Interim Results

British Portfolio Trust PLC 16 June 2005 For Immediate Release 16th June 2005 BRITISH PORTFOLIO TRUST plc ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS For the period from 1st November 2004 to 30th April 2005 Net Asset Value A summary of the results for the period from 1st November 2004 to 30th April 2005 is set out below. The Net Asset Value (NAV) per Ordinary Share as at 30th April 2005 was 142.0p. This represents an increase of 6.4% over the NAV as at 31st October 2004. Over the same period the Company's benchmark index, the FTSE All-Share Index, rose by 4.3%. Interim Dividend The Board has declared an interim dividend of 1.60p per Ordinary Share (compared to 1.55p last year), which will absorb £739,624 and is payable on 3rd August 2005 to all holders of Ordinary Shares on the Register of Members at the close of business on 15th July 2005. Share Buybacks During the period under review 953,000 Ordinary Shares were purchased for cancellation at a cost of £1.3m and at an average discount of 5.0%. In the period from 1st May 2005 until 16th June 2005 a further 17,500 Ordinary Shares have been purchased for cancellation at a cost of £24,000 and a further 300,000 Ordinary Shares have been purchased into treasury at a cost of £0.4m. Outlook The UK economy has seen a marked slowdown in the year to date as previous interest rate hikes have started to bite. Consumer spending has been hit with retailers remaining pessimistic about their near term outlook. UK banks have recently commented that they are experiencing a slowdown across the consumer credit sector. In the light of this slowdown, predictions for the future direction of UK interest rates have reversed with consensus now looking for a cut in interest rates by the end of this year. More optimistically, unemployment is still very low with few signs of it picking up significantly. Inflation remains relatively low which gives the Bank of England latitude to lower interest rates, if necessary. The increase in household debt, which has now moved up to very high levels by historical standards, has been a factor in boosting consumer spending in recent years. Consumer debt servicing costs as a percentage of disposable income are, however, nowhere near the previous peak reached back in 1990. With interest rates likely to have peaked, this leads the managers to believe the current consumer malaise is likely to be a temporary factor and that the longer term outlook remains robust. Other positives for the equity market include continued strong dividend growth from UK companies. Also, we are witnessing a steady stream of corporate activity which is evidence of corporates' and venture capitalists' enthusiasm to invest at current valuation levels. 155 Bishopsgate By Order of the Board London EC2M 3AD P W I Ingram 16th June 2005 Secretary SUMMARY OF RESULTS STATEMENT OF TOTAL RETURN Six months ended 30th April 2005 Revenue Capital Total £'000s £'000s £'000s (Note 1) Net gains on investments - 4,127 4,127 Income 1,305 - 1,305 Investment management fee (134) (316) (450) Administration expenses (80) (3) (83) Return before finance costs and taxation 1,091 3,808 4,899 Finance costs of borrowings (47) (137) (184) Return on ordinary activities before taxation 1,044 3,671 4,715 Taxation (1) - (1) Return after taxation attributable to Ordinary 1,043 3,671 4,714 Shareholders Dividends on Ordinary Shares Prior year over accrual 9 - 9 Interim proposed 1.60p (740) - (740) 731 - 731 Transfer to reserves 312 3,671 3,983 Return per Ordinary Share (Note 2) 2.23p 7.86p 10.09p NET ASSET STATEMENT As at 30th April 2005 £'000s Fixed Asset Investments 67,050 Net Current Assets 4,578 Total Assets less Current Liabilities 71,628 Creditors - Amounts falling due after one year (6,000) Total Net Assets 65,628 Called up Share Capital 462 Share Premium Account 12,379 Special Reserve 52,170 Capital Reserves - Realised (4,465) Unrealised 4,437 Capital Redemption Reserve 81 Revenue Reserve 564 Shareholders' Funds 65,628 Net Asset Value per Ordinary Share 142.0p The net asset value is based on 46,226,502 Ordinary Shares in issue. SUMMARY OF RESULTS STATEMENT OF TOTAL RETURN Six months ended 30th April 2004 Revenue Capital Total £'000s £'000s £'000s (Note 1) Net gains on investments - 3,866 3,866 Income 1,177 - 1,177 Investment management fee (130) (302) (432) Administration expenses (67) (2) (69) Return before finance costs and taxation 980 3,562 4,542 Finance costs of borrowings (46) (136) (182) Return on ordinary activities before taxation 934 3,426 4,360 Taxation (1) - (1) Return after taxation attributable to Ordinary 933 3,426 4,359 Shareholders Dividends on Ordinary Shares Prior year over accrual 3 - 3 Interim proposed 1.55p (747) - (747) (744) - (744) Transfer to reserves 189 3,426 3,615 Return per Ordinary Share (Note 2) 1.89p 6.93p 8.82p NET ASSET STATEMENT As at 30th April 2004 £'000s Fixed Asset Investments 67,137 Net Current Assets 814 Total Assets less Current Liabilities 67,951 Creditors - Amounts falling due after one year (6,000) Total Net Assets 61,951 Called up Share Capital 482 Share Premium Account 12,378 Special Reserve 54,705 Capital Reserves - Realised (5,730) Unrealised (184) Capital Redemption Reserve 62 Revenue Reserve 238 Shareholders' Funds 61,951 Net Asset Value per Ordinary Share 128.5p The net asset value is based on 48,218,561 Ordinary Shares in issue. SUMMARY OF RESULTS STATEMENT OF TOTAL RETURN for the year to 31st October 2004 Revenue Capital Total £'000s £'000s £'000s (Note 1) Net gains on investments - 6,518 6,518 Income 2,392 - 2,392 Investment management fee (259) (601) (860) Administration expenses (153) (2) (155) 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 (2) - (2) Return after taxation attributable to Ordinary 1,886 5,640 7,526 Shareholders Dividends on Ordinary Shares : Prior year over accrual 2 - 2 Interim 1.55p (742) - (742) Final 2.00p (944) - (944) (1,684) - (1,684) Transfer to reserves 202 5,640 5,842 Return per Ordinary Share (Note 2) 3.88p 11.61p 15.49p NET ASSET STATEMENT As at 31st October 2004 £'000s Fixed Asset Investments 64,973 Net Current Assets 3,958 Total Assets less Current Liabilities 68,931 Creditors- Amounts falling due after one year (6,000) Total Net Assets 62,931 Called up 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' 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. SUMMARY OF RESULTS CASH FLOW STATEMENT Six Months to Six Months to Year to 30th April 30th April 31st October 2005 2004 2004 £'000s £'000s £'000s Net cash inflow from operating activities 350 247 1,436 Servicing of finance Interest paid (182) (183) (370) Financing Repurchase of Ordinary Shares for cancellation (1,286) (2,531) (3,779) Cash transferred from Jos Holdings plc 1 - - Net cash outflow on financing (1,285) (2,531) (3,779) Investing activities Acquisition of fixed asset investments (11,028) (13,063) (25,706) Disposal of fixed asset investments 13,081 14,169 32,640 Net cash inflow from financial investment 2,053 1,106 6,934 Dividends paid (935) (869) (1,612) Increase (decrease) in cash 1 (2,230) 2,609 TWENTY LARGEST EQUITY HOLDINGS As at 30th April 2005 Valuation % of Total £000s Assets* BP 5,324 7.43 HSBC 4,470 6.24 Vodafone Group 4,405 6.15 GlaxoSmithKline 3,977 5.55 Shell Transport & Trading 2,822 3.94 Royal Bank of Scotland 2,665 3.72 Barclays 2,133 2.98 AstraZeneca 1,734 2.42 Scottish & Southern Energy 1,494 2.09 National Grid Transco 1,434 2.00 BT Group 1,288 1.80 Prudential 1,232 1.72 Tesco 1,226 1.71 Allied Domecq 1,224 1.71 Lloyds TSB 1,040 1.45 Kelda Group 979 1.37 Anglo American 960 1.34 Singer & Friedlander 942 1.32 British American Tobacco 936 1.31 Anker 925 1.29 41,210 57.54 PORTFOLIO ANALYSIS As at 30th April 2005 Sector Valuation % of Total £000s Assets* Cyclical Consumer Goods 530 0.74 Cyclical Services 7,199 10.05 Financials 17,030 23.78 Non Cyclical Services 7,963 11.12 Non Cyclical Consumer Goods 10,453 14.59 Resources 12,014 16.77 Information Technology 1,530 2.14 Utilities 6,155 8.59 Basic Industries 1,990 2.78 General Industrials 2,186 3.05 Net Current Assets 4,578 6.39 71,628 100.00 * Total Assets are stated net of Current Liabilities. Note 1 The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items derive from continuing operations. Note 2 The return per Ordinary Share is based on a weighted average number of shares in issue of 46,731,463 (30th April 2004: 49,430,377; 31st October 2004: 48,570,645). Note 3 The Statement of Total Return, Net Asset Statement and Cash Flow Statement for the year to 31st October 2004 have been extracted from the published accounts of the Company at that date which have been delivered to the Registrar of Companies. The Auditors' opinion on those accounts was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. The Interim Report will be sent to Shareholders shortly and made available to the public at the Registered Office of the Company, 155 Bishopsgate, London EC2M 3AD. For further information, please contact:- Simon White 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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