Half Yearly Report

RNS Number : 8195F
Bankers Investment Trust PLC
21 June 2012
 



 

Page 1 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

This announcement contains regulated information

 

Chairman's Statement

 

Review of the period including material events and transactions

I am pleased to report that performance over the first half of our financial year has seen the net asset value per share rise by 5.8%, compared to an increase of 4.3% in the FTSE All-Share Index and a rise of 4.9% in the 50/50 Composite Index. It is disappointing that the uncertain outlook that prevailed at the beginning of the period has become no clearer throughout the last six months.  In fact, much of my interim report from last year remains applicable today in terms of European bailouts, uncertain politics and expectations of slowing economic activity.  Equity prices have over this period been quietly climbing upwards against this wall of worry, overshadowing markets on the back of growth in corporate profits. The good news is that quality companies continue to show resilience in managing their businesses and containing cost inflation whilst exploiting the opportunities available to them.  The Manager's selection of these quality companies has added value over the period, particularly in Japan and Europe.  This performance appears to be a reward for intelligent stock selection as the difficult macro conditions favour companies that are soundly financed.

 

Month to month, volatility of share prices has continued.  A poor November was turned around by decisive action from the European Central Bank (ECB) to limit the liquidity crisis building within the European banks, by announcing over €1 trillion of 3 year refinancing (LTRO) for financial organisations.  This move led to a sharp recovery in European government treasury yields and supported a rally by stock markets from December to March.  Behind this improving funding picture, the politics within Europe remained unresolved as deficit reduction targets were missed across various countries and voters in France choose to support an anti-austerity party.  The ebbing support for austerity and higher taxes has further to play out and it will be interesting to see whether the German government soften their stance towards more support for struggling countries.

 

Global economic activity is supported by America and China, with both countries posting growth over the year. The US is supported by record low interest and mortgage rates which are encouraging consumer spending and generating a modest number of new jobs.  House prices have begun to recover in certain areas and bank lending to companies and consumers is increasing. Overall a gentle recovery appears to have begun and the picture should improve if China can engineer an economic soft landing.   Chinese growth has been gradually slowing as government policy has acted to cool the inflationary trends in both food prices and housing.  The evidence appears to show that inflation is moderating and, if so, should lead to a policy response that will increase economic activity.  Investors fear that Chinese and Asian markets cannot engineer this path to a higher level of growth and this has hit share prices in the region and there may be significant recovery potential if and when these concerns are eased.

 

Negative investment flows have created a headwind for equity markets, only partially countered by increased dividends and corporate buybacks.  With so much uncertainty around the future of the euro and the costs of redrawing the European economic bloc, it is not surprising that investment continues to flow from equities to bonds or cash.  However, the returns from these assets are minimal and only really offer comfort with a degree of safety.  In time there will inevitably be rotation in asset classes, seeking an adequate return to fund lifestyles or economic commitments and this should favour equities.

Page 2 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

The relatively better economic background in the US has led us to increase direct exposure to this region to 22.7% of the portfolio from 19.9%.  Within other regions, stock focus has also turned towards either Asia or the US with a concentration on those companies that can expand into these areas.  The funding for the increased US exposure has come from sales in both the UK and mainland Europe.  While Europe contains many lowly valued companies, there needs to be a clearer resolution to the funding crisis of both the banks and countries before we will feel comfortable picking up new investments.  The gearing remained at 3% at the period end. A new £30 million two year borrowing facility has recently been signed with Commonwealth Bank of Australia.  This facility will give us scope to enhance returns as current interest costs are roughly half the rate of dividend income that we receive on our portfolio.

 

Revenue Return and Dividends

Dividends across global markets are expected to increase by around 8% this year.  This growth is supported by low payout ratios in many markets, solid cash flow generation by the global multinationals and surplus cash being returned to shareholders.  Two examples from our own portfolio include Vodafone, which has finally unlocked cash dividends from its 45% ownership of Verizon Wireless in the US and Apple which is due to pay its maiden dividend over the summer, having built up cash reserves of over $100bn.  The outlook for dividend growth remains favourable, however, the current growth should moderate to match corporate earnings growth over the next couple of years.

 

The search for capital growth in recent years has led us to invest in lower yielding regions of the world, such as the US.  The strain on revenue has now abated and with solid underlying dividend growth, the Company's revenue is expected to cover the dividend in the financial year. It is reassuring to be able to reconfirm our forecast in January that dividends this year will amount to not less than 13.2p, an increase of 4% over last year.  Our second interim dividend of 3.3p per ordinary share will be paid on 31 August 2012.  This will be our 45th year of unbroken increases in annual dividends.  Our shareholders will be interested to note that  the current annual distribution of 13.2p is now equivalent to the share price in 1978, showing the benefits of your Company's policy of  investing for the long term, pursuing the sound investment approach of focussing on both income and capital growth.

 

Outlook

The good news for Europe is that the ECB, under President Mario Draghi, has taken a stronger leadership role in terms of buying sovereign bonds and extending over €1 trillion of long term credit to banks.  However, markets remain tied to the latest elections or politicians' pronouncements and both governments and the ECB need to take further measures to ensure the region does not fracture.  We have maintained that a global portfolio with a naturally cautious and conservative investment approach, based on fundamental value and income is the safest way to navigate these difficult waters.  Your Company invests in companies and not economies. The best companies with market leading products or services will always grow more quickly than the underlying countries in which they operate. The sluggish economic activity is currently masking a declining public sector contribution and an expanding private sector in many countries, even some in Europe. 

 

 

 

 

 

 

Page 3 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

 

We have faith that the companies we invest in will prosper over time, driving future growth in both net asset value and income to the ultimate benefit of our shareholders.

 

 

 

For further information contact:                                                            

 

Alex Crooke

Fund Manager

The Bankers Investment Trust PLC

Telephone: 020 7818 4447

 

Richard Brewster

Chairman

The Bankers Investment Trust PLC

Telephone: 020 7818 4233

James de Sausmarez

Director of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198

 

 

 

 

 

 

 

 

Page 4 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

 

 

FINANCIAL HIGHLIGHTS

 


(Unaudited)

30 April 2012


(Audited)

31 October 2011


%

Change


Assets







Net asset value per ordinary share (with debt at book value)

472.9p


446.9p


+5.8


Ordinary share mid-market price

415.0p


385.0p


+7.8


Discount (share price to net asset value)

12.2%


13.9%




Total assets less current liabilities (£'000)

549,447


521,331


+5.4
















Indices







FTSE All-Share Index

2,984.7


2,860.9


+4.3


S&P 500 Composite Index

1,397.9


1,253.3


+10.9

#

FTSE All-World Europe (ex UK) Index (£)

133.0


126.5


+ 5.1


TOPIX (Tokyo First Section Index)

804.3


764.1


+2.2

#

FTSE World (ex UK) Index (£)

343.8


325.9


+5.5


50/50 FTSE All-Share Index/







    FTSE World (ex UK) Index (£)

209.8


200.0

*

+4.9









# - £ adjusted







* - rebased as at 31 October 2011















(Unaudited)

Half year

ended

30 April

2012


(Unaudited)

Half year

ended

30 April

2011


%

Change


Revenue







Gross revenue (£'000)

8,689


7,630


+13.9


Earnings per ordinary share

6.36p


5.50p


+15.6


 

 

 

 

 

 

 


Page 5 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the half year ended 30 April 2012

 


(Unaudited)

Half year ended

30 April 2012

(Unaudited)

Half year ended

30 April 2011

(Audited)

Year ended

31 October 2011


Revenue return £'000

Capital return £'000

 

Total £'000

Revenue return £'000

Capital return £'000

 

Total £'000

Revenue return £'000

Capital return £'000

 

Total

£'000











Gains/(losses) on investments held at fair value through profit or loss

 

 

 

-

 

 

 

29,771

 

 

 

29,771

 

 

 

-

 

 

 

44,654

 

 

 

44,654

 

 

 

-

 

 

 

(2,786)

 

 

 

(2,786)

Investment income

8,584

-

8,584

7,320

-

7,320

15,988

-

15,988

Other operating income

105

-

105

310

-

310

443

-

443


---------

---------

---------

---------

---------

---------

---------

---------

---------

Total income

8,689

29,771

38,460

7,630

44,654

52,284

16,431

(2,786)

13,645


---------

---------

---------

---------

---------

---------

---------

---------

---------

Expenses










Management fees

(513)

(276)

(789)

(490)

(264)

(754)

(979)

(528)

(1,507)

Other expenses

(377)

-

(377)

(345)

-

(345)

(738)

-

(738)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit /(loss) before finance costs and taxation

 

 

7,799

 

 

29,495

 

 

37,294

 

 

6,795

 

 

44,390

 

 

51,185

 

 

14,714

 

 

(3,314)

 

 

11,400











Finance costs

(339)

(792)

(1,131)

(350)

(818)

(1,168)

(706)

(1,647)

(2,353)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit/(loss) before taxation

 

7,460

 

28,703

 

36,163

 

6,445

 

43,572

 

50,017

 

14,008

 

(4,961)

 

9,047











Taxation

(402)

-

(402)

(340)

-

(340)

(701)

-

(701)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit/(loss) for the period

 

7,058

 

28,703

 

35,761

 

6,105

 

43,572

 

49,677

 

13,307

 

(4,961)

 

8,346


=====

=====

=====

=====

=====

=====

=====

=====

=====

Earnings/(loss) per ordinary share (note 2)

 

6.36p

 

25.86p

 

32.22p

     

     5.50p

 

    39.22p

 

    44.72p

 

11.98p

 

(4.47p)

 

7.51p

 

The total columns of this statement represent the Consolidated Statement of Comprehensive Income, prepared in accordance with IFRS.  The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.  All items in the above statement derive from continuing operations.  All income is attributable to the equity shareholders of The Bankers Investment Trust PLC.  There are no non-controlling interests.

 

The accompanying condensed notes are an integral part of the financial statements.

 

As permitted by the Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income.  The net profit of the Company for the period was £35,761,000 (30 April 2011: £49,677,000; 31 October 2011: £8,346,000).

 

The Group does not have any other comprehensive income hence the net profit for the period as above is the same as the Group's total comprehensive income

 



Page 6 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 April 2012


 Called up

share capital

 Share premium

account

Capital  redemption

reserve

Other capital

reserves

 

Revenue reserve

 

 

Total

Half year ended 30 April 2012 (Unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 October 2011

27,763

452

12,447

425,185

30,484

496,331

Total comprehensive income:







Profit for the period

-

-

-

28,703

7,058

35,761

Transactions with owners, recorded directly to equity:







Buy back of 145,000 ordinary shares

(36)

-

36

(594)

-

(594)

Payment of 3rd interim dividend (3.175p) in respect of the year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,526)

 

(3,526)

Payment of final dividend (3.175p) in respect of the year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,525)

 

(3,525)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2012

27,727

452

12,483

453,294

30,491

524,447


======

======

======

======

======

======


 Called up

share capital

Share premium

account

Capital  redemption

reserve

Other capital

reserves

 

Revenue reserve

 

 

Total

Half year ended 30 April 2011 (Unaudited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2010

27,772

452

12,438

430,286

31,007

501,955

Total comprehensive income:







Profit for the period

-

-

-

43,572

6,105

49,677

Transactions with owners, recorded directly to equity:







Buy back of 10,000 ordinary shares

(3)

-

3

(42)

-

(42)

Payment of 3rd interim dividend (3.00p) in respect of the year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,332)

 

(3,332)

Payment of final dividend (3.10p) in respect of the year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,444)

 

(3,444)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2011

27,769

452

12,441

473,816

30,336

544,814


======

======

======

======

======

======


 Called up

share capital

 Share premium

account

Capital  redemption

reserve

Other capital

reserves

 

Revenue reserve

 

 

Total

Year ended 31 October 2011 (Audited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2010

27,772

452

12,438

430,286

31,007

501,955

Total comprehensive income:







(Loss)/profit for the period

-

-

-

(4,961)

13,307

8,346

Transactions with owners, recorded directly to equity:







Buy back of 34,000 ordinary shares

(9)

-

9

(140)

-

(140)

Payment of 3rd interim dividend (3.00p) in respect

of the year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,332)

 

(3,332)

Payment of final dividend (3.10p) in respect of the

year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,444)

 

(3,444)

Payment of 1st interim dividend (3.175p) in respect

of the year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,527)

 

(3,527)

Payment of 2nd interim dividend (3.175p) in respect

of the year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,527)

 

(3,527)


----------

----------

----------

----------

----------

----------

Balance at 31 October 2011

27,763

452

12,447

425,185

30,484

496,331


======

======

======

======

======

======

 

The accompanying condensed notes are an integral part of the financial statements.

 


Page 7 of 12

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

 

CONSOLIDATED BALANCE SHEET

as at 30 April 2012


 

(Unaudited)

30 April 2012

£'000

 

(Unaudited)

30 April

2011

£'000

 

(Audited)

31 October

2011

£'000





Non-current assets




Investments held at fair value through profit or loss

539,332

568,455

512,257


----------

----------

----------





Current assets




Investments (note 3)

2,810

500

3,650

Other receivables

2,860

3,349

2,628

Cash and cash equivalents

5,168

2,983

6,360


----------

----------

----------


10,838

6,832

12,638


----------

----------

----------

Total assets

550,170

575,287

524,895


----------

----------

----------

Current liabilities




Other payables

(723)

(5,473)

(3,564)


----------

----------

----------

Total assets less current liabilities

549,447

569,814

521,331





Non-current liabilities




Debenture stocks

(25,000)

(25,000)

(25,000)


----------

----------

----------

Net assets

524,447

544,814

496,331


======

======

======





Equity attributable to equity shareholders




Called up share capital (note 4)

27,727

27,769

27,763

Share premium account

452

452

452

Capital redemption reserve

12,483

12,441

12,447

Retained earnings:




  Other capital reserves

453,294

473,816

425,185

  Revenue reserve

30,491

30,336

30,484


----------

----------

----------

Total equity

524,447

544,814

496,331


======

======

======

Net asset value per ordinary share (note 5)

472.9p

490.5p

446.9p


======

======

======





 

The accompanying condensed notes are an integral part of the financial statements.

 

 

 



Page 8 of 12

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

CONSOLIDATED CASH FLOW STATEMENT

for the half year ended 30 April 2012

 


(Unaudited)

Half year ended

 30 April

2012

(Unaudited)

Half year ended

30 April

2011

(Audited)

Year

ended

31 October 2011


£'000

  £'000 

 £'000





Net profit before taxation

36,163

50,017

9,047

Add back interest paid

1,131

1,168

2,353

(Less)/add: (gains)/losses on investments held at fair value through profit or loss

 

(29,771)

 

(44,654)

 

2,786

(Increase)/decrease in accrued income

(1,507)

(1,296)

383

Decrease/(increase) in other debtors

2

(2)

(7)

(Decrease)/increase in other creditors

(22)

(125)

23

Purchases of investments

(61,721)

(47,796)

(114,549)

Sales of investments

64,531

46,114

121,530

Purchases of current asset investments

(8,904)

(21,403)

(35,682)

Sales of current asset investments

9,777

28,081

39,242

Decrease in amounts due from brokers

1,258

1,900

767

Decrease in amounts due to brokers

(2,819)

(10,241)

          (7,285)

Dealing profits

(33)

(229)

(261)


----------

----------

----------

Net cash inflow from operating activities before interest and taxation

 

8,085

 

1,534

 

18,347





Interest paid

(1,131)

(1,176)

(2,374)

Taxation on investment income

(387)

(460)

(641)


----------

----------

----------

Net cash inflow/(outflow) from operating activities

6,567

(102)

15,332





Financing activities




Equity dividends paid

(7,051)

(6,776)

(13,830)

Purchase of ordinary shares

(594)

(42)

(140)

Drawdown/(repayment) of loan

-

1,000

(4,000)


----------

----------

----------





Net cash used in financing

(7,645)

(5,818)

(17,970)


----------

----------

----------





Decrease in cash

(1,078)

(5,920)

(2,638)

Cash and cash equivalents at start of period

6,360

8,910

8,910

Exchange movements

(114)

(7)

88


----------

----------

----------

Cash and cash equivalents at end of period

5,168

2,983

6,360


======

======

======

 

The accompanying condensed notes are an integral part of the financial statements.

 

 

 

 

 

Page 9 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

NOTES:

 

1.

Accounting policies


The condensed half year financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the year ended 31 October 2011 and in accordance with IAS34.  The tax charge is based on overseas tax suffered during the period.



2.

Earnings per ordinary share


The earnings per ordinary share figure is based on the net profit for the half year of £35,761,000 (half year ended 30 April 2011: £49,677,000; year ended 31 October 2011: £8,346,000) and on 110,986,262 (half year ended 30 April 2011: 111,082,193; year ended 31 October 2011: 111,072,713) ordinary shares, being the weighted average number of ordinary shares in issue during the period.




The return per share detailed above can be further analysed between revenue and capital, as below.

 



(Unaudited)

Half year ended

30 April 2012

(Unaudited) Half year ended

30 April 2011

(Audited)

Year ended

31 October 2011



£'000

£'000

£'000







Net revenue profit

7,058

6,105

13,307


Net capital profit/(loss)

28,703

43,572

(4,961)



----------

----------

----------


Net total profit

35,761

49,677

8,346



======

======

======


Weighted average number of ordinary

  shares in issue during each period

 

110,986,262

 

111,082,193

 

111,072,713







Revenue earnings per ordinary share

6.36p

5.50p

11.98p


Capital earnings/(loss) per ordinary share

25.86p

39.22p

(4.47p)



----------

----------

----------


Total earnings per ordinary share

32.22p

44.72p

7.51p



======

======

======

 

3.

Current asset investment


The Group has a holding in a Deutsche Bank Liquidity Fund, (formerly Henderson Liquid Assets Fund) a money market fund that is used to hold what would otherwise be short term cash balances.  At 30 April 2012 this holding had a value of £2,810,000 (30 April 2011: £500,000; 31 October 2011: £3,650,000).




The subsidiary held investments at 30 April 2012 £nil (30 April 2011: £nil; 31 October 2011: £nil).

 

4.

Called up share capital

At 30 April 2012 there were 110,906,839 ordinary shares of 25p each in issue (30 April 2011: 111,075,839; 31 October 2011: 111,051,839).  During the half year ended 30 April 2012 the Company bought 145,000 of its own issued ordinary shares in the market for cancellation (half year ended 30 April 2011: 10,000; year ended 31 October 2011: 34,000).  The cost of the share buy-backs, including stamp duty, amounted to £594,000 (half year ended 30 April 2011: £42,000; year ended 31 October 2011: £140,000).

 

5.

Net asset value per ordinary share


The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £524,447,000 (30 April 2011: £544,814,000; 31 October 2011: £496,331,000) and on 110,906,839 (30 April 2011: 111,075,839; 31 October 2011: 111,051,839), being the number of ordinary shares in issue at the period end.

 

Page 10 of 12

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 



6.

Related Party Transactions


Details of related party transactions are contained in the annual report.  Other than the fees payable by the Company in the ordinary course of business there have been no material transactions with any related party during the six month period affecting the financial position or performance of the Group.



7.

Going concern


The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements.  The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.



8.

Interim dividend


The directors have declared a second interim dividend of 3.30p (2011: 3.175p) net per ordinary share, payable on 31 August 2012 to shareholders registered on 27 July 2012.   The shares will be quoted ex-dividend on 25 July 2012.  Based on the number of ordinary shares in issue at 20 June 2012 of 110,906,839 the cost of this dividend will be £3,660,000.  A first interim dividend of 3.30p (2011: 3.175p) was paid on 31 May 2012 at a total cost of £3,660,000.



9.

Comparative information


The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The financial information for the half years ended 30 April 2012 and 2011 has not been audited or reviewed by the auditors. 

 

The figures and financial information for the year ended 31 October 2011 have been extracted from the latest published accounts of the Company.  These accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.



10.

Half year update


A copy of the update for the half year ended 30 April 2012 will be posted to shareholders in July and will be available on the Company's website (www.bankersinvestmenttrust.com).  Copies can also be requested thereafter from the Secretary at the Registered Office at 201 Bishopsgate, London EC2M 3AE.



11.

General Information


a) Objectives

·     To achieve long term asset growth in excess of FTSE All-Share Index.

·     To achieve regular dividend growth in excess of the increase in the Retail Prices Index.

b) Policy

·     To achieve both these objectives by investing in a broadly diversified international portfolio of shares.

·     To incentivise the manager according to performance, measured against a composite index.

 

c) Company Status

The Company is a UK domiciled investment trust company, registered number 00026351.

 

d) Directors, Secretary and Registered Office

The Directors of the Company are Richard Brewster, (Chairman), Richard Killingbeck, Richard Burns, Matthew Thorne and Peter Sullivan.  The Secretary is Henderson Secretarial Services Limited, represented by Wendy King FCIS. The registered office is 201 Bishopsgate, London EC2M 3AE.

 

 


Page 11 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 


e) Website

Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, profiles of the Board, copies of announcements, reports and details of general meetings can be found at www.bankersinvestmenttrust.com

 

 

DIRECTORS' RESPONSIBILITY STATEMENT

The directors confirm that, to the best of their knowledge:



(a)

the condensed set of financial statements has been prepared in accordance with IAS 34;



(b)

the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and



(c)

the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

On behalf of The Bankers Investment Trust PLC

R D Brewster, Chairman

 

LARGEST INVESTMENTS at 30 April 2012

The 50 largest investments (convertibles, fixed interest and all classes of equity in any one company being treated as one investment) were as follows:

 

 

Holding

Market value

£'000


 

 

Holding

Market value

£'000

BP

      15,198


General Electric

     4,095

British American Tobacco

      12,122


Santos           

     4,063

GlaxoSmithKline

      11,001


National Oilwell

     4,057

Royal Dutch Shell

      10,109


United Parcel

     4,041

Catlin

      10,088


ITV

     3,985

BG

       9,138


BHP Billiton

     3,949

Vodafone               

       9,046


Hunting

     3,896

HSBC                                 

       7,420


Celanese

     3,786

National Grid                             

       6,744


Dollar General

     3,654

Apple

       6,721


Fraser & Neave                                       

     3,641

Xstrata

       6,241


Television Broadcasts

     3,593

Petrofac

       5,729


Cranswick

     3,584

Petroleo Brasileiros

       5,219


AIG

     3,562

Taiwan Semiconductor Manufacturing

       5,136


Prudential

     3,556

Galliford Try

       5,076


Anadarko Petroleum

     3,469

Rolls-Royce                 

       4,890


Qualcomm

     3,459

Jardine Lloyd Thompson

       4,655


Citigroup

     3,445

Microsoft

       4,544


Wetherspoon (J.D.)

     3,418

PNC Financial

       4,491


Ascendas

     3,414

Christian Dior

       4,452


Bank of China

     3,410

Amcor

       4,448


Incitec Pivot

     3,392

Shire                   

       4,422


Kasikornbank

     3,320

DBS                                   

       4,352


Pfizer

     3,314

Reckitt Benckiser

       4,304


Kraft Foods

     3,313

Praxair

       4,274


Severn Trent

     3,309

 

These investments total £260,545,000 which represents 48.3% of the portfolio.

 

 

Page 12 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2012

 

GEOGRAPHICAL DISTRIBUTION


 

Valuation of investments

Currency exposure of operational assets


30 April

2012

%

31 October

2011

%

30 April

2012

%

31 October

2011

%

UK

44.1

45.5

42.3

43.6

Europe

10.2

12.1

10.6

12.5

North America

22.7

19.9

23.3

20.7

Japan

9.4

9.5

9.7

9.8

Pacific (ex Japan)

11.7

11.0

12.1

11.4

Emerging Markets

1.9

2.0

2.0

2.0


------

------

------

------


100.0

100.0

100.0

100.0


====

====

====

====

 

SECTOR ANALYSIS


30 April 2012

%

31 October 2011

%

Oil & Gas

15.1

15.8

Basic Materials

6.5

6.7

Industrials

14.7

14.2

Consumer Goods

12.5

12.7

Health Care

6.5

6.8

Consumer Servcies

9.3

9.3

Telecommunications

4.5

4.9

Utilities

3.3

2.8

Financials

20.2

20.5

Technology

7.4

6.3


------

------


100.0

100.0


====

====

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

 

 

- ENDS -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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