Interim Management Statement

RNS Number : 8532H

Dunedin Income Growth Inv Tst PLC

23 May 2014

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2014

To the members of Dunedin Income Growth Investment 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 February 2014 to 30 April 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 achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom.

Benchmark

FTSE All-Share Index.

Material events

There were no material events during the period under review.

Material transactions

There was no change in the issued share capital of the Company during the 3 month period ending 30 April 2014.  As at 22 May 2014 the Company's issued ordinary share capital is 151,006,187 (excluding treasury shares) and 153,677,935 (including treasury shares) ordinary shares of 25p each.  The number of ordinary shares of 25p held in treasury is 2,671,748.

The borrowings at the period end were £33.6m represented by £5.0m of the variable rate loan facility and £28.6m of the 7 7/8% Debenture Stock 2019, when valued at par. The market value of the debenture was £34.7m.

Twenty largest equity holdings at 30 April 2014

	%
Royal Dutch Shell 'A'	5.1
GlaxoSmithKline	4.9
Centrica	4.4
British American Tobacco	4.3
HSBC	4.2
Prudential	4.0
AstraZeneca	4.0
Unilever	3.9
BHP Billiton	3.4
Pearson	3.2
National Grid	3.1
BP	3.0
ENI	3.0
Cobham	2.9
Total	2.8
Close Bros	2.7
Standard Chartered	2.7
Sage Group	2.6
Zurich Insurance	2.5
Vodafone	2.4
Total	69.1

Source: Aberdeen Asset Managers Ltd

Total number of investments

41

Sector allocation as at 30 April 2014

	%
Financials	20.0
Oil & Gas	15.5
Consumer Goods	12.4
Consumer Services	11.3
Health Care	9.4
Utilities	9.4
Industrials	9.3
Telecommunication Services	5.7
Basic Materials	3.7
Technology	2.6
Cash	0.7
Total	100.0

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

	£m
Gross Assets	469.8
Short Term Borrowings	5.0
7 7/8% Debenture Stock 2019	28.6
Cash	7.7
Gearing*	5.9
Gearing with debt at market value*	7.7

Source: Aberdeen Asset Managers Ltd

*Gearing is expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders' funds.

Cumulative Performance %
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/04/2014
Share Price	259.8p	3.3	7.6	-0.5	4.8	38.7	132.6
NAVA	260.4p	3.4	9.4	3.9	10.0	35.8	127.6
FTSE All-Share		2.2	4.7	2.7	10.5	27.6	98.2

Discrete Performance %
Year ending:	30/04/2014	30/04/2013	30/04/2012	30/04/2011	30/04/2010
Share Price	4.8	32.7	-0.2	24.4	34.8
NAVA	10.0	24.4	-0.8	19.0	40.8
FTSE All-Share	10.5	17.8	-2.0	13.7	36.6

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. NAV returns based on NAVs with debt valued at fair value.

^A Including current year revenue.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar

AGM

The AGM of the Company was held on 22 May 2014. All thirteen proposed resolutions were passed by the shareholders.

Other than set out above, the Board is not aware of any significant events or transactions which have occurred between 30 April 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 latest performance information, please refer to the Company's website, www.dunedinincomegrowth.co.uk.

Please note that past performance is not necessarily a guide to the future and 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 Dunedin Income Growth Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

23 May 2014

 

END

 

 

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