Interim Management Statement

RNS Number : 4702P

Murray Income Trust PLC

24 October 2012

 



Murray Income Trust PLC

Interim Management Statement - 3 months to 30 September 2012

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 2012 to 30 September 2012, 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 24 October 2012

A third interim dividend of 5.5p was paid on 13 July 2012 to shareholders on the register at the close of business on 8 June 2012.

The Board appointed Jean Park and Donald Cameron as directors of the Company with effect from 2 July 2012 and 5 September 2012 respectively. Their appointments were confirmed by shareholders at the Company's Annual General Meeting referred to below.

On 21 September 2012, the Company posted its annual report and accounts to 30 June 2012, and Notice of Annual General Meeting, to shareholders.  The Company's Annual General Meeting was held in Glasgow on 23 October 2012, at which all resolutions were passed.

Material transactions from 1 July to 24 October 2012

During the period under review, the Company has re-issued 450,000 Ordinary Shares from treasury for a total consideration of £27,906,420 (representing an average price of 666.0p) There were no shares purchased during the period, or up to the date of this announcement. At 24 October 2012, the total issued share capital of the Company consists of 65,799,458 ordinary shares with voting rights.  In addition, 617,000 ordinary shares are held in treasury.

Twenty largest equity holdings at 30 September 2012

	% of net assets
GlaxoSmithKline	5.3
Vodafone	5.3
British American Tobacco	5.1
Royal Dutch Shell	5.1
Centrica	5.0
Unilever	4.5
AstraZeneca	3.9
Pearson	3.7
BHP Billiton	3.5
HSBC	3.4
Tesco	3.4
Roche	33
ENI	3.0
BP	2.9
National Grid	2.9
Wm Morrison Supermarkets	2.6
Compass	2.4
Cobham	2.4
Prudential	2.3
Standard Chartered	2.1
Total	72.1
Total number of investments	41

Sector allocation as at 30 September 2012

	%
Financials	15.3
Consumer Goods	15.3
Consumer Services	14.6
Oil & Gas	12.6
Healthcare	12.2
Utilities	9.1
Industrials	6.5
Telecommunications	5.1
Basic Materials	4.4
Technology	2.0
Cash	2.9
Total	100.0

General description of Company's financial position and performance as at 30 September 2012

	£m
Gross Assets	469.70
Short term borrowings	40.0
Gearing A	9.3%

^A 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
	30/09/12
Share Price	665.0p	2.7	6.0	5.0	19.8	48.0	22.1
NAVB	649.9p	2.0	4.2	4.8	18.4	36.9	10.2
FTSE All-Share		1.1	4.7	1.9	17.2	26.1	8.7
FTSE 350 Higher Yield		(0.3)	3.0	3.9	16.1	24.7	2.0

Discrete annual performance (%)

	30/09/12	30/09/11	30/09/10	30/09/09	30/09/08
Share Price	19.8	4.9	17.7	8.3	(23.8)
NAVB	18.4	0.7	14.9	8.1	(25.6)
FTSE All-Share	17.2	(4.4)	12.5	10.8	(22.3)
FTSE 350 Higher Yield	16.1	2.1	5.2	5.3	(22.3)

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.

^B Excluding current year revenue.

Other than as set out above, no significant events or transactions have occurred between 30 September 2011 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.

*Neither the Company's website nor the content of any website accessible from hyperlinks on that website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Murray Income Trust PLC

Aberdeen Asset Management PLC, Secretary

24 October 2012

 

END

 

 

IMSPGGGAUUPPGAC