Interim Management Statement

RNS Number : 5393N

Troy Income & Growth Trust Plc

28 July 2014

 



Troy Income & Growth Trust plc

Interim Management Statement - 3 months to 30 June 2014

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 April 2014 to 30 June 2014, 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 April 2014 a second interim dividend for the year ending 30 September 2014 of 0.55p per share to shareholders on the register at close of business on 4 April 2014. The Company paid on 25 July 2014 a third interim dividend for the year ending 30 September 2014 of 0.55p per share to shareholders on the register at the close of business on 4 July 2014.  The Board intends to consider the final dividend before the financial year end and barring unforeseen circumstances it will at least be at the rate of 0.55p per share.

On 29 April 2014, Mr R White was appointed a non-executive director of the Company.

On 22 July 2014, in order to conform to the European Union's Alternative Investment Fund Managers Directive ("AIFMD"), the Board appointed Personal Assets Trust Administration Company Ltd as the Company's Alternative Investment Fund Manager ("AIFM").  On the same date the AIFM delegated the portfolio management activities relating to the Company back to Troy Asset Management Ltd ("Troy") and Troy will continue to provide portfolio management services as before. The delegation agreement between the Company, the AIFM and Troy is on the same commercial terms as the previous agreement between the Company and Troy.  The Company also appointed J.P. Morgan Europe Ltd as its depositary and JPMorgan Chase Bank NA as its custodian in replacement of HSBC Bank plc.

During the period from 1 April 2014 to the date of this announcement (28 July 2014) the Company bought back 2,000,000 ordinary shares into treasury and issued 5,200,000 ordinary shares from treasury. The current issued share capital (excluding treasury shares) is 236,448,445.

Ten largest equity holdings at 30 June 2014

	% of net assets
Unilever	4.0
GlaxoSmithKline	3.8
Royal Dutch Shell "B"	3.8
Reynolds American	3.7
British American Tobacco	3.4
BP	3.3
Pennon Group	3.2
AstraZeneca	3.1
HSBC Holdings	3.1
Centrica	3.1
Total	34.5
Total number of investments	42

Sector allocation as at 30 June 2014

	%
Financials	25.9
Consumer Goods*	22.0
Utilities	15.0
Consumer Services	9.9
Oil & Gas	9.4
Health Care	7.1
Telecommunications†	4.8
Technology	2.6
Industrials	2.3
Basic Materials•	1.0
Total	100.0

* includes 8.1% in overseas equities

† includes 1.4% in overseas equities

• includes 1.0% in overseas equities

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

	£'000
Equities	148,046
Other Current Assets	4,251
NET ASSETS	152,297

Cumulative performance (%)

	as at	3 months	6 months	1 year
	30/06/2014
Share Price	65.25p	2.8	6.2	12.2
NAV*	64.38p	3.4	4.3	13.4
FTSE All-Share		2.2	1.6	13.1

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 30 June 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.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

28 July 2014

 

END

 

 

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