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Chelverton UK Dividend Trust plc: Half-yearly Results

Chelverton UK Dividend Trust plc (SDV) 
Chelverton UK Dividend Trust plc: Half-yearly Results 
06-Dec-2019 / 12:43 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
CHEVERTON UK DIVIDEND TRUST PLC 
 
Half-Yearly Financial Report 
 
For the six months ended 31 October 2019 
 
Investment Objective and Policy 
 
The investment objective of Chelverton UK Dividend Trust PLC ('the Company') is to 
provide Ordinary shareholders with a high income and opportunity for capital growth, 
having provided a capital return sufficient to repay the full final capital 
entitlement of the Zero Dividend Preference shares issued by the wholly owned 
subsidiary company, SDV 2025 ZDP PLC ('SDVP'). 
 
Chelverton UK Dividend Trust PLC, and its subsidiary SDV 2025 ZDP PLC, together form 
the Group ('the Group'). The Group's funds are invested principally in mid and 
smaller capitalised UK companies. The portfolio comprises companies listed on the 
Official List and companies admitted to trading on AIM. The Group does not invest in 
other investment trusts or in unquoted companies. No investment is made in preference 
shares, loan stock or notes, convertible securities or fixed interest securities. 
 
Financial Highlights 
 
Capital                          31 October      30 April      % 
 
                                       2019          2019 change 
Total gross assets                   56,734        62,032 (8.54) 
(GBP'000) 
Total net assets                     40,932        44,659 (8.35) 
(GBP'000) 
Net asset value per                 196.32p       214.19p (8.34) 
Ordinary share 
Mid-market price per                182.50p       173.50p   5.19 
Ordinary share 
Discount                            (7.04%)      (19.00%) 
Net asset value per                 107.57p       105.48p   1.98 
Zero Dividend 
Preference share 
Mid-market price per                108.00p       110.00p (1.82) 
Zero Dividend 
Preference share 
Premium                               0.40%         4.29% 
 
Revenue                    Six months to 31 Six months to      % 
                                    October 
 
                                               31 October change 
                                       2019 
 
                                                     2018 
Return per Ordinary                   6.71p         7.15p (6.15) 
share 
Dividends declared per                4.80p         4.38p   9.59 
Ordinary share* 
Special dividends                     2.50p         0.66p 278.79 
declared per Ordinary 
share 
 
Total Return 
Total return on Group               (4.94%)        12.16% 
net assets** 
 
* Dividend per Ordinary share includes the first interim paid and second interim 
declared for the period to 31 October 2019 and 2018 and will differ from the amounts 
disclosed within the statement of changes in net equity, owing to the timings of 
payments. 
 
** Adding back dividends distributed in the period. 
 
Interim Management Report 
 
Results 
 
This half-yearly report covers the six months to 31 October 2019. The net asset value 
per Ordinary share at 31 October 2019 was 196.3p down from 214.2p at 30 April 2019, a 
decrease of 8.3% during the period compared to an increase of 0.8% in the MSCI Small 
Cap Index, and NAV now stands at 202.5p. 
 
Since the beginning of the Company's financial year, the Ordinary share price has 
increased from 173.5p to 182.5p at 31 October 2019, an increase of 5.19%. Since the 
period end the shares have increased further to 191.0p, a percentage increase of 
4.66% as at 2 December 2019 and the shares now trade on a reduced discount of 4.3%. 
 
Dividend 
 
Following 11 years of increase in the total annual core dividend paid by the Company, 
the first interim dividend for the current year of 2.40p (2018: 2.19p) per Ordinary 
share was paid on 1 October 2019. The Board has declared a second interim dividend of 
2.40p per Ordinary share (2018: 2.19p) payable on 2 January 2020 to shareholders on 
the register on 13 December 2019, making a total for the half year of 4.80p per 
Ordinary share (2018: 4.38p) an increase of 9.6%. It is anticipated that the Company 
will maintain this level of dividend for the third quarter and will likewise maintain 
the same level for the fourth interim of 2.40p making a total core dividend of 9.60p 
for the year (2018: 8.97p) an increase of 7.0%. 
 
Portfolio 
 
In the last six months we have increased our investment in eighteen of our existing 
holdings (2018: 18), taking advantage of lower share prices and shares being 
available in Alumasc Group, Amino Technologies, Badcock International, Brewin Dolphin 
Holdings, Castings, Chesnara, Crest Nicholson, De La Rue, Devro, Essentra, GVC 
Holdings, McColls Retail Group, Northgate, Personal Group Holdings, Saga, Shoe Zone, 
STV and Town Centre Securities. 
 
During the period we added four new names to the portfolio (2018: 3) - Close Brothers 
Group1, Tyman2, Vertu Motors3 and XPS Pensions4. Funds were raised from the outright 
sale of four of our holdings (2018: 4); Kcom Group, Mucklow (A&J), Sanderson Group 
and StatPro were taken over in the period. The following holdings were reduced as 
they grew to become larger weightings on lower yields: Clarke (T.), Titon Holdings 
and UP Global Sourcing Holdings. 
 
Outlook 
 
The shares of the companies in which the fund is invested have experienced a tough 18 
months as smaller companies that pay increasing dividends and are labelled "value 
shares" have fallen further out of favour. In the last few months there has been some 
improvement as it is hoped that the whole Brexit process will reach resolution. The 
underlying performance of most of the companies has generally been positive with 
associated dividend growth. With the recent decline in the general market the number 
of attractive opportunities available to invest in has increased significantly and 
the portfolio has been increased to 75 holdings (2018: 73). 
 
UK GDP growth has been very subdued for the past six months, although there are signs 
that UK Growth will be maintained and might, next year, start to gently accelerate. 
 
As we write this report today the whole Brexit position of course remains unresolved. 
We are close to the General Election on 12 December 2019 and a great deal depends on 
the result of that. At this point no one can say what the position will be on 1 
January 2020 however it is to be hoped that the "Brexit issue", which has 
progressively absorbed more and more time and attention, will be resolved in some 
manner. In the meantime our companies, for whom trading across border with the EU is 
a very small part of their sales, have been dragged down by this generally negative 
sentiment. 
 
Reassuringly the dividends of the underlying companies continue to be increased and 
we believe that this will continue into 2020 with company balance sheets remaining in 
a strong state. 
 
Chelverton Asset Management 
 
6 December 2019 
 
1 Close Brothers Group - financial services provider 
 
2 Tyman - building materials manufacturer 
 
3 Vertu Motors - automotive retailer 
 
4 XPS Pensions - pensions actuarial, consulting and administration services 
 
Principal Risks 
 
The principal risks facing the Group are substantially unchanged since the date of 
the Annual Report for the year ended 30 April 2019 and continue to be as set out in 
that report on pages 10 to 11. Risks faced by the Group include, but are not limited 
to, market risk, discount volatility, regulatory risk, financial risk and risks 
associated with banking counterparties. 
 
Responsibility Statement of the Directors in respect of the Half-Yearly Report 
 
We confirm that to the best of our knowledge: 
 
· the condensed set of financial statements has been prepared in compliance with 
the IAS 34 'Interim Financial Reporting' and gives a true and fair view of the 
assets, liabilities and financial position of the Group; and 
 
· the interim management report and notes to the Half-Yearly Report include a fair 
view of the information required by: 
 
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the 
important events that have occurred during the first six months of the financial 
year and their impact on the condensed set of financial statements; and a 
description of the principal risks and uncertainties for the remaining six months 
of the year; and 
 
b) (b)DTR 4.2.8R of the Disclosure and Transparency Rules, being related party 
transactions that have taken place in the first six months of the current financial 
year and that have materially affected the financial position or performance of the 
Group during that period; and any changes in the related party transactions 
described in the last annual report that could do so. 
 
This Half-Yearly Report was approved by the Board of Directors on 6 December 2019 and 
the above responsibility statement was signed on its behalf by Lord Lamont, Chairman. 
 
Condensed Consolidated Statement of Comprehensive Income (unaudited) 
 
for the six months ended 31 October 2019 
 
               Six months to            Year to            Six months to 
 
              31 October 2018        30 April 2019        31 October 2018 
           Revenue Capital Total Revenue Capital Total Revenue Capital Total 
             GBP'000   GBP'000 GBP'000   GBP'000   GBP'000 GBP'000   GBP'000   GBP'000 GBP'000 
                                       (audited) 
Losses on        - (3,080) (3,08       - (7,083) (7,08       - (7,472) (7,47 
investment                    0)                    3)                    2) 
s at fair 
value 
through 
profit or 
loss 
Investment   1,604       - 1,604   3,221       - 3,221   1,712       - 1,712 
income 
Investment    (71)   (214) (285)   (153)   (459) (612)    (79)   (236) (315) 
management 
fee 
Other        (134)     (8) (142)   (274)    (37) (311)   (142)    (30) (172) 
expenses 
Net          1,399 (3,302) (1,90   2,794 (7,579) (4,78   1,491 (7,738) (6,24 

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December 06, 2019 07:43 ET (12:43 GMT)

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