Interim Management Statement

RNS Number : 0272V

Murray Income Trust PLC

26 October 2010

 



Murray Income Trust PLC

Interim Management Statement - 3 months to 30 September 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 July 2010 to 30 September 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 from 1 July to 26 October 2010

On 24 September 2010, the Company posted its annual report and accounts to 30 June 2010, and Notice of Annual General Meeting, to shareholders.  The Company's Annual General Meeting was held in London on 26 October 2010, at which all resolutions were passed.

Material transactions from 1 July to 26 October 2010

The Company has entered into a new revolving loan facility of £60 million, to follow on from its £45 million loan facility, which expired on 1 October 2010. The £60 million loan facility expires on 17 October 2011.

Twenty largest equity holdings at 30 September 2010

	% of net assets
Centrica	5.3
Royal Dutch Shell 'B'	5.3
British American Tobacco	5.1
Vodafone	4.9
HSBC	4.9
BP B	4.4
GlaxoSmithKline B	4.1
AstraZeneca	4.0
National Grid	3.6
Aviva	3.3
Unilever B	3.3
Tesco	3.1
Wm Morrison Supermarkets	2.8
AMEC	2.7
Standard Chartered Bank	2.5
BHP Billiton	2.4
Provident Financial	2.3
Whitbread	2.3
Close Brothers	2.3
ENI	1.9
Total	70.5
Total number of investments	41

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

Sector allocation as at 30 September 2010

	%
Financials	22.5
Oil & Gas	13.9
Consumer Services	13.7
Consumer Goods	10.7
Healthcare	9.9
Utilities	8.5
Cash	7.2
Telecommunications	5.6
Industrials	4.1
Basic Materials	2.5
Technology	1.4
Total	100.0

General description of Company's financial position and performance as at 30 September 2010

	£m
Gross Assets	425.5
Short term borrowings	35.0
Gearing	9.0%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/2010
Share Price	580.0p	3.5	10.9	6.3	17.7	(2.9)	23.0
NAV A	598.8p	7.4	14.4	2.3	14.9	(7.6)	17.4
FTSE All-Share		6.5	13.6	0.2	12.5	(3.1)	24.7
FTSE 350 Higher Yield		4.9	12.7	(1.6)	5.2	(14.0)	4.5

Discrete performance (%)

Year ending	30/09/2010	30/09/2009	30/09/2008	30/09/2007	30/09/2006
Share Price	17.7	8.3	(23.8)	9.1	16.1
NAV A	14.9	8.1	(25.6)	9.4	16.2
FTSE All-Share	12.5	10.8	(22.3)	12.2	14.7
FTSE 350 Higher Yield	5.2	5.3	(22.3)	8.3	12.2

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 Times and Morningstar.

^A Excluding current year revenue.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 September 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

26 October 2010

 

END

 

 

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