Half Yearly Report

RNS Number : 4106V

F&C Managed Portfolio Trust PLC

12 January 2012

 



To:      RNS

Date:  12 January 2012

From: F&C Managed Portfolio Trust plc

Interim Results

The Board of F&C Managed Portfolio Trust plc announces the unaudited interim results of the Company for the six month period to 30 November 2011.

Chairman's Statement

Highlights

During the period:

·      Equity markets across the globe experienced a setback triggered by the sovereign debt crisis in Europe

·      Both shares continued to trade at a small premium to NAV for most of the period

·      Dividend yield of 4.9% at 30 November 2011 based on dividends at the historic annual rate

Investment performance

For the six months to 30 November 2011, the net asset value (NAV) total return was --9.4% for the Income shares and -14.2% for the Growth shares. The total return for the benchmark index for both Portfolios, the FTSE All-Share Index, was -7.4% and the total return for the Investment Company sector, as measured by the FTSE Equity Investment Instruments Index, was -10.5%.

This underperformance follows a period of strong performance from both the Income and Growth Portfolios. The six months under review have proved difficult for equity markets with macro events, particularly the sovereign debt crisis in Europe, casting a shadow. The potential for the Euro to disintegrate causing a deep recession, and the apparent inability of politicians to reach a solution were important factors behind the decline of equity markets across the globe.

Within the UK equity market, a narrow group of large global companies and sectors with defensive characteristics such as pharmaceuticals, tobacco, mobile telecoms and food and beverages performed strongly. Most of the rest of the UK equity market experienced a material setback as illustrated by the performance of the FTSE Mid 250 Index and the FTSE Small Company Index (ex Investment companies) which fell -13.2% and -17.9% respectively. These trends are not helpful for the Investment Company sector which invests quite widely, including overseas. In addition, average discounts for the Investment Company sector moved out from 7.8% at the start of the period to 9.7% by the end of November. When combined with gearing and under- performance from all but the very biggest companies in the FTSE All-Share Index, it meant there were strong headwinds for investment companies.

The Income Portfolio proved the more resilient, assisted by the more defensive nature and above average dividend yield of most of its underlying holdings. The Growth Portfolio, with exposure to investment companies investing in Emerging Markets, Asia Pacific and medium sized and smaller companies generally, lagged the benchmark by a greater amount. However over the longer term it is these very types of investments which are most likely to generate strong returns for shareholders.

Offer for Subscription

At the launch of the Company, investors in F&C share plans, which held portfolios of shares in investment companies, were given the opportunity to exchange the investments they held through the F&C share plans for shares in F&C Managed Portfolio Trust. The Investment Manager has indicated to the Board that there may be further demand from investors in other F&C share plans and on 28 October 2011, the Board announced proposals to offer new Income shares and Growth shares to potential new and existing shareholders. The Board believes that an Offer would benefit all shareholders and that any net proceeds raised under the Offer would allow the Company to take advantage of attractive investment opportunities in the companies and sectors favoured by the Investment Manager. Furthermore, it is anticipated this would improve the Company's prospects for dividend growth.

The Board was given the authorities necessary to make the Offer by shareholders at the General Meeting held in November and will make a further announcement to shareholders imminently.

Revenue and dividends

Under the Company's capital structure any net revenue arising on the Growth Portfolio is transferred to the Income Portfolio in exchange for a capital contribution of an identical amount. Income shares are entitled to all the dividends paid by the Company which are paid quarterly in October, January, April and July each year.

The Directors have declared a first and second interim dividend in respect of the year to 31 May 2012, each of 1p per Income share. The second interim dividend was paid to Income shareholders, on 6 January 2012, after the period end.

In view of the proposals outlined above, the Board intends to rebalance the third and fourth interim dividends for the financial year to 31 May 2012, with a view to achieving a fair apportionment of dividends between existing and new Income shareholders. In the absence of unforeseen circumstances, it is expected that a third interim dividend and a special interim dividend will be declared with an ex dividend date of 22 February 2012. The third interim dividend is expected to be 1.0p per Income share, payable in April 2012 and the special interim dividend is expected to be 0.3p per Income share payable in July 2012. New Income shares issued pursuant to the proposed Offer would not qualify for either of these dividends. It is further intended that a final interim dividend for the financial year will be paid in July 2012 to both existing and new Income shareholders. In the absence of unforeseen circumstances, this final interim dividend is expected to be 1.1p per Income share. Therefore, the total amount of dividends received by existing Income shareholders for the Company's current financial year to 31 May 2012 is expected to be 4.4p, which is the same annual dividend as in the Company's previous financial year. This would represent a yield on the Income share price at 30 November 2011 of 4.9%.

Discount to NAV and share buy-backs

The share price of investment trusts does not always reflect closely their underlying NAV and many trusts trade at a substantial discount. In normal circumstances we aim to maintain our discount at not more than 5% by buying back shares from time to time. During the six months to 30 November 2011 we have been able to maintain an average premium of 2.3% for the Income shares and 3.2% for the Growth shares. At 30 November 2011, the Income shares stood at a discount of 1.1% to NAV and the Growth shares at a discount of 0.3%.

During the period no shares were bought back or issued.

Outlook

The near term prospects for equity markets are uncertain. Until a solution is reached for the Euro zone structural imbalances, markets are unlikely to make much headway and more volatility is likely. However over the past three years the corporate sector both in the UK and US, has significantly improved its financial health and is better placed to deal with the challenges of a lower growth environment in developed markets. Meantime emerging economies continue to achieve much higher levels of growth. On a longer view equities have become attractively valued both when compared to their own historic range and relative to fixed interest. This bodes well for future returns.

Richard M. Martin

Chairman

11 January 2012

Unaudited Condensed Income Statement

Six months to 30 November 2011

	Notes	Revenue	Capital	Total
		£'000	£'000	£'000
Losses on investments		-	(5,526)	(5,526)
Foreign exchange gains		-	2	2
Income	2	737	-	737
Investment management and performance fee	3	(38)	(85)	(123)
Other expenses		(177)	-	(177)
Return on ordinary activities before finance           costs and tax		522	(5,609)	(5,087)
Finance costs		(7)	(10)	(17)
Return on ordinary activities before tax		515	(5,619)	(5,104)
Tax on ordinary activities		(5)	-	(5)
Return attributable to shareholders	4	510	(5,619)	(5,109)
Return per Income share (pence)	4	2.26p	(11.94)p	(9.68)p
Return per Growth share (pence)	4	-	(15.22)p	(15.22)p

The total column of this statement is the Profit and Loss Account of the Company.

The supplementary revenue and capital columns are prepared under the guidance published by The Association of Investment Companies.

All revenue and capital items in the Income Statement derive from continuing operations.

Unaudited Condensed Income Statement

Six months to 30 November 2010

	Notes	Revenue	Capital	Total
		£'000	£'000	£'000
Gains on investments		-	3,796	3,796
Income	2	561	-	561
Investment management and performance fee	3	(36)	(115)	(151)
Other expenses		(148)	-	(148)
Return on ordinary activities before finance           costs and tax		377	3,681	4,058
Finance costs		(1)	(2)	(3)
Return on ordinary activities before tax		376	3,679	4,055
Tax on ordinary activities		-	-	-
Return attributable to shareholders	4	376	3,679	4,055
Return per Income share (pence)	4	1.72p	8.76p	10.48p
Return per Growth share (pence)	4	-	9.47p	9.47p

The total column of this statement is the Profit and Loss Account of the Company. 

The supplementary revenue and capital columns are prepared under guidance published by The Association of Investment Companies.

All revenue and capital items in the Income Statement derive from continuing operations.

Condensed Income Statement (audited)

Year to 31 May 2011

	Notes	Revenue	Capital	Total
		£'000	£'000	£'000
Gains on investments		-	7,798	7,798
Income	2	1,353	-	1,353
Investment management and performance fee	3	(76)	(244)	(320)
Other expenses		(345)	-	(345)
Return on ordinary activities before finance           costs and tax		932	7,554	8,486
Finance costs		(5)	(7)	(12)
Return on ordinary activities before tax		927	7,547	8,474
Tax on ordinary activities		-	-	-
Return attributable to shareholders	4	927	7,547	8,474
Return per Income share (pence)	4	4.20p	16.41p	20.61p
Return per Growth share (pence)	4	-	20.74p	20.74p

The total column of this statement is the Profit and Loss Account of the Company.

The supplementary revenue and capital columns are prepared under the guidance published by The Association of Investment Companies.

All revenue and capital items in the Income Statement derive from continuing activities.

Unaudited Condensed Balance Sheet

As at 30 November 2011

	Notes	Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Non-current assets
Investments at fair value		21,900	17,563	39,463
Current assets
Debtors		79	34	113
Cash at bank and on deposit		-	209	209
		79	243	322
Creditors
Amounts falling due within one year		(1,449)	(61)	(1,510)
Net current (liabilities)/assets		(1,370)	182	(1,188)
Net assets		20,530	17,745	38,275
Capital and reserves
Called-up share capital	6	2,256	1,956	4,212
Share premium		729	654	1,383
Capital redemption reserve		-	182	182
Special reserve		19,380	16,870	36,250
Capital reserves		(2,198)	(1,917)	(4,115)
Revenue reserve		363	-	363
Shareholders' Funds	7	20,530	17,745	38,275
Net asset value per share (pence)	7	91.01p	92.30p

Unaudited Condensed Balance Sheet

As at 30 November 2010

	Notes	Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Non-current assets
Investments at fair value		21,842	18,385	40,227
Current assets
Debtors		58	116	174
Cash at bank and on deposit		-	394	394
		58	510	568
Creditors
Amounts falling due within one year		(941)	(57)	(998)
Net current (liabilities)/assets		(883)	453	(430)
Net assets		20,959	18,838	39,797
Capital and reserves
Called-up share capital		2,208	1,956	4,164
Share premium		295	643	938
Capital redemption reserve		-	182	182
Special reserve		19,380	17,211	36,591
Capital reserves		(1,210)	(1,154)	(2,364)
Revenue reserve		286	-	286
Shareholders' Funds	7	20,959	18,838	39,797
Net asset value per share (pence)	7	94.91p	96.31p

Condensed Balance Sheet (audited)

As at 31 May 2011

		Income Shares	Growth Shares	Total
	Notes	£'000	£'000	£'000
Non-current assets
Investments at fair value		24,421	20,398	44,819
Current assets
Debtors		30	22	52
Cash at bank and on deposit		-	333	333
		30	355	385
Creditors
Amounts falling due within one year		(1,197)	(82)	(1,279)
Net current (liabilities)/assets		(1,167)	273	(894)
Net assets		23,254	20,671	43,925
Capital and reserves
Called-up share capital		2,256	1,956	4,212
Share premium		729	654	1,383
Capital redemption reserve		-	182	182
Special reserve		19,380	16,870	36,250
Capital reserves		495	1,009	1,504
Revenue reserve		394	-	394
Shareholders' Funds	7	23,254	20,671	43,925
Net asset value per share (pence)	7	103.09p	107.52p

Unaudited Condensed Statement of Cash Flows

Six months to 30 November 2011

		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Net cash inflow/(outflow) from operating activities		222	(2)	220
Cash outflow from servicing of finance		(16)	-	(16)
Net cash outflow from financial investment		(69)	(122)	(191)
Equity dividends paid		(541)	-	(541)
Net cash outflow before financing		(404)	(124)	(528)
Net cash inflow from financing		-	-	-
Decrease in cash		(404)	(124)	(528)
Reconciliation of net cash flow to movement in net (debt)/cash
Decrease in cash as above		(404)	(124)	(528)
Opening net (debt)/cash		(972)	333	(639)
Closing net (debt)/cash		(1,376)	209	(1,167)
Reconciliation of net return before finance costs and taxation to net cash inflow/(outflow) from operating activities
Net return before finance costs and taxation		(2,163)	(2,924)	(5,087)
Withholding tax suffered		(3)	(2)	(5)
Losses on investments		2,569	2,957	5,526
Changes in working capital and other non-cash items		(181)	(33)	(214)
Net cash inflow/(outflow) from operating activities		222	(2)	220

Unaudited Condensed Statement of Cash Flows

Six months to 30 November 2010

		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Net cash inflow/(outflow) from operating activities		288	(33)	255
Cash outflow from servicing of finance		(2)	-	(2)
Net cash outflow from financial investment		(1,817)	(1,956)	(3,773)
Equity dividends paid		(521)	-	(521)
Net cash outflow before financing		(2,052)	(1,989)	(4,041)
Net cash inflow from financing		538	2,027	2,565
(Decrease)/increase in cash		(1,514)	38	(1,476)
Reconciliation of net cash flow to movement in net (debt)/cash
(Decrease)/increase in cash as above		(1,514)	38	(1,476)
Opening net cash		717	356	1,073
Closing net (debt)/cash		(797)	394	(403)
Reconciliation of net return before finance costs and taxation to net cash inflow/(outflow) from operating activities
Net return before finance costs and taxation		2,299	1,759	4,058
Gains on investments		(2,011)	(1,785)	(3,796)
Changes in working capital and other non-cash items		-	(7)	(7)
Net cash inflow/(outflow) from operating activities		288	(33)	255

Condensed Statement of Cash Flows (audited)

Year to 31 May 2011

		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Net cash inflow from operating activities		780	9	789
Cash outflow from servicing of finance		(10)	-	(10)
Net cash outflow from financial investment		(2,515)	(1,729)	(4,244)
Equity dividends paid		(964)	-	(964)
Net cash outflow before financing		(2,709)	(1,720)	(4,429)
Net cash inflow from financing		1,020	1,697	2,717
Decrease in cash		(1,689)	(23)	(1,712)
Reconciliation of net cash flow to movement in net (debt)/cash
Decrease in cash as above		(1,689)	(23)	(1,712)
Opening net cash		717	356	1,073
Closing net (debt)/cash		(972)	333	(639)
Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities
Net return before finance costs and taxation		4,564	3,922	8,486
Gains on investments		(3,872)	(3,926)	(7,798)
Changes in working capital and other non-cash items		88	13	101
Net cash inflow from operating activities		780	9	789

Unaudited Condensed Reconciliation of Movements in Shareholders' Funds

Six months to 30 November 2011

Notes		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Opening shareholders' funds		23,254	20,671	43,925
Transfer of net income from Growth shares to Income shares		76	(76)	-
Transfer of capital from Income shares to Growth shares		(76)	76	-
Dividends paid	5	(541)	-	(541)
Return attributable to shareholders		(2,183)	(2,926)	(5,109)
Closing shareholders' funds		20,530	17,745	38,275

Unaudited Condensed Reconciliation of Movements in Shareholders' Funds

Six months to 30 November 2010

Notes		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Opening shareholders' funds		18,646	15,052	33,698
Increase in share capital in issue		164	419	583
Sales of shares from treasury		374	1,608	1,982
Transfer of net income from Growth shares to Income shares		18	(18)	-
Transfer of capital from Income shares to Growth shares		(18)	18	-
Dividends paid	5	(521)	-	(521)
Return attributable to shareholders		2,296	1,759	4,055
Closing shareholders' funds		20,959	18,838	39,797

Condensed Reconciliation of Movements in Shareholders' Funds

Year to 31 May 2011 (audited)

		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Opening shareholders' funds		18,646	15,052	33,698
Increase in share capital in issue		646	419	1,065
Sales of shares from treasury		374	1,771	2,145
Shares purchased for treasury		-	(493)	(493)
Transfer of net income from Growth shares to Income shares		89	(89)	-
Transfer of capital from Income shares to Growth shares		(89)	89	-
Dividends paid	5	(964)	-	(964)
Return attributable to shareholders		4,552	3,922	8,474
Closing shareholders' funds		23,254	20,671	43,925

 Statement of Principal Risks and Uncertainties

The Company's assets consist mainly of listed equity securities and its principal risks are therefore market-related.  The most important types of risk associated with financial instruments are credit risk, market price risk, liquidity risk, interest rate risk and foreign currency risk.  Other risks faced by the Company include external, investment and strategic, regulatory, operational and financial risks.

These risks, and the way in which they are managed, are described in more detail under the heading "Principal risks and risk management" within the Report of the Directors in the Company's 2011 Annual Report. 

The Company's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remainder of the Company's financial year.

Statement of Directors' Responsibilities in Respect of the Interim Report

We confirm, that to the best of our knowledge:

·      the condensed set of financial statements have been prepared in accordance with the Statement 'Half-Yearly Financial Reports' issued by the UK Accounting Standards Board and  give a true and fair view of the assets, liabilities, financial position and return of the Company;

·      the Chairman's Statement (constituting the Interim Management Report) together with the Statement of Principal Risks and Uncertainties shown above include a fair review of the information required by the Disclosure and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the financial statements; and

·      the condensed set of financial statements include a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during the period, and any changes in the related party transactions described in the last Annual Report that could do so.

On behalf of the Board

Richard M. Martin

Director

11 January 2012

Notes

1.  Accounting Policies

The unaudited interim results have been prepared on the basis of the accounting policies set out in the Company's statutory financial statements for the year ended 31 May 2011. These accounting policies are expected to be followed throughout the year ending 31 May 2012.

2.  Income

	Six months to 30 November 2011	Six months to 30 November 2010	Year to 31 May 2011
	£'000	£'000	£'000
UK dividends	537	388	975
Overseas dividends	192	171	373
Interest on fixed interest securities	7	-	2
Deposit interest	1	2	3
Total income	737	561	1,353

3.  Investment management and performance fee

    There have been no changes to the terms of the management and performance fee arrangements with F&C Investment Business Limited, which are set out in detail in the Annual Report and Accounts to 31 May 2011. 

    During the period, the Company has incurred management fees of £123,000, (30 November 2010: £117,000; 31 May 2011: £249,000) of which £60,000 is payable to F&C Investment Business Limited at the period end.  

    At 30 November 2011 the total return of the Income Portfolio (for the six months) and the Growth Portfolio (since launch) did not exceed that of the FTSE All-Share Index and a performance fee has not been recognised in either Portfolio (30 November 2010: £34,000 - Income Portfolio & £nil - Growth Portfolio; 31 May 2011: £71,000 - Income Portfolio & £nil - Growth Portfolio).                                                  

4.  Return per share

     The return per share for the six months to 30 November 2011 is as follows:

	Income Shares			Growth Shares
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Return attributable to Portfolios	434	(2,617)	(2,183)	76	(3,002)	(2,926)
Transfer of net income from Growth to Income Portfolio	76	-	76	(76)	-	(76)
Transfer of capital from Income to Growth Portfolio	-	(76)	(76)	-	76	76
Return attributable to shareholders	510	(2,693)	(2,183)	-	(2,926)	(2,926)
Return per share	2.26p	(11.94)p	(9.68)p	-	(15.22)p	(15.22)p
Weighted average number of shares in issue during the period		22,557,192			19,225,567

     The return per share for the comparative six months to 30 November 2010 is as follows:

	Income Shares			Growth Shares
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Return attributable to shareholders	376	1,920	2,296	-	1,759	1,759
Return per share	1.72p	8.76p	10.48p	-	9.47p	9.47p
Weighted average number of shares in issue during the period		21,904,755			18,567,807

The return per share for the comparative year to 31 May 2011 is as follows:

	Income Shares			Growth Shares
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Return attributable to shareholders	927	3,625	4,552	-	3,922	3,922
Return per share	4.20p	16.41p	20.61p	-	20.74p	20.74p
Weighted average number of shares in issue during the period		22,081,107			18,907,225

5.    Dividends

	Six months to 30 November 2011	Six months to 30 November 2010	Year to 31 May 2011
Dividends on Income Shares	£'000	£'000	£'000
Amounts recognised as distributions during the period:
In respect of the previous period:
- fourth interim dividend of 1.4p per share	316	301	301
In respect of the period under review:
- first interim dividend of 1p per share	225	220	220
- second interim dividend of 1p per share	-	-	221
- third interim dividend of 1p per share	-	-	222
	541	521	964

       A second interim dividend in respect of the year to 31 May 2012 of 1p per Income share was paid on 6 January 2012 to shareholders on the register on 23 December 2011.  This amount has not been accrued in the results for the six months to 30 November 2011.

       The Growth shares do not carry an entitlement to receive dividends.

6.    Share capital

	Listed		Held in Treasury		In issue
	Number	£'000	Number	£'000	Number	£'000
Income shares of 10p each
Balance at 1 June 2011	22,557,192	2,256	-	-	22,557,192	2,256
Balance at 30 November 2011	22,557,192	2,256	-	-	22,557,192	2,256

During the period the Company bought back nil (30 November 2010: nil; 31 May 2011: nil) Income shares to be held in treasury and resold out of treasury nil (30 November 2010: 427,000; 31 May 2011: 427,000) Income shares.  During the period the Company issued nil (30 November 2010: 175,000; 31 May 2011: 650,000) new Income shares.

At 30 November 2011 the Company held nil Income shares in treasury. 

	Listed		Held in Treasury		In issue
	Number	£'000	Number	£'000	Number	£'000
Growth shares of 10p each
Balance at 1 June 2011	19,560,567	1,956	(335,000)	(33)	19,225,567	1,923
Balance at 30 November 2011	19,560,567	1,956	(335,000)	(33)	19,225,567	1,923
Total	42,117,759	4,212	(335,000)	(33)	41,782,759	4,179

  During the period the Company bought back nil (30 November 2010: nil; 31 May 2011: 485,000) Growth shares to be held in treasury and resold out of treasury nil (30 November 2010: 1,760,000; 31 May 2011: 1,910,000) Growth shares.  During the period the Company issued nil (30 November 2010: 440,000; 31 May 2011: 440,000) new Growth shares.

At 30 November 2011 the Company held 335,000 Growth shares in treasury. 

7.    Net asset value per share

	30 November 2011	30 November 2010	31 May 2011
Income shares
Net asset value per share	91.01p	94.91p	103.09p
Net assets attributable at end of period - £'000s	20,530	20,959	23,254
Shares in issue at end of period - number	22,557,192	22,082,192	22,557,192
Growth shares
Net asset value per share	92.30p	96.31p	107.52p
Net assets attributable at end of period - £'000s	17,745	18,838	20,671
Shares in issue at end of period - number	19,225,567	19,560,567	19,225,567

8.    Earnings for the six months to 30 November 2011 should not be taken as a guide to the results of the full year to 31 May 2012.

9.    Tax

       The effective revenue tax rate for the period to 30 November 2011 is 1.0 per cent (30 November 2010: nil; 31 May 2011: nil).  This is lower than the rate of corporation tax for small companies due to the level of non-taxable dividend income.

10.   Bank borrowing

       The Company has an unsecured borrowing facility with its custodian JPMorgan Chase Bank.  The facility allows up to 10% of the value of the Company's assets to be borrowed and is repayable on demand and interest is payable at the Sterling Overnight Interbank Average Rate (SONIA) plus 2 per cent.  At 30 November 2011 £1,376,000 (30 November 2010: £797,000; 31 May 2011: £972,000) had been drawn down in the Income Portfolio and nil (30 November 2010: nil; 31 May 2011: nil) in the Growth Portfolio.

11.   Results

       The Company's auditors, Ernst & Young LLP have not audited or reviewed the Interim Report to 30 November 2011 pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information'.  These are not full statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited.  Statutory accounts for the year ended 31 May 2011, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies.  The abridged financial statements included for the year ended 31 May 2011 are an extract from those accounts.  No full statutory accounts in respect of any period after 31 May 2011 have been reported on by the Company's auditors or delivered to the Registrar of Companies. The Interim Report will be posted to shareholders shortly and is available on the website: www.fcmanagedportfolio.co.uk 

For further information, please contact:

Peter Hewitt, F&C Investment Business Limited   0131 718 1244

Ian Ridge, F&C Investment Business Limited        0131 718 1010

 

END

 

 

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