Gartmore British Inc - Final Results
08 Février 2000 - 6:16PM
UK Regulatory
RNS Number:2171F
Gartmore British Inc & Gwth Tst PLC
8 February 2000
GARTMORE BRITISH INCOME & GROWTH TRUST P.L.C.
PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS
------------------------------------------
THE DIRECTORS ANNOUNCE THE COMPANY'S UNAUDITED RESULTS FOR
THE YEAR ENDED 31ST DECEMBER 1999 AS FOLLOWS:-
HIGHLIGHTS
----------
-CAPITAL RETURN ON TOTAL ASSETS OF 10.5% FOR THE YEAR TO
31ST DECEMBER 1999
-GROWTH IN TOTAL ASSETS OF 3.6% PER ANNUM COMPOUND REQUIRED
TO REPAY THE ORDINARY SHARES ON 31ST MARCH 2006 AT THE
31ST DECEMBER 1999 MID-MARKET PRICE OF 73.0P PER SHARE
-FOR THE YEAR TO 31ST DECEMBER 2000, THE DIRECTORS EXPECT
THAT DIVIDENDS WILL BE INCREASED TO 6.92P NET PER INCOME
SHARE AND TO 4.28P PER ORDINARY SHARE
-ZERO DIVIDEND PREFERENCE SHARES COVERED FOR FULL REPAYMENT
ON 18TH DECEMBER 2002, AND THE GBIGT SECURITIES ZERO FOR
FULL REPAYMENT AT 31ST MARCH 2006
GROUP TOTAL RETURN
------------------
YEAR TO 31ST DECEMBER 1999
TOTAL.
REVENUE. CAPITAL. RETURN.
#'000. #'000. #'000.
INCOME AND CAPITAL PROFITS
DIVIDENDS AND OTHER INCOME 3,139. -. 3,139.
NET PROFIT ON LISTED -. 9,709. 9,709.
INVESTMENTS
-----. -----. ------.
3,139. 9,709. 12,848.
EXPENSES (SEE NOTE)
MANAGEMENT FEES (365) (299) (664)
OTHER EXPENSES (135) (110) (245)
-----. -----. ------.
RETURN BEFORE TAXATION 2,639. 9,300. 11,939.
TAXATION (-) -. (-)
-----. -----. ------.
RETURN AFTER TAXATION 2,639. 9,300. 11,939.
APPROPRIATED TO NON-EQUITY
SHAREHOLDERS
MINORITY INTEREST:
GBIGT SECURITIES ZERO:
REDEMPTION PREMIUM (-) (1,453) (1,453)
RESERVE
-----. -----. ------.
2,639. 7,847. 10,486.
REDEMPTION PREMIUM RESERVE
-
ZERO DIVIDEND PREFERENCE (-) (2,976) (2,976)
SHARES
-----. -----. -----.
2,639. 4,871. 7,510.
DIVIDENDS ON THE INCOME (1,870) (-) (1,870)
SHARES
-----. -----. ------.
RETURN TO EQUITY SHAREHOLDERS 769. 4,871. 5,640.
APPROPRIATED TO EQUITY
SHAREHOLDERS
DIVIDENDS ON THE ORDINARY (861) (-) (861)
SHARES
-----. -----. ------.
(92) 4,871. 4,779.
TRANSFERRED TO/(FROM)
RESERVES:
ORDINARY SHARES (92) 4,871. 4,779.
-----. -----. ------.
TOTAL RETURN PER ORDINARY 3.75P 23.76P 27.51P
SHARE
YEAR TO 31ST DECEMBER 1998
TOTAL.
REVENUE. CAPITAL. RETURN.
#'000. #'000. #'000.
INCOME AND CAPITAL PROFITS
DIVIDENDS AND OTHER INCOME 2,571. -. 2,571.
NET PROFIT ON LISTED -. 4,759. 4,759.
INVESTMENTS
-----. -----. -----.
2,571. 4,759. 7,330.
EXPENSES (SEE NOTE)
MANAGEMENT FEES (288) (235) (523)
OTHER EXPENSES (93) (77) (170)
-----. -----. -----.
RETURN BEFORE TAXATION 2,190. 4,447. 6,637.
TAXATION (4) 4. (-)
-----. -----. ------.
RETURN AFTER TAXATION 2,186. 4,451. 6,637.
APPROPRIATED TO NON-EQUITY
SHAREHOLDERS
MINORITY INTEREST:
GBIGT SECURITIES ZERO:
REDEMPTION PREMIUM (-) (485) (485)
RESERVE
-----. -----. ------.
2,186. 3,966. 6,152.
REDEMPTION PREMIUM RESERVE
-
ZERO DIVIDEND PREFERENCE (-) (2,738) (2,738)
SHARES
-----. -----. -----.
2,186. 1,228. 3,414.
DIVIDENDS ON THE INCOME (1,412) (-) (1,412)
SHARES
-----. -----. ------.
RETURN TO EQUITY SHAREHOLDERS 774. 1,228. 2,002.
APPROPRIATED TO EQUITY
SHAREHOLDERS
DIVIDENDS ON THE ORDINARY (773) (-) (773)
SHARES
-----. -----. ------.
1. 1,228. 1,229.
TRANSFERRED TO/(FROM)
RESERVES:
ORDINARY SHARES 1. 1,228. 1,229.
-----. -----. ------.
TOTAL RETURN PER ORDINARY 3.78P 5.99P 9.77P
SHARE
NOTE:
THE REVENUE COLUMN SHOWN ABOVE FOR EACH YEAR REPRESENTS THE
REVENUE ACCOUNT OF THE GROUP.
EXPENSES ARE ALLOCATED AS TO 55% TO REVENUE AND 45% TO
CAPITAL.
THE RESULTS FOR THE YEAR TO 31ST DECEMBER 1999, COMPARED TO
THE PREVIOUS YEAR, PARTLY REFLECT THE EFFECTS OF THE NEW
MONEY RAISED IN AUGUST 1998.
TOTAL RETURN PER ORDINARY SHARE IS CALCULATED ON THE TOTAL
RETURN TO EQUITY SHAREHOLDERS OF #5,640,000 (#2,002,000), OF
WHICH #769,000 (#774,000) RELATES TO REVENUE AND #4,871,000
(#1,228,000) TO CAPITAL, AND 20,500,000 (20,500,000)
ORDINARY SHARES IN ISSUE THROUGHOUT THE YEAR.
AS ANNOUNCED ON 1ST FEBRUARY 2000, THE DIRECTORS HAVE
DECLARED A FOURTH INTERIM DIVIDEND OF 1.70P (1.70P) PER
SHARE ON 27,500,000 INCOME SHARES AND OF 1.05P (1.05P) PER
SHARE ON 20,500,000 ORDINARY SHARES IN RESPECT OF THE YEAR
ENDED 31ST DECEMBER 1999, PAYABLE ON 29TH FEBRUARY 2000 TO
SHAREHOLDERS ON THE REGISTER ON 11TH FEBRUARY 2000 AND
QUOTED EX-DIVIDEND ON 7TH FEBRUARY 2000.
IN THE ABSENCE OF UNFORESEEN CIRCUMSTANCES, THE DIRECTORS
EXPECT THAT THE QUARTERLY DIVIDENDS PAYABLE TO INCOME
SHAREHOLDERS WILL TOTAL 6.92P NET, AND 4.28P NET FOR
ORDINARY SHAREHOLDERS, FOR THE YEAR TO 31ST DECEMBER 2000.
AT AT
CAPITAL 31-12-99 31-12-98 CHANGE
------- #'000 #'000 %
TOTAL ASSETS,
LESS CURRENT LIABILITIES 97,127 87,919 +10.5
MARKET CAPITALISATION
OF SHARES IN ISSUE 96,151 93,334 +3.0
FTSE ALL-SHARE INDEX 3242.1 2673.9 +21.2
DRESDNER KLEINWORT BENSON
TOPSI-100 INDEX 4929.6 4451.4 +10.7
NET ASSET VALUE PER SHARE:
ZERO DIVIDEND PREFERENCE 182.1P 167.6P +8.7
SHARES
GBIGT SECURITIES ZERO 181.9P 167.4P +8.7
INCOME SHARES 70.0P 70.0P -
ORDINARY SHARES 109.1P 85.8P +27.2
THE RESULTS FOR THE YEAR TO 31ST DECEMBER 1999 ARE UNAUDITED
AND DO NOT CONSTITUTE STATUTORY ACCOUNTS UNDER THE COMPANIES
ACT 1985. THE COMPARATIVE FINANCIAL INFORMATION IS BASED ON
THE FULL STATUTORY ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER
1998, WHICH INCLUDED AN UNQUALIFIED AUDIT REPORT AND WERE
FILED WITH THE REGISTRAR OF COMPANIES ON 20TH FEBRUARY 1999.
THERE HAVE BEEN NO MATERIAL CHANGES IN ACCOUNTING POLICIES
SINCE 31ST DECEMBER 1998. STATUTORY ACCOUNTS FOR THE YEAR
ENDED 31ST DECEMBER 1999, ON WHICH THE AUDITORS WILL REPORT,
WILL BE DELIVERED TO THE REGISTRAR OF COMPANIES IN DUE
COURSE.
REVIEW OF THE YEAR
------------------
THE UK STOCK MARKET ONCE AGAIN PRODUCED SIGNIFICANT REAL
RETURNS. SHARE PRICES ROSE STEADILY DURING THE FIRST
HALF OF THE YEAR, BEFORE FALLING BACK DURING THE THIRD
QUARTER. THE LAST THREE MONTHS OF THE YEAR WAS A PERIOD OF
MUCH STRONGER PERFORMANCE, CARRYING SHARE PRICES THROUGH
PREVIOUS PEAKS TO END THE YEAR AT AN ALL-TIME HIGH. THIS
SHARP INCREASE IN SHARE PRICES IN THE LATTER PART OF THE
YEAR WAS VERY NARROWLY BASED AND CONCENTRATED IN
ONLY A FEW SECTORS. THE SURGE IN INTEREST IN THE INTERNET
LED TO HUGE ADVANCES IN THE SHARE PRICES OF THE LIMITED
NUMBER OF COMPANIES WITH EXPOSURE TO THIS AREA.
TELECOMMUNICATION STOCKS ALSO ROSE SHARPLY. THESE GROWTH-
ORIENTATED SECTORS OFFER VERY LOW YIELDS, HOWEVER, AND THERE
WAS, AT THE SAME TIME, A SHARP UNDERPERFORMANCE BY MANY
HIGHER-YIELDING SHARES. THE TOTAL ASSETS OF THE GROUP, WHICH
HAD MATCHED THE MOVEMENT OF THE FTSE ALL-SHARE INDEX FOR
MUCH OF THE YEAR, UNDERPERFORMED IN THE FINAL QUARTER.
FOR THE YEAR TO 31ST DECEMBER 1999, THE TOTAL RETURN ON
CAPITAL EMPLOYED (WITH NET DIVIDENDS RE-INVESTED) WAS 13.7%.
THIS COMPARES WITH 24.2% FOR THE FTSE ALL-SHARE INDEX AND
14.8% ON THE DRESDNER KLEINWORT BENSON TOPSI-100 INDEX OF
HIGHER-YIELDING SHARES.
ANNUAL REPORT AND ACCOUNTS
--------------------------
THE REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER
1999 WILL BE POSTED TO SHAREHOLDERS ON 18TH FEBRUARY 2000.
COPIES WILL BE AVAILABLE WITH EFFECT FROM THAT DATE FROM THE
REGISTERED OFFICE OF THE COMPANY: GARTMORE HOUSE, 8
FENCHURCH PLACE, LONDON EC3M 4PH.
THE ANNUAL GENERAL MEETING FOR 2000 WILL BE HELD AT THE
COMPANY'S REGISTERED OFFICE ON TUESDAY, 11TH APRIL 2000, AT
2.30 P.M. THE DIRECTORS AND THE PORTFOLIO MANAGER, ROSS
WATSON, WILL BE AVAILABLE TO ANSWER QUESTIONS AND DISCUSS
THE GROUP'S PERFORMANCE AFTER THE MEETING.
GARTMORE BRITISH INCOME & GROWTH TRUST P.L.C.
GARTMORE INVESTMENT LIMITED - SECRETARIES
END
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