Interim Management Statement

RNS Number : 6028G

Murray Income Trust PLC

08 May 2014

 



Murray Income Trust PLC

Interim Management Statement

3 months ended 31 March 2014

To the members of Murray Income Trust PLC

This interim management statement ('IMS') 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 IMS relates to the period from 1 January 2014 to 31 March 2014 and contains information that covers this period and up to the date of publication of this IMS, 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 6 March 2014, the Company posted to shareholders its Half-Yearly Report, for the six months ended 31 December 2013.

A first interim dividend of 7.00p per Ordinary share was paid on 17 January 2014 to shareholders on the register at the close of business on 20 December 2013. A second interim dividend of 7.00p per Ordinary share was paid on 4 April 2014 to shareholders on the register at the close of business on 7 March 2014. A third interim dividend of 7.00p per Ordinary share will be paid on 4 July 2014 to shareholders on the register on 6 June 2014.

Material transactions

The Company bought back none of its Ordinary shares during the period from 1 January 2014 to 31 March 2014, nor from 1 April 2014 up to the date of this IMS. 

As at the date of this announcement, the Company had 68,017,458 Ordinary shares in issue (excluding treasury shares) with voting rights and an additional 451,000 shares held in treasury.

Twenty largest equity holdings at 31 March 2014

	%
GlaxoSmithKline	4.8
Royal Dutch Shell	4.3
Unilever	4.3
British American Tobacco	4.2
AstraZeneca	4.1
BHP Billiton	4.1
Centrica	4.1
Roche	3.8
HSBC	3.5
Pearson	3.0
Prudential	2.9
Aberforth Smaller Companies Trust	2.9
ENI	2.7
BP	2.6
Cobham	2.6
National Grid	2.6
Close Brothers	2.5
Sage	2.4
Tesco	2.4
Compass	2.4
Total	66.2
Total number of investments	43

Sector allocation as at 31 March 2014

	%
Financials	21.4
Consumer Goods	14.4
Healthcare	12.3
Oil & Gas	11.8
Consumer Services	8.6
Utilities	8.4
Industrials	7.9
Basic Materials	5.0
Telecommunications	4.9
Technology	2.4
Cash	2.9
Total	100.0

General description of Company's financial position and performance as at 31 March 2014

	£m
Gross Assets	576.8
Short term borrowings	45.0
Cash	15.6
Net gearing A	5.5%

^A Net gearing is expressed 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
	31/03/14
Share Price	766.0p	(0.5)	(1.8)	2.9	7.0	38.6	146.5
NAVB	781.9p	(1.0)	(0.3)	5.9	9.5	38.5	141.5
FTSE All-Share		(2.6)	(0.6)	4.8	8.8	28.8	113.3
FTSE 350 Higher Yield		(2.6)	0.1	5.2	8.8	34.5	103.7

Discrete annual performance (%)

	31/03/14	31/03/13	31/03/12	31/03/11	31/03/10
Share Price	7.0	20.0	8.0	17.9	50.8
NAVB	9.5	20.4	5.1	11.4	56.5
FTSE All-Share	8.8	16.8	1.4	8.7	52.3
FTSE 350 Higher Yield	8.8	17.4	5.4	6.6	42.1

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 1 April 2014 and the date of approval of this interim management statement which would have a material impact on the financial position of the Company. For the latest performance information and commentary from the Investment Manager, 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

8 May 2014

 

END

 

 

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