Half Yearly Report

RNS Number : 9782J

Bankers Investment Trust PLC

19 June 2014

 



Page 1 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

This announcement contains regulated information

Interim Management Report

Chairman's Statement

Review of the period including material events and transactions

In my statement within the 2013 annual report I commented that, after such a strong year for equity returns in 2013, it would probably be sensible to be cautious for returns in the year ahead despite the more encouraging economic picture. I also outlined the broad positive backdrop that equity markets are now operating in compared with the more recent period of economic recession and financial sector woes.

It is thus slightly disappointing to report a fall in Bankers net asset value per share of 2.2%, compared to a FTSE All-Share Index return of 1.0% during the same period.

The key contributors to these figures are currency moves and the shift across global markets toward the larger capitalised stocks and away from the mid-sized companies to which Bankers has a greater exposure.

As has been the trend over the past few years Bankers has been gently reducing its exposure to the UK market. The resulting increased overseas market and currency exposure has worked well for us over this longer period but, in the immediate period under review the strength of Sterling has reduced overseas market returns when converted to Sterling. 

Overall global economic recovery appears to be becoming more established with the economies of the developed markets leading the way. North America and the UK have been reporting better economic data for some time allowing for the reduction of special measures in both economies (quantitative easing and low interest rates) to be actively discussed by the respective central banks. Economic activity across continental Europe has been less robust and the focus of central bankers in this area is increasingly upon the risk of disinflation (lower, but still positive, increases in inflation) turning to deflation (falling prices of goods). Against this backdrop we would expect to witness continued central bank stimulative measures.

In the Far East, Japan has continued to see economic growth and, for the first time in almost a generation, a positive set of inflationary numbers. The experiment of "Abenomics" begun two years ago, which had at its core a lower value of the Yen, is beginning to have some noticeable impact on both the export led economic recovery and also the domestic landscape. Despite this fundamental economic shift, returns from the Japanese equity market have been very disappointing with a decline of approximately 10% being reported during our half year period. Similar, although less pronounced returns have been reported from other, smaller, Far Eastern markets.

Emerging market economies have continued to report positive economic growth figures albeit below some of the more extreme expectations at the beginning of the year. Again, equity market returns have been unforgiving with most emerging markets falling in value during our half year.

During this period I am pleased to be able to report that the majority of our regional managers outperformed their local indices on a relative basis. The two exceptions were Europe, where we are conservatively positioned in Northern European companies and have thus not participated as much from the Southern Europe bounce, and in North America where our Portfolio Manager has undertaken a reorganisation of the investment portfolio. The focus of this reorganisation is to seek a more growth orientated exposure to some key equity sectors and stocks which we expect to produce good results in the longer term.

Page 2 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

In our Portfolio Manager's report at the year end we highlighted the valuation anomalies within the local Chinese 'A' share market. This market is only available to international investors with the appropriate licences in place. Bankers has such a licence and at the half year our US$25 million investment in this market had been completed. This will now be run as a separate portfolio within the wider portfolio and it is anticipated that good income and capital returns will be generated over the longer term.

Revenue Return and Dividends

Underlying dividend growth across the portfolio remains positive at a local currency level albeit that Sterling strength has impacted the figure after translation. In addition the reorganisation of the North American portfolio has seen an initial drop in revenue being generated from this region. The dividend growth prospects, however, have been enhanced.

Our significant revenue reserve position enables us to take a longer term view on portfolio construction in order to better position for higher dividend returns in the future. As such we are able to re-iterate our forecast to pay a minimum of 14.7p per share for the full year, an increase of 4%.  It is our intention to pay a second interim dividend of 3.7p per ordinary share on 29 August 2014.

Audit Tender

We stated in the Annual Report that the Audit Committee would hold a review of new auditors to replace our long standing relationship with PricewaterhouseCoopers LLP (PwC). Having met and reviewed a number of potential successors, the Audit Committee recommended that we move our audit relationship to the Investment Trust team at Grant Thornton UK LLP. This will be with effect from 18 June 2014.

I would like to take this opportunity to thank the team at PwC who have served the Company extremely well over the years. It is the end of the longest professional relationship that Bankers can identify, which can be traced back to our launch in 1888.

Outlook

Despite the lack of progress during the first six months of this year we remain positive towards equity markets in general. Corporate sentiment remains sound which continues to be demonstrated in corporate results, management statements and dividend increases. As has happened in the past equity supply in the form of new issues has helped fill some of the demand for equities at the margin but despite this we remain committed towards global equity markets as an asset class. Valuation levels are not excessive in most major markets and in some of the smaller markets recent falls have started to create some attractive opportunities.

Richard Killingbeck

Chairman

18 June 2014

Page 3 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

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

Richard Killingbeck

Chairman

For further information contact:                                                                     

Alex Crooke Portfolio Manager The Bankers Investment Trust PLC Telephone: [phone]	Richard Killingbeck Chairman The Bankers Investment Trust PLC Telephone: [phone]
James de Sausmarez Director, Head of Investment Trusts Henderson Global Investors Telephone: [phone]	Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Telephone: [phone]

Page 4 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

FINANCIAL HIGHLIGHTS	(Unaudited) 30 April 2014		(Audited) 31 October 2013		% Change
Assets
Net asset value per ordinary share	574.5p		587.4p		-2.2%
Ordinary share mid-market price	557.0p		580.0p		-4.0%
Discount (share price to net asset value)	3.1%		1.3%
Total assets less current liabilities (£'000)	669,106		678,561		-1.4%
Indices
FTSE All-Share Index	3619.8		3585.3		+1.0%
FTSE All-World Developed Europe (ex UK) Index	237.6		235.8		+0.8%
FTSE World North America Index	464.2		456.1		+1.8%
FTSE World Japan Index	77.8		80.1		-2.9%
FTSE All-World Asia Pacific (ex Japan) Index	290.3		308.9		-6.0%
	(Unaudited) Half year ended 30 April 2014		(Unaudited) Half year ended 30 April 2013		% Change
Revenue
Gross revenue (£'000)	10,086		9,284		+8.6%
Revenue earnings per ordinary share	7.27p		6.76p		+7.5%

Source: Henderson Global Investors Ltd.

Page 5 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

STATEMENT OF COMPREHENSIVE INCOME

for the half year ended 30 April 2014

	(Unaudited) Half year ended 30 April 2014									(Unaudited) Half year ended 30 April 2013						(Audited) Year ended 31 October 2013
	Revenue return £'000				Capital return £'000		Total £'000			Revenue return £'000		Capital return £'000		Total £'000		Revenue return £'000	Capital return £'000				Total £'000
(Losses)/gains on investments held at fair value through profit or loss		-		(13,201)				(13,201)		-		88,474		88,474		-		126,782		126,782
Investment income		9,990		-				9,990		9,222		-		9,222		19,515		-		19,515
Other operating income		96		-				96		62		-		62		174		-		174
		---------		---------				---------		---------		---------		---------		---------		---------		---------
Gross revenue and capital (losses)/gains		10,086		(13,201)				(3,115)		9,284		88,474		97,758		19,689		126,782		146,471
		---------		---------				---------		---------		---------		---------		---------		---------		---------
Expenses
Management fees		(862)		(465)				(1,327)		(617)		(333)		(950)		(1,282)		(690)		(1,972)
Other expenses		(386)		-				(386)		(364)		-		(364)		(791)		-		(791)
		---------		---------				---------		---------		---------		---------		---------		---------		---------
Profit/(loss) before finance costs and taxation		8,838		(13,666)				(4,828)		8,303		88,141		96,444		17,616		126,092		143,708
Finance costs		(342)		(798)				(1,140)		(348)		(812)		(1,160)		(691)		(1,612)		(2,303)
		---------		---------				---------		---------		---------		---------		---------		---------		---------
Profit/(loss) before taxation		8,496		(14,464)				(5,968)		7,955		87,329		95,284		16,925		124,480		141,405
Taxation		(376)		-				(376)		(459)		-		(459)		(896)		-		(896)
		---------		---------				---------		---------		---------		---------		---------		---------		---------
Profit/(loss) for the period		8,120		(14,464)				(6,344)		7,496		87,329		94,825		16,029		124,480		140,509
		=====		=====				=====		=====		=====		=====		=====		=====		=====
Earnings/(loss) per ordinary share (note 2)		7.27p		(12.95p)				(5.68p)		6.76p		78.74p		85.50p		14.45p		112.18p		126.63p

The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with IFRS as adopted by the European Union.  The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. 

All income is attributable to the equity shareholders of The Bankers Investment Trust PLC. 

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

The figures for 2014 and 2013 are on a company only basis, following the liquidation of the Company's wholly owned subsidiary during the previous year.  Previously the figures for the half year ended 30 April 2013 have been shown on a consolidated basis incorporating the subsidiary, therefore these figures have been recalculated on a company only basis for comparative purposes.

Page 6 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 April 2014

Half year ended 30 April 2014 (Unaudited)	Called up share capital £'000	Share premium account £'000	Capital  redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total equity £'000
Total equity at 1 November 2013	27,814	2,352	12,483	578,656	32,256	653,561
Total comprehensive income:
(Loss)/profit for the period	-	-	-	(14,464)	8,120	(6,344)
Transactions with owners, recorded directly to equity:
Payment of 3rd interim dividend (3.60p) in respect of the year ended 31 October 2013	-	-	-	-	(4,005)	(4,005)
Payment of final dividend (3.60p) in respect of the year ended 31 October 2013	-	-	-	-	(4,020)	(4,020)
Issue of 850,000 ordinary shares	213	4,701	-	-	-	4,914
	----------	----------	----------	----------	----------	----------
Total equity at 30 April 2014	28,027	7,053	12,483	564,192	32,351	644,106
	======	======	======	======	======	======
Half year ended 30 April 2013 (Unaudited)	Called up share capital £'000	Share premium account £'000	Capital  redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total equity £'000
Total equity at 1 November 2012	27,727	452	12,483	454,176	31,376	526,214
Total comprehensive income:
Profit for the period	-	-	-	87,329	7,496	94,825
Transactions with owners, recorded directly to equity:
Payment of 3rd interim dividend (3.30p) in respect of the year ended 31 October 2012	-	-	-	-	(3,660)	(3,660)
Payment of final dividend (3.43p) in respect of the year ended 31 October 2012	-	-	-	-	(3,804)	(3,804)
	----------	----------	----------	----------	----------	----------
Total equity at 30 April 2013	27,727	452	12,483	541,505	31,408	613,575
	======	======	======	======	======	======
Year ended 31 October 2013 (Audited)	Called up share capital £'000	Share premium account £'000	Capital  redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total equity £'000
Total equity at 1 November 2012	27,727	452	12,483	454,176	31,376	526,214
Total comprehensive income:
Profit for the year	-	-	-	124,480	16,029	140,509
Transactions with owners, recorded directly to equity:
Issue of 350,000 ordinary shares	87	1,900	-	-	-	1,987
Payment of 3rd interim dividend (3.30p) in respect of the year ended 31 October 2012	-	-	-	-	(3,660)	(3,660)
Payment of final dividend (3.43p) in respect of the year ended 31 October 2012	-	-	-	-	(3,804)	(3.804)
Payment of 1st interim dividend (3.465p) in respect of the year ended 31 October 2013	-	-	-	-	(3,842)	(3,842)
Payment of 2nd interim dividend (3.465p) in respect of the year ended 31 October 2013	-	-	-	-	(3,843)	(3,843)
	----------	----------	----------	----------	----------	----------
Total equity at 31 October 2013	27,814	2,352	12,483	578,656	32,256	653,561
	======	======	======	======	======	======

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

Page 7 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

BALANCE SHEET

as at 30 April 2014

	(Unaudited) 30 April 2014 £'000	(Unaudited) 30 April 2013 £'000	(Audited) 31 October 2013 £'000
Non-current assets
Investments held at fair value through profit or loss	667,202	638,561	655,008
	------------	------------	------------
Current assets
Investments (note 3)	1,721	21	21
Other receivables	4,353	9,041	17,800
Cash and cash equivalents	4,000	2,196	14,130
	------------	------------	------------
	10,074	11,258	31,951
	------------	------------	------------
Total assets	677,276	649,819	686,959
	------------	------------	------------
Current liabilities
Bank loan	(7,252)	(5,500)	-
Other payables	(918)	(5,744)	(8,398)
	------------	------------	-------------
	(8,170)	(11,244)	(8,398)
	------------	------------	------------
Total assets less current liabilities	669,106	638,575	678,561
Non-current liabilities
Debenture stocks	(25,000)	(25,000)	(25,000)
	------------	------------	------------
Net assets	644,106	613,575	653,561
	=======	=======	=======
Equity attributable to equity shareholders
Share capital (note 4)	28,027	27,727	27,814
Share premium account	7,053	452	2,352
Capital redemption reserve	12,483	12,483	12,483
Retained earnings:
Other capital reserves	564,192	541,505	578,656
Revenue reserve	32,351	31,408	32,256
	------------	------------	------------
Total equity	644,106	613,575	653,561
	=======	=======	=======
Net asset value per ordinary share (note 5)	574.5p	553.2p	587.4p
	=======	=======	=======

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

Page 8 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

CASH FLOW STATEMENT

for the half year ended 30 April 2014

	(Unaudited) Half year ended  30 April 2014 £'000	(Unaudited) Half year ended 30 April 2013 £'000	(Audited) Year ended 31 October 2013 £'000
Net (loss)/profit before taxation	(5,968)	95,284	141,405
Add back interest paid	1,140	1,160	2,303
Add/(less): losses/(gains) on investments held at fair value through profit or loss	13,201	(88,474)	(126,782)
(Increase)/decrease in accrued income	(2,506)	(1,656)	239
Decrease/(increase) in other debtors	8	3	(9)
Increase in other creditors	53	158	167
Purchases of investments	(221,656)	(75,832)	(137,900)
Sales of investments	196,695	72,710	156,843
Purchases of current asset investments	(4,700)	(1,500)	(1,500)
Sales of current asset investments	3,000	2,780	2,780
Decrease/(increase) in securities sold for future settlement	16,033	(5,308)	(16,147)
(Decrease)/increase in securities purchased for future settlement	(7,559)	4,505	7,153
	------------	------------	-----------
Net cash (outflow)/inflow from operating activities before interest and taxation	(12,259)	3,830	28,552
Interest paid	(1,135)	(1,157)	(2,303)
Taxation on investment income	(464)	(288)	(733)
	------------	------------	------------
Net cash (outflow)/inflow from operating activities	(13,858)	2,385	25,516
Financing activities
Equity dividends paid	(8,025)	(7,464)	(15,149)
Issue of ordinary shares	4,914	-	1,987
Drawdown/(repayment) of loan	7,252	4,500	(1,000)
Amounts received from subsidiary undertaking	-	-	205
	------------	------------	------------
Net cash inflow/(outflow) from financing activities	4,141	(2,964)	(13,957)
	------------	------------	------------
(Decrease)/increase in cash	(9,717)	(579)	11,559
Cash and cash equivalents at start of period	14,130	2,825	2,825
Exchange movements	(413)	(50)	(254)
	------------	------------	------------
Cash and cash equivalents at end of period	4,000	2,196	14,130
	=======	=======	=======

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

Page 9 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

NOTES TO THE FINANCIAL STATEMENTS:

1.

Accounting policies

The condensed half year financial statements have been prepared on the basis of the accounting policies set out in the Company's financial statements for the year ended 31 October 2013 except as described below and in accordance with IAS34.  The tax charge is based on overseas tax suffered during the period. The following changes in accounting policies are also expected to be reflected in the Company's financial statements as at and for the year ending 31 October 2014.  The Company has adopted the following standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2013.  IFRS 13 Fair Value Measurement:  IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value measurements, when such measurements are required or permitted by other IFRSs. In particular, it unifies the definition of fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date.  It also replaces and expands the disclosure requirements about fair value measurements in other IFRSs, including IFRS 7 Financial Instruments: Disclosures. Some of these disclosures are specifically required in interim financial statements for financial instruments; accordingly, the Company has included additional disclosures in this regard (see note 7). In accordance with the transitional provisions of IFRS 13, the Company has applied the fair value measurement guidance prospectively, and has not provided any comparative information for new disclosures.  Notwithstanding the above, the change had no significant impact on the measurements of the Company's assets and liabilities.  Investments held at fair value through profit or loss All investments are designated upon initial recognition as held at fair value through profit or loss. These financial assets are designated on the basis that they are part of a group of financial assets which are managed and have their performance evaluated on a fair value basis. Financial assets are recognised/de-recognised at the trade date of the purchase/disposal. Proceeds will be measured at fair value, which will be regarded as the proceeds of sale less any transaction costs. The fair value of the financial instruments is based on their quoted bid price at the balance sheet date, without deduction of the estimated future selling costs. The fair values of unquoted financial instruments within the portfolio are based on their last audited net asset values discounted where necessary to arrive at a fair value. Changes in the fair value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the Statement of Comprehensive Income as 'Gains or losses on investments held at fair value through profit or loss'. Also included within this caption are transaction costs in relation to the purchase or sale of investments, including the difference between the purchase price of an investment and its bid price at the date of purchase. Significant accounting judgments and estimates The preparation of the Company's financial statements requires management to make judgments, estimates and assumptions that affect the amounts recognised in the financial statements; however, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in the future. As the majority of the Company's financial assets are quoted securities, in the opinion of the Directors, the amounts included as assets and liabilities in the financial statements are not subject to significant judgments, estimates or assumptions.

Page 10 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

2.	Earnings per ordinary share
	The earnings per ordinary share figure is based on the net loss for the half year of £6,344,000 (half year ended 30 April 2013: £94,825,000 profit; year ended 31 October 2013: £140,509,000 profit) and on 111,687,640 (half year ended 30 April 2013: 110,906,839; year ended 31 October 2013: 110,958,620) 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 2014 £'000	(Unaudited)  Half year ended 30 April 2013 £'000	(Audited) Year ended 31 October 2013 £'000
	Revenue profit	8,120	7,496	16,029
	Capital (loss)/profit	(14,464)	87,329	124,480
		------------	------------	------------
	Total (loss)/profit	(6,344)	94,825	140,509
		=======	=======	=======
	Weighted average number of ordinary   shares in issue during each period	111,687,640	110,906,839	110,958,620
	Revenue earnings per ordinary share	7.27p	6.76p	14.45p
	Capital (loss)/earnings per ordinary share	(12.95p)	78.74p	112.18p
		------------	------------	------------
	Total (loss)/earnings per ordinary share	(5.68p)	85.50p	126.63p
		=======	=======	=======

3.	Current asset investment
	The Company has a holding in the Deutsche Bank Liquidity Fund, a money market fund that is used to hold what would otherwise be short term cash balances.  At 30 April 2014 this holding had a value of £1,721,000 (30 April 2013: £21,000; 31 October 2013: £21,000).
4.	Called up share capital
	At 30 April 2014 there were 112,106,839 ordinary shares of 25p each in issue (30 April 2013: 110,906,839; 31 October 2013: 111,256,839).  During the half year ended 30 April 2014 there were 850,000 shares issued (30 April 2013: nil; 31 October 2013: 350,000). The proceeds of the share issues, amounted to £4,914,000 (half year ended 30 April 2013: £nil; 31 October 2013: £1,987,000).
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 £644,106,000 (30 April 2013: £613,575,000; 31 October 2013: £653,561,000) and on 112,106,839 (30 April 2013: 110,906,839; 31 October 2013: 111,256,839) ordinary shares, being the number of ordinary shares in issue at the period end.
6.	Related party transactions
	Details of related party transactions are contained in the annual report and financial statements.  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 Company.
7.	Financial Instruments
	At the period end the carrying value of financial assets and financial liabilities approximates their fair value. Financial instruments carried at fair value Fair value hierarchy The table below analyses recurring fair value measurements for financial assets and financial liabilities.  These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used.  The different levels are defined as follows: Level 1: quote prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Page 11 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited results for the half year ended 30 April 2014 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: unobservable inputs for the asset or liability. Financial assets and financial liabilities at fair Level 1 Level 2 Level 3 Total value through profit or loss at 30 April 2014 £'000 £'000 £'000 £'000 Investments including derivatives: - Equity securities designated at fair value through profit or        loss 667,140 - 62 667,202 - Forward exchange contracts - (21) - (21) Total financial assets and liabilities carried at fair value 667,140 (21) 62 667,181 £'000 Level 3 investments at fair value through profit or loss Opening balance 75 Transferred into Level 3 - 75 Total unrealised losses included in losses on investments held at fair value through profit and loss in the Statement of Comprehensive Income (13) Closing balance 62 There have been no transfers between levels of the fair value hierarchy during the period. Transfers between levels of fair value hierarchy are deemed to have occurred at the date of the event or change in circumstances that caused the transfer. Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset as follows: Level 1: valued using quoted prices in active markets for identical assets. Level 2: valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1. Included in Level 2 are forward exchange contracts which resulted in an unrealised loss of £21,000. Level 3: valued by reference to valuation techniques using inputs that are not based on observable market data. The valuation techniques used by the Company are explained in the accounting policies note 1 (b) of the Annual Report and Financial Statements.
8.	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.

9.

Interim dividend

The directors have declared a second interim dividend of 3.70p (2013: 3.465p) net per ordinary share, payable on 29 August 2014 to shareholders registered on 25 July 2014.   The shares will be quoted ex-dividend on 23 July 2014.  Based on the number of ordinary shares in issue at 18 June 2014 of 112,106,839 the cost of this dividend will be £4,036,000.  A first interim dividend of 3.60p (2013: 3.465p) was paid on 30 May 2014 at a total cost of £4,036,000.

Page 12 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

10.	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 2014 and 2013 has not been audited or reviewed by the auditors.  The figures and financial information for the year ended 31 October 2013 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.
11.	Half year update
	A copy of the update for the half year ended 30 April 2014 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.
12.	General information
	a) Objectives ·      To achieve long term asset growth in excess of the 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. 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 Killingbeck (Chairman), Richard Burns (Senior Independent Director), Matthew Thorne (Audit Committee Chairman), Susan Inglis and David Wild.  The Corporate Secretary is Henderson Secretarial Services Limited, represented by Wendy King FCIS. The registered office is 201 Bishopsgate, London EC2M 3AE.
	e) Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.bankersinvestmenttrust.com. f) Global Intermediary Identification Number (GIIN) - L5YVFP.99999.SL.826. g) Legal Entity Identifier (LEI) - 213800B9YWXL3X1VMZ69.

Page 13 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

LARGEST INVESTMENTS at 30 April 2014

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	17,049		EMC	5,343
GlaxoSmithKline	12,599		Amcor	5,182
Sports Direct International	11,014		Legal & General	5,136
Catlin	9,750		American Express	5,093
British American Tobacco	9,568		PetroChina	5,080
HSBC	9,242		Connect	4,942
Galliford Try	9,235		Bank of China	4,940
Royal Dutch Shell	8,820		Jupiter Fund Management	4,916
BorgWarner	7,803		Deutsche Post	4,915
Apple	7,673		Rolls-Royce	4,914
Delphi Automotive	7,619		Petrofac	4,798
Walt Disney	7,356		BG	4,792
AmerisourceBergen	7,258		SK Telecom	4,784
ITV	7,180		WPP	4,705
Jardine Lloyd Thompson	6,979		Novartis	4,342
Fisher (J) & Sons	6,681		Rio Tinto	4,302
Comcast	6,664		Hyundai Motor	4,168
American Tower	6,564		Cranswick	4,132
Vodafone	6,481		Nationwide Building Society 10.25% PERP CCDS	4,051
Prudential	6,403		Taiwan Semiconductor Manufacturing	3,918
Oracle	6,257		Verizon	3,863
Wetherspoon (J.D.)	5,866		DirecTV	3,848
Christian Dior	5,830		BHP Billiton	3,838
Reckitt Benckiser	5,730		Glencore Xstrata	3,827
St. James's Place	5,356		Qualcomm	3,803

These investments total £314,609,000 which represents 47.2% of the portfolio.

Page 14 of 14

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2014

GEOGRAPHICAL DISTRIBUTION

	Valuation of investments		Currency exposure of operational assets
	30 April 2014 %	31 October 2013 %	30 April 2014 %	31 October 2013 %
UK	45.2	45.0	43.8	44.6
Europe	12.3	11.5	12.8	11.5
North America	19.9	20.4	20.7	20.5
Japan	8.6	9.7	7.8	9.7
Pacific (ex Japan)	11.8	11.2	12.6	11.2
Emerging Markets	2.2	2.2	2.3	2.5
	--------	--------	--------	--------
	100.0	100.0	100.0	100.0
	====	====	====	====

Source: Henderson Global Investors Ltd.

SECTOR ANALYSIS

	30 April 2014 %	31 October 2013 %
Oil & Gas	9.6	11.2
Basic Materials	3.6	4.6
Industrials	16.7	16.2
Consumer Goods	14.4	12.8
Health Care	4.9	7.2
Consumer Services	15.2	13.2
Telecommunications	3.9	4.9
Utilities	1.6	1.1
Financials	23.2	23.2
Technology	6.9	5.6
	--------	--------
	100.0	100.0
	====	====

Source: Henderson Global Investors Ltd.

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 -

 

END

 

 

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