Interim Management Statement

RNS Number : 6485V

Murray Income Trust PLC

29 October 2014

 



Murray Income Trust PLC

Interim Management Statement - 3 months ended 30 September 2014

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 2014 to 30 September 2014 and contains information that covers this period and up to the date of publication of this interim management statement on 29 October 2014, 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 2014 to 29 October 2014

A third interim dividend of 7.0p per Ordinary share was paid on 4 July 2014 to shareholders on the register at the close of business on 4 June 2014; the ex-dividend date was 6 June 2014.

On 23 September 2014, the Company posted to shareholders its Annual Report and Accounts ("Annual Report") for the year ended 30 June 2014, incorporating the Notice of Annual General Meeting.  The Company's Annual General Meeting was held on 29 October 2014, at which all resolutions were passed.

As noted in the Chairman's Statement in the Annual Report, Patrick Gifford retired as Chairman and as a Director of the Company at the conclusion of the Annual General Meeting and was succeeded as Chairman by Neil Honebon. David Woods was appointed Senior Independent Director in succession to Mr Honebon.

A final dividend of 10.25p will be paid on 31 October 2014 to shareholders on the register at the close of business on 26 September 2014; the ex-dividend date was 24 September 2014.

Material transactions from 1 July 2014 to 29 October 2014

During the period from 1 July 2014 to 30 September 2014, the Company did not issue any new Ordinary shares, or sell from treasury or buy back any Ordinary shares. Between 1 October 2014 and 29 October 2014, the Company issued 25,000 new Ordinary shares.

As at 1 July 2014 and 30 September 2014, the total issued share capital of the Company consisted of 68,017,458 Ordinary shares with voting rights and an additional 451,000 Ordinary shares held in treasury.

As at 29 October 2014, the total issued share capital of the Company consisted of 68,042,458 Ordinary shares with voting rights and an additional 451,000 Ordinary shares held in treasury.

Twenty largest equity holdings at 30 September 2014

	% of net assets
Royal Dutch Shell	4.6
AstraZeneca	4.4
British American Tobacco	4.4
Unilever	4.3
GlaxoSmithKline	4.2
BHP Billiton	3.8
Centrica	3.8
HSBC	3.6
Pearson	3.5
Roche	3.5
Prudential	3.1
Aberforth Smaller Companies Trust	2.8
National Grid	2.8
Cobham	2.7
ENI	2.6
Close Brothers	2.5
BP	2.5
Compass	2.4
Sage	2.1
Vodafone	2.1
Total	65.7
Total number of investments	45

Sector allocation as at 30 September 2014

	%
Financials	21.7
Consumer Goods	14.4
Oil & Gas	12.1
Healthcare	12.0
Industrials	8.7
Consumer Services	8.4
Utilities	8.3
Telecommunications	6.1
Basic Materials	4.7
Technology	2.1
Cash	1.5
Total	100.0

General description of Company's financial position and performance as at 30 September 2014

Ongoing charges (A) Premium/(Discount) Yield	0.8% (1.9)% 4.1%
Net gearing (B)	7.4%
Gross Assets (£m)	568.0
Short term borrowings (£m)	45.0
Cash (£m)	6.2

(A)        Expressed as a percentage of average daily net assets for the year ended 30 June 2014, and rounded upwards to one decimal place.

(B)        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
	30/09/14
Share Price	754.0p	(1.2)	(1.9)	0.6	3.6	47.5	82.2
NAV (C)	768.9p	(2.4)	(3.2)	0.5	6.4	50.2	74.4
FTSE All-Share		(2.8)	(1.0)	1.2	6.1	47.9	59.2
FTSE 350 Higher Yield		(3.6)	(1.6)	1.5	6.8	44.7	55.5

Discrete annual performance (%)

Year ending:	30/09/14	30/09/13	30/09/12	30/09/11	30/09/10
Share Price	3.6	18.8	19.8	4.9	17.8
NAV (C)	6.4	19.5	18.1	0.9	15.0
FTSE All-Share	6.1	18.9	17.3	(4.4)	12.5
FTSE 350 Higher Yield	6.8	16.8	16.1	2.1	5.2

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 fair value.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar.

(C)        Including current year revenue.

Other than as set out above, no significant events or transactions have occurred between 30 September 2014 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 2014

 

END

 

 

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