Half-year Report

RNS Number : 9198K

Bankers Investment Trust PLC

13 July 2017

 

LEGAL ENTITY IDENTIFIER: - 213800B9YWXL3X1VMZ69

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half-year ended 30 April 2017

This announcement contains regulated information

The Company aims to provide investors with an attractive total return, focused on growing both capital and income for shareholders.

OBJECTIVES

Capital - To achieve long term asset growth through active stock selection.

Income - To achieve regular dividend growth greater than inflation.

INVESTMENT POLICY 

To achieve both these objectives by investing in a broadly diversified international portfolio of shares.

Performance Highlights 

Total return performance for the six months to	30 April 2017
Net asset value ("NAV")1 per share	7.0%
FTSE All-Share Index2	7.1%
Share price3	12.3%

	30 April 2017	30 April 2016
NAV per share	798.3p	623.7p
Share price	765.5p	587.0p
Revenue return per share	9.35p	8.57p
Discount	4.1%	5.9%
Dividend (1st and 2nd interims)	9.1p	8.0p

Total Return Performance to 30 April 2017

(including dividends reinvested and excluding transaction costs)

	6 months %	1 year %	3 years %	5 years %	10 years  %
NAV1	7.0	31.3	49.2	93.0	114.6
FTSE All-Share Index2	7.1	20.1	21.8	58.6	68.9
Share price3	12.3	33.7	48.4	112.0	139.9

1 Net asset value total return per share with income reinvested for 6 months, 1, 3 and 5 years and capital NAV plus income reinvested for 10 years

2 The FTSE All-Share Index expressed on a total return basis

3 Share price total return using mid-market closing price

Sources: Morningstar for the AIC and Datastream.

INTERIM MANAGEMENT REPORT

CHAIRMAN'S STATEMENT

Review

It is pleasing to be able to report a positive return from our diversified portfolio of international equities. Global equity markets have continued to attain record high levels in most markets, led by North America, as the economic growth outlook has become established and the corporate outlook more positive. For the six month period under review the NAV total return increased by 7.0% (FTSE All-Share Index 7.1%) and for the twelve month period to end of April, the NAV total return was 31.3% (FTSE All-Share Index 20.1%). This latter period reflects, in part, the positive impact of currency movements post the "Brexit" vote on the value of the portfolio when translated into sterling.

We have gradually increased our weighting to North America during the past three years and, at one point during the period under review, this region represented our largest regional weighting in the portfolio. In the six months to the end of April the North American region rose in sterling terms by 10%, significantly ahead of the local index return of just under 7%. Towards the end of the period we began to reduce our North American exposure primarily as a result of valuation concerns but also in anticipation of the potential negative impact further increases in US interest rates could have on investor sentiment. Monies raised by this shift in asset allocation have been redeployed into Continental Europe and Asia where valuation and yields are at a discount to those which we observe in North America.

Continental Europe was the second best performing region during the period recording an increase of 9.7%. The additional monies added to the region have taken our total exposure up to 17%. Elsewhere in the portfolio the Far East recorded mixed returns. Our exposure to the Chinese market continued to generate strong returns, 9.3%, which was especially pleasing against a local index decline of 4.4%. Our Japanese and Pacific exposure did not contribute to the overall positive return of the portfolio albeit that the overall negative impact was negligible.

Finally, in the UK our exposure was reduced marginally after a strong period of positive performance (7.3%) and the recovery in the share prices of domestic companies.

Revenue Returns and Dividend

In my last Chairman`s statement I was able to project a dividend increase of at least 6% for the year to 31 October 2017. I am able to reiterate this forecast with greater optimism at the half-year as our revenue account has again generated a significant surplus relative to this anticipated pay-out. This surplus reflects the higher dividend growth that our portfolio is securing from our international holdings, the continued receipt of special dividends from UK companies and the positive translation effect of overseas dividends into sterling. The Board is very aware of the potential temporary nature of this last point but, in our thinking on the recommended dividend pay-out, we are increasingly focused upon seeking to increase the level of dividends to shareholders. The Board declares a second interim dividend of 4.70p per share payable on 31 August 2017 to shareholders on the register on 28 July 2017.

Janus Henderson Investors

Henderson Group plc and Janus Capital Group Inc announced in May that the merger between the two companies had been completed and was effective as of 30 May 2017. The Board believe that the opportunities that this merger will bring specifically in regard to greater global fund management resource being available will be positive for the employees and also for the longer term management of the Company.

Outlook

In reviewing my past statements to shareholders I have referred to the potential negative impact of global politics on investor sentiment. I have been too cautious. Yet as I write this report the political instability in the UK, following the general election, could still generate unwelcome surprises and the outcome was certainly not the strong mandate which the Prime Minister was seeking ahead of the "Brexit" negotiations. The twists and turns of these negotiations will definitely impact UK sentiment during the next two years.

Elsewhere the focus will remain on the economic backdrop and the ability of the corporate sector to improve revenue and earnings growth. On both fronts the picture is more positive than for some time and, despite an uplift in inflationary expectations, there has been no disconcerting jump in wage inflation which gives greater confidence that this inflationary increase will be temporary.

Thus, overall I remain cautiously optimistic regarding the short and medium term outlook for equity markets and the returns which we will likely witness from our portfolio.

Principal Risks and Uncertainties

The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:

·           Investment Activity and Performance Risks

·           Portfolio and Market Risks

·           Tax, Legal and Regulatory Risks

·           Financial Risks 

·           Operational Risks

Information on these risks and how they are managed are given in the Annual Report for the year ended 31 October 2016.  In the view of the Board these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the six months under review.

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:
(a)	the condensed set of financial statements has been prepared in accordance with IAS 34;
(b)	the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c)	the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

For and on behalf of the Board

Richard Killingbeck

Chairman

For further information contact:                                                                     

Alex Crooke Fund Manager The Bankers Investment Trust PLC Telephone: [phone]	Richard Killingbeck Chairman The Bankers Investment Trust PLC Telephone: [phone]
James de Sausmarez Director and Head of Investment Trusts Janus Henderson Investors Telephone: [phone]	Sarah Gibbons-Cook Investor Relations and PR Manager Janus Henderson Investors Telephone: [phone]

 

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

	(Unaudited) Half-year ended 30 April 2017			(Unaudited) Half-year ended 30 April 2016			(Audited) Year ended 31 October 2016
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000	Revenue  return £'000	Capital return £'000	Total £'000
Gains/(losses) from investments held at fair value through profit or loss	-	53,802	53,802	-	(6,624)	(6,624)	-	156,527	156,527
Investment income	13,606	-	13,606	11,667	-	11,667	24,661	-	24,661
Other operating income	111	-	111	145	-	145	255	-	255
	---------	---------	---------	---------	---------	---------	---------	---------	---------
Gross revenue and capital gains/(losses)	13,717	53,802	67,519	11,812	(6,624)	5,188	24,916	156,527	181,443
	----------	---------	---------	----------	---------	---------	---------	---------	---------
Expenses
Management fees (note 2)	(505)	(1,179)	(1,684)	(463)	(1,082)	(1,545)	(959)	(2,237)	(3,196)
Other expenses	(483)	-	(483)	(406)	(2)	(408)	(811)	(3)	(814)
	---------	---------	---------	---------	---------	---------	---------	---------	---------
Profit/(loss) before finance costs and taxation	12,729	52,623	65,352	10,943	(7,708)	3,235	23,146	154,287	177,433
Finance costs	(454)	(1,059)	(1,513)	(612)	(1,428)	(2,040)	(1,227)	(2,863)	(4,090)
	---------	---------	---------	---------	---------	---------	---------	---------	---------
Profit/(loss) before taxation	12,275	51,564	63,839	10,331	(9,136)	1,195	21,919	151,424	173,343
Taxation	(807)	-	(807)	(520)	-	(520)	(1,090)	-	(1,090)
	---------	---------	---------	---------	---------	---------	---------	---------	---------
Profit/(loss) for the period	11,468	51,564	63,032	9,811	(9,136)	675	20,829	151,424	172,253
	=====	=====	=====	=====	=====	=====	=====	=====	=====
Earnings/(loss) per ordinary share (note 3)	9.35p	42.06p	51.41p	8.57p	(7.98p)	0.59p	17.53p	127.45p	144.98p

The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with 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. 

All income is attributable to the equity shareholders of The Bankers Investment Trust PLC. 

The accompanying condensed notes are an integral part of the financial statements.

 

CONDENSED STATEMENT OF CHANGES IN EQUITY

Half-year ended 30 April 2017 (Unaudited)	Called up share capital £'000	Share premium account £'000	Capital  redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total equity £'000
Total equity at 1 November 2016	30,986	78,541	12,489	767,317	37,405	926,738
Total comprehensive income:
Profit for the period	-	-	-	51,564	11,468	63,032
Transactions with owners, recorded directly to equity:
Payment of third interim dividend (4.40p) in respect of the year ended 31 October 2016	-	-	-	-	(5,395)	(5,395)
Payment of the  final dividend (4.60p) in respect of the year ended 31 October 2016	-	-	-	-	(5,640)	(5,640)
	----------	----------	----------	----------	----------	----------
Total equity at 30 April 2017	30,986	78,541	12,489	818,881	37,838	978,735
	======	======	======	======	======	======
Half-year ended 30 April 2016 (Unaudited)	Called up share capital £'000	Share premium account £'000	Capital  redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total equity £'000
Total equity at 1 November 2015	28,271	12,722	12,489	624,099	35,052	712,633
Total comprehensive income:
(Loss)/profit for the period	-	-	-	(9,136)	9,811	675
Transactions with owners, recorded directly to equity: Buy-back of 500,000 ordinary shares	-	-	-	(2,875)	-	(2,875)
Issue of 10,863,453 ordinary shares	2,715	65,822	-	-	-	68,537
Payment of third interim dividend (4.00p) in respect of the year ended 31 October 2015	-	-	-	-	(4,523)	(4,523)
Payment of the final dividend (4.00p) in respect of the year ended 31 October 2015	-	-	-	-	(4,581)	(4,581)
	----------	----------	----------	----------	----------	----------
Total equity at 30 April 2016	30,986	78,544	12,489	612,088	35,759	769,866
	======	======	======	======	======	======
Year ended 31 October 2016 (Audited)	Called up share capital £'000	Share premium account £'000	Capital  redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total equity £'000
Total equity at 1 November 2015	28,271	12,722	12,489	624,099	35,052	712,633
Total comprehensive income:
Profit for the year	-	-	-	151,424	20,829	172,253
Transactions with owners, recorded  directly to equity:
Buy-back of 1,338,509 ordinary shares	-	-	-	(8,206)	-	(8,206)
Issue of  10,863,453 ordinary shares	2,715	65,819	-	-	-	68,534
Ordinary dividends paid	-	-	-	-	(18,476)	(18,476)
	----------	----------	----------	------------	----------	------------
Total equity at 31 October 2016	30,986	78,541	12,489	767,317	37,405	926,738
	======	======	======	======	======	======

The accompanying condensed notes are an integral part of the financial statements.

CONDENSED STATEMENT OF FINANCIAL POSITION

	(Unaudited) As at 30 April 2017 £'000	(Unaudited) As at 30 April 2016 £'000	(Audited) As at 31 October 2016 £'000
Non-current assets
Investments held at fair value through profit or loss	1,002,383	772,839	951,219
	------------	------------	-----------
Current assets
Investments held at fair value through profit or loss (note 4)	15,600	48,763	21,354
Other receivables	12,943	6,932	7,817
Cash and cash equivalents	21,476	50,765	23,271
	------------	------------	-----------
	50,019	106,460	52,442
	------------	------------	-----------
Total assets	1,052,402	879,299	1,003,661
	------------	------------	-----------
Current liabilities
Other payables	(8,856)	(34,633)	(12,117)
Debenture stock	-	(10,000)	-
	------------	------------	----------
Net current liabilities	(8,856)	(44,633)	(12,117)
	------------	------------	----------
Total assets less current liabilities	1,043,546	834,666	991,544
Non-current liabilities
Debenture stock	(15,000)	(15,000)	(15,000)
Unsecured loan notes	(49,811)	(49,800)	(49,806)
	------------	------------	------------
Net assets	978,735	769,866	926,738
	=======	=======	=======
Equity attributable to equity shareholders
Share capital (note 5)	30,986	30,986	30,986
Share premium account	78,541	78,544	78,541
Capital redemption reserve	12,489	12,489	12,489
Retained earnings:
Other capital reserves	818,881	612,088	767,317
Revenue reserve	37,838	35,759	37,405
	------------	------------	-----------
Total equity	978,735	769,866	926,738
	=======	=======	=======
Net asset value per ordinary share (note 6)	798.3p	623.7p	755.9p
	=======	=======	======

The accompanying condensed notes are an integral part of the financial statements.

CONDENSED CASH FLOW STATEMENT

	(Unaudited) Half-year ended  30 April 2017 £'000	(Unaudited) Half-year ended 30 April 2016 £'000	(Audited) Year ended 31 October  2016 £'000
Net profit before taxation	63,839	1,195	173,343
Add interest payable ('finance costs')	1,513	2,040	4,090
Amortisation of loan note issue costs	5	5	11
(Less)/add: (gains)/losses on investments held at fair value through profit or loss	(53,802)	6,624	(156,527)
Increase in accrued income	(2,407)	(2,295)	(454)
Decrease/(increase) in other receivables	52	18	(28)
(Decrease)/increase in other payables	(102)	228	113
Purchase of investments	(143,632)	(73,278)	(215,420)
Sales of investments	146,046	72,683	199,472
Purchases of current asset investments	(26,802)	(74,674)	(45,156)
Sales of current asset investments	32,555	54,282	52,125
Increase in securities sold for future settlement	(2,711)	(2,094)	(4,754)
(Decrease)/increase in securities purchased for future settlement	(3,144)	32,392	10,168
	------------	------------	-----------
Net cash inflow from operating activities before interest and taxation	11,410	17,126	16,983
Interest paid	(1,520)	(2,051)	(4,102)
Taxation on investment income	(911)	(693)	(1,302)
	------------	------------	------------
Net cash inflow from operating activities	8,979	14,382	11,579
	=======	=======	=======
Financing activities
Equity dividends paid (net of refund of unclaimed distributions and reclaimed distributions)	(11,035)	(9,104)	(18,476)
Issue of ordinary shares	-	9,007	9,007
Buy-backs of own shares	-	(2,875)	(8,206)
Repayment of debenture stock	-	-	(10,000)
Cash received from the liquidation of Henderson Global Trust plc	-	7,320	7,160
	------------	------------	------------
Net cash (outflow)/inflow from financing activities	(11,035)	4,348	(20,515)
	------------	------------	------------
(Decrease)/Increase in cash	(2,056)	18,730	(8,936)
Cash and cash equivalents at start of year	23,271	31,762	31,762
Exchange movements	261	273	445
	------------	------------	------------
Cash and cash equivalents at end of period	21,476	50,765	23,271
	=======	=======	=======

The accompanying condensed notes are an integral part of the financial statements.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS:

1.	Accounting Policies
	The Bankers Investment Trust PLC  ("the Company") is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006. These condensed financial statements comprise the unaudited results of the Company for the half-year ended 30 April 2017.  They have been prepared on a going concern basis and in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union and with the Statement of Recommended Practice for Investment Trust ("SORP") issued by the Association of Investment Companies dated November 2014, and updated in January 2017 with consequential amendments, where the SORP is consistent with the requirements of IFRS. For the period under review the Company's accounting policies have not varied from those described in the annual report for the year ended 31 October 2016.  These financial statements have not been either audited or reviewed by the Company's Auditor.
2.	Management Fees
		(Unaudited)			(Unaudited)			(Audited)
		Half-year ended 30 April 2017			Half-year ended 30 April 2016			Year ended 31 October 2016
		Revenue return £'000	Capital  return £'000	Total £'000	Revenue return £'000	Capital  return £'000	Total £'000	Revenue return £'000	Capital  return £'000	Total £'000
	Management fees	505	1,179	1,684	463	1,082	1,545	959	2,237	3,196
		=====	=====	====	=====	=====	=====	=====	=====	=====
	A summary of the terms of the management agreement is given in the Strategic Report on page 4 of the Annual Report for the year ended 31 October 2016.
3.	Earnings per Ordinary Share
	The earnings per ordinary share figure is based on the net profit for the half-year of £63,032,000 (30 April 2016: £675,000; year ended 31 October 2016: £172,253,000) and on 122,606,783 (30 April 2016: 114,521,215; year ended 31 October 2016: 118,813,485) ordinary shares, being the weighted average number of ordinary shares in issue during the period.
	The return per share detailed above can be further analysed between revenue and capital, as below.

		(Unaudited) Half-year ended 30 April 2017 £'000	(Unaudited)  Half-year ended 30 April 2016 £'000	(Audited) Year ended 31 October 2016 £'000
	Revenue profit	11,468	9,811	20,829
	Capital profit/(loss)	51,564	(9,136)	151,424
		------------	------------	------------
	Total profit	63,032	675	172,253
		=======	=======	=======
	Weighted average number of ordinary  shares in issue during each period	122,606,783	114,521,215	118,813,485
	Revenue earnings per ordinary share	9.35p	8.57p	17.53p
	Capital earnings/(loss) per ordinary share	42.06p	(7.98p)	127.45p
		------------	------------	------------
	Total earnings per ordinary share	51.41p	0.59p	144.98p
		=======	=======	=======

4.	Current Asset Investment
	The Company has a holding in the Deutsche Bank Liquidity Fund, a money market fund which is used to hold what would otherwise be short term cash balances. At 30 April 2017 this holding had a value of £15,600,000 (30 April 2016: £47,501,000; 31 October 2016: £21,354,000).  The Company no longer has a holding in a US Treasury Bill (30 April 2016: £1,262,000; 31 October 2016: £nil).
5.	Share Capital
	At 30 April 2017 there were 122,606,783 ordinary shares of 25p each in issue (30 April 2016: 123,945,292; 31 October 2016: 122,606,783).  During the half-year ended 30 April 2017 no shares were issued and no shares bought back (30 April 2016: 10,863,453 shares were issued and 500,000 shares bought back for holding in treasury; 31 October 2016: 10,863,453 shares were issued and 1,338,509 shares bought back for holding in treasury).  During the half-year ended 30 April 2017 there were no share issues or buy-backs into treasury (30 April 2016: proceeds of £68,537,000 and cost of buy-backs £2,875,000; year ended 31 October 2016: proceeds of £68,534,000 and cost of buy-backs £8,206,000). At the end of the period 1,338,509 shares were held in treasury (30 April 2016: 500,000; 31 October 2016: 1,338,509). Included with the issue of 10,863,453 shares during the year ended 31 October 2016 were 9,413,453 shares issued for net proceeds of £59,527,000 following the liquidation of Henderson Global Trust plc ('HGT') whereby investors in HGT were given the option of receiving shares in either The Bankers Investment Trust PLC or Henderson International Income Trust plc as an alternative roll-over option for investors wishing to maintain a global growth mandate.
6.	Net Asset Value per Ordinary Share
	The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £978,735,000 (30 April 2016: £769,866,000; 31 October 2016: £926,738,000) and on 122,606,783 (30 April 2016: 123,445,292; 31 October 2016: 122,606,783) ordinary shares, being the number of ordinary shares in issue at the period end.
7.	Related Party Transactions
	The Company's current related parties are its directors and Janus Henderson. There have been no material transactions between the Company and its directors during the period. The only amounts paid to them were in respect of expenses and remuneration for which there were no outstanding amounts payable at the period end. In relation to the provision of services by Janus Henderson (other than fees payable by the Company in the ordinary course of business and the provision of marketing services) there have been no material transactions with Janus Henderson affecting the financial position of the Company during the period under review.
8.	Financial Instruments
	At the period end the carrying value of financial assets approximates their fair value. Financial Instruments Carried at Fair Value                           Fair value hierarchy The debenture stock and unsecured loan notes are valued at par in the Statement of Financial Position. The fair value of the 8% debenture stock at 30 April 2017 was £20,009,000 (30 April 2016: £19,619,000; 31 October 2016: £19,944,000). The 10.5% debenture was repaid on 31 October 2016. Its fair value at 30 April 2016 was £10,452,000. The fair values are calculated using prices quoted on the exchange on which the instruments trade and are categorised as Level 1 as described below. In order to comply with fair value accounting disclosures only, the fair value of the loan note at 30 April 2017 has been estimated to be £56,028,000 (30 April 2016: £50,000,000; 31 October 2016: £54,483,000) and is categorised as Level 3 in the fair value hierarchy as described below. However, for the purpose of the daily NAV announcements, the unsecured loan notes are valued at par in the fair value NAV because they are not traded and the Directors expect them to be held to maturity and, accordingly, the Directors have assessed that par value is the most appropriate value to be applied for this purpose.                                      The following table analyses recurring fair value measurements for financial assets. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used.

	Financial assets at fair value through profit or loss at 30 April 2017 (Unaudited)	Level 1	Level 2	Level 3	Total
		£'000	£'000	£'000	£'000
	Investments including derivatives:
	- Equity investments	1,001,990	-	376	1,002,366
	- Fixed interest investments	-	-	17	17
	- Current asset investments	15,600	-	-	15,600
	- Foreign exchange contracts	-	19	-	19
		-------------	----------	---------	-------------
	Total financial assets carried at fair value	1,017,590	19	393	1,018,002
		========	======	======	=======
	Financial assets at fair value through profit or loss at 30 April 2016 (Unaudited)	Level 1	Level 2	Level 3	Total
		£'000	£'000	£'000	£'000
	Investments including derivatives:
	- Equity investments	772,814	-	-	772,814
	- Fixed interest investments	-	-	25	25
	- Current asset investments	47,501	-	-	47,501
	- Foreign exchange contracts	-	(169)	-	(169)
		------------	----------	---------	-------------
	Total financial assets carried at fair value	820,315	(169)	25	820,171
		========	======	======	=======

	Financial assets at fair value through profit or loss at 31 October 2016 (Audited)	Level 1	Level 2	Level 3	Total
		£'000	£'000	£'000	£'000
	Investments including derivatives:
	- Equity investments	951,197	-	-	951,197
	- Fixed interest investments	-	-	22	22
	- Current asset investments	21,354	-	-	21,354
		-------------	----------	---------	-------------
	Total financial assets carried at fair value	972,551	-	22	972,573
		========	======	======	=======

		(Unaudited) Half-year	(Unaudited) Half-year	(Audited)  Year ended
	Level 3 investments at fair value through profit or loss	30 April      2017    £'000	30 April      2016    £'000	31 October 2016 £'000
	Opening balance	22	23	23
	Transferred into Level 3	487	-	-
		-------	--------	-----------
		509	23	23
	Disposal proceeds	-	-	(19)
	Total (losses)/gains included in the Statement of Comprehensive Income - on assets held at year end	(116)	(2)	18
		-------	--------	----------
	Closing balance	393	25	22
		====	====	=====

	Transfers between levels of fair    value hierarchy are deemed to have occurred at the date of the event or change in circumstances that caused the transfer.        Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset as follows:                                                                                       Level 1: valued using quoted prices in active markets for identical assets.                                       Level 2: valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1.                                            Level 3: valued by reference to valuation techniques using inputs that are not based on observable market data.                                         The valuation techniques used by the Company are explained in the accounting policies note 1(b) of the Company's Annual Report.
9.	Going Concern
	The assets of the Company consist of securities that are readily realisable and, accordingly, the directors believe that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, the Board has determined that it is appropriate for the financial statements to be prepared on a going concern basis.
10.	Interim Dividend
	A first interim dividend of 4.40p (2016: 4.00p) per ordinary share, was paid on 31 May 2017 to shareholders registered on 21 April 2017. The shares were quoted ex-dividend on 20 April 2017. Based on the number of ordinary shares in issue at 20 April 2017 of 122,606,783 the cost of this dividend was £5,395,000. The Directors have declared a second interim dividend of 4.70p (2016: 4.00p) and is payable to shareholders on 31 August 2017 to shareholders on the register on 28 July 2017. The shares will be quoted ex-dividend on 27 July 2017. Based on the number of shares in issues at 12 July 2017 of 122,606,783 the cost of this dividend will be £5,763,000.
11.	Comparative Information
	The financial information contained in this half-year report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the half-years ended 30 April 2017 and 2016 has not been audited or reviewed by the auditors. The figures and financial information for the year ended 31 October 2016 have been extracted from the latest published financial statements of the Company. These financial statements have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
12.	Half-Year Report
	The half-year report will shortly be available on the Company's website (www.bankersinvestmenttrust.com) or in hard copy from the Company's registered office. An abbreviated version of this half-year report, the 'update', will be circulated to shareholders in July 2017.

13.

General Information

Company Status The Company is a UK domiciled investment trust company. London Stock Exchange Daily Official List (SEDOL) 0076700 / ISIN number is GB0000767003 Global Intermediary Identification Number (GIIN) is L5YVFP.99999.SL.826 Legal Entity Identifier (LEI) is 213800B9YWXL3X1VMZ69 Registered Office UK: 201 Bishopsgate, London EC2M 3AE. Company Registration Number UK:  00026351 NZ:  645360 Directors The Directors of the Company are Richard Killingbeck (Chairman), Susan Inglis (Senior Independent Director), Matthew Thorne (Audit Committee Chairman), David Wild and Julian Chillingworth. Corporate Secretary Henderson Secretarial Services Limited, represented by Wendy King FCIS. Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.bankersinvestmenttrust.com.

50 LARGEST INVESTMENTS at 30 April 2017         

Holding	Market value 30 April 2017 £'000		Holding	Market value 30 April 2017 £'000
BP	21,593		Walt Disney	8,172
British American Tobacco	18,261		Persimmon	8,120
Apple	15,922		Berkshire Hathaway	8,115
Comcast	14,483		Netease	8,107
American Tower	14,280		MasterCard	7,989
Alphabet	13,242		Macquarie	7,968
Facebook	12,310		Colgate-Palmolive	7,892
American Express	11,958		AmerisourceBergen	7,779
Royal Dutch Shell	11,943		SK Telecom	7,579
The Cooper Companies	11,909		Mercadolibre	7,557
Amazon	11,828		Deutsche Post	7,478
Samsung	11,330		Lloyds Banking	7,198
Fidelity National Information Services	11,041		Cognizant Technology Solutions	6,867
FedEx	10,534		Cranswick	6,710
Delphi Automotive	10,463		Fisher (James) & Sons	6,705
Taiwan Semiconductor Manufacturing	10,049		Fujitsu	6,704
GlaxoSmithKline	9,927		KB Financial	6,670
Cognex	9,857		Prudential	6,440
Visa	9,768		Roper Technologies	6,339
Priceline	9,266		Mitsubishi UFJ Financial	6,309
ITV	8,964		Diageo	6,270
Galliford Try	8,954		Activision Blizzard	6,257
Reckitt Benckiser	8,533		Jaingsu Expressway	6,199
Christian Dior	8,384		Amcor	6,132
Barclays	8,217		ANTA Sports	6,074

These investments total £470,646,000 which represents 47.0% of the portfolio.

Convertibles, fixed interest and all classes of equity in any one company being treated as one investment.                      

GEOGRAPHICAL DISTRIBUTION	Valuation of investments		Currency exposure of net assets
	30 April 2017 %	31 October 2016 %	30 April 2017 %	31 October 2016 %
UK	28.2	29.0	24.0	25.1
Europe (ex UK)	17.2	14.3	19.4	17.0
North America	26.0	27.7	26.6	28.1
Japan	10.9	11.5	11.4	11.8
China	3.9	4.3	4.4	4.5
Pacific (ex Japan, China)	11.3	10.7	11.6	10.9
Emerging Markets	2.5	2.5	2.6	2.6
	---------	---------	---------	---------
	100.0	100.0	100.0	100.0
	=====	=====	=====	=====

Source: Janus Henderson

SECTOR ANALYSIS	30 April 2017 %	31 October 2016 %
Financials	23.6	20.8
Consumer Goods	19.9	16.8
Industrials	15.3	17.6
Consumer Services	14.1	14.7
Technology	8.8	10.8
Health Care	6.5	6.5
Oil & Gas	4.6	4.8
Telecommunications	3.9	4.1
Basic Materials	2.0	1.8
Utilities	1.3	2.1
	---------	---------
	100.0	100.0
	=====	=====

Source: Janus Henderson

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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