Interim Results
March 26 2004 - 2:01AM
UK Regulatory
RNS Number:9686W
Utilico Investment Trust PLC
26 March 2004
Date: 26 March 2004
Contact: Charles Jillings Lisa Stanley
Utilico Investment Trust plc Lansons Communications
01372 271 486 020 7294 3692
Utilico Investment Trust plc
Unaudited Interim Statement of Results
for the period 20 May 2003 to 31 December 2003
HIGHLIGHTS OF RESULTS
* Strong increase in net asset value.
* Net asset value growth of #27m in this initial interim period.
* Net asset value per share (undiluted) up 27% to 125.95p.
* This compares with a 6.6% increase in the DJ World Utilities Index
(sterling adjusted) over the same period.
* Narrowing of share price discount to NAV.
* Share price discount reduced from 10.1% to 3.4%.
* Share price increased by 31.3% to 117.5p.
* Income generation modest.
* Earnings per share 0.21p.
* Effective Gross Asset gearing of 21% at 31 December 2003.
Comment
The Chairman, Mr Alan Wheatley, commented, "The existing portfolio offers
continued opportunities for capital growth as investments continue to benefit
from the world-wide economic recovery. As with most industries, the utilities
sector continues to undergo changes which will impact on specific business
models differently. This changing outlook will, we believe, continue to present
investment opportunities on a regular basis."
Investment Objective and Approach
The Company's objective is to provide long-term capital appreciation by
investing predominately in utility and related companies (including other
investment companies investing in these companies).
A key feature of the investment approach is to identify undervalued
opportunities. This can arise where the market overlooks a particular company or
sector, or where companies are under-researched or misunderstood. Often the
ability of a company to differentiate itself or maintain the market's confidence
in its business model results in an overreaction by the market and presents
attractive long-term entry points. The characteristics of the utilities sector
are no different to other sectors in regard to the above. In addition, and as
with other sectors, the utility sector periodically goes through cycles where
underlying value and market price can become disconnected. This can arise from
changes in regulation, technology, market motivation, financial engineering and
competition.
Fund Raising
Your Board is considering proposals for an open offer of subordinated
convertible unsecured loan stock and for the capital reorganisation of the
Company, including a bonus issue of zero dividend preference shares and a
consolidation of the existing ordinary shares into new ordinary shares. These
proposals would require amendment to the terms of the existing Warrants. Subject
to the Board confirming that these proposals will proceed it is intended that
the record date for entitlements to the open offer and bonus issue will be 5.00
pm on Monday, 29 March 2004. Full details of the proposals are expected to be
sent to all shareholders and warrantholders shortly.
Summary of Results
Attributable to equity shareholders
Undiluted net assets per share at 31 December 2003 125.95p
Diluted net asset value per share at 31 December 2003 121.63p
Earnings per share- period ended 31 December 2003 0.21p
Share price at 31 December 2003 117.50p
Warrant price at 31 December 2003 29.00p
No interim dividend to be paid.
Statement of Total Return
(Incorporating the Revenue Account*)
Period to 31 December 2003
Revenue Capital Total
#'000s #'000s #'000s
Gains on investments - 29,177 29,177
Exchange gains - 740 740
Income 1,385 - 1,385
Management and (409) - (409)
administration fees
Performance related - (3,787) (3,787)
management fee
Other expenses (186) (6) (192)
Net return before finance 790 26,124 26,914
costs and taxation
Interest payable and similar (514) - (514)
charges
Return on ordinary 276 26,124 26,400
activities before taxation
Taxation on ordinary (63) - (63)
activities
Return attributable to non 213 26,124 26,337
equity shareholders
Dividends on ordinary shares - - -
Amount transferred to 213 26,124 26,337
reserves
Return per ordinary share - 0.21 26.05 26.26
pence
Return per ordinary share +
(diluted) - pence
* The revenue column of this statement is the profit and loss account of the
Company.
+ There is no dilution.
The Company was incorporated on 20 May 2003 and commenced trading on 14 August
2003.
All revenue and capital items in the above statement are derived from continuing
operations.
Balance Sheet
at 31 December 2003
#'000s
Fixed assets
Investments 162,409
Current assets
Debtors 627
Cash at bank 1,871
2,498
Current liabilities
Creditors: amounts falling due within one year
Bank loans (19,673)
Other (4,504)
(24,177)
Net current liabilities (21,679)
Total assets less current liabilities 140,730
Creditors: amounts falling due after more than
one year
Bank loans (14,412)
Net assets 126,318
Capital and reserves
Called-up equity share capital 1,003
Share premium -
Special reserve 97,554
Capital reserves 26,124
Warrant reserve 1,424
Revenue reserve 213
Total equity shareholders' funds 126,318
Net assets value per ordinary share - pence 125.95
Net asset value per ordinary share (diluted) - pence 121.63
Cash FlowStatement
Period to
31 December 2003
#'000s
Net cash inflow from operating activities 735
Interest paid (356)
Total tax paid (63)
Net cash outflow from purchases and sales of (33,270)
investments
Net cash outflow before use of liquid resources and (32,954)
financing
Net cash inflow from financing 34,940
Increase in cash during the period 1,986
Notes
The above financial information comprises non-statutory accounts within the
meaning of section 240 of the Companies Act 1985. The Company was incorporated
on 20 May 2003 and commenced trading on 14 August 2003. The period to 31
December 2003 is the Company's first reporting period and thus there are no
comparatives. The Company's first financial period end is 30 June 2004. The
Interim Report & Accounts will be posted to all shareholders at the end of March
2004 and copies may be obtained during normal business hours from the Company's
Registered Office, Exchange House, Primrose Street, London EC2A 2NY.
By order of the Board
F&C Management Limited, Secretary
25 March 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
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