Interim Results

Rights and Issues Inv Trust PLC 11 August 2005 CHAIRMAN'S STATEMENT The UK equity markets enjoyed solid progress in the latest six months with the FTSE All-Share Index increasing by 6.2%. The Trust's portfolio performed similarly with the net asset value of the capital shares rising by 6.8% to 2715.4p. The interim dividend has been increased to 12.5p per income share and the Board expects, barring unforeseen circumstances, to pay a final dividend of not less than 26p per income share. These interim accounts have been prepared under International Accounting Standards for the first time. This has entailed certain adjustments to previously released information and further details may be found in the accompanying notes. These changes have involved considerable effort but seem unlikely to add to the sum of human understanding. Simon Knott Chairman CONSOLIDATED INTERIM BALANCE SHEET As at 30th June 2005 30th June 30th June 31st Dec 2005 2004 2004 (as restated) (as restated) £ £ £ Assets Goodwill 65,191 65,191 65,191 Investments 51,582,474 45,125,766 49,446,465 ---------- ---------- --------- Total non-current assets 51,647,665 45,190,957 49,511,656 ---------- ---------- --------- Trading investments 213,622 166,706 212,284 Trade and other receivables 303,561 431,418 356,282 Cash and cash equivalents 10,407,472 5,308,765 8,141,900 ---------- ---------- --------- Total current assets 10,924,655 5,906,889 8,710,466 ---------- ---------- --------- ---------- ---------- --------- Total assets 62,572,320 51,097,846 58,222,122 ========== ========== ========= Equity Called up share capital 1,225,000 1,225,000 1,225,000 Share premium account 225,326 225,326 225,326 Retained reserves: Capital reserve 40,037,735 30,530,098 33,665,251 Revaluation reserve 18,497,163 17,015,388 21,084,284 Dividend equalisation reserve 1,764,283 1,460,943 1,728,420 ---------- ---------- --------- Total equity attributable to equity 61,749,507 50,456,755 57,928,281 holders of the parent ---------- ---------- --------- Current liabilities Trade and other payables 719,468 586,590 222,261 Current tax payable 103,345 54,501 71,580 ---------- ---------- --------- Total liabilities 822,813 641,091 293,841 ---------- ---------- --------- ---------- ---------- --------- Total equities and liabilities 62,572,320 51,097,846 58,222,122 ========== ========== ========= Net asset value per share Income shares 691.7p 568.1p 651.5p Capital shares 2715.4p 2212.2p 2542.8p ========== ========== ========= CONSOLIDATED INTERIM INCOME STATEMENT For the six months ended 30th June 2005 Six months ended 30th June 2005 Revenue Capital Total £ £ £ Dividend income 938,592 938,592 Interest income 164,714 164,714 Gains/(losses) on investments 72,939 3,785,362 3,858,301 Other income 240,716 240,716 --------- --------- ---------- Net investment income 1,416,961 3,785,362 5,202,323 Investment management fee 0 0 0 Other expenses 211,522 211,522 --------- --------- ---------- Net income before tax 1,205,439 3,785,362 4,990,801 Income tax 59,346 59,346 --------- --------- ---------- Net income attributable to equity holders 1,146,093 3,785,362 4,931,455 of the parent ========= ========= ========== The total column relates to the group's income statement Return per income share (p) 26.8 38.5 65.3 Return per capital share (p) 29.4 173.1 202.5 ========= ========= ========== CONSOLIDATED INTERIM INCOME STATEMENT For the six months ended 30th June 2005 Six months ended 30th June 2004 (as restated) Revenue Capital Total £ £ £ Dividend income 887,165 887,165 Interest income 82,454 82,454 Gains/(losses) on investments 37,695 970,582 1,008,277 Other income 187,563 187,563 --------- -------- --------- Net investment income 1,194,877 970,582 2,165,459 Investment management fee 0 0 0 Other expenses 208,054 208,054 --------- -------- --------- Net income before tax 986,823 970,582 1,957,405 Income tax 31,670 31,670 --------- -------- --------- Net income attributable to equity holders 955,153 970,582 1,925,735 of the parent ========= ======== ========= The total column relates to the group's income statement Return per income share (p) 21.5 9.9 31.4 Return per capital share (p) 25.6 44.4 70.0 ========= ======== ========= CONSOLIDATED INTERIM INCOME STATEMENT For the six months ended 30th June 2005 Year ended 31st December 2004 (as restated) Revenue Capital Total £ £ £ Dividend income 1,710,150 1,710,150 Interest income 210,190 210,190 Gains/(losses) on investments 121,359 8,174,631 8,295,990 Other income 401,754 401,754 -------- -------- -------- Net investment income 2,443,453 8,174,631 10,618,084 Investment management fee 0 0 0 Other expenses 456,082 456,082 -------- -------- --------- Net income before tax 1,987,371 8,174,631 10,162,002 Income tax 73,740 73,740 -------- -------- --------- Net income attributable to equity 1,913,631 8,174,631 10,088,262 holders of the parent ======== ======== ========= The total column relates to the group's income statement Return per income share (p) 43.2 83.1 126.3 Return per capital share (p) 51.3 373.8 425.1 ======== ======== ========= The interim dividend of 12.5p net (2004:11.5p net) per income share and amounting to £307,500 (2004: £282,900) is payable on 30th September 2005 to shareholders on the register as at 26th August 2005. The sum accruing by way of dividend to the Capital shareholders will, in view of the small sum involved be included in the final dividend. These are not full statutory accounts in terms of Section 240 of the Companies Act 1985. The full audited accounts for the year to 31st December 2004, which were unqualified, have been filed with the Registrar of Companies. The interim accounts are to be posted to shareholders and are available at the registered office of the Company, No1 Poultry, London EC2R 8JR. This information is provided by RNS The company news service from the London Stock Exchange

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