Interim Results

THE THROGMORTON TRUST PLC INTERIM RESULTS FOR THE SIX MONTH PERIOD TO 31 MAY 2004 KEY POINTS • Continued Strong Outperformance against FTSE SmallCap Index • Net Asset Value per Ordinary Share at 31 May 2004, 115.5p (with prior charges at market value, 110.2p) • Interim Dividend 0.5p (2003 - 0.5p) NET ASSET VALUE 30.11.03 31.05.04 Change The Throgmorton Trust PLC - prior charges at par 104.9p 115.5p +10.1% - prior charges at market value 99.4p 110.2p +10.9% FTSE SmallCap (ex IC) 2,462.4 2,524.1 +2.5% FTSE All-Share 2,146.7 2,201.8 +2.6% THE CHAIRMAN, LORD STEWARTBY, COMMENTED: During the six months to May 2004, the UK Stock market overall continued to make some progress but at a much slower pace than during the recovery in the second half of 2003. However, the portfolio of the Trust performed more strongly, resulting in handsome outperformance of the net asset value per share against the FTSE SmallCap Index - and all the other main FTSE indices. In addition to a number of significant uncertainties in the world economy, such as the oil price, structural imbalance in the United States, the rate of growth in China and changing patterns of international trade, there are some strains developing in the domestic economy which make the outlook more opaque than usual. With house prices at dizzy levels, and government spending running far ahead of revenue, further increases in interest rates look inevitable. Nevertheless, the UK economy continues to grow at a reasonable rate, and this should provide scope for further improvement in corporate profits, particularly in the case of well-run smaller companies. As explained in the Manager's Report, we believe that a diversified portfolio, concentrating on companies with sound balance sheets, strong management and a competitive position in their market place, remains well positioned for further growth. 15 July 2004 Contact: Roger Whiteoak - 020 7330 6551 Framlington Investment Management Limited The Throgmorton Trust PLC Interim Revenue Statement Six months to Six months to Full year to 31 May 2004 31 May 2003 30 Nov 2003 £000s £000s £000s (unaudited) (unaudited) (audited) Income from fixed asset investments Franked income 2,582 2,692 6,318 Unfranked income 134 - 20 Dividends from subsidiary 250 250 560 undertakings 2,966 2,942 6,898 Other income Interest receivable 76 145 367 Sundry income 36 47 118 112 192 485 Total income 3,078 3,134 7,383 Management fee (654) (518) (1,138) Administration expenses (188) (162) (372) Interest payable (1,076) (1,278) (2,550) Net revenue from ordinary 1,160 1,176 3,323 activities before taxation Tax on net revenue from ordinary - (25) - activities Net revenue from ordinary 1,160 1,151 3,323 activities after taxation Dividends Ordinary shares - Interim 0.50p (1,149) (1,186) (1,186) (0.50p) - Final - (1.00p) - - (2,308) (1,149) (1,186) (3,494) Net revenue retained 11 (35) (171) Revenue reserve brought forward 3,449 3,620 3,620 Revenue reserve carried forward 3,460 3,585 3,449 Earnings per share 0.50p 0.49p 1.40p The Throgmorton Trust PLC Summarised Balance Sheet 31 May 2004 31 May 2003 30 Nov 2003 £000s £000s £000s (unaudited) (unaudited) (audited) Fixed asset investments Portfolio investments 294,275 231,138 279,691 Subsidiary undertakings 2,754 3,072 2,889 297,029 234,210 282,580 Current assets Debtors 5,386 1,736 2,564 Cash at bank 1,070 12,031 - 6,456 13,767 2,564 Creditors - due within 1 year Creditors (4,004) (6,455) (6,214) Bank overdraft - - (1,373) Unsecured loan stock - (11,007) - (4,004) (17,462) (7,587) Total assets less current liabilities 299,481 230,515 277,557 Creditors - due after 1 year: Debenture stock (19,094) (19,119) (19,119) Loan from group company (15,000) (15,000) (15,000) (34,094) (34,119) (34,119) 265,387 196,396 243,438 Capital and reserves Share capital 11,488 11,863 11,600 Share premium 35,272 35,272 35,272 Revenue reserves 3,460 3,585 3,449 Other reserves 215,167 145,676 193,117 Total shareholders' funds 265,387 196,396 243,438 Net Asset Value per ordinary share 115.51p 82.78p 104.93p Net Asset Value Adjusted for 'Fair 110.18p 76.20p 99.39p Value' of Debt Number of ordinary shares in issue 229,758,869 237,258,869 232,008,869 The Throgmorton Trust PLC Statement of Total Recognised Gains and Losses Six Months to 31 May 2004 Revenue Capital Total £000s £000s £000s (unaudited) (unaudited) (unaudited) Realised gains and losses - 14,037 14,037 Unrealised gains and losses - 11,564 11,564 Income 3,078 - 3,078 Investment management fee (654) (654) (1,308) Other expenses (188) - (188) Net return before finance costs and 2,236 24,947 27,183 taxation Interest payable and similar (1,076) (1,013) (2,089) charges Return on ordinary activities 1,160 23,934 25,094 before taxation Tax on ordinary activities - - - Return on ordinary activities after taxation attributable to equity shareholders 1,160 23,934 25,094 Dividends in respect of equity (1,149) - (1,149) shares Transfer to reserves 11 23,934 23,945 Return per ordinary share 0.50p 10.36p 10.86p The Throgmorton Trust PLC Statement of Total Recognised Gains and Losses - continued Six Months to 31 May 2003 Revenue Capital Total £000s £000s £000s (unaudited) (unaudited) (unaudited) Realised gains and losses - (2,677) (2,677) Unrealised gains and losses - 16,986 16,986 Income 3,134 - 3,134 Investment management fee (518) (518) (1,036) Other expenses (162) - (162) Net return before finance costs and 2,454 13,791 16,245 taxation Interest payable and similar (1,278) (1,212) (2,490) charges Return on ordinary activities 1,176 12,579 13,755 before taxation Tax on ordinary activities (25) 25 - Return on ordinary activities after taxation attributable to equity shareholders 1,151 12,604 13,755 Dividends in respect of equity (1,186) - (1,186) shares Transfer (from)/to reserves (35) 12,604 12,569 Return per ordinary share 0.49p 5.31p 5.80p The Throgmorton Trust PLC Statement of Total Recognised Gains and Losses - continued Full Year to 30 November 2003 Revenue Capital Total £000s £000s £000s (audited) (audited) (audited) Realised gains and losses - (2,199) (2,199) Unrealised gains and losses - 69,913 69,913 Income 7,383 - 7,383 Investment management fee (1,138) (1,138) (2,276) Other expenses (372) - (372) Net return before finance costs and 5,873 66,576 72,449 taxation Interest payable and similar (2,550) (2,425) (4,975) charges Return on ordinary activities 3,323 64,151 67,474 before taxation Tax on ordinary activities - - - Return on ordinary activities after taxation attributable to equity shareholders 3,323 64,151 67,474 Dividends in respect of equity (3,494) - (3,494) shares Transfer from/(to) reserves (171) 64,151 63,980 Return per ordinary share 1.40p 27.09p 28.49p The Throgmorton Trust PLC Cash Flow Statement Six months Six months to Full year to to 31 May 2004 31 May 2003 30 Nov 2003 £000s £000s £000s (unaudited) (unaudited) (audited) Operating activities Cash received from investments 2,703 2,691 6,506 Interest received 76 145 367 Underwriting commission 50 9 89 Management fee (638) (499) (1,089) Cash paid to and on behalf of (48) (52) (101) directors Other cash payments (153) (115) (226) Net cash inflow from operating 1,990 2,179 5,546 activities Servicing of finance Interest paid - revenue (1,076) (1,278) (2,550) Taxation Taxation recovered 8 - - Capital expenditure and financial investment Net sales of investments 7,212 6,830 9,381 Capital management fee (638) (499) (1,089) Interest charged to capital (1,013) (1,212) (2,425) Net payments from/(to) subsidiaries 307 (188) 105 Net cash inflow from investing 5,868 4,931 5,972 activities Dividends Dividends paid - equity shares (2,308) (2,373) (3,559) Net cash inflow before financing 4,482 3,459 5,409 Financing Repurchase of ordinary shares (2,005) - (4,347) Repurchase of debenture stock (34) - - Repayment of convertible loan stock - - (11,007) Net cash outflow from financing (2,039) - (15,354) Increase/(decrease) in cash 2,443 3,459 (9,945) The Throgmorton Trust PLC Notes 1. The Trust's figures for the six months to 31 May 2004 and the comparative figures for the corresponding period in the previous financial year are unaudited; those for the year to 30 November 2003 are based on the Trust's accounts for that period, which carry an unqualified report from the auditors and have been filed with the Registrar of Companies. 2. In accordance with Financial Reporting Standard 16 Current Taxation, UK dividend income has been shown net of its attributable tax credits. 3. Management fees payable and finance costs of debt are each currently allocated 50% to capital and 50% to revenue. 4. The directors have declared an interim dividend of 0.5p per share (2003 - 0.5p) payable on 13 August 2004 to shareholders on the register at the close of business on 23 July 2004. 5. The company's 7.25% convertible unsecured loan stock 2003 was redeemed at par on 30 November 2003. 6. The net asset value per ordinary 5p share (deducting prior charges at par value) is based on the shares in issue, the market value of listed investments and other net assets and liabilities. In accordance with the AITC recommendations, the Trust has published net asset values with prior charges valued at so-called 'fair value' with effect since 30 June 2004. This is in addition to the actual net asset values with prior charges at par that have been published historically. 7. Copies of the 2003 annual report and further copies of these interim results are available from the Trust's registered office, 155 Bishopsgate, London EC2M 3XJ. 8. The Trust's balance sheet as at 31 May 2004, 31 May 2003 and 30 November 2003 are shown in summary form and have been extracted from unaudited and audited accounts respectively as described in Note 1. 9. Group accounts have not been prepared, as in the opinion of the directors, the inclusion of the remaining subsidiary undertakings, taken together, is not material for the purpose of giving a true and fair view.

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