Interim Results

Martin Currie Portfolio Inv Tst PLC 5 September 2000 Martin Currie Portfolio Investment Trust plc Interim report for the six months to 31 July 2000 * Total net asset value return per share 8.3% against 4.2% for benchmark * Total shareholder return of 11.5% * Excellent investment performance from stock selection In the six months to 31 July 2000, the total net asset value return per share in the £415 million Martin Currie Portfolio Investment Trust was 8.3%. The comparable return on the trust's benchmark, the FTSE All-Share Index, was 4.2%. The total shareholder return was 11.5% over the same period. The trust's discount narrowed to 16.8%. Earnings per share over the six months were 0.80p and the board has declared an interim dividend of 0.50p. This is in line with the dividend paid at the interim stage last year. Commenting, chairman Peter Berry said: 'This strong performance has come from all parts of the portfolio and reflects good stock selection. We look to our managers to continue to provide the same excellent service in the future. The board continues to believe that investment performance remains the key to narrowing the discount. That, combined with our ongoing marketing programme, is attracting new shareholders to our company. The company also bought back 5.05 million shares during the period.' For further information, please contact: Tom Walker or Michael Woodward Martin Currie Investment Management Ltd 0131 229 5252 twalker@martincurrie.com/mwoodward@martincurrie.com Fiona Harris Quill Communications 020 7618 8905 fiona.h@quillcommunicate.com MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited statement of total return (incorporating the revenue account) for the period ended 31 July 2000 2000 Revenue Capital Total £000 £000 £000 Gains on investments - realised - 8,915 8,915 - unrealised - 18,622 18,622 Currency losses - (500) (500) Income - franked 2,767 - 2,767 - unfranked 1,075 - 1,075 Investment management fee (425) (850) (1,275) Performance bonus - (405) (405) Other expenses (371) (51) (422) ______ ______ ______ Net return before finance costs and 3,046 25,731 28,777 taxation Interest payable and similar charges (349) (699) (1,048) ______ ______ ______ Return on ordinary activities before 2,697 25,032 27,729 tax Tax on ordinary activities (171) 117 (54) ______ ______ ______ Return on ordinary activities after tax 2,526 25,149 27,675 for the financial period Interim dividends in respect of equity (1,538) - (1,538) shares ______ ______ ______ Transfer to reserves 988 25,149 26,137 ______ ______ ______ Return per ordinary share 0.80p 8.01p 8.81p An interim dividend for the period ended 31 July 2000 of 0.50p will be paid on 4 October 2000 to shareholders on the register on 15 September 2000. MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited statement of total return (incorporating the revenue account) for the period ended 31 July 1999 1999 Revenue Capital Total £000 £000 £000 Gains on investments - realised - 1,741 1,741 - unrealised - 1,745 1,745 Currency losses - (441) (441) Income - franked 2,650 - 2,650 - unfranked 771 - 771 Investment management fee (243) (487) (730) Other expenses (218) - (218) ______ ______ ______ Net return before finance costs and 2,960 2,558 5,518 taxation Interest payable and similar charges (33) (66) (99) ______ ______ ______ Return on ordinary activities before 2,927 2,492 5,419 tax Tax on ordinary activities (121) 48 (73) ______ ______ ______ Return on ordinary activities after tax 2,806 2,540 5,346 for the financial period Interim dividends in respect of equity (1,602) - (1,602) shares ______ ______ ______ Transfer to reserves 1,204 2,540 3,744 ______ ______ ______ Return per ordinary share 0.88p 0.79p 1.67p MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Audited statement of total return (incorporating the revenue account) for the year ended 31 January 2000 2000 Revenue Capital Total £'000 £'000 £'000 Gains on investments - realised - 1,294 1,294 - unrealised - 27,925 27,925 Currency losses - (1,258) (1,258) Income - Franked 5,469 - 5,469 - Unfranked 1,618 - 1,618 Investment management fee (573) (1,145) (1,718) Performance bonus - (708) (708) Other expenses (682) - (682) ______ ______ ______ Net return before finance costs and 5,832 26,108 31,940 taxation Interest payable and similar charges (263) (527) (790) ______ ______ ______ Return on ordinary activities before 5,569 25,581 31,150 tax Tax on ordinary activities (237) 118 (119) ______ ______ ______ Return on ordinary activities after tax 5,332 25,699 31,031 for the financial year Dividends in respect of equity shares (4,524) - (4,524) 1.42p per share ______ ______ ______ Transfer to reserves 808 25,699 26,507 ______ ______ ______ Return per ordinary share 1.66p 8.02p 9.68p MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited balance sheet as at 31 July 2000 31 July 2000 31 July 1999 31 January 2000 Unaudited Unaudited Audited £000 £000 £000 £000 £000 £000 Fixed assets Investment at market 386,393 350,444 360,891 value Current assets Debtors 991 2,642 15,965 Cash in bank and in hand 31,561 553 13,273 ______ ______ ______ 32,552 3,195 29,238 Creditors Amounts falling due (13,098) (14,669) (20,861) within one year ______ ______ ______ Net current 19,454 (11,474) 8,377 assets/(liabilities) ______ ______ ______ Total assets less 405,847 338,970 369,268 current liabilities Creditors Amounts falling due (35,000) (10,000) (20,000) after one year _______ _______ _______ Net assets 370,847 328,970 349,268 _______ _______ _______ Capital and reserves Called up ordinary 15,628 16,018 15,881 capital Share premium account 159,208 309,208 159,208 Capital redemption 389 - 136 reserve Special distributable 142,978 - 147,536 reserve Capital reserve 50,848 2,540 25,699 Revenue reserve 1,796 1,204 808 _______ _______ _______ Equity shareholders' 370,847 328,970 349,268 funds _______ _______ _______ Net asset value per 118.64p 102.69p 109.96p ordinary share _______ _______ _______ MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited statement of cash flow to follow for the period ended 31 July 2000 31 July 2000 Period to Period to 31 July 1999 31 January 2000 Unaudited Audited Audited £000 £000 £000 £000 £000 £000 Operating activities Net dividends and interest 3,634 2,499 5,377 received from investments Underwriting commission - - 27 received Interest received from 610 149 514 deposits Investment management fee (2,033) - (1,296) Cash paid to and on behalf (76) - (51) of directors Bank charges (8) - (30) Other cash payments (454) (36) (448) ______ ______ ______ Net cash inflow from 1,673 2,612 4,093 operating activities Servicing of finance Interest paid (1,021) (1) (388) ______ ______ ______ Net cash outflow from (1,021) (1) (388) servicing of finance Taxation Net tax received 43 - - Tax received ______ 43 ______ - ______ - Capital expenditure and financial investment Transferred in as part of The Scottish Eastern - (300,963) - Investment Trust plc scheme of reconstruction Payments to acquire (101,887) (84,651) (167,765) investments Receipts from disposal of 111,316 38,532 129,482 investments Exchange differences (500) (203) (573) _______ _______ _______ Net cash inflow/(outflow) 8,929 (347,285) (38,856) from capital expenditure and financial investment Equity dividends paid (2,897) - (1,602) _______ _______ _______ Net cash inflow/(outflow) 6,727 (344,674) (36,753) before use of liquid resources and financing Financing Issue of ordinary shares - 325,226 - Net cash acquired with Scottish Eastern Investment - - 24,180 Trust scheme of reconstruction Repurchase of ordinary share capital (5,638) - (1,385) Movement in short-term 3,429 10,001 6,001 borrowings Movement in long term 15,000 10,000 20,000 borrowings ______ ______ ______ Cash inflow from financing 12,791 345,227 48,796 ______ _______ ______ Increase in cash for the 19,518 553 12,043 period ______ _______ ______

Companies

Martin Currie Global Portfolio Trust (MNP)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today