Final Results

British Portfolio Trust PLC 08 December 2005 For Immediate Release 8th December 2005 BRITISH PORTFOLIO TRUST plc ANNOUNCEMENT OF UNAUDITED PRELIMINARY RESULTS For the year to 31st October 2005 CHAIRMAN'S STATEMENT The Board announces the results for the year to 31st October 2005. The net asset value per Ordinary Share at 31st October 2005 was 158.1p compared with 133.4p at 31st October 2004, an increase of 18.5%. Over the same period the benchmark index, the FTSE All-Share Index, increased by 16.0%. A final dividend has been declared of 2.40p per Ordinary Share, which will be payable on 3rd March 2006 to shareholders on the register at the close of business on 3rd February 2006, making a total distribution for the year ended 31st October 2005 of 4.00p per Ordinary Share, compared to 3.55p in the previous financial year, an increase of 12.7%. During the year under review the Company bought back 1,166,500 Ordinary Shares for cancellation and a further 205,000 Ordinary Shares since the year end. The Company also bought back 554,000 Ordinary Shares to be held in treasury for reissue into the market or cancellation at a future date and a further 2,333,333 Ordinary Shares since the year end to be held in treasury. The Board intends to seek renewed authority from shareholders to buy back up to 15% of the issued share capital of the Company. INVESTMENT MANAGERS' REVIEW The period under review has seen strong returns from UK equities with the FTSE All-Share Index up 16.0% over the period. Equities have been helped by the continuing recovery of the US economy, an increase in mergers and acquisitions activity and further strength in commodity markets. Consumer spending has slowed down significantly this year and, with soft economic data, the Bank of England in August cut interest rates for the first time since July 2003. During 2005 corporate confidence has improved further and we are now seeing takeovers in the FTSE 100 Index. Two targets, O2 and Allied Domecq, were held in the portfolio and more recently BPB has agreed to a takeover by Saint Gobain. The FTSE 250 Index has again outperformed the larger company FTSE 100 Index for the year under review with the differential being around 7%. Recent FTSE 100 additions to the Company's portfolio include Old Mutual, Northern Rock and Marks & Spencer. The key factor to monitor in 2006 will be inflation and, if it remains benign, then future US interest rate rises will be modest and this will be positive for equities. Lower interest rates in the UK should also help consumer confidence improve. Last year has seen around 10% growth in dividends from the UK market and the consensus is forecasting a similar level for next year. This will provide good support for equities. STATUS The Company operates as an approved investment trust within the meaning of Section 842 of the Income and Corporation Taxes Act 1988. Approval was granted for the year ended 31st October 2004, and is expected to be granted for the year under review. The Company is not a close company. ANNUAL GENERAL MEETING The Annual General Meeting of the Company will be held at 12.30pm on 10th February 2006. 155 Bishopsgate By Order of the Board London EC2M 3AD P W I Ingram 8th December 2005 Company Secretary UNAUDITED STATEMENT OF TOTAL RETURN For the year to 31st October 2005 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 11,987 11,987 Income from investments 2,372 - 2,372 Other income 270 - 270 Investment management fee (281) (666) (947) Administration expenses (171) (4) (175) Net return before finance costs and taxation 2,190 11,317 13,507 Finance costs of borrowings (93) (278) (371) Return on ordinary activities before taxation 2,097 11,039 13,136 Taxation Overseas taxation (2) - (2) Return on ordinary activities after taxation 2,095 11,039 13,134 Dividends on Ordinary Shares: Prior year over-accrual 10 - 10 Interim 1.60p (731) - (731) Final (2.40)p (1,090) - (1,090) (4.00)p (1,811) - (1,811) Transfer to reserves 284 11,039 11,323 Return per Ordinary Share (Note 1) 4.53p 23.88p 28.41p UNAUDITED BALANCE SHEET as at 31st October 2005 £'000s Valuation of Investments 72,302 Net current assets 5,563 Total assets less current liabilities 77,865 Amounts falling due after more than one year (6,000) Net Assets 71,865 Ordinary Share Capital 460 Share Premium Account 12,378 Special Reserve 51,068 Capital Reserves : Realised (1,056) : Unrealised 8,396 Capital Redemption Reserve 84 Revenue Reserve 535 Shareholders' Equity Funds 71,865 Net asset value per Ordinary Share 158.1p The net asset value is based on 45,459,002 Ordinary Shares in issue. UNAUDITED STATEMENT OF TOTAL RETURN For the year to 31st October 2004 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 6,518 6,518 Income from investments 2,245 - 2,245 Other income 147 - 147 Investment management fee (259) (601) (860) Administration expenses (153) (2) (155) Net return before finance costs and taxation 1,980 5,915 7,895 Finance costs of borrowings (92) (275) (367) Return on ordinary activities before taxation 1,888 5,640 7,528 Taxation Overseas taxation (2) - (2) Return on ordinary activities after taxation 1,886 5,640 7,526 Dividends on Ordinary Shares: Prior year over-accrual 2 - 2 Interim 1.55p (742) - (742) Final 2.00p (944) - (944) 3.55p (1,684) - (1,684) Transfer to reserves 202 5,640 5,842 Return per Ordinary Share (Note 1) 3.88p 11.61p 15.49p UNAUDITED BALANCE SHEET as at 31st October 2004 £'000s Valuation of Investments 64,973 Net current assets 3,958 Total assets less current liabilities 68,931 Amounts falling due after more than one year (6,000) Net Assets 62,931 Ordinary Share Capital 472 Share Premium Account 12,378 Special Reserve 53,456 Capital Reserves : Realised (6,487) : Unrealised 2,788 Capital Redemption Reserve 72 Revenue Reserve 252 Shareholders' Equity Funds 62,931 Net asset value per Ordinary Share 133.4p The net asset value is based on 47,179,502 Ordinary Shares in issue. UNAUDITED CASH FLOW STATEMENT For the year to 31st October 2005 and comparative period. 2005 2004 £'000s £'000s Net cash inflow from operating activities 1,805 1,436 Servicing of Finance Interest paid (366) (370) Investing Activities Purchase of fixed asset investments (24,223) (25,706) Sale of fixed asset investments 28,874 32,640 Net cash inflow from investing activities 4,651 6,934 Equity dividends paid (1,664) (1,612) Net cash inflow before financing 4,426 6,388 Financing Purchase of Ordinary Shares for cancellation / treasury (2,389) (3,779) Capital distribution payment received from Jos Holdings plc 1 - Net cash outflow from financing (2,388) (3,779) Increase in cash 2,038 2,609 BRITISH PORTFOLIO TRUST TOP 20 EQUITY HOLDINGS AS AT 31st October 2005 Valuation % of 31.10.05 Total £'000s Assets Principal Activities BP 6,216 8.6 Oil and Gas GlaxoSmithKline 4,881 6.8 Pharmaceuticals and Biotechnology Vodafone Group 4,802 6.6 Telecommunication Services HSBC Holdings 3,873 5.4 Banks Royal Dutch Shell 'B' Shares 3,181 4.4 Oil and Gas Royal Bank of Scotland 2,646 3.7 Banks AstraZeneca 1,923 2.7 Pharmaceuticals and Biotechnology Barclays 1,802 2.5 Banks BT Group 1,587 2.2 Telecommunication Services HBOS 1,493 2.1 Banks Energy XXI 1,384 1.9 Speciality and Other Finance Anglo American 1,382 1.9 Mining Scottish Power 1,377 1.9 Electricity Prudential 1,243 1.7 Life Assurance Tesco 1,199 1.7 Food and Drug Retailers British American Tobacco 1,189 1.6 Tobacco Lloyds TSB Group 1,072 1.5 Banks Tullow Oil 1,056 1.5 Oil and Gas Alphameric 1,002 1.4 Software and Computer Services International Power 996 1.4 Electricity 44,304 61.5 Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the period of 46,234,631 shares (2004: 48,570,645 shares). Note 2 The revenue column of this statement is the profit and loss for the Company. All revenue and capital items derive from continuing operations. No operations were acquired or discontinued in the year. Note 3 The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31st October 2005 or 31st October 2004. The financial information for the year ended 31st October 2004 is derived from the statutory accounts for that period which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31st October 2005 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This announcement has been prepared using the same accounting policies as those adopted in the annual accounts for the year ended 31st October 2004. Note 4 The annual report will be sent to shareholders in mid January 2006 and will be available to members of the public from the Company's registered office at 155 Bishopsgate, London EC2M 3AD. For further information, please contact: Simon White, Head of Investment Trusts RCM (UK) Limited Tel: 020 7065 1539 This information is provided by RNS The company news service from the London Stock Exchange

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