Interim Management Statement

RNS Number : 6383M

Glasgow Income Trust PLC

02 February 2009

 



Glasgow Income Trust plc

Interim Management Statement - 3 months to 31 December 2008

To the members of Glasgow 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 October 2008 to 31 December 2008, 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 shareholders achieve a high level of income and to obtain growth in both income and capital over the longer term. 

Benchmark

FTSE All-Share Index Total Return

Material events 

The Company held its Annual General Meeting on 19 December 2008 at which all resolutions were duly passed including a vote on the continuation of the Company. There were no other material events arising up to the 31 December 2008.

Ten largest equity holdings at 31 December 2008

	% of net assets
Centrica	2.6
BP	2.5
Diageo	2.4
Prudential	2.3
HSBC	2.3
BT	2.2
Provident Financial	2.2
National Grid	2.1
Tesco	2.1
AstraZeneca	2.0
Total	22.8
Total number of investments	78

Sector allocation as at 31 December 2008

	%
Financials	26.3
Consumer Services	19.2
Utilities	14.3
Consumer Goods	9.5
Industrials	9.1
Oil & Gas	9.0
Telecommunications	6.8
Health Care	4.6
Basic Materials	1.2
Total	100.0

General description of Company's financial position and performance as at 31 December 2008

	£m
Equities	49.5
Fixed Income	26.5
Total Investments	76.0
Other Current assets	33.1
Zero Coupon Finance	(60.3)
NET ASSETS	48.8
Equity Gearing	1.3%
Total Gearing	55.6%

Cumulative performance (%)*

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/12/2008
Share Price	32.0p	6.7	-37.4	-44.1	-54.4	-55.5	-32.1
NAV*	39.2p	2.7	-24.7	-37.8	-51.4	-44.1	-10.2
FTSE All-Share		3.7	-10.2	-21.1	-29.9	-13.8	18.6

Discrete performance (%)*

	31/12/08	31/12/07	31/12/06	31/12/05	31/12/04
Share Price	-54.4	-25.5	30.8	23.2	24.0
NAV	-51.4	-10.0	27.9	27.1	26.3
FTSE All-Share	-29.9	5.3	16.8	22.0	12.8

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.

Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data

*Excluding current year revenue

The Company has bought back 528,985 shares into treasury up to the date of this statement. The current issued share capital (excluding treasury shares) is 121,413,532. 

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 December 2008 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.glasgowincometrust.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 Glasgow Income Trust plc

Aberdeen Asset Management PLC, Secretary

2 February 2009

 

END

 

 

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