Half Yearly Report

RNS Number : 1095W

F&C Managed Portfolio Trust PLC

22 January 2013

 



To:      RNS

Date:  22 January 2013

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 2012.

Chairman's Statement

Highlights

·      A period of strong returns; 13.4% for the Income shares and 11.9% for the Growth shares

·      Both shares outperformed the Investment Company sector index over the six month period

·      First two interim dividends for the financial year each of 1.1 pence per Income share (prior year: 1.0 pence per Income share)

Investment performance

For the six months to 30 November 2012, the net asset value (NAV) total return was 13.4% for the Income shares and 11.9% for the Growth shares. The total return for the benchmark index for both Portfolios, the FTSE All-Share Index, was 12.8% while the Investment Company sector, as measured by the FTSE Equity Investment Instruments Index, returned 10.6%.

Despite the myriad macro uncertainties that have continued to plague financial markets - the US fiscal cliff, a "hard landing" for the Chinese economy, sovereign credit risk, principally in Europe, or even a break up of the Euro, most equity markets managed to achieve decent returns over the period. Indeed, rather surprisingly the FTSE All-Share Index rose in every individual month in what might be termed a "stealth" bull market. The FTSE Equity Investment Instruments Index also experienced a good uplift, but was slightly behind that of the main UK equity index. A factor behind this is the global nature of the investment company sector with over half the assets being invested overseas. In this regard the strength of sterling in relation to the US dollar (+4.1%) over the period under review served to dilute returns to UK investors, particularly from US, Pacific and Emerging Markets.

Encouragingly both the Income and Growth Portfolios outperformed the sector index and once again the Income Portfolio was ahead of the FTSE All-Share Index. In neither portfolio was the performance the result of one or two holdings performing strongly, rather in both cases it was attributable to a broader range of investment companies. In the Income Portfolio, European Assets Trust was the top performer rising 19% along with Carador Income Fund, Temple Bar Investment Trust, Schroder Oriental Income Fund and Bankers Investment Trust all of which rose by 15% or better. In the Growth Portfolio, Jupiter European Opportunities Trust, was the best with a gain of 38% followed by TR Property Investment Trust - Sigma, Standard Life European Private Equity Trust, British Empire Securities & General Trust and Finsbury Growth & Income Trust. No one theme dominated although despite the well known economic difficulties within the continent, trusts with large exposures to Europe were the top contributors.

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. Including this transfer, the Company's net revenue return for the six month period was £684,000 which is equivalent to 2.55p per Income share (compared to 2.26p per Income share for the corresponding period in 2011). Income shares are entitled to all the dividends paid by the Company which are paid quarterly in October, January, April and July each year.

In view of the income uplift generated by the fund raising earlier in the year, the directors have reviewed the Company's dividend policy and now intend to pay quarterly interim dividends of more equal amounts. The Company has declared a first and second interim dividend in respect of the year to 31 May 2013, each of 1.1p per Income share (1.0p per Income share in the prior periods). The second interim dividend was paid to Income shareholders on 4 January 2013, after the period end.

In the absence of unforeseen circumstances, the Board intends to pay three interim dividends, each of 1.1p per Income share in the current financial year. The amount of the fourth interim dividend will be determined when a clearer view of income for the year emerges. Based on the annual rate of 4.5p per Income share paid in the prior year, this would represent a yield on the Income share price at 30 November 2012 of 4.5%.

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 2012 we have been able to maintain an average discount of 2.4% for the Income shares and 3.1% for the Growth shares. At 30 November 2012, the Income shares stood at a discount of 0.9% to NAV and the Growth shares at a discount of 1.1%.

During the period 225,000 Income shares and 315,000 Growth shares were bought back for treasury.

Outlook

The partial resolution of the "fiscal cliff" negotiations in the US sparked a strong rally in equity markets at the start of 2013. Clearly this optimism overlooks the fact that many problems remain, notably the second stage of "fiscal cliff" negotiations in coming months over spending cuts and the fundamental instability of the Eurozone.

Nonetheless the outlook for world economic growth is more positive than for some time; there are encouraging signs that China will avoid a hard landing, while a new government in Japan looks set to embark on programmes to overturn decades of stagnation. Even in the beleaguered Eurozone, the harsh austerity imposed by the Troika is starting to restore competiveness in Greece and Spain.

Valuations are generally supportive of equities and that could well underpin an improvement in market levels over the year. Both portfolios remain focussed on the best quality investment companies in the belief that over the longer run they will deliver superior returns.

Richard M Martin

Chairman

22 January 2013

Unaudited Condensed Income Statement

Six months to 30 November 2012

	Notes	Revenue	Capital	Total
		£'000	£'000	£'000
Gains on investments		-	5,571	5,571
Income	2	928	-	928
Investment management and performance fee	3	(50)	(122)	(172)
Other expenses		(190)	-	(190)
Return on ordinary activities before finance           costs and tax		688	5,449	6,137
Finance costs		(3)	(5)	(8)
Return on ordinary activities before tax		685	5,444	6,129
Tax on ordinary activities		(1)	-	(1)
Return attributable to shareholders	4	684	5,444	6,128
Return per Income share (pence)	4	2.55p	9.57p	12.12p
Return per Growth share (pence)	4	-	11.15p	11.15p

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 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/(loss) on ordinary activities before finance costs and tax		522	(5,609)	(5,087)
Finance costs		(7)	(10)	(17)
Return/(loss) on ordinary activities before tax		515	(5,619)	(5,104)
Tax on ordinary activities		(5)	-	(5)
Return/(loss) attributable to shareholders	4	510	(5,619)	(5,109)
Return/(loss) per Income share (pence)	4	2.26p	(11.94)p	(9.68)p
Loss 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 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 2012

	Notes	Revenue	Capital	Total
		£'000	£'000	£'000
Losses on investments		-	(6,039)	(6,039)
Foreign exchange gains		-	4	4
Income	2	1,669	-	1,669
Investment management and performance fee	3	(82)	(218)	(300)
Other expenses		(381)	-	(381)
Return/(loss) on ordinary activities before finance costs and tax		1,206	(6,253)	(5,047)
Finance costs		(11)	(17)	(28)
Return/(loss) on ordinary activities before tax		1,195	(6,270)	(5,075)
Tax on ordinary activities		(7)	-	(7)
Return/(loss) attributable to shareholders	4	1,188	(6,270)	(5,082)
Return/(loss) per Income share (pence)	4	5.04p	(12.84)p	(7.80)p
Loss per Growth share (pence)	4	-	(15.57)p	(15.57)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 activities.

Unaudited Condensed Balance Sheet

As at 30 November 2012

	Notes	Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Non-current assets
Investments at fair value		27,938	26,764	54,702
Current assets
Debtors		96	22	118
Cash at bank and on deposit		-	253	253
		96	275	371
Creditors
Amounts falling due within one year		(992)	(85)	(1,077)
Net current (liabilities)/assets		(896)	190	(706)
Net assets		27,042	26,954	53,996
Capital and reserves
Called-up share capital	6	2,736	2,740	5,476
Share premium		4,967	7,876	12,843
Capital redemption reserve		-	182	182
Special reserve		18,709	15,518	34,227
Capital reserves		40	638	678
Revenue reserve		590	-	590
Shareholders' Funds	7	27,042	26,954	53,996
Net asset value per share (pence)	7	101.45p	105.15p

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		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

Condensed Balance Sheet (audited)

As at 31 May 2012

		Income Shares	Growth Shares	Total
	Notes	£'000	£'000	£'000
Non-current assets
Investments at fair value		25,196	24,154	49,350
Current assets
Debtors		58	54	112
Cash at bank and on deposit		-	271	271
		58	325	383
Creditors
Amounts falling due within one year		(562)	(94)	(656)
Net current (liabilities)/assets		(504)	231	(273)
Net assets		24,692	24,385	49,077
Capital and reserves
Called-up share capital		2,736	2,740	5,476
Share premium		4,967	7,876	12,843
Capital redemption reserve		-	182	182
Special reserve		18,927	15,824	34,751
Capital reserves		(2,529)	(2,237)	(4,766)
Revenue reserve		591	-	591
Shareholders' Funds	7	24,692	24,385	49,077
Net asset value per share (pence)	7	91.86p	93.97p

Unaudited Condensed Statement of Cash Flows

Six months to 30 November 2012

		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Net cash inflow from operating activities		459	106	565
Cash outflow from servicing of finance		(9)	-	(9)
Net cash inflow from financial investment		25	194	219
Equity dividends paid		(685)	-	(685)
Net cash (outflow)/inflow before financing		(210)	300	90
Net cash outflow from financing		(225)	(318)	(543)
Decrease in cash		(435)	(18)	(453)
Reconciliation of net cash flow to movement in net (debt)/cash
Decrease in cash as above		(435)	(18)	(453)
Opening net (debt)/cash		(440)	271	(169)
Closing net (debt)/cash		(875)	253	(622)
Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities
Net return before finance costs and taxation		3,262	2,875	6,137
Withholding tax suffered		(1)	-	(1)
Gains on investments		(2,767)	(2,804)	(5,571)
Changes in working capital and other non-cash items		(35)	35	-
Net cash inflow from operating activities		459	106	565

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

Condensed Statement of Cash Flows (audited)

Year to 31 May 2012

		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Net cash inflow from operating activities		737	95	832
Cash outflow from servicing of finance		(29)	-	(29)
Net cash outflow from financial investment		(3,457)	(7,130)	(10,587)
Equity dividends paid		(991)	-	(991)
Net cash outflow before financing		(3,740)	(7,035)	(10,775)
Net cash inflow from financing		4,272	6,973	11,245
Increase/(decrease) in cash		532	(62)	470
Reconciliation of net cash flow to movement in net cash/(debt)
Increase/(decrease) in cash as above		532	(62)	470
Opening net (debt)/cash		(972)	333	(639)
Closing net (debt)/cash		(440)	271	(169)
Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities
Net return before finance costs and taxation		(1,803)	(3,244)	(5,047)
Withholding tax suffered		(5)	(2)	(7)
Foreign exchange gains		(4)	-	(4)
Losses on investments		2,665	3,374	6,039
Changes in working capital and other non-cash items		(116)	(33)	(149)
Net cash inflow from operating activities		737	95	832

Unaudited Condensed Reconciliation of Movements in Shareholders' Funds

Six months to 30 November 2012

Notes		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Opening shareholders' funds		24,692	24,385	49,077
Shares purchased for treasury		(218)	(306)	(524)
Transfer of net income from Growth shares to Income shares		137	(137)	-
Transfer of capital from Income shares to Growth shares		(137)	137	-
Dividends paid	5	(685)	-	(685)
Return attributable to shareholders		3,253	2,875	6,128
Closing shareholders' funds		27,042	26,954	53,996

Unaudited Condensed Reconciliation of Movements in Shareholders' Funds

Six months to 30 November 2011

		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		(541)	-	(541)
Return attributable to shareholders		(2,183)	(2,926)	(5,109)
Closing shareholders' funds		20,530	17,745	38,275

Condensed Reconciliation of Movements in Shareholders' Funds

Year to 31 May 2012 (audited)

		Income Shares	Growth Shares	Total
		£'000	£'000	£'000
Opening shareholders' funds		23,254	20,671	43,925
Increase in share capital in issue		4,801	8,145	12,946
Expenses of offer for subscription		(83)	(139)	(222)
Shares purchased for treasury		(453)	(1,046)	(1,499)
Transfer of net income from Growth shares to Income shares		227	(227)	-
Transfer of capital from Income shares to Growth shares		(227)	227	-
Dividends paid		(991)	-	(991)
Losses attributable to shareholders		(1,836)	(3,246)	(5,082)
Closing shareholders' funds		24,692	24,385	49,077

 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 2012 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

22 January 2013

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 2012. These accounting policies are expected to be followed throughout the year ending 31 May 2013.

2.  Income

	Six months to 30 November 2012	Six months to 30 November 2011	Year to 31 May 2012
	£'000	£'000	£'000
UK dividends	631	537	1,232
Overseas dividends	285	192	420
Interest on fixed interest securities	10	7	14
Deposit interest	2	1	3
Total income	928	737	1,669

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 2012. 

    During the period, the Company has incurred investment management fees of £172,000, (30 November 2011: £123,000; 31 May 2012: £300,000) of which £83,000 is payable to F&C Investment Business Limited at the period end.  

    At 30 November 2012 the total return of the Income Portfolio (for the six months) exceeded that of the FTSE All-Share Index and a performance fee of £6,000 has been accrued.  At 30 November 2012 the total return of the Growth Portfolio (since launch) did not exceed that of the FTSE All-Share Index and a performance fee has not been recognised (30 November 2011: £nil - Income Portfolio and £nil - Growth Portfolio; 31 May 2012: £34,000 - Income Portfolio and £nil - Growth Portfolio).   

4.  Return per share

     The return per share for the six months to 30 November 2012 is as follows:

	Income Shares			Growth Shares
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Return attributable to Portfolios	547	2,706	3,253	137	2,738	2,875
Transfer of net income from Growth to Income Portfolio	137	-	137	(137)	-	(137)
Transfer of capital from Income to Growth Portfolio	-	(137)	(137)	-	137	137
Return attributable to shareholders	684	2,569	3,253	-	2,875	2,875
Return per share	2.55p	9.57p	12.12p	-	11.15p	11.15p
Weighted average number of shares in issue during the period		26,837,040			25,779,105

     The return per share for the comparative 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/(loss) attributable to shareholders	510	(2,693)	(2,183)	-	(2,926)	(2,926)
Return/(loss) 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 year to 31 May 2012 is as follows:

	Income Shares			Growth Shares
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Return/(loss) attributable to shareholders	1,188	(3,024)	(1,836)	-	(3,246)	(3,246)
Return/(loss) per share	5.04p	(12.84)p	(7.80)p	-	(15.57)p	(15.57)p
Weighted average number of shares in issue during the period		23,555,829			20,845,902

5.    Dividends

	Six months to 30 November 2012	Six months to 30 November 2011	Year to 31 May 2012
Dividends on Income Shares	£'000	£'000	£'000
Amounts recognised as distributions during the period:
In respect of the previous financial year:
- special interim of 0.3p per share	67	-	-
- fourth interim of 1.2p (prior period: 1.4p) per share	323	316	316
In respect of the period under review:
- first interim of 1.1p (prior period: 1p) per share	295	225	225
- second interim (prior period: 1p per share)	-	-	226
- third interim (prior period: 1p per share)	-	-	224
	685	541	991

       A second interim dividend in respect of the year to 31 May 2013 of 1.1p per Income share was paid on 4 January 2013 to shareholders on the register on 21 December 2012.  This amount has not been accrued in the results for the six months to 30 November 2012.

       For the financial year to 31 May 2012 interim dividends totalled 4.5p per Income share. In the current financial year it was decided to make the quarterly interim dividends of more equal amounts. As shown above, the first two interim dividends were 1.1p per Income share (prior year: 1.0p per Income share).

       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 2012	27,364,936	2,736	(485,000)	(48)	26,879,936	2,688
Purchased to be held in treasury	-	-	(225,000)	(23)	(225,000)	(23)
Balance at 30 November 2012	27,364,936	2,736	(710,000)	(71)	26,654,936	2,665

During the period the Company bought back 225,000 (30 November 2011: nil; 31 May 2012: 485,000) Income shares to be held in treasury.  During the period the Company issued nil (30 November 2011: nil; 31 May 2012: 4,807,744) new Income shares.

At 30 November 2012 the Company held 710,000 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 2012	27,404,843	2,740	(1,455,000)	(145)	25,949,843	2,595
Purchased to be held in treasury	-	-	(315,000)	(32)	(315,000)	(32)
Balance at 30 November 2012	27,404,843	2,740	(1,770,000)	(177)	25,634,843	2,563
Total	54,769,779	5,476	(2,480,000)	(248)	52,289,779	5,228

  During the period the Company bought back 315,000 (30 November 2011: nil; 31 May 2012: 1,120,000) Growth shares to be held in treasury.  During the period the Company issued nil (30 November 2011: nil; 31 May 2012: 7,844,276) new Growth shares.

At 30 November 2012 the Company held 1,770,000 Growth shares in treasury. 

7.    Net asset value per share

	30 November 2012	30 November 2011	31 May 2012
Income shares
Net asset value per share	101.45p	91.01p	91.86p
Net assets attributable at end of period - £'000s	27,042	20,530	24,692
Shares in issue at end of period - number	26,654,936	22,557,192	26,879,936
Growth shares
Net asset value per share	105.15p	92.30p	93.97p
Net assets attributable at end of period - £'000s	26,954	17,745	24,385
Shares in issue at end of period - number	25,634,843	19,225,567	25,949,843

8.    Earnings for the six months to 30 November 2012 should not be taken as a guide to the results of the full year to 31 May 2013.

9.    Tax

       The effective revenue tax rate for the period to 30 November 2012 is 0.1 per cent (30 November 2011: 1.0 per cent; 31 May 2012: 0.6 per cent).  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 2012 £875,000 (30 November 2011: £1,376,000; 31 May 2012: £440,000) had been drawn down in the Income Portfolio and nil (30 November 2011: nil; 31 May 2012: 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 2012 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 2012, 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 2012 are an extract from those accounts.  No full statutory accounts in respect of any period after 31 May 2012 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

 

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