abrdn UK Smaller Companies Growth Trust plc
Half Yearly Report 31 December 2022
Capturing the growth potential of UK smaller companies
abrdnuksmallercompaniesgrowthtrust.co.uk
Contents
Overview | |
Performance Highlights and Financial Calendar | 1 |
Chairman's Statement | 4 |
Interim Management Report | 6 |
Investment Manager's Review | 7 |
Investment Process | 13 |
Portfolio | |
Ten Largest Investments | 15 |
Investment Portfolio | 16 |
Investment Case Study | 18 |
Financial Statements | |
Condensed Statement of Comprehensive Income (unaudited) | 19 |
Condensed Statement of Financial Position (unaudited) | 20 |
Condensed Statement of Changes in Equity (unaudited) | 21 |
Condensed Statement of Cash Flows (unaudited) | 22 |
Notes to the Financial Statements (unaudited) | 23 |
General Information | |
Alternative Performance Measures | 28 |
Investor Information | 30 |
Contact Addresses | 33 |
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 returnA | Share price total returnA | |||||||||
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 valueA | |||||||||
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% | |||||||
Overview
Portfolio
Statements
Revenue return per share
Six months ended 31 December 2022
5.32p
Six months ended 31 December 2021 | 4.26p |
- Considered to be an Alternative Performance Measure as defined on pages 28 and 29.
Ongoing charges ratioA
Forecast year ending 30 June 2023
0.94%
Year ended 30 June 2022 | 0.82% |
General Information Financial
Investment Portfolio by Sector
5.0% | 3.2% | |||
Sector allocation | ||||
5.2% | ||||
23.2% | ||||
Consumer Discretionary | ||||
5.2% | ||||
Industrials | ||||
7.4% | Technology | |||
Financials | ||||
Telecommunications | ||||
Consumer Staples | ||||
Health Care | ||||
Real Estate | ||||
12.1% | 22.2% | Basic Materials | ||
16.5% |
abrdn UK Smaller Companies Growth Trust plc | 1 |
Performance Highlights and Financial Calendar
Continued
Financial Calendar
Payment of interim dividend for the year ending 30 June 2023 | 14 April 2023 | ||||
30 June 2023 | |||||
Financial year end | |||||
August 2023 | |||||
Announcement of results for year ending 30 June 2023 | |||||
November 2023 | |||||
Annual General Meeting | |||||
30 November 2023 | |||||
Payment of final dividend for the year ending 30 June 2023 | |||||
Financial Highlights | |||||
31 December 2022 | 30 June 2022 | % change | |||
Capital return | |||||
Total assetsA | £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 shareB | 513.25p | 530.37p | -3.2% | ||
Share price | 462.00p | 453.00p | +2.0% | ||
Discount to net asset valueC | 10.0% | 14.6% | |||
Net gearingC | 1.1% | 5.1% | |||
Reference index | 5,406.82 | 5,520.20 | -2.1% | ||
Dividends and earnings | |||||
Revenue return per Ordinary shareD | 5.32p | 4.26p | +24.9% | ||
Interim dividend per share | 3.00p | 2.70p | +11.1% | ||
Operating costs | |||||
Ongoing charges ratioCF | 0.94%E | 0.82% |
- Defined as total assets per the Statement of Financial Position less current liabilities (before deduction of bank loans).
- With debt at par value.
- Considered to be an Alternative Performance Measure as defined on pages 28 and 29.
- 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.
- 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.
- 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.
2 | abrdn UK Smaller Companies Growth Trust plc |
"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."
abrdn UK Smaller Companies Growth Trust plc | 3 |
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abrdn UK Smaller Companies Growth Trust plc published this content on 15 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2023 10:39:51 UTC.