abrdn UK Smaller Cos - Half-year Report
02/03/2023 07:00
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RNS Number : 5749R abrdn UK Smaller Cos. Growth Trust 02 March 2023
abrdn UK Smaller Companies Growth Trust plc
HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Legal Entity Identifier (LEI): 213800UUKA68SHSJBE37
INVESTMENT OBJECTIVE
The Company's objective is to achieve long-term capital growth by investment
in UK-quoted smaller companies.
Reference Index
The Company's reference index is the Numis Smaller Companies plus AIM (ex
investment companies) Index.
PERFORMANCE HIGHLIGHTS AND FINANCIAL CALENDAR
Net asset value total return(A) Share price total return(A)
Six months ended 31 December 2022 Six months ended 31 December 2022
-2.2% +3.3%
Year ended 30 June 2022 -27.3% Year ended 30 June 2022 -34.3%
Reference Index total return Discount to net asset value(A)
Six months ended 31 December 2022 As at 31 December 2022
-0.6% 10.0%
Year ended 30 June 2022 -19.0% As at 30 June 2022 14.6%
Revenue return per share Ongoing charges ratio(A)
Six months ended 31 December 2022 Forecast year ending 30 June 2023
5.32p 0.94%
Six months ended 31 December 2021 4.26p Year ended 30 June 2022 0.82%
(A) Considered to be an Alternative Performance Measure.
Financial Calendar
Payment of interim dividend for the year 14 April 2023
ending 30 June 2023
Financial year end 30 June 2023
Announcement of results for year August 2023
ending 30 June 2023
Annual General Meeting November 2023
Payment of final dividend for the year 30 November 2023
ending 30 June 2023
Financial Highlights
31 December 2022 30 June 2022 % change
Capital return
Total assets(A) £495.5m £538.6m -8.0%
Equity shareholders' funds £470.5m £498.6m -5.6%
Market capitalisation £423.6m £425.9m -0.5%
Net asset value per share(B) 513.25p 530.37p -3.2%
Share price 462.00p 453.00p +2.0%
Discount to net asset value(C) 10.0% 14.6%
Net gearing(C) 1.1% 5.1%
Reference index 5,406.82 5,520.20 -2.1%
Dividends and earnings
Revenue return per Ordinary share(D) 5.32p 4.26p +24.9%
Interim dividend per share 3.00p 2.70p +11.1%
Operating costs
Ongoing charges ratio(CF) 0.94%(E) 0.82%
(A) Defined as total assets per the Statement of Financial Position less
current liabilities (before deduction of bank loans).
(B) With debt at par value.
(C) Considered to be an Alternative Performance Measure.
(D) Figure for 31 December 2022 is for the six months to that date. Figure for
30 June 2022 is for the six months to 31 December 2021.
(E) The ongoing charges ratio for the current year includes a forecast of
costs, charges and assumes no change in net assets for the six months to 30
June 2023.
(F) Calculated in accordance with AIC guidance issued in October 2020 to
include the Company's share of costs of holdings in investment companies on a
look-through basis.
Chairman's Statement
Performance
The issues that made the headlines in the first half of 2022, including the
war in Ukraine and the cost of living crisis, have persisted. This has made a
difficult backdrop against which to be an investor in UK smaller companies and
the performance of the Company reflects this. The Company's net asset value
("NAV") total return was -2.2% for the six months to 31 December 2022, while
the share price produced a positive total return of 3.3%. The difference
between these returns is a consequence of the movement in the discount, which
narrowed from 14.6% on 30 June 2022 to 10.0% at the end of the period.
The total return of the Company's reference index, the Numis Smaller Companies
plus AIM (ex investment companies) Index (the "Reference Index") was almost
exactly half way between these two returns at -0.6%. If we drill into the
numbers more closely, we can see that while the NAV fell in value in five of
the first six months in 2022, it only fell in three of the months in the
second half of the year and most of the negativity was over the summer. This
indication of a more stable market environment is welcome, but the UK economy
in which our investee companies operate remains fragile.
The Investment Manager's Review provides further information on stock
performance and portfolio activity during the period, as well as the
Investment Manager's outlook for smaller companies.
Earnings and Dividend
The revenue earnings per share ("EPS") for the six months to 31 December 2022
increased by 24.9% to 5.32p (2021: 4.26p), with underlying dividends per share
from investee companies rising by 9.1% compared to the same period last year.
This time last year we reported an almost identical increase in EPS and
attributed this to the lower prior year figure, a result of the impact of
Covid on profitability across the market. This year, we can point to the
increase in confidence in the management of investee companies given that they
have been able to improve their distributions to shareholders.
The continued recovery in income and earnings is very welcome and, while
recognising that there remains a degree of uncertainty in the outlook for the
UK economy, the Board has concluded that the earnings forecasts enable it to
declare an increased interim dividend of 3.00p per share (2022: 2.70p per
share) which will be paid on 14 April 2023 to shareholders on the register on
17 March 2023 with an associated ex-dividend date of 16 March 2023.
Gearing
At the end of the period gearing, net of cash, was 1.1% (30 June 2022: 5.1%).
During the period, the Company entered into a new revolving credit facility of
£40 million (the "RCF") with The Royal Bank of Scotland International
Limited. The RCF has a further uncommitted accordion provision allowing the
Company to request an increase, subject to the lender's approval, of up to an
additional £25 million. The Company drew £25 million of the RCF on 1
November 2022 and used the proceeds drawn to repay, in full, the former term
loan which matured on that date. At 31 December 2022, £25 million was drawn
down under the RCF at an interest rate of 4.73%.
Total returns to 6 months 1 year 3 years 5 years 10 years
31 December 2022 % % % % %
NAV(A) -2.2 -36.8 -14.6 +7.2 +150.9
Share price(A) +3.3 -38.4 -24.3 +0.2 +126.4
Reference Index(B) -0.6 -21.9 -1.7 +1.1 +99.5
Peer Group weighted average (NAV) +2.4 -23.6 -2.0 +8.9 +140.4
Peer Group weighted average (share price) +6.0 -25.6 -9.2 +10.6 +159.3
(A) Considered to be an Alternative Performance Measure.
(B) Numis Smaller Companies including AIM (ex investment companies) Index,
prior to 1 January 2018 Numis Smaller Companies (ex investment companies)
Index.
Source: abrdn and Refinitiv Datastream
Discount Control and Share Buy Backs
At 31 December 2022 the Company's shares were trading at a discount of 10.0%
to its NAV per share, including income with debt at fair value. This was
narrower than the 14.6% discount at which the shares were trading at the end
of June 2022. The Board continues to operate a discount control mechanism
which targets a maximum discount of the share price to the cum-income NAV of
8% under normal market conditions. The width of the discount during the
period, which was a feature shared by many of the Company's peers, illustrated
the market's aversion to UK smaller companies. The Company was active in the
market on most days and bought back 2.3 million shares (2.5% of the opening
issued share capital) at a weighted average price of 466.1p, which equated to
an average discount of 12.0%. The accretion to the NAV per share as a result
of buy backs was approximately 1.5p.
At the time of writing, the Company's shares are trading at an estimated
discount of 12.5%.
Management Team
After more than 19 years as the portfolio manager to the Company, and 37 years
at Standard Life and abrdn, Harry Nimmo retired on 31 December 2022. On behalf
of the Board and shareholders, I would like to express my thanks to Harry for
all that he has done to make the Company what it is today. While the last 12
months have been hard from a performance perspective, the Company has
benefitted hugely from Harry's stewardship over many years. We all wish him
well for a long and happy retirement. Harry's successor, Abby Glennie, has
been working alongside him on the Company's portfolio for over three years and
we are confident that she will build on his long term track record. We look
forward to working with her and Amanda Yeaman over the coming years.
Outlook
The UK economy remains very fragile having flatlined over the final quarter of
2022. Some of the most difficult consequences of the pandemic, such as the
supply chain issues, have now eased but others, including the squeeze on
skilled labour, are set to continue. High energy prices and the cost of living
crisis are causing weaker demand in key economic sectors. The forecast
recession may well be shallow, but interest rates are not expected to peak
until at least August, causing demanding economic conditions for our investee
companies for at least the first half of the year and quite likely all of
2023.
That said, the market typically anticipates well ahead and we should expect
that this is baked into the share prices of our portfolio companies and that
the worst might be behind us. Some of the adverse and often somewhat
indiscriminate market reaction to growth companies may well start to reverse.
The increased gap between the valuation of smaller UK companies and their
large cap brethren also provides scope for a re-rating of smaller companies as
the economic backdrop improves.
Whilst mindful of the macro economic backdrop, our fund managers are
continuing to determine the shape of the portfolio through their bottom-up
stock selection process, which focuses on high quality, strongly financed
companies with sustainable growth prospects. The Board, like our fund
managers, believes the current period offers significant opportunity to invest
in companies with strong growth potential at a relatively low point in their
valuation cycle.
Liz Airey
Chairman
2 March 2023
Interim Management Report
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 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 DTR 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 year; and
- The financial statements include a fair review of the
information required by DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in the first six
months of the financial year and that have materially affected the financial
position or performance of the Company during that period, and any changes in
the related party transactions described in the last Annual Report that could
do so.
Principal and Emerging Risks and Uncertainties
The Board regularly reviews the principal and emerging risks and uncertainties
faced by the Company together with the mitigating 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 30 June 2022 and comprise the
following risk categories:
- Strategy
- Investment performance
- Key person risk
- Share price
- Financial instruments
- Financial obligations
- Regulatory
- Operational
- Geopolitical
The Company's principal risks and uncertainties have not changed materially
since the date of the Annual Report and no material change is foreseen in the
principal risks over the remainder of the financial year.
Going Concern
The Company's assets consist mainly of equity shares in companies listed on
recognised stock exchanges and are considered by the Board to be realisable
within a short timescale under normal market conditions. The Board has set
overall limits for borrowing and reviews regularly the Company's level of
gearing, cash flow projections and compliance with banking covenants. The
Board has also reviewed stress testing analysis and considered the liquidity
of the portfolio.
As at 31 December 2022, the Company had a £40 million unsecured revolving
credit facility with The Royal Bank of Scotland International Limited which
matures on 1 November 2025. £25 million of the facility was drawn down at
the end of the period.
The Directors are mindful of the Principal Risks and Uncertainties summarised
above and they believe that the Company has adequate financial resources to
continue in operational existence for a period of not less than 12 months from
the date of approval of this Report. They have arrived at this conclusion
having confirmed that the Company's diversified portfolio of realisable
securities is sufficiently liquid and could be used to meet short-term funding
requirements were they to arise. The Directors have also reviewed the revenue
and ongoing expenses forecasts for the coming year and considered the
Company's Condensed Statement of Financial Position as at 31 December 2022
which shows net current liabilities of £6.6 million at that date. Taking all
of this into account, the Directors believe that it is appropriate to continue
to adopt the going concern basis in preparing the financial statements.
On behalf of the Board
Liz Airey,
Chairman
2March 2023
Investment Manager's Review
The net asset value ("NAV") total return for the Company for the six months to
31 December 2022 was -2.2% while the share price produced a positive total
return of 3.3%. By comparison, the UK smaller companies sector as represented
by the Numis Smaller Companies plus AIM (ex investment companies) Index (the
"Reference Index") delivered a total return of -0.6%. abrdn has managed the
Company since 1 September 2003.
Equity Markets
After a very challenging first half of 2022, we had hoped for a more stable
backdrop going into this financial year. However, markets have continued to be
dominated by top-down macro factors rather than bottom-up company
fundamentals. The continued war in Ukraine, combined with the very hawkish
pivot of central banks in the US and the UK meant that any hopes for a steady
recovery from the pandemic were no longer likely to come to fruition.
Markets suffered a number of macroeconomic shocks, most notably the continued
rise of inflation, which has been higher and longer than economists and policy
makers were predicting earlier in the year. In the US and UK, the annual rate
of inflation reached 40 year highs in 2022. Large increases in the prices of
food and energy sparked fears about a 'cost-of-living' crisis and declines in
household disposable incomes, with the biggest pinch being felt at lower
income tiers given their higher exposure in the mix to energy, food and fuel,
which are all highly inflationary. Unemployment rates in the UK have remained
low however, helping limit the potential consumer squeeze for now. For
businesses, investors worried that inflation would result in higher input
costs and potentially lower profit margins leading to a reduction in company
earnings.
The UK also saw a great deal of political upheaval with the short-lived
appointment of Liz Truss as Prime Minister and her replacement by Rishi Sunak,
following her poorly received mini-budget which put further pressure on UK
markets. We saw some stability as both Liz Truss and Chancellor Kwarteng were
replaced by Rishi Sunak and Jeremy Hunt respectively and they reversed most of
their predecessors' actions. This embarrassment for the UK, however, seemed to
put a further dampener on overseas investors' appetite to invest in UK
equities. We have seen interest rates rise by the most in 33 years, as the
government acts to combat the high levels of inflation, but this will also
have an effect on disposable incomes for many consumers, given the impact on
mortgage payments over time as the cost of their variable-rate loans increases
quickly, or as they roll off fixed rates.
In October, analysts delivered the highest proportion of earnings downgrades
since June 2020 and the skew across the market cap bands was pronounced. The
FTSE 100 Index recorded net upgrades, thanks to the presence of a number of
global companies that benefit from a strong US Dollar, especially in the
consumer staples groups. In contrast, companies in the FTSE 250 Index suffered
twice as many downgrades as upgrades. Encouragingly, however, in the period,
the market felt more rational in its share price response to results and
earnings changes.
The differing performance of the large and small cap indices is mirrored in
fund flows. Large cap funds suffered small outflows during 2022, at
approximately 2% of assets under management ("AUM"), but mid-cap funds
tracking the FTSE 250 Index saw outflows of approximately 18% of AUM and small
cap funds saw outflows of approximately 12%. Small and mid cap fund managers
lost assets not because of their own actions but because of the general market
movements.
Value stocks continued to perform relatively well during the period, having
strongly outperformed quality and growth in the early part of 2022. To some
extent, this shift could be seen as a reversal of pandemic trends, when growth
companies, such as internet and technology stocks, were in demand. In terms of
currencies, the US Dollar was a standout performer, although it started to
ease later in the period. The result was a UK market that was essentially
divided into two camps. The FTSE 100 Index, with its large exposure to oil
& gas, banks and mining companies, as well as overseas earnings, continued
to hold up well relative to the FTSE 250 and Small Cap indices.
October and November saw a strong rebound in the FTSE 250 Index, with smaller
companies strongly outperforming the FTSE 100 Index over that period.
Historically, it has been typical to see the small and mid cap area of the
market lead in times of market recovery. Not surprisingly, however, the market
strength faded slightly into the turn of the year, with continuing macro
uncertainty, inflation remaining stubbornly high and the consumer squeeze
really coming to pass, as well as continued earnings downgrades across the
smaller companies universe.
Equity markets came to a standstill during the period, and earlier in 2022,
with practically no IPOs in the year. Similarly, M&A volumes declined
substantially, due mainly to private equity firms deploying less capital than
in previous years as well as challenges posed by the rising cost of debt.
There were limited bids for UK companies, and no bids for companies in the
portfolio.
It is notable that the early part of 2023 has shown more robust consumer
spending and sentiment than the market expected, and the Bank of England has
softened its outlook on the length and depth of a recession. Even in a
recession, there are still opportunities within the market. Stock picking
becomes important and our Quality, Growth and Momentum process has
historically performed relatively well against a backdrop such as this.
Performance
The period in question was a tough one for our process, and the portfolio
underperformed the benchmark as a result, although we were pleased to see
better relative performance during the fourth quarter of 2022. Despite a
strong understanding across markets since before summer that the UK would
enter a recession, it took until October for the market to show any focus on
quality of businesses. Whilst across the portfolio we have not been totally
immune to macro headwinds or earnings downgrades, we have been very pleased at
the earnings resilience of the Company's investments, particularly in the
larger holdings.
At the time of writing, in the current top 10 holdings, six had upgrades to
earnings expectations when they last reported, with the other four having no
changes.
The five leading performers during the period were as follows:
Kainos - The company showed its strong market resilience and pricing power.
Despite inflationary pressures, the demand across the corporate sector and
government for its services is so strong that it was able to pass on inflation
and protect its margins.
4imprint - Demand for promotional products in the US rose as the market
recovered from Covid, and in a fragmented market 4imprint took market share
aided by its investment in marketing, which drove repeat customers and strong
financial returns. The company delivered consistent upgrades to earnings
expectations.
Alpha Financial Markets - This consultant to the asset management industry is
beating expectations as it grows both by sector and geographically,
particularly into insurance and alternative investments, as well as strongly
within the US. It has pricing power to protect itself from inflation and, with
the ongoing structural and regulatory burdens on its industries, its services
remain consistently in demand.
Ergomed - There has been consistent growth from Ergomed over the past year,
with its focus on being exposed to the faster growing segments in the CRO
(contract research organisation) market of oncology and rare disease,
combining well with the very defensive areas in PrimeVigilance (drug safety
monitoring), providing strong revenue visibility.
Diploma - Despite operating in more cyclical industries, Diploma, the added
value distributor of technical products and services, has proven that its
niches have remained more resilient, it has pricing power, and its value-add
proposition helps retain attractive margins.
The five worst performers during the period were as follows:
Hilton Food - The company has experienced disappointing and surprising
earnings downgrades where, despite its strong contracts with cost pass through
mechanisms, it was unable to pass through all the inflationary elements of
high salmon protein pricing. This drove margin and earnings downgrades, but
doesn't impact our positive longer term investment case for the company.
Mortgage Advice Bureau - Mortgage Advice Bureau was a victim of Kwasi
Kwarteng's mini budget, which had harsh and rapid impacts on the housing
market. It saw activity fall sharply, as banks held back mortgage approvals
and products due to uncertainty. However, we are confident that market
environments are settling down and that Mortgage Advice Bureau, with its
market leading proposition, will continue to gain market share.
Alliance Pharma - We are disappointed in what should have been a defensive
pharmaceuticals business, with Chinese Covid restrictions hindering exports,
disrupted distributor orders, and a Competition Market Authority
investigation. We have exited this holding.
Marshalls - Whilst a high quality business in its industry, Marshalls is not
exempt from market downturns and has seen consumer spending drive lower demand
in its residential exposure. Demand within the infrastructure business remains
solid. Marshalls has a strong operational track record, and there is a lot it
can do on efficiencies and margin protection in a downturn, which supports our
continued holding.
XP Power - The company had a tough year with supply-chain challenges, and
margin pressure from cost increases, compounded by losing a US court case
related to a historical acquisition. These aspects pushed the balance sheet
leverage higher, which was a concern for the market.
Dealing and Activity
Turnover remained modest during the period, in line with longer-term turnover
levels.
Four new holdings were added to the portfolio; Paragon Banking, Coats,
Craneware and Smart Metering Systems.
Paragon Banking is a specialist buy-to-let lender in the UK, with strong
credit quality and resilient stress testing in tougher macro environments.
Compared to previous cycles, Paragon has a banking license, and is funded by
retail deposits, making it a beneficiary of wider spreads as a result of the
increase in interest rates. Paragon is a defensive, well capitalised secured
specialist lender benefitting from highly attractive market economics. A
structural under supply of housing in the UK, allied to increasing
affordability constraints for the would be first time buyer, underscore future
rental demand, with professional multi property landlords dominating growth.
Paragon is highly capital generative which in turn supports a rolling buy back
programme. It has returned capital of approximately £675 million to
shareholders since 2015, which is 50% of its current market capitalisation.
The valuation remains attractive, with a 5.5% dividend yield.
We added a holding in Coats, a global market leader in the manufacture of
sewing thread and supplies. The business has a leading share of more than 20%
in the apparel and footwear thread market, partly thanks to its global scale,
colour matching technology and longstanding reputation for quality products.
Coats has a strong track record of managing its cost base, through increased
manufacturing automation, a higher value mix from greater performance
materials thread sales, and other self-help initiatives. While the current
macroeconomic backdrop could present near term risks, we are positive on the
longer term opportunities. Recent investment in inventory management,
digitalisation and ESG credentials has driven further market share gains, as
an enabler of moving textile industries towards sustainability. The business
is poised for the delivery of strategic projects, which look to optimise the
portfolio and footprint. The shares yield 2.9%.
Craneware, the Edinburgh-based healthcare technology business, is a leader in
the US hospital market for revenue integrity solutions. These are embedded in
hospital operational processes, helping improve the financial performance of
these organisations. Craneware was co-founded by the CEO, Keith Neilson, in
1999. The business has grown organically and through bolt on acquisitions such
as Sentry Data Systems in 2021. Its product development and cross selling
opportunities help deliver growth, the revenue model provides strong
visibility, and it retains attractive and sustainable margins. The shares
yield 1.7%, which is attractive for a growth business in the technology
sector.
Smart Metering Systems ("SMS") is a fully integrated energy infrastructure
business, which both owns and manages meter assets, energy data, grid-scale
batteries and other carbon reduction assets. The meters help consumers manage
their energy usage and provide inflation linked and visible revenue streams.
Inflation linkage has become particularly valuable in the current
macro-economic climate. The ongoing roll out of smart meters is predicted to
continue to 2025, providing a long term visible revenue stream, and limited
need for additional capital. The newer and potentially high growth part of the
business is grid like battery storage. The business has a growing pipeline
with a huge forecast demand increase for these assets and SMS is well placed
to keep a strong share given relationships and experience. We note the
increasing debt levels expected over the next few years (from net cash
currently), to fund the battery rollout. This is a business which should be
able to support structural debt levels given the revenue generating asset
base, as its private peers do. The dividend yield is 3.5%.
Eleven holdings were exited in the period. Hotel Chocolat suffered from UK
consumer weakness, and also stepping back from the expansion in US and Japan
(where Covid in particular has been a hindrance to market penetration). This
came at a time of investing in capacity, driving strong margin downgrades and
hits to earnings. Gooch & Housego has seen earnings downgrades, impacts
from labour and supply chain shortages, a change in CEO, and the need for
investment. The holding in Intermediate Capital was sold due to concerns over
the risks around end market weakness. Jet2 has suffered many macro headwinds
in recent years, and with the UK consumer squeeze increasing and pressure on
holiday spend in 2023, during a time pricing needs to increase to cover
inflationary pressures, we exited this holding for now. Alliance Pharma was
exited following trading disappointments, Chinese export issues with Covid,
and an investigation against the CEO from many years prior. Big Yellow, the
self storage business, is somewhat impacted by weaker housing markets and
higher interest rates given its balance sheet. Watkin Jones saw the mini
budget impact its forward sales, highlighting to us the lumpiness of the
business' revenue, and the lack of contracted visibility in tougher
environments. Inspecs was exited after a weak update, where consumer weakness
in Germany and France are the most recent pressures. Gear4Music was another
consumer casualty, having had a strong Covid period from online dominance.
Molten Ventures' shares struggled on the disconnect between private and listed
valuations, and the pressures on the growth businesses in which it invests.
Lastly, we sold the holding in Moonpig (although we did not fully exit the
holding until after the period end) where the progress on the gifting side of
the business has been lacklustre, and in a tougher consumer environment we see
this remaining challenging in the near term. Moonpig was not a dividend payer.
Significant purchases included topping up holdings in Serica Energy, CVS,
4imprint and Gamma Communications. We trimmed holdings in GB Group, Future,
Impax Asset Management, Liontrust Asset Management, Safestore, Sirius Real
Estate, Marshalls and Focusrite. Other major sales represented taking profits
in the largest holdings, Telecom Plus and Kainos, controlling position sizes
as these share prices outperformed.
Sector Exposure
The portfolio is built on a bottom-up basis, whereby we select individual
companies based on their fundamental prospects. Sector exposure is therefore
an outcome of the stock selection process, rather than being the determinant
of which companies are held in the portfolio. The highest sector exposures at
the time of writing are Support Services, Media, Financial Services, Software,
Leisure Goods and Telecoms. The exposure to Communication Services and
Healthcare increased, through performance and top ups. The exposure to Real
Estate fell, with reductions in the holdings of companies where we saw
cyclical and interest rate risks, whilst the exposure to Consumer Staples fell
with a weak performance from Hilton Food, and we reduced the size of that
holding. The exposure to Resources remains low, although we did add a holding
in Serica Energy in the previous period. We also have limited exposure to the
Retail and Real Estate sectors.
Discount
At 31 December 2022 the cum-income discount to NAV stood at 10.0%. The simple
average discount for the seven close peers was 8.5%.
Gearing
The level of net gearing at 31 December 2022 was 1.1%. Gearing is likely to
remain at or around current levels for the time being, reflecting our more
cautious shorter term concerns, but we continue to believe strongly in the
medium to long-term prospects for smaller companies. We repaid some of the
borrowings during the period, taking a more conservative view towards equity
markets over the short term, with the ability to increase gearing again when
we see the right opportunity.
Dividends
There was good growth in dividend receipts during the period, aligned with our
sentiment above that the reporting overall in the portfolio, and the earnings
growth being delivered, remain strong.
It is notable that within the top ten holdings, the rate of dividend growth
has accelerated, excluding the outlier of 4imprint which has exceptional
growth, having had Covid dividend pauses, and Ergomed, which is the only top
10 holding that doesn't pay a dividend. The other eight names in the top 10
are averaging 26% dividend growth forecasts for 2022.
Ergomed, Watches of Switzerland, Marlowe, Big Technologies, Team 17, Auction
Technology and Motorpoint are the only holdings in the portfolio which do not
pay dividends. The percentage of non-payers has remained around 12% of the
portfolio, the same as at the end of the last period. Given the strength of
the income stream from the portfolio as a whole, we are comfortable holding
some exposure to non dividend payers.
Outlook
UK equity valuations have derated significantly and are at attractive levels
relative to other regions. Within that, UK smaller companies looks very
attractive relative to large companies, with the strong sector focus in the
FTSE 100 Index combined with the "risk-off" trade driving significant
divergence in index returns during 2022. During the last couple of months of
the period the market tested some of these levels and we saw a strong bounce
in UK smaller companies through October and November. With greater political
stability in the UK, and also a solid degree of overseas revenue exposure
within the market, we are starting to see international investors look towards
their UK allocations, which have been rock bottom for some time.
We caveat this with some macro caution - we are still seeing many areas of
challenge, including inflation, consumer squeeze, China supply uncertainty -
and many of these factors might be testing again over the period ahead. We
were not surprised to see markets retreat in December, and believe we may see
that continue before there is a more sustained recovery. The war in Ukraine
remains an overhang for markets, particularly given its inflationary impacts,
and, for social and humanitarian reasons more than any, we would be pleased to
see a peaceful resolution.
Every cycle is different, but typically in the UK we wouldn't expect to see
the market recover until nearer the trough in earnings. However, many aspects
of this cycle have been very different and the UK didn't enter it from peak
earnings given Brexit sentiment and GDP growth relative to other regions over
recent years. Therefore, there are reasons to believe that UK earnings could
be nearer the trough than other geographies, and that UK markets could recover
earlier in this cycle than we have often seen historically.
Meanwhile, in a recession, we think our Quality focus will prove relatively
resilient. We are seeing broad areas of earnings downgrades across the market,
but lots of areas of resilience and strength in the portfolio. This is the
Quality focus, as well as the companies being more self-fulfilling in their
growth strategies - increasingly valuable we believe when growth becomes
scarcer. Lastly, with the de-rating of growth businesses through 2022, many of
the Company's quality growth businesses are trading on significantly lower
valuations than historically, and have been taking part strongly in the recent
market recovery. This gives us some confidence over the relative performance
potential of the portfolio in a market recovery,
At this early stage in a recession, we continue to believe that many cheaper
value cyclical businesses will experience earnings pressures over the short
term. Each cycle is different, and with the dynamics of the current
environment, we would be surprised to see any market recovery over the coming
period being led by the most cyclical stocks.
As we move through 2023 it remains a year of uncertainty, but we feel a lot of
the most painful changes in market conditions are behind us, seen in early
2022. We would hope for a more settled environment this year, where company
focus returns to markets, and share price returns are less dependent on top
down macro factors.
Abby Glennie and Amanda Yeaman,
abrdn
2 March 2023
Investment Portfolio
At 31 December 2022
Market Total
value assets
Company Industry £'000 %
Alpha Financial Markets Consulting Industrial Support 23,411 4.7
Services
Telecom Plus Telecommunications Service Providers 23,179 4.6
Kainos Software and Computer Services 22,597 4.5
4imprint Media 17,199 3.5
Ergomed Pharmaceuticals and Biotechnology 16,767 3.4
JTC Investment Banking and Brokerage 15,462 3.1
Services
Cranswick Food Producers 14,237 2.9
Diploma Industrial Support 14,190 2.9
Services
discoverIE Technology Hardware and Equipment 13,731 2.8
Next 15 Communications Media 13,724 2.8
Top ten investments 174,497 35.2
Safestore Real Estate Investment Trusts 12,937 2.6
Watches of Switzerland Personal Goods 12,823 2.6
CVS Consumer Services 12,793 2.6
Gamma Communications Telecommunications Service Providers 12,156 2.5
Bytes Technology Software and Computer Services 11,956 2.4
Big Technologies Software and Computer Services 11,095 2.2
Hilton Food Food Producers 10,298 2.1
Games Workshop Leisure Goods 9,957 2.0
Impax Asset Management Investment Banking and Brokerage Services 9,797 2.0
Hill & Smith Industrial Metals and Mining 9,682 2.0
Top twenty investments 287,991 58.2
Hollywood Bowl Travel and Leisure 9,531 1.9
Morgan Sindall Construction and Materials 9,180 1.8
Robert Walters Industrial Support 9,074 1.8
Services
Global Data Media 8,623 1.7
Team 17 Leisure Goods 8,396 1.7
Auction Technology Software and Computer Services 8,300 1.7
Focusrite Leisure Goods 8,195 1.7
Serica Energy Oil, Gas and Coal 8,069 1.6
Craneware Health Care Providers 7,981 1.6
Future Media 7,957 1.6
Top thirty investments 373,297 75.3
XP Power Electronic and Electrical Equipment 7,444 1.5
Treatt Chemicals 7,361 1.5
Coats General Industrials 7,329 1.5
Midwich Industrial Support 7,222 1.4
Services
Sirius Real Estate Real Estate Investment and Services 6,395 1.3
Mortgage Advice Bureau Finance & Credit Services 6,274 1.3
Marshalls Construction and Materials 6,239 1.3
AJ Bell Investment Banking and Brokerage 6,223 1.2
Services
Smart Metering Systems Industrial Support 5,937 1.2
Services
Liontrust Asset Management Investment Banking and Brokerage 5,839 1.2
Services
Top forty investments 439,560 88.7
Paragon Banking Investment Banking and Brokerage 5,508 1.1
Services
Mattioli Woods Investment Banking and Brokerage 5,331 1.1
Services
Henry Boot Real Estate Investment and Services 4,968 1.0
LBG Media Media 3,945 0.8
Marlowe Industrial Support 3,673 0.8
Services
GB Group Software and Computer Services 3,203 0.6
Tatton Asset Management Investment Banking and Brokerage 3,107 0.6
Services
YouGov Media 2,723 0.6
Volution Construction and Materials 2,666 0.5
Motorpoint Retailers 2,082 0.4
Top fifty investments 476,766 96.2
Moonpig Retailers 365 0.1
Total portfolio 477,131 96.3
Net current assets(A) 18,334 3.7
Total assets 495,465 100.0
(A) Current assets less current liabilities. Excludes bank loans of
£24,924,000.
Condensed Statement of Comprehensive Income (unaudited)
Six months ended Six months ended
31 December 2022 31 December 2021
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Net (losses)/gains on investments held at fair value (15,431) (15,431) 86,500 86,500
Income 2 6,082 - 6,082 5,397 - 5,397
Investment management fee (431) (1,292) (1,723) (669) (2,007) (2,676)
Administrative expenses (601) - (601) (427) - (427)
Net return before finance costs and taxation 5,050 (16,723) (11,673) 4,301 84,493 88,794
Finance costs (117) (351) (468) (140) (418) (558)
Return before taxation 4,933 (17,074) (12,141) 4,161 84,075 88,236
Taxation 3 - - - - - -
Return after taxation 4,933 (17,074) (12,141) 4,161 84,075 88,236
Return per Ordinary share (pence) 5 5.32 (18.40) (13.08) 4.26 86.03 90.29
The total column of the condensed Statement of Comprehensive Income represents
the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Financial Position (unaudited)
As at As at
31 December 2022 30 June 2022
Notes £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 477,131 524,137
Current assets
Debtors 1,064 2,413
Investments in AAA-rated money-market funds 19,251 14,414
Cash and short-term deposits 366 582
20,681 17,409
Current liabilities
Creditors: amounts falling due within one year (2,347) (2,947)
Bank loan 8 (24,924) (39,988)
(27,271) (42,935)
Net current liabilities (6,590) (25,526)
Net assets 470,541 498,611
Capital and reserves
Called-up share capital 26,041 26,041
Share premium account 170,146 170,146
Capital reserve 265,613 293,616
Revenue reserve 8,741 8,808
Equity shareholders' funds 470,541 498,611
Net asset value per Ordinary share (pence) 7 513.25 530.37
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Changes in Equity (unaudited)
Six months ended 31 December 2022
Share
Share premium Capital Revenue
capital account reserve reserve Total
£'000 £'000 £'000 £'000 £'000
Balance at 30 June 2022 26,041 170,146 293,616 8,808 498,611
Return after taxation - - (17,074) 4,933 (12,141)
Buyback of shares into Treasury - - (10,929) - (10,929)
Dividends paid (see note 4) - - - (5,000) (5,000)
Balance at 31 December 2022 26,041 170,146 265,613 8,741 470,541
Six months ended 31 December 2021
Share
Share premium Special Capital Revenue
capital account reserve(A) reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 June 2021 26,041 170,146 20,132 504,395 7,532 728,246
Return after taxation - - - 84,075 4,161 88,236
Buyback of shares into Treasury - - (13,801) - - (13,801)
Dividends paid (see note 4) - - - - (4,884) (4,884)
Balance at 31 December 2021 26,041 170,146 6,331 588,470 6,809 797,797
(A) The special reserve was extinguished during the year ended 30 June 2022.
The capital reserve at 31 December 2022 is split between realised of
£170,473,000 and unrealised of £95,140,000 (31 December 2021 - realised
£189,322,000 and unrealised £399,148,000).
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Cash Flows (unaudited)
Six months ended Six months ended
31 December 2022 31 December 2021
£'000 £'000
Operating activities
Net return before finance costs and taxation (11,673) 88,794
Adjustment for:
Losses/(gains) on investments 15,431 (86,500)
Decrease in accrued income 1,665 360
Increase in other debtors - (2)
(Decrease)/increase in other creditors (399) 117
Net cash inflow from operating activities 5,024 2,769
Investing activities
Purchases of investments (43,368) (52,962)
Sales of investments 74,458 63,504
Purchases of AAA-rated money-market funds (65,871) (76,759)
Sales of AAA-rated money-market funds 61,034 82,427
Net cash inflow from investing activities 26,253 16,210
Financing activities
Interest paid (484) (390)
Equity dividends paid (5,000) (4,884)
Buyback of shares (10,929) (13,801)
Repayment of loan (15,080) -
Net cash outflow from financing activities (31,493) (19,075)
Decrease in cash and short-term deposits (216) (96)
Analysis of changes in cash during the period
Opening cash and short-term deposits 582 95
Decrease in cash and short-term deposits as above (216) (96)
Closing cash and short-term deposits 366 (1)
The accompanying notes are an integral part of the financial statements.
Notes to the Financial Statements (unaudited)
For the year ended 31 December 2022
1. Accounting policies
a) Basis of accounting. The condensed
financial statements have been prepared in accordance with Financial Reporting
Standard 104 'Interim Financial Reporting' and with the Statement of
Recommended Practice for 'Financial Statements of Investment Trust Companies
and Venture Capital Trusts' issued in July 2022. 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 half-yearly financial statements have been prepared using the same
accounting policies as the preceding annual accounts.
2. Income
Six months ended Six months ended
31 December 2022 31 December 2021
£'000 £'000
Income from investments
UK dividend income 4,834 4,341
Property income distributions 602 372
Overseas dividend income 441 674
5,877 5,387
Interest income
Interest from AAA-rated money-market funds 199 10
Bank interest 6 -
205 10
Total income 6,082 5,397
3. Taxation
The taxation expense reflected in the Condensed Statement of Comprehensive
Income is based on management's best estimate of the weighted annual
corporation tax rate expected for the full financial year. The estimated
annual tax rate used for the year to 30 June 2023 is 19% until 31 March 2023
and 25% thereafter.
4. Ordinary dividend on equity shares
Six months ended Six months ended
31 December 2022 31 December 2021
£'000 £'000
2022 final dividend of 5.40p per share (2021 - 5.00p) 5,000 4,884
5. Return per share
Six months ended Six months ended
31 December 2022 31 December 2021
p p
Revenue return 5.32 4.26
Capital return (18.40) 86.03
Total return (13.08) 90.29
Weighted average number of Ordinary shares 92,803,168 97,723,664
The figures above are based on the following:
Six months ended Six months ended
31 December 2022 31 December 2021
£'000 £'000
Revenue return 4,933 4,161
Capital return (17,074) 84,075
Total return (12,141) 88,236
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 on investments in the
Condensed Statement of Comprehensive Income. The total costs were as follows:
Six months ended Six months ended
31 December 2022 31 December 2021
£'000 £'000
Purchases 76 130
Sales 64 42
140 172
7. Net asset value per share
Total shareholders' funds have been calculated in accordance with the
provisions of applicable accounting standards. The analysis of total
shareholders' funds on the face of the Condensed Statement of Financial
Position reflects the rights, under the Articles of Association, of the
Ordinary shareholders on a return of assets.
These rights are reflected in the net asset value and the net asset value per
share attributable to Ordinary shareholders at the period end.
As at As at
31 December 2022 30 June 2022
Total shareholders' funds (£'000) 470,541 498,611
Number of Ordinary shares in issue at the period end(A) 91,679,290 94,012,047
Net asset value per share (pence) 513.25 530.37
(A) Excluding shares held in treasury.
During the six months ended 31 December 2022 the Company repurchased 2,332,757
Ordinary shares to be held in treasury (31 December 2021 - 1,873,583) at a
cost of £10,929,000 (31 December 2021 - £13,801,000).
As at 31 December 2022 there were 91,679,290 Ordinary shares in issue (30 June
2022 - 94,012,047). There were also 12,485,132 Ordinary shares (30 June 2022 -
10,152,375) held in treasury.
8. Loans
On 1 November 2017 the Company entered into a 5 year £45,000,000 unsecured
loan facility agreement with The Royal Bank of Scotland International Limited,
which was subsequently increased to £65,000,000 effective 10 May 2021. The
facility consisted of a five year fixed-rate term loan facility of
£25,000,000 (the "Term Loan") and a revolving credit facility of
£40,000,000.
On 1 November 2022, the Company entered into a new revolving credit facility
of £40,000,000 (the "RCF") with The Royal Bank of Scotland International
Limited. The RCF has a further uncommitted accordion provision allowing the
Company to request an increase, subject to lender's approval, of up to an
additional £25,000,000. The Company drew £25,000,000 of the RCF on 1
November 2022 and used the proceeds drawn to repay, in full, the existing Term
Loan which matured on that date. At 31 December 2022 £25,000,00 was drawn
down under the RCF at an interest rate of 4.73%.
The RCF is shown in the Condensed Statement of Financial Position net of
unamortised expenses of £76,000 (30 June 2022 - Term Loan - £12,000).
9. Analysis of changes in net debt
At Non-cash At
30 June 2022 Cash flows movements 31 December 2022
£'000 £'000 £'000 £'000
Cash and short-term deposits 582 (216) - 366
Investments in AAA-rated money-market funds 14,414 4,837 - 19,251
Debt due in less than one year (39,988) 15,080 (16) (24,924)
Total net debt (24,992) 19,701 (16) (5,307)
At Non-cash At
30 June 2021 Cash flows movements 31 December 2021
£'000 £'000 £'000 £'000
Cash and short-term deposits 95 (96) - (1)
Investments in AAA-rated money-market funds 22,636 (5,669) - 16,967
Debt due in less than one year (40,000) - (24,969) (64,969)
Debt due after more than one year (24,951) - 24,951 -
Total net debt (42,220) (5,765) (18) (48,003)
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 shall have 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: b) inputs are unobservable (ie for which
market data is unavailable) for the asset or liability.
All of the Company's investments are in quoted equities (30 June 2022 - same)
that are 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 (31 December 2022 - £477,131,000; 30
June 2022 - £524,137,000) have therefore been deemed as Level 1.
The investment in AAA rated money-market funds of £19,251,000 (30 June 2022 -
£14,414,000) is considered to be Level 2 under the fair value hierarchy of
FRS 102 due to not trading in an active market.
11. Transactions with the Manager
The Company has an agreement with abrdn Fund Managers Limited ("aFML") for the
provision of investment management, secretarial, accounting and administration
and promotional activity services. During the six months ended 31 December
2022 the management fee paid to aFML was charged by applying a tiered rate of
0.85% to the first £250 million of net assets, 0.65% of net assets between
£250 million and £550 million and 0.55% of net assets above £550 million.
The contract is terminable by either party on six months' notice.
During the period £1,723,000 (31 December 2021 - £2,676,000) of investment
management fees were earned by aFML, with a balance of £1,723,000 (31
December 2021 - £1,359,000) due at the period end.
aFML also receives fees for secretarial and administrative services of
£75,000 per annum exclusive of VAT.
During the period, fees of £37,000 (31 December 2021 - £38,000) exclusive of
VAT were earned by aFML for the provision of secretarial and administration
services. The balance due to aFML at the period end was £38,000 (31 December
2021 - £68,000) exclusive of VAT.
The Manager also receives a separate promotional activities fee which during
the period was based on an annual amount of £384,000 exclusive of VAT payable
quarterly in arrears. During the period, fees of £192,000 (31 December 2021 -
£100,000) exclusive of VAT were payable to the Manager, with a balance of
£96,000 (31 December 2021 - £50,000) exclusive of VAT being due at the
period end.
12. Subsequent events
Subsequent to the period end, the Company repurchased a further 1,221,072
Ordinary shares to be held in treasury at a cost of £5,681,000.
13. Half-Yearly Financial Report
The financial information in this Report does not constitute statutory
accounts as defined in Sections 434 - 436 of the Companies Act 2006. The
financial information for the year ended 30 June 2022 has been extracted from
the latest published audited financial statements which have been filed with
the Registrar of Companies. The report of the auditors on those accounts
contained no qualification or statement under Section 498 (2), (3) or (4) of
the Companies Act 2006. The half-yearly financial statements have been
prepared using the same accounting policies as the preceding annual accounts.
14. This Half-Yearly Financial Report was approved by the Board on 2 March 2023.
Alternative Performance Measures
Alternative performance measures ("APMs") are numerical measures of the
Company's current, historical or future performance, financial position or
cash flows, other than financial measures defined or specified in the
applicable financial framework. The Company's applicable financial framework
includes FRS 102 and the AIC SORP.
The Directors assess the Company's performance against a range of criteria
which are viewed as particularly relevant for closed-end investment companies.
Where the calculation of an APM is not detailed within the financial
statements, an explanation of the methodology employed is provided below:
Discount
A discount is the percentage by which the market price is lower than the Net
Asset Value ("NAV") per share.
31 December 2022 30 June 2022
Share price a 462.00p 453.00p
Net Asset Value per share b 513.25p 530.37p
Discount (a/b)-1 10.0% 14.6%
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents
divided by shareholders' funds, expressed as a percentage. Under AIC reporting
guidance cash and cash equivalents includes amounts due from and to brokers at
the period end as well as cash and short-term deposits.
31 December 2022 30 June 2022
£'000 £'000
Total borrowings a (24,924) (39,988)
Cash and short-term deposits 366 582
Investments in AAA-rated money-market funds 19,251 14,414
Amounts due from brokers 327 11
Amounts payable to brokers (216) (385)
Total cash and cash equivalents b 19,728 14,622
Net gearing (borrowings less cash & cash equivalents) c=a+b (5,196) (25,366)
Shareholders' funds d 470,541 498,611
Net gearing (borrowings less cash & cash equivalents) e=c/d 1.1% 5.1%
Ongoing charges ratio
The ongoing charges ratio has been calculated in accordance with guidance
issued by the AIC, which is defined as the total of investment management fees
and recurring administrative expenses and expressed as a percentage of the
average daily net asset values published throughout the year. The ratio
reported at 31 December 2022 includes actual costs and charges for the six
months and includes a forecast for costs, charges and the asset base for the
remaining six months of the financial year ending 30 June 2023.
31 December 2022(A) 30 June 2022(B)
£'000 £'000
Investment management fees a 3,537 4,759
Administrative expenses b 1,017 889
Less: non-recurring charges(C) c - (6)
Ongoing charges d=a+b+c 4,554 5,642
Average net assets e 481,968 696,750
Ongoing charges ratio (excluding look-through costs) f=d/e 0.94% 0.81%
Look-through costs(D) g - 0.01%
Ongoing charges ratio (including look-through costs) h=f+g 0.94% 0.82%
(A) Forecast for the year ending 30 June 2023 based on estimates as at 31
December 2022.
(B) For the year ended 30 June 2022.
(C) Comprises professional fees not expected to recur.
(D) Calculated in accordance with AIC guidance issued in October 2020 to
include the Company's share of costs of holdings in investment companies on a
look-through basis.
The ongoing charges ratio differs from the other ongoing costs figure reported
in the Company's Key Information Document calculated in line with the PRIIPs
regulations, which includes the ongoing charges ratio and the financing and
transaction costs.
Total return
NAV and share price total returns show how the NAV and share price have
performed over a period of time in percentage terms, taking into account both
capital returns and dividends paid to shareholders. NAV total return assumes
reinvesting the net dividend paid by the Company back into the NAV of the
Company with debt at fair value on the date on which that dividend goes
ex-dividend. Share price total return assumes reinvesting the net dividend
back into the share price of the Company on the date on which that dividend
goes ex-dividend.
Share
Six months ended 31 December 2022 NAV price
Opening (p) a 530.37 453.00
Closing (p) b 513.25 462.00
(Decrease)/increase (p) c=b-a -17.12 9.00
% (decrease)/ increase d=c/a -3.2% 2.0%
Uplift from reinvestment of dividends(A) e 1.0% 1.3%
Total return (decrease)/increase d+e -2.2% 3.3%
(A) The uplift from reinvestment of dividends assumes that the dividend of
5.40p paid by the Company in October 2022 was reinvested in the NAV and share
price of the Company on the ex-dividend date.
By order of the Board
abrdn Holdings Limited
Company Secretary
2 March 2023
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
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