Final Results

RNS Number : 1548A

JPMorgan Mid Cap Invest Trust PLC

24 September 2015

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN MID CAP INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2015

The Directors of JPMorgan Mid Cap Investment Trust plc announce the Company's results for the year ended 30th June 2015.

Chairman's Statement

Investment Performance

I am delighted to report that the Company's total return on net assets for the year to 30th June 2015 was 24.7%, some 9.7 percentage points ahead of the Company's benchmark index, the FTSE 250 Index (excluding investment trusts), which returned 15.0% on a total return basis. This outperformance was driven by strong stock selection and was also assisted by gearing. The discount at which the ordinary shares trade to their net asset value per share widened marginally, giving a total return to shareholders of 24.0%. Despite this excellent performance the Company's discount has remained stubbornly wide. However, over the past year, the additional promotional activities for the Company driven by the Manager, together with continued good performance, has begun to bear fruit and the discount has narrowed since the period end to 3.1% as at the close of business on 23rd September 2015.

Long term shareholders will be aware that the performance for this Company has been through challenging periods, particularly from 2007 to 2011. It is therefore pleasing that following the changes to the management team and the appointment of Georgina Brittain the Company can now report strong outperformance of the benchmark over three and five years and is only marginally behind over ten years. It is worth noting the stark difference in the performance graphs from the Company's 2011 Annual Report and Accounts and the performance graphs for 2015 (please refer to the printed Annual Report), which highlights the turnaround in the performance of the Company.

Given the significant turnaround in performance and having taken all factors into account, including the other services provided to the Company and its shareholders, the Board has no hesitation in confirming its conclusion that JPMorgan should remain as the Company's Manager and that its ongoing appointment remains in the best interests of shareholders.

The investment managers' report below gives more detail on the performance and investment activity within the portfolio over the year to 30th June 2015, together with their views on the outlook for the mid cap sector.

As I mentioned in my statement last year, JPMorgan Mid Cap Investment Trust plc continues to be one of the few closed ended companies which invests primarily in UK mid cap stocks. We would anticipate that more investors will allocate a greater proportion of their portfolios to the FTSE 250 Index given its strong performance relative to the FTSE 100 Index (both on an including and excluding investment trusts basis). I included the table below in my statement last year, which details the returns generated by the FTSE 250 indices compared to the FTSE 100 Index over one, three, five and 10 years to 30th June 2015. The updated table shows that 2015 was yet a further year when it paid to have an allocation to the mid cap sector within your investment portfolio.

	One Year	Three Year	Five Year	Ten Year
Index	Return %	Return %	Return %	Return %
FTSE 2501	14.5	73.7	114.4	212.8
FTSE 2502	15.0	79.1	124.3	230.8
FTSE 100	0.2	30.4	58.5	83.5

1    Including investment trusts.

2    Excluding investment trusts.

Revenue and Dividends

Earnings per share for the year to 30th June 2015 were 28.53 pence, an increase on last year of 31.7%. The receipt of special dividends represented the majority of the increase, with some growth in base dividend payments. This year just under 20.0% of the income received was from the payment of special dividends. Against this background the Board has decided to propose a final dividend of 12.0 pence, which when added to the interim dividend paid in April of 8.0 pence, equates to a base dividend payable of 20.0 pence for the full year (2014: 18.0 pence). Given the level of special dividends paid by underlying companies the Board has further resolved to propose the payment of a special dividend of 4.5 pence. The final dividend and special dividend will be combined as one dividend and paid on 12th November 2015 to shareholders on the register at the close of business on 2nd October 2015. This year's total dividend payment represents an increase of 36.1% on 2014.

It is expected that the underlying base dividend receipts on the Company's portfolio in 2015/2016 will exceed those of 2014/2015. We are unable to forecast the payment of special dividends but these are again expected to be a feature of the UK dividend market in 2015/2016. As always, I would like to add my usual caveat that we do not regard the receipt of substantial special dividends as a permanent feature of the UK market.

Gearing and Borrowing Facilities

The diligent use of gearing by the investment management team has again assisted performance. The Board of Directors sets the overall gearing guidelines and reviews these at each meeting; changes in these guidelines between meetings may be undertaken after consultation with the Board. The Board has determined that in normal circumstances the Company's gearing range is -5% to +25%. At the end of the Company's financial year gearing stood at +9.0%.

At the end of the reporting year, the Company had two loan facilities in place totalling £40 million. At present we believe that the funds available for gearing are appropriate, however, this is kept under review. Further details on these facilities can be found in the Company's 2015 Annual Report.

Discount Management

During the year under review, the Company did not repurchase any shares. However, as in prior years, Directors will be seeking to renew powers to repurchase up to 14.99% and issue up to 10% of the Company's shares respectively, at the forthcoming Annual General Meeting. Treasury shares and new Ordinary shares will only be issued at a premium to net asset value.

Board of Directors

The Board has procedures in place to ensure that the Company complies fully with the AIC Code of Corporate Governance and the UK Corporate Governance Code.

In accordance with the UK corporate governance best practice, all Directors will seek reappointment at the Annual General Meeting. Accordingly, I, along with Michael Hughes (Senior Independent Director), Richard Huntingford, Margaret Littlejohns and Gordon McQueen (Chairman of the Audit Committee) all being eligible, offer ourselves for reappointment at this year's Annual General Meeting.

The Board continues to manage succession so that it has an appropriate balance of skills and diverse approaches to its tasks. Changes to the composition of the Board will be made over the next two years in an effort to balance the length of Director tenures whilst ensuring that the Board maintains the required balance of skills and Company knowledge.

A review of our Directors' fees completed by the Nomination and Remuneration Committee at the beginning of 2015 concluded that such fees remained below industry average, despite an increase in July 2013. Accordingly the Board resolved to increase the fees payable to £33,000 for the role of Chairman, £27,000 for the role of the Audit Committee Chairman and £23,000 for all other Directors, all increases with effect from 1st January 2015. We believe that these levels are now sufficient to attract and retain suitability qualified board members.

Annual General Meeting

This year's Annual General Meeting will be held on Monday, 2nd November 2015 at 2.30 p.m. at 60 Victoria Embankment, London EC4Y 0JP. In addition to the formal part of the meeting, there will be a presentation from our investment managers, Georgina Brittain and Katen Patel who will also answer questions on the portfolio and performance. There will be an opportunity to meet the Board, the investment managers and representatives of JPMorgan after the meeting. I look forward to welcoming as many of you as possible to this meeting.

If you have any detailed or technical questions, it would be helpful if you could raise these in advance of the meeting with the Company Secretary at 60 Victoria Embankment, London EC4Y 0JP. Shareholders who are unable to attend the Annual General Meeting are encouraged to use their proxy votes.

Prospects

It is pleasing to state that since the Company's year end and despite the marked volatility in the market over the summer, the Company has continued to outperform the benchmark on both an NAV and share price total return basis. In the two months to the end of August 2015, the NAV has increased by 0.3% which, coupled with the welcome reduction in discount, had delivered a 10.8% total return for shareholders. Over this two month period, the benchmark retreated by 1.8%.

We echo the sentiments of our investment manager that, notwithstanding the macro‑economic concerns facing the UK and the rest of the world, we believe the UK mid cap universe of stocks in general and the Company's portfolio in particular should thrive and continue to deliver good performance relative to the UK's large cap stocks.

Andrew Barker

Chairman

24th September 2015

Investment Managers' Report

Performance and Market Background

JPMorgan Mid Cap Investment Trust enjoyed very strong performance over the year to 30th June 2015. The Company's benchmark index, the FTSE 250 excluding investment trusts, produced a total return of 15.0% for the 12 months, but the Company significantly outperformed this, providing a total return on net assets of 24.7%.

While the year contained periods of significant volatility, stock markets continued to rise, notably in the more domestically-focussed mid and smaller sized companies. This outperformance of mid and small companies was aided by the on-going mergers and acquisitions (or 'M&A') activity that we have been predicting for some time. The run up to the General Election in May 2015 caused some nervousness in markets, but the outcome was a very positive one for the Company as it provides the certainty of five years of pro-business Government.

Portfolio

The key contributors to outperformance were support services (our positions in Howden Joinery and Ashtead in particular), general retailers (Card Factory, WH Smith and Dixons Carphone, among others) and household goods (the UK house builders). M&A was a further benefit, with bids for our holdings in CSR, Brit and Pace (and subsequent to the year end, a bid for HellermannTyton).

As the global backdrop mutated over the year, we made a number of changes to the portfolio. We sold several of our holdings as they were promoted into the FTSE 100 and with the proceeds we further increased our focus on the UK consumer, buying companies such as JD Sports and Saga, and also increased our emphasis on owning growth companies, buying positions in Betfair, NMC and Playtech. We sold out of all of our oil producers, as the oil price declined. We further increased our position in the house builders as their share prices suffered a temporary setback, and added Barratt back into the portfolio as it was demoted from the FTSE 100.

Early in 2014 we avoided many of the new companies coming to the market, as we thought valuations were frequently too high. This year, we found many more interesting investment opportunities and participated in a number of IPOs. These included Wizz Air (ultra low cost airline), Auto Trader and Sophos (internet security). We have also built up a position in so-called 'challenger banks', buying Aldermore and Shawbrook when they came to the stock market, and more recently added OneSavings Bank when it was promoted into the FTSE 250.

Our current positioning reflects these changes. We remain overweight (or over-represented) in support services, the house builders, banks and general retailers. We continue to be significantly underweight in oil producers and oil services and also in mining stocks. We are also mindful of the strength of Sterling, especially versus the Euro, so we continue to be very underweight in the industrials sectors.

Outlook

The backdrop to our investments is generally positive. Both the US and the UK continue to grow, with the UK currently enjoying 2.6% GDP growth year-on-year. Inflation remains very low, benefiting from the on-going low oil price, the recent fall in commodity prices, and declining food prices. In addition, wage increases are occurring well ahead of inflation; real wages are now rising by 3.3% p.a., and we have now seen 20 consecutive months of year-on-year increases in consumer spending power. Unsurprisingly, this has led to UK consumer confidence being at a 15 year high.

In Europe, a key trading partner for the UK, Greece has secured a bailout extension with its creditors, and new data points from the Eurozone on business and consumer confidence demonstrate that the recent Greek crisis caused little damage to the broader Eurozone countries. Stock market concerns have now focussed on China, but it is our view that the perceived risks from recent Chinese stock market turbulence are being over-played.

The two relevant risks on the horizon are the EU Referendum and interest rate rises in the US and UK. On the former, current surveys show a balance of probability that the UK will stay in the EU although the outcome is by no means certain. On the latter, it remains our view that any rise in interest rates will be small and controlled, and reflects the improving health of both the US and UK economies.

We believe that the Company is set to benefit from this on-going economic recovery, and we will continue to make diligent use of gearing to enhance the Company's performance. Equities still remain an extremely attractive asset class for investors, and the Mid Cap arena continues to provide additional attractions, due to its domestic focus, strong balance sheets and rising dividends. The ongoing benefit of M&A, plus the incoming wave of exciting new growth companies, provides us with confidence for the year ahead.

Georgina Brittain
Katen Patel

Investment Managers

24th September 2015

Principal Risks

With the assistance of the Manager, the Board has drawn up a risk matrix which identifies the key risks to the Company. These key risks fall broadly under the following categories:

•           Investment and Strategy: An inappropriate investment strategy, for example stock selection or the level of gearing, may lead to under-performance against the Company's benchmark index and peer companies, resulting in the Company's shares trading on a wider discount. The Board manages these risks through its investment restrictions and guidelines which are monitored and reported monthly. JPMF provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Managers, who attend all Board meetings, and reviews data which shows statistical measures of the Company's risk profile. The Investment Managers employ the Company's gearing tactically, within a strategic range set by the Board.

Investment performance could be adversely affected by the loss of one or more of the investment management team. To reduce the likelihood of such an event, the Manager ensures appropriate succession planning and adopts a team based approach as well as special efforts to retain key personnel. A change of corporate control could also negatively impact the Company. The Board holds regular meetings with senior representatives of JPMAM in order to obtain assurance that the Manager continues to demonstrate a high degree of commitment to its investment trusts business through the provision of significant resources.

Poor performance may lead to a widening of the discount. The Board monitors the Company's premium/discount level and will seek, where deemed prudent, to address imbalances in the supply and demand of the Company s shares through a programme of share buybacks.

The Board holds a separate meeting devoted to strategy each year.

•           Financial: The Company is exposed to market risk, liquidity risk and credit risk. The principal financial risk facing the Company is market risk arising from uncertainty about the future prices of the Company's investments. It represents the potential loss the Company might suffer through holding investments that could fall in value either due to general market movements or stock specific events. The latter is mitigated through diversification of investments in the portfolio. The Board reviews the portfolio and its gearing on a regular basis and has set investment restrictions and guidelines for the Manager. JPMF reports its adherence to these limits once a month to the Board. The other financial risks faced by the Company are disclosed in note 22 in the Company's 2015 Annual Report.

•           Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ('Section 1158'). Details of the Company's approval are given under 'Business of the Company' above. Should the Company breach Section 1158, it may lose investment trust status and as a consequence capital gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 1158 qualification criteria are continually monitored by JPMF and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. A breach of the UKLA Listing Rules may result in the Company's shares being suspended from listing which in turn would breach Section 1158. The Board relies on the services of its Company Secretary, JPMF, and its professional advisers to ensure compliance with the Companies Act 2006 and the UKLA Listing Rules.

•           Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance Statement within the Company's 2015 Annual Report.

•           Operational and Cybercrime: Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the custodian's or depositary's records could prevent accurate reporting and monitoring of the Company's financial position. On 1st July 2014, the Company appointed BNY Mellon Trust & Depositary (UK) Limited to act as its depositary, responsible for overseeing the operations of the custodian, JPMorgan Chase Bank N.A., and the Company's cash flows. Details of how the Board monitors the services provided by the Manager and its associates and the key elements designed to provide effective internal control are included in the Internal Control section of the Corporate Governance report within the Company's 2015 Annual Report. The threat of cyber attack, in all its guises, is regarded as at least as important as more traditional physical threats to business continuity and security. The Company benefits directly or indirectly from all elements of JPMorgan's Cyber Security programme. The information technology controls around the physical security of JPMorgan's data centres, security of its networks and security of its trading applications are tested by Deloitte and reported every six months against the AAF Standard.

Related Parties Transactions

During the financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the year.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the annual report and financial statements, and the Directors' Remuneration Report in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that, taken as a whole, the annual report and accounts provide the information necessary for shareholders to assess the Company's performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. In order to provide these confirmations, and in preparing these financial statements, the Directors must be satisfied that, taken as a whole, the annual report and accounts are fair, balanced and understandable and provide the information necessary for shareholders to assess the performance, business model and strategy of the Company; and the Directors are required to:

•   select suitable accounting policies and then apply them consistently;

•   make judgements and accounting estimates that are reasonable and prudent;

•   state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•   prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business

and the Directors confirm they have done so. The Board confirms it is satisfied that the annual report and accounts taken as a whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the performance, business model and strategy of the Company.

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations the Directors are also responsible for preparing a Strategic Report, a Directors' Report, Directors' Remuneration Report and Statement of Corporate Governance that comply with that law and those regulations.

The accounts are published on the www.jpmmidcap.co.uk website, which is maintained by the Company's Manager, JPMorgan Funds Limited ('JPMF'). The maintenance and integrity of the website maintained by JPMF is, so far as it relates to the Company, the responsibility of JPMF. The work carried out by the Auditors does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditors accept no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. The financial statements are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

Each of the Directors, whose names and functions are listed in the Directors' Report, confirms that, to the best of their knowledge the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law, give a fair, balanced and understandable view of the assets, liabilities, financial position and return or loss of the Company. The Board confirms that it is satisfied that the annual report and accounts taken as a whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the strategy and business model of the Company.

For and on behalf of the Board
Andrew Barker
Chairman

24th September 2015

 

Financial Statements

Income Statement

for the year ended 30th June 2015

	2015			2014
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss	-	42,702	42,702	-	27,495	27,495
Net foreign currency gains	-	1	1	-	-	-
Income from investments	7,972	-	7,972	6,274	-	6,274
Other interest receivable and similar income	78	-	78	30	-	30
Gross return	8,050	42,703	50,753	6,304	27,495	33,799
Management fee	(447)	(1,044)	(1,491)	(432)	(1,008)	(1,440)
Other administrative expenses	(556)	-	(556)	(480)	-	(480)
Net return on ordinary activities before finance costs and taxation	7,047	41,659	48,706	5,392	26,487	31,879
Finance costs	(124)	(290)	(414)	(180)	(420)	(600)
Net return on ordinary activities before taxation	6,923	41,369	48,292	5,212	26,067	31,279
Taxation	(76)	-	(76)	(12)	-	(12)
Net return on ordinary activities after taxation	6,847	41,369	48,216	5,200	26,067	31,267
Return per share (note 3)	28.53p	172.39p	200.92p	21.67p	108.62p	130.29p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.

Reconciliation of Movements in Shareholders' Funds

	Called up	Capital
	share	redemption	Capital	Revenue
	capital	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000
At 30th June 2013	6,350	3,650	156,160	5,982	172,142
Net return on ordinary activities	-	-	26,067	5,200	31,267
Dividends paid in the year	-	-	-	(4,320)	(4,320)
At 30th June 2014	6,350	3,650	182,227	6,862	199,089
Net return on ordinary activities	-	-	41,369	6,847	48,216
Dividends paid in the year	-	-	-	(4,920)	(4,920)
At 30th June 2015	6,350	3,650	223,596	8,789	242,385

Balance Sheet

at 30th June 2015

	2015	2014
	£'000	£'000
Fixed assets
Equity investments held at fair value through profit or loss	264,425	212,570
Investment in liquidity fund held at fair value through profit or loss	2,869	10,000
	267,294	222,570
Current assets
Debtors	1,495	4,992
Cash and short term deposits	385	1,362
	1,880	6,354
Current liabilities
Creditors: amounts falling due within one year	(26,789)	(14,835)
Net current liabilities	(24,909)	(8,481)
Total assets less current liabilities	242,385	214,089
Creditors: amounts falling due after more than one year	-	(15,000)
Net assets	242,385	199,089
Capital and reserves
Called up share capital	6,350	6,350
Capital redemption reserve	3,650	3,650
Capital reserves	223,596	182,227
Revenue reserve	8,789	6,862
Total equity shareholders' funds	242,385	199,089
Net asset value per share (note 4)	1,010.1p	829.6p

Company registration number: 1047690.

Cash Flow Statement

for the year ended 30th June 2015

	2015	2014
	£'000	£'000
Net cash inflow from operating activities	5,401	4,387
Returns on investments and servicing of finance
Interest paid	(452)	(575)
Net cash outflow from returns on investments and servicing of finance	(452)	(575)
Taxation
Overseas tax recovered	-	3
Capital expenditure and financial investment
Purchases of investments	(147,608)	(163,557)
Sales of investments	149,106	161,358
Other capital charges	(5)	(6)
Net cash inflow/(outflow) from capital expenditure and financial investment	1,493	(2,205)
Dividends paid	(4,920)	(4,320)
Net cash inflow/(outflow) before financing	1,522	(2,710)
Financing
Loans drawn down	13,000	11,500
Loans repaid	(15,500)	(8,000)
Net cash (outflow)/inflow from financing	(2,500)	3,500
(Decrease)/increase in cash for the year	(978)	790

Notes to the Financial Statements

for the year ended 30th June 2015

1.  Accounting policies

     Basis of accounting

The financial statements are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in January 2009.

All of the Company's operations are of a continuing nature.

The financial statements have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of investments at fair value through profit or loss.

The policies applied in these accounts are consistent with those applied in the preceding year.

2.  Dividends

     Dividends paid and proposed

		2015	2014
		£'000	£'000
	2014 Final dividend of 12.5p (2013: 11.5p)	3,000	2,760
	2014 Special dividend nil (2013: 1.0p)	-	240
	2015 Interim dividend of 8.0p (2014: 5.5p)	1,920	1,320
	Total dividends paid in the year	4,920	4,320
	2015 Final dividend proposed of 12.0p (2014: 12.5p)	2,880	3,000
	2015 Special dividend proposed of 4.5p (2014: nil)	1,080	-
	Total dividends proposed for year	3,960	3,000

The final dividend and special dividend have been proposed in respect of the year ended 30th June 2015 and are subject to approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, these dividends will be reflected in the financial statements for the year ending 30th June 2016.

3.  Return per share

The revenue return per share is based on the earnings attributable to the ordinary shares of £6,847,000 (2014: £5,200,000) and on the weighted average number of shares in issue during the year of 23,997,180 (2014: 23,997,180).

The capital return per share is based on the capital return attributable to the ordinary shares of £41,369,000 (2014: £26,067,000) and on the weighted average number of shares in issue during the year of 23,997,180 (2014: 23,997,180).

Total return per share is based on the total return attributable to the ordinary shares of £48,216,000 (2014: £31,267,000) and on the weighted average number of shares in issue during the year of 23,997,180 (2014: 23,997,180).

4. Net asset value per share

Net asset value per share is based on total shareholders' funds of £242,385,000 (2014: £199,089,000) and on the 23,997,180 (2014: 23,997,180) shares in issue at the year end, excluding shares held in Treasury.

5. Status of announcement

     2014 Financial Information

     The figures and financial information for 2014 are extracted from the Annual Report and Accounts for the year ended 30th June 2014 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

     2015 Financial Information

The figures and financial information for 2015 are extracted from the Annual Report and Accounts for the year ended 30th June 2015 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

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.

JPMORGAN FUNDS LIMITED 

24th September 2015

For further information please contact:

Alison Vincent

For and on behalf of

JPMorgan Funds Limited, Secretary                                                                                                                                                                                                                           

020 7742 4000

ENDS

A copy of the annual report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM

The annual report is also available on the Company's website at www.jpmmidcap.co.uk

where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

END

 

 

FR EASNLAFKSEFF