TIDMASTO
RNS Number : 6179C
AssetCo PLC
14 June 2023
14 June 2023
AssetCo plc
("AssetCo" or the "Company")
2023 Half-year Report
for the six months ended 31 March 2023
Highlights
-- Acquisition of Ocean Dial Asset Management announced, subject
to regulatory approvals, continuing the expansion of AssetCo's
listed equity platform:
o Brings emerging markets equity asset management capability in
the fast-growing Indian economy (AuM c.GBP139m at end May)
o Adds a third closed end fund client to the Group
o Earnings enhancing from outset (based on run rate revenues of
c.GBP1.6m pa as at end May)
-- Steady progress made in underlying businesses:
o Improvements in assets under management and operating margins
for the active equities businesses despite industry outflows
o Net inflows of GBP28m for Saracen Global Income and Growth
Fund making the Group the 8th largest net asset gatherer out of 36
groups in the Global Income sector
o Net inflows of $21m at Rize ETF over the period
o Improvement in profit, cashflows and balance sheet strength at
Parmenion which also completed its first acquisition in the
period.
o Further cost reductions in active equities business: over
GBP1m identified in addition to those underway at year end, to
deliver annualised cost reductions of over GBP16m in aggregate
since announcement of the acquisition of River & Mercantile in
January 2022
-- Assets under management (AuM) as at 31 March 2023 were
GBP13.8 bn (31 March 2022: GBP9.9bn), including AuM for Parmenion
(GBP10.6bn)
-- 86% of active equity mutual funds AuM in 1(st) or 2(nd)
quartile in investment performance terms, over 3 years when
compared to competitor funds in relevant Investment Association
sectors
Underlying operational loss for the six months ended 31 March
2023 GBP4.1m before exceptionals and other one-off costs,
reflecting the introduction of both River & Mercantile and SVM
businesses since the previous half year report. Overall loss
GBP13.8m (31 March 2022: loss of GBP2.6m).
Campbell Fleming, Chief Executive Officer of AssetCo,
commented:
"The six months to end March 2023 has been one of the toughest
on record for active equities businesses with a backdrop of
relentless outflows across the industry. Given that extremely
challenging operating environment, I am gratified to report a
modest uptick in both assets under management and, importantly,
operating margin for our active equities businesses. At Rize, the
thematic focus of that ETF business has been out of favour in the
market but it is pleasing to report healthy net inflows over the
reporting period. Parmenion has gone from strength to strength over
the period.
We were also delighted, in March, to announce the acquisition of
Ocean Dial Asset Management which is expected to enhance earnings
from the outset and provides welcome and valuable access to the
long-term potential that India offers. We see opportunities to add
value by bringing that business together with the other active
equity businesses we are combining under the River and Mercantile
brand.
The further cost savings we have identified, when taken together
with work done to date and our continued strong investment
performance showing as a Group, make us well placed to benefit from
improvement in investor sentiment. The traction achieved for the
Saracen Global Income and Growth Fund supported by River and
Mercantile's distribution capability demonstrates the potential of
bringing together strong operating companies."
For further information, please contact:
AssetCo plc Numis Securities Limited
Campbell Fleming, CEO Nominated adviser and joint
Gary Marshall, CFOO broker
Tel: +44 (0) 7958 005141 Giles Rolls / Charles Farquhar
Tel: +44 (0) 20 7260 1000
Panmure Gordon (UK) Limited H/Advisors Maitland
Joint corporate broker Neil Bennett
Atholl Tweedie / Gabriel Hamlyn Rachel Cohen
Tel: +44 (0) 20 7886 2906 Tel: +44 (0) 20 7379 5151
For further details, visit the website, www.assetco.com
Ticker: AIM: ASTO.L
CHAIRMAN'S STATEMENT
The six months ended 31 March 2023 saw a period of unrelenting
market pressure. Although most stock markets saw some uplift in
value, investor sentiment was weak and the collapse of Silicon
Valley Bank, followed swiftly by the rescue of Credit Suisse, did
nothing to calm the nerves of investors. Fund flows across the
industry were consistently negative for the period, with outflows
from UK Equity funds (currently AssetCo's largest exposure)
actually increasing in Q1 2023 from what were already record levels
in 2022. With overall industry figures negative, the only respite
from the gloom was in Global Equity funds where inflows turned
tentatively positive in Q1 2023.
The AssetCo Group of companies was sadly not immune from these
pressures and the Group generally suffered outflows over the
period, when inflows had been the expectation. The general rise in
markets has cushioned the effect to some extent, but it is fair to
say that we remain behind where we want to be in terms of asset
growth. Thankfully the Global Equity asset class is one where we
have been bucking the trend for some time with the Saracen Global
Income and Growth Fund and the more supportive environment was
welcome.
Progress has been made in delivering cost savings and the
revenue pressures have moved us to go further in this regard.
Savings of over GBP1m have been identified on top of those already
targeted and being actioned at year end, leading us to a projected
run rate costs target of GBP15m for the active equities business at
River and Mercantile ("R&M"), which eliminates more than GBP16m
from the cost base inherited in the River and Mercantile
acquisition. We also reached agreement to sell River and
Mercantile's loss-making US business earlier this year. The deal
completed at the end of May and will result in a modest revenue
share benefit for a period going forward, while eliminating net
losses which amounted to GBP0.4m in this reporting period.
We intend to roll the Saracen business into SVM in the near
future and the ground is being laid for the full-scale integration
of all of our active equities businesses under the River and
Mercantile brand. In the meantime, cost savings at SVM aim to move
that business (considered as a stand-alone) to profitability on a
run rate basis around financial year end, while Saracen is expected
to generate good revenues this year as its flagship Global Income
and Growth Fund continues to gather assets.
It has been encouraging to see net inflows into the Rize ETF
business over the period, which bucks the general trend in
conventional fund markets and points to the on-going potential for
this product set. That said, the business remains materially behind
plan, its thematic focus having been set back by the advent of war
in Ukraine and subsequent market jitters. We have therefore decided
to take the prudent approach of writing down the holding value in
our balance sheet by c.GBP5m to GBP12m. We continue to see real
potential in this business, but it is emerging later and slower
than we had hoped.
The market for infrastructure funds has been particularly
challenging against a backdrop of rising rates and a crisis for UK
pension funds and insurers in the Liability Driven Investment (LDI)
market. This has proven particularly unhelpful for River and
Mercantile's own infrastructure fund as a UK only income vehicle
and new commitments have not been forthcoming as hoped, although a
pipeline of potential commitments is being actively developed.
Recognising this slower and later business development and taking a
conservative position, we have elected to make a provision of
GBP1.7m against assets held on the balance sheet for our
infrastructure business which have been advanced in expectation of
future profits.
Financials
The Income Statement for the six months ended 31 March 2023
shows revenue of GBP8.3m (31 March 2022: GBP1.3m) and a loss before
taxation of GBP13.8m (31 March 2022: loss GBP2.6m).
As was the case with the previous full year's result, it is
difficult to make a direct comparison to the previous six-month
period. The six months to 31 March 2022 did not include the
businesses of River and Mercantile and SVM, whereas (with the
exception of the month of October in the case of SVM which was
acquired at the end of October) both businesses are fully included
in the six months to end March 2023. This brought an additional
GBP11.7m of administrative expenses into account for the current
period, compared to the six months ending 31 March 2022. Some GBP3m
of expenses in the current period were one-off costs, almost half
relating to re-structuring.
We have elected to write down the holding value of Rize ETF (by
GBP5m) and to make a provision (of GBP1.7m) against certain assets
held on the balance sheet for River and Mercantile's infrastructure
business. In both cases this reflects the later and slower
development of these otherwise attractive businesses in the current
market environment.
Total (balance sheet) assets at 31 March 2023 were GBP86.5m (31
March 2022: GBP60.9m) which underlines the strength of our balance
sheet. The Group held cash of GBP27.5m and c.GBP4.8m in treasury
shares at period end.
Continuing to Build the Business
We were pleased, at the beginning of March, to announce the
acquisition of Ocean Dial Asset Management Limited. Ocean Dial was
established in 2005 and is wholly owned by Avendus Capital Asset
Management (UK) Limited. Ocean Dial's current business is the
management of the assets of the India Capital Growth Fund Limited,
which, as at end May 2023, had a net asset value in excess of
GBP139m and an annualised run rate revenue of GBP1.6m. The
Acquisition is expected to be earnings enhancing for the Group and
it is anticipated that further synergies will be achievable
following completion. The acquisition is notable both for the
access it gives us to investment capability in the world's most
populous nation and the partnership it brings with the India
Capital Growth Fund Limited. We look forward to completing the
transaction later in the year (subject to receipt of the required
regulatory approvals) and welcoming the Ocean Dial team to the
AssetCo Group.
The Group was delighted to welcome Michelle Dunne as Head of
Institutional Sales at River and Mercantile where she brings an
outstanding reputation to bear in asset raising, particularly in
the area of private markets and infrastructure, having worked at
BlackRock for over 10 years and after that at Neuberger Berman. We
are pleased to be able to attract such talent to the Group and to
invest in the growth of our business in this way.
Outlook
While market conditions remain challenging, we remain on track
to deliver significant cost savings from the Group by year-end.
This, combined with the strong performance of many of our funds,
our robust balance sheet and the fact that we continue to see
numerous avenues for profitable growth, give us continuing
confidence in the future of the business.
Board
Mark Butcher, previously independent non-executive director,
stood down from the Board at the Company's AGM on 30 March 2023 in
light of his length of service. I must re-iterate my thanks to
Mark, both personally and on behalf of the Board, for his support
and contribution to the Company for over 10 years. We wish him the
very best for the future.
Martin Gilbert
Chairman
14 June 2023
BUSINESS REVIEW
The chart below shows the movement in active equities assets
over the period and includes, for this purpose, SVM assets under
management at 30 September even though the business was not
actually acquired until end October 2022.
The single biggest detractor during the period was the River and
Mercantile loss of a New Zealand institutional mandate (where the
client made an asset allocation call away from the asset class in
question). Otherwise, profit taking in R&M's Global Recovery
funds has been the somewhat frustrating order of the day, together
with unfortunately expected redemptions from the poorly performing
SVM UK Growth fund. On the plus side, additions to another R&M
US client's institutional mandate have been welcome, as has been
the fairly consistent level of net inflows to the Saracen Global
Income and Growth Fund.
Market movements have been helpful over the period, leaving the
business marginally ahead overall, in terms of AuM.
Investment performance for the Group's active equities funds has
been resilient over the period, with particularly strong showings
over 10, 3 and 1 year periods. It is also worth noting that our
flagship UK-domiciled European fund is approaching its important
third anniversary with a favourable track record. All things
continuing well, this should facilitate its wider promotion in the
market.
Assets under management have increased over the period, thanks
mainly to rises in market values, further draw down on
infrastructure commitments and net inflows in ETFs. We have been
particularly encouraged by the rise in weighted average fee rates
for active equities where lower margin outflows have been replaced
by higher margin inflows (for example in institutional mandates and
with the inflows to the higher margin global equities fund in place
of UK equities outflows)
Annualised Revenue Breakdown by Business Type (as at 31 March
2023)
Business Type AuM (GBPm) Weighted average Gross annualised
fee rate, net revenue net
of rebates (bp) of rebates
(GBP000s)
Wholesale (active equities) 2,181 58 12,640
----------- ----------------- -----------------
Institutional (active
equities) 585 37 2,138
----------- ----------------- -----------------
Investment Trust (active
equities) 68 73 501
----------- ----------------- -----------------
Infrastructure 63 68 428
----------- ----------------- -----------------
ETFs 363 47 1,700
----------- ----------------- -----------------
Total 3,261 17,408
----------- ----------------- -----------------
This table excludes the Group's structured 30% interest in
Parmenion which had AuM of GBP10.6bn at 31 March 2023, and
generated revenues of GBP20.6m for the period from 1 October
2022.
-- Wholesale refers to the active equity assets which are held
and managed in mutual funds distributed by the Group.
-- Institutional refers to the active equity assets which are
held and managed in separate accounts on behalf of institutional
clients of the Group.
-- Investment Trust refers to the active equity assets which are
held and managed in investment trusts which are clients of the
Group.
Rize
The period between 1 October 2022 and 31 March 2023 was
particularly tough for the European thematic ETF market as a whole,
with net outflow of USD 314 million across that market.
Notwithstanding the outflow across the wider thematic ETF market,
Rize ETF enjoyed net inflows of $21 million in that period, and
spent much of that time building its next suite of ETFs and
expanding its marketing footprint across Europe. As part of that,
Rize ETF has been working with a number of key clients to develop
its next suite of sustainable thematic (Article 9) ETFs whilst also
expanding the number of target client firms that have onboarded its
ETFs as a way of positioning itself for the next wave of thematic
allocations once interest rates and inflation begin to normalise
and larger allocations into thematic equities begin to return in
meaningful size. The Rize Environmental Impact 100 UCITS ETF has
been one of the top performing environment/climate-themed
sustainable thematic (Article 9) funds during the period with a
return of 24.7 % between 1 October 2022 and 31 March 2023 and
achieving $10 million in net inflows in the period.
Parmenion
The six-month period from 1 October 2022 to 31 March 2023 saw
Parmenion generate revenues of GBP20.6m and an EBITDA of GBP9.1m.
Platform AUM across the group increased from GBP8.5bn to GBP10.6bn.
(Note the numbers include ebi as referenced below).
In December 2022, the business launched a new proposition,
Advisory Models Pro, which allows significantly more flexibility
for adviser firms in building their own models using our fund range
and platform technology. This launch was accompanied by an app
which has streamlined the consent journey for clients, along with
providing more user-friendly reporting.
The platform offering was further enhanced with the addition of
a number of new external discretionary fund managers, to run
alongside our in-house portfolio investment management service.
At the end of the year, Parmenion was strengthened by the
acquisition of ebi Portfolios Limited, a Midlands-based DFM, with a
reputation for strong ESG credentials. Further M&A
opportunities continue to be evaluated as they arise.
Parmenion has improved cash generation in line with increased
EBITDA. Cash held at 31 March 2023 was GBP28.7m compared to
GBP30.8m at the end of September 2022. This decrease reflects the
payment of the initial consideration for ebi, which was paid out of
operational cash. Parmenion has continued to strengthen its balance
sheet with capital held well in excess of regulatory
requirements.
In summary, Parmenion has continued to grow successfully despite
the wider economic challenges and has improved profit, cashflows
and balance sheet strength and completed its first acquisition in
the period.
Key Performance Indicators
The following table summarises key performance indicators for
the business, illustrating the progression of the business over the
period.
End March End Sept End March Movement
2023 2022 2022 March 2022
to March
2023
(Sept 22
to March
23)
Total Assets under Management GBP3,261m GBP2,652m GBP503m +GBP2,758m
(excluding Parmenion) (+GBP609m)
---------- ---------- ---------- ---------------
Active Equities Assets GBP2,766m GBP2,291m GBP113m +GBP2,653m
under Management (+GBP475m)
---------- ---------- ---------- ---------------
Total (balance sheet) GBP86.5m GBP102.1m GBP60.9m +GBP25.6m
assets (-GBP15.6m)
---------- ---------- ---------- ---------------
Annualised revenue(1) GBP17.9m GBP12.9m GBP2.7m +GBP15.2m
(+GBP5m)
---------- ---------- ---------- ---------------
Profit/loss for the -GBP13.8m -GBP9.3m -GBP2.6m -GBP11.2m
period (n/a)
---------- ---------- ---------- ---------------
Investment performance(2) 62% 76% 0%(3) +62% points
(1 year) (-14% points)
---------- ---------- ---------- ---------------
Investment performance(2) 86% 53% 2%(3) +84% points
(3 year) (+33% points)
---------- ---------- ---------- ---------------
(1) Monthly recurring revenue at date shown, annualised (i.e. x
12)
(2) % active equity mutual fund AuM in 1(st) or 2(nd) quartile
when compared to competitor funds in relevant Investment
Association sectors.
(3) Saracen only
Campbell Fleming, Chief Executive Officer
14 June 2023
AssetCo plc
Consolidated Income Statement
for the six months ended 31 March 2023
Six months ended Year ended
Notes Unaudited Unaudited31 Audited
31 March 2023 March 2022 30 Sept
GBP'000 GBP'000 2022
GBP'000
------------------------------------- ----- --------------------- ---------------- ------------
Revenue 3 8,275 1,285 8,062
Cost of sales - (1,767) -
------------------------------------- ----- --------------------- ---------------- ------------
Gross (loss)/profit 8,275 (482) 8,062
Other income 4 1,788 - 1,977
Administrative expenses 5 (17,014) (5,261) (25,051)
Other gains/(losses) 6 (6,718) - (9,732)
------------------------------------- ----- --------------------- ---------------- ------------
Operating (loss) 3 (13,669) (5,743) (24,744)
Gain on bargain purchase 7 - - 3,227
Finance income 8 2 1,590 12,433
Finance costs (136) - (10)
------------------------------------- ----- --------------------- ---------------- ------------
Finance income (net) (134) 1,590 12,423
Share of result of associate 266 1,512 181
------------------------------------- ----- --------------------- ---------------- ------------
(Loss) before income tax (13,537) (2,641) (8,913)
Income tax credit/(expense) 9 148 - 59
------------------------------------- ----- --------------------- ---------------- ------------
Loss after tax from continuing
operations (13,389) (2,641) (8,913)
------------------------------------- ----- --------------------- ---------------- ------------
Loss after tax from discontinued
operation 10 (413) - (401)
------------------------------------- ----- --------------------- ---------------- ------------
(Loss) for the year (13,802) (2,641) (9,255)
------------------------------------- ----- --------------------- ---------------- ------------
(Loss) attributable to:
Owners of the parent (13,434) (2,252) (8,440)
Non-controlling interest (368) (389) (815)
------------------------------------- ----- --------------------- ---------------- ------------
(13,802) (2,641) (9,255)
------------------------------------- ----- --------------------- ---------------- ------------
Loss per Ordinary Share attributable Pence Pence(1) Pence
to the owners of the parent
during the year
------------------------------------- ----- --------------------- ---------------- ------------
From continuing operations
Basic 11 (9.28) (2.67) (7.80)
Diluted 11 (9.28) (2.67) (7.80)
------------------------------------- ----- --------------------- ---------------- ------------
(1) Prior year loss per share has been re-stated to reflect the
10-1 share split carried out by AssetCo in August 2022.
AssetCo plc
Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2023
Six months ended Year ended
Unaudited Unaudited Audited 30
31 March 2023 31 March Sept 2022
GBP'000 2022 GBP'000
GBP'000
----------------------------------- -------------------- ------------- -----------------
(Loss) for the year (13,802) (2,641) (9,255)
Other comprehensive (loss)/income:
Currency translation differences - - -
----------------------------------- -------------------- ------------- -----------------
Other comprehensive income - - -
(net of tax)
----------------------------------- -------------------- ------------- -----------------
Total comprehensive (loss)
for the period (13,802) (2,641) (9,255)
------------------------------------ -------------------- ------------- -----------------
Attributable to:
Owners of the parent (13,434) (2,252) (8,440)
Non-controlling interests (368) (389) (815)
------------------------------------ -------------------- ------------- -----------------
Total comprehensive (loss)
for the year (13,802) (2,641) (9,255)
------------------------------------ -------------------- ------------- -----------------
AssetCo plc
Consolidated Statement of Financial Position
as at 31 March 2023
Notes Unaudited Unaudited Audited
31 March 31 March 2022 30 Sept
2023 GBP'000 2022
GBP'000 GBP'000
-------------------------------- ----- ---------- -------------------- --------------
Assets
Non-current assets
Property, plant and equipment 42 27 32
Right-of-use assets 1,969 - 224
Goodwill and intangible
assets 25,798 20,051 24,600
Investments accounted
for using the equity
method 22,318 23,383 22,052
Long-term receivables - - 1,208
-------------------------------- ----- ---------- -------------------- --------------
Total non-current assets 50,127 43,461 48,116
-------------------------------- ----- ---------- -------------------- --------------
Current assets
Trade and other receivables 7,596 636 9,700
Assets held for sale 10 56 - -
Financial assets at fair
value through profit
and loss 44 13,200 37
Current income tax receivable 1,173 3 1,173
Cash and cash equivalents 27,548 3,634 43,066
-------------------------------- ----- ---------- -------------------- --------------
Total current assets 36,417 17,473 53,976
-------------------------------- ----- ---------- -------------------- --------------
Total assets 86,544 60,934 102,092
-------------------------------- ----- ---------- -------------------- --------------
Liabilities
Non-current liabilities
Deferred tax liabilities 1,000 49 1,070
-------------------------------- ----- ---------- -------------------- --------------
Total non-current liabilities 1,000 49 1,070
-------------------------------- ----- ---------- -------------------- --------------
Current liabilities
Trade and other payables 8,878 2,471 12,750
Liabilities held for
sale 10 52 - -
Lease liability 2,049 - 294
Loan due to related party - 1,000 -
Loan notes 12 6,895 - -
Current income tax liabilities 1,566 1,437 1,437
-------------------------------- ----- ---------- -------------------- --------------
Total current liabilities 19,440 4,908 14,481
-------------------------------- ----- ---------- -------------------- --------------
Total liabilities 20,440 4,957 15,551
-------------------------------- ----- ---------- -------------------- --------------
Equity attributable to owners
of the parent
Share capital 1,493 843 1,493
Share premium 12 209 27,770 -
Capital redemption reserve 653 653 653
Merger reserve 43,063 2,762 43,063
Other reserves - 7,977 -
Retained earnings 22,148 16,640 42,426
-------------------------------- ----- ---------- -------------------- --------------
67,566 56,645 87,635
Non-controlling interest (1,462) (668) (1,094)
-------------------------------- ----- ---------- -------------------- --------------
Total equity 66,104 55,977 86,541
-------------------------------- ----- ---------- -------------------- --------------
Total equity and liabilities 86,544 60,934 102,092
-------------------------------- ----- ---------- -------------------- --------------
AssetCo plc
Consolidated Cash Flows
for the six months ended 31 March 2023
6 months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 Sept
2023 2022 2022
GBP'000 GBP'000 GBP'000
---------------------------------------- --------- --------- ----------
Cash flows from operating activities
Cash (outflow) from operations
(note 13) (8,759) (2,768) (17,916)
Cash outflows from discontinued
operation (413) - (401)
Corporation tax paid - - (31)
Finance costs (33) - (10)
---------------------------------------- --------- --------- ----------
Net cash (outflow) from operating
activities (9,205) (2,768) (18,358)
---------------------------------------- --------- --------- ----------
Cash flow from investing activities
Net cash received from acquisitions
(note 12) 2,802 - 42,148
Payments to acquire associated
undertakings - (21,871) (21,871)
Interest on loan notes held in
associate - 1,977
Dividends received from financial
assets held at fair value - 390 11,459
Finance income 2 - 974
Proceeds of disposal of investments
at FV through P and L - - 1,017
Additions to right-of-use assets (2,176) - -
Purchase of property, plant and
equipment (22) (14) (15)
Purchase of intangibles (6) (6) (12)
---------------------------------------- --------- --------- ----------
Net cash (outflow)/inflow from
investing activities 600 (21,501) 35,677
---------------------------------------- --------- --------- ----------
Cash flow from financing activities
Costs of share issue - - (1,000)
Dividend paid to AssetCo shareholders (1,798) - -
New lease financing 2,176 - -
Lease payments (454) - (104)
Shares bought for treasury (6,837) - (51)
Short-term loan from related party - 1,000 -
---------------------------------------- --------- --------- ----------
Net cash used in financing activities (6,913) 1,000 (1,155)
---------------------------------------- --------- --------- ----------
Net change in cash and cash equivalents (15,518) (23,269) 16,164
Cash and cash equivalents at beginning
of year 43,066 26,902 26,902
Cash and cash equivalents at
end of year 27,548 3,633 43,066
---------------------------------------- --------- --------- ----------
AssetCo plc
Consolidated Statement of Changes in Equity
for the six months ended 31 March 2023
Share Capital
Share premium redemption Merger Other Retained Non-controlling Total
capital account reserve reserve reserve earnings Total interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
At 1 October
2021 843 27,770 653 2,762 5,496 18,892 56,416 (279) 56,137
Comprehensive
income
Loss for the
period - - - - - (2,252) (2,252) (389) (2,641)
Total
comprehensive
loss - - - - - (2,252) (2,252) (389) (2,641)
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
Share-based
payments
- LTIP - - - - 2,481 - 2,481 - 2,481
At 31 March
2022 843 27,770 653 2,762 7,977 16,640 56,645 (668) 55,977
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
Comprehensive
income
Loss for the
period - - - - - (6,188) (6,188) (426) (6,614)
Other
comprehensive
income
Currency
translation
differences - - - - - - - - -
-------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
Total
comprehensive
(loss) - - - - - (6,188) (6,188) (426) (6,614)
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
Shares issued
on
acquisition 598 - - 41,301 - - 41,899 - 41,899
Costs of share
issue - - - (1,000) - - (1,000) - (1,000)
Share-based
payments
- LTIP 52 4,255 - (7,977) - (3,670) - (3,670)
Share premium
cancellation - (32,025) - - - 32,025 - - -
Shares bought
for
treasury - - - - - (51) (51) - (51)
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
At 30 September
2022 1,493 - 653 43,063 - 42,426 87,635 (1,094) 86,541
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
Comprehensive
income
Loss for the
period - - - - - (13,434) (13,434) (368) (13,802)
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
Total
comprehensive
(loss) - - - - - (13,434) (13,434) (368) (13,802)
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
Shares bought
for
treasury - - - - - (6,837) (6,837) - (6,837)
Treasury shares
used to settle
conversion of
loan
notes - 209 - - - 1,791 2,000 - 2,000
Dividends paid - - - - - (1,798) (1,798) - (1,798)
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
At 31 March
2023 1,493 209 653 43,063 - 22,148 67,566 (1,462) 66,104
--------------- ------- -------- ----------- --------- --------- ---------- ------------ ----------------- -----------
NOTES FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
1. General information and basis of presentation
AssetCo Plc ("AssetCo" or the "Company") is a public limited
company incorporated and domiciled in England and Wales. The
address of its registered office is 30 Coleman Street, London, EC2R
5AL.
AssetCo is the Parent Company of a group of companies ("the
Group") which offers a range of investment services to private and
institutional investors.
The financial information in the Half-year Report has been
prepared using the recognition and measurement principles of the
UK-adopted International Accounting standards and in conformity
with the requirements of the Companies Act 2006. The principal
accounting policies used in preparing the Half-year Report are
those the Company expects to apply in its financial statements for
the year ending 30 September 2023 and are unchanged from those
disclosed in the Annual Report and Financial Statements for the
year ended 30 September 2022.
The financial information for the six months ended 31 March 2023
and the six months ended 31 March 2022 is unaudited and does not
constitute the Group's statutory financial statements for those
periods. The comparative financial information for the full year
ended 30 September 2022 has, however, been derived from the audited
statutory financial statements for that period. A copy of those
statutory financial statements has been delivered to the Registrar
of Companies.
While the financial figures included in this Half-year Report
have been computed in accordance with IFRSs applicable to interim
periods, this Half-year Report does not contain sufficient
information to constitute an interim financial report as that term
is defined in IAS 34.
The financial statements have been presented in sterling to the
nearest thousand pounds (GBP'000), except where otherwise
indicated.
2. Going concern
The directors have considered the going concern assumption of
the Group by assessing the operational and funding requirements of
the Group. The directors have prepared financial projections along
with sensitivity analyses of reasonable plausible alternative
outcomes. The forecasts demonstrate that the directors have a
reasonable expectation that the Group has adequate financial
resources to continue operating for a period of at least 12 months
from the date of signing these Interim Financial Statements.
Therefore the directors continue to adopt the going concern basis
of accounting in preparing the consolidated financial
statements.
3. Segmental reporting
The core principle of IFRS 8 'Operating segments' is to require
an entity to disclose information that enables users of the
financial statements to evaluate the nature and financial effects
of the business activities in which the entity engages and the
economic environments in which it operates. Segment information is
therefore presented in respect of the company's commercial
competencies, Active equities, Infrastructure asset management,
Exchange traded funds, Digital Platform and Head office. It should
be noted that the segment 'Exchange traded funds' was historically
named 'High-growth thematics'. There has been no change in
allocation methodology or accounting for this segment.
Active equities comprise RMG, SVM, Saracen and Revera;
Infrastructure Asset Management is the non-equities investment arm
of RMG; Exchange Traded Funds is Rize ETF and Digital Platforms
represents the Group's investment in the associated company,
Parmenion.
Substantially all revenues are earned in the UK with a small
amount generated in the US. We have included a table below to show
the split. The Directors consider that the chief operating decision
maker is the Board.
The amounts provided to the Board with respect to net assets are
measured in a manner consistent with that of the financial
statements. The Company is domiciled in the UK.
The segment information provided to the Board for the reportable
segments is as follows:
Period ended Exchange
31 March 2023 Active Infrastructure traded Digital
unaudited equities asset management funds platform Head office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- ----------------- -------- --------- ----------- --------
Revenue
Management fees 7,257 230 - - - 7,487
Marketing fees - - 788 - - 788
------------------------ --------- ----------------- -------- --------- ----------- --------
Total revenue 7,257 230 788 - - 8,275
------------------------ --------- ----------------- -------- --------- ----------- --------
Operating (loss)/profit (5,702) (1,932) (6,245) - 210 (13,669)
Finance income 2 - - - - 2
Finance costs (30) - - - (106) (136)
Share of result
of associate - - - 266 - 266
------------------------ --------- ----------------- -------- --------- ----------- --------
(Loss)/profit
before tax (5,730) (1,932) (6,245) 266 104 (13,537)
Income tax 144 - 4 - - 132
------------------------ --------- ----------------- -------- --------- ----------- --------
(Loss)/profit
for period (5,586) (1,932) (6,241) 266 104 (13,389)
------------------------ --------- ----------------- -------- --------- ----------- --------
Segment assets
Total assets 47,570 645 12,819 - 25,510 86,544
Total liabilities (4,781) (851) (319) - (14,489) (20,440)
------------------------ --------- ----------------- -------- --------- ----------- --------
Total net assets 42,789 (206) 12,500 - 11,021 66,104
------------------------ --------- ----------------- -------- --------- ----------- --------
Depreciation 11 - 3 - - 14
Impairment of
goodwill - - 5,000 - - 5,000
Amortisation of
intangible assets 365 - 6 - - 371
Amortisation of
right-of-use assets 431 - - - - 431
------------------------ --------- ----------------- -------- --------- ----------- --------
Total capital
expenditure 22 - 6 - - 28
------------------------ --------- ----------------- -------- --------- ----------- --------
Period ended Exchange
31 March 2022 Active Infrastructure traded Digital
unaudited equities asset management funds platform Head office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- --------- ----------------- ---------- --------- ----------- -------
Revenue
Management fees 424 - - - - 424
Marketing fees - - 861 - - 861
------------------- --------- ----------------- ---------- --------- ----------- -------
Total revenue 424 - 861 - - 1,285
------------------- --------- ----------------- ---------- --------- ----------- -------
Operating (loss) (6) - (1,229) - (4,508) (5,743)
Finance income - - - - 1,590 1,590
Finance costs - - - - - -
Share of result
of associate - - - 1,512 - 1,512
(Loss)/profit
before tax (6) - (1,229) 1,512 (2,918) (2,641)
Income tax - - - - - -
------------------- --------- ----------------- ---------- --------- ----------- -------
(Loss)profit
for period (6) - (1,229) 1,512 (2,918) (2,641)
------------------- --------- ----------------- ---------- --------- ----------- -------
Segment assets
Total assets 3,523 - 20,346 - 37,065 60,934
Total liabilities (48) - (304) - (4,605) (4,957)
------------------- --------- ----------------- ---------- --------- ----------- -------
Total net assets 3,475 - 20,042 - 32,460 55,977
------------------- --------- ----------------- ---------- --------- ----------- -------
Depreciation - - 3 - - 3
Amortisation of
intangible assets 2 - 20 - - 22
------------------- --------- ----------------- ---------- --------- ----------- -------
Total capital
expenditure - - 20 - - 20
------------------- --------- ----------------- ---------- --------- ----------- -------
Year ended 30 Exchange
September 2022 Active Infrastructure traded Digital
audited equities asset management funds platform Head office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- ----------------- -------- --------- ----------- --------
Revenue
Management fees 6,259 79 - - - 6,338
Marketing fees - - 1,724 - - 1,724
------------------------ --------- ----------------- -------- --------- ----------- --------
Total revenue 6,259 79 1,724 - - 8,062
------------------------ --------- ----------------- -------- --------- ----------- --------
Operating (loss)/profit (6,723) (151) (2,794) - (15,076) (24,744)
Gain on bargain
purchase - - - - 3,227 3,227
Finance income 974 - - - 11,459 12,433
Finance costs (10) - - - - (10)
Share of result
of associate - - - 181 - 181
------------------------ --------- ----------------- -------- --------- ----------- --------
(Loss)/profit
before tax (5,759) (151) (2,794) 181 (390) (8,913)
Income tax 59 - - - - 59
------------------------ --------- ----------------- -------- --------- ----------- --------
(Loss)/profit
for the year (5,710) (151) (2,794) 181 (390) (8,854)
------------------------ --------- ----------------- -------- --------- ----------- --------
Segment assets
Total assets 56,826 1,706 19,324 - 24,236 102,092
Total liabilities (12,157) (678) (461) - (2,255) (15,551)
------------------------ --------- ----------------- -------- --------- ----------- --------
Total net assets 44,669 1,028 18,863 - 21,981 86,541
------------------------ --------- ----------------- -------- --------- ----------- --------
Depreciation 9 - 5 - - 14
Amortisation of
intangible assets 187 - 40 - - 227
Amortisation of
right-of-use assets 187 - - - - 187
------------------------ --------- ----------------- -------- --------- ----------- --------
Total capital
expenditure 1 - 26 - - 27
------------------------ --------- ----------------- -------- --------- ----------- --------
Geographical analysis of revenues Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
---------------------------------- --------- ------------ -------------
UK 8,275 1,285 6,905
US - - 1,270
---------------------------------- --------- ------------ -------------
8,275 1,285 8,175
---------------------------------- --------- ------------ -------------
4. Other income
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
----------------------------------------- --------- ------------ -------------
Interest on loan notes held in associate 1,788 - 1,977
----------------------------------------- --------- ------------ -------------
The Group holds a 30% equity interest in Parmenion Capital
Partners LLP through a corporate entity, Shillay TopCo Limited. A
large part of the Group's total investment is held by way of loan
notes. Shillay has the option to settle interest by payment-in-kind
and they have informed the Company that they will do so for
interest due at 30 June 2023. Accordingly they will issue
additional loan notes to AssetCo plc for the amount of interest due
at that date. We have in the 6 months to 31 March 2023 reflected
GBP1,788,000 as accrued income pending settlement of the full
amount due in loan notes immediately after 30 June. In the prior
year the Group received GBP1,977,000 of interest on those loan
notes in cash.
5. Administrative expenses and exceptional items
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------- ---------- ---------- --------------
Restructuring costs 1,197 - 3,196
Costs of re-admission to AIM - 516 671
------------------------------- ---------- ---------- --------------
Exceptional items 1,197 516 3,867
Acquisition costs 197 530 1,116
Share-based payments - 2,453 3,250
Other administrative expenses 15,620 1,722 16,818
------------------------------- ---------- ---------- --------------
Total administrative expenses 17,014 5,261 25,051
------------------------------- ---------- ---------- --------------
Restructuring costs
RMG sold its UK Solutions business for GBP230 million on 31
January 2022, a transaction which left RMG a much smaller business
with overheads out of step with its reduced size. AssetCo has
usually bought businesses where the strategy has mainly involved
growth in revenue but in this instance a significant project to
right-size the acquired business has been needed following
acquisition by AssetCo on 15 June 2022. As part of the process the
Group has incurred one-off exceptional restructuring costs which
including termination payments, salary costs of those exiting the
business and other charges.
AssetCo completed the purchase of SVM at the end of October 2022
and the Group has incurred some restructuring costs in respect of
the integration of this business as well.
Costs of re-admission to AIM
The Group has in the last two years twice had to apply for
re-admission to AIM; once in April 2021 when shareholders were
asked to approve the change in strategy to asset and wealth
management, and again in June 2022 given the nature and scale of
the acquisition of RMG. These significant costs are in relation to
those exercises and were required because of the unusual nature of
the change in strategy and the relative size of AssetCo compared to
the acquisition target. Our strategy is now settled and, with the
completion of the acquisition of RMG, AssetCo is now at a scale
where re-admission in order to complete an acquisition is unlikely
so the Directors consider that costs such as this are not likely to
recur.
Acquisition costs
Costs incurred in the 6 months to 31 March 2023 relate to the
acquisition of SVM Asset Management Limited. Costs incurred in the
prior periods to 31 March and 30 September 2022 all relate to the
acquisition of RMG.
6. Other gains and losses
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
Impairment of goodwill 5,000 - -
Impairment of long-term receivable 1,718 - -
Reduction in fair value of asset
held for resale - - 9,750
Gain on disposal of fair value investments - - (18)
------------------------------------------- --------- ------------ -------------
6,718 - 9,732
------------------------------------------- --------- ------------ -------------
As referred to in the Chairman's statement the Rize ETF business
is not performing as we had hoped. Accordingly the board has
reviewed the carrying value of goodwill attributable to the
business and concluded that an impairment of GBP5 million is
appropriate at 31 March 2023.
The Infrastructure business is still in its early stages and the
Group is committed to paying drawings in advance of profits to the
partners of this venture. In the last few months it has become
clear that the timeline for achieving profitability has slipped
back and the board believe it is prudent to make provision against
the drawings advanced to date. The recoverability of these amounts
will be kept under review.
On 15 June 2022 the Group acquired the entire share capital of
RMG. However the Group had in 2021 bought 5,000,000 shares in RMG
representing 5.85% of the total issued share capital and this
investment was carried on the 2021 balance sheet at a fair value of
GBP12,000,000. When calculating the overall consideration for the
whole of RMG the Group must assess the fair value of the existing
investment at the time of completion of the deal. Given the effect
on the RMG share price of normal market pricing and the significant
return to shareholders arising from the sale of the RMG Solutions
business the fair value was assessed at GBP2,250,000 leading to a
reduction in fair value of GBP9,750,000.
The Group acquired a small number of seed investments with the
acquisition of RMG in June 2022. One of those investments was sold
before 30 September 2022 for sale proceeds of GBP1,017,000
realising a gain on disposal of GBP18,000.
7. Gain on bargain purchase
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30
2023 2022 September
GBP'000 GBP'000 2022
GBP'000
------------------------------ ---------- ------------- ----------
Arising on acquisition of RMG - - 3,227
------------------------------ ---------- ------------- ----------
The calculation of the difference arising on acquisition of
River and Mercantile between the purchase consideration and the
value of net assets acquired gave rise to a negative amount of
goodwill as the value of net assets acquired was larger than the
consideration. In accordance with accounting standards the amount
of GBP3,227,000 is treated as a credit to the income statement.
8. Finance income
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------------------ ---------- ------------ -------------
Dividend income - 390 11,459
Gain on foreign exchange - - 927
Fair value gains on financial instruments
classified as fair value through
profit and loss - 1,200 -
Interest income 2 - 47
------------------------------------------ ---------- ------------ -------------
2 1,590 12,433
----------------------------------------------------- ------------ -------------
9. Income tax (credit)/expense
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 GBP'000 2022 GBP'000 2022 GBP'000
-------------------------------------- ------------- ------------- -------------
Current tax:
Current tax on loss for the period (16) - (13)
-------------------------------------- ------------- ------------- -------------
Total current tax (credit)/expense - - (13)
Deferred tax:
Arising from movement in deferred tax
assets - (228) 16
Arising from movement in deferred tax
liabilities (132) 228 (62)
-------------------------------------- ------------- ------------- -------------
Total deferred tax (credit)/expense (132) - (46)
-------------------------------------- ------------- ------------- -------------
Income tax (credit)/expense (148) - (59)
-------------------------------------- ------------- ------------- -------------
10. Discontinued operations
In January 2023 the Group reached agreement to sell its US-based
ILC business. The deal completed in the last week of May 2023. As
required by IFRS 5 these interim financial statements show the
assets and liabilities of this business as held for sale with the
results of the business shown as discontinued operations. Financial
information relating to the discontinued operation is set out
below:
Statement of comprehensive income Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
Revenue 135 - 113
Administration costs (548) - (514)
------------------------------------------ ---------- ------------ --------------
Reported loss on discontinued activities (413) - (401)
------------------------------------------ ---------- ------------ --------------
At 31 March 2023 the carrying amount of assets and liabilities
were reclassified as held for sale. There was no gain or
loss recognised as a result of this reclassification.
Unaudited
31 March
2023
GBP'000
------------------------------------------ ---------- ------------ --------------
Assets
Cash and cash equivalents 6
Other receivables 50
------------------------------------------ ---------- ------------ --------------
Total assets 56
------------------------------------------ ---------- ------------ --------------
Liabilities
Trade and other payables 52
------------------------------------------ ---------- ------------ --------------
Total liabilities 52
Net assets 4
------------------------------------------ ---------- ------------ --------------
11. Loss per share
Basic loss per share is calculated by dividing the loss on
continuing operations attributable to equity owners of the parent
by the weighted average number of Ordinary Shares in issue during
the period.
The weighted average number of shares is calculated by reference
to the length of time shares are in issue taking into account the
issue date of new shares and any buy-backs or usage of treasury
shares.
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022(1) 2022
------------------------------------------- ----------- ---------- -------------
GBP000 GBP000 GBP000
Loss attributable to owners of the
parent (13,434) (2,252) (8,440)
Less: amounts arising from discontinued
operation 413 - 401
------------------------------------------- ----------- ---------- -------------
Loss on continuing operations attributable
to owners of the parent (13,021) (2,252) (8,039)
------------------------------------------- ----------- ---------- -------------
Weighted average number of ordinary
shares in issue before share split
as reported - 8,424,847 -
Basic (loss) per share as reported
- (pence) - (26.73) -
Weighted average number of ordinary
shares in issue post share split 140,307,124 84,248,470 103,017,624
Basic (loss) per share restated -
(pence) (9.28) (2.67) (7.80)
------------------------------------------- ----------- ---------- -------------
(1) In August 2022 the Company effected a 10 for 1 share split.
The prior year share numbers and loss per share have been adjusted
for this.
As the results in the periods under review are all losses
diluted loss per share is the same as basic loss per share. Under
IAS 33 the effects of anti-dilutive potential ordinary shares are
ignored in calculating diluted loss per share.
12. Acquisition of SVM and issue of shares from treasury
At the end of October 2022 AssetCo completed the acquisition of
SVM Asset Management Limited for a total fair value consideration
of GBP11,044,000. Full details of fair value of assets, liabilities
and consideration will be set out in the 2023 Annual Report and
Accounts but the amounts included in these interim financial
statements at the date of acquisition are summarised below:
GBP'000
----------------------------------- ---------
Cash at bank 5,019
Intangible assets 250
Net liabilities (excluding
cash at bank and intangible
assets) (564)
------------------------------------ ---------
Net assets before goodwill
on acquisition 4,705
Consideration 11,044
Goodwill recognised on acquisition 6,339
Consideration
Cash paid 2,217
Convertible loan notes at
fair value 8,827
------------------------------------ ---------
Total consideration 11,044
Cash at bank on acquisition 5,019
Cash paid on acquisition 2,217
------------------------------------ ---------
Net cash on acquisition 2,802
The loan notes have a nominal value of GBP9 million, are
unsecured and carry a coupon of 1%. The first GBP2 million of loan
notes were convertible into AssetCo ordinary shares in certain
circumstances, at market value, up to 31 December 2022 with the
remainder convertible into AssetCo ordinary shares, at GBP1.45 per
share, up to 31 December 2023. If not converted the loan notes are
repayable at nominal value on 31 December 2023.
The reduction in nominal value of the loan notes represents a
fair value adjustment to reflect the difference in the 1% coupon
and a market interest rate. An amount of GBP173,000 will be
amortised over the life of the loan notes with an amount of
GBP68,000 expensed by 31 March 2023.
As announced on 20 March 2023 the SVM vendors, following an
extension of their conversion option date to 28 February 2023, duly
exercised their option to convert the first GBP2 million of loan
notes into AssetCo ordinary shares. The market price agreed was
68.7p per share and led to the issue to the SVM vendors of
2,911,208 AssetCo ordinary shares which were satisfied by the
transfer of shares from those held in treasury. As set out in
Companies Act 2006 the difference between the average purchase
price of these shares and the agreed issue price is taken to share
premium.
At 31 March 2023 following conversion and amortisation of the
fair value interest the balance on convertible loan notes is
GBP6,895,000.
13. Cash generated by operations
Six months ended Year ended
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------------------- --------- --------- -------------
(Loss)/profit before tax for the period (13,537) (2,641) (8,913)
Share-based payments - LTIP - 2,481 2,749
Cash effect of LTIP - - (3,938)
Share of profits of associate (266) (1,512) (181)
Interest received from associate - - (1,977)
Increase in investments (7) (1,200) -
Reduction in fair value of investments - - 9,750
Gain on disposal of fair value investments - - (18)
Proceeds of assets held for resale 1,613 - 5,462
Bargain purchase - - (3,227)
Impairment of long-term receivable 1,718 - -
Impairment of goodwill 5,000 - -
Depreciation 14 3 14
Amortisation of intangible assets 386 22 227
Amortisation of right-of-use assets 431 - 187
Finance costs 136 - 10
Finance income (2) (390) (974)
Dividends from investment held at fair
value - - (11,459)
(Increase)/decrease in receivables 612 (29) 928
(Decrease)/increase in payables (4,851) 498 (6,556)
------------------------------------------- --------- --------- -------------
Net cash (outflow)/inflow from operations (8,759) (2,768) (17,916)
------------------------------------------- --------- --------- -------------
14. Electronic communications
This Half-year Report is available on the Company's website
www.assetco.com . News updates, regulatory news and financial
statements can be viewed and downloaded from the Company's website,
www.assetco.com . Copies can also be requested, in writing, from
The Company Secretary, AssetCo plc, 30 Coleman Street, London EC2R
5AL. The Company is not proposing to bulk print and distribute hard
copies of the Half-year Report unless specifically requested by
individual shareholders.
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END
IR NKNBDDBKBAAD
(END) Dow Jones Newswires
June 14, 2023 02:00 ET (06:00 GMT)
Assetco (AQSE:ASTO.GB)
過去 株価チャート
から 11 2024 まで 12 2024
Assetco (AQSE:ASTO.GB)
過去 株価チャート
から 12 2023 まで 12 2024
