Interim Management Statement

RNS Number : 5802P

Lowland Investment Co PLC

19 July 2010

 



LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

19 July 2010

LOWLAND INVESTMENT COMPANY PLC

Interim Management Statement
Review of the period from 1 April 2010 to 30 June 2010

The Directors of Lowland Investment Company plc hereby announce the following:

Portfolio:  Over the quarter the Net Asset Value fell 6.4% while the FTSE All-Share fell 11.8%.  Over the last twelve months the NAV has risen 40.7% while the FTSE All-Share has risen 21.1%.  Equities have seen a downward move after the strong recovery of the last twelve months.  Our investment manager remains positive about the outlook because of the much improved operating performance of the underlying companies held in the portfolio. 

Net Gearing: At the end of the quarter the Company's net gearing was 15% (at 31 March 2010: 15%).

Dividends: An interim dividend of 10.0p per ordinary share was paid on 18 June 2010 to shareholders on the register of members at the close of business on 28 May 2010. 

Share Capital: During the period 1 April 2010 to 30 June 2010 there was no change in the issued share capital of the Company.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (excluding current financial year revenue items)

(Source: Henderson/Fact Sheet)	at 30 June  2010	at 31 March  2010
Ordinary share price	615.0p	618.0p
Discount	7.6%	14.5%
Gross total assets	£210m	£219m
Net asset value (cum income)	665.5p	722.8p
Net asset value (ex income)	659.9p	715.5p
Portfolio Gearing (net)	15%	15%
Yield	4.31%	4.29%
Total Expense Ratio	0.83%	0.83%

Performance at 30 June 2010 (total return % change)

(Source: Henderson/AIC)	6 months	1 year	3 years	5 years	10 years
Net asset value	2.2	40.7	-29.9	7.7	84.4
Share price	3.9	32.4	-35.2	2.0	115.4
Benchmark*	-6.2	21.1	-16.2	18.7	16.9
* The benchmark is the FTSE All-Share Index.

- MORE -

THE PORTFOLIO (Source: Henderson/Fact Sheet)

Top 10 Investments at 30 June 2010                         Top 10 Investments at 31 March 2010

	% of Total Assets			% of Total Assets
Senior	5.7%		Senior	5.3%
Royal Dutch Shell	4.2%		BP	4.9%
Carclo	3.8%		Royal Dutch Shell	4.4%
BP	3.3%		Carclo	3.3%
Meggitt	2.9%		Aviva	2.7%
Canfor Pulp	2.6%		Meggitt	2.7%
GlaxoSmithKline	2.6%		GlaxoSmithKline	2.6%
Hiscox	2.4%		Hill & Smith	2.3%
Croda International	2.4%		Hiscox	2.2%
Aviva	2.3%		Canfor Pulp	2.1%
	-----			--------
Top 10 =	32.2%		Top 10 =	32.5%

Sector Breakdown	% at 30 June  2010			% at 31 March  2010
Industrials	33.6%			32.8%
Financials	19.7%			19.6%
Basic Materials	12.6%			11.5%
Consumer Services	8.3%			8.3%
Consumer Goods	7.9%			8.2%
Oil & Gas	7.6%			9.4%
Health Care	3.9%			3.8%
Telecommunications	3.7%			3.9%
Utilities	2.7%			2.5%
	---------			---------
Total	100%			100%
	=====			=====

Lowland Investment Company plc aims to give shareholders a higher than average return with growth of both capital and income over the medium to long term.

The Company's policy is to invest in a broad spread of predominantly UK companies of differing sizes with normally not more than half by value coming from the largest 100 UK companies and the balance from small and medium sized companies.

The Manager is Henderson Global Investors Limited. Further information on the Company, including an up to date NAV and share price information, can be found on the Manager's website at www.itshenderson.com or www.lowlandinvestment.com.

For further information, please contact:

James Henderson                                                         James de Sausmarez

Portfolio Manager                                                         Head of Investment Trusts

Lowland Investment Company plc                                Henderson Global Investors

Telephone: [phone]                                           Telephone: [phone]

- ENDS -

 

END

 

 

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