Interim Management Statement

RNS Number : 3436E

Murray Income Trust PLC

09 May 2013

 



Murray Income Trust PLC

Interim Management Statement - 3 months to 31 March 2013

To the members of Murray 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 January 2013 to 31 March 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 achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.

Benchmark

FTSE All-Share Index

Material events

On 20 February 2013, the Company posted its Half-Yearly Report, for the six months to 31 December 2012, to shareholders.

A first interim dividend of 7.00p per Ordinary share was paid on 14 January 2013 to shareholders on the register at the close of business on 12 December 2012. A second interim dividend of 7.00p per Ordinary share was paid on 12 April 2013 to shareholders on the register at the close of business on 8 March 2013. A third interim dividend of 7.0p per Ordinary share will be paid on 12 July 2013 to shareholders on the register on 7 June 2013.

Material transactions

Between 1 January 2013 and the date of this announcement, the Company issued 667,000 new Ordinary shares for a total consideration of £4.9m while no Ordinary shares were sold from treasury.

There were no shares purchased during the period, or up to the date of this announcement.  As at the date of this announcement, the Company had 66,717,458 Ordinary shares in issue (excluding treasury shares) with voting rights and 451,000 shares held in treasury.

Twenty largest equity holdings at 31 March 2013

        % of net assets

GlaxoSmithKline                                                                   4.9

Centrica                                                                                 4.8

British American Tobacco                                                  4.8

Unilever                                                                                 4.8

Royal Dutch Shell                                                                4.2

Vodafone                                                                               3.9

AstraZeneca                                                                         3.7

HSBC                                                                                     3.6

Roche                                                                                     3.4

Pearson                                                                                  3.3

Tesco                                                                                     3.3

BHP Billiton                                                                          2.9

ENI                                                                                         2.8

National Grid                                                                         2.8

BP                                                                                           2.6

Prudential                                                                              2.6

Compass                                                                                2.3

Cobham                                                                                 2.3

Standard Chartered                                                              2.2

Aberforth Smaller Companies Trust                                  2.2

Total                                                                                    67.4

Total number of investments                                             44

Sector allocation as at 31 March 2013

	%
Financials	19.4
Consumer Goods	15.6
Oil & Gas	13.5
Consumer Services	13.0
Healthcare	12.0
Utilities	8.6
Industrials	7.1
Basic Materials	4.0
Telecommunications	3.9
Technology	2.1
Cash	0.8
Total	100.0

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

	£m
Gross Assets	533.1
Short term borrowings	40.0
Net gearing A	7.2%

^A Net gearing is expressed as a percentage of gross assets, (including current year revenue) less cash/cash equivalent, divided by shareholders' funds.

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/13
Share Price	745.0p	1.8	13.1	14.3	20.0	52.8	56.1
NAVB	739.0p	3.7	12.9	16.0	21.6	41.4	44.7
FTSE All-Share		1.4	10.3	14.5	16.8	28.7	38.5
FTSE 350 Higher Yield		2.9	10.9	12.9	17.4	31.8	34.3

Discrete annual performance (%)

	31/03/13	31/03/12	31/03/11	31/03/10	31/03/09
Share Price	20.0	8.0	17.9	50.7	(32.2)
NAVB	21.6	5.2	10.5	58.8	(35.6)
FTSE All-Share	16.8	1.4	8.7	52.3	(29.3)
FTSE 350 Higher Yield	17.4	5.3	6.6	42.1	(28.3)

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 par.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar.

^B Excluding current year revenue.

Other than as set out above, no significant events or transactions have occurred between 31 March 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 the latest performance information and commentary from the Investment Manager, please refer to the Company's website, www.murray-income.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.

*Neither the Company's website nor the content of any website accessible from hyperlinks on that website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Murray Income Trust PLC

Aberdeen Asset Management PLC, Secretary

8 May 2013

 

END

 

 

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