Interim Management Statement

RNS Number : 7563P

Shires Income PLC

22 July 2010

 



Shires Income PLC

Interim Management Statement - 3 months ended 30 June 2010

To the members of Shires Income 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 April 2010 to 30 June 2010, 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 provide for shareholders a high level of income, together with growth of both income and capital from a portfolio substantially invested in UK equities.

Benchmark

FTSE All-Share Index Total Return

Material events

The Company released its Annual Financial Report on 27 May 2010 and posted its Annual Report to shareholders shortly thereafter. The Chairman's Statement dated 27 May 2010 included in both reports stated inter alia that "In the year to 31 March 2011, the Board anticipates that it should be able to maintain the dividend at 12.0p per share although on current revenue estimates the distribution will need to be modestly supplemented from reserves. As shareholders will understand, this dividend prospect also depends on market conditions and a still fragile economic recovery."

On 9 July 2010, the Company held its Annual General Meeting. All resolutions were passed at the meeting.

On 30 July 2010, the Company will pay a final dividend of 3.00p per share for the year ended 31 March 2010 to shareholders on the register on 9 July 2010.

Ten largest equity holdings at 30 June 2010

		% of portfolio
Shires Smaller Companies		6.0
British American Tobacco		4.4
Centrica		3.4
Royal Dutch Shell 'B'		3.2
Vodafone		3.1
AstraZeneca		3.1
HSBC		2.9
GlaxoSmithKline		2.5
National Grid		2.2
BP		2.0
Total		32.8
Total number of investments		51

Sector allocation as at 30 June 2010

		%
Financials		50.6
Consumer Goods		9.6
Consumer Services		8.4
Industrials		7.0
Oil & Gas		6.4
Health Care		6.0
Utilities		5.9
Telecommunications		3.3
Basic Materials		2.5
Technology		0.3
Total		100.0

General description of Company's financial position and performance as at 30 June 2010

	£m
Equities	43.7
Fixed Income	21.1
Total Investments	64.8
Net Current Assets	3.3
Debt	(18.0)
Net Assets	50.1
Equity Gearing	(12.8)%
Total Gearing	29.3%

Cumulative performance (%)*

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/06/2010
Share Price	174.3p	1.9	-3.8	5.5	42.3	-24.0	-4.6
NAV	163.1p	-2.1	-8.5	-3.0	40.4	-32.3	-7.2
FTSE All-Share		-4.6	-11.8	-6.1	21.1	-16.2	18.7

Discrete performance (%)*

Year Ending	30/06/2010	30/06/2009	30/06/2008	30/06/2007	30/06/2006
Share Price	42.3	-26.3	-27.5	4.9	19.6
NAV	40.4	-30.8	-30.2	15.9	18.2
FTSE All-Share	21.1	-20.5	-13.0	18.4	19.7

Total Return; NAV to NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

NAV returns based on NAVs excluding income and with debt valued at par

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 June 2010 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.shiresincome.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.

For Shires Income PLC

Aberdeen Asset Management PLC, Secretary

22 July 2010

 

END

 

 

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