Final Results
2010年9月6日 - 3:00PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMSTV
RNS Number : 1307S
Strathdon Investments PLC
06 September 2010
STRATHDON INVESTMENTS PLC
FINAL RESULTS
FOR THE YEAR ENDED
31 MARCH 2010, POSTING OF REPORT & ACCOUNTS, NOTICE OF AGM
Strathdon Investments plc ("Strathdon" or "the Group") today announces its final
results for the year ended 31 March 2010.
The Annual Report and Accounts for the year ended 31 March 2010 ("the Annual
Report and Accounts") will shortly be posted to shareholders.
The Annual Report and Accounts also contain a notice convening an Annual General
Meeting of the Company to be held at the offices of GLE Limited, New City Court,
20 St Thomas Street, London, SE1 9RS, on 29 September 2010 at 10.00am.
Copies of the Annual Report and Accounts can be obtained from the Company
Secretary at Strathdon Investments plc's Registered Office address: Saint
Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ, from the Company's
website www.strathdon.com or from the Fund Manager's website www.yfmgroup.co.uk.
.
For further information, please contact:
+---------------------+------------------------+------------------+
| David Bell | YFM Venture Finance | 0207 812 6470 |
| | Limited | |
+---------------------+------------------------+------------------+
| Nicola Marrin / | Seymour Pierce | 0207 107 8000 |
| David Foreman | | |
+---------------------+------------------------+------------------+
Chairman's Statement
Whilst the last twelve months have been challenging such times can also provide
an opportunity to improve efficiency and expand market share. I expect
conditions to remain difficult for some time, but there are now signs that the
economic picture is slowly improving which should provide an opportunity to
realise investment values.
I am pleased to report that further progress has been made during the year.
Realisations have enabled the bank borrowings to be repaid in full, with only
GBP141,000 of investor loans remaining at 31 March 2010. The overall Group
creditor position has been reduced significantly, current liabilities having
fallen to GBP0.58 million at 31 March 2010 from GBP0.92 million at 31 March
2009.
Further progress has also been made by the Board in reducing the running costs
which now stand at GBP0.23 million for the year to 31 March 2010 compared to
GBP0.45 million in 2009. However, reduced profits in some of the portfolio
companies have resulted in the net asset value falling to GBP2.67 million,
equivalent to 5.15 pence per share (2009: GBP3.20 million and 6.18 pence per
share respectively).
The Board's key objective in the short term remains focused on the realisation
of the portfolio whilst reviewing its strategic options to deliver shareholder
value.
We continue to take steps to lower the cost base further. Accordingly the Fund
Manager's fees were reduced from 1 January 2010.
Portfolio Company Performance
The Fund Management activity during the year has continued to focus on the
existing portfolio, and in particular extracting the best possible return for
shareholders from realisations. There were no new investments and only a
GBP12,000 follow-on investment into Oxagen Limited during the year to preserve
the fund's preferred rights.
Total disposal proceeds received during the year were GBP0.64 million with the
biggest contribution coming from the sale of our holding in Newnova Group
Limited for GBP0.59 million. This represented a profit on cost of GBP0.07
million. A sale of some of our shares in Utilyx Limited to other shareholders
realised proceeds of GBP0.02 million. The remaining GBP0.03 million of proceeds
relate to scheduled loan repayments from Meta Vision Systems Limited and
Business HR Solutions Limited.
During the period two businesses successfully raised significant further funding
with Oxagen Limited raising over GBP15 million in a round led by Novartis
Ventures and Oxsensis Limited raising GBP2.8 million in a round led by The
Carbon Trust.
A reduction of GBP1.07 million in the value of the portfolio has been recognised
during the year with GBP0.57 million resulting from disposal of investments
(principally Newnova Group Limited) and GBP0.52 million relating to unrealised
value movements. This value reduction results mainly from a fall in earnings at
Meta Vision Systems Limited (GBP0.63 million value drop since March 2009) and
Intouch with Health Limited (GBP0.25 million value drop since March 2009) offset
by profit growth at AMG Systems Limited (GBP0.35 million value increase since
March 2009). The residual portfolio comprises 11 investments with an aggregate
value of GBP3.03 million with 5 of these investments comprising 95% of the
residual value.
Financial Results
The loss for the year was GBP0.54 million compared to GBP1.77 million in the
prior year. This is after taking account of a net write down on unrealised
investment valuations of GBP0.45 million (2009: GBP1.39 million).
Total net assets at 31 March 2010 were GBP2.67 million (2009: GBP3.20 million)
equivalent to a net asset value per share of 5.15 pence (2009: 6.18 pence).
At 31 March 2010, bank borrowings were fully repaid following the successful
realisation of our residual investment in Newnova Group during the year.
Board
Following the year end John Cusins was appointed as Non-Executive Director on 21
July 2010. John joins the Board with significant experience in the Asset
Management sector. A resolution to elect him to the Board will be proposed at
the forthcoming Annual General Meeting.
Outlook
2009/10 has been another challenging year for Strathdon and the portfolio is
likely to face continued economic challenges. However, following a significant
restructuring of Strathdon's operations last year the Group now benefits from a
significantly lower cost structure. With the assistance of YFM Venture Finance
Limited, the Group's Fund Manager, realisations have been achieved enabling
repayment of the bank debt in full and a significant reduction in the Group's
net creditor position. A gradually improving economic outlook should facilitate
further realisations in the months ahead. The Board remains committed to
realising value from the portfolio whilst at the same time reviewing its
strategic options to enhance shareholder value.
S D Hunt
Chairman
3 September 2010
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2010
+---------------------------------------+-------+-----------+----------+
| | | Year | Year |
| | | ended | ended |
| | | 31 March | 31 March |
| | | 2010 | |
| | | | 2009 |
| | | | |
+---------------------------------------+-------+-----------+----------+
| | | | |
| |Notes | GBP000 | GBP000 |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Income | | 158 | 105 |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Administrative expenses | | (231) | (446) |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Operating loss | | (73) | (341) |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Realised gains on financial assets | | 69 | - |
| designated at fair value through | | | |
| profit or loss (net) | | | |
+---------------------------------------+-------+-----------+----------+
| Unrealised gains on financial assets | | (518) | (1,392) |
| designated at fair value through | | | |
| profit or loss (net) | | | |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Net movement on investments | | (449) | (1,392) |
+---------------------------------------+-------+-----------+----------+
| | | (522) | (1,733) |
| Loss before finance costs and | | | |
| taxation | | | |
+---------------------------------------+-------+-----------+----------+
| Finance costs | | (13) | (35) |
+---------------------------------------+-------+-----------+----------+
| | | (535) | (1,768) |
| Loss before taxation | | | |
+---------------------------------------+-------+-----------+----------+
| Taxation | | - | - |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Loss for the year attributable to | | (535) | (1,768) |
| equity shareholders | | | |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Total comprehensive income for the | | (535) | (1,768) |
| year attributable to equity | | | |
| shareholders | | | |
+---------------------------------------+-------+-----------+----------+
| | | | |
+---------------------------------------+-------+-----------+----------+
| Basic and diluted loss per share | 3 | (1.03)p | (3.41)p |
+---------------------------------------+-------+-----------+----------+
Consolidated Balance Sheet
As at 31 March 2010
+------------------------------------+-------+---------------+------------+
| | | 31 March | 31 March |
| | | 2010 | 2009 |
| | | | |
+------------------------------------+-------+---------------+------------+
| |Notes | GBP000 | GBP000 |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Assets | | | |
+------------------------------------+-------+---------------+------------+
| Non-current assets | | | |
+------------------------------------+-------+---------------+------------+
| Financial assets designated at | | 3,026 | 4,099 |
| fair value through profit or loss | | | |
+------------------------------------+-------+---------------+------------+
| | | 3,026 | 4,099 |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Current assets | | | |
+------------------------------------+-------+---------------+------------+
| Trade and other receivables | | 57 | 62 |
+------------------------------------+-------+---------------+------------+
| Cash and cash equivalents | | 162 | 102 |
+------------------------------------+-------+---------------+------------+
| | | 219 | 164 |
+------------------------------------+-------+---------------+------------+
| Liabilities | | | |
+------------------------------------+-------+---------------+------------+
| Current liabilities | | | |
+------------------------------------+-------+---------------+------------+
| Financial liabilities | | (141) | (300) |
+------------------------------------+-------+---------------+------------+
| Trade and other payables | | (437) | (620) |
+------------------------------------+-------+---------------+------------+
| | | (578) | (920) |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Net current liabilities | | (359) | (756) |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Total assets less current | | 2,667 | 3,343 |
| liabilities | | | |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Non-current liabilities | | | |
+------------------------------------+-------+---------------+------------+
| Financial liabilities | | - | (141) |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Net assets | | 2,667 | 3,202 |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Shareholders' equity | | | |
+------------------------------------+-------+---------------+------------+
| Share capital | | 2,591 | 2,591 |
+------------------------------------+-------+---------------+------------+
| Share premium account | | 6,392 | 6,392 |
+------------------------------------+-------+---------------+------------+
| Special reserve | | 36,290 | 36,290 |
+------------------------------------+-------+---------------+------------+
| Warrant reserve | | 928 | 928 |
+------------------------------------+-------+---------------+------------+
| Retained earnings | | (43,534) | (42,999) |
+------------------------------------+-------+---------------+------------+
| | | | |
+------------------------------------+-------+---------------+------------+
| Total Shareholders' equity | | 2,667 | 3,202 |
+------------------------------------+-------+---------------+------------+
| | | 5.15p | 6.18p |
| Basic and diluted net asset value | 4 | | |
| per Ordinary share | | | |
+------------------------------------+-------+---------------+------------+
Statements of Changes in Shareholders' Equity
For the year ended 31 March 2010
+-------------------------+---------+---------+----------+---------+----------+---------+
| | Share | Share | Special | Warrant | Retained | Total |
| | | premium | reserve* | reserve | earnings | |
| | capital | account | | | | equity |
| | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------------+---------+---------+----------+---------+----------+---------+
| | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
| Balance at 31 March | 2,591 | 6,392 | 36,290 | 928 | (41,231) | 4,970 |
| 2008 | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
| Loss and total | | | | | | |
| comprehensive income | - | - | - | - | (1,768) | (1,768) |
| for the period | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
| Balance at 31 March | 2,591 | 6,392 | 36,290 | 928 | (42,999) | 3,202 |
| 2009 | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
| Loss and total | | | | | | |
| comprehensive | - | - | - | - | (535) | (535) |
| income for the period | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
| | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
| Balance at 31 March | 2,591 | 6,392 | 36,290 | 928 | (43,534) | 2,667 |
| 2010 | | | | | | |
+-------------------------+---------+---------+----------+---------+----------+---------+
*The special reserve is a distributable reserve.
Consolidated Statement of Cash Flows
For the year ended 31 March 2010
+-------------+--------+--------+--------+
| | | | |
| | | | |
| | | 2010 | 2009 |
| | Notes | GBP000 | GBP000 |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Net | 5 | (258) | (161) |
| cash | | | |
| outflow | | | |
| from | | | |
| operating | | | |
| activities | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Cash | | | |
| flows | | | |
| from | | | |
| investing | | | |
| activities | | | |
+-------------+--------+--------+--------+
| Purchase | | (12) | - |
| of | | | |
| financial | | | |
| assets | | | |
+-------------+--------+--------+--------+
| Proceeds | | 636 | 440 |
| from | | | |
| sale of | | | |
| financial | | | |
| assets | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Net | | 624 | 440 |
| cash | | | |
| from | | | |
| investing | | | |
| activities | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Cash | | | |
| flows | | | |
| used | | | |
| in | | | |
| financing | | | |
| activities | | | |
+-------------+--------+--------+--------+
| Repayment | | (300) | (356) |
| of | | | |
| borrowings | | | |
+-------------+--------+--------+--------+
| Interest | | (6) | (22) |
| paid | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Net | | (306) | (378) |
| cash | | | |
| used | | | |
| in | | | |
| financing | | | |
| activities | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Net | | 60 | (99) |
| increase | | | |
| / | | | |
| (decrease) | | | |
| in cash | | | |
| and cash | | | |
| equivalents | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Cash | | 102 | 201 |
| and | | | |
| cash | | | |
| equivalents | | | |
| at | | | |
| beginning | | | |
| of the year | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
| Cash | | 162 | 102 |
| and | | | |
| cash | | | |
| equivalents | | | |
| at the end | | | |
| of the year | | | |
+-------------+--------+--------+--------+
| | | | |
+-------------+--------+--------+--------+
Notes
For the year ended 31 March 2010
1. Accounting Policies
This results announcement does not constitute statutory accounts within the
meaning of section 434 of the Companies Act 2006 for the year ended 31 March
2010 but is derived from those accounts.
The consolidated financial statements have been prepared on a going concern
basis and in accordance with the International Financial Reporting Standards
(IFRS), as adopted by the European Union and those parts of the Companies Act
2006 applicable to companies reporting under IFRS. After making due and careful
enquiry, the directors have formed a judgement at the time of approving the
financial statements that, given the planned realisation programme, there is a
reasonable expectation that the Group will have adequate resources to continue
in operational existence for the foreseeable future. For this reason, the
directors continue to adopt a "going concern" basis in preparing the financial
statements.
In arriving at their decision to prepare the financial statements on a going
concern basis, the directors have reviewed the anticipated income and
expenditure of the Group until 30 September 2011 and compared this with the
Group's expected cash resources. This included consideration of the anticipated
realisation proceeds of the investment portfolio, the timing of the realisation
process and the cash flow implications.
The going concern basis depends upon certain realisations of investments
occurring within the period under review. The directors are in discussions with
potential purchasers of a number of the Group's investments. These discussions
are in the early stages and the outcome is therefore uncertain. The directors
are confident that a number of these realisations will be successful, however
the directors have concluded that the above circumstances represent a material
uncertainty that may cast significant doubt upon the Group's ability to continue
as a going concern.
The statutory accounts for the year ended 31 March 2010, which have been
approved by the directors, will be delivered to the Registrar following the
Company's Annual General Meeting. The auditors have given an unqualified opinion
on these statutory accounts, although this opinion has been modified by the
inclusion of an Emphasis of Matter paragraph, drawing attention to the material
uncertainty which may cast significant doubt upon the Group's ability to
continue as a going concern. The full audit report is contained in Strathdon's
Annual Report, as available on the company's website www.strathdon.com or from
the Fund Manager's website www.yfmgroup.co.uk.
The Group has not adopted any standards or interpretations in advance of the
required implementation dates. It is not expected that adoption of standards or
interpretations which have been issued by the International Accounting Standards
Board but have not been adopted will have a material impact on the financial
statements.
2. Dividends
No dividends are proposed in respect of the year ended 31 March 2010 (year ended
31 March 2009: nil).
3. Basic and Diluted Loss per Ordinary Share
The loss per share is based on net loss from ordinary activities after tax of
GBP535,000 (2009: GBP1,768,000) and on 51,817,057 (2009: 51,817,057) shares,
being the weighted average number of shares in issue during the year.
The share options within the Employee Share Option Scheme and the warrants
exercisable at 36p per share are considered to be non-dilutive potential
Ordinary shares. The Company has no other securities that would have a dilutive
effect in either period and hence the basic and diluted loss per share are the
same.
4. Net Asset Value per Ordinary Share
The net asset value per Ordinary share is calculated on attributable assets of
GBP2,667,000 (2009: GBP3,202,000) and 51,817,057 (2009: 51,817,057) shares in
issue at the year end.
The share options within the Employee Share Option Scheme and the warrants
exercisable at 36p per share are considered to be non-dilutive potential
Ordinary shares. The Company has no other securities that would have a dilutive
effect in either period and hence the basic and diluted net asset value per
share are the same.
5. Reconciliation of Loss before Taxation to Net Cash Outflow from Operating
Activities
+--------------+--------+---------+
| | 2010 | 2009 |
| | GBP000 | GBP000 |
+--------------+--------+---------+
| | | |
+--------------+--------+---------+
| Loss | (535) | (1,768) |
| before | | |
| tax | | |
+--------------+--------+---------+
| Depreciation | - | - |
+--------------+--------+---------+
| Loss | (69) | - |
| on | | |
| realisation | | |
| of | | |
| investments | | |
| in the year | | |
+--------------+--------+---------+
| Revaluation | 518 | 1,392 |
| of | | |
| investments | | |
| in the year | | |
+--------------+--------+---------+
| Finance | 13 | 35 |
| costs | | |
+--------------+--------+---------+
| Decrease | 5 | 115 |
| in | | |
| receivables | | |
+--------------+--------+---------+
| (Decrease) | (190) | 65 |
| / increase | | |
| in | | |
| payables | | |
+--------------+--------+---------+
| | | |
+--------------+--------+---------+
| Net | (258) | (161) |
| cash | | |
| outflow | | |
| from | | |
| operating | | |
| activities | | |
+--------------+--------+---------+
This information is provided by RNS
The company news service from the London Stock Exchange
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