Interim Management Statement

RNS Number : 5321J

Edinburgh New Income Trust plc

31 March 2010

 



Edinburgh New Income Trust plc

Interim Management Statement - 3 months to 28 February 2010

To the members of Edinburgh New 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 December 2009 to 28 February 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 and policy

To provide ordinary shareholders with an attractive level of income, together with the potential for capital and income growth and to provide ZDP shareholders with a pre-determined capital entitlement on 31 May 2011 of 141.85p.   

The Company will invest mainly in UK quoted equities selected primarily for their potential, in the opinion of the Investment Manager, to provide an attractive dividend yield and capital appreciation.

At the total assets level, gearing has been kept under control by maintaining a cash buffer together with a corporate bond portfolio to generate additional income.

Benchmark

The Company does not have a benchmark, but the portfolio is largely drawn from large, mid and small cap components of the FTSE All-Share Index.

Material transactions

A second interim dividend of 1.3p per ordinary share was paid to shareholders on 19 February 2010.   The Directors declared a 3^rd interim dividend of 1.3p per ordinary share on 31 March 2010, payable on 7 May 2010.

Ten largest equity holdings at 28 February 2010

	%
British American Tobacco	4.5
HSBC	3.7
Astrazeneca	3.4
Centrica	3.1
BP	3.1
Royal Dutch Shell 'B'	3.1
Vodafone	3.0
National Grid	2.4
BHP Billiton	2.1
Glaxosmithkline	2.0
Total	30.4

Sector allocation as at 28 February 2010

	%
Fixed Interest	26.5
Financials	15.0
Consumer Goods	9.4
Oil & Gas	8.2
Utilities	7.2
Industrials	6.4
Consumer Services	5.9
Health Care	5.4
Basic Materials	4.5
Telecommunication Services	3.0
Cash	8.5
Total	100.0

General description of Company's financial position and performance as at 28 February 2010

	£m
Ordinary shareholder funds¹	11.7
ZDP shareholder funds	20.0
Gross assets¹	31.7
(¹ Excluding current year revenue)
Actual gearing (equities/ordinary shareholders funds)	175%

Cumulative performance (%)*

	As at 28 February 2010	3 months	6 months	1 year	3 years
Share Price Ordinary	55.0	4.3	19.1	67.8	-43.8
Share Price ZDP	135.0	0.9	3.8	12.0	16.9
NAV Ordinary	56.8	9.9	21.9	105.9	-45.5
NAV ZDP	131.9	1.4	2.9	6.0	19.1
FTSE All-Share		4.0	10.1	47.3	-3.9

Discrete performance (%)*

Year ending	28/2/10	29/2/09	28/2/08	28/02/2007
Share Price Ordinary	67.8	-54.4	-26.5	20.8
Share Price ZDP	12.0	0.2	4.1	8.2
NAV Ordinary	105.9	-66.0	-22.2	18.7
NAV ZDP	6.0	6.0	6.0	6.0
FTSE All-Share	47.3	-33.0	-2.7	11.6

Total Return; NAV to NAV, Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limted, Factset and Morningstar
NAV returns based on NAVs excluding income and with debt valued at par

The Board is not aware of any significant events or transactions which have occurred between 28 February 2010 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company.

The Company's NAVs are published daily and are available on the Company's website, www.edinburghnewincome.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 Edinburgh New Income Trust plc

Aberdeen Asset Managers Limited, Secretary

31 March 2010

 

END

 

 

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