Interim Management Statement

RNS Number : 2252N

Shires Income PLC

24 July 2014

 



Shires Income PLC

Interim Management Statement - 3 months ended 30 June 2014

To the members of Shires Income 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 for shareholders a high level of income, together with growth of both income and capital from a portfolio substantially invested in UK equities. 

Benchmark

FTSE All-Share Index Total Return

Material events

The Company released its Annual Financial Report on 28 June 2014 and posted its Annual Report to shareholders shortly thereafter.

On 31 July 2014, the Company will pay a final dividend of 3.00p per share for the year ended 31 March 2014 to shareholders on the register on 4 July 2014.

Ten largest equity holdings at 30 June 2014

	% of portfolio
Aberdeen Smaller Companies High Income Trust	6.8
Royal Dutch Shell 'A'	4.0
AstraZeneca	3.3
British American Tobacco	3.2
Centrica	3.0
GlaxoSmithKline	2.9
Unilever	2.9
Prudential	2.8
HSBC	2.8
BHP Billiton	2.8
Total	34.5

Sector allocation as at 30 June 2014

	%
Financials *	47.7
Industrials	8.8
Consumer Goods	8.6
Consumer Services	7.8
Oil & Gas	7.6
Health Care	6.4
Utilities	5.1
Telecommunications	3.1
Basic Materials	3.1
Technology	1.8
Total	100.0

* - includes fixed interest and Aberdeen Smaller Companies High Income Trust PLC

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

	£'000
Equities	65,670
Fixed Income (inc Cnv's)	24,721
Total Investments	90,391
Cash	4,557
Other Net Assets	(37)
Debt	(18,500)
Net Assets	76,411
Equity Gearing*	(14.1)%
Total Net Gearing**	18.2%

*Expressed as a percentage of total equities held divided by Shareholders' funds.

**Expressed as a percentage of gross assets divided by Shareholders' funds.

Cumulative performance (%)*

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/06/2014
Share Price	256.5p	-0.2	2.9	8.1	22.1	55.5	165.5
NAVA	254.7p	-0.9	3.8	5.2	19.4	51.4	156.8
FTSE All-Share		-1.3	2.2	1.6	13.1	29.2	96.7

Discrete performance (%)*

	30/06/2014	30/06/2013	30/06/2012	30/06/2011	30/06/2010
Share Price	22.1	23.1	3.4	20.0	42.3
NAVA	19.4	25.2	1.3	26.1	34.4
FTSE All-Share	13.1	17.9	-3.1	25.6	21.1

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

^AIncluding current year revenue.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar

AGM

The AGM of the Company was held on 3 July 2014. All twelve proposed resolutions were passed by the shareholders.

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 latest performance information, please refer to the Company's website, www.shiresincome.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 Shires Income PLC

Aberdeen Asset Management PLC, Secretary

24 July 2014

 

END

 

 

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