The dividend record date has been corrected to say
Unaudited half-yearly report for the six months ended
Company number: 06397765
Today the Company announces the half-yearly results for the six month period to
These results were approved by the Board of Directors on
You may view the Half-yearly Report in full at octopustitanvct.com shortly. All other statutory information will also be found there.
Financial Summary
Six months to | Six months to | Year to | |
Net assets (£’000s) | 1,275,105 | 906,218 | 1,043,235 |
(Loss)/profit after tax (£’000s) | 218,580 | (26,016) | 75,323 |
NAV | 113.9p | 89.5 p | 97.0p |
Cumulative dividends paid since launch | 84.0p | 79.0p | 81.0p |
Total Value | 197.9p | 168.5p | 178.0p |
Total Return* | 19.9p | (2.7)p | 6.8p |
Total Return %** | 20.5% | (2.8)% | 7.1% |
Dividends paid in the period | 3.0p | 3.0p | 5.0p |
Dividends declared in respect of the period*** | 8.0p | 2.0p | 3.0p |
*Calculated as the change in NAV in the period plus dividends paid in the period.
**Calculated as total return/opening NAV.
***This includes an interim dividend of 2.0p per share supplemented by a special dividend of 6.0p per share, and will be paid on
Chairman's Statement
I am pleased to present the unaudited half-yearly report for
The Net Asset Value (‘NAV’) at
Despite the challenges in the macro environment, we were pleased to raise £120 million in our most recent fundraise which closed on
In the six months to
Investment Portfolio Review
I am pleased to report a net uplift in the value of the portfolio of £286 million since
Investments | Investment cost at (£’000) | Valuation at (£’000) |
9,978 | 126,960 | |
5,000 | 121,991 | |
8,766 | 97,361 | |
13,634 | 59,956 | |
11,839 | 43,152 | |
Chronext AG | 7,708 | 32,157 |
Digital Therapeutics | 6,494 | 22,754 |
6,417 | 22,062 | |
10,571 | 20,775 | |
4,913 | 19,710 | |
Total | 85,320 | 566,878 |
* In the case of
During the six months, the uplift in valuation has been driven by the strength of performance of a number of companies in the portfolio, including in particular, Bought By Many, Cazoo, Chronext,
Titan has also benefitted from an impressive number of exits during the period including: Skew being sold to Coinbase Global Inc. in April; the acquisition of WaveOptics by Snap Inc. for over
- WaveOptics: Titan first invested in WaveOptics in
December 2015 and then further in 2017 and 2018 to support the company’s design and development of a set of components for use in Augmented Reality (AR) glasses that allow for the creation of AR displays. Its acquisition by Snap Inc, best known for its mobile applicationSnapchat , represented one of the UK’s largest ever deep tech acquisitions in history; Depop : Etsy, the e-commerce company focussing on handmade and vintage items, acquiredDepop , a mobile-first marketplace connecting those looking to buy and sell streetwear, for$1.625 billion to enhance its offering as the resale home for Gen Z consumers. Titan first invested inDepop inJanuary 2018 and further invested in 2019;- Skew: Titan invested in Skew, which has built a data and trading platform to help financial institutions participate in the crypto market, in 2020 and it was acquired by Coinbase Global Inc., an early client; and
Semafone : The leading provider of Payment Card Industry Data Security Standard compliance solutions for payment and data security for call and contact centres, first received investment from Titan in 2010 and undertook a number of further funding rounds. Titan’s investment was realised through the company’s transaction with Livingbridge at a valuation equal to 8.5x our initial investment price. Post period end, we also saw the exit of Conversocial to Verint Systems Inc. for$50 million in August.
Conversely, as is to be expected when investing in early-stage companies, 31 companies saw a collective decrease in valuation of £37 million. The significant contributors were Trouva, Dead Happy, Property Partner, Stackin and Streetbees where trading performance has been more challenging for various reasons, including, in some cases, the sector being affected by the Coronavirus pandemic and/or adapting to Brexit legislation changes. 12 of these 31 companies saw a reduction in value of 5% or less, typically due to fluctuations in the FX rates or net cash levels in the companies. Octopus believes that a number of these businesses have the potential to overcome the issues they face and return to their ambitious growth plans and continues to work with these companies to help them achieve their ambitions. Where appropriate, this will include providing further funding to ensure the business has sufficient capital to execute on its strategy.
Unfortunately, having been unsuccessful in securing further funding and having explored and exhausted all other options,
Turning to investments made during the six months to
We have been pleased to welcome the following companies to the portfolio during the period:
- Avione, which aims to help retail investors create wealth by giving them the ability to invest into a leveraged long-term portfolio of public equities;
- CoMind, which is building the next generation non-invasive Brain Computer Interface;
- Ibex, which has developed a clinical-grade, artificial intelligence-based solution for rapid, accurate, and objective cancer diagnostics and analysis in histopathology (the microscopic study of tissue with the aim of informing a medical diagnosis);
- iSize, a software platform to optimise video quality while substantially reducing the video size and therefore bandwidth making it cheaper and quicker to transmit;
- Legl, a cloud platform offering an operating system for legal businesses;
- Overture, which is developing a suite of products to improve and automate key parts of assisted reproductive technology, which refers to medical procedures used primarily to address infertility;
- Raylo, a subscription-based business for new and refurbished electronic devices, offering insurance and upgrades through the same subscription;
- Sprout.ai, which offers insurers a claims automation and fraud filtering software system;
- Taster, a family of delivery-only restaurant brands bringing unique street foods to European consumers; and
- XYZ Reality, a cloud-based engineering-grade augmented reality software platform and hardware for the construction industry.
Furthermore, since
- Anansi, delivers automated insurance products for ecommerce businesses;
- Collectv, a fresh food end-to-end supply chain business connecting food-service operators directly with produce suppliers;
- Nanosyrinx, which has used synthetic biology principles to develop a targeted biologic therapeutic delivery platform, opening a new range of targets for drug development;
- Walking on Earth, which is building a holistic health platform for the workforce;
- Integrated Finance, which helps fintech companies connect various parts of their financial services stack through a single integration;
- Mojo Men, a sexual wellbeing platform for men;
- Commazero, an open banking bulk payment system;
- Pngme, which is aiming to be the source of data to build a complete consumer financial profile for banks, fintechs, and credit bureaus;
- Troglo, a digital clinic to address some of the most important and underserved areas for health and wellbeing in the LGBTQIA+ community;
- Hapi, which is aiming to empower every family to build financial freedom for their children and transfer wealth to the next generation in the most seamless, tax efficient manner possible; and
- Imophoron is building a novel vaccine development platform to make vaccines that are stable at temperatures of up to 50°C, tackling the cold-chain problem in the vaccines industry.
Dividends
As shareholders will know, our ambition is to pay an annual dividend of 5.0p per share, supplemented by special dividends when justified through particularly profitable realisations. Following careful consideration, I am pleased to confirm that your Board has now decided to declare an interim dividend of 2.0p (2020 2.0p) per share supplemented by a special dividend of 6.0p per share in respect of the current financial year, which will be paid on
If you are one of the 27% of shareholders who take advantage of the Dividend Reinvestment Scheme (DRIS), your dividend will be receivable in Titan shares. This is an excellent way for those of you who prefer the capital value of your investment to grow to achieve your investment objectives.
As shareholders will be aware, since inception, we have paid 84p in dividends per share, excluding the interim and special dividends mentioned above. After undertaking a review of outstanding dividends, it has shown that there is a significant sum of unclaimed dividends. As such, if shareholders are in any doubt whether they have received all dividends due to them, they should visit the Computershare Investor Centre at: www.investorcentre.co.uk. Here you will also be able to view your full dividend history, download dividend confirmations for each dividend paid after 2017, download any income tax certificates (from both dividends and allotments after 2017), view your current dividend preferences and add your bank mandate details if you have not done so already. Alternatively, you can contact Computershare by calling 0370 703 6324.
Principal Risks and Uncertainties
The Board continues to regularly review the risk environment in which Titan operates. There have been no significant changes to the key risks which are fully described on pages 22 to 24 of the Annual Report for the year ended
VCT Qualifying Status
As at
Outlook
I am pleased to be able to announce such an impressive uplift in NAV over the last six months, as well as the payment of a special dividend. This is a credit to both the investment team’s experience and the portfolio’s resilience and ability to adapt in rapidly changing circumstances. The Coronavirus pandemic has created an extremely challenging environment, especially in certain sectors such as travel, retail and leisure; however, it has also offered opportunities. This can be seen with the number and range of exciting new investments made, as well as the remarkable array of realisations successfully completed over the past six months, as companies look to enhance their technology offerings, enter new markets or seek better ways to work and do business. As already announced, we intend to issue a prospectus to raise further funds and details are expected to be announced later in the Autumn.
Our most recent fundraising offer, and the completion of the aforementioned successful exits, mean that we have £220 million in cash and cash equivalents as at
As described in the annual report to
One of the challenges the team faces is the competitive nature of the investment market, as more Venture Capital firms look to enter the early-stage space. New businesses with exceptional management teams and leading technologies regularly receive multiple offers of investment. The pod structure that Octopus has in place, allowing team members to be experts in their specific area of focus, as well as the additional value the Portfolio Talent team can offer to entrepreneurs, puts Octopus in a strong position to be able to stand out in such a competitive market. The diversity and volume of exciting new deals completed in the last six months and the upcoming pipeline of investment opportunities is testament to the work the investment team continues to put into sourcing, securing and working with such business successfully. VCTs have long provided a compelling opportunity for
I would like to conclude by thanking both the Board and the Octopus team on behalf of all shareholders for their hard work, without which our fund would not continue to achieve such performance.
Chairman
Investment Portfolio
Investments | Pod | Investment cost at (£’000) | Amount invested in the six months ending (£’000) |
B2B Software | 13,634 | - | |
Partner) | Fintech | 13,600 | - |
B2B Software | 11,839 | - | |
Consumer | 11,400 | 482 | |
Deep tech | 10,753 | - | |
Health | 10,571 | - | |
PLU&M limited | Consumer | 10,500 | - |
Consumer | 10,363 | - | |
Fintech | 9,978 | - | |
B2B Software | 9,702 | - | |
Consumer | 9,491 | 188 | |
Consumer | 8,963 | - | |
B2B Software | 8,800 | - | |
Consumer | 8,766 | - | |
Consumer | 8,509 | - | |
Consumer | 8,500 | 8,500 | |
Token. | Fintech | 8,422 | - |
Fintech | 8,381 | - | |
Health | 8,251 | - | |
Consumer | 7,800 | - | |
Chronext AG | Consumer | 7,708 | - |
B2B Software | 7,206 | - | |
Ibex Medical Analytics | Health | 7,148 | 7,148 |
Deep tech | 6,918 | - | |
Fintech | 6,840 | - | |
By | Fintech | 6,732 | - |
Consumer | 6,650 | - | |
Digital Therapeutics (trading as Quit Genius) | Health | 6,494 | - |
Health | 6,417 | - | |
Context-Based 4Casting | B2B Software | 6,096 | - |
Consumer | 6,069 | 1,300 | |
B2B Software | 6,064 | - | |
Deep tech | 6,025 | - | |
Sprout.ai Limited | Fintech | 6,000 | 6,000 |
Deep tech | 5,947 | 414 | |
Health | 5,813 | 5,813 | |
Deep tech | 5,808 | - | |
B2B Software | 5,481 | - | |
Consumer | 5,144 | - | |
Consumer | 5,000 | - | |
Fintech | 5,000 | 2,321 | |
Fintech | 4,913 | - | |
B2B Software | 4,862 | - | |
Health | 4,795 | - | |
Health | 4,705 | - | |
Deep tech | 4,550 | - | |
Consumer | 4,500 | - | |
Deep tech | 4,500 | - | |
Fintech | 4,500 | 4,500 | |
Consumer | 4,461 | - | |
Consumer | 4,350 | - | |
Consumer | 4,256 | - | |
Deep tech | 4,229 | - | |
Consumer | 4,172 | - | |
Eve Sleep Plc | Consumer | 4,151 | - |
Health | 4,000 | - | |
B2B Software | 4,000 | 4,000 | |
Deep tech | 4,000 | - | |
Fintech | 4,000 | - | |
vHive | Deep tech | 3,996 | - |
Glofox | B2B Software | 3,812 | - |
Deep tech | 3,800 | - | |
Fintech | 3,700 | - | |
Consumer | 3,684 | 3,684 | |
Health | 3,664 | - | |
Deep tech | 3,375 | 3,375 | |
Deep tech | 3,278 | - | |
Consumer | 3,000 | - | |
Consumer | 3,000 | - | |
Deep tech | 3,000 | - | |
Deep tech | 2,965 | - | |
B2B Software | 2,857 | - | |
Deep tech | 2,819 | - | |
Fintech | 2,780 | - | |
iSize Limited | Deep tech | 2,625 | 2,625 |
Deep tech | 2,550 | - | |
Fintech | 2,500 | 500 | |
Fintech | 2,372 | - | |
B2B Software | 2,299 | - | |
B2B Software | 2,086 | - | |
Health | 1,900 | - | |
Ori Biotech | Health | 1,548 | - |
Deep tech | 1,500 | - | |
Deep tech | 1,498 | - | |
B2B Software | 1,470 | - | |
Fintech | 1,332 | - | |
Fintech | 1,285 | 735 | |
Fintech | 1,283 | - | |
Fintech | 850 | 850 | |
Fintech | 759 | - | |
M10 | Fintech | 626 | - |
Deep tech | 298 | - | |
Total | 486,238 | 52,435 |
*Investment cost reflects the amount invested into each investee company from Titan's 1 - 5 before the 2014 merger and from Titan after the merger. This is different to the book cost which includes the holding gains and losses on assets which transferred from Titan's 1, 3, 4 & 5 to Titan 2 (now Titan) during the merger, as Titan purchased these assets at fair value.
**Owns stake in
Income Statement
Unaudited Six months to | Unaudited Six months to | Audited Year to | |||||||
Revenue £’000 | Capital £’000 | Total £’000 | Revenue £’000 | Capital £’000 | Total £’000 | Revenue £’000 | Capital £’000 | Total £’000 | |
Gains/(losses) on disposal of fixed asset investments | - | 34,475 | 34,475 | - | (672) | (672) | - | 3,783 | 3,783 |
Gains on disposal of current asset investments | - | - | - | - | - | - | - | - | - |
Gains/(losses) on valuation of fixed asset investments | - | 251,697 | 251,697 | - | (15,680) | (15,680) | - | 104,930 | 104,930 |
(Losses)/gains on valuation of current asset investments | - | (57) | (57) | - | (66) | (66) | - | 4,352 | 4,352 |
Investment income | 504 | - | 504 | 274 | - | 274 | 843 | - | 843 |
Investment management fees | (474) | (9,007) | (9,481) | (381) | (7,230) | (7,611) | (764) | (14,508) | (15,272) |
Performance fee | - | (55,632) | (55,632) | - | - | - | - | (18,402) | (18,402) |
Other expenses | (2,991) | - | (2,991) | (2,418) | - | (2,418) | (5,070) | - | (5,070) |
FX translation | - | 65 | 65 | - | 157 | 157 | - | 159 | 159 |
(Loss)/profit before tax | (2,961) | 221,541 | 218,580 | (2,525) | (23,491) | (26,016) | (4,991) | 80,314 | 75,323 |
Tax | - | - | - | - | - | - | - | - | - |
(Loss)/profit after tax | (2,961) | 221,541 | 218,580 | (2,525) | (23,491) | (26,016) | (4,991) | 80,314 | 75,323 |
(Loss)/earnings per share – basic and diluted | (0.3)p | 20.2p | 19.9p | (0.3)p | (2.4)p | (2.7)p | (0.5)p | 8.3p | 7.8p |
· The 'Total' column of this statement is the profit and loss account of the Company; the supplementary revenue return and capital return columns have been prepared under guidance published by the
· All revenue and capital items in the above statement derive from continuing operations.
· The Company has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.
Titan has no other comprehensive income for the period.
Balance Sheet
Unaudited As at | Unaudited As at | Audited As at | ||||
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Fixed asset investments | 1,024,358 | 663,587 | 820,699 | |||
Current assets: | ||||||
Corporate bonds | 91,385 | 86,456 | 89,882 | |||
Cash at bank | 40,822 | 4,105 | 9,348 | |||
Applications cash* | 363 | 26 | 3,613 | |||
Debtors | 87,129 | 5,839 | 6,178 | |||
Money market funds | 88,125 | 147,114 | 137,170 | |||
307,824 | 243,540 | 246,191 | ||||
Current liabilities | (57,077) | (909) | (23,655) | |||
Net current assets | 250,747 | 242,631 | 222,536 | |||
Net assets | 1,275,105 | 906,218 | 1,043,235 | |||
Share capital | 111,925 | 101,272 | 107,502 | |||
Share premium | 621,152 | 616,952 | 564,308 | |||
Special distributable reserve | 100,392 | 69,413 | 150,007 | |||
Capital redemption reserve | 8,015 | 4,879 | 6,377 | |||
Capital reserve realised | (44,689) | (47,811) | (66,167) | |||
Capital reserve unrealised | 509,704 | 187,547 | 309,706 | |||
Revenue reserve | (31,394) | (26,034) | (28,498) | |||
Total equity shareholders’ funds | 1,275,105 | 906,218 | 1,043,235 | |||
Net asset value per share | 113.9p | 89.5p | 97.0p |
*Cash held but not yet allotted.
The statements were approved by the Directors and authorised for issue on
Chairman
Statement of Changes in Equity
Share capital £’000 | Share premium £’000 | Capital redemption reserve £’000 | Special distributable reserve* £’000 | Capital reserve realised* £’000 | Capital reserve unrealised £’000 | Revenue reserve* £’000 | Total £’000 | |
As at | 107,502 | 564,308 | 6,377 | 150,007 | (66,167) | 309,706 | (28,498) | 1,043,235 |
Comprehensive income for the period: | ||||||||
Management fees allocated as capital expenditure | - | - | - | - | (9,007) | - | - | (9,007) |
Current year gain on disposal of fixed asset investments | - | - | - | - | 34,475 | - | - | 34,475 |
Current year gains on disposal of current asset investments | - | - | - | - | - | - | - | - |
Gains on fair value of fixed asset investments | - | - | - | - | - | 251,697 | - | 251,697 |
Losses on fair value of current asset investments | - | - | - | - | - | (57) | - | (57) |
Loss after tax | - | - | - | - | - | - | (2,961) | (2,961) |
Performance fee | - | - | - | - | (55,632) | - | - | (55,632) |
Total comprehensive income for the period | - | - | - | - | (30,164) | 251,640 | (2,961) | 218,515 |
Contributions by and distributions to owners: | ||||||||
Share issue (includes DRIS)** | 6,061 | 56,844 | - | - | - | - | - | 62,905 |
Repurchase of own shares | (1,638) | - | 1,638 | (15,986) | - | - | - | (15,986) |
Dividends paid (includes DRIS) | - | - | - | (33,629) | - | - | - | (33,629) |
Total contributions by and distributions to owners | 4,423 | 56,844 | 1,638 | (49,615) | - | - | - | 13,290 |
Other movements: | ||||||||
Prior year fixed asset gains now realised | - | - | - | - | 51,642 | (51,642) | - | - |
FX translation | – | – | – | – | - | - | 65 | 65 |
Total other movements | – | – | – | – | 51,642 | (51,642) | 65 | 65 |
Balance as at | 111,925 | 621,152 | 8,015 | 100,392 | (44,689) | 509,704 | (31,394) | 1,275,105 |
*Reserves available for distribution.
**This is net of allotment fees of £1.7 million.
Share capital £’000 | Share premium £’000 | Capital redemption reserve £’000 | Special distributable reserve* £’000 | Capital reserve realised* £’000 | Capital reserve unrealised £’000 | Revenue reserve* £’000 | Total £’000 | |
As at | 95,161 | 559,972 | 4,074 | 106,915 | (45,705) | 209,089 | (23,666) | 905,840 |
Comprehensive income for the period: | ||||||||
Management fees allocated as capital expenditure | – | – | – | – | (7,230) | – | – | (7,230) |
Current year gain on disposal of fixed asset investments | – | – | – | – | (672) | – | – | (672) |
Losses on fair value of fixed asset investments | – | – | – | – | – | (15,680) | – | (15,680) |
Losses on fair value of current asset investments | – | – | – | – | – | (66) | – | (66) |
Loss after tax | – | – | – | – | – | – | (2,525) | (2,525) |
Total comprehensive loss for the period | – | – | – | – | (7,902) | (15,746) | (2,525) | (26,173) |
Contributions by and distributions to owners: | ||||||||
Share issue** | 6,916 | 56,980 | – | – | – | – | – | 63,896 |
Repurchase of own shares | (805) | – | 805 | (7,008) | – | – | – | (7,008) |
Dividends paid | – | – | – | (30,494) | – | – | – | (30,494) |
Total contributions by and distributions to owners | 6,111 | 56,980 | 805 | (37,502) | – | – | – | 26,394 |
Other movements: | ||||||||
Prior year fixed asset gains now realised | – | – | – | – | 5,796 | (5,796) | – | – |
FX translation | – | – | – | – | – | – | 157 | 157 |
Total other movements | – | – | – | – | 5,796 | (5,796) | 157 | 157 |
Balance as at | 101,272 | 616,952 | 4,879 | 69,413 | (47,811) | 187,547 | (26,034) | 906,218 |
*Reserves available for distribution.
**This is net of allotment fees of £9.9 million.
Share capital £’000 | Share premium £’000 | Capital redemption reserve £’000 | Special distributable reserve* £’000 | Capital reserve realised* £’000 | Capital reserve unrealised £’000 | Revenue reserve* £’000 | Total £’000 | |
As at | 95,161 | 559,972 | 4,074 | 106,915 | (45,705) | 209,089 | (23,666) | 905,840 |
Comprehensive income for the year: | ||||||||
Management fees allocated as capital expenditure | – | – | – | – | (14,508) | – | – | (14,508) |
Current year gain on disposal of fixed asset investments | – | – | – | – | 3,783 | – | – | 3,783 |
Current year losses on disposal of current asset investments | – | – | – | – | – | – | – | – |
Gains on fair value of fixed asset investments | – | – | – | – | – | 104,930 | – | 104,930 |
Gains on fair value of current asset investments | – | – | – | – | – | 4,352 | – | 4,352 |
Loss after tax | – | – | – | – | – | – | (4,991) | (4,991) |
Performance fee | – | – | – | – | (18,402) | – | – | (18,402) |
Total comprehensive income for the year | – | – | – | – | (29,127) | 109,282 | (4,991) | 75,164 |
Contributions by and distributions to owners: | ||||||||
Share issue (includes DRIS)** | 14,644 | 118,740 | – | – | – | – | – | 133,384 |
Repurchase of own shares | (2,303) | – | 2,303 | (19,994) | – | – | – | (19,994) |
Dividends paid (includes DRIS) | – | – | – | (51,318) | – | – | – | (51,318) |
Total contributions by and distributions to owners | 12,341 | 118,740 | 2,303 | (71,312) | – | – | – | 62,072 |
Other movements: | ||||||||
Share premium cancellation | – | (114,404) | – | 114,404 | – | – | – | – |
Transfer between reserves | – | – | – | – | 6,402 | (6,402) | – | – |
Prior year fixed asset gains now realised | – | – | – | – | 2,263 | (2,263) | – | – |
Prior year current asset losses now realised | – | – | – | – | – | – | – | – |
Foreign exchange translation | – | – | – | – | – | – | 159 | 159 |
Total other movements | – | (114,404) | – | 114,404 | 8,665 | (8,665) | 159 | 159 |
Balance as at | 107,502 | 564,308 | 6,377 | 150,007 | (66,167) | 309,706 | (28,498) | 1,043,235 |
*Reserves available for distribution.
**This is net of allotment fees of £3.5 million.
Cash Flow Statement
Unaudited Six months to £’000 | Unaudited Six months to £’000 | Audited Year to £’000 | |
Reconciliation of profit to cash flows from operating activities | |||
Profit/(loss) before tax | 218,580 | (26,016) | 75,323 |
Increase in debtors | (786) | (2,854) | (3,193) |
Increase/(decrease) in creditors | 36,672 | (18,669) | 490 |
Gains on disposal of current asset investments | - | - | - |
Losses/(gains) on valuation of current asset investments | 57 | 66 | (4,352) |
(Gains)/losses on disposal of fixed asset investments | (34,475) | 672 | (3,783) |
(Gains)/losses on valuation of fixed asset investments | (251,697) | 15,680 | (104,930) |
Outflow from operating activities | (31,649) | (31,121) | (40,445) |
Cash flows from investing activities | |||
Purchase of current asset investments | (1,560) | (6,197) | (5,205) |
Sale of current asset investments | - | - | - |
Purchase of fixed asset investments | (52,434) | (52,827) | (95,792) |
Sale of fixed asset investments | 29,782 | 12,997 | 23,915 |
Zenith distribution | 25,000 | - | - |
Inflow/(outflow) from investing activities | 788 | (46,027) | (77,082) |
Cash flows from financing activities | |||
Applications Inflows allotted | (3,250) | (5,539) | (1,952) |
Purchase of own shares | (15,986) | (7,008) | (19,994) |
Net proceeds from share issues | 54,365 | 63,896 | 128,103 |
Dividends Paid (net of DRIS) | (25,089) | (30,494) | (46,037) |
Inflow from financing activities | 10,040 | 20,855 | 60,120 |
(Decrease)/Increase in cash and cash equivalents | (20,821) | (56,293) | (57,407) |
Opening cash and cash equivalents | 150,131 | 207,538 | 207,538 |
Closing cash and cash equivalents | 129,310 | 151,245 | 150,131 |
Cash and cash equivalents comprise | |||
Cash at Bank | 40,822 | 4,105 | 9,348 |
Applications cash | 363 | 26 | 3,613 |
Money Market Funds | 88,125 | 147,114 | 137,170 |
129,310 | 151,245 | 150,131 |
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