Interim Management Statement

RNS Number : 9335K

Murray Income Trust PLC

28 April 2010

 



Murray Income Trust PLC

Interim Management Statement - 3 months to 31 March 2010

To the members of Murray Income Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 January 2010 to 31 March 2010, and contains information that covers this period and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.

Benchmark

FTSE All-Share Index

Material events

On 22 January 2010, the Company announced its intention to seek shareholder approval of an amendment to the Company's investment policy in order that the Company may invest up to 20 per cent. of its gross assets in overseas companies (but otherwise, in accordance with its current stated investment policy).

On 26 February 2010, the Company posted its half-yearly report, for the six months to 31 December 2009, to shareholders. At the same time, the Company posted a circular to shareholders concerning the proposed amendment to the investment policy referred to above.

At an Extraordinary General Meeting of the Company held on 22 March 2010, this proposed amendment was approved by shareholders. The Board expects that, in the short term, between 5 and 10 per cent. of the Company's portfolio will be invested overseas, predominantly in Europe, helping to diversify risk away from certain large concentrated UK sectors and to gain access to attractive investment opportunities not available through companies listed on the UK market.

A first interim dividend of 5.5p per ordinary share for the year to 30 June 2010 was paid on 15 January 2010 to shareholders on the register at the close of business on 18 December 2009. A second interim dividend of 5.5p per ordinary share was paid on 1 April 2010 to shareholders on the register at the close of business on 5 March 2010.

Material transactions from 31 December 2009 to 28 April 2010

During the period to 31 March 2010, and up to the date of this statement, no share issuances or buybacks have taken place. As at 28 April 2010, the Company's issued ordinary share capital is 64,689,485 ordinary shares of 25p each. 

Twenty largest equity holdings at 31 March 2010

	% of net assets
BPA	6.3
Royal Dutch Shell 'B'	5.4
HSBC	5.0
Centrica	4.8
British American TobaccoA	4.7
Vodafone	4.7
AstraZeneca	4.3
GlaxoSmithKlineA	4.1
National Grid	3.8
Tesco	2.9
UnileverA	2.9
Aviva	2.8
BHP Billiton	2.7
Arriva	2.6
Whitbread	2.5
Provident Financial	2.4
Standard Chartered	2.4
Wm Morrison Supermarkets	2.3
Cobham	2.2
GKN	2.1
Total	70.9
Total number of investments	41

^A Consolidates the equity and reverse convertible holdings in the same underlying security.

Sector allocation as at 31 March 2010

	%
Financials	20.2
Consumer Services	15.9
Oil & Gas	14.6
Consumer Goods	13.5
Utilities	8.3
Healthcare	8.2
Industrials	6.4
Telecommunications	4.5
Basic Materials	4.3
Cash	3.3
Technology	0.8
Total	100.0

General description of Company's financial position and performance as at 31 March 2010

	£m
Gross Assets	428.0
Short term borrowings	35.0
Gearing B	8.9%

^B Gearing is expressed as a percentage of gross assets, which includes current year revenue, divided by shareholders' funds.

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/10
Share Price	561.5p	5.0	8.0	10.7	50.7	-9.4	34.5
NAVC	602.8p	6.6	5.2	12.4	58.8	-9.1	31.1
FTSE All-Share		6.8	6.4	12.2	52.3	-0.7	41.3
FTSE 350 Higher Yield		4.0	2.0	6.9	42.1	-10.6	21.4

Discrete annual performance (%)

	31/03/10	31/03/09	31/03/08	31/03/07	31/03/06
Share Price	50.7	-32.2	-11.3	11.6	33.1
NAVC	58.8	-35.6	-11.2	11.1	29.8
FTSE All-Share	52.3	-29.3	-7.7	11.1	28.0
FTSE 350 Higher Yield	42.1	-28.3	-12.2	7.7	26.0

Total return, NAV to NAV net income reinvested.  GBP.  Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar.

^C Excluding current year revenue.

Other than as set out above, no significant events or transactions have occurred between 31 March 2010 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.murray-income.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Murray Income Trust PLC

Aberdeen Asset Management PLC, Secretary

28 April 2010

 

END

 

 

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