Interim Management Statement

RNS Number : 6723T

Dunedin Income Growth Inv Tst PLC

21 November 2013

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months ended 31 October 2013

To the members of Dunedin Income Growth Investment Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 August 2013 to 31 October 2013, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom.

Benchmark

FTSE All-Share Index.

Material events

On 2 October 2013, the Company posted its half yearly report for the six months ended 31 July 2013 to shareholders. 

On 5 July 2013 the Board declared a first interim dividend in respect of the year ending 31 January 2013 of 2.575p per share which was payable on 30 August 2013 to shareholders on the register on 9 August 2013, ex dividend date 7 August 2013.

On 8 October 2013 the Board declared a second interim dividend in respect of the year ending 31 January 2014 of 2.575p per share which was payable on 29 November 2013 to shareholders on the register on 8 November 2013, ex dividend date 6 November 2013.

These were the first and second quarterly dividends for the Company's year ending 31 January 2014. 

Material transactions

There was no change in the issued share capital of the Company during the 3 month period ended 31 October 2013.  As at 21 November 2013 the Company's issued ordinary share capital is 150,906,187 (excluding treasury shares) and 153,677,935 (including treasury shares) ordinary shares of 25p each.  The number of ordinary shares of 25p each held in treasury is 2,771,748

The borrowings at the period end were £33.6m, represented by £5.0m of the variable rate loan facility and £28.6m of the 7 7/8% Debenture Stock 2019, when valued at par. The market value of the debenture was £34.5m.

Twenty largest equity holdings at 31 October 2013

	%
Vodafone	5.7
GlaxoSmithKline	5.0
Centrica	4.5
Royal Dutch Shell 'A'	4.4
HSBC	4.1
British American Tobacco	3.9
Prudential	3.8
Unilever	3.5
Tesco	3.3
Pearson	3.1
ENI	3.1
National Grid	3.0
BHP Billiton	2.9
BP	2.8
Roche	2.8
Cobham	2.8
Close Bros	2.8
AstraZeneca	2.7
Total	2.6
Zurich Insurance	2.5
Total	69.3

Sector allocation as at 31 October 2013

                                                                                    %

Financials	18.9
Oil & Gas	16.2
Consumer Goods	11.5
Consumer Services	10.5
Health Care	9.6
Utilities	9.1
Industrials	9.1
Basic Materials	6.9
Telecommunication Services	4.6
Technology	2.1
Cash	1.5
Total	100.0

General description of Company's financial position and performance as at 31 October 2013

	£m
Gross Assets	460.3
Short term borrowings	5.0
7 7/8% Debenture Stock 2019	28.6
Actual gearing*	6.0%
Gearing with debt at market value*	7.4%

*Gearing is expressed as a percentages, with net debt (total debt less cash/cash equivalents) divided by shareholders funds.

Cumulative Performance %

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/10/2013
Share Price	283.5p	7.0	3.8	5.3	30.6	58.9	137.4
NAVA	278.8p	4.8	2.2	5.9	24.4	45.2	114.6
FTSE All-Share		4.3	3.1	7.7	22.8	35.6	96.7

Discrete Performance %

Year Ending	31/10/2013	31/10/2012	31/10/2011	31/10/2010	31/10/2009
Share Price	30.6	11.4	9.2	23.7	20.8
NAVA	24.4	10.8	5.4	20.7	22.4
FTSE All-Share	22.8	9.8	0.6	17.5	23.5

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.

AIncluding current year revenue.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar

Other than set out above, the Board is not aware of any significant events or transactions which have occurred between 31 October 2013 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.dunedinincomegrowth.co.uk.

Please note that past performance is not necessarily a guide to the future and the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Dunedin Income Growth Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

21 November 2013

 

END

 

 

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