Interim Results

Value & Income Trust plc 06 November 2006 VALUE AND INCOME TRUST PLC PRELIMINARY ANNOUNCEMENT OF THE UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006 SUMMARY Six months ended Six months ended 30 September 2005 Year ended 30 September 2006 (restated) 31 March 2006 Net Asset Value per Share 240.47p 196.93p 226.93p (valuing debt at market) Net Asset Value per Share 272.72p 229.60p 260.56p (valuing debt at par) Share Price 219.50p 199.00p 227.00p Dividend per Share 3.20p 3.10p 6.40p (interim) (interim) (total) Over the half year VIT's share price fell by 3.3% but the net asset value, valuing debt at par, increased by 4.7%, while the FTSE All-Share Index remained broadly unchanged. For the first time, VIT's property portfolio has been revalued independently at the half year and it is intended that this will be repeated at 30 September and 31 March each year. An interim dividend of 3.2p has been declared payable on 5 January 2007 to those Shareholders on the register on 8 December 2006. The ex-dividend date will be 6 December 2006. Enquiries: Matthew Oakeshott or Angela Lascelles OLIM Limited, Investment Managers Tel: 0207 439 4400 / Fax: 0207 734 1445 GROUP INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006 Six months ended 30 September 2006 (Unaudited) Revenue Capital Total £'000 £'000 £'000 INVESTMENT INCOME Dividend income 2,381 - 2,381 Interest income 79 - 79 OTHER OPERATING INCOME 1,590 - 1,590 _______ _______ _______ TOTAL INCOME 4,050 - 4,050 GAINS AND LOSSES ON INVESTMENTS Realised gains on fair value investments - 4,657 4,657 Unrealised gains on investments - 1,310 1,310 _______ _______ _______ TOTAL REVENUE 4,050 5,967 10,017 _______ _______ _______ EXPENSES Investment management fees (174) (407) (581) Other operating expenses (232) - (232) FINANCE COSTS (1,751) - (1,751) _______ _______ _______ TOTAL EXPENSES (2,157) (407) (2,564) _______ _______ _______ PROFIT BEFORE TAX 1,893 5,560 7,453 TAXATION - (413) (413) _______ _______ _______ PROFIT FOR THE PERIOD 1,893 5,147 7,040 _______ _______ _______ EARNINGS PER ORDINARY SHARE 4.16p 11.30p 15.46p _______ _______ _______ GROUP INCOME STATEMENT (Cont'd)) Six months ended 30 September 2005 (Audited) Revenue Capital Total £'000 £'000 £'000 INVESTMENT INCOME Dividend income 2,123 - 2,123 Interest income 70 - 70 OTHER OPERATING INCOME 1,648 - 1,648 _______ _______ _______ TOTAL INCOME 3,841 - 3,841 GAINS AND LOSSES ON INVESTMENTS Realised gains on fair value investments - 3,106 3,106 Unrealised gains on investments - 4,264 4,264 _______ _______ _______ TOTAL REVENUE 3,841 7,370 11,211 _______ _______ _______ EXPENSES Investment management fees (170) (396) (566) Other operating expenses (279) - (279) FINANCE COSTS (1,751) - (1,751) _______ _______ _______ TOTAL EXPENSES (2,200) (396) (2,596) PROFIT BEFORE TAX 1,641 6,974 8,615 TAXATION - 99 99 _______ _______ _______ PROFIT FOR THE PERIOD 1,641 7,073 8,714 _______ _______ _______ EARNINGS PER ORDINARY SHARE 3.60p 15.53p 19.13p _______ _______ _______ GROUP INCOME STATEMENT (Cont'd) Year ended 31 March 2006 (Audited) Revenue Capital Total £'000 £'000 £'000 INVESTMENT INCOME Dividend income 3,577 - 3,577 Interest income 154 - 154 OTHER OPERATING INCOME 3,259 - 3,259 _______ _______ _______ TOTAL INCOME 6,990 - 6,990 GAINS AND LOSSES ON INVESTMENTS Realised gains on fair value investments - 8,237 8,237 Unrealised gains on investments - 15,435 15,435 _______ _______ _______ TOTAL REVENUE 6,990 23,672 30,662 _______ _______ _______ EXPENSES Investment management fees (335) (1,156) (1,491) Other operating expenses (367) - (367) FINANCE COSTS (3,501) - (3,501) _______ _______ _______ TOTAL EXPENSES (4,203) (1,156) (5,359) _______ _______ _______ PROFIT BEFORE TAX 2,787 22,516 25,303 TAXATION - (1,075) (1,075) _______ _______ _______ PROFIT FOR THE PERIOD 2,787 21,441 24,228 _______ _______ _______ EARNINGS PER ORDINARY SHARE 6.12p 47.07p 53.19p _______ _______ _______ The total column of this statement represents the Group's Income Statement prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance issued by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of the parent company. There are no minority interests. GROUP STATEMENT OF CHANGES IN EQUITY Six months ended 30 September 2006 (Unaudited) Share Share Retained Total capital premium earnings £000 £000 £000 £000 Net assets at start of period 4,555 18,446 95,685 118,686 Net profit for the period - - 7,040 7,040 Dividends paid - - (1,503) (1,503) _______ _______ _______ _______ NET ASSETS AT END OF PERIOD 4,555 18,446 101,222 124,223 _______ _______ _______ _______ Year ended 31 March 2006 (Audited) Share Share Retained Total capital premium earnings £000 £000 £000 £000 Net assets at start of period 4,555 18,446 74,327 97,328 Net profit for the period - - 24,228 24,228 Dividends paid - - (2,870) (2,870) _______ _______ _______ _______ NET ASSETS AT END OF PERIOD 4,555 18,446 95,685 118,686 _______ _______ _______ _______ Six months ended 30 September 2005 (Unaudited) Share Share Retained Total capital premium earnings £000 £000 £000 £000 Net assets at start of period 4,555 18,446 74,327 97,328 Net profit for the period - - 8,714 8,714 Dividends paid - - (1,457) (1,457) _______ _______ _______ _______ NET ASSETS AT END OF PERIOD 4,555 18,446 81,584 104,585 _______ _______ _______ _______ SUMMARISED GROUP BALANCE SHEET AS AT 30 SEPTEMBER 2006 As at As at As at 30 September 2006 31 March 2006 30 September 2005 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 £'000 £'000 £'000 ASSETS NON-CURRENT ASSETS Investments held at fair value 105,239 103,750 91,772 Investment properties held at fair value 54,725 52,250 45,875 _______ _______ ______ 159,964 156,000 137,647 CURRENT ASSETS Cash and cash equivalents 2,996 2,105 3,063 Other receivables 1,419 540 2,900 ______ _______ _______ 4,415 2,645 5,963 _______ _______ ______ TOTAL ASSETS 164,379 158,645 143,610 CURRENT LIABILITIES Other payables (1,623) (1,827) (2,041) _______ _______ ______ 162,756 156,818 141,569 NON-CURRENT LIABILITIES Debenture stock (35,480) (35,491) (35,504) Deferred tax (3,053) (2,641) (1,480) ______ _______ _______ (38,533) (38,132) (36,984) _______ _______ ______ 124,223 118,686 104,585 _______ _______ ______ EQUITY ATTRIBUTABLE TO EQUITY HOLDERS Ordinary called up share capital 4,555 4,555 4,555 Share premium 18,446 18,446 18,446 Retained earnings 101,222 95,685 81,584 _______ _______ ______ 124,223 118,686 104,585 _______ _______ ______ NET ASSET VALUE PER ORDINARY SHARE 272.72p 260.56p 229.60p _______ _______ ______ GROUP CASH FLOW STATEMENT Six months ended Six months ended Year ended 30 September 2006 30 September 2005 31 March 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 £000 £000 £000 CASH FLOWS FROM OPERATING ACTIVITIES Dividend income received 2,372 2,655 4,008 Rental received 1,272 1,752 3,788 Interest received 79 78 161 Other income - - - Operating expenses paid (1,231) (1,239) (1,839) ______ ______ _____ NET CASH INFLOW FROM OPERATING ACTIVITIES 2,492 3,246 6,118 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (15,947) (7,296) (22,490) Sale of investments 17,612 7,200 21,739 ______ _____ ______ NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES 1,665 (96) (751) CASH FLOW FROM FINANCING ACTIVITIES Interest paid (1,763) (1,763) (3,525) Dividends paid (1,503) (1,457) (2,870) ______ _____ ______ NET CASH USED IN FINANCING ACTIVITIES (3,266) (3,220) (6,395) ______ ______ _____ NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 891 (70) (1,028) CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD 2,105 3,133 3,133 ______ ______ _____ CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 2,996 3,063 2,105 ______ ______ _____ Notes: 1 Accounting policies (a) The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which comprise standards and interpretations approved by the International Accounting Standards Board (IASB) and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee (IASC) that remain in effect, and to the extent that they have been adopted by the European Union. The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial assets. Where presentational guidance set out in the Statement of Recommended Practice (SORP) for investment trusts issued by the Association of Investment Companies (AIC) in January 2003, and revised in November 2005, is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on the basis compliant with the recommendations of the SORP. (b) Dividends payable Interim dividends are recognised as a liability in the period in which they are declared by the board of directors and paid as no further approval is required in respect of such dividends. Final dividends are recognised as a liability only after they have been approved by shareholders. (c) Investments Investments are recognised and derecognised on the trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned, and are initially measured at fair value. All investments are designated upon initial recognition as fair value though profit or loss. Investments designated as at fair value are measured at subsequent reporting dates at fair value, which is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. In respect of property investments, fair value is established by a six monthly professional valuation on an open market basis by King Sturge and Co, Chartered Surveyors and Valuers and in accordance with the RICS Appraisal and Valuation Manual. Where financial assets are designated upon initial recognition as fair value through profit or loss, gains and losses arising from changes in fair value are included in net profit or loss for the period as a capital item. (2) The financial information in this report comprises non-statutory financial statements within the meaning of s240 of the Companies. The financial information for the year ended 31 March 2006 has been extracted from published audited financial statements Act 1985 that have been delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified under Section 235 of the Companies Act 1985. (3) The interim dividend of 3.2p per share will be paid on 5 January 2007 to shareholders on the register at close of business on 8 December 2006. The ex-dividend date will be 6 December 2006. (4) The Interim Report will be issued in November 2006. Copies may be obtained from OLIM Limited, Pollen House, 10/12 Cork Street, London W1S 3NP (www.olim.co.uk) or from Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Value and Indexed Property Income Trust (VIP)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today