Half Yearly Report

RNS Number : 7465K

Henderson High Income Trust PLC

01 August 2013

 



1 August 2013

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

Financial Highlights

Per ordinary share	Half year ended 30 June 2013	Half year ended 30 June 2012	Year ended 31 December 2012
Net asset value	152.41p	127.30p	137.32p
Share price	159.00p	128.63p	138.25p
Revenue return	5.51p	4.96p	8.44p
Dividend yield	5.2%	6.5%	6.0%

Performance

Total return performance (ie with dividends reinvested)	6 months %	12 months %
Share price  (1)	18.0	30.7
Net asset value (1)	14.5	27.5
FTSE All-Share Index (2)	8.5	17.9
Merrill Lynch Sterling Non Gilts Index (2)	-1.4	6.5
Benchmark (3)	6.5	15.7

1. Source:  Fundamental Data for the AIC

                 2. Source:  Datastream

3. The benchmark is a composite of 80% of the FTSE All-Share Index and 20% of the Merrill Lynch Sterling Non Gilts Index

Dividends for the year to 31 December 2013	Ex div date	Record date	Pay date	Rate
Paid:
1st interim dividend	10 April	12 April	30 April	2.075p
2nd interim dividend	26 June	28 June	31 July	2.075p
Announced:
3rd interim dividend	25 September	27 September	31 October	2.125p

A fourth interim dividend will be announced in November 2013 and paid on 31 January 2014.

2

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

Interim Management Report

CHAIRMAN'S STATEMENT

Performance

In my recent statement in the annual report I suggested that "capital returns, certainly in the bond markets, may not match those of the last year, although hopefully the income part of the return will remain secure." It is encouraging, therefore, to be able to report that I was not entirely wrong in that although capital returns (as represented by our respective benchmark indices) from bond markets were negative, those from equities were again positive and overall dividends continued to grow. This was a very helpful background for our Company's portfolio where we have steadily reduced the bond investments in favour of equities and, which in turn, benefited from our gearing that we had increased earlier in the year. So it is very pleasing to be able to report a net asset value total return of 14.5% over the first half of the year which again strongly outperformed the equivalent return of our benchmark of 6.5%. Our Portfolio Manager will expand on how he achieved this excellent performance in his report.

Dividends

As our dividend income has recovered in recent years, our first priority has been to replenish our revenue reserves, so that if conditions again deteriorate and dividend payments by the companies we hold are adversely affected, we are better able to meet our intention of maintaining our own dividend. Nonetheless it has remained our aspiration to increase distributions as and when we can have sufficient confidence that such an increase would be sustainable going forward. I am delighted to be able to report that we now have sufficient confidence to make a modest increase in our quarterly dividend payments whilst continuing to add to our reserves and consequently we have declared an interim dividend of 2.125p per share which will be paid on 31 October 2013. Whilst we anticipate paying this level in subsequent quarterly payments, we will continue to keep the level of our dividend under review as the years unfurl and in light of our actual experience and the investment conditions at the time.

Outlook

I find myself wanting to repeat word for word that which I wrote about the outlook in my year end statement. I will not do so as you can read it for yourselves in our last annual report. However, I would add that I think we have again entered a period of increased volatility, as there is clearly now greater uncertainty about the future actions of some central banks, especially the US Federal Reserve, and their effects on markets, particularly the bond markets. In airline parlance we may be entering a period when the 'fasten seatbelts' sign is switched on, which does not mean that we have to start worrying about the safety of the plane, but rather remain in our seats and draw confidence from the experience and expertise of the pilot, or in our case our Portfolio Manager. However, we can draw comfort from the likelihood that central bank support will only be eased and interest rates increased when economic growth is at a sustainably higher level. This should be an environment that is conducive to equity investment.

Hugh Twiss

Chairman

1 August 2013

3

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

Interim Management Report (continued)

PORTFOLIO MANAGER'S REVIEW

Markets

Equity markets enjoyed a strong start to the year as the perceived fading of sovereign debt risk in Europe and good economic data releases, especially in the US, increased investors' risk appetite.  The FTSE All-Share Index recorded twelve consecutive positive monthly returns before monetary tightening fears in the US caused a global market sell-off towards the end of the first half.  The Federal Reserve made signals that they are more confident in the outlook for the US economy and thus tapering of asset purchases is likely to occur by the end of the year.  This caused bond yields globally to increase sharply (prices fell) prompting fears over the impact of the move on the sustainability of economic recovery.

Despite the sell-off in June, the UK equity market remained in positive territory for the first half of 2013.  The domestic orientated FTSE 250 index outperformed the more internationally exposed FTSE 100.  UK economic data has generally surprised positively this year with GDP, manufacturing surveys and housing transactions all beating expectations.  The appointment of Mark Carney as the next governor of the Bank of England was also seen as positive for the UK market.  It is believed that Carney will argue a robust case for stimulating strong and stable growth at the risk of letting inflation deviate from target for long periods of time.  Most sectors rose in value during the period with the notable exception of mining.  Commodity prices fell significantly, driven lower by slower demand from China.  The best performing sectors included telecoms, aerospace, financials and retailers.

Portfolio activity

During the period the Company's gearing was increased, with the extra investment predominantly invested in equities.  We believe equities offer superior returns to bonds in the medium to long term and also have greater potential for income growth.   Within the equity portfolio a number of new positions were added including Reed Elsevier, the professional publisher, and house builder, Persimmon.  Reed has a number of high quality defensive divisions as well as a recovering legal business which should combine to produce robust dividend growth.  Persimmon should benefit from actions by the Government and Bank of England to improve mortgage availability and pricing.   Elsewhere we increased the exposure to banks in the period, adding to HSBC and initiating a position in Lloyds.  Both banks have clear strategies to improve returns with HSBC's robust capital position supporting strong growth in its dividend while Lloyds should return to the dividend register next year.  A number of new industrial bond issues were purchased in the first quarter while the sell-off in June created an opportunity to add two new bond positions in the telecoms and leisure sectors respectively.

Performance

The Company has had a strong start to the year, outperforming its benchmark.  As well as benefiting from the decision to increase the Company's gearing, the equity portion of the portfolio was key to driving outperformance.  Against the strong market backdrop notable contributions came from individual holdings in more cyclical stocks such as Galliford Try, Persimmon and Intermediate Capital. The absence of mining holdings also aided relative performance given the significant underperformance by mining over the period.  The bond portfolio further helped by outperforming its benchmark in the period.  Despite a tough June where both equity and bond markets fell, the overall portfolio has had a good first half of the year producing a strong positive return.

Alex Crooke

Portfolio Manager

1 August 2013

4

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

INVESTMENT PORTFOLIO

Classification of investments at 30 June 2013

	% of  portfolio	£'000			% of  portfolio	£'000
Fixed Interest				Consumer Services
Preference shares	1.2	2,264		Food & Drugs Retailers	0.6	1,160
Other	12.1	22,884		General Retailers	2.1	3,944
				Media	3.3	6,250
Total Fixed Interest	13.3	25,148		Travel & Leisure	2.9	5,472
Equities				Total Consumer Services	8.9	16,826
(including convertibles)
				Telecommunications
Oil & Gas				Fixed Line Communications	3.3	6,367
Oil & Gas Producers	5.8	10,950		Mobile Telecommunications	6.4	12,117
Total Oil & Gas	5.8	10,950		Total
				Telecommunications	9.7	18,484
Basic Materials
Mining	0.7	1,293		Technology
				Software & Computer Services	0.8	1,521
Total Basic Materials	0.7	1,293
				Total Technology	0.8	1,521
Industrials
Aerospace & Defence	0.7	1,341		Utilities
Construction & Materials	3.7	6,992		Electricity	2.4	4,567
Industrial Engineering	1.6	3,101		Gas, Water & Multiutilities	7.4	14,114
Industrial Transportation	1.1	2,021
Support Services	1.9	3,577		Total Utilities	9.8	18,681
Total Industrials	9.0	17,032
				Financials
Consumer Goods				Banks	4.5	8,458
Beverages	1.0	1,880		Non-life Insurance	5.2	9,945
Food Producers	3.2	6,020		Life Insurance	6.8	12,886
Household Goods & Home Construction	1.5	2,889		Real Estate	0.8	1,459
Tobacco	6.0	11,471		General Financial	2.6	5,022
				Equity Investment Instruments	4.7	8,928
Total Consumer Goods	11.7	22,260
				Total Financials	24.6	46,698
Health Care
Pharmaceuticals & Biotechnology	5.7	10,781
Total Healthcare	5.7	10,781		Total Investments	100.0	189,674

5

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

INVESTMENT PORTFOLIO (continued)

Twenty largest investments at 30 June 2013

	Holding	Value £'000	Dividend Yield % #
1	Vodafone	8,612	5.4
2	GlaxoSmithKline	7,156	4.6
3	British American Tobacco	7,105	4.0
4	BP	6,146	4.9
5	HSBC	6,046	4.4
6	Legal & General*	5,746	4.5
7	National Grid	5,706	5.5
8	Galliford Try	5,539	3.5
9	BT	4,916	2.8
10	Standard Life*	4,573	4.2
11	Imperial Tobacco	4,366	4.6
12	Catlin	3,917	5.9
13	Jardine Lloyd Thompson	3,628	2.8
14	AstraZeneca	3,625	5.8
15	Severn Trent	3,477	4.6
16	Carador (Ireland)	3,418	14.7
17	Royal Dutch Shell	3,182	5.1
18	Intermediate Capital	3,005	4.6
19	Reed Elsevier (Netherlands)	2,897	3.6
20	Centrica	2,852	4.6

These investments total £95,912,000 or 50.6% of the portfolio.

* includes fixed interest

# based on dividends paid over the past 12 months, excluding special dividends

Top ten holdings by contribution to income

during the half year ended 30 June 2013

	Income
Holding	£'000
Vodafone	317
Standard Life*	287
Catlin	209
National Grid	202
British American Tobacco	196
Legal & General*	187
GlaxoSmithKline	174
Carador	167
BP	160
HSBC	145
Total	2,044

These constitute 34.7% of the total income from investments during the half year.

* includes fixed interest income

6

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:

• Investment activity and performance risk

• Financial risk

• Regulatory risk

• Operational risk

Information on these risks and how they are managed is given in the Annual Report. In the view of the Board these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the six months under review.

RELATED PARTY TRANSACTIONS

The only related party arrangement currently in place is with Henderson Global Investors Limited for the provision of investment management, accounting, company secretarial and administration services.  Full details of the related party arrangements are contained in the Annual Report.

There have been no other material transactions with the related party affecting the financial position or performance of the Company during the six months to 30 June 2013.

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 the Accounting Standards Board's statement "Half-Yearly Financial Reports";

b)       this 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)       this 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).

For and on behalf of the Board

Hugh Twiss

Chairman

1 August 2013

7

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

INCOME STATEMENT

for the half year ended 30 June 2013

	(Unaudited) Half year ended  30 June 2013			(Unaudited) Half year ended  30 June 2012			(Audited) Year ended 31 December 2012
	Revenue return	Capital return	Total	Revenue return	Capital return	Total	Revenue return	Capital return	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss	-	15,309	15,309	-	5,748	5,748	-	16,090	16,090
Income from investments held at fair value through profit or loss	5,889	-	5,889	4,851	-	4,851	8,540	-	8,540
Other interest receivable and similar income	9	-	9	109	-	109	196	-	196
	------	-------	-------	------	-------	-------	--------	-------	-------
Gross revenue and capital gains	5,898	15,309	21,207	4,960	5,748	10,708	8,736	16,090	24,826
Management and performance fees (note 2)	(155)	(1,984)	(2,139)	(137)	(1,011)	(1,148)	(274)	(1,476)	(1,750)
Other administrative expenses	(168)	-	(168)	(141)	-	(141)	(321)	-	(321)
	-------	--------	--------	-------	--------	--------	--------	--------	--------
Net return before finance costs and taxation	5,575	13,325	18,900	4,682	4,737	9,419	8,141	14,614	22,755
Finance costs	(68)	(201)	(269)	(85)	(256)	(341)	(145)	(436)	(581)
	--------	---------	--------	--------	---------	--------	--------	--------	--------
Net return on ordinary activities before taxation	5,507	13,124	18,631	4,597	4,481	9,078	7,996	14,178	22,174
Taxation on net return on ordinary activities	(91)	76	(15)	(128)	122	(6)	(233)	227	(6)
	--------	--------	--------	--------	--------	--------	-------	-------	--------
Net return on ordinary activities after taxation	5,416	13,200	18,616	4,469	4,603	9,072	7,763	14,405	22,168
	=====	=====	=====	=====	=====	=====	====	====	=====
Return per share (note 3)	5.51p	13.42p	18.93p	4.96p	5.10p	10.06p	8.44p	15.67p	24.11p
	=====	=====	=====	=====	=====	=====	====	====	====

The columns of this statement headed "Total" represent the Company's Income Statement, prepared in accordance with UK GAAP. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies.  

The Company has no recognised gains or losses other than those disclosed in the Income Statement and Reconciliation of Movements in Shareholders' Funds.

All items in the above statement derive from continuing operations.  No operations were acquired or discontinued during the period.

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

8

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

for the half year ended 30 June 2013

Half year ended 30 June 2013 (unaudited)	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At 31 December 2012	4,834	70,386	26,302	27,571	3,671	132,764
Net return on ordinary activities after taxation	-	-	-	13,200	5,416	18,616
Issue of new shares	145	4,299	-	-	-	4,444
Fourth interim dividend (2.075p per share) for the year ended 31 December 2012, paid 31 January 2013	-	-	-	-	(2,006)	(2,006)
First interim dividend (2.075p per share) for the year ended 31 December 2013, paid 30 April 2013	-	-	-	-	(2,043)	(2,043)
Refund of unclaimed dividends	-	-	-	-	4	4
	---------	--------	--------	---------	---------	----------
At 30 June 2013	4,979	74,685	26,302	40,771	5,042	151,779
	=====	=====	=====	=====	=====	======
Half year ended 30 June 2012 (unaudited)
At 31 December 2011	4,485	61,462	26,302	13,166	3,455	108,870
Net return on ordinary activities after taxation	-	-	-	4,603	4,469	9,072
Issue of new shares	64	1,543	-	-	-	1,607
Fourth interim dividend (2.075p per share) for the year ended 31 December 2011, paid 31 January 2012	-	-	-	-	(1,862)	(1,862)
First interim dividend (2.075p per share) for the year ended 31 December 2012, paid 30 April 2012	-	-	-	-	(1,869)	(1,869)
	---------	--------	--------	---------	---------	----------
At 30 June 2012	4,549	63,005	26,302	17,769	4,193	115,818
	=====	=====	=====	=====	=====	======
Year ended 31 December 2012 (audited)
At 31 December 2011	4,485	61,462	26,302	13,166	3,455	108,870
Net return on ordinary activities after taxation	-	-	-	14,405	7,763	22,168
Issue of new shares	349	8,924	-	-	-	9,273
Fourth interim dividend (2.075p per share) for the year ended 31 December 2011, paid 31 January 2012	-	-	-	-	(1,861)	(1,861)
First interim dividend (2.075p per share) for the year ended 31 December 2012, paid 30 April 2012	-	-	-	-	(1,869)	(1,869)
Second interim dividend (2.075p per share) for the year ended 31 December 2012, paid 31 July 2012	-	-	-	-	(1,883)	(1,883)
Third interim dividend (2.075p per share) for the year ended 31 December 2012, paid 31 October 2012	-	-	-	-	(1,938)	(1,938)
Refund of unclaimed dividends	-	-	-	-	4	4
	-------	--------	--------	--------	--------	----------
At 31 December 2012	4,834	70,386	26,302	27,571	3,671	132,764
	====	=====	=====	=====	=====	======

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

9

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

BALANCE SHEET

at 30 June 2013

	(Unaudited) 30 June 2013 £'000	(Unaudited) 30 June 2012 £'000	(Audited) 31 December 2012 £'000
Investments held at fair value through profit or loss	189,674	142,916	157,097
	----------	----------	-----------
Current assets
Debtors	4,010	2,255	1,384
Cash at bank	634	1,335	3,250
	----------	----------	-----------
	4,644	3,590	4,634
Creditors: amounts falling due within one year	(42,539)	(30,688)	(28,967)
	----------	----------	-----------
Net current liabilities	(37,895)	(27,098)	(24,333)
	----------	----------	----------
Net assets	151,779	115,818	132,764
	======	======	======
Capital and reserves
Called up share capital (note 5)	4,979	4,549	4,834
Share premium account	74,685	63,005	70,386
Capital redemption reserve	26,302	26,302	26,302
Other capital reserves	40,771	17,769	27,571
Revenue reserve	5,042	4,193	3,671
	----------	----------	----------
Equity shareholders' funds	151,779	115,818	132,764
	======	======	======
Net asset value per share (note 4)	152.41p	127.30p	137.32p
	======	======	======

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

10

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

         CASH FLOW STATEMENT

         for the half year ended 30 June 2013

	(Unaudited) Half year ended 30 June 2013 £'000	(Unaudited) Half year ended 30 June 2012 £'000	(Audited) Year ended 31 December 2012 £'000
Net cash inflow from operating activities	3,568	2,565	6,810
Net cash outflow from servicing of finance	(276)	(333)	(564)
Net tax recovered	-	-	13
Net cash outflow from financial investment	(16,683)	(973)	(4,843)
Equity dividends paid	(4,045)	(3,731)	(7,547)
	--------	--------	---------
Net cash outflow before financing	(17,436)	(2,472)	(6,131)
Net cash inflow from financing	15,265	3,038	8,602
	---------	---------	--------
(Decrease) / increase in cash	(2,171)	566	2,471
	=====	=====	=====
Notes to the Cash Flow Statement
Reconciliation of operating revenue to net cash inflow from operating activities
Net return before finance costs and taxation	18,900	9,419	22,755
Gains on investments held at fair value through profit or loss	(15,309)	(5,748)	(16,090)
(Increase) / decrease in accrued income and debtors of a revenue nature	(642)	(552)	339
Increase / (decrease) in creditors	651	(548)	(176)
Tax deducted on investment income	(32)	(6)	(18)
	---------	---------	--------
Net cash inflow from operating activities	3,568	2,565	6,810
	=====	=====	=====
Reconciliation of net cash flow to movement in net debt
(Decrease) / increase in cash	(2,171)	566	2,471
Net (drawdown)/repayment of loans	(10,821)	(1,431)	671
Exchange movements	(445)	87	97
	---------	---------	----------
Movement in net debt in the period	(13,437)	(778)	3,239
Net debt at the beginning of the period	(24,279)	(27,518)	(27,518)
	----------	----------	----------
Net debt at the end of the period	(37,716)	(28,296)	(24,279)
	======	======	======
Represented by:
Cash at bank and short-term deposits	634	1,335	3,250
Debt falling due within one year	(38,350)	(29,631)	(27,529)
	----------	----------	----------
Total	(37,716)	(28,296)	(24,279)
	======	======	======

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

11

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

       NOTES:

1.	Accounting policies - basis of accounting
	The condensed set of financial statements has been prepared using the same accounting policies as are set out in the Company's Report and Financial Statements for the year ended 31 December 2012.  The condensed set of financial statements has been neither audited nor reviewed by the Company's auditors.
2.	Management and performance fees - performance fee provision For the half year ended 30 June 2013 a performance fee of £1,750,000 (30 June 2012: £805,000 and 31 December 2012: £1,605,000) has been accrued for outperformance against the benchmark achieved in the first six months of the financial year. The actual performance fee, if any, payable to the Manager for the year to 31 December 2013 will depend on outperformance over the full financial year, subject to a cap on the total fees paid to the Manager of 1.5% of the average of assets under management over the four quarter ends in the year. Details of the performance fee arrangements are set out in the Company's 2012 Annual Report.
3.	Return per ordinary share
		(Unaudited) Half year ended 30 June 2013 £'000		(Unaudited) Half year ended 30 June 2012 £'000		(Audited) Year ended 31 December 2012 £'000
	The return per share is based on the following figures:
	Net revenue return	5,416		4,469		7,763
	Net capital return	13,200		4,603		14,405
		-------		-------		--------
	Total	18,616		9,072		22,168
		====		====		=====
	Weighted average number of shares in issue	98,336,330		90,137,558		91,953,053
	Revenue return per share	5.51p		4.96p		8.44p
	Capital return per share	13.42p		5.10p		15.67p
		--------		--------		---------
	Total	18.93p		10.06p		24.11p
		=====		=====		=====
	The Company does not have any dilutive securities.
4.	Net asset value per share
	The net asset value per share is based on the net assets attributable to the shares of £151,779,000 (30 June 2012: £115,818,000; 31 December 2012: £132,764,000) and on the 99,583,818 shares in issue (30 June 2012: 90,980,744; 31 December 2012: 96,680,744).
5.	Called-up share capital
	During the half year ended 30 June 2013, 2,903,074 new ordinary shares were issued for net proceeds of £4,444,000 (half year ended 30 June 2012: 1,270,000 issued for net proceeds of £1,607,000; year ended 31 December 2012: 6,970,000 issued for net proceeds of £9,273,000). At 30 June 2013 there were 99,583,818 ordinary shares of 5p nominal value in issue. Since 30 June 2013, a further 350,000 shares have been issued for net proceeds of £577,000. The Company has no shares in treasury.

12

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

         NOTES (continued)

6.	Dividends
	Interim dividends are recognised in the period in which they are paid.
	In respect of the year ended 31 December 2012, a fourth interim dividend of 2.075p per share (2011: fourth interim dividend of 2.075p) was paid on 31 January 2013 to shareholders on the register at close of business on 21 December 2012. The dividend is reflected in these half year financial statements.
	In respect of the year ending 31 December 2013, a first interim dividend of 2.075p per share (2012: 2.075p) was paid on 30 April 2013 to shareholders on the register at close of business on 12 April 2013.  This dividend is reflected in these half year financial statements. A second interim dividend of 2.075p per share (2012: 2.075p) was paid on 31 July 2013 to shareholders on the register on 28 June 2013. A third interim dividend of 2.125p per share (2012: 2.075p) will be paid on 31 October 2013 to shareholders on the register on 27 September 2013. The shares will go ex-dividend on 25 September 2013. In accordance with FRS 21, the second and third interim dividends have not been accrued for in the half year financial statements as they are paid after the period end.
7.	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.
8.	Investment Objective
	The Company invests in a prudently diversified selection of both well-known and smaller companies to provide investors with a high dividend income stream while also maintaining the prospect of capital growth.
9.	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 figures and financial information for the year ended 31 December 2012 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors, which was unqualified and did not include a statement under either section 498(2) or 498(3) of the Companies Act 2006.
10.	Half year Report
	An update containing extracts from this half year report will be posted to shareholders in August 2013.  Copies of the half year review and the half year report will be available to download from the Company's website (www.hendersonhighincome.com) or can be requested from the Secretary at the Registered Office, 201 Bishopsgate, London EC2M 3AE.

- ENDS -

13

HENDERSON HIGH INCOME TRUST PLC

HALF YEAR REPORT

Unaudited Results for the Half Year ended 30 June 2013

For further information please contact:

Alex Crooke Portfolio Manager                    Henderson High Income Trust plc Telephone: [phone]

Sarah Gibbons-Cook Investor Relations & PR Manager Henderson Global Investors Telephone: [phone]

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.

 

END

 

 

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