed on the
back of full year results which revealed gross margin weakness. The
company saw substantial inflation in raw material and energy costs,
which it was only able to pass through at a lag. We continue to
think the business is well-placed, with a 50% capacity share of the
niche, high margin polyetheretherketone ("PEEK") market, a very
solid balance sheet and a low valuation relative to its
history.
After a strong run in the previous six months, defence business
QinetiQ gave back some ground. However, post period end, the
company reported strong operating results together with a
significant upgrade to its long-term profit guidance, driven by
increased opportunities in the Security and Intelligence
markets.
Portfolio activity
We established a new holding in Babcock International, where we
see growing demand for the company's defence and nuclear services
combined with an improved balance sheet as a result of several
disposals. We also added speciality chemicals company Elementis to
the portfolio following the disposal of its chromium business,
which should improve the company's balance sheet and sustainability
profile. Following the disposals of its cigarette filters and
packaging businesses, Essentra has emerged as a focused business
concentrated on the attractive industrial components space. With a
strengthened balance sheet, the business should be able to make
smart acquisitions to consolidate a fragmented sector, while
continuing to grow organically.
We purchased a stake in Senior, the British engineering company,
which, we expect, will continue to benefit from the ongoing
recovery in the commercial aerospace sector. This company's balance
sheet has also improved significantly. The rationale for our WH
Smith purchase is described above, and it is our main exposure to
the Travel sector, where we expect to see a continuation of
resilient consumer spend (as opposed to other types of consumer
spend which may now be reaching exhaustion, post the re-opening
bounce).
We disposed of oil services company Petrofac following news of
the CEO's departure. We exited our residual position in PZ Cussons
and reinvested the proceeds into drinks manufacturer and Irn Bru
owner AG Barr, which made an interesting entry into the growing
energy drinks market via its acquisition of energy, sports and
protein drinks manufacturer Boost Drinks. This following the
successful acquisition, several years ago, of 100% natural fruit
cocktail mix manufacturer Funkin Brands. We sold engineer Weir
following its promotion to the FTSE 100, in line with our stated
policy.
We established a new position in oil and gas exploration
business Harbour Energy which has a balance sheet about to swing to
net cash and is delivering high levels of shareholder returns
through buy-backs and dividends. In the short term, the shares have
been weak, due to higher-than-expected levels of windfall tax on
North Sea oil profits.
Outlook
Since the ill-fated mini budget in September 2022, we have
experienced a period of relative calm, in addition to a welcome
period of improved performance. However, there remains plenty to
ponder, as ten-year UK interest rates have resumed their gentle
curve upwards. We first wrote about "eye catching levels of
inflation" in the 2021 Annual Report, and the fact is that although
the UK economy has been more resilient than the vast majority of
market commentators and forecasters expected, inflation remains
stubbornly high. In the six-month period reviewed here, the
12-month rate of Consumer Price Inflation ("CPI") remained above
10%, a level unseen since the early 1980s.
Against this inflationary backdrop, a majority of the companies
in the portfolio have fared remarkably well, demonstrating the
pricing power we seek. Economic consensus suggests inflation will
continue to fall as the year progresses, given lower energy and
petrol prices, and it could even be that the suggestions in the
media of price limits on certain commodity foods are enough to rein
in this particularly sticky element of the inflation cocktail.
Our response, in this environment, is to stick to our strategy
of choosing resilient businesses which can deliver high
risk-adjusted returns with rising cash flows and earnings. We have
maintained our focus on two categories of investment. First, those
unique assets with scarcity value and franchise power that allow
management teams to raise prices without noticeably impacting
demand. The other category is more cyclical businesses or in
industries that are undergoing some sort of change, or that might
be at some form of a strategic crossroads. This could be industry
consolidation, management change or supply retreating out of the
market. As a result of this change, we believe these companies will
deliver better returns on capital in the future, rewarding
shareholders. Additionally, portfolio companies tend to be net
cash, or to have low levels of debt. This is important as
refinancing costs have increased sharply, hurting profitability,
and increasing risks for equity holders.
Despite the consistently negative view presented in the media,
there are a myriad reasons to be optimistic about UK mid caps.
Consumer confidence is rebounding, with the highest reading for 15
months recorded in May 2023. In April 2023, 20 million adults saw a
10% increase in their incomes. This included over 12 million
pensioners receiving the state pension, nearly 6 million receiving
universal credit and over 2 million receiving housing benefit. The
labour market is strong, and the housing market appears to have
recovered from its near-death experience in September 2022.
Furthermore, the lowly valuation of the UK market continues to
attract attention from Private Equity and trade buyers. Recent bids
for UK mid caps Wood Group, Dechra Pharmaceuticals and Network
International attest to this, and, if these valuation levels
persist, the trend seems likely to accelerate.
We would also like to remind readers that we are fishing in an
attractive pond. In terms of the long-term potential of UK
equities, we suggest that investors willing to look beyond the
ongoing negative headlines will find the UK punches above its
weight. This can be seen in terms of multi-baggers relative to the
US. (See "30-baggers": why the UK has more than its fair share),
and this is why the Benchmark has beaten the S&P 500 return
over the 25 years to 31 March 2023, when measured in local
currency. In US dollar terms, it has very nearly matched the
popular US index. This is despite the UK mid cap index suffering a
substantial derating in the past 24 months. The Mid 250 is
populated by multiple "unique" companies, with strong growth
prospects, generating cash and delivering attractive returns on
capital.
As stock pickers, we are confident that the collective strength
of our holdings' balance sheets will continue to provide resilience
in a challenging economic environment. We are sticking to our sell
discipline, avoiding companies whose business models are in danger
of being disrupted while seeking out companies which have the
ability to reinvent themselves, or which might be the next mid cap
disruptor.
Schroder Investment Management Limited
27 June 2023
Half Year Report
Principal risks and uncertainties
The Directors consider that the principal risks and
uncertainties faced by the Company for the remaining six months of
the financial year, which could have a material impact on
performance, remain consistent with those on pages 18 to 20 in the
Annual Report and Accounts for the year ended 30 September
2022.
Going concern
Having assessed the Company's principal risks and uncertainties,
the continuing impact of the war in Ukraine, climate change risk,
inflation risk and increasing interest rates, its current financial
position, its cash flows, its liquidity position and Financial
Reporting Council guidance, the Directors consider it appropriate
to adopt the going concern basis in preparing the accounts.
Related party transactions
There have been no transactions with related parties that have
materially affected the financial position or the performance of
the Company during the six months ended 31 March 2023.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge, this
set of condensed financial statements has been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice, in particular with Financial Reporting Standard 104
"Interim Financial Reporting" and with the Statement of Recommended
Practice, "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" issued in July 2022 and that this Interim
Management Report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Income Statement
For the six months ended 31 March 2023 (unaudited)
(Audited)
(Unaudited) (Unaudited) For the year
For the six months For the six months ended 30 September
ended 31 March 2023 ended 31 March 2022 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------- ------- ------- ------- -------- -------- ------- --------- ---------
Gains/(losses)
on investments
held at fair
value through
profit or loss - 32,305 32,305 - (33,736) (33,736) - (88,419) (88,419)
Income from
investments 3,553 298 3,851 3,733 88 3,821 8,958 88 9,046
Other interest
receivable and
similar income - - - - - - 10 - 10
---------------------- ------- ------- ------- ------- -------- -------- ------- --------- ---------
Gross return/(loss) 3,553 32,603 36,156 3,733 (33,648) (29,915) 8,968 (88,331) (79,363)
Investment management
fee (230) (536) (766) (271) (633) (904) (487) (1,136) (1,623)
Administrative
expenses (310) - (310) (255) - (255) (542) - (542)
---------------------- ------- ------- ------- ------- -------- -------- ------- --------- ---------
Net return/(loss)
before finance
costs and taxation 3,013 32,067 35,080 3,207 (34,281) (31,074) 7,939 (89,467) (81,528)
Finance costs (81) (190) (271) (58) (135) (193) (116) (271) (387)
---------------------- ------- ------- ------- ------- -------- -------- ------- --------- ---------
Net return/(loss)
before taxation 2,932 31,877 34,809 3,149 (34,416) (31,267) 7,823 (89,738) (81,915)
Taxation (note
3) - - - - - - - - -
---------------------- ------- ------- ------- ------- -------- -------- ------- --------- ---------
Net return/(loss)
after taxation 2,932 31,877 34,809 3,149 (34,416) (31,267) 7,823 (89,738) (81,915)
---------------------- ------- ------- ------- ------- -------- -------- ------- --------- ---------
Return/(loss)
per share (note
4) 8.48p 92.18p 100.66p 8.98p (98.15)p (89.17)p 22.43p (257.32)p (234.89)p
---------------------- ------- ------- ------- ------- -------- -------- ------- --------- ---------
The "Total" column of this statement is the profit and loss
account of the Company. The "Revenue" and "Capital" columns
represent supplementary information prepared under guidance issued
by The Association of Investment Companies. The Company has no
other items of other comprehensive income, and therefore the net
return/(loss) after taxation is also the total comprehensive
income/(loss) for the period.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the period.
Statement of Changes in Equity
For the six months ended 31 March 2023 (unaudited)
Called-up Capital Share
share Share redemption Merger purchase Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- --------- ------- ---------- ------- -------- -------- ------- -------
At 30 September
2022 9,036 13,971 220 2,184 7,233 145,629 9,120 187,393
Net return after
taxation - - - - - 31,877 2,932 34,809
Dividend paid
in the period
(note 5) - - - - - - (4,841) (4,841)
----------------- --------- ------- ---------- ------- -------- -------- ------- -------
At 31 March
2023 9,036 13,971 220 2,184 7,233 177,506 7,211 217,361
----------------- --------- ------- ---------- ------- -------- -------- ------- -------
For the six months ended 31 March 2022 (unaudited)
Called-up Capital Share
share Share redemption Merger purchase Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- ------- ---------- ------- -------- -------- ------- --------
At 30 September
2021 9,036 13,971 220 2,184 9,908 235,367 6,883 277,569
Net (loss)/return
after taxation - - - - - (34,416) 3,149 (31,267)
Dividend paid
in the period
(note 5) - - - - - - (3,857) (3,857)
------------------ --------- ------- ---------- ------- -------- -------- ------- --------
At 31 March
2022 9,036 13,971 220 2,184 9,908 200,951 6,175 242,445
------------------ --------- ------- ---------- ------- -------- -------- ------- --------
For the year ended 30 September 2022 (audited)
Called-up Capital Share
share Share redemption Merger purchase Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- ------- ---------- ------- -------- -------- ------- --------
At 30 September
2021 9,036 13,971 220 2,184 9,908 235,367 6,883 277,569
Repurchase
of the Company's
own shares into
treasury - - - - (2,675) - - (2,675)
Net (loss)/return
after taxation - - - - - (89,738) 7,823 (81,915)
Dividends paid
in the year
(note 5) - - - - - - (5,586) (5,586)
------------------ --------- ------- ---------- ------- -------- -------- ------- --------
At 30 September
2022 9,036 13,971 220 2,184 7,233 145,629 9,120 187,393
------------------ --------- ------- ---------- ------- -------- -------- ------- --------
Statement of Financial Position at 31 March 2023
(Unaudited) (Unaudited) (Audited)
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
--------------------------------------- ----------- ----------- ------------
Fixed assets
Investments held at fair value through
profit or loss 235,373 261,960 207,289
--------------------------------------- ----------- ----------- ------------
Current assets
Debtors 1,666 2,434 853
Cash at bank and in hand 5,854 3,603 4,786
--------------------------------------- ----------- ----------- ------------
7,520 6,037 5,639
--------------------------------------- ----------- ----------- ------------
Current liabilities
Creditors: amounts falling due within
one year (note 6) (25,532) (25,552) (25,535)
--------------------------------------- ----------- ----------- ------------
Net current liabilities (18,012) (19,515) (19,896)
--------------------------------------- ----------- ----------- ------------
Total assets less current liabilities 217,361 242,445 187,393
Net assets 217,361 242,445 187,393
--------------------------------------- ----------- ----------- ------------
Capital and reserves
Called-up share capital (note 7) 9,036 9,036 9,036
Share premium 13,971 13,971 13,971
Capital redemption reserve 220 220 220
Merger reserve 2,184 2,184 2,184
Share purchase reserve 7,233 9,908 7,233
Capital reserves 177,506 200,951 145,629
Revenue reserve 7,211 6,175 9,120
--------------------------------------- ----------- ----------- ------------
Total equity shareholders' funds 217,361 242,445 187,393
--------------------------------------- ----------- ----------- ------------
Net asset value per share (note 8) 628.55p 691.39p 541.89p
--------------------------------------- ----------- ----------- ------------
Notes to the Accounts
1. Financial Statements
The information contained within the accounts in this half year
report has not been audited or reviewed by the Company's
independent auditor.
The figures and financial information for the year ended 30
September 2022 are extracted from the latest published accounts of
the Company and do not constitute statutory accounts for that year.
Those accounts have been delivered to the Registrar of Companies
and included the report of the auditor which was unqualified and
did not contain a statement under either section 498(2) or 498(3)
of the Companies Act 2006.
2. Accounting policies
Basis of accounting
The accounts have been prepared in accordance with United
Kingdom Generally Accepted Accounting Practice, in particular with
Financial Reporting Standard 104 "Interim Financial Reporting" and
with the Statement of Recommended Practice "Financial Statements of
Investment Trust Companies and Venture Capital Trusts" issued by
the Association of Investment Companies in July 2022.
All of the Company's operations are of a continuing nature.
The accounting policies applied to these accounts are consistent
with those applied in the accounts for the year ended 30 September
2022.
3. Taxation
The Company's effective corporation tax rate is nil, as
deductible expenses exceed taxable income.
4. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
For the For the For the
six months six months year ended
ended ended 30 September
31 March 31 March
2023 2022 2022
GBP'000 GBP'000 GBP'000
---------------------------------- ----------- ----------- ------------
Revenue return 2,932 3,149 7,823
Capital return/(loss) 31,877 (34,416) (89,738)
---------------------------------- ----------- ----------- ------------
Total return/(loss) 34,809 (31,267) (81,915)
---------------------------------- ----------- ----------- ------------
Weighted average number of shares
in issue during the period 34,581,190 35,066,190 34,874,738
Revenue return per share 8.48p 8.98p 22.43p
Capital return/(loss) per share 92.18p (98.15)p (257.32)p
---------------------------------- ----------- ----------- ------------
Total return/(loss) per share 100.66p (89.17)p (234.89)p
---------------------------------- ----------- ----------- ------------
5. Dividends
(Unaudited) (Unaudited) (Audited)
For the For the For the
six months six months year ended
ended ended 30 September
31 March 31 March
2023 2022 2022
GBP'000 GBP'000 GBP'000
---------------------------------- ----------- ----------- ------------
2022 final dividend paid of 14.0p
(2021: 11.0p) 4,841 3,857 3,857
Interim dividend of 5.0p - - 1,729
---------------------------------- ----------- ----------- ------------
4,841 3,857 5,586
---------------------------------- ----------- ----------- ------------
An interim dividend of 5.5p (2022: 5.0p) per share, amounting to
GBP1,902,000 (2022: GBP1,729,000), has been declared payable in
respect of the six months ended 31 March 2023.
6. Creditors: amounts falling due within one year
(Audited)
(Unaudited) (Unaudited) 30 September
31 March 31 March
2023 2022 20221
GBP'000 GBP'000 GBP'000
----------------------------- ----------- ----------- ------------
Bank loan 25,000 25,000 25,000
Other creditors and accruals 532 552 535
----------------------------- ----------- ----------- ------------
25,532 25,552 25,535
----------------------------- ----------- ----------- ------------
The bank loan is one-year term loan from Scotiabank Europe plc,
expiring in February 2024 and carrying an interest rate based on
the Sterling Overnight Interest Average plus a margin. This loan
replaced the three-year term loan from Scotiabank Europe plc, which
expired in February 2023.
7. Called-up share capital
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 30 September
31 March 31 March
2023 2022 2022
GBP'000 GBP'000 GBP'000
----------------------------------------- ----------- ----------- ------------
Changes in called-up share capital
during the period were as follows:
Opening balance of ordinary shares
of 25p each, excluding shares held
in treasury 8,645 8,766 8,766
Repurchase of shares into treasury - - (121)
----------------------------------------- ----------- ----------- ------------
Subtotal of ordinary shares of 25p
each, excluding shares held in treasury 8,645 8,766 8,645
Shares held in treasury 391 270 391
----------------------------------------- ----------- ----------- ------------
Closing balance of ordinary shares
of 25p each, including shares held
in treasury 9,036 9,036 9,036
----------------------------------------- ----------- ----------- ------------
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 30 September
31 March 31 March
2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------------------- ----------- ----------- ------------
Changes in the number of shares in
issue during the period were as follows:
Ordinary shares of 25p each, allotted,
called-up and fully paid
Opening balance of shares in issue,
excluding shares held in treasury 34,581,190 35,066,190 35,066,190
Repurchase of shares into treasury - - (485,000)
------------------------------------------- ----------- ----------- ------------
Closing balance of shares in issue,
excluding shares held in treasury 34,581,190 35,066,190 34,581,190
Closing balance of shares held in treasury 1,562,500 1,077,500 1,562,500
------------------------------------------- ----------- ----------- ------------
Closing balance of shares in issue,
including shares held in treasury 36,143,690 36,143,690 36,143,690
------------------------------------------- ----------- ----------- ------------
8. Net asset value per share
Net asset value per share is calculated by dividing
shareholders' funds by the 34,581,190 (31 March 2022: 35,066,190
and 30 September 2022: 34,581,190) shares in issue, excluding
shares held in treasury.
9. Financial instruments measured at fair value
The Company's financial instruments that are held at fair value
comprise its investment portfolio. At 31 March 2023, all
investments in the Company's portfolio were categorised as Level 1
in accordance with the criteria set out in paragraph 34.22
(amended) of FRS 102. That is, they are all valued using unadjusted
quoted prices in active markets for identical assets (31 March 2022
and 30 September 2022: same).
10. Events after the interim period that have not been reflected
in the financial statements for the interim period
The Directors have evaluated the period since the interim date
and have not noted any events which have not been reflected in the
financial statements.
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