The announcement of Final Results for the year to 31 March 2007 released
earlier today under PRNUK-3005071754-5863 contained an error in the Chairman*s
comments. The third sentence of the first paragraph should have referred to a
rise in the Davy Mid-Cap Index of 28.6% and not 35.8%. The corrected
announcement is set out in full below.
GARTMORE IRISH GROWTH FUND PLC
Preliminary Unaudited Results for the Year to 31 March 2007
The Directors present the results for the year to 31 March 2007. The NAV has
risen by 27.7% in the year; performance since 1995 represents a compound rate
of growth of 21.9% per annum.
Harry Sheridan, Chairman of the Company, today commented:
"It is with pleasure that I can report another excellent year for your Company.
The net asset value ("NAV") of the Company rose by 27.7% in the twelve months
to 31 March 2007. This compares with a rise of 13.1% for the broad-based ISEQ
Index and 28.6% for the Davy Mid-Cap Index. In the UK, the FTSE All-Share Index
gained 7.7% and the Hoare Govett Smaller Companies (ex Investment Companies)
Index returned 18.8%.
The Fund's principal objective is to deliver capital growth to shareholders.
The rise in the NAV builds on the strong performance of +44% for the year
ending 31 March 2006, +24.5% for the year ending 31 March 2005 and +89.5% for
the year ending 31 March 2004. It has risen from 97.32p* per share when the
Company was established in June 1995, to 1012.46p* at the year-end. This
represents a compound growth rate of 21.9% per annum.
The Company made effective use of the ability to move into cash as well as to
draw down loan facilities during the year, as equity markets have fluctuated.
The capital return to shareholders in the year was 223.30p. Borrowing costs are
relatively modest but, together with other relevant costs, are charged in full
to revenue. The revenue shortfall in the year was 2.74p per share. The total
return for the year was therefore 220.56p. The Directors recommend a dividend
of 0.9p per share, to be paid out of revenue reserves, which compares with
0.75p per share last year, an increase of 20%. The dividend will be paid on 21
September 2007 to shareholders on the register on 31 August 2007.
At 31 March 2006, the share price stood at 740p, representing a discount to the
asset value of 6.6%. Over the year, the share price rose by 34.7%, to end the
period at 996.5p. The discount has generally narrowed over the course of the
year and at 31 March 2007 was 1.6%. The Company has shareholder authority to
repurchase its shares and intends to make further purchases if and when stock
becomes available at attractive prices.
Ireland's economy grew at an even faster rate in 2006 than in the previous
year, GDP expanding by 6.0% compared with growth of 5.5% in 2005. A 6.2% rise
in consumer spending underscored this growth, while service exports increased
by approximately 14%.
In response to a broadening economic expansion and rising inflationary
pressures across Europe, the European Central Bank increased interest rates to
3.75% during the year. It seems unlikely, however, that interest rates at
current levels will have a significant dampening effect on what has become one
of Europe's most vibrant economies.
I am pleased to welcome Willie Cotter as a new member of the Board. Willie was
formerly Chief Executive of Bank of Ireland Asset Management and his
appointment will bring further expertise and depth to the Board.
In recognition of strong performance, the Company won the Specialist Trust
category for the Moneywise Investment Awards and Best Global Investment Trust
at the Bloomberg Money Awards. In addition, it was a runner up in the "Most
Consistent Investment Trust" category for the "What Investment" 2006.
We congratulate Gervais Williams, the Fund's Manager, on another year of
excellent performance and my Board colleagues and I share his enthusiasm at the
prospects for the year ahead.
Harry Sheridan
Chairman
30 May 2007
* NAV at launch and until 31 December 2005 was stated on a mid price basis. NAV
at 31 March 2007 is calculated on a bid price basis.
For further information, contact:
Gervais Williams - Head of Smaller Companies 0207 782 2916
Gartmore Investment Limited
Melissa Jones - Investor Relations 0207 782 2124
Gartmore Investment Limited
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2007
1 April 2006 to 1 April 2005 to
31 March 2007 31 March 2006
(unaudited) (audited)
Revenue Capital Revenue Capital
return return Total return return Total
�'000 �'000 �'000 �'000 �'000 �'000
Gains on investments - 32,851 32,851 - 35,871 35,871
at fair value
Exchange gains/ - 153 153 - (515) (515)
(losses)
Net investment - 33,004 33,004 - 35,356 35,356
result
Total income 1,492 - 1,492 1,932 - 1,932
Expenses
Investment (1,431) - (1,431) (1,075) - (1,075)
Management
fee *
Cost of investment - (1,143) (1,143) - (1,083) (1,083)
transactions
Other expenses (367) - (367) (348) - (348)
Total expenses (1,798) (1,143) (2,941) (1,423) (1,083) (2,506)
Net return before (306) 31,861 31,555 509 34,273 34,782
finance costs and
taxation
Finance costs (138) - (138) (310) - (310)
Net return before (444) 31,861 31,417 199 34,273 34,472
taxation
Taxation 53 (33) 20 83 (20) 63
Net return after (391) 31,828 31,437 282 34,253 34,535
taxation for the
period
pence pence pence pence pence pence
Return per Ordinary
share:
- Basic and diluted (2.74) 223.30 220.56 1.98 240.17 242.15
The Total column of this statement is the Income Statement of the Group
prepared in accordance with International Financial Reporting Standards (IFRS).
The supplementary Revenue and Capital return columns are both prepared under
guidance published by the Association of Investment Companies.
All items in the above statement derive from continuing operations.
* Includes the associated irrecoverable VAT cost.
These accounts are unaudited and are not the Group's statutory accounts.
CONSOLIDATED BALANCE SHEET
as at 31 March 2007
As at As at
31 March 31 March
2007 2006
(unaudited) (audited)
�'000 �'000
Non-current assets
Investments at fair value 124,685 115,005
through profit or loss
Current assets
Investments held for trading - 468
Trade and other receivables 2,277 1,152
Cash and cash equivalents 17,855 1,103
20,132 2,723
Total assets 144,817 117,728
Current liabilities
Trade and other payables (521) (4,670)
Total assets less current 144,296 113,058
liabilities
Non-current liabilities
Deferred tax liabilities - (20)
Total liabilities (521) (4,690)
Net assets 144,296 113,038
Capital and reserves
Share capital 3,753 3,753
Share premium account 1,101 1,101
Special reserve 16,645 16,645
Capital redemption reserve 2,025 2,025
Capital reserve 123,038 91,210
Own shares held (3,241) (3,169)
Retained earnings 975 1,473
Total Equity 144,296 113,038
Net asset value per Ordinary 1012.46p 792.58p
share
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the year ended 31 March 2007
Share Share Special Capital Capital Own Retained Total
capital premium reserve redemption reserve shares earnings
reserve held
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
31 March 2006 3,753 1,101 16,645 2,025 91,210 (3,169) 1,473 113,038
Net return - - - - 31,828 - (391) 31,437
after taxation
for the period
Shares - - - - - (72) - (72)
purchased for
Treasury
Dividends paid - - - - - - (107) (107)
31 March 2007 3,753 1,101 16,645 2,025 123,038 (3,241) 975 144,296
31 March 2005 3,753 1,101 16,645 2,025 56,844 (3,169) 1,277 78,476
Net return - - - - 34,253 - 282 34,535
after taxation
for the period
Share - - - - 113 - - 113
repurchase
written back
Dividends paid - - - - - - (86) (86)
31 March 2006 3,753 1,101 16,645 2,025 91,210 (3,169) 1,473 113,038
CONSOLIDATED CASHFLOW STATEMENT
for the year ended 31 March 2007
Year ended Year ended
31 March 2007 31 March 2006
(unaudited) (audited)
�'000 �'000
Cash flows from operating activities
Consolidated net return before tax 31,417 34,472
Adjustments to reconcile net return
before tax to net cash flows from
operating activities :
Less: gains on investments (31,708) (34,788)
Plus: exchange(gains)/losses (153) 515
Plus: finance costs 138 310
Increase in trade and other payables 174 88
Decrease/(increase) in trade and other 16 (214)
receivables
Cash (used in)/ generated from (116) 383
operations
Tax recovered - 4
Net cash flows (used in)/ from (116) 387
operating activities
Cash flows from investing activities
Purchases of investments (76,377) (93,290)
Sales of investments 97,235 97,601
Revaluation of foreign currency 159 (471)
balances
Net cash flows from investing 21,017 3,840
activities
Cash flows from financing activities
Equity dividends paid (107) (86)
Share repurchases (72) (3)
Repayment of bank loan (3,837) (3,178)
Interest on bank loan and overdraft (133) (301)
Net cash flows used in financing (4,149) (3,568)
activities
Increase in cash and cash equivalents 16,752 659
Cash and cash equivalents at 1 April 1,103 444
2006
Cash and cash equivalents at 31 March 17,855 1,103
2007
Notes
1. Accounting policies
The consolidated accounts comprise the unaudited results of the Company and its
subsidiary, Gartmore Irish Smaller Companies Investment Limited, for the year
ended 31 March 2007.
The consolidated accounts have been prepared on a going concern basis in
accordance with International Financial Reporting Standards ("IFRS") set by the
International Accounting Standards Board and are presented in pounds sterling,
as this is the principal currency in which the Group's transactions are
undertaken.
The accounting policies have not varied from those described in the Report and
Accounts for the year ended 31 March 2006.
Publication of non-statutory accounts
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.
The comparative financial information is extracted from the Report and Accounts
of the Group for the year ended 31 March 2006.
Those financial statements, which contained an unqualified auditors' report,
have been lodged with the Registrar of Companies and did not contain a
statement required under section 237(2) or (3) of the Companies Act 1985.
DIVIDENDS:
The Directors propose a final dividend of 0.9p (2006: 0.75p) per Ordinary share
in respect of the year ended 31 March 2007 payable on 21 September 2007 to
members on the register on 31 August 2007.
Copies of the Annual Report will be sent to Members in June and will be
available to members of the public from the Registered Office at Beaufort
House, 51 New North Road, Exeter, EX4 4EP and from the Manager, Gartmore
Investment Limited, Gartmore House, 8 Fenchurch Place, London EC3M 4PB.
..........................
H P Sheridan
Chairman
30 May 2007
END
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