Interim Results

PREMIER UTILITIES TRUST PLC Preliminary unaudited announcement in respect of the six months ended 30 June 2006 PREMIER UTILITIES TRUST PLC Unaudited Interim Report for the six months ended 30 June 2006 INCOME STATEMENT (Unaudited) Six months ended 30 June 2006 Revenue Capital Total £000 £000 £000 Gains on investments: realised - 6,422 6,422 unrealised - (1,851) (1,851) Income: Dividends 1,475 - 1,475 Interest 77 - 77 Management fee (297) (157) (454) Other expenses (152) - (152) Net return before finance costs & taxation 1,103 4,414 5,517 Finance costs (4) (756) (760) Net return on ordinary activities before taxation 1,099 3,658 4,757 Taxation on ordinary activities (111) - (111) Net return on ordinary activities after taxation attributable to equity shares 988 3,658 4,646 Total Return per ordinary share (pence): 25.61 PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) INCOME STATEMENT (Unaudited) Six months ended 30 June 2005 Revenue Capital Total £000 £000 £000 Gains on investments: realised - 2,361 2,361 unrealised - 248 248 Income: Dividends 1,232 - 1,232 Interest 75 - 75 Management fee (256) (19) (275) Other expenses (211) - (211) Net return before interest payable and taxation 840 2,590 3,430 Finance costs (14) (706) (720) Net return on ordinary activities before taxation 826 1,884 2,710 Taxation on ordinary activities (167) - (167) Net return on ordinary activities after taxation 659 1,884 2,543 Total Return per ordinary share (pence): 14.01 PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) INCOME STATEMENT (Audited) Year ended 31 December 2005 Revenue Capital Total £000 £000 £000 Gains/(losses) on investments: realised - 5,061 5,061 unrealised - (148) (148) Gains on foreign exchange 27 27 Income: Dividends 2,318 - 2,318 Interest 157 - 157 Management fee (531) (271) (802) Other expenses (393) - (393) Net return before interest payable and taxation 1,551 4,669 6,220 Interest payable (14) (1,449) (1,463) Net return on ordinary activities before taxation 1,537 3,220 4,757 Taxation on ordinary activities (228) - (228) Net return on ordinary activities after taxation 1,309 3,220 4,529 Total Return per ordinary share (pence): 24.96 PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) BALANCE SHEET as at 30 June 2006 Notes (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2006 2005 2005 £000 £000 £000 Fixed assets Investments held at fair value through the income statement 1 49,317 41,563 48,988 Current assets Debtors 399 280 404 Cash at bank 5,738 6,598 1,472 6,137 6,878 1,876 Creditors - amounts falling due within one year Creditors 1 (250) (85) (382) Net current assets 5,887 6,793 1,494 Total assets less current liabilities 55,204 48,356 50,482 Creditors - amounts falling due after more than one year: Zero dividend preference shares 2 (22,924) (21,425) (22,168) Net assets 32,280 26,931 28,314 Capital and reserves Equity share capital 181 181 181 Redemption Reserve 10 10 10 Special reserve 2 17,474 17,474 17,474 Capital reserve - realised 8,720 1,526 3,211 Capital reserve - unrealised 4,986 7,245 6,837 Revenue reserve 909 495 601 Total shareholders' funds 32,280 26,931 28,314 NAV per ordinary share (pence) 177.90 148.43 156.06 NAV per zero dividend preference share (pence) 119.75 111.92 115.80 PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS for the six months ended 30 June 2006 (Unaudited) Capital Capital Share Redemption reserve reserve Special Revenue capital reserve realised unrealised reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2006 181 10 3,211 6,837 17,474 601 28,314 Return on ordinary activities after taxation - - 5,509 (1,851 ) - 988 4,646 Dividend paid - - - - - (680 ) (680 ) Balance at 30 June 2006 181 10 8,720 4,986 17,474 909 32,280 RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS for the year ended 31 December 2005 (Audited) Capital Capital Share Redemption reserve reserve Special Revenue capital reserve realised unrealised reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2004 as originally reported 372 1,586 (157 ) 7,043 36,426 108 45,378 Restatements (191 ) (1,576 ) - (58 ) (18,952 ) 408 (20,369 ) Balance at 31 December 2004 (restated) 181 10 (157) 6,985 17,474 516 25,009 Return on ordinary activities After taxation - - 3,368 (148 ) - 1,309 4,529 Dividends paid - - - - - (1,224 ) (1,224 ) Balance at 31 December 2005 181 10 3,211 6,837 17,474 601 28,314 PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) CASH FLOW STATEMENT for the six months ended 30 June 2006 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31 30 June to 30 June December 2006 2005 2005 £000 £000 £000 Operating activities Income received from investments 1,489 1,438 2,394 Interest received 61 70 161 Other income received - - 9 Investment management fees paid (716) (1,500) (1,699) Other cash payments (30) (171) (402) Net cash (outflow)/inflow from operating activities 804 (163) 463 Servicing of finance Interest paid (4) (14) (14) Taxation Overseas tax paid (96) (167) (221) Financial investments Purchases of investments (35,398) (20,752) (50,527) Sales of investments 39,640 26,848 51,469 Liquidation of futures and options - 1,073 1,073 Net cash inflow from financial investments 4,242 7,169 2,015 Equity dividends paid (680) (680) (1,224) Increase in cash 4,266 6,145 1,019 PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) NOTES 1. These financial statements are prepared under the historical cost convention as modified by the revaluation of fixed asset investments and in accordance with applicable accounting standards and with the Statement of Recommended Practice 2003, revised in December 2005 regarding the Financial Statements of Investment Trust Companies ("SORP") and in accordance with the Companies Act, 1985. 2. The figures and financial information for the period ended 31 December 2005 are an extract from the latest published accounts and do not constitute statutory accounts. Full accounts for that period have been delivered to the Registrar of companies and included the report of the auditors which was unqualified. The accounts for the six months ended 30 June 2006 and the six months ended 30 June 2005 are unaudited and do not constitute statutory accounts. 3. On 31 July 2006 the Directors declared a second interim dividend of 1.5p net per Ordinary shares for the year ending 31 December 2006 to holders of Ordinary Shares on the Register on 1 September 2006. The Ordinary shares will be marked ex-dividend on 30 August 2006 and the dividend will be paid on 29 September 2006. 4. The total return per Ordinary share is based on the return on ordinary activities after taxation of £4,646,000 (six months ended 30 June 2005: £ 2,543,000; year ended 31 December 2005 £4,529,000) and on 18,143,433 Ordinary shares in issue during the six months ended 30 June 2006 (six months ended 30 June 2005: 18,143,433 shares; year ended 31 December 2005: 18,143,433 shares). 5. At 30 June 2006 there were 18,143,433 Ordinary shares of 1p each and 19,143,433 Zero Dividend Preference shares of 1p each in issue. 6. The net asset value per Zero Dividend Preference share of 119.75p at 30 June 2006 (111.92p at 30 June 2005) has been calculated in accordance with the Articles of Association. 7. The interim report will be mailed to shareholders on or around 14 August, 2006. It will not be advertised in newspapers, but copies will be available from that date at the Company's Registered Office at Eastgate Court, High Street, Guildford, Surrey GU1 3DE. PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) CHAIRMAN'S STATEMENT Portfolio performance The first half of the year was encouraging despite a relatively volatile period for equity markets. The total assets of your Company rose from £50.1m to £55.3m or an increase of 10.4%. Net assets attributable to the Ordinary shares rose from £28.3m to £32.3m an increase of 14.0%. This equated to an increase in net asset value per Ordinary share from 156.05p to 177.90p. Net asset value per ZDP share rose from 115.80p to 119.75p whilst terminal cover for the ZDP shares rose to 177.7%. The performance of the Company's assets was good both in an absolute and relative context. Your Board does not consider the performance of the Manager against a specific benchmark but rather against a set of reference points. In this context it is encouraging to note that the FTSE Global Utilities Index rose by 4.7% over the period whilst the FTSE World Index actually declined 0.8%, both in sterling terms. Performance over the period was largely attributable to a number of the portfolio's largest investments having performed well notably Clean Power Income Trust, China Shenhua and BAA, the latter stock being the subject of a takeover by Ferrovial of Spain. The performance of US and European utility stocks also sharply diverged over the period as merger and acquisition activity abated in the US but intensified in Europe. To this extent the decision to invest largely in Europe was a sound one. Share price performance Over the period the Company's package discount of Ordinary and ZDP shares widened to 9.5%. Although this discount is still reasonable in the context of other trusts in the sector it was marginally disappointing that the good performance of the portfolio was not reflected in a narrower discount. Despite this several new shareholders have joined the register which has broadened considerably over the last year. Dividends Your Board has declared and paid a dividend in respect of the year ending 31 December 2006 of 1.5p per Ordinary share. This dividend was paid to shareholders on the 31 March 2006. A second interim dividend for the current financial year of 1.5p per Ordinary share was declared on 31 July 2006. This dividend will be paid on 29 September 2006 to shareholders on the register at the close of business on 1 September 2006.The Ordinary shares will be marked ex-dividend on 30 August 2006. PREMIER UTILITIES TRUST PLC Unaudited Interim Report (continued) CHAIRMAN'S STATEMENT (continued) Outlook Political tensions in certain parts of the world together with uncertainty surrounding interest rate levels in some major markets mean that global equity markets are likely to remain volatile in the near term. However equity valuations are not demanding given consensus expectations for economic growth. Therefore the medium term prospects for equity returns are much better. It is encouraging to note that shareholder returns of companies within the utilities sector continue to be supported by good levels of cashflow, and we are cautiously optimistic regarding their prospects for the future. Geoffrey Burns Chairman 31 July 2006 Premier Utilities Trust PLC Eastgate Court , High Street, Guildford, Surrey GU1 3DE Enquiries: Andrew Whalley (Telephone: 01483 400400)

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