Interim Management Statement

RNS Number : 5379W

Troy Income & Growth Trust Plc

28 January 2013

 



Troy Income & Growth Trust plc

Interim Management Statement - 3 months to 31 December 2012

To the members of Troy Income & Growth 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 October 2012 to 31 December 2012, 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 shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.

Benchmark

FTSE All-Share Index Total Return.

Material events

From 1 October 2012 the management fee agreement with Troy Asset Management was amended so that the investment management fee will be paid at an annual rate of 0.75% of the Company's net assets up to £175 million and at an annual rate of 0.65% of the Company's net assets at or above £175 million. The fee will still be calculated monthly and paid quarterly,

The Company paid on 26 October 2012 a fifth interim dividend for the year ending 30 September 2012 of 0.125p per share to shareholders on the register at close of business on 5 October 2012. This brought the total of dividends paid in respect of the year to 30 September 2012 to 2.025p per share. The Company paid on 25 January 2013 a first interim dividend for the year ending 30 September 2013 of 0.525p per share to shareholders on the register at close of business on 4 January 2013.

The Company held its Annual General Meeting (AGM) on 18 January 2013 at which all resolutions were duly passed.  Ian Boyd retired as a director at the conclusion of the AGM and Jann Brown was subsequently appointed a Director and Chairman of the Audit Committee.

During the period from 1 October 2012 to the date of this announcement (28 January 2013) the Company issued 6,730,000 ordinary shares. The current issued share capital is 232,414,445. There are no shares held in treasury.

Ten largest equity holdings at 31 December 2012

	% of net assets
Royal Dutch Shell "B"	3.9
HSBC Holdings	3.9
British American Tobacco	3.8
Diageo	3.5
Centrica	3.3
GlaxoSmithKline	3.3
BP	3.3
Reckitt Benckiser Group	3.1
Unilever	3.0
Vodafone	2.8
Total	33.9
Total number of investments	45

Sector allocation as at 31 December 2012

	%
Consumer Goods*	27.1
Financials	25.3
Utilities	12.0
Oil & Gas	9.7
Health Care	6.2
Consumer Services	4.8
Technology†	4.5
Telecommunications	4.3
Industrials	3.6
Basic Materials•	2.5
Total	100.0

* includes 7.7% in overseas equities

† includes 1.9% in overseas equities

• includes 2.5% in overseas equities

General description of Company's financial position and performance as at 31 December 2012

	£'000
Equities	114,320
Fixed Income	1,584
	115,904
Other Current Assets	10,831
NET ASSETS	126,735

Cumulative performance (%)

	as at	3 months	6 months	1 year
	31/12/2012
Share Price	55.50p	-0.7	2.1	9.2
NAV*	54.43p	-0.9	3.2	8.5
FTSE All-Share		3.8	8.7	12.3

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.

Source: Datastream

*Excluding current year revenue

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 December 2012 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.tigt.co.uk and the Troy Asset Management website www.taml.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 Troy Income & Growth Trust plc

Steven Cowie, Secretary

28 January 2013

 

END

 

 

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