Interim Results

JP Morgan Mid Cap Invest Trust PLC 20 February 2007 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN MID CAP INVESTMENT TRUST PLC INTERIM RESULTS Performance Following on from the excellent results achieved in the last financial year, the six months to 31st December 2006 have again proved to be very successful ones for the Company. Over the period, the Company achieved a total return on net assets per share of 24.8%, significantly outperforming the benchmark's return of 20.9%. The Company's return to shareholders (share price and net dividend) was more impressive still, at 28.3%, reflecting the strong performance and a further narrowing of the discount from 12.4% to 10.3%. These results are extremely pleasing and reflect well on the managers' investment process. Revenue and Dividends Revenue after taxation for the six months to 31st December 2006 was £2,106,000 (2005: £2,185,000) and earnings per share, calculated on the average weekly number of shares in issue, were 6.90p (2005: 6.34p). The Board recognises the importance of income to shareholders and has established a policy which seeks to increase dividends annually at least in line with inflation. To this end, and in order to rebalance further the split between the interim and final dividends, the Company will pay an interim dividend of 5.00p (2005: 4.00p) per share, an increase of 25% on last year. The dividend will be paid on 23rd April 2007 to shareholders on the register at the close of business on 23rd March 2007. Loan Facilities and Gearing The Company's level of gearing began the period at around 114%, gradually declining as the equity markets moved ahead, to close at 112%. In addition to the Company's £9.5m debenture, the Company has a three year £45m revolving credit facility with the Bank of Ireland to provide gearing flexibility. Share Buybacks Over the course of the six months under review, the Company repurchased for cancellation 823,000 ordinary shares, representing 2.6% of its issued share capital. This added 0.3% to the net asset value of the remaining shares. Prospects The FTSE 250 Index's outperformance of the FTSE 100 index continued during the period under review and whilst the relative performance of the FTSE 250 index is expected to moderate, further gains are anticipated over the remainder of the year. Andrew Barker Chairman 20th February 2007 For further information, please contact: Andrew Norman For and on behalf of JPMorgan Asset Management (UK) Limited - Secretary 020 7742 6000 JPMorgan Mid Cap Investment Trust plc Unaudited figures for the six months ended 31st December 2006 Income Statement (Unaudited) (Unaudited) (Audited) Six months ended 31st December Six months ended 31st December Year ended 30th June 2006 2006 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains from investment held at fair value through profit or loss - 46,617 46,617 - 40,313 40,313 - 58,752 58,752 Income from investments 2,761 - 2,761 2,733 - 2,733 5,557 - 5,557 Other interest receivable and similar income 13 - 13 49 - 49 54 - 54 _______ ________ _______ ______ _______ ________ _______ _______ _______ Gross return 2,774 46,617 49,391 2,782 40,313 43,095 5,611 58,752 64,363 Management fee (169) (395) (564) (138) (323) (461) (293) (684) (977) Other administrative expenses (163) - (163) (140) - (140) (311) - (311) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return on ordinary activities finance costs and taxation 2,442 46,222 48,664 2,504 39,990 42,494 5,007 58,068 63,075 Finance costs (336) (785) (1,121) (319) (907) (1,226) (627) (1,851) (2,478) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return on ordinary activities before taxation 2,106 45,437 47,543 2,185 39,083 41,268 4,380 56,217 60,597 Taxation - - - - - - - - - ______ _______ _______ ______ _______ ______ _______ _______ _______ Net return on ordinary activities after taxation 2,106 45,437 47,543 2,185 39,083 41,268 4,380 56,217 60,597 ===== ===== ===== ===== ===== ===== ===== ===== ===== Return per share (note 3) 6.90p 148.82p 155.72p 6.34p 113.48p 119.82p 13.15p 168.72p 181.87p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. The total column of this statement is the profit and loss account of the Company and the revenue and capital columns represent supplementary information. JPMorgan Mid Cap Investment Trust plc Unaudited figures for the six months ended 31st December 2006 Statement of Total Recognised Gains and Losses (Unaudited) (Audited) Six months ended 31st December 2006 Year ended 30th June 2006 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Movement in value of cash flow hedge during the period - - - - 356 356 Return on ordinary activities 2,106 45,437 47,543 4,380 56,217 60,597 _______ ________ _______ ______ _______ ________ Total recognised gains for the period 2,106 45,437 47,543 4,380 56,573 60,953 ===== ===== ===== ===== ===== ===== Reconciliation of Movements in Shareholders' Funds (Unaudited) Called up Capital Share redemption Capital Other Revenue capital reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 At 30th June 2005 8,759 1,241 148,902 - 6,995 165,897 Adjustment to opening shareholders funds at 1st July 2005 to reflect the adoption of bid prices - - (659) - - (659) Adjustment to opening shareholders funds at 1st July 2005 to reflect the value of cash flow hedge - - - (356) - (356) Change in fair value of cash flow - - - 356 - 356 hedge Shares bought back and cancelled (982) 982 (20,295) - - (20,295) Total return from ordinary activities - - 56,217 - 4,380 60,597 Dividends appropriated in the year - - - - (4,144) (4,144) _______ ________ _______ _______ _______ ________ At 30th June 2006 7,777 2,223 184,165 - 7,231 201,396 Shares bought back and cancelled (206) 206 (4,806) - - (4,806) Total return from ordinary activities - - 45,437 - 2,106 47,543 Dividends appropriated in the year - - - - (2,587) (2,587) _______ ________ _______ _______ _______ ________ At 31st December 2006 7,571 2,429 224,796 - 6,750 241,546 ===== ===== ===== ===== ===== ===== JPMorgan Mid Cap Investment Trust plc Unaudited figures for the six months ended 31st December 2006 BALANCE SHEET (Unaudited) (Unaudited) (Audited) 31st December 2006 31st December 2005 30th June 2006 £'000 £'000 £'000 Fixed assets Investments at fair value through profit or loss 270,130 223,976 229,649 Current assets Debtors 453 517 757 Cash and short term deposits 244 - 1,798 _______ _______ _______ 697 517 2,555 Creditors : amount falling due within one year (19,819) (15,246) (21,349) _______ _______ _______ Net current liabilities (19,122) (14,729) (18,794) _______ _______ _______ Total assets less current liabilities 251,008 209,247 210,855 Debenture stock (9,462) (10,201) (9,459) _______ _______ _______ Total net assets 241,546 199,046 201,396 ===== ===== ===== Capital and reserves Called up share capital 7,571 8,454 7,777 Capital redemption reserve 2,429 1,546 2,223 Capital reserve 224,796 182,728 184,165 Revenue reserve 6,750 6,318 7,231 _______ _______ _______ 241,546 199,046 201,396 === ===== ===== == Net asset value per share (note 4) 797.6p 588.6p 647.4p CASH FLOW STATEMENT (Unaudited) (Unaudited) (Audited) 2006 2005 2006 £'000 £'000 £'000 Net cash inflow from operating activities 2,365 2,243 4,138 Net cash outflow from returns on investments and servicing (1,090) (1,211) (2,559) of finance Net cash inflow/(outflow)from capital expenditure and 5,564 (237) 12,470 financial investment Dividends paid (2,587) (2,862) (4,144) Net cash outflow from financing (5,806) (3,258) (11,041) _______ ______ ______ Decrease in cash for the period (1,554) (5,325) (1,136) ===== ==== ==== Notes to the Accounts 1. Accounting policies The accounts have been prepared in accordance with United Kingdom Generally accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' dated 31st December 2005. All of the Company's operations are of a continuing nature. The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended 30th June 2006. 2. Dividends (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st December 2006 31st December 2005 30th June 2006 £'000 £'000 £'000 Final dividend in respect of the year ended30th June 2006 of 8.5p (2005: 8.3p) 2,587 2,861 2,861 Interim dividend in respect of the six months ended 31st December 2005 of 4.0p N/a N/a 1,283 _______ ______ ______ 2,587 2,861 4,144 ====== ====== ===== An interim dividend of 5.0p has been declared in respect of the six months ended 31st December 2006 costing £1,514,000. 3. Return per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st December 2006 31st December 2005 30th June 2006 £'000 £'000 £'000 Return per share is based on the following: Revenue return 2,106 2,185 4,380 Capital return 45,437 39,083 56,217 _______ ______ ______ Total return 47,543 41,268 60,597 ====== ====== ===== Weighted average number of shares in issue 30,530,923 34,441,500 33,319,923 Revenue return per share 6.90p 6.34p 13.15p Capital return per share 148.82p 113.48p 168.72p _______ ______ ______ Total return per share 155.72p 119.82p 181.87p ====== ====== ===== 4. Net asset value per share Net asset value per share is calculated by dividing the funds attributable to the ordinary shareholders by the number of ordinary shares in issue at 31st December 2006 of 30,285,000 (31st December 2005: 33,814,000 and 30th June 2006: 31,108,000). 5. Accounts for the year ended 30th June 2006 The figures and financial information for the year ended the 30th June 2006 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 237(2) or 237 (3) of the Companies Act 1985. JPMORGAN ASSET MANAGEMENT (UK) LIMITED This information is provided by RNS The company news service from the London Stock Exchange

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