Interim Management Statement

RNS Number : 8958Y

Troy Income & Growth Trust Plc

30 January 2014

 



Troy Income & Growth Trust plc

Interim Management Statement - 3 months to 31 December 2013

To the members of Troy Income & Growth 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 2013 to 31 December 2013, 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 with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.

Benchmark

FTSE All-Share Index Total Return.

Material events

The Company paid on 25 October 2013 a fourth interim dividend for the year ending 30 September 2013 of 0.55p per share to shareholders on the register at close of business on 4 October 2013. This brought the total of dividends paid in respect of the year to 30 September 2013 to 2.125p per share. The Company announced on 20 December 2013 a first interim dividend for the year ending 30 September 2014 of 0.55p per share payable on 31 January 2014 to shareholders on the register at close of business on 3 January 2014.

The Company held its Annual General Meeting (AGM) on 23 January 2014 at which all resolutions were duly passed.  Mr R Hanna retired as a Director and Chairman at the conclusion of the AGM and Mr D Warnock was appointed Company Chairman.

During the period from 1 October 2013 to the date of this announcement (30 January 2014) the Company bought back 8,179,000 ordinary shares in to treasury and issued 550,000 shares from treasury. The current issued share capital (excluding treasury shares), is 234,428,445.

Ten largest equity holdings at 31 December 2013

	% of net assets
Vodafone	4.4
Unilever	3.7
Royal Dutch Shell "B"	3.5
British American Tobacco	3.4
HSBC Holdings	3.4
GlaxoSmithKline	3.4
Astrazeneca	3.4
Reynolds American	3.3
Reckitt Benckiser Group	3.3
BP	3.3
Total	35.1
Total number of investments	43

Sector allocation as at 31 December 2013

	%
Financials	24.3
Consumer Goods*	24.0
Utilities	13.1
Consumer Services	10.2
Oil & Gas	8.8
Health Care	6.9
Telecommunications	5.7
Technology	3.2
Industrials	2.8
Basic Materials•	1.0
Total	100.0

* includes 7.9% in overseas equities

• includes 1.0% in overseas equities

General description of Company's financial position and performance as at 31 December 2013

	£'000
Equities	144,062
Other Current Assets	1,759
NET ASSETS	145,821

Cumulative performance (%)

	as at	3 months	6 months	1 year
	31/12/2013
Share Price	62.00p	4.3	5.7	16.8
NAV*	62.05p	6.3	8.7	19.7
FTSE All-Share		5.5	11.4	20.8

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: Morningstar

*Excluding current year revenue

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 December 2013 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.tigt.co.uk and the Troy Asset Management website www.taml.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 Troy Income & Growth Trust plc

Steven Cowie, Secretary

30 January 2014

 

END

 

 

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