Interim Management Statement

RNS Number : 8766Q

Murray Income Trust PLC

26 October 2011

 



Murray Income Trust PLC

Interim Management Statement - 3 months to 30 September 2011

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 2011 to 30 September 2011, 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 2011

On 23 September 2011, the Company posted its annual report and accounts to 30 June 2011, and Notice of Annual General Meeting, to shareholders.  The Company's Annual General Meeting was held in Glasgow on 25 October 2011, at which all resolutions were passed.

Material transactions from 1 July to 26 October 2011

The Company has entered into a new two-year revolving loan facility of £70 million, to follow on from its £60 million loan facility, which expired on 29 September 2011.

Twenty largest equity holdings at 30 September 2011

	% of net assets
British American Tobacco	6.2
Vodafone	5.4
Royal Dutch Shell 'B'	5.2
Centrica	5.0
GlaxoSmithKline	4.8
Unilever	4.4
AstraZeneca	4.1
BP	3.8
Pearson	3.7
Tesco	3.4
HSBC	3.2
National Grid	3.2
BHP Billiton	3.1
Wm Morrison Supermarkets	2.9
Roche	2.8
Aviva	2.5
ENI	2.3
Imperial Tobacco	2.2
GDF Suez	2.1
Standard Chartered	1.9
Total	72.2
Total number of investments	44

Sector allocation as at 30 September 2011

	%
Financials	17.7
Consumer Goods	16.5
Consumer Services	14.8
Oil & Gas	13.8
Healthcare	11.6
Utilities	10.3
Telecommunications	5.4
Industrials	4.9
Basic Materials	3.1
Technology	1.6
Cash	0.3
Total	100.0

General description of Company's financial position and performance as at 30 September 2011

	£m
Gross Assets	421.30
Short term borrowings	45.0
Gearing A	12.0%

^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
	30/09/11
Share Price	581.0p	(4.2)	(10.0)	(5.3)	5.0	33.8	11.2
NAVB	575.5p	(2.0)	(10.8)	(6.8)	0.7	25.1	1.8
FTSE All-Share		(5.0)	(13.5)	(11.8)	(4.4)	19.2	4.0
FTSE 350 Higher Yield		(2.1)	(8.2)	(5.7)	2.1	13.1	(4.8)

Discrete annual performance (%)

	30/09/11	30/09/10	30/09/09	30/09/08	30/09/07
Share Price	5.0	17.7	8.3	(23.8)	9.1
NAVB	0.7	14.9	8.1	(25.6)	9.4
FTSE All-Share	(4.4)	12.5	10.8	(22.3)	12.2
FTSE 350 Higher Yield	2.1	5.2	5.3	(22.3)	8.3

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

26 October 2011

 

END

 

 

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