RNS Number:6219Z
Thompson Clive Investments PLC
06 August 2002
Thompson Clive Investments plc
________________________________________________________________________
CHAIRMAN'S STATEMENT
________________________________________________________________________
At 30 June 2002 the unaudited net asset value per share of Thompson Clive
Investments plc ('TCI') was 505.3p, a decrease of 15.5% over the net asset value
at 31 December 2001. The first six months of 2002 was a very difficult time for
technology investments. During this period the TechMark 100 index in the UK was
down 41% and the NASDAQ Composite index in the USA was down 25%.
Without the special dividend of #464,000 from Medicom International Limited in
the prior period, TCI earned a net profit before taxation of #648,000 (2001 :
#1,050,000) for the six months to 30 June 2002. After taxation the retained
profit for the period was #587,000 (2001 : #965,000).
Following the policy adopted in previous years, the directors do not recommend
the payment of an interim dividend. Subject to unforeseen circumstances, it is
their intention to recommend that the normal dividend for the full year should
be maintained at 3.9p per share.
During the six months to 30 June 2002 #4,576,000 of follow-on investments were
made, of which #2,689,000 in the UK and #1,887,000 in the USA. Investments with
a book cost of #989,000 were realised for #7,027,000, crystallising a gain of
#6,038,000.
Of the portfolio companies listed below, 62 % are in quoted stocks, 61% by value
are in the UK and Continental Europe and 39 % are in the USA.
In January 2002 a purchase of 128,945 of its own shares was made by the Company
for #4.25 per share. In May 2002 TCI made a tender offer under which it
repurchased 1,773,822 shares at #5.37 per share, thereby returning #9.53m to
shareholders.
TCI continues actively to look at interesting investment opportunities,
particularly in profitable healthcare companies. Since 30 June a new investment
is being made in the USA, in an established business in the field of
electro-optics.
A review of all the companies in the portfolio will be available at the year
end.
Colin Clive
Chairman
6 August 2002
The interim report is being sent to shareholders and further copies are
available from the Company's registered office. The results will not be
advertised in any newspaper.
________________________________________________________________________
UNAUDITED INTERIM REPORT
For the six months to 30 June 2002
Thompson Clive Investments plc
Six months to 30/6/02
Summarised Statement of Total Return
Six months to 30/6/02 Six
months to 30/6/01 Year ended 31/12/01
#000
#000 #000
Revenue return
Revenue 830
1,321 2,469
Management expenses allocated to revenue (182)
(271) (498)
648
1,050 1,971
Tax on ordinary activities allocated to revenue (61)
(85) (167)
Net return after tax 587
965 1,804
Capital return
Realised gain/(loss) on investments 6,058
(3) (5)
Unrealised depreciation (11,911)
(21,706) (35,931)
Management expenses allocated to capital (1,033)
(1,539) (2,833)
(6,886)
(23,248) (38,769)
Tax on ordinary activities allocated to capital 61
85 167
Net capital return after tax (6,825)
(23,163) (38,602)
Total return after tax (6,238)
(22,198) (36,798)
Return per ordinary share (pence):
Revenue 4.4
6.9 12.8
Capital (50.9)
(164.9) (274.8)
Total (46.5)
(158.0) (262.0)
The summarised financial information for the year ended 31 December 2001 is an
extract from the published accounts
which received an unqualified audit report and which have been delivered to the
Registrar of Companies.
Thompson Clive Investments plc
Six months to 30/6/02
Summarised Balance Sheet
30/6/02
30/6/01 31/12/01
#000
#000 #000
Fixed assets
Venture capital investments 51,264
75,499 65,671
Fixed interest investments 6,979
23,830 16,904
58,243
99,329 82,575
Current assets
Debtors 217
79 149
Cash at bank and in hand 3,612
1,299 3,382
3,829
1,378 3,531
Creditors: amounts falling due within one year (715)
(710) (2,167)
Net current assets 3,114
668 1,364
Total assets less current liabilities 61,357
99,997 83,939
Net assets 61,357
99,997 83,939
Capital & reserves
Called-up share capital 6,071
7,022 7,022
Share premium 3,714
3,714 3,714
Capital redemption reserve 951
0 0
Realised capital reserve 49,852
56,965 55,028
Unrealised capital reserve (2,265)
29,233 15,728
Revenue reserve 3,034
3,063 2,447
Total shareholders' funds attributable to equity 61,357
99,997 83,939
shareholders
Net assets per share (#) 5.05
7.12 5.97
Thompson Clive Investments plc
Six months to 30/6/02
Cash Flow Statement
Six months to 30/6/02 Six
months to 30/6/01 Year ended 31/12/01
#000
#000 #000
OPERATING ACTIVITIES
Investment income received 726
1,421 2,470
Deposit interest received 18
33 59
Investment management fees and other expenses paid (1,234)
(1,809) (3,326)
Other income received
0
Net cash outflow from operating activities (490)
(355) (797)
FINANCIAL INVESTMENTS
Purchase of investments (51,458)
(53,148) (10,261)
Disposal of investments 63,876
53,122 12,761
Net cash inflow/(outflow) from financial investment 12,418
(26) 2,500
EQUITY DIVIDENDS PAID
Dividends paid on ordinary shares (1,447)
(547) (548)
FINANCING
Purchase of own shares (10,251)
0 0
INCREASE/(DECREASE) IN CASH 230
(928) 1,155
Thompson Clive Investments plc
Six months to 30/6/02
Reconciliation of Net Consolidated Return before Taxation to Net Cash Outflow from
Operating
Activities
Six months to 30/6/02 Six
months to 30/6/01 Year ended 31/12/01
#000
#000 #000
Net consolidated return before taxation 648
1,050 1,971
Management fees charged to capital reserve (1,033)
(1,539) (2,833)
(Increase)/decrease in accrued income (79)
80 6
(Decrease) in other creditors (16)
(4) 0
(Increase)/decrease in other debtors (10)
58 59
Net cash (outflow) from operating activities (490)
(355) (797)
Accounting policies
The interim report is prepared on the basis of the accounting policies set out in the
financial statements for the year
ended 31 December 2001.
Investments
Cost Valuation 30
June 2002
# #
Quoted
Acal plc
2,150,724 5,888,639
Advanced Technology (UK) plc
140,355 8,541
Bioquell plc
340,561 883,836
Cider Sante
832,305 307,876
Esker SA
14,581 7,396
Financial Objects plc
2,475,042 911,961
Goldshield Group plc
1,988,235 1,382,500
Infotel SA
549,431 1,309,006
Isotron plc
2,698,058 6,994,350
NETTEC plc
400,001 145,000
Parexel International Corporation
5,749,619 3,330,808
Persistence Software Inc
661,364 497,483
Quintiles Transnational Corp
5,963,472 6,882,897
Stedim SA
389,950 915,614
The Terence Chapman Group Plc
3,377,421 2,336,127
Visual Networks Inc
326,740 136,013
Total quoted
28,057,859 31,938,047
Unquoted
Aenix Informatique SA
1,694,924 1,474,219
Aspective Ltd
739,909 194,805
Commodity Systems Ltd
333,333 -
Data Conversion Systems Ltd
593,680 168,945
Davin Optical Holdings Ltd
4,323,837 1,566,667
DynEd International Inc
494,088 -
Frontwire Ltd
1,100,000 1,126,430
Genitope Inc
2,197,043 3,242,594
GFInet Inc (transfer from Fenics)
718,435 1,271,527
ImageCom Ltd
2,600,705 505,000
inventure.com inc
323,625 -
iProgress SA
1,107,915 -
Mantix Systems Ltd
253,052 476,608
Medicom International Ltd
1,957,175 2,512,102
Medicom International Inc
681,043 649,490
N-Soft SA
167,186 166,180
OM 2000 plc (fmly Oxford Molecular)
430,335 242,660
Peninsular Equity (formerly TC
242,627 229,614
Tech)
Ponte Communications Inc
1,129,484 365,146
PowerQuest Corporation
187,648 1,354,881
Roster Control Systems
485,000 -
Sifam Instruments Ltd
1,636,342 1,636,342
Telespree Communications Inc
402,023 201,364
TriVirix International Inc
1,669,987 1,941,875
Total unquoted
25,469,396 19,326,449
Total quoted and unquoted
53,527,255 51,264,496
This information is provided by RNS
The company news service from the London Stock Exchange
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