Final Results

Monks Investment Trust PLC 08 June 2005 THE MONKS INVESTMENT TRUST PLC Results for the year to 30 April 2005 Boosted by strong US returns, net asset value (NAV)* rose by 7.0% over the year while the FTSE World Index in sterling terms rose by 1.3%. â€¢ Performance. The main factor in the outperformance was the US element of the portfolio, where underexposure relative to the Index combined with very good stock selection yielded strong returns. Our investments in US energy companies proved particularly beneficial. Above Index exposure to the UK and Asian Pacific markets was also helpful. â€¢ Second Half Results. In the second half NAV* rose by 4.9% while the Index rose by 0.9%. â€¢ Dividend. Earnings of 1.73p were 70% higher than last year as interest received rose and companies' dividend payments were more generous. Consequently, a final dividend of 1.20p (2004 - 0.65p) is recommended giving a total for the year of 1.70p (2004 - 1.05p). â€¢ Investment Activity. During the year exposure to equities was reined back due to caution over the outlook. Deposits and fixed interest holdings currently broadly offset the Â£80m of debentures. â€¢ Outlook. Prospects remain uncertain. Although many companies in the UK and abroad are doing well, imbalances in the US economy (the trade deficit, consumer indebtedness and a deteriorating fiscal position) have not improved. For the time being, a fully invested equity position without any gearing is being maintained. * Net asset values have been calculated after deducting debentures at par. Monks, with total assets of Â£774 million at 6 June, invests internationally in order to achieve capital growth. Monks is managed by Baillie Gifford & Co, the independent Edinburgh based fund management group with around Â£34 billion under management and advice. - ends - For further information please contact: Richard Burns, Manager The Monks Investment Trust PLC 0131 275 2000 (mobile) 07703 439 226 Robert O'Riordan Baillie Gifford & Co 07730 412007 Mike Lord, Director Broadgate Marketing 020 7726 6111 ________________________________________________________________________________ THE MONKS INVESTMENT TRUST PLC PERFORMANCE ATTRIBUTION (in sterling terms) for the year to 30 April 2005 Computed relative to the FTSE World Index (in sterling terms) with net income reinvested. _____________________________________________________________________________________________________________________ Contribution Monks Contribution attributable to: Index Allocation Asset Allocation Performance * to relative Stock Asset + Portfolio 30.04.04 30.04.05 30.04.04 30.04.05 Monks Index return selection allocation breakdown % % % % % % % % % _____________________________________________________________________________________________________________________ UK 10.0 10.2 25.0 21.1 9.5 10.6 0.5 (0.3) 0.8 Europe ex. UK 17.9 19.0 13.3 11.2 8.9 10.4 (0.6) (0.1) (0.5) North America 55.2 54.0 40.5 39.8 10.0 (0.1) 4.4 3.8 0.6 Japan 9.4 8.6 14.8 12.2 (4.3) (6.1) (0.3) 0.2 (0.5) Asia Pacific 6.0 6.3 10.6 12.7 15.9 13.6 0.8 0.2 0.6 Emerging Markets 1.5 1.9 1.6 3.4 35.0 13.7 0.2 0.2 - Bonds - - 5.4 3.6 6.7 - 0.1 - 0.1 Cash - - 1.9 8.3 5.9 - 0.1 - 0.1 Borrowings - - (13.1) (12.3) 9.0 - (0.7) - (0.7) _____________________________________________________________________________________________________________________ Total 100.0 100.0 100.0 100.0 8.2 3.6 4.5 4.0 0.5 _____________________________________________________________________________________________________________________ Past performance is no guarantee of future performance. Source: HSBC/Baillie Gifford & Co * The above returns are calculated on a total return basis with net income reinvested and debentures valued at par. Monks' figures represent the returns on the Company's portfolio and the index figures for each geographical area represent the return on the appropriate FTSE World Index. Contributions cannot be added together, as they are geometric; for example to calculate how a return of 8.2% against an index return of 3.6% translates into a relative return of 4.5%, divide the portfolio return of 108.2 by the index return of 103.6 and subtract one. + Asset allocation includes the contribution attributable to currency movements. THE MONKS INVESTMENT TRUST PLC The following is the unaudited preliminary statement for the year to 30 April 2005 which was approved by the Board on 7 June 2005. The Directors of The Monks Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 2 August 2005 the payment of a final dividend of 1.20p net (0.65p net last year) per ordinary share, making a total of 1.70p net (1.05p net last year) per ordinary share for the year ended 30 April 2005. STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) _______________________________________________________________________________________________________________ For the year ended For the year ended 30 April 2005 30 April 2004 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 _______________________________________________________________________________________________________________ Gains on investments - 39,899 39,899 - 115,859 115,859 Currency gains - 1,228 1,228 - 3,317 3,317 Income (note 1) 16,955 - 16,955 15,611 - 15,611 Investment management fee (3,428) - (3,428) (3,311) - (3,311) Other administrative expenses (711) - (711) (824) - (824) _________________________________ __________________________________ Net return before finance costs and taxation 12,816 41,127 53,943 11,476 119,176 130,652 Finance costs of borrowings (6,982) - (6,982) (7,315) - (7,315) _________________________________ __________________________________ Return on ordinary activities before taxation 5,834 41,127 46,961 4,161 119,176 123,337 Tax on ordinary activities (770) - (770) (1,160) - (1,160) _________________________________ __________________________________ Return on ordinary activities after taxation 5,064 41,127 46,191 3,001 119,176 122,177 Dividends in respect of equity (4,953) - (4,953) (3,091) - (3,091) shares (note 2) _________________________________ __________________________________ Transfer to/(from) reserves 111 41,127 41,238 (90) 119,176 119,086 ================================= ================================== Return per ordinary share 1.73p 14.09p 15.82p 1.02p 40.49p 41.51p (note 3) ================================= ================================== Dividends per ordinary share 1.70p 1.05p ======== ======== * The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in this statement derive from continuing operations. THE MONKS INVESTMENT TRUST PLC SUMMARISED BALANCE SHEET at 30 April 2005 (unaudited) ________________________________________________________________________________________________________________ 30 April 2005 30 April 2004 Â£'000 Â£'000 ________________________________________________________________________________________________________________ Net assets Investments at market value 676,650 681,256 Net liquid assets 51,921 10,903 ______________ ______________ Total assets (before deduction of borrowings) 728,571 692,159 Debentures (note 4) (79,419) (79,386) ______________ ______________ 649,152 612,773 ______________ ______________ Capital and Reserves Called-up share capital 14,568 14,718 Capital reserves 617,375 580,957 Revenue reserve 17,209 17,098 ______________ ______________ Equity shareholders' funds 649,152 612,773 ______________ ______________ Net asset value per ordinary share 222.6p 208.0p (after deducting debentures at par) Ordinary shares in issue (note 5) 291,355,295 294,355,295 DISTRIBUTION OF ASSETS at 30 April 2005 (unaudited) ________________________________________________________________________________________________________________ 30 April 2005 30 April 2004 % % ________________________________________________________________________________________________________________ Equities: United Kingdom 18.9 21.4 Continental Europe 10.0 11.8 North America 35.6 36.7 Japan 10.9 13.0 Asia Pacific 11.3 9.3 Other Emerging Markets 3.0 1.5 ______________ ______________ 89.7 93.7 Bonds: UK 3.0 4.5 Continental Europe 0.2 0.2 Net liquid assets 7.1 1.6 ______________ ______________ Total assets (before deduction of borrowings) 100.0 100.0 ============== ============== THE MONKS INVESTMENT TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) ___________________________________________________________________________________________________________ For the year ended For the year ended 30 April 2005 30 April 2004 Â£'000 Â£'000 Â£'000 Â£'000 ___________________________________________________________________________________________________________ NET CASH INFLOW FROM OPERATING ACTIVITIES 12,855 11,958 NET CASH OUTFLOW FROM SERVICING OF FINANCE (6,949) (7,316) TOTAL TAX PAID (773) (816) FINANCIAL INVESTMENT Acquisitions of investments (134,487) (149,228) Disposals of investments 181,813 186,308 Realised currency gains 20 382 ______________ ______________ NET CASH INFLOW FROM FINANCIAL INVESTMENT 47,346 37,462 EQUITY DIVIDENDS PAID (3,370) (3,091) ______________ ______________ NET CASH INFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING 49,109 38,197 LIQUID RESOURCES Increase in short term deposits (18,000) - ______________ ______________ NET CASH OUTFLOW FROM USE OF LIQUID RESOURCES (18,000) - FINANCING Shares purchased for cancellation (4,859) - ______________ ______________ Bank loans repaid - (30,628) NET CASH OUTFLOW FROM FINANCING (4,859) (30,628) ______________ ______________ INCREASE IN CASH 26,250 7,569 ______________ ______________ RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Increase in cash in the year 26,250 7,569 Increase in short term deposits 18,000 - Net outflow from bank loans - 30,628 Exchange movement on bank loans - 2,935 Other non-cash changes (33) (32) ______________ ______________ MOVEMENT IN NET DEBT IN THE YEAR 44,217 41,100 NET DEBT AT 1 MAY (67,865) (108,965) ______________ ______________ NET DEBT AT 30 APRIL (23,648) (67,865) ______________ ______________ THE MONKS INVESTMENT TRUST PLC NOTES ______________________________________________________________________________________________________________ 30 April 2005 30 April 2004 Â£'000 Â£'000 ______________________________________________________________________________________________________________ 1. Income Income from investments and interest receivable 16,852 15,508 Other income 103 103 2. The total cost of the dividends for the year is Â£4,953,000 (2004 - Â£3,091,000). If approved, the final dividend will be paid on 5 August 2005 to all shareholders on the register at the close of business on 15 July 2005. 3. Return per ordinary share Revenue return 5,064 3,001 Capital return 41,127 119,176 Return per ordinary share is based on the above totals for revenue and capital and on 291,979,953 (2004 - 294,355,295) ordinary shares, being the weighted average number of ordinary shares in issue during the year. 4. The market value of debenture stocks at 30 April 2005 was Â£96,577,000 (30 April 2004 - Â£92,525,000). 5. In the year to 30 April 2005 the Company bought back 3,000,000 ordinary shares with a nominal value of Â£150,000 at a total cost of Â£4,859,000. At 30 April 2005 the Company had authority to buy back a further 43,674,158 ordinary shares. 6. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 April 2005. The financial information for 2004 is derived from the statutory accounts for 2004 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2004 accounts; their report was unqualified and it did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2005 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. None of the views expressed in this document should be construed as advice to buy or sell a particular investment. This information is provided by RNS The company news service from the London Stock Exchange

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