Interim Results

JPMorgan Fleming Claverhouse IT PLC 08 August 2006 STOCK EXCHANGE ANNOUNCEMENT JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST PLC Results for the six months ended 30th June 2006 Performance The Company enjoyed another period of sound investment performance in the six months to 30th June 2006. The Company produced a total return on net assets of +7.4% compared with a total return of +6.1% from the Company's benchmark, the FTSE All-Share Index. The total return to shareholders was +7.1%. Revenue and Dividends Earnings per share for the six months to 30th June 2006 were 7.84p, which compares with 6.29p for the corresponding period last year. The Directors have already declared two quarterly dividends of 2.80p each for the current financial year. It is the Directors' intention to continue the Company's practice of increasing dividends each year and current revenue forecasts show that an increased total dividend for the current financial year should be well covered. Share Buy-backs The Company continues to maintain an active share buy-back programme and has repurchased a total of 956,832 shares at an average effective discount of 5.0% since shareholders renewed the Board's authority on 27th April 2006. In the six months to 30th June 2006, 2,036,990 shares were repurchased at an average effective discount of 5.2% and a total cost of £10,154,000. Sir Michael Bunbury BT., KCVO, DL Chairman 8th August 2006 For further information, please contact: Joanthan Latter For and on behalf of JPMorgan Asset Management (UK) Limited - Secretary 020 7742 6000 JPMorgan Fleming Claverhouse Investment Trust plc Unaudited figures for the six months ended 30th June 2006 Income Statement (Unaudited) (Unaudited) (Audited) Six months ended 30th June Six months ended 30th June Year ended 31st December 2006 2005 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total return return return return return return return return return £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains from investments held at fair value through profit or loss - 19,159 19,159 - 17,886 17,886 - 64,163 64,163 Income from investments 5,841 - 5,841 5,077 - 5,077 10,126 - 10,126 Other interest receivable and similar income - 89 74 - 74 227 - 227 89 _______ _______ ______ ______ _______ _______ _______ _______ _______ Gross revenue and capital gains 5,930 19,159 25,089 5,151 17,886 23,037 10,353 64,163 74,516 Management fee (334) (619) (953) (365) (678) (1,043) (758) (1,409) (2,167) Other administrative (147) - (147) (160) - (160) (318) - (318) expenses Performance fee payable - (416) (416) - 44 44 - (2,969) (2,969) _______ _______ ______ ______ _______ _______ _______ _______ _______ Net return before finance costs and taxation 5,449 18,124 23,573 4,626 17,252 21,878 9,277 59,785 69,062 Finance costs (501) (930) (1,431) (451) (837) (1,288) (917) (1,703) (2,620) _______ _______ ______ ______ _______ _______ _______ _______ _______ Net return before 4,948 17,194 22,142 4,175 16,415 20,590 8,360 58,082 66,442 taxation Taxation - - - - - - (1) - (1) ______ _______ ______ ______ _______ _______ _______ _______ _______ Net return after taxation 4,948 17,194 22,142 4,175 16,415 20,590 8,359 58,082 66,441 ===== ===== ===== ===== ===== ===== ===== ===== ===== Return per share 7.84p 27.23p 35.07p 6.29p 24.74p 31.03p 12.76p 88.65p 101.41p JPMorgan Fleming Claverhouse Investment Trust plc Unaudited figures for the six months ended 30th June 2006 Reconciliation of Movements in Shareholders' Funds (unaudited) Called up Share Capital share premium redemption Capital Revenue capital account reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 At 31st December 2004 (as restated)* 16,841 149,641 4,031 91,131 10,400 272,044 Shares bought back and cancelled (788) - 788 (12,836) - (12,836) Total return from ordinary activities - - - 58,082 8,359 66,441 Dividends appropriated in the year - - - - (7,195) (7,195) _______ _______ ________ ________ ________ ________ At 31st December 2005 16,053 149,641 4,819 136,377 11,564 318,454 Shares bought back and cancelled (509) - 509 (10,154) - (10,154) Total return from ordinary activities - - - 17,194 4,948 22,142 Dividends appropriated in the period - - - - (4,099) (4,099) _______ _______ ________ ________ ________ ________ At 30th June 2006 15,544 149,641 5,328 143,417 12,413 326,343 ===== ===== ===== ===== ===== ===== * Restated following the issue of FRS21. Under this standard, dividends are accounted for in the period in which they are paid. Hence the fourth quarterly dividend originally accrued at 31st December 2004 has been added back to the revenue account. JPMorgan Fleming Claverhouse Investment Trust plc Unaudited figures for the six months ended 30th June 2006 Balance Sheet (Unaudited) (Unaudited) (Audited) 30th June 2006 30th June 2005 31st December 2005 £'000 £'000 £'000 Fixed assets Investments at fair value through profit or loss 367,508 314,901 360,996 Current assets Debtors 20,326 1,933 848 Cash and short-term deposits 6,252 5,902 5,923 _______ _______ _______ 26,578 7,835 6,771 Creditors: amounts falling due within one year (36,900) (11,283) (17,567) ______ _______ _______ Net current liabilities (10,322) (3,448) (10,796) _______ _______ _______ Total assets less current liabilities 357,186 311,453 350,200 Creditors: amounts falling due after more than (29,610) (29,583) (29,597) one year Provisions for liabilities and charges (1,233) (365) (2,149) _______ _______ _______ Total net assets 326,343 281,505 318,454 ======= ======= ======= Capital and reserves Called-up share capital 15,544 16,373 16,053 Share premium 149,641 149,641 149,641 Capital redemption reserve 5,328 4,498 4,819 Capital reserve 143,417 100,242 136,377 Revenue reserve 12,413 10,750 11,564 _______ _______ _______ Equity shareholders' funds 326,343 281,504 318,454 ======= ======= ======= Net asset value per share 524.9p 429.8p 495.9p Cash Flow Statement (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 30th June 31st December 2006 2005 2005 £'000 £'000 £'000 Net cash inflow from operating activities 3,346 3,627 7,730 Net cash outflow from returns on investments and (1,416) (1,263) (2,554) servicing of finance Tax recovered 1 - - Net cash inflow from capital expenditure and financial investment 13,018 8,990 9,829 Dividends paid (4,099) (3,825) (7,195) Net cash outflow from financing (10,522) (3,048) (3,309) _______ ______ ______ Increase in cash for the period 328 4,481 4,501 ====== ====== ===== Notes to the Accounts 1. Accounting policies The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended 31st December 2005. 2. Dividends (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 2006 30th June 2005 31st December 2005 £'000 £'000 £'000 Unclaimed dividends refunded to the Company (17) - - Fourth quarterly dividend of 3.7p paid March (2005: 3.15p) 2,362 2,111 2,111 First quarterly dividend of 2.8p paid June (2005: 2.6p) 1,754 1,714 1,714 Second quarterly dividend of 2.6p paid September N/a N/a 1,692 Third quarterly dividend of 2.6p paid Decemeber N/a N/a 1,678 _______ _______ _______ 4,099 3,825 7,195 ======= ======= ======= A second quarterly dividend of 2.8p per share, amounting to £1,741,000, has been declared payable in respect of the six months ended 30th June 2006. The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31st December 2005 have been delivered to the Registrar of Companies. JPMORGAN ASSET MANAGEMENT (UK) LIMITED This information is provided by RNS The company news service from the London Stock Exchange

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