Final Results

Brunner Investment Trust PLC 20 January 2005 For immediate release 20th January 2005 THE BRUNNER INVESTMENT TRUST PLC ANNOUNCEMENT OF PRELIMINARY RESULTS For the year ended 30th November 2004 RESULTS The Board today announces the results for the year ended 30th November 2004. Further progress was made during the year in regaining some of the ground lost in equity markets between 2000 and 2003. For the year as a whole the capital return of the Trust of 6.1% compared with a benchmark index return of 7.2% reflecting the underperformance in the first half set out in the interim statement. In the second half of the year the net asset value of a Brunner share rose by 6.1% as opposed to a return of 5.5% on the benchmark. In my interim statement I mentioned that the Board had agreed with the Managers that they should follow a more focused policy with regard to UK stock selection with the aim of improving investment performance. The target was to at least offset the drag relative to the benchmark caused by the high cost of the debenture. This new approach started on 31st May and I am pleased to say that the aim was achieved. Of course it is too early to say whether the new approach will prove successful over the long term but we have made a satisfactory start. NET ASSET VALUE The net asset value per Ordinary Share at 30th November 2004 was 364.10p compared with 343.10p at 30th November 2003, an increase of 6.12%. Over the same period the benchmark index (60% FTSE All-Share Index, and 40% FT/S&P World Index, ex UK in sterling) increased by 7.19%. DIVIDEND The Board recommends a final distribution of 4.60p to be payable on 29th March 2005 to shareholders on the register at the close of business on 25th February 2005, making a total distribution of 8.10p per share for the year ended 30th November 2004, an increase of 3.8%. ANNUAL GENERAL MEETING The seventy-seventh Annual General Meeting of the Company will be held on Thursday 24th March 2005 at 12.00noon. SHARE BUY BACKS The Board will recommend to shareholders that the Company take renewed powers to buy back its Ordinary Shares. Full details will be sent to shareholders with the forthcoming Annual Report and Accounts. CHAIRMANSHIP I will be retiring from the Board at the conclusion of the AGM, having been involved with the Trust in one capacity or other for over thirty years. I will be succeeded by Keith Percy whose knowledge and experience in the investment management world will be of great benefit to the Trust. John Trott Chairman 155 Bishopsgate London, EC2M 3AD - 2 - Unaudited preliminary results for the year ended 30th November 2004 were approved for immediate release as undernoted: RESULTS STATEMENT OF TOTAL RETURN for the year ended 30th November 2004 2004 £'000s £'000s £'000s Revenue Capital Total (Note 3) Net gains on investments - 12,433 12,433 Investment income 6,117 - 6,117 Other income 1,046 - 1,046 Investment management fee (384) (896) (1,280) Expenses of administration (275) - (275) Net return before finance costs and taxation 6,504 11,537 18,041 Finance costs of borrowings (1,379) (3,208) (4,587) Return on ordinary activities before taxation 5,125 8,329 13,454 Taxation Overseas taxation (176) - (176) UK taxation (382) 382 - (558) 382 (176) Return on ordinary activities after taxation for the 4,567 8,711 13,278 financial year Dividends on Preference Stock (22) - (22) Return attributable to ordinary shareholders 4,545 8,711 13,256 Dividends on Ordinary Shares Prior year over accrual 34 - 34 First Interim paid 3.50p (1,876) - (1,876) Final proposed 4.60p (2,411) - (2,411) 8.10p (4,253) - (4,253) Transfer to reserves 292 8,711 9,003 Return per Ordinary Share (Note 1) 8.43p 16.16p 24.59p NET ASSET STATEMENT as at 30th November 2004 2004 2004 £'000s £'000s Fixed Asset Investments 228,345 Net Current Assets 14,683 Total Assets less Current Liabilities 243,028 Creditors : Amounts falling due after more than one year (51,761) Total Net Assets 191,267 Called up Share Capital - Ordinary 13,102 - Preference 450 13,552 Capital Redemption Reserve 2,898 Capital Reserves - Realised 159,387 - Unrealised 7,931 Revenue Reserve 167,318 Shareholders' Funds 7,499 191,267 Net asset value per Ordinary Share (Note 2) 364.1p - 3 - STATEMENT OF TOTAL RETURN for the year ended 30th November 2003 2003 £'000s £'000s £'000s Revenue Capital Total (Note 3) Net gains on investments - 9,142 9,142 Investment income 6,495 - 6,495 Other income 831 - 831 Investment management fee (369) (861) (1,230) Expenses of administration (171) - (171) Net return before finance costs and taxation 6,786 8,281 15,067 Finance costs of borrowings (1,348) (3,139) (4,487) Return on ordinary activities before taxation 5,438 5,142 10,580 Taxation Overseas taxation (146) - (146) UK taxation (376) 376 - (522) 376 (146) Return on ordinary activities after taxation for the 4,916 5,518 10,434 financial year Dividends on Preference Stock (22) - (22) Return attributable to ordinary shareholders 4,894 5,518 10,412 Dividends on Ordinary Shares Prior year over accrual 1 - 1 First Interim 3.4p (1,925) - (1,925) Final 4.4p (2,426) - (2,426) 7.8p (4,350) - (4,350) Transfer to reserves 544 5,518 6,062 Return per Ordinary Share (Note 1) 8.65p 9.75p 18.40p NET ASSET STATEMENT as at 30th November 2003 2003 2003 £'000s £'000s Fixed Asset Investments 219,638 Net Current Assets 21,844 Total Assets less Current Liabilities 241,482 Creditors : Amounts falling due after more than one year (51,826) Total Net Assets 189,656 Called up Share Capital - Ordinary 13,785 - Preference 450 14,235 Capital Redemption Reserve 2,215 Capital Reserves - Realised 174,946 - Unrealised (8,946) Revenue Reserve 166,000 Shareholders' Funds 7,206 189,656 Net asset value per Ordinary Share (Note 2) 343.1p - 4 - CASH FLOW STATEMENT For the years ended 30th November 2003 and 30th November 2004 2004 2004 2003 £'000s £'000s £'000s Net cash inflow from operating activities 5,801 5,741 Servicing of Finance Interest paid (4,651) (4,383) Dividends paid on preference stock (23) (23) Net cash outflow on servicing of finance (4,674) (4,406) Financial Investment Purchase of fixed asset investments (179,061) (152,141) Sale of fixed asset investments 183,148 160,387 Net cash inflow 4,087 8,246 from financial investment Equity dividends paid (4,268) (4,336) Net cash inflow before financing 946 5,245 Financing Purchase of Ordinary Shares for cancellation (7,392) (5,780) Decrease in short term loan - (907) Net cash outflow from financing (6,687) (7,392) Decrease in cash (6,446) (1,442) - 5 - Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the year of 53,900,208 shares (2003 - 56,578,783). Note 2 The net asset value is based on 52,406,416 Ordinary Shares of 25p in issue at the year end (2003 - 55,140,416). Note 3 The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items derive from continuing operations. In the year, no operations were acquired and with the exception of the Company's stock lending activity, no operations were discontinued. Note 4 The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 30th November 2004 or 30th November 2003. The financial information for the year ended 30th November 2003 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. The statutory accounts for the year ended 30th November 2004 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. Note 5 The increase in the Company's benchmark index of 7.19% over the year to 30th November 2004 is composed as follows: 60% FTSE All-Share Index 9.30% 40% FT/S&P World Index, ex UK in Sterling 4.00% For further information, please contact: RCM (UK) Limited Simon White Tel: 020 7065 1539 This information is provided by RNS The company news service from the London Stock Exchange AR

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