Half-year Report

RNS Number : 3376M

Troy Income & Growth Trust Plc

11 May 2020

 

TROY INCOME & GROWTH TRUST PLC

LEI: 213800HLNMQ1R6VBLU75

INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 2020

The investment objective of Troy Income & Growth Trust is 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.

Financial Highlights
	31 March 2020	30 September 2019	Change
Equity shareholders' funds	£229,108,000	£245,461,000	-6.7%
Net asset value per share	68.62p	83.50p	-17.8%
Share price (mid-market)	71.00p	84.40p	-15.9%
Premium to net asset value	3.5%	1.1%

Total Return* (for the periods to 31 March 2020)
	Six Months	One Year	Three Years	Five Years	Ten Years
Share price	-14.5%	-7.1%	-1.4%	+19.1%	+109.9%
Net asset value per share	-16.0%	-9.1%	-2.9%	+18.0%	+103.4%
FTSE All-Share Index	-22.0%	-18.5%	-12.2%	+2.9%	+53.6%
* Total return includes reinvesting the net dividend in the month that the share price goes ex-dividend.

INTERIM BOARD REPORT AS AT 31 MARCH 2020

Performance

The Company delivered a Net Asset Value (NAV) total return of -16.0% over the six months to 31 March 2020 while over the same period the share price total return was -14.5%. Also, over the same period the FTSE All-Share Index produced a total return of -22.0%. The sharp falls in markets in February and March were caused by the COVID-19 pandemic as the economic implications of a near global shutdown were added to the already devastating social consequences of the virus. Over the twelve months to 31 March 2020 the NAV total return of -9.1% and share price total return of -7.1% were ahead of the FTSE All-Share Index which returned -18.5%. Despite the negative returns the resilience of the Company's portfolio was aided by both good stock selection and the absence of any gearing.

The Board remains predominantly interested in long-term performance and over the three years to 31 March 2020 the NAV total return of -2.9% compares favourably with -12.2% for the FTSE All-Share Index, albeit in negative territory. Over five years the Company's NAV total return of +18.0% outstripped the total return of +2.9% for the FTSE All-Share Index.

The Company paid a quarterly rate of 0.695p for the first and second interim dividends, an unchanged quarterly rate over the previous year's fourth interim dividend, which typically has set the quarterly dividend rate for the following year. The Board's outlook for future dividends is expanded on later in this Report.

Background

For the first four months of the period under review the UK equity market made limited progress in any direction. The Conservative victory in the first December General Election since 1923 provided a clear end to the tortuous Brexit debate and much needed certainty to business, but in January market confidence began to ebb again as earnings expectations began to come under pressure.

The first concerns about the possible spread of COVID-19 beyond China became public in late January and once rapid transmission to Europe and North America became apparent this precipitated the most rapid collapse in markets since 1929. The UK equity market fell by over 30% from mid-February before rallying somewhat in late March to end the quarter down 25%.

The move from a localised epidemic to a global pandemic, requiring what amounts to a global economic lockdown, has taken place with breathtaking speed. The huge stimulus packages announced by multiple governments and central banks reflect the devastating impact of the lockdown on businesses of all sizes. In the UK, the impact of the Chancellor's multi-faceted bailout will have a major impact on the public finances for years to come. Many listed UK companies who have received support such as business rates relief, government-funded furloughing of employees or preferential loans have chosen to suspend or cut their dividends, meaning that dividend income from the UK equity market in 2020 is forecast to be somewhere between one third and a half below that of 2019.

For many companies in the consumer service and retail sectors revenues will be down by over 90% during the lockdown, so whatever government support is available, a strong balance sheet has been the best protection. The Company's portfolio has a natural bias towards well-financed companies and that has provided resilience in the early part of the crisis, but the Managers are fully aware that even well-financed companies will come under significant pressure if the lockdown extends into the summer. Equity issuance in the form of placings and rights issues may become more widespread in those circumstances.

The outlook is therefore exceptionally uncertain. Until COVID-19 infection rates start to abate and governments can be clearer about their plans to restart their economies, the equity market is likely to remain volatile. The Managers do expect that from mid-May there should be the opportunity in the UK to begin this process and it will be possible for the UK government to have learnt from the experiences of other countries which are further along the pandemic curve.

Discount Control Mechanism ('DCM')

The DCM was active during the period with the Company issuing 26.25m shares at a small premium to NAV. No shares were repurchased during the period under review. All transactions are NAV enhancing and provide additional liquidity to Shareholders. The DCM also reduces discount volatility which remains much lower than for the peer group as a whole. 

The Company issued a prospectus in October 2019 partly in respect of a merger with Cameron Investors Trust plc. The merger took place in November 2019 and the Company issued 13.65m shares to shareholders of Cameron.

Gearing

The £20 million gearing facility with ING was renewed in April 2019 for a further two years. The facility was not utilised during the period and indeed gearing has not been employed at any time since Troy became Manager in 2009. This reflects Troy's conservative investment style as well as a desire to keep the volatility of returns relatively low. However, the current situation may yet present the sort of unprecedented risk/reward scenario in which both the Board and the Managers would hope to use the Company's gearing facility.

Dividends

The current quarterly dividend rate is 0.695p and the second quarterly dividend was paid on 24 April 2020. As mentioned earlier many listed companies have suspended or cut their dividends and so the outlook is particularly unclear. The Board appreciates Shareholders' wish for visibility and certainty on future dividends but given the current unprecedented situation, it is simply not possible to provide either at this time. As disclosed in the Annual Report, the Managers have been transitioning the portfolio away from higher yield but low-growth, to lower yielding and higher growth investments, with the result that the Company's reserves would have been used to support this year's dividends. This portfolio transition has already benefited performance and it is vital that the portfolio's quality is not compromised in order to produce a particular dividend outcome. The appropriate dividend distribution to Shareholders should be the natural result of a portfolio structured by the Managers to produce the best possible risk adjusted total return, an important element of which should be a growing dividend.

The Board and Managers believe it will be some time before economic conditions allow the current fog surrounding many listed companies' dividends to clear. During this highly uncertain time, it is the Board's intention to maintain the current quarterly dividend rate of 0.695p for this financial year (i.e. the third and fourth interim dividends will, in the absence of unforeseen circumstances, each be 0.695p). However, partly because of the portfolio repositioning but mostly due to the probable results of the present economic disruption, it is almost certain that the Board will reduce the dividend to a sustainable level from which its growth can resume. This is likely to be with effect from the beginning of the next financial year but that will depend on the outlook at that time. Meantime, the Company's significant distributable reserves will be used, in the absence of unforeseen circumstances, to maintain the dividend at its current quarterly rate.

Outlook

It is unlikely that the speed at which the global economy has entered this crisis will be mirrored by the rate of recovery. Governments will be keen to avoid allowing a second wave of the pandemic to take off if restrictions are removed too quickly. So much uncertainty still exists with regard to the nature of the virus and its behaviour, and with the prospect of a vaccine in any volume being available for at least twelve months it would be imprudent to expect a return to pre-COVID-19 normality any time soon. The economic damage will be extensive and the impact on listed companies and their ability to pay dividends will be widespread - only time will tell whether these cuts will be temporary or permanent.

In such a volatile environment, the Company's cautious but concentrated investment approach has thus far mitigated the worst effects of the crisis. The Managers are making changes which will further increase the quality and resilience of the portfolio and generate the longer term, sustainable income growth which will drive future total returns.

David Warnock

Chairman

7 May 2020

Principal Risks and Uncertainties

The principal risks facing the Company relate to the Company's investment activities and include performance and market risk, resource risk and operational risk. Other risks faced by the Company include breach of regulatory rules which could lead to suspension of the Company's Stock Exchange Listing, financial penalties, or a qualified audit report. Breach of Section 1159 of the Corporation Tax Act 2010 could lead to the Company being subject to tax on capital gains.

An explanation of these principal risks and how they are managed is contained in the Strategic Report within the Annual Report and Accounts for the year ended 30 September 2019.

The Company's principal risks and uncertainties have not changed since the date of the Annual Report with the exception of the current unprecedented situation surrounding the COVID-19 pandemic. The Board notes that there are a number of contingent risks stemming from the pandemic that may impact the Company. These include investment risks surrounding the companies in the portfolio such as reduced demand, reduced turnover and supply chain breakdowns. The Managers will continue to review carefully the composition of the Company's portfolio. Operationally, COVID-19 is also affecting the suppliers of services to the Company including the Managers and other key third parties. To date these services have continued to be supplied as normal and the Board will continue to monitor the arrangements.

Going Concern

In assessing the Company's ability to continue as a going concern, the Directors have considered the Company's investment objective, the nature and liquidity of the portfolio, current liabilities, expenditure forecasts and the principle risks of the Company. Based on their assessment, and as the assets of the Company consist mainly of securities which are readily realisable, the Directors believe the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.

Directors' Responsibility Statement

The Directors are responsible for preparing the half yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

-  the condensed set of interim financial statements contained within the half yearly financial report have been prepared in accordance with International Accounting Standard 34; and

-  the Interim Board Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the financial year and description of principal risks and uncertainties for the remaining six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FCA's Disclosure Guidance and Transparency Rules.

The half yearly financial report for the six months to 31 March 2020 comprises the Interim Board Report, the Directors' Responsibility Statement and a condensed set of financial statements.

For and on behalf of the Board

David Warnock

Chairman

7 May 2020

STATEMENT OF COMPREHENSIVE INCOME
		Six months ended 31 March 2020 (unaudited)			Six months ended 31 March 2019 (unaudited)
		Revenue	Capital	Total	Revenue	Capital	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Loss on investments held at fair value
		-	(47,352)	(47,352)	-	(194)	(194)
Currency losses		-	(5)	(5)	-	-	-
Income	2	3,944	-	3,944	3,694	-	3,694
Investment management
fees		(288)	(534)	(822)	(258)	(479)	(737)
Other administrative
expenses		(275)	-	(275)	(250)	-	(250)
Finance costs of borrowing		(9)	(16)	(25)	(9)	(16)	(25)
		_______	______	_______	_______	______	_______
Profit/(loss) before taxation		3,372	(47,907)	(44,535)	3,177	(689)	2,488
Taxation	3	(49)	-	(49)	(41)	-	(41)
		_______	______	_______	_______	______	_______
Profit/(loss) for the period		3,323	(47,907)	(44,584)	3,136	(689)	2,447
		_______	______	_______	_______	______	_______
Earnings per Ordinary
share (pence)	5	1.04	(15.02)	(13.98)	1.11	(0.24)	0.87
		_______	______	_______	_______	______	_______

The "Profit for the period" is also the Total Comprehensive Income for the period as defined in IAS1 (revised). The total columns of this statement represent the Statement of Comprehensive Income prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. No operations were acquired or discontinued during the period.

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)		Year ended 30 September 2019 (audited)
		Revenue	Capital	Total
	Notes	£'000	£'000	£'000
Profits on investments held at fair value		-	14,100	14,100
Currency losses		-	(2)	(2)
Income	2	8,948	-	8,948
Investment management fees		(526)	(977)	(1,503)
Other administrative expenses		(500)	-	(500)
Finance costs of borrowing		(26)	(47)	(73)
		______	_______	______
Profit before taxation		7,896	13,074	20,970
Taxation	3	(149)	-	(149)
		______	_______	______
Profit for the period		7,747	13,074	20,821
		______	_______	______
Earnings per Ordinary share (pence)	5	2.70	4.56	7.26
		______	_______	______

STATEMENT OF FINANCIAL POSITION
		As at 31 March 2020 (unaudited) £'000	As at 31 March 2019 (unaudited) £'000	As at 30 September 2019 (audited) £'000
	Notes
Non-current assets
Ordinary shares		220,971	216,596	241,001
		______	______	______
Investments held at fair value through profit or loss		220,971	216,596	241,001
		______	______	______
Current assets
Accrued income and prepayments		753	778	810
Trade receivables		2,305	-	-
Cash and cash equivalents		9,115	8,570	4,184
		______	______	______
Total current assets		12,173	9,348	4,994
		______	______	______
Total assets		233,144	225,944	245,995
Current liabilities
Trade and other payables		(4,036)	(2,213)	(534)
		______	______	______
Total current liabilities		(4,036)	(2,213)	(534)
		______	______	______
Net assets		229,108	223,731	245,461
		______	______	______
Issued capital and reserves attributable to
equity holders
Called-up share capital	7	83,471	72,699	73,495
Share premium account		47,727	23,112	25,166
Special reserves		63,397	58,949	63,397
Capital reserve	8	29,668	63,812	77,575
Revenue reserve		4,845	5,159	5,828
		______	______	______
Equity shareholders' funds		229,108	223,731	245,461
		______	______	______
Net asset value per Ordinary share (pence)	5	68.62	78.51	83.50
		______	______	______

STATEMENT OF CHANGES IN EQUITY
Six months ended 31 March 2020 (unaudited)		Share
	Share	premium	Special	Capital	Revenue
	capital	account	reserves	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2019	73,495	25,166	63,397	77,575	5,828	245,461
(Loss)/profit and total comprehensive income for the period	-	-	-	(47,907)	3,323	(44,584)
Equity dividends	-	-	-	-	(4,306)	(4,306)
New shares issued	9,976	22,643				32,619
Discount control costs	-	(82)	-	-	-	(82)
	______	_______	______	______	_______	______
Balance at 31 March 2020	83,471	47,727	63,397	29,668	4,845	229,108
	______	_______	______	______	_______	______
Six months ended 31 March 2019 (unaudited)		Share
	Share	premium	Special	Capital	Revenue
	capital	account	reserves	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2018	72,699	23,124	57,831	64,501	5,903	224,058
(Loss)/profit and total comprehensive income for the period	-	-	-	(689)	3,136	2,447
Equity dividends	-	-	-	-	(3,880)	(3,880)
Shares bought back into treasury	-	-	(781)	-	-	(781)
Shares issued from treasury	-	5	1,899	-	-	1,904
Discount control costs	-	(17)	-	-	-	(17)
	______	_______	______	______	_______	______
Balance at 31 March 2019	72,699	23,112	58,949	63,812	5,159	223,731
	______	_______	______	______	_______	______
Year ended 30 September 2019 (audited)		Share
	Share	premium	Special	Capital	Revenue
	capital	account	reserves	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2018	72,699	23,124	57,831	64,501	5,903	224,058
Profit and total comprehensive income for the year	-	-	-	13,074	7,747	20,821
Equity dividends	-	-	-	-	(7,822)	(7,822)
Shares bought back into treasury	-	-	(893)	-	-	(893)
Shares issued from treasury	-	240	6,459	-	-	6,699
New shares issued	796	1,835	-	-	-	2,631
Discount control costs	-	(33)	-	-	-	(33)
	______	______	______	______	______	______
Balance at 30 September 2019	73,495	25,166	63,397	77,575	5,828	245,461
	______	_______	______	______	_______	______

CASH FLOW STATEMENT
	Six months ended 31 March 2020 (unaudited) £'000	Six months ended 31 March 2019 (unaudited) £'000		Year ended 30 September 2019 (audited) £'000
Cash flows from operating activities
Investment income received	3,975	3,552		8,764
Administrative expenses paid	(1,116)	(1,060)		(1,989)
	______	______		______
Cash generated from operations	2,859	2,492		6,775
Finance costs paid	(25)	(25)		(73)
Taxation	(1)	(41)		(149)
	______	______		______
Net cash inflows from operating activities	2,833	2,426		6,553
	______	______		______
Cash flows from investing activities
Purchases of investments	(41,821)	(11,106)		(37,439)
Sales of investments	26,843	9,815		24,281
	______	______		______
Net cash outflow from investing activities	(14,978)	(1,291)		(13,158)
	______	______		______
Net cash (outflow)/inflow before financing	(12,145)	1,135		(6,605)
	______	______		______
Financing activities
Proceeds of issue of shares	21,469	1,904		9,331
Cost of share buybacks	-	(915)		(1,028)
Dividends paid	(4,306)	(3,880)		(7,822)
Costs incurred on issue of new shares	(82)	(17)		(33)
	______	______		______
Net cash inflow/(outflow) from financing activities	17,081	(2,908)		448
	______	______		______
Net increase/(decrease) in cash and short term deposits	4,936	(1,773)		(6,157)
Cash and short term deposits at the start of the period	4,184	10,343		10,343
Effect of foreign exchange rate changes	(5)	-		(2)
	______	______		______
Cash and short term deposits at the end of the period	9,115	8,570		4,184
	______	______		______
Reconciliation of operating profit to operating cash flows
(Loss)/profit before taxation	(44,535)	2,488		20,970
Add interest payable	25	25		73
Adjustments for:
Loss/(gains) on investments	47,352	194		(14,100)
Currency losses	5	-		2
Decrease/(increase) in accrued income and prepayments	11	(135)		(168)
Increase/(decrease) in trade and other payables	1	(80)		(2)
	______	______		______
Cash generated from operations	2,859	2,492		6,775
	______	______		______

Distribution of Assets and Liabilities
	Valuation at 30 September 2019					Valuation at 31 March 2020
			Purchases	Sales	Appreciation/ (depreciation)
	£'000	%	£'000	£'000	£'000	£'000	%
Listed investments
Ordinary shares	241,001	98.2	59,123	(31,800)	(47,353)	220,971	96.4
Current assets	4,994	2.0				12,173	5.3
Current liabilities	(534)	(0.2)				(4,036)	(1.7)
	______	_____				______	_____
Net assets	245,461	100.0				229,108	100.0
	______	_____				______	_____
Net asset value per share	83.50p					68.62p
	______					______

NOTES TO THE ACCOUNTS
1.	Accounting policies
	(a)	Basis of accounting
		The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 - 'Interim Financial Reporting', as adopted by the International Accounting Standards Board (IASB), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (IFRIC). They have also been prepared using the same accounting policies applied for the year ended 30 September 2019 financial statements.
	(b)	Dividends payable
		Dividends are recognised on the ex-dividend date.

2.	Income	Six months ended 31 March 2020 £'000	Six months ended 31 March 2019 £'000	Year  ended 30 September 2019 £'000
	Income from listed investments
	UK dividend income	3,615	3,422	8,189
	Overseas dividend income	327	270	755
		______	______	______
		3,942	3,692	8,944
		______	______	______
	Other income from investment activity
	Deposit interest	2	2	4
		______	______	______
	Total income	3,944	3,694	8,948
		______	______	______

3.	Taxation
	The taxation charge for the period represents withholding tax suffered on overseas dividend income.

4.	The following table shows the revenue for each period less the dividends declared in respect of the financial period to which they relate.
		Six months ended 31 March 2020* £'000	Six months ended 31 March 2019+ £'000	Year  ended  30 September 2019++ £'000
	Revenue	3,323	3,136	7,747
	Dividends declared	(4,562)	(3,892)	(7,947)
		______	______	______
		(1,239)	(756)	(200)
		______	______	______
	* Dividends declared relate to the first two interim dividends (both 0.695p) declared in respect of the financial year 2019/2020.
	+ Dividends declared relate to the first two interim dividends (both 0.685p) declared in respect of the financial year 2018/2019.
	++ Dividends declared relate to the four interim dividends declared in respect of the financial year 2018/2019 totalling 2.75p.

		Six months ended 31 March 2020	Six months ended 31 March 2019	Year  ended 30 September  2019
5.	Return and net asset value per share	p	p	p
	Revenue return	1.04	1.11	2.70
	Capital return	(15.02)	(0.24)	4.56
		______	______	______
	Total return	(13.98)	0.87	7.26
		______	______	______
	The figures above are based on the following:
		£'000	£'000	£'000
	Revenue return	3,323	3,136	7,747
	Capital return	(47,907)	(689)	13,074
		______	______	______
	Total return	(44,584)	2,447	20,821
		______	______	______
	Weighted average number of Ordinary shares in issue
		318,942,183	283,525,721	286,744,223
		__________	__________	__________
	The net asset value per share is based on net assets attributable to shareholders of £229,108,000 (31 March 2019 - £223,731,000; 30 September 2019 - £245,461,000) and on 333,881,987 (31 March 2019 - 284,989,045; 30 September 2019 - 293,979,045) Ordinary shares in issue at the period end.

6.	Financial instruments
		Level 1 £'000	Level 2 £'000	Level 3 £'000	2020 Total £'000
	Financial assets at fair value through profit or loss as at 31 March 2020
	Investments	220,971	-	-	220,971
		______	______	______	______

Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments the fair value of which is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables include only data from observable markets.
Level 3 reflects financial instruments the fair value of which is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the same instrument and not based on available observable market data.
There were no transfers of investments between levels during the six months ended 31 March 2020.
The fair value of the Company's financial assets and liabilities as at 31 March 2020 was not materially different from the carrying value.

		As at 31 March 2020 (unaudited)	As at 31 March 2019 (unaudited)	As at 30 September 2019 (audited)
7.	Ordinary share capital
	Ordinary shares of 25p each	No. of shares	No. of  shares	No. of shares
	Allotted, called-up and fully paid	333,881,987	284,989,045	293,979,045
	Held in treasury	-	5,805,000	-
		____________	____________	___________
		333,881,987	290,794,045	293,979,045
		____________	____________	____________
	During the six months to 31 March 2020 the Company issued 39,902,942 new Ordinary shares for proceeds of £32,619,000. Included in this is 13,647,942 new Ordinary shares issued in respect of the merger with Cameron Investors Trust plc ('CIT'). On 18 November 2019, the effective date of the merger, the Company received assets of £13,956,000 from CIT and, following the cancellation of the Company's own investment in CIT, this resulted in an increase to the Company's net assets of £11,304,000. In the six months to 31 March 2019 no new Ordinary shares were issued and in the year ended 30 September 2019 the Company issued 3,185,000 new Ordinary shares for proceeds of £2,631,000. During the six months ended 31 March 2020 no Ordinary shares were repurchased by the Company. During the six months ended 31 March 2019 there were 1,050,000 Ordinary shares repurchased by the Company at a total cost of £781,000 and placed in treasury. During the year ended 30 September 2019 there were 1,190,000 Ordinary shares repurchased by the Company at a total cost of £893,000 and placed in treasury. During the six months ended 31 March 2020 no Ordinary shares were re-issued from treasury. During the six months ended 31 March 2019 there were 2,250,000 Ordinary shares re-issued from treasury for total proceeds of £1,904,000. During the year ended 30 September 2019 there were 8,495,000 Ordinary shares re-issued from treasury for total proceeds of £6,699,000. During the six months to 31 March 2020, the six months to 31 March 2019 and the year to 30 September 2019, no Ordinary shares were purchased for cancellation.

8.	Capital reserve
	The capital reserve shown in the Statement of Financial Position at 31 March 2020 includes gains of £18,059,000 (31 March 2019 - gains of £47,628,000; 30 September 2019 - gains of £60,217,000) which relate to the revaluation of investments held at the reporting date.

9.	Transaction costs
	During the period expenses were incurred in acquiring or disposing of investments classified as held at fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Statement of Comprehensive Income. The total costs were as follows:
				Six months ended 31 March 2020 £'000	Six months ended 31 March 2019 £'000		Year  ended 30 September 2019 £'000
	Purchases			176	63		169
	Sales			10	5		8
				______	______		______
				186	68		177
				______	______		______

10.	Publication of non-statutory accounts
	The financial information contained in this Half Yearly Financial Report does not constitute statutory accounts as defined in Sections 434-436 of the Companies Act 2006. The financial information for the six months ended 31 March 2020 and 31 March 2019 has not been audited.
	The information for the year ended 30 September 2019 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006.

11.	Approval
	This Half Yearly Financial Report was approved by the Board on 7 May 2020.

12.	This Half Yearly Financial Report will shortly be available for viewing on the Company's website (www.tigt.co.uk) and will be posted to shareholders in May 2020.

For Troy Income & Growth Trust plc PATAC Limited, Company Secretary 7 May 2020 Enquiries: 0131 538 1400

 

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