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RNS

Half-year Report

Released 07:00 16-Jun-2017

RNS Number : 2535I
Dunedin Smaller Cos Inv Tst PLC
16 June 2017
 

DUNEDIN SMALLER COMPANIES INVESTMENT TRUST PLC

Legal Entity Identifier (LEI): 213800CI43OQT8KBKE03

Information disclosed in accordance with Section 4.2.2 of the FCA's Disclosure Guidance and Transparency Rules ("DTR")

 

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 APRIL 2017

 

The objective of Dunedin Smaller Companies Investment Trust PLC is to achieve long-term growth from a portfolio of smaller companies in the United Kingdom.

 

 

Financial Highlights

30 April 2017

31 October 2016

% change

Total assetsA (£'000)

139,414

122,618

+13.7

Equity shareholders' funds (£'000)

134,414

117,618

+14.3

Net asset value per Ordinary shareB

280.86p

245.77p

+14.3

Share price per Ordinary share (mid market)

222.25p

202.00p

+10.0

Interim dividend per share

2.15p

2.15pC

-

Discount to net asset value

20.9%

17.8%



{A} Represents total assets less current liabilities excluding bank loans.

{B} Including undistributed revenue for the period.

{C} For six months ended 30 April 2016.

 

 

 

Performance (total return)*




Six months ended

Year ended


30 April 2017

31 October 2016

Net asset value per Ordinary share

+16.0%

+7.0%

Share price per Ordinary share

+12.1%

+4.1%

FTSE SmallCap Index (ex Investment Companies)

+16.1%

+6.7%

*The total return for share price and net asset value is calculated on the basis of reinvesting dividends to shareholders on the ex-dividend date.

Source: Aberdeen Asset Management, Morningstar & Factset.

 

 

For further information, please contact:

 

Ed Beal

Aberdeen Asset Managers Limited                                             0131 528 4000

 

Andrew Leigh

Aberdeen Asset Managers Limited                                             0207 463 6312

 

 



INTERIM BOARD REPORT - CHAIRMAN'S STATEMENT

 

Performance

The Company's net asset value (''NAV'') total return for the six month ended 30 April 2017 was 16.0% which compares to a return of 16.1% from the benchmark index, the FTSE SmallCap Index (excluding investment companies).

 

The Company has benefited from an exceptionally strong period of performance for smaller companies. The latter part of 2016 was in part characterised by investors preferring overseas earning streams, because this allowed them to benefit from the weakness of Sterling. This caused larger companies to outperform their smaller peers.  However, 2017 has seen oil and other commodity prices weaken in anticipation of less favourable supply and demand dynamics. Small and mid-sized companies have less exposure to these areas of the market and have consequently been a beneficiary.  Simultaneously, there has been a convergence of rising investor risk appetite, alongside a recognition that smaller companies have been trading at a valuation discount relative to their larger counterparts.

 

One of the more noteworthy contributors to the performance of the portfolio was Burford Capital.  This relatively recent introduction has enjoyed very positive trading and the share price has responded accordingly.  In addition, XP Power, which has been a holding for many years, performed well as the management's strategy of seeking to capture more of the margin available in the supply chain delivered another period of very positive returns for shareholders. At the sectoral level, the portfolio has benefited from not holding any mining companies. As commodity prices have weakened, the share prices of such businesses have experienced material declines. An additional factor that has aided returns has been the decision not to invest in highly rated technology companies. Whilst this can, on occasion, mean missing out on significant gains, it also avoids the equally significant losses that frequently accompany the often volatile trading of such companies.  Such discipline served investors well during the period.

 

Earnings and Dividends

The Company's revenue earnings per share for the period were 2.38p, down from 2.97p in the equivalent period last year. There are several factors underlying this move.  The two that are most significant, however, are the decisions taken by Fenner to materially reduce the dividend it pays and Interserve to pass the dividend altogether.

 

As stated in previous Reports, whilst the Company's objective is to achieve long term growth, the Board recognises the importance of income to shareholders and, in order to grow or maintain the dividend in future years, the Board intends, if necessary, to use the Company's substantial revenue and capital reserves to support any portion of the dividend not covered by the year's earnings.

 

The Board has declared an unchanged interim dividend of 2.15p per share which will be paid on 28 July 2017 to shareholders on the register on 7 July 2017. Subject to unforeseen circumstances, in respect of the current financial year it is the intention of the Board to at least maintain last year's total dividend of 6.15p per share.

 

Discount

The discount at the end of the period was 20.9%, which compared to 17.8% at the beginning of the period. The Directors monitor the Company's discount on an ongoing basis relative to its peer group and the wider investment trust sector and, subject to market conditions, may use the Company's share buyback authority if considered appropriate. Since the end of the period, the discount has narrowed to 18.6%.

 

Gearing

The Company remained ungeared during the period. It has a term loan of £5 million which, during the period, was more than offset by cash balances held. It also has a £5 million revolving credit facility which was not utilised during the period. Both facilities mature in November 2017 and the Board will decide whether to replace these with a new facility at that time.

 

Aberdeen Asset Management

The Board notes the announcement of a proposed recommended merger between the parent company of the Company's Manager, Aberdeen Asset Management PLC, and Standard Life PLC. The transaction is subject to shareholder and regulatory approvals, but both companies have committed to set up a dedicated integration team which should ensure that the existing management team remains focused on looking after the interests of the Company. The Board will monitor developments closely to ensure that this remains the case and that excellent client service is maintained to the Company and you, its shareholders.

 

Outlook

Brexit is at the forefront of many investors' minds.  A great deal of uncertainty remains as to what form our future relationship with the European Union will take, and this is only exacerbated by the outcome of the recent General Election. It is worth remembering that the Company's portfolio is comprised of good quality businesses with solid balance sheets and, very often, geographically diverse revenue streams.  These holdings are generally trading well and performing in line with expectations.  Arguably more important than the short term performance is the flexibility that the characteristics noted above confer on these companies.  Although management teams have to deal with the same uncertainties that we all face, they have options available to allow them to respond as the picture becomes clearer. 

 

There are of course other unknown factors as well.  It is currently unclear how President Trump's policies will impact on US and ultimately global growth.  In Europe, the French Presidential elections have passed without issue but the potential for populism to disrupt the region's recovery remains. With equity valuations pricing in a favourable but not unrealistic expectation for profits growth, your Company's Manager continues to focus on the factors that can be controlled, namely investing in good quality franchises that can prosper in most conditions. 

 

Norman Yarrow

Chairman

15 June 2017

 



INTERIM BOARD REPORT - OTHER

 

Directors' Responsibility Statement

The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

 

-    the condensed set of financial statements within the Half-Yearly Financial Report has been prepared in accordance with Financial Reporting Standard 104 'Interim Financial Reporting';

-    the Interim Board Report (constituting the interim management report) includes a fair review of the information required by rule 4.2.7R of the Disclosure Guidance and Transparency Rules (being an indication of 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 financial year) and 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do).

 

Principal Risks and Uncertainties

The Board regularly reviews the principal risks and uncertainties which it has identified, together with the mitigation actions it has established to manage the risks. These are set out within the Strategic Report contained within the Annual Report for the year ended 31 October 2016 and comprise the following risk headings:

 

-    Investment strategy and objectives

-    Investment management

-    Income/dividends

-    Financial obligations

-    Gearing

-    Regulatory

-    Operational

 

The Company's principal risks and uncertainties have not changed materially since the date of the Annual Report and are not expected to change materially for the remaining six months of the Company's financial year.

 

Going Concern

The Company's assets consist substantially of equity shares in companies listed on the London Stock Exchange which are, in most circumstances, realisable within a short timescale.  The Board has set limits for borrowing and regularly reviews actual exposures, cash flow projections and compliance with banking covenants. Borrowings of £10 million are committed to the Company until 24 November 2017 and the Board believes that the Company will be able to refinance or repay the borrowings at that time. As such, the Directors believe that the Company has adequate financial resources to continue in operational existence for the foreseeable future and at least 12 months from the date of this Report. For this reason, they continue to adopt the going concern basis of accounting in preparing the financial statements.



 

Performance to 30 April 2017

 


1 year return

3 year return

5 year return

10 year return

Total return*

%

%

%

%

Share price

16.9

12.9

88.9

100.4

Net asset value per share

23.5

31.8

104.6

110.8

FTSE SmallCap Index (ex IC's)

22.3

31.7

122.7

67.3

*The total return for share price and net asset value is calculated on the basis of reinvesting dividends to shareholders on the ex-dividend date.

Source: Aberdeen Asset Managers, Morningstar & Factset

 

On behalf of the Board

Norman Yarrow

Chairman

15 June 2017

 



INDEPENDENT REVIEW REPORT TO DUNEDIN SMALLER COMPANIES INVESTMENT TRUST PLC

 

Conclusion

We have been engaged by the Company to review the condensed set of financial statements in the Half-Yearly Financial Report for the six months ended 30 April 2017 which comprises the Condensed Statement of Comprehensive Income, Condensed Statement of Financial Position, Condensed Statement of Changes in Equity and Condensed Statement of Cash Flows and the related explanatory notes. 

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the Half-Yearly Financial Report for the six months ended 30 April 2017 is not prepared, in all material respects, in accordance with FRS 104 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules (the "DTR") of the UK's Financial Conduct Authority (the "UK FCA").   

 

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the UK.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  We read the other information contained in the Half-Yearly Financial Report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. 

 

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion. 

 

Directors' Responsibilities

The Half-Yearly Financial Report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with the DTR of the UK FCA. 

 

As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Directors are responsible for preparing the condensed set of financial statements included in the Half-Yearly Financial Report in accordance with FRS 104 'Interim Financial Reporting'.

 

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Half-Yearly Financial Report based on our review. 

 



The Purpose of Our Review Work and to Whom We Owe Our Responsibilities 

This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the DTR of the UK FCA.  Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. 

 

John Waterson

For and on behalf of KPMG LLP

Chartered Accountants

Saltire Court

20 Castle Terrace

Edinburgh EH1 2EG

15 June 2017

 



CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) 

 



Six months ended



30 April 2017



Revenue

Capital

Total


Note

£'000

£'000

£'000

Gains on investments


-

17,814

17,814

Currency gains


-

-

-

Income

2

1,455

-

1,455

Management fee


(66)

(199)

(265)

Administrative expenses


(233)

-

(233)



__________

__________

__________

Net return before finance costs and taxation


1,156

17,615

18,771






Finance costs


(15)

(46)

(61)



__________

__________

__________

Net return on ordinary activities before taxation


1,141

17,569

18,710






Taxation


-

-

-



__________

__________

__________

Return attributable to equity shareholders


1,141

17,569

18,710



__________

__________

__________

Return per Ordinary share (pence)

4

2.38

36.71

39.09



__________

__________

__________






The total column of the Condensed Statement of Comprehensive Income is the profit and loss account of the Company.

A Statement of Total Recognised Gains and Losses has not been prepared as all gains or losses are recognised in the Condensed Statement of Comprehensive Income.

All revenue and capital items in the above statement derive from continuing operations.

The accompanying notes are an integral part of this condensed set of interim financial statements.

 

 



CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (Cont'd)

 



Six months ended




30 April 2016




Revenue

Capital

Total


Note

£'000

£'000

£'000

Losses on investments


-

(489)

(489)

Currency gains


-

6

6

Income

2

1,730

-

1,730

Management fee


(56)

(194)

(250)

Administrative expenses


(236)

-

(236)



__________

__________

__________

Net return before finance costs and taxation


1,438

(677)

761






Finance costs


(15)

(47)

(62)



__________

__________

__________

Net return on ordinary activities before taxation


1,423

(724)

699






Taxation


-

-

-



__________

__________

__________

Return attributable to equity shareholders


1,423

(724)

699



__________

__________

__________

Return per Ordinary share (pence)

4

2.97

(1.51)

1.46



__________

__________

__________

 

 

The accompanying notes are an integral part of this condensed set of interim financial statements.

CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

 



As at

As at



30 April 2017

31 October 2016


Note

£'000

£'000

Non-current assets




Investments at fair value through profit or loss


132,852

114,441



__________

__________

Current assets




Debtors and prepayments


1,008

328

Cash and short term deposits


5,866

8,122



__________

__________



6,874

8,450



__________

__________

Creditors: amounts falling due within one year




Other creditors


(312)

(273)

Bank loan

5

(5,000)

-



__________

__________



(5,312)

(273)



__________

__________

Net current assets


1,562

8,177



__________

__________

Total assets less current liabilities


134,414

122,618



__________

__________

Creditors: amounts falling due after more than one year




Bank loan

5

-

(5,000)



__________

__________

Net assets


134,414

117,618



__________

__________





Capital and reserves




Called-up share capital

7

2,393

2,393

Share premium account


30

30

Capital redemption reserve


2,233

2,233

Capital reserve

8

125,708

108,139

Revenue reserve


4,050

4,823



__________

__________

Equity shareholders' funds


134,414

117,618



__________

__________

Net asset value per Ordinary share (pence)

9

280.86

245.77



__________

__________

 

The accompanying notes are an integral part of this condensed set of interim financial statements.



CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

 

Six months ended 30 April 2017











Share

Capital






Share

premium

redemption

Capital

Revenue




capital

account

reserve

reserve

reserve

Total


Note

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 October 2016


2,393

30

2,233

108,139

4,823

117,618

Return on ordinary activities after taxation


-

-

-

17,569

1,141

18,710

Dividends paid

3

-

-

-

-

(1,914)

(1,914)



_____

______

_______

______

______

______

Balance at 30 April 2017


2,393

30

2,233

125,708

4,050

134,414



_____

______

_______

______

______

______









Six months ended 30 April 2016











Share

Capital






Share

premium

redemption

Capital

Revenue




capital

account

reserve

reserve

reserve

Total



£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 October 2015


2,393

30

2,233

103,335

4,832

112,823

Return on ordinary activities after taxation


-

-

-

(724)

1,423

699

Dividends paid

3

-

-

-

-

(1,841)

(1,841)



_____

______

_______

______

______

______

Balance at 30 April 2016


2,393

30

2,233

102,611

4,414

111,681



_____

______

_______

______

______

______









The accompanying notes are an integral part of this condensed set of interim financial statements.

 

 



CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)

 


Six months ended

Six months ended


30 April 2017

30 April 2016


£'000

£'000

Operating activities



Net return ordinary activities before finance costs and taxation

18,771

761

Adjustment for:



(Gains)/losses on investments

(17,814)

489

Increase in accrued dividend income

(551)

(653)

Decrease in other debtors

11

15

Decrease in creditors

(13)

(19)


__________

__________

Net cash flow from operating activities

404

593




Investing activities



Purchases of investments

(8,367)

(12,534)

Sales of investments

7,683

13,524


__________

__________

Net cash used (in)/from investing activities

(684)

990




Financing activities



Interest paid

(62)

(63)

Equity dividends paid

(1,914)

(1,841)


__________

__________

Net cash flow used in financing activities

(1,976)

(1,904)


__________

__________

Decrease in cash and cash equivalents

(2,256)

(321)


__________

__________




Analysis of changes in cash and cash equivalents during the period



Opening balance

8,122

5,529

Decrease in cash above

(2,256)

(321)


__________

__________

Closing balance

5,866

5,208


__________

__________





 

 



Notes to the Financial Statements

 

1.

Accounting policies


Basis of preparation


The condensed set of interim financial statements have been prepared in accordance with Financial Reporting Standard 104 ('Interim Financial Reporting') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. They have also been prepared on a going concern basis and on the assumption that approval as an investment trust will continue to be granted.




The condensed set of interim financial statements have been prepared using the same accounting policies as the preceding annual financial statements.

 



Six months ended

Six months ended



30 April 2017

30 April 2016

2.

Income

£'000

£'000


Income from investments




UK dividend income

1,277

1,562


Overseas dividend income

104

115


Property income distributions

63

40



__________

__________



1,444

1,717



__________

__________


Other income




Deposit interest

1

7


Underwriting commission

10

6



__________

__________


Total income

1,455

1,730



__________

__________

 



Six months ended

Six months ended



30 April 2017

30 April 2016

3.

Ordinary dividends on equity shares

£'000

£'000


Final dividend for 2016 - 4.00p (2015 - 3.85p)

1,914

1,842


Unclaimed dividends

-

(1)



__________

__________



1,914

1,841



__________

__________






An interim dividend of 2.15p for the year to 31 October 2017 will be paid on 28 July 2017 to shareholders on the register on 7 July 2017. The ex-dividend date is 6 July 2017.

 



Six months ended

Six months ended



30 April 2017

30 April 2016

4.

Return per Ordinary share

p

p


Revenue return

2.38

2.97


Capital return

36.71

(1.51)



__________

__________


Total return

39.09

1.46



__________

__________






The figures above are based on the following attributable revenues:







Six months ended

Six months ended



30 April 2017

30 April 2016



£'000

£'000


Revenue return

1,141

1,423


Capital return

17,569

(724)



__________

__________


Total return

18,710

699



__________

__________






Weighted average number of Ordinary shares in issue

47,857,317

47,857,317



__________

__________

 

5.

Bank loan


The Company has a £5 million revolving facility agreement as well as a three year £5 million term loan facility, both with Scotiabank Europe. At the period end, £5 million was drawn down from the term loan facility at a fixed interest rate of 2.171% until 24 November 2017. The terms of the loan facilities contain covenants that the minimum net assets of the Company are £50 million and the percentage of borrowings against net assets is less than 25%.

 

6.

Transaction costs


During the period, expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains/(losses) on investments in the Condensed Statement of Comprehensive Income. The total costs were as follows:







Six months ended

Six months ended



30 April 2017

30 April 2016



£'000

£'000


Purchases

28

52


Sales

4

15



__________

__________



32

67



__________

__________

 

7.

Called-up share capital


As at 30 April 2017 there were 47,857,317 (31 October 2016 - 47,857,317) Ordinary shares of 5p each in issue.

 

8.

Capital reserves


The capital reserve reflected in the Condensed Statement of Financial Position at 30 April 2017 includes gains of £13,809,000  (31 October 2016 - losses of £1,487,000) which relate to the revaluation of investments held at the reporting date.

 



As at

As at

9.

Net asset value per Ordinary share

30 April 2017

31 October 2016


Equity shareholders' funds

£134,414,000

£117,618,000


Number of Ordinary shares in issue

47,857,317

47,857,317


Equity shareholders' funds per share

280.86p

245.77p

 

10.

Fair value hierarchy


FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following classifications:




Level 1: unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date.


Level 2: inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly.


Level 3: inputs are unobservable (ie for which market data unavailable) for the asset or liability.




All of the Company's investments are in quoted equities (31 October 2016 - same) actively traded on recognised stock exchanges, with their fair value being determined by reference to their quoted bid prices at the reporting date. The total value of the investments as at 30 April 2017 of £132,852,000 (31 October 2016 - £114,441,000) have therefore been deemed as Level 1.




Financial liabilities in the form of short-term borrowings are held at amortised cost. The fair value is considered to approximate the carrying value and is categorised as Level 2.




There were no transfers of assets or liabilities between levels of the fair value hierarchy during the six months ended 30 April 2017 (year ended 31 October 2016 - same).

 

11.

Transactions with the Manager


The Company has agreements with Aberdeen Fund Managers Limited ("AFML" or the "Manager") for the provision of investment management, secretarial, accounting and administration and promotional services.




The management fee is calculated at 0.4% per annum of the gross assets of the Company after deducting current liabilities and excluding commonly managed funds ('adjusted gross assets').  The management fee is chargeable 25% to revenue and 75% to capital. During the period £265,000 (30 April 2016 - £223,000) of investment management fees were earned by the Manager, with a balance of £138,000 (30 April 2016 - £115,000) being payable to AFML at the period end. There were no commonly managed fund held in the portfolio during the six months to 30 April 2017 (2016 - none).




In addition, the Manager is entitled to an annual performance-related fee calculated at a rate of 0.1% per annum (up to a maximum of 0.5% per annum) of the adjusted gross assets, as at 31 October each year, for every 1% by which the Company's net asset value performance outperforms the capital performance of the FTSE SmallCap Index (ex Investment Companies) over the previous twelve month period. During the period £nil (30 April 2016 - £27,000) was earned by the Manager, with a balance of £nil (30 April 2016 - £nil) being payable to AFML at the period end.




The management agreement may be terminated by either party on the expiry of three months written notice. In the event of termination by the Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period.




The fee for promotional activities is based on a current annual amount of £49,000 inclusive of VAT, payable quarterly in arrears. During the period £24,000 (30 April 2016 - £28,000) of fees were earned, with a balance of £16,000 (30 April 2016 - £5,000) being payable to AFML at the period end.




The fee for secretarial services is based on a current annual amount of £103,000 inclusive of VAT, payable quarterly in arrears. During the period £52,000 (30 April 2016 - £51,000) of fees were earned, with a balance of £26,000 (30 April 2016 - £25,000) being payable to AFML at the period end.

 

12.

Related party disclosures


There were no related party transactions during the period.

 

13.

Segmental information


The Company is engaged in a single segment of business, which is to invest in equity securities. All of the Company's activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based on the Company as one segment.

 

14.

The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Sections 434 - 436 of the Companies Act 2006. The financial information for the six months ended 30 April 2017 and 30 April 2016 has not been audited.




The information for the year ended 31 October 2016 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditor on those accounts contained no qualification or statement under Section 498 of the Companies Act 2006.




The auditor has reviewed the financial information for the six months ended 30 April 2017 pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information. The report of the auditor is included above.

 

15.

This Half-Yearly Financial Report was approved by the Board on 15 June 2017.

 

By order of the Board

Aberdeen Asset Management PLC

Company Secretary

15 June 2017

 

 

Please note that past performance is not necessarily a guide to the future and the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Half-year Report - RNS