1st Sep 2010 11:22
Analyst Investment Management Plc Registration Number 3687441 Interim Unaudited Financial Statements for the 6 Months Ended 31st May 2010 Analyst Investment Management Plc Contents PageDirectors' Statement 3Profit and Loss Account 4Balance Sheet 5 Page 2
Directors' Statement on the Unaudited Interim Results for the Six Months Ended
31st May 2010
The Company made a loss of £33,884 which compares to a profit of £11,697 in the same period last year. Fee income fell to £20,496 (2009: £77,358) which reflects the termination of the investment management agreement with Capita for the CF Analyst UK Fund, consisting of approximately £4 million funds under management. No performance-related fees were earned during the interim 6 month period.
There has been a small decrease in costs, from £48,567 to £40,372 as a result of relocating our offices to Reading. The opportunity to cut costs further is limited and the future success of the business is reliant on increasing funds under management.
The company had assets under management of approximately £8.75m on 31 May 2010.
The recently appointed two new investment managers have brought in additional funds under management of £8.4 million which are expected to increase by a similar amount by the end of the year if pending negotiations with several investors are successful.
We failed to agree terms of arrangements with Mr Sandeep Jaitly who planned to launch the Gold Fund as mentioned in the Chairman's Statement for the year ended 30 November 2009. Mr Jaitly is no longer with the company.
We recently had a formal visit from the FSA who have completed their review and subsequently requested further information. No material exceptions were highlighted, however. We have reported our dispute with Capita to the FSA, and a decision as to any further action will be taken soon.
The previous fund manager who left the company on 30 November 2009 has made a claim for unfair dismissal which has been referred to the Employment Tribunal. Specialist employment lawyers have been appointed to represent the company and are reviewing all the documentation whilst waiting for a hearing date.
We are pleased at the progress so far made by our two new investment managers, and continue to identify further opportunities to enhance the business
This Statement has been prepared by and is the sole responsibility of the directors of Analyst Investment Management plc.
CHAIRMAN FINANCE DIRECTORBharat Amin Surbjit Chadda31 August 2010 Page 3 Analyst Investment Management Plc Profit And Loss Account For The Six Months Ended 31 May 2010 Unaudited Unaudited Audited Six Months Six Months 12 months ended 31 ended 31 ended 30 May 2010 May 2009 Nov 2009 £ £ £Turnover 20,496 77,358 95,607Cost of sales (14,008) (17,895) (36,249) ______ ______ ______Gross profit 6,488 59,463 59,358Administrative expenses (40,372) (48,567) (98,550) ______ ______ ______Operating (loss)/profit (33,884) 10,896 (39,192)Other interest receivable and similar income - 801 6,801 ______ ______ ______(Loss)/profit on ordinary activities before taxation (33,884) 11,697 (32,391)Taxation - - - ______ ______ ______(Loss)/profit on ordinary activities after taxation (33,884) 11,697 (32,391) ______ ______ ______(Loss)/earnings per share (pence) (0.459) 0.159 (0.439) ______ ______ ______
The turnover for the 6 months to 31 May 2009 includes the performance fee of £58,724 earned in the year to 30 November 2008.
The earnings per share are based on the loss after taxation of £33,884 (2009: profit £11,697), and the weighted average number of ordinary 2.5 pence shares in issue during the period of 7,377,777 shares, (2009: 7,377,777 shares). Ordinary 2.5 pence shares in issue at 31st May 2010 were 7,377,777.
Page 4 Analyst Investment Management Plc Balance Sheet As at 31 May 2010 Unaudited Unaudited Audited as at 31 as at 31 as at 30 May 2010 May 2009 Nov 2009 £ £ £Current assetsDebtors 7,277 11,532 12,464Cash at bank and in hand 433,603 503,820 462,300 ______ ______ ______ 440,880 515,352 474,764Creditors: amounts fallingdue within one year (3,500) - (3,500) ______ ______ ______Net Current Assets 437,380 515,352 471,264 ______ ______ ______Net Assets 437,380 515,352 471,264 ______ ______ ______Capital and reservesCalled up share capital 184,444 184,444 184,444Share premium account 1,100,642 1,100,642 1,100,642Profit and loss account (847,706) (769,734) (813,822) ______ ______ ______Equity Shareholders' Funds 437,380 515,352 471,264 ______ ______ ______ Page 5
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Craven House Capital