Interim Management Statement

RNS Number : 6327R

Murray Income Trust PLC

29 October 2013

 



Murray Income Trust PLC

Interim Management Statement - 3 months ended 30 September 2013

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 2013 to 30 September 2013, 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 29 October 2013

A third interim dividend of 7.0p was paid on 12 July 2013 to shareholders on the register at the close of business on 7 June 2013; the ex-dividend date was 5 June 2013.

On 23 September 2013, the Company posted its annual report and accounts to 30 June 2013, incorporating the Notice of Annual General Meeting, to shareholders.  The Company's Annual General Meeting was held in London on 29 October 2013, at which all resolutions were passed.

A final dividend of 9.75p was paid on 29 October 2013 to shareholders on the register at the close of business on 27 September 2013; the ex-dividend date was 25 September 2013.

Material transactions from 1 July to 29 October 2013

During the period from 1 July 2013 to 30 September 2013, the Company issued 550,000 new Ordinary; between 1 October 2013 and the date of this announcement, the Company issued a further 300,000 new Ordinary shares. There were no shares purchased during the period, or up to the date of this announcement. At 29 October 2013, the total issued share capital of the Company consisted of 67,942,458 Ordinary shares with voting rights.  In addition, 451,000 Ordinary shares were held in treasury.

Twenty largest equity holdings at 30 September 2013

	% of net assets
GlaxoSmithKline	4.8
Centrica	4.7
Vodafone	4.4
Royal Dutch Shell	4.0
British American Tobacco	3.8
Unilever	3.8
Pearson	3.7
Roche	3.6
BHP Billiton	3.5
AstraZeneca	3.5
HSBC	3.3
Tesco	3.0
Prudential	2.7
ENI	2.6
Aberforth Smaller Companies Trust	2.6
National Grid	2.6
Cobham	2.6
BP	2.4
Compass	2.3
Close Brothers	2.1
Total	66.0
Total number of investments	44

Sector allocation as at 30 September 2013

	%
Financials	19.2
Consumer Goods	13.4
Oil & Gas	12.8
Consumer Services	11.8
Healthcare	11.7
Utilities	9.0
Industrials	7.7
Telecommunications	5.7
Basic Materials	4.4
Technology	1.9
Cash	2.4
Total	100.0

General description of Company's financial position and performance as at 30 September 2013

		£m
Gross Assets		553.5
Short term borrowings		45.0
Cash		7.8
Net gearing A		7.3%

^A Gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders' funds.

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/13
Share Price	758.0p	0.3	3.6	4.0	18.8	49.4	90.5
NAVB	751.7p	0.6	3.6	3.4	19.5	42.4	72.5
FTSE All-Share		1.1	5.6	3.8	18.9	33.4	66.2
FTSE 350 Higher Yield		0.1	3.8	3.4	16.8	38.5	53.4

Discrete annual performance (%)

Year ending:	30/09/13	30/09/12	30/09/11	30/09/10	30/09/09
Share Price	18.8	19.8	4.9	17.8	8.3
NAVB	19.5	18.1	0.9	15.0	5.3
FTSE All-Share	18.9	17.3	(4.4)	12.5	10.8
FTSE 350 Higher Yield	16.8	16.1	2.1	5.2	5.3

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 fair value.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar.

^B Including current year revenue.

Other than as set out above, no significant events or transactions have occurred between 30 September 2013 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For the 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

29 October 2013

 

END

 

 

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