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Octopus Titan VCT PLC   -  OTV2   

Half-year Report

Released 09:49 20-Jun-2019

Half-year Report

Octopus Titan VCT plc ("Titan" and "the Company")

Unaudited half-yearly report for the six months ended 30 April 2019

Company number: 06397765

Today the Company announces the half-yearly results for the six month period to 30 April 2019 as below.

These results were approved by the Board of Directors on 19 June 2019.

You may view the Half-yearly Report in full at www.octopusinvestments.com shortly. All other statutory information will also be found there.

Octopus Titan VCT plc is a venture capital trust ('VCT') which aims to provide shareholders with attractive tax-free dividends and long-term capital growth by investing in a diverse portfolio of predominantly unquoted companies. The Company is managed by Octopus Investments Limited ('Octopus' or 'Portfolio Manager') and Octopus AIF Management Limited (the 'Manager').

Financial Summary

 Six months to
30 April 2019
Six months to
30 April 2018
Year to
31 October 2018
Net assets (£’000s)828,061617,759609,402
Profit after tax (£’000s)22,0166,60311,231
NAV92.4p94.3p93.1p
Cumulative dividends paid since launch74.0p69.0p71.0p
Total Value166.4p163.3p164.1p
Total Return*2.3p0.9p1.7p
Total Return %**2.5%0.9%1.8%
Dividends paid in the period3.0p3.0p5.0p
Dividends declared in respect of the period2.0p2.0p5.0p

*Calculated as the change in NAV in the period plus dividends paid in the period.

**Calculated as total return/opening NAV.

***The 2.0p interim dividend will be paid on 15 November 2019 to shareholders on the register as at 25 October 2019.

Chairman's Statement

I am pleased to present the unaudited half-yearly report for Octopus Titan VCT for the six months ended 30 April 2019.

We were delighted to have raised over £231 million before expenses in our fund raising which closed to new applications on 30 April 2019. Following this, we raised a further £7 million from the shares allotted through the dividend reinvestment scheme associated with the dividend paid at the end of April. With Titan’s net assets now totalling some £828 million, we remain committed to investing in early stage high growth businesses which embody the overall objectives of the VCT scheme. We would like to take this opportunity to welcome all new shareholders and to thank all existing shareholders for their continued support.

As is to be expected following such a large fundraising, we now have un-invested cash, totalling over £312 million as at 30 April 2019 (compared to £176 million as at October 2018, excluding shareholders’ funds awaiting allotment). This gives us confidence in our ability to continue to make new investments and support our existing portfolio of 75 high-growth businesses for the immediate future, many of which need further funding to achieve their ambitious plans. In the six-month period to 30 April 2019, we have deployed a total of £94 million comprising £51 million in new and follow-on investments, £27 million in dividends (including the dividend re-investment scheme (DRIS) shares allotted), £7 million in share buybacks and £9 million in running costs. Together, this therefore accounted for the deployment of 53% of the cash or cash equivalents we had available as at October 2018.

The increase in NAV in the period was 2.3p per share and the Total Value (NAV plus cumulative dividends paid per share since launch) at the end of the period is 166.4p, following the payment of a dividend in April of 3.0p per share. This return brings the tax-free annual compound return to original shareholders to 5.2% since Titan’s launch in 2007.

The transactions within the portfolio are summarised in the Investment Portfolio Review section of my Statement and detailed further in Investment Portfolio on page 8, but I would particularly like to highlight the acquisition of Graze.com by Unilever N.V in February. Launched in 2007, the business delivers healthy snacks through the post. Having first invested in 2009 and disposing parts of this in 2012 and 2013, Titan realised its remaining holding in Graze.com (held via Zenith Holding Company) in February 2019 following Unilever’s acquisition of its holding company. In total, the investment into Graze.com has yielded proceeds of £17.6m over its lifetime for Titan (vs a cost of £2.4m), including a small amount expected to be paid later this year. Graze is a great example of a business Titan only gained access to due to Octopus’s propriety deal flow channels – the founding team included a founder of LOVEFiLM.com, another investee company the Octopus investment team had invested in. We are pleased to be able to add this success to our history of profitable realisations.

Results

The Net Asset Value at 30 April 2019 was 92.4p, a net increase of 2.3p per share from 31 October 2018 after accounting for the dividend of 3.0p per share which was paid in April.

Investment Portfolio Review

I am pleased to report a net uplift in the value of the portfolio of £35.9 million during the period, excluding additions and disposals, representing an 8.3% return on the value of the portfolio at the start of the period.

We set out below the cost and valuation of the top ten holdings which account for over 43% of the value of the portfolio. In total the portfolio now consists of 75 companies, of which three have been added since 30 April representing a further investment of £10.3 million.

InvestmentsInvestment cost at
30 April 2019*
(£’000)
Valuation at
30 April 2019
(£’000)
Amplience Limited  13,499   44,880
Secret Escapes Limited  4,256   37,615
Zenith Holding Company Limited**  8,963   36,882
Wave Optics Limited  13,576   23,645
DePop Limited  6,000   16,418
Conversocial Limited  6,064   16,232
Big Health Limited  8,269   13,647
Chiaro Technology Limited (trading as Elvie)  6,417   12,916
Bought By Many Limited  9,978   12,304
PLU&M limited (trades as Plum Guide)  7,500   10,883
Total  84,522   225,422

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.

**Zenith Holding Company holds shares in Calastone and Secret Escapes inherited from Titans 1&2.

During the six months to 30 April 2019, the uplift in valuation has been driven by the strength of performance of a number of companies in the portfolio in aggregate. In particular, Amplience Limited, Conversocial Limited, Depop Limited, Elvie (Chiaro Limited) and Permutive Inc have all achieved increases in value. Collectively, 36 investee companies drove an uplift of £60.4 million. Conversely, as is to be expected, 19 companies saw a collective decrease in valuation of £24.5 million; this includes Swoon (Sourceable Limited), Property Partner (LHE Holdings Ltd) and Uniplaces Limited where performance has been more challenging, and the current valuations have been adjusted accordingly in line with the valuation policy. Our Manager believes that a number of these businesses may have the potential to overcome the issues they face and return to their ambitious growth plans; they are, therefore, continuing to work with them to achieve this. Where appropriate, this includes providing further funding to ensure the business has sufficient capital to execute on its strategy. This can be seen in the cases of both Swoon (Sourceable Limited) and Uniplaces Limited, where Titan invested further during the period despite Titan’s holdings in the companies  being valued at less than cost as at period end.

In the same period, Titan has benefitted from the acquisition of Graze.com as previously detailed.

In contrast, unfortunately MIRACL was placed into Liquidation in January, having failed to secure terms for further funding or an acceptable offer for acquisition despite considerable efforts as reported in the annual report and accounts. The valuation of Titan’s holding in MIRACL had been adjusted to zero as at October 2018, which was also prior to any allotments under the recent Share Offer.

Turning to investments made during the period, £13 million was invested into five new companies (listed below) and £38 million was invested into 24 follow-on investments as listed on page 8. As anticipated by Octopus, given the volume and quality of investment opportunities available in the UK and Europe, this continued high investment rate is encouraging to see.

We have been pleased to welcome the following companies to the portfolio during the period:

Furthermore, since 30 April 2019, three more new and eight follow-on investments have been made, amounting to £21.3 million. The new investments were into Glofox Limited, a studio management software platform designed for boutique gyms and fitness studios, vHive Limited, which has developed a software platform which enables businesses to deploy autonomous drones to acquire and manage field data, and Unmade Limited, a software-as-a-service platform which enables fashion and sports brands to offer customisable design to their consumers.

Dividends

As shareholders will know, our ambition is to pay an annual dividend of 5.0p per share, supplemented by special dividends when appropriate and in the case of 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 (2018 2.0p) per share in respect of the current financial year, which will be paid on 15 November 2019 to shareholders on the register as at
25 October 2019.

We have been pleased to achieve our ambition in respect of dividends whilst maintaining our NAV above 90p. This has been achieved notwithstanding the expansion of the portfolio, which in itself is a challenge due to the likely incidence of losses during the early stages of holding investee companies. A number of shareholders have intimated that they prefer to hold Titan shares for capital appreciation rather than current yield. I would, however, point out that this is best achieved by reinvesting their dividends through the Dividend Reinvestment Scheme whereby shareholders receive new shares at NAV without any cost of acquisition together with 30% upfront tax relief, an opportunity currently taken up by 29% of shareholders. To underline this opportunity, an investment of £10,000 in December 2014, where all dividends were reinvested, would now be worth £14,966 (including tax relief) as compared to £14,035 had dividends been paid in cash.

Since individual circumstances may differ, shareholders should consult their financial advisers, but we believe this could be a compelling proposition for many shareholders. For further information, please contact Octopus on 0800 316 2295 or via email at clientrelations@octopusinvestments.com.

Investment Management Agreement and Accounting and Administration Agreement

As reported in the annual report to October 2018, new terms for the investment management (IMA) and administration agreements (AA) between Octopus and Titan came into force during the period following approval by shareholders at the General Meeting in December 2018.

These changes, which were fully set out in the annual report, are intended to further enhance alignment between Titan and Octopus and have led to a combined saving of some £500,000 for the six months to 30 April 2019.

Given this directly contributes to a reduction of Titan’s running costs, we believe these changes are very positive, and hope they have been welcomed by shareholders.

VCT Qualifying Status

PricewaterhouseCoopers LLP (PwC) provides both the Board and Octopus with advice concerning ongoing compliance with HMRC rules and regulations concerning VCTs. The Board has been advised that Titan continues to be in compliance with the conditions laid down by HMRC for maintaining approval as a VCT.

As at 30 April 2019, over 97% of the portfolio (as measured by HMRC rules) was invested in VCT-qualifying investments as reviewed and confirmed by PwC, significantly above the 70% current VCT-qualifying threshold, which will increase to 80% from 1 November 2019.

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 were fully described on pages 9 and 10 of the Annual Report for the year ended 31 October 2018 and the Board does not anticipate there will be significant changes to these risks for the remaining six months of the financial year.

Outlook

The last six months have, once again, been a busy period for Titan.

We are delighted by another very positive response to Titan’s most recent fundraising efforts, and excited about the ability this gives us to continue to support both the most compelling opportunities within the portfolio, as well as the brightest new technology businesses and entrepreneurial teams emerging from the UK and Europe.

While the macro environment remains somewhat uncertain in the medium term, Octopus Ventures continues to work closely with the portfolio to help ensure the companies are as well prepared as possible to face the challenges which may arise as a result. Your Board and our Manager continue to believe that, while change can be testing, it can also bring great opportunity for entrepreneurial companies and we remain confident that many of Titan’s investee companies have the ability to take advantage of such opportunities.

Bearing in mind this landscape, following your Board’s review of the non-qualifying portfolio with Octopus in early 2018, we have made a number of further adjustments including consolidating all cash or cash equivalent assets, and disposing of Titan’s holding in FP Octopus UK Micro Cap Growth Fund. We have done this with the aim of reducing the risk profile associated with this part of Titan’s assets.

In 2018, Octopus increased its resource commitment to manage Titan by expanding the Octopus Ventures investment team by nearly 50% as well as adding further portfolio and operational support to ensure it continues to be able to make new investments and manage the expanding portfolio. Alongside this, to enhance its ability to attract the best entrepreneurs, the team has also refined its focus towards technology and tech-enabled businesses in the three key areas of industry, money and health, with the aim of backing the next generation of pioneering entrepreneurs. This has allowed the team to seek out the best in class opportunities in these three areas in the most efficient manner, as well as enhance their specialist skills and knowledge.

In the meantime, while there have been some challenges, your Board remains positive about the prospects of the existing portfolio and Octopus’s work with them to optimise value for our shareholders. As a result, while the cash reserves of the fund are currently healthy, we have confidence in Octopus’s ability to deploy this in the coming 12-18 months into both new companies and the current extensive portfolio. In view of the continuing expansion of both the number of companies in the portfolio and the underlying investee companies themselves, we currently expect to announce a further fundraising later this year.

I would like to conclude by thanking both the Board and our dedicated team from Octopus Ventures, on behalf of all shareholders, for their hard work, without which our investment strategy would not achieve the success we are seeing.

John Hustler
Chairman
19 June 2019

Investment Portfolio

InvestmentsSectorInvestment cost at
30 April 2019*
 (£’000)
Amount invested in the six months ending
30 April 2019

(£’000)
Wave Optics LimitedAI, Robotics & Hardware 13,576  - 
Amplience LimitedBusiness Services  13,499  - 
LHE Holdings Limited (trades as Property Partner)Fintech and Insurance 12,600  243
Bought By Many LimitedFintech and Insurance 9,978  3,954
Zenith Holding Company Limited**Consumer and Social 8,963  - 
UltraSoC Technologies LimitedAI, Robotics & Hardware 8,856  495
Sofar Sounds LimitedConsumer and Social 8,705  1,000
Appear Here LimitedBusiness Services  8,509  4,695
Uniplaces LimitedConsumer and Social 8,434  813
CurrencyFair LimitedFintech and Insurance 8,381  830
Zynstra LimitedBusiness Services  8,317  - 
Big Health LimitedLife Science, Health & Wellbeing  8,269  4,993
Sourceable Limited (trades as Swoon Editions)Consumer and Social 8,148  1,191
Chronext AG Consumer and Social 7,708  - 
PLU&M limited (trades as Plum Guide)Consumer and Social 7,500  4,000
Surrey NanoSystems LimitedAI, Robotics & Hardware 6,918  - 
Katalyst IncLife Science, Health & Wellbeing  6,736  1,916
Chiaro Technology Limited (trading as Elvie)Life Science, Health & Wellbeing  6,417  1,820
Iovox LimitedCommunications and Infrastructure 6,263  991
Digital Shadows Inc.Security  6,223  - 
Token, IncFintech and Insurance 6,221  1,384
Context-Based 4Casting (C-B4) LtdBusiness Services  6,096  - 
Conversocial LimitedCommunications and Infrastructure 6,064  1,898
DePop LimitedConsumer and Social 6,000  1,000
Antidote Technologies LtdLife Science, Health & Wellbeing  5,872  777
Smartkem LimitedAI, Robotics & Hardware 5,770  996
Origami Energy LimitedCommunications and Infrastructure 5,533  - 
Artesian Solutions LimitedBusiness Services  5,481  - 
Streethub Limited (trading as Trouva)Consumer and Social 5,476  - 
Cazoo LimitedConsumer and Social 5,000  5,000
Allplants LimitedConsumer and Social 5,000  - 
OpenSignal IncCommunications and Infrastructure 4,862  - 
Michelson Diagnostics LimitedLife Science, Health & Wellbeing  4,795  - 
Impatients N.V. (trades as myTomorrows)Life Science, Health & Wellbeing  4,705  954
Memrise IncConsumer and Social 4,375  - 
Secret Escapes LimitedConsumer and Social 4,256  - 
Picsoneye Segmentation Innovation Limited
(trading as Pixoneye)
AI, Robotics & Hardware 4,200  - 
BridgeU Inc.Business Services  4,195  - 
Eve Sleep PlcConsumer and Social 4,151  1,758
The Faction Collective SA (trading as Faction)Consumer and Social 4,034  1,066
Semafone LimitedCommunications and Infrastructure 3,594  - 
Seatfrog UK Holdings LimitedConsumer and Social 3,500  - 
Olio Exchange LimitedConsumer and Social 3,500  - 
Behaviometrics ABSecurity  3,336  - 
Dogtooth Technology LimitedAI, Robotics & Hardware 3,278  - 
Casual Speakers Limited (trading as Jolt)Consumer and Social 3,166  - 
Medisafe Project LimitedLife Science, Health & Wellbeing 2,886  - 
By Miles LimitedFintech and Insurance 2,872  2,872
Ecrebo LimitedBusiness Services  2,857  - 
Mosaic Smart Data LimitedFintech and Insurance 2,780  2,780
Metrasens LimitedAI, Robotics & Hardware 2,688  - 
e-Therapeutics plcLife Science, Health & Wellbeing  2,415  - 
Bowman Power LimitedAI, Robotics & Hardware 2,305  - 
Fluidly LimitedBusiness Services  2,299  899
Trafi LimitedCommunications and Infrastructure 2,288  - 
Patch Gardens LimitedConsumer and Social 2,100  - 
Streetbees.com LimitedBusiness Services  2,086  259
Elliptic Enterprise LimitedFintech and Insurance 2,084  - 
Permutive Inc.Business Services  1,863  - 
Phoelex LtdAI, Robotics & Hardware 1,525  - 
Dead Happy LimitedFintech and Insurance 1,500  - 
Mush LimitedConsumer and Social 1,500  - 
Thirdeye Labs LimitedSecurity  1,500  1,500
Pop Global Limited (trading as We Got Pop)Business Services  1,500  - 
Segura Systems LimitedBusiness Services  1,470  - 
Aire Labs LimitedFintech and Insurance 1,332  1,332
Rook Wealth Limited (trades as Multiply)Fintech and Insurance 1,000  - 
GTN LtdLife Science, Health & Wellbeing  800  - 
Slamcore LimitedAI, Robotics & Hardware 750  - 
Intrepid Owls Limited (trading as Rest-Less)Consumer and Social 550  - 
Excession Technologies LimitedSecurity  298  - 
Phasor Inc.AI, Robotics & Hardware 250  - 
Total 341,95851,416

*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 stakes in Secret Escapes Limited and Calastone Limited.

Income Statement

 Unaudited
Six months to 30 April 2019
Unaudited
Six months to 30 April 2018
Audited
Year to 31 October 2018
 Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Gains on disposal of fixed asset investments66662,9452,9452,9852,985
(Loss)/gains on disposal of current asset investments(368)(368)3,7393,7393,1553,155
Gain on valuation of fixed asset investments35,93735,93714.30014,30029,74929,749
Loss on valuation of current asset investments(6,058)(6,058)(7,161)(7,161)
Investment income*(129)(129)190190595595
Investment management fees**(303)(5,745)(6,048)(1,201)(3,604)(4,805)(2,734(8,202)(10,936)
Performance fee(5,182)(5,182)(1,592)(1,592)(2,805)(2,805)
Other expenses(2,211)(2,211)(1,850)(1,850)(4,256)(4,256)
FX translation(49)(49)(266)(266)(95)(95)
Profit/(loss) before tax(2,643)24,65922,016(2,861)9,4646,603(6,395)17,62611,231
Tax
Profit/(loss) after tax(2,643)24,65922,016(2,861)9,4646,603(6.395)17,62611,231
Earnings per share – basic and diluted(0.4)p3.5p3.1p(0.5)p1.7p1.2p(1.1)p2.9p1.8p

*Due to write-offs of interest on loan investments, the net loan interest income figure is a negative amount.

**The split of management fees between revenue and capital has been updated in the current period, see Note 7 of the half-yearly report.

·     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 Association of Investment Companies.

·     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 30 April 2019
Unaudited
As at 30 April 2018
Audited
As at 31 October 2018
 £’000£’000£’000£’000£’000£’000
Fixed asset investments 522,249 364,442 434,897
Current assets:      
Investments 76,269 61,581 
Cash at bank29,306 93,202 42,210 
Applications cash*108 300 57,679 
Debtors3,810 16,122 2,850 
Money market funds283,034 72,466 72,679 
 316,258 258,359 236,999 
Current liabilities(10,446) (5,042) (62,494) 
Net current assets 305,812 253,317 174,505
       
Net assets 828,061 617,759 609,402
       
Share capital 89,618 65,479 65,467
Share premium 504,763 295,277 299,804
Capital redemption reserve 2,809 1,495 2,056
Special distributable reserve 136,417 186,106 169,637
Capital reserve realised (2,327) 9,405 11,245
Capital reserve unrealised 117,708 74,869 79,428
Revenue reserve (20,927) (14,872) (18,235)
Total equity shareholders’ funds 828,061 617,759 609,402
Net asset value per share 92.4p 94.3p 93.1p

*Cash held but not yet allotted.

The statements were approved by the Directors and authorised for issue on 19 June 2019 and are signed on their behalf by:

John Hustler
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 1 November 201865,467299,8042,056169,63711,24579,428(18,235)609,402
Share issue (includes DRIS)** 24,904 204,959 229,863
Repurchase of own shares(753)753(6,611)(6,611)
Revenue loss after tax(2,643)(2,643)
Management fees allocated as capital expenditure(5,745)(5,745)
Current year gains on disposal of fixed asset investments6666
Current year gains on disposal of current asset investments(368)(368)
Prior year current assets gains now realised(2,343)2,343
Gains on fair value of fixed asset investments35,93735,937
Dividends paid (includes DRIS)(26,609)(26,609)
Performance fee(5,182)(5,182)
FX translation(49)(49)
Balance as at
30 April 2019
89,618504,7632,809136,417(2,327)117,708(20,927)828,061

*Reserve is available for distribution.

**This is net of allotment fees of £6.6m.

 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 1 November 2017

 
44,899114,4041,071211.1222,28470,668(11,745)432,703
Share issue (includes DRIS)**21,004 180,873 201,877
Repurchase of own shares(424)424(3,905)(3,905)
Revenue loss after tax(2,861)(2,861)
Management fees allocated as capital expenditure(3,604)(3,604)
Current year gains on disposal of fixed asset 2,9452,945
Current year gains on disposal of current assets 3,7393,739
Prior year fixed asset losses now realised(1,382) 1,382
Prior year current assets gains now realised5,423(5,423)
Gains on fair value of fixed asset investments    14,30014,300
Gains on fair value of current asset investments    (6,058) (6,058)
Dividends paid (includes DRIS)(19,519)(19,519)
Performance fee(1,592)(1,592)
FX translation(266)(266)
Balance as at
30 April 2018
65,479295,2771,495186,1069,40574,869(14,872)617,759

*Reserve is available for distribution.

**This is net of allotment fees of £4.2m.

 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 1 November 201744,899114,4041,071211,1222,28470,668(11,745)432,703
Share issue (includes DRIS)** 21,553185,400  206,953
Repurchase of own shares(985)985(8,889)(8,889)
Revenue loss after tax(6,395)(6,395)
Management fees allocated as capital expenditure(8,202)(8,202)
Current year gain on disposal of fixed assets 2,985  2,985
Current year gain on disposal of current assets 3,155  3,155
Prior year fixed asset gains now realised 8,868 (8,868)  –
Prior year current assets gains now realised 4,960 (4,960)
Gains on fair value of fixed asset investments 29,749  29,749
Gains on fair value of current asset investments(7,161) (7,161)
Dividends paid (includes DRIS)(32,596)(32,596)
Performance fee(2,805)(2,805)
FX translation(95)(95)
Balance as at
31 October 2018
65,467299,8042,056169,63711,245 79,428 (18,235) 609,402

*Reserve is available for distribution.

**This is net of allotment fees of £4.2m.

Cash Flow Statement

 Unaudited
Six months to
30 April 2019
£’000
Unaudited
Six months to
30 April 2018
£’000
Audited
Year to
31 October 2018
£’000
Reconciliation of profit to cash flows from operating activities   
Profit before tax22,0166,60311,231
(Increase)/decrease in debtors(960) (10,301)  2,971
Increase/(decrease) in creditors5,523 (394) (321)
Losses/(gains) on disposal of current asset investments 368 (3,739) (3,155)
Gains on valuation of current asset investments –  6,058  7,161
Gains on disposal of fixed asset investments(66) (2,945) (2,985)
Gains on valuation of fixed asset investments(35,937) (14,300) (29,749)
Outflow from operating activities(9,056)(19,018)(14,847)
    
Cash flows from investing activities   
Purchase of current asset investments – (46,000) (46,000)
Sale of current asset investments 61,213  71,896  84,897
Purchase of fixed asset investments(51,416) (54,892) (122,739)
Sale of fixed asset investments 67  9,486  22,367
Inflow/(Outflow) from investing activities9,864(19,510)(61,475)
    
Cash flows from financing activities   
Applications Inflows allotted(57,571) (38,972)  18,407
Purchase of own shares(6,611) (3,905) (8,889)
Net proceed from share issues 222,772  196,849 198,535
Dividends Paid (net of DRIS)(19,518) (14,491) (24,178)
Inflow from financing activities 139,072  139,481  183,875
    
Increase in cash and cash equivalents139,880100,953107,553
    
Opening cash and cash equivalents 172,568 65,015 65,015
Closing cash and cash equivalents312,448165,968172,568

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Half-year Report - RNS