Interim Results

THE THROGMORTON TRUST PLC INTERIM RESULTS FOR THE SIX MONTH PERIOD TO 31 MAY 2005 KEY POINTS • Continued Strong Outperformance against FTSE SmallCap Index • Net Asset Value per Ordinary Share at 31 May 2005, 151.59p (with prior charges at market value, 144.28p) • Interim Dividend 0.5p (2004 - 0.5p) NET ASSET VALUE 31.05.05 30.11.04 Change The Throgmorton Trust PLC - prior charges at par 151.59p 135.37p +12.0% - prior charges at market 144.28p 129.56p +11.4% value Share Price 123.00p 110.25p +11.6% FTSE SmallCap (ex IC) 2,794.6 2,671.5 +4.6% FTSE All-Share 2,483.4 2,345.2 +5.9% CHAIRMAN'S STATEMENT In my first statement as Chairman of The Throgmorton Trust, I am pleased to say that the portfolio performed well in both absolute and relative terms. In the six months to May 2005 the NAV rose by 11.58% compared with a rise of 4.61% in our benchmark FTSE Small Cap (ex Investment Companies) Index. Your Board has been concerned about the discount in the share price against NAV which, despite the excellent long term performance of the Trust, has remained higher than we would want. Accordingly we have adopted a more active policy of buying in shares when we feel the discount, after adjusting for the market price of the debt, has reached inappropriate levels in comparison with other comparable funds and in the light of market conditions. The policy has resulted in our buying in 34.4 million shares during the period under review. These purchases of shares have enhanced the NAV per share by 1.62%. Looking ahead, there are a number of uncertainties hanging over markets at the present time. The twin deficits in the US remain a worry but the US economy continues to grow, albeit at a lower level. Although we are seeing a slow down in world economies, we do not anticipate a recession. During the summer we expect a period of consolidation but would anticipate that markets improve in the last quarter of the year and that a carefully selected portfolio of smaller companies will prove a rewarding investment. Richard Bernays Chairman 14 July 2005 The Throgmorton Trust PLC Interim Revenue Statement Six months to Six months to Full year to 31 May 2005 31 May 2004 30 Nov 2004 £000s £000s £000s (unaudited) (unaudited) (audited) Income from fixed asset investments Franked income 2,333 2,582 6,386 Unfranked income 95 134 232 Dividends from subsidiary 200 250 600 undertakings 2,628 2,966 7,218 Other income Interest receivable 266 76 147 Sundry income 43 36 63 309 112 210 Total income 2,937 3,078 7,428 Management fee (713) (654) (1,333) Administration expenses (234) (188) (382) Interest payable (988) (1,076) (2,136) Net revenue from ordinary 1,002 1,160 3,577 activities before taxation Tax on net revenue from ordinary - - - activities Net revenue from ordinary 1,002 1,160 3,577 activities after taxation Dividends Ordinary shares - Prior Year 249 - - Adjustment* - Interim 0.5p (0.5p) (977) (1,149) (1,149) - Final - (1.10p) - - (2,527) (728) (1,149) (3,676) Net revenue retained 274 11 (99) Revenue reserve brought forward 3,350 3,449 3,449 Revenue reserve carried forward 3,624 3,460 3,350 Earnings per share (Basic) 0.47p 0.50p 1.55p * See note 4 The Throgmorton Trust PLC Summarised Balance Sheet 31 May 2005 31 May 2004 30 Nov 2004 £000s £000s £000s (unaudited) (unaudited) (audited) Fixed asset investments Portfolio investments 317,535 294,275 344,035 Subsidiary undertakings 2,429 2,754 2,535 319,964 297,029 346,570 Current assets Debtors 2,967 5,386 2,456 Cash at bank 9,933 1,070 123 12,900 6,456 2,579 Creditors - due within 1 year Creditors (4,549) (4,004) (5,924) Total assets less current liabilities 328,315 299,481 343,225 Creditors - due after 1 year: Debenture stock (17,169) (19,094) (17,194) Loan from group company (15,000) (15,000) (15,000) (32,169) (34,094) (32,194) 296,146 265,387 311,031 Capital and reserves Share capital 9,768 11,488 11,488 Share premium 35,272 35,272 35,272 Revenue reserves 3,624 3,460 3,350 Other reserves 247,482 215,167 260,921 Total shareholders' funds 296,146 265,387 311,031 Net Asset Value per ordinary share 151.59p 115.51p 135,37p Net Asset Value Adjusted for 'Fair 144.28p 110.18p 129.56p Value' of Debt Number of ordinary shares in issue 195,355,869 229,758,869 229,758,869 The Throgmorton Trust PLC Statement of Total Recognised Gains and Losses Six Months to 31 May 2005 Revenue Capital Total £000s £000s £000s (unaudited) (unaudited) (unaudited) Realised gains and losses - 41,170 41,170 Unrealised gains and losses - (8,068) (8,068) Income 2,937 - 2,937 Investment management fee (713) (713) (1,426) Other expenses (234) - (234) Net return before finance costs and 1,990 32,389 34,379 taxation Interest payable and similar (988) (953) (1,941) charges Premium paid on repurchase of - (9) (9) debenture stock Return on ordinary activities 1,002 31,427 32,429 before taxation Tax on ordinary activities - - - Return on ordinary activities after taxation attributable to equity shareholders 1,002 31,247 32,429 Dividends in respect of equity shares Prior Year Adjustment* 249 - - Interim Dividend (977) - - (728) - - Transfer to/(from) reserves 274 31,247 31,701 Return per ordinary share (Basic) 0.47p 14.73p 15.20p * See note 4 The Throgmorton Trust PLC Statement of Total Recognised Gains and Losses - continued 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 Premium paid on repurchase of - (8) (8) debenture stock Return on ordinary activities 1,160 23,926 25,086 before taxation Tax on ordinary activities - - - Return on ordinary activities after taxation attributable to equity shareholders 1,160 23,926 25,086 Dividends in respect of equity (1,149) - (1,149) shares Transfer to/(from) reserves 11 23,926 23,937 Return per ordinary share (Basic) 0.50p 10.36p 10.86p The Throgmorton Trust PLC Statement of Total Recognised Gains and Losses - continued Full Year to 30 November 2004 Revenue Capital Total £000s £000s £000s (audited) (audited) (audited) Realised gains and losses - 29,830 29,830 Unrealised gains and losses - 43,880 43,880 Income 7,428 - 7,428 Investment management fee (1,333) (1,333) (2,666) Other expenses (382) - (382) Net return before finance costs and 5,713 72,377 78,090 taxation Interest payable and similar (2,136) (2,014) (4,150) charges Premium paid on repurchase of - (683) (683) debenture stock Return on ordinary activities 3,577 69,680 73,257 before taxation Tax on ordinary activities - - - Return on ordinary activities after taxation attributable to equity shareholders 3,577 69,680 73,257 Dividends in respect of equity (3,676) - (3,676) shares Transfer to/ (from) reserves (99) 69,680 69,581 Return per ordinary share (Basic) 1.55p 30.25p 31.25p The Throgmorton Trust PLC Cash Flow Statement Six months Six months to Full year to to 31 May 2005 31 May 2004 30 Nov 2004 £000s £000s £000s (unaudited) (unaudited) (audited) Operating activities Cash received from investments 2,467 2,703 6,974 Interest received 266 76 147 Underwriting commission 19 50 52 Management fee (725) (638) (1,285) Cash paid to and on behalf of (69) (48) (98) directors Other cash payments (102) (153) (329) Net cash inflow from operating 1,856 1,990 5,461 activities Servicing of finance Interest paid - revenue (987) (1,076) (2,136) Taxation Taxation recovered - 8 8 Capital expenditure and financial investment Net sales of investments 59,490 7,212 9,436 Capital management fee (725) (638) (1,285) Interest charged to capital (953) (1,013) (2,014) Net payments from subsidiaries 27 307 100 Net cash inflow from investing 57,839 5,868 6,237 activities Dividends Dividends paid - equity shares (2,278) (2,308) (3,456) Net cash inflow before financing 56,430 4,482 6,114 Financing Repurchase of ordinary shares (46,586) (2,005) (2,010) Repurchase of debenture stock (34) (34) (2,608) Net cash outflow from financing (46,620) (2,039) (4,618) Increase in cash 9,810 2,443 1,496 The Throgmorton Trust PLC Notes 1. The Trust's figures for the six months to 31 May 2005 and the comparative figures for the corresponding period in the previous financial year are unaudited; those for the year to 30 November 2004 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 (2004 - 0.5p) payable on 19 August 2005 to shareholders on the register at the close of business on 22 July 2005. Due to share buybacks which took place between the date that the accounts as at 30 November 2004 were signed and the ex-dividend dates of the annual dividend shown in those accounts, the actual dividend paid was less than that accrued. The benefit of the reduced dividend paid is reflected in the current period. 5. 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 'fair value' in addition to the net asset values with prior charges valued at par. 6. Copies of the 2005 annual report and further copies of these interim results are available from the Trust's registered office, 155 Bishopsgate, London EC2M 3XJ. 7. The Trust's balance sheets as at 31 May 2005, 31 May 2004 and 30 November 2004 are shown in summary form and have been extracted from unaudited and audited accounts respectively as described in Note 1. 8. 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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