Final Results

RNS Number : 9275U

Henderson Smaller Cos Inv Tst PLC

03 August 2015

 



3 August 2015

This announcement contains regulated information

Investment Objective

The Company's investment objective is to maximise shareholders total returns by investing mainly in smaller companies that are quoted in the United Kingdom. The strategy is to use rigorous research to identify high-quality smaller companies with strong growth potential. The benchmark is the Numis Smaller Companies Index (excluding investment companies) (previously called the Hoare Govett Smaller Companies Index). Generally, new investments are made in constituents of the benchmark index but they may continue to be held when the underlying companies grow out of the smaller companies sector. Once a portfolio company enters the FTSE 100 Index the Fund Manager has, in normal circumstances, six months to sell the position.

Total Return Performance for the periods ended 31 May 2015 (including dividends reinvested and excluding transaction costs)
	1 year %	3 years %	5 years %	10 years %
NAV1	20.4	110.9	191.6	292.8
Share price2	28.2	155.2	246.3	370.0
Benchmark index3	10.4	83.2	123.9	217.7
Average sector NAV4	14.3	88.3	157.1	254.3
Average sector share price5	16.1	107.5	190.8	304.4
FTSE All-Share Index	7.5	52.2	68.6	116.8
FTSE SmallCap Index (excluding investment companies)	8.6	96.5	119.4	104.7

Performance Highlights	31 May 2015	31 May 2014
NAV per share at year end  (debt at par value)	754.1p	637.6p
NAV per share at year end  (debt at fair value)	752.1p	634.3p
Share price at year end	686.0p	547.0p
Discount6	9.0%	14.2%
Gearing at year end	7.5%	9.1%
Dividend for the year7	13.5p	11.0p
Dividend yield8	2.0%	2.0%
Ongoing Charge for the year9	0.46%	0.44%
Total net assets	£563 million	£476 million

1 Net asset value per ordinary share total return (including dividends reinvested and excluding transaction costs) with the Company's issue of Debenture Stock and Preference Stock included at par value

2 Share price total return using mid-market closing price

3 Numis Smaller Companies Index (excluding investment companies)

4 Average NAV of the AIC UK Smaller Companies sector

5 Average share price of the AIC UK Smaller Companies sector

6 Calculated using published daily NAVs with debt at par including current year revenue

7 This represents an interim dividend of 3.5p and a proposed final dividend of 10.0p.

8 Based on the ordinary dividends paid for the year and the mid-market share price at the year end

9 Ongoing charge excluding performance fee. Ongoing charge including performance fee is 0.88% (2014: 0.56%)

Sources: Morningstar Funddata, Morningstar Direct, Henderson, Datastream

 CHAIRMAN'S STATEMENT

Performance

It has been another excellent year for the Company with a 28.2% share price total return for shareholders. The net asset value of the Company increased by 20.4% in the year on a total return basis and substantially outperformed its benchmark, the Numis Smaller Companies Index (excluding investment companies), which increased by 10.4%.

Over the past ten years our net asset value total return has been 292.8% versus a total return from the Numis Smaller Companies Index (excluding investment companies) of 217.7%, the FTSE All-Share Index of 116.8% and the FTSE SmallCap Index (excluding investment companies) of 104.7%. This is a compound annual return to shareholders of 14.7% and is continuing testimony to the skills of our Fund Manager, Neil Hermon and his team.

I would, as always, like to thank all the Henderson staff and my Board for their efforts throughout the year on behalf of shareholders.

Revenue and Dividend

The revenue return per share has increased to 15.0p, compared with 12.7p for the previous year. The Board is proposing a final dividend for the year of 10.0p per share, making a total dividend for the year of 13.5p (2014: 11.0p) as an interim dividend of 3.5p was paid in March. The final dividend is of course subject to shareholder approval at the Annual General Meeting to be held in October.

Discount* and Share Buy-backs

During the year the AIC UK Smaller Companies sector as a whole traded at an average discount of 12.4% to NAV, with highs and lows of 14.9% and 9.1% respectively. At the year end, the Company's shares traded at a discount of 9.0%. The Company's discount ranged from 17.7% to 7.7% with the average discount over the year being 14.1%.

The Board continues to monitor the discount and will from time to time buy back shares, though we do not believe that share buy-backs have a significant effect on the discount other than in the short term.

Management Fee Arrangements

Your Board has reviewed the fee arrangements with Henderson and concluded that it continues to be in the best interests of shareholders to have a combination of a very low base management fee and a performance fee incentive. With effect from 1 June 2015 the base management fee will be 0.35% of net assets rather than gross assets meaning that not only will the base fee be lower but Henderson will only be rewarded for managing borrowings if those borrowings deliver investment outperformance that result in the payment of a performance fee. The performance fee arrangement remains unchanged save that the monetary limit of £2.0 million has been removed and the percentage cap on total fees in any one financial year has been reduced from 1.0% to 0.9%. The monetary cap was set when your Company was half its present size and your Board feels it is a more appropriate incentive to have a single lower percentage cap. Full details of the fee arrangements are set out on page 5 of the Annual Report. However, as an illustration of the impact of the fee, had the arrangements been in place in the year under review, total management fees would have been £4,378,000 rather than the actual £3,794,000, reflecting the exceptional outperformance achieved by Henderson for shareholders. Your Board is confident that these new management fee arrangements will properly incentivise Henderson to continue to outperform.

Outlook

The last six years have been very positive for equity markets and particularly the smaller companies sector. Recent events like the UK general election have bolstered that performance, so investors may be concerned about how long this can last. Yet bonds and cash remain unattractive to investors, so there will continue to be a steady flow of funds into equities, which should help to maintain present levels. Smaller companies' stocks are also less well-researched and followed than those of large companies, which means that value can be found by stock pickers like Neil. There will continue to be uncertainty about the UK's position in Europe until the referendum. But I am confident that Neil's style of investing is well suited to the challenges ahead.

Annual General Meeting

The Annual General Meeting of the Company will be held at 11.30am on Friday 2 October 2015 at the Registered Office, 201 Bishopsgate, London EC2M 3AE. We would encourage as many shareholders as possible to attend for the opportunity to meet the Board and to watch a presentation from Neil Hermon reviewing the year and looking forward to the year ahead. For the first time, the Company's AGM will be broadcast live on the internet. If you are unable to attend in person you can watch the meeting as it happens by visiting www.henderson.com/trustslive .

*The annual discount is calculated as a simple average of the daily discounts downloaded from Datastream

Jamie Cayzer-Colvin

Chairman

FUND MANAGER'S REVIEW

Market - year in review

The year under review was a positive one for equity markets. This was due to supportive monetary policies from developed world Central Banks, a gently improving global macro-economic situation and the relative attractiveness of equities over other asset classes. The introduction of quantitative easing by the ECB and the surprise majority achieved by the Conservative Party in the UK general election were additional boosts to the UK equity market. The fundamentals of the corporate sector remained strong. Companies continued to grow their dividends whilst balance sheets remained robust. Corporate earnings growth, however, was subdued as profits in the oil and gas sector collapsed and the strength of sterling diluted the value of overseas earnings for UK companies.

Smaller companies materially outperformed larger companies over the year. The Numis Smaller Companies Index (excluding investment companies) has now outperformed the FTSE All-Share Index for the last seven years consecutively (and in fifteen of the last sixteen years).

Fund Performance

The Company had an exceptional year in performance terms - outperforming its benchmark and rising in absolute terms. The net asset value rose 20.4%, on a total return basis. This compares to a rise of 10.4% (total return) from the Numis Smaller Companies Index (excluding investment companies) and 8.6% (total return) from the FTSE Small Cap Index (excluding investment companies). The outperformance came from a combination of underlying positive portfolio performance and a positive contribution from gearing in the Company. The year under review is the eleventh year of outperformance of our benchmark, the Numis Smaller Companies Index (excluding investment companies), in the last twelve years.

Gearing

Gearing started the year at 9.1% and ended it at 7.5%. The gearing is provided by a combination of the £20 million 10.5% 2016 Debenture with the remainder by short term bank borrowings. Gearing was a positive contributor to performance in the year as markets rose and has been a significant positive over the 12 years I have managed the investment portfolio.

Attribution analysis

The tables below show the top five contributors to, and the bottom five detractors from, the Company's relative performance.

Principal contributors	12 month return %	Relative contribution %
Bellway	+75.2	+1.6
Taylor Wimpey	+80.9	+1.5
AA	+64.9	+1.1
Howden Joinery	+63.0	+1.0
e2v Technologies	+58.2	+0.9

Bellway is a national UK housebuilder. The UK housing market has seen an impressive recovery in the recent past aided by improving consumer confidence, low interest rates and Government initiatives, particularly Help to Buy. Margins, volumes and profits have been rising strongly and the outlook remains for continued strong growth. Bellway is looking to exploit these conditions by expanding its national footprint, whilst maintaining a strong land-bank and balance sheet. The sector outlook is aided by a benign land market as the number of competitors has reduced from the previous cycle, the structural under-supply of housing in the UK and the capital discipline Bellway and its peers are displaying.

Taylor Wimpey is a national UK housebuilder. From the depths of the housing downturn in 2007/08 Taylor Wimpey has made an impressive recovery. It has strengthened its over leveraged balance sheet through the sale of its US operation and by raising money through a rights issue. Financial returns have been improving through the acquisition of higher margin land and cost reductions in the building process. Much of the housing market commentary written above also applies to Taylor Wimpey. The major difference between the two companies' strategies is that whilst Bellway is looking to expand its volumes (albeit from a much lower base), Taylor Wimpey is aiming to return significant amounts of cash, through dividends, to shareholders. This provides a very attractive prospective yield for investors. As noted later in the report our position in Taylor Wimpey has been sold due to size considerations.

AA is the UK's leading provider of roadside assistance. It also provides insurance broking and financial services. AA is a very strong business with fantastic brand recognition, limited competition, strong pricing power and good cash generation. AA was floated in June 2014 and a key attraction was the incoming management team. This was led by Bob McKenzie whose career has spanned BTR, Hanson, Sea Containers, Green Flag and more recently Northgate, in which the Company has a holding. AA floated with a highly leveraged balance sheet but this was understandable given the cash generation of the business. The investment upside was provided by a combination of a transfer of value from debt to equity as cash generation was used to pay down debt, planned faster growth of the core business driven by investment in marketing and systems and cost reduction in back office processes. The share price of AA has performed very well since IPO and we have booked substantial profits on our position.

Howden Joinery is a manufacturer and retailer of kitchens in the UK. From launch in 1990 it has organically grown to over 590 branches and taken a significant market share by providing a first class service to its client, the jobbing builder, with keen prices and excellent stock availability. The company is also very cash generative but in the past this cash has been consumed by pension and property issues it inherited from its former parent, MFI. However these issues have now been effectively worked through and Howden is starting to aggressively raise the dividend to shareholders. With branch roll-out continuing and the kitchen market beginning to recover Howden is well placed to grow profitability strongly.

e2v Technologies manufactures high technology electronic components. Although e2v is a company with significant technology and high margins, it has historically struggled to deliver consistent growth. This led to a below market valuation for the business. The appointment of a new chairman and CEO has led to a re-focusing of the business with cost taken out, a new customer-focused approach and de-cluttering of the organisations processes. The initial results of this new approach have been highly encouraging with results for the last financial year above market expectations. Its shares have enjoyed a significant re-rating and prospects for further growth look strong if the company continues to deliver on its strategic aims.

Principal detractors	12 month return %	Relative contribution %
Afren	-98.0	-1.2
Premier Oil	-53.6	-0.7
Betfair1	+61.5	-0.5
Greggs2	+133.8	-0.4
Moneysupermarket.com2	+76.8	-0.4
1Included in the benchmark index up to 31/12/14 but not owned by the Company (returns shown are those to 31/12/14) 2Included in the benchmark index but not owned by the Company

Afren is an international oil and gas production and exploration company with its main interests in Nigeria. Afren was hit by a number of problems in the year. First its CEO, COO and a number of other employees were suspended due to the discovery of unauthorised payments. Subsequently its reserves in Kurdistan were significantly written down after poor drilling results. Additionally the severe drop in the oil price affected the cashflows from the core Nigerian operations which left the company unable to service the debt costs of the business. Afren is currently undergoing a significant debt for equity swap and debt renegotiation, which will substantially dilute equity holders. We sold our position in Afren in early 2015.

Premier Oil is an international oil and gas production and exploration company. Like nearly every other oil and gas company on the stock market, the last year has been an exceptionally tough one. The collapse in oil prices in late 2014 has severely affected the market's perceptions of the value of Premier's oil and gas assets. Although Premier has reasonable levels of debt, the company remains financially sound. The company is poised to show good growth in near-term production from the Solan development in the North Sea in late 2015 and beyond that from the Catcher development and the wider North Falklands basin. Additionally Premier remains a strong proxy for the eventual recovery in oil prices.

Betfair is an online sports book and gaming operator and is the world's largest internet betting exchange. The strong share price performance has primarily been driven by upwards earnings upgrade surprises as heavy investment in its product and marketing has allowed it to take market share after years of decline between 2011 and 2013. Furthermore, the stock has benefitted from a re-rating as it has successfully de-emphasised its non-regulated earnings, favouring growth in regulated markets. The Company has no holding in Betfair.

Greggs is a vertically integrated, bakery related retailer. After a difficult period, Greggs has performed well as new management have driven the proposition from a high street baker to a bakery food-on-the-go operator with broad appeal in the quick service sector. Like-for-like sales growth has picked up and combined with lower input costs has meant that earnings growth has been above market expectations. The Company has no holding in Greggs.

Moneysupermarket.com is an operator of finance and travel price comparison websites. It is the market leader. The share price has performed well over the last year driven by a re-rating upwards of comparable internet companies. In addition earnings growth has been strong, driven in part by high levels of utility switching by consumers. The Company has no holding in Moneysupermarket.com.

Portfolio Activity

Trading activity in the portfolio was consistent with an average holding period of four years. Turnover was slightly higher than our typical average due to the high level of M&A and IPO activity in the portfolio and does not represent a shift in our approach, which is to consider our investments as long-term in nature and to avoid unnecessary turnover. The focus has been on adding stocks to the portfolio that have good growth prospects, sound financial characteristics and strong management, at a valuation level that does not reflect these strengths. Likewise we have been employing strong sell disciplines to cut out stocks that fail to meet these criteria.

In the year we have added a number of new positions to our portfolio. These included:-

One Savings Bank (OSB) is one of the new challenger banks that have emerged post the financial crisis. It is a specialist lender focused on selected sub-sectors of the lending market. Formed from the ashes of Kent Reliance Building Society it started trading on 1 February 2011. The business was originally built by acquisitions of performing mortgage books and a short duration unsecured performing consumer loan book of Northern Rock. Since then it has grown its loan book and profitability rapidly. The outlook is positive as competition from capital-constrained large banks has reduced and credit risk remains low. With strong political will for challenger banks to succeed, the future looks bright for One Savings Bank.

SSP is a food and beverage retailer at transport locations globally, principally airports and railway stations. The company runs a combination of its own brands, such as Upper Crust, to franchise operations for companies such as Marks and Spencer and McDonalds. Growth dynamics are positive, with drivers including new transport locations, market share gains at existing sites, increased passenger numbers and rising spend per head. A further positive is the arrival of Kate Swann as CEO. In her previous role she had particular success at turning round and growing WH Smith and her cost-cutting skills, attention to detail and returns focus should benefit SSP greatly.

Sanne is an independent and regulated provider of outsourced specialist corporate and fund administration and reporting services to alternative asset managers, financial institutions and other organisations. The specialism and complexity involved in the service it provides has historically allowed it to earn high margins which we view as sustainable in the medium run. Our investment in Sanne provides exposure to growing regulation in financial services, growth in alternative investments as an asset class, and continued trend of outsourcing back office functions. The company also benefits from a strong balance sheet, a sticky and diversified client base (90% of revenues are recurring) and plenty of M&A opportunities as larger administrators sell off non-core assets.

Cairn Energy is an international oil and gas exploration and production company. Although the recent collapse in oil prices has had a severe detrimental impact on the sector, Cairn benefits from a very strong balance sheet with a substantial net cash position. Current production is minimal, which means low oil prices today are not of huge relevance to Cairn. However it does have significant developments in the Kraken and Catcher fields in the North Sea which come on stream from 2017 and will provide substantial production and cash flow. An additional upside is provided by exposure to exciting oil exploration activity in offshore Senegal and the resolution of Cairn's dispute with Indian tax authorities.

SQS Software is a specialist independent computer software testing company based in Germany. Its services are focused on mitigating and managing any technological and commercial risks that might arise through the course of the software development lifecycle. Our investment in SQS should provide exposure to growth "software as service" and mobile app development as device proliferation increases complexity in software development. Recent acquisitions in the US, in conjunction with a potent mix of organic top line growth and margin expansion, should provide double-digit earnings growth over 3 to 5 years and we don't think the current valuation fully reflects this. Furthermore, the company operates in a consolidating industry and lacks sell-side broker coverage, which we think are positive catalysts for the stock.

Exova provides material testing, calibration and advisory services. It was a former division of Bodycote and was acquired by the private equity operation CD&R in 2008. The company was IPO'd in April 2014. Although we liked the growth dynamics of the business and quality of the management team, we felt the valuation placed on the company at that time was too high. A subsequent share price fall gave us an opportunity to invest in the business at a more appropriate valuation. Exova operates in an attractive market segment with increasing regulation driving faster than economic growth. The company plans to supplement this organic growth through bolt-on acquisitions funded from cashflow. Although in the short term growth is being constrained by an exposure to oil and gas markets, the long-term prospects are favourable.

In addition to the companies mentioned above, we invested in a number of IPOs (initial public offerings) in the year. These included - Aldemore Group and Virgin Money, UK challenger banks; DFS and SCS, the furniture retailers; Eurocell, a building products group specialising in PVC window, door and roofline products; Marshall Motors, a UK car retailer; and Quantum Pharmaceuticals, a pharmaceuticals company specialising in the provision of unlicensed and special obtain products.

To balance the additions to our portfolio, we have disposed of positions in companies which we felt were set for poor price performance. We disposed of our holding in Brammer, the industrial products distributor, where the company has suffered from weak UK and European end markets and margins have been under pressure from competitive pricing conditions. We also disposed of our holding in Go-Ahead, the bus and rail company, where after the award of the Greater Thameslink franchise, the shares reached what we felt was fair value. We also sold our positions in Ashtead, the plant hire business, Dixons Carphone, the electrical products and mobile phone retailer, and Taylor Wimpey, the UK housebuilder. All these companies had reached the FTSE 100 and our policy is to sell holdings when companies reach this Index. This is a good discipline to apply as it represents a natural cut-off point given the Company is mandated to invest in 'smaller' companies. We invested in all these companies when they were much smaller entities and have made substantial profits over the period in which we have held them.

We benefited from an increased level of takeover activity in the year. Eight portfolio companies received agreed bids. The clear similarity in these bids was the nature of the buyers, with seven of the eight acquirers being overseas corporates. This reflects the open nature of the UK market, the strength of global corporate balance sheets and the low cost of debt. Within our portfolio, takeover bids were received for Asian Plantations, a palm oil producer, from Felda; CSR, a semiconductor supplier, from Qualcomm; Domino Printing, industrial printing equipment, from Brother International; Hyder Consulting, an international engineering consultancy, from Arcadis; Kentz, an oil services company, from SNC Lavalin; Mecom, a European printed media group, from Peers Group; Spirit Pub Company, an operator of managed and tenanted pubs, from Greene King; and Synergy Health, a healthcare services group, from Steris Corporation.

Portfolio Outlook

The following table shows the Company's key stock positions versus the Numis Smaller Companies Index (excluding investment companies) at the end of May 2015.

Top ten active positions at 31 May 2015	Holding %	Index Weight %	Active Weight %
Bellway	3.4	-	3.4
e2v Technologies	2.9	0.3	2.6
Howden Joinery	2.4	-	2.4
Intermediate Capital	2.1	-	2.1
Informa	2.1	-	2.1
Spectris	1.9	-	1.9
Victrex	1.9	-	1.9
WS Atkins	1.9	-	1.9
Playtech	1.7	-	1.7
Renishaw	1.7	-	1.7

A brief description of the largest active positions (excluding Bellway, e2v Technologies and Howden Joinery which are covered earlier) follows:

Intermediate Capital is an alternative finance provider and asset manager. Intermediate Capital is a leading provider of mezzanine finance to LBO markets. It also owns a highly successful mezzanine, property lending and credit fund management operation. Its portfolio of investments are performing well but the primary growth engine of the business is the fund management operation where it is having real success in growing assets due to the strength of its performance, the quality of the team and underlying demand for its product in an income-hungry world. Additionally the management are targeting a meaningful increase in the company's return on equity by returning substantial surplus capital.

Informa is a leading business-to-business information group. Its activities include the provision of academic journals, books, data services, trade exhibitions and conferences. The company produced a very resilient profit performance during the downturn, helped by aggressive cost cutting. Additionally the balance sheet has been strengthened and cash generation has been strong. A new CEO has been appointed and he has significantly strengthened the management team across the business. The aim is to re-invest in the areas that have struggled to deliver growth whilst expanding the fast growing exhibitions division by acquisition. If faster growth can be driven from a collection of high quality assets then the share price has scope to re-rate upwards.

Spectris manufactures, designs and markets products for the electronic control and process instrumentation sectors. The company has a number of subsidiaries which tend to be market leaders in global market niches. Cash generation is sound, the management team is well respected and the balance sheet is strong. Profit growth in 2013 and 2014 has been muted due to softness in end markets and sterling strength but longer term the company is well positioned for growth, especially if it deploys its balance sheet on acquisitions.

Victrex is a manufacturer of a speciality thermoplastic PEEK. It is the world leader in its field with a dominant market share. Victrex has shown consistent long-term growth as demand for PEEK has grown as customers look to replace metals with lighter plastics with similar thermal properties. This is best evidenced by the aerospace industry, where the most technologically advanced large commercial jet in the world, the Boeing 787, uses one tonne of PEEK per plane compared to minimal use in jets of a decade ago. Although demand for PEEK is subject to the vagaries of the economic cycle, longer term its use will continue to increase and drive Victrex's profitability upwards. Additionally Victrex has developed a very successful medical business with PEEK used particularly in spinal and arthroscopy operations, which is growing independent of the economic cycle. Victrex has recently expanded capacity as there are significant opportunities for growth in the medical, oil and gas, aerospace and smartphone markets.

WS Atkins is an international engineering consultant, with operations principally in the UK, USA, Middle East and Asia. A new management team has been re-structuring the company with low margin activities sold and operations rationalised. With this restructuring mostly completed, the company is starting to see growth in profitability and future prospects look strong. The company also enjoys a cash-rich balance sheet and is looking to deploy this on acquisitions that will augment organic growth.

Playtech is one of the world's largest gaming and sports betting software suppliers. The company provides white label software products for online and mobile; casino, poker, bingo, sports betting and live dealer games and has most recently made acquisitions in the spread betting market. Playtech benefits from operating in an industry with high barriers to entry and strong supplier power (platform migrations are very risky for online B2C businesses). This in conjunction with long-term contracts (5-7 years and increasing) and relatively low levels of competition makes the company well placed to benefit from global growth in online gaming. We expect returns from Playtech to be driven by continued strong earnings momentum and a growing dividend. However, we believe the greatest returns should be made from a market re-rating; driven primarily by an increase in the proportion of regulated earnings and more credit given for its high, sustainable and cash-backed margins.

Renishaw designs, develops and manufactures high technology precision measuring and calibration equipment. The business is a global leader in its field with strong patent protection. The company invests heavily in research and development to maintain its market leading technological position. Over the medium term organic growth has been one of the strongest in the capital goods sector. More recently Renishaw has enjoyed exceptional growth driven by the investment by its Asian customers in modernising their production facilities. Much of this growth is rumoured to be driven by the smartphone supply chain. Although this growth may slow in the near term, Renishaw, with a very strong balance sheet and a well invested production base, is superbly positioned for the long term.

Market Outlook

The year under review has been a positive one for equity markets. The global macro-economic environment has been gradually getting better with world GDP forecast to show good growth in the current year with some modest acceleration in 2016.

The UK economy has shown steady progress. The housing market has remained strong, with a rise in prices and solid transaction levels, aided by low interest rates and Government initiatives. The unemployment rate has fallen and there are signs that wage inflation is starting to rise. The unexpected majority that the Conservative government achieved also removed uncertainty about short-term political direction in the UK. All these factors are boosting consumer confidence. There remains the strong possibility of a rise in interest rates, but with inflation remaining low, the timing of the move has been pushed back to a consensus view of early 2016. However, as it currently stands, rates are expected to rise slowly and to levels well below historic levels, which should allow the UK economic recovery to continue.

After the rise in the past few years, stock market valuations are now at around long-run historic averages. Corporate profitability has proved robust but has not shown much growth in recent years. It is difficult to see the market making material progress from current levels without an increase in corporate earnings. However, given an improving economic backdrop, we are hopeful that the outlook for corporate profitability is improving. Mergers and acquisition activity has been relatively subdued as management teams are unwilling to take on financial leverage in the face of perceived economic uncertainty. But there are more recent signs, particularly in sectors such as healthcare, telecoms and technology, that this trend is reversing. An increase in M&A would be helpful for smaller companies in particular as mergers and acquisition activity tends to be focused in this area.

In conclusion, the year under review has been an excellent one for the Company. Relative performance was good and our portfolio companies have, overall, performed robustly. Our investments are generally trading well, soundly financed and attractively valued. Additionally, the small company market continues to throw up exciting growth opportunities in which the Company can invest.

Neil Hermon

Fund Manager

Performance Attribution	Year ended 31 May 2015	Year ended 31 May 2014
NAV total return	20.4	19.9
Benchmark total return	10.4	19.1
Relative Performance	10.0	0.8
Made up:
Stock selection	10.0	0.4
Gearing	0.9	0.9
Share buy backs	0.0	0.0
Expenses	-0.9	-0.5

INVESTMENT PORTFOLIO at 31 May 2015

Company	Principal Activity	Valuation 2015 £'000	% of Portfolio
Bellway	house building	20,489	3.38
e2v Technologies	electronic components	17,809	2.94
Howden Joinery	kitchen manufacturer and retailer	14,691	2.43
Paragon	buy to let mortgage provider	14,158	2.34
Intermediate Capital	mezzanine finance	12,579	2.08
Informa	business to business information	12,423	2.05
Interserve	international contractor	12,090	2.00
Spectris	electronic control and process instrumentation	11,690	1.93
Victrex	speciality chemicals	11,270	1.86
WS Atkins	engineering consultancy	11,200	1.85
10 largest		138,399	22.86
NMC Health	healthcare provider	10,926	1.80
Northgate	commercial vehicle hire	10,387	1.71
Playtech	internet gaming software	10,168	1.69
Reinshaw	precision measuring and calibration equipment	10,080	1.66
Senior	aerospace and automotive products	10,071	1.66
Essentra	speciality plastic producer and distribution	10,000	1.65
Clinigen1	pharmaceuticals	9,714	1.60
Laird	electronic products	8,809	1.45
Oxford Instruments	advanced instrumentation equipment	8,771	1.45
Grainger	residential property investor	8,581	1.42
20 largest		235,906	38.95
Capital & Regional	retail property investor	8,239	1.36
Restaurant Group	restaurants	7,935	1.31
Balfour Beatty	international contractor	7,861	1.30
Optimal Payments1	online money transfer service	7,412	1.22
HellermannTyton	cable management solutions	7,392	1.22
Rotork	process control solutions	6,969	1.15
Ted Baker	clothing retailer	6,895	1.14
NCC	IT security	6,808	1.12
Aveva Group	design software	6,808	1.12
LSL Property Services	real estate services	6,736	1.11
30 largest		308,961	51.00
John Laing	infrastructure investment	6,286	1.04
Euromoney Institutional Investor	business to business information	6,148	1.01
Thomas Cook	travel and leisure	6,133	1.01
Jupiter Fund Management	investment management company	6,084	1.00
Countrywide	real estate services	5,992	0.99
Esure	motor and property insurer	5,918	0.98
One Savings Bank	banks	5,904	0.97
Spirit Pub	pub operator	5,725	0.95
Consort Medical	healthcare products	5,587	0.92
SIG	builders merchant	5,567	0.92
40 largest		368,305	60.79

INVESTMENT PORTFOLIO at 31 May 2015 (continued)

Company	Principal Activity	Valuation 2015 £'000	% of Portfolio
Eurocell	building products	5,566	0.92
Cineworld	cinema operator	5,495	0.91
Ultra Electronic Holdings	specialised defence contractor	5,493	0.91
Tyman	building products	5,322	0.88
Synergy Health	healthcare support services	5,287	0.87
Brown (N) Group	clothing retailer	5,214	0.86
Crest Nicholson	housebuilder	5,150	0.85
Dechra Pharmaceuticals	veterinary pharmaceuticals	5,145	0.85
Hunting	oil equipment and services	4,928	0.81
Fidessa	financial software	4,795	0.79
50 largest		420,700	69.44
Aldermore	banks	4,792	0.80
Sanne	investment management services	4,778	0.79
St Modwen Properties	real estate investment and services	4,702	0.78
Elementis	speciality chemicals	4,662	0.77
CLS	real estate investment and services	4,652	0.77
Exova	material testing	4,616	0.76
Virgin Money	banks	4,567	0.75
Unite Group	student accommodation investor	4,539	0.75
Volution	building products	4,466	0.74
Dunelm	homewares retailer	4,432	0.73
60 largest		466,906	77.08
Keller	ground engineering services	4,424	0.72
AA	roadside assistance	4,294	0.71
Vectura	respiratory pharmaceuticals	4,094	0.68
SSP	contract catering	3,947	0.65
EMIS 1	healthcare IT services	3,900	0.64
Tribal Group	education support services and software	3,825	0.63
Lookers	automotive retailer	3,772	0.62
Tarsus Group	exhibition organiser	3,765	0.62
DFS	furniture retailer	3,672	0.61
Premier Oil	oil and gas exploration and production	3,672	0.61
70 largest		506,271	83.57
Urban & Civic	real estate investment and services	3,584	0.59
Quantum Pharma1	speciality pharmaceuticals	3,578	0.59
Servelec	healthcare software provider	3,564	0.59
Hays	business training and employment agencies	3,553	0.59
ITE Group	exhibition organiser	3,505	0.58
Cairn Energy	oil and gas exploration and production	3,477	0.57
Anite	telecom software	3,474	0.57
Quintain Estates	real estate investment and services	3,472	0.57
Chime Communications	media agencies	3,249	0.54
Xaar	electronic equipment	3,171	0.52
80 largest		540,898	89.28

INVESTMENT PORTFOLIO at 31 May 2015 (continued)

Company	Principal Activity	Valuation 2015 £'000	% of Portfolio
RWS1	patent translation services	3,168	0.52
Rathbone Brothers	private client asset management	3,140	0.52
John Menzies	news distributor and aviation services	3,120	0.52
Safestore Holdings	self storage operator	3,000	0.50
Speedy Hire	tool and plant hire	2,971	0.49
Safestyle1	window replacement retailer	2,940	0.49
Marshall Motor1	automotive retailer	2,936	0.48
Costain	contractor	2,880	0.48
SQS Software1	software testing	2,876	0.47
WYG1	engineering consultancy	2,850	0.47
90 largest		570,779	94.22
Polypipe	building products	2,826	0.47
Sherborne Investors	speciality finance	2,793	0.46
DX Group1	logistics and parcel distribution	2,640	0.44
Carpetright	carpet retailer	2,490	0.41
Fenner	industrial engineering	2,483	0.41
Abcam1	internet retailer of antibodies	2,383	0.39
UTV Media	radio and TV broadcaster	2,364	0.39
Synthomer	speciality chemicals	2,109	0.35
Next Fifteen Communications1	PR and media services	2,024	0.33
SCS	furniture retailer	1,859	0.31
100 largest		594,750	98.18
RM	education software and services	1,827	0.30
Severfield	industrial engineering	1,809	0.30
Ebiquity1	media agency	1,634	0.27
Faroe Petroleum1	oil and gas exploration and production	1,483	0.24
Horizon Discovery1	biotechnology research services	1,424	0.24
Koovs1	online fashion retailer	911	0.15
Digital Barriers1	digital security	645	0.11
Rockhopper Exploration1	oil and gas explorer	550	0.09
Scapa1	technical tapes	384	0.06
ISG1	contractor	359	0.06
Total equity investments		605,776	100.00

There were no convertible or fixed interest securities at 31 May 2015 (2014: none).

¹ quoted on the Alternative Investment  Market

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Company relate to the activity of investing in the shares of smaller companies that are listed (or quoted) in the United Kingdom. Although the Company invests almost entirely in securities that are quoted on recognised markets, share prices may move rapidly and it may not be possible to realise an investment at Henderson's assessment of its value. The companies in which investments are made may operate unsuccessfully, or fail entirely, such that shareholder value is lost. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service. The Board considers regularly the principal risks facing the Company in order to mitigate them as far as practicable. A fuller description of the principal risks and uncertainties follows. With the assistance of Henderson, the Board has drawn up a risk matrix which identifies the key risks to the Company.

The Board policy on risk management has not materially changed from last year. The key risks fall broadly under the following categories:

Investment activity and strategy

An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may lead to underperformance against the Company's benchmark and the companies in its peer group; it may also result in the Company's shares trading at a wider discount to the net asset value per share. The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. Henderson operates in accordance with investment limits and restrictions determined by the Board; these include limits on the extent to which borrowings may be used. The Board reviews its investment limits and restrictions regularly and Henderson confirms its compliance with them each month. Henderson provides the Directors with management information, including performance data and reports and shareholder analysis. The Board monitors the implementation and results of the investment process with the Fund Manager, who attends all Board meetings, and reviews regularly data that monitors risk factors in respect of the portfolio. The Board reviews investment strategy at each Board meeting.

Accounting, legal and regulatory

In order to qualify as an investment trust the Company must comply with Section 1158 of the Corporation Tax Act 2010. A breach of Section 1158 could result in the Company losing investment trust status and, as a consequence, capital gains realised within the Company's portfolio would be subject to Corporation Tax. The Section 1158 criteria are monitored by the Manager and the results are reported to the Directors at each Board meeting. The Company must comply with the provisions of the Companies Act 2006 ('the Companies Act'), and, as the Company's shares are listed for trading on the London Stock Exchange, the Company must comply with the UK Listing Authority's Listing Rules and Disclosure and Transparency Rules and the Prospectus Rules ('UKLA Rules'). A breach of the Companies Act could result in the Company and/or the Directors being fined or becoming the subject of criminal proceedings. Breach of the UKLA Rules could result in the suspension of the Company's shares which would in turn lead to a breach of Section 1158. The Board relies on its Company Secretary and its professional advisers to ensure compliance with the Companies Act and UKLA Rules.

Operational

Disruption to, or failure of, Henderson's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting and monitoring of the Company's financial position. Henderson has contracted some of its operational functions, principally those relating to trade processing, investment administration and accounting, to BNP Paribas Securities Services. Details of how the Board monitors the services provided by Henderson and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal control section of the Corporate Governance Statement contained in the Annual Report.

Financial instruments and the management of risk

By its nature as an investment trust, the Company is exposed in varying degrees to market risk (comprising market price risk, currency risk and interest rate risk), liquidity risk and credit and counterparty risk. An analysis of these financial risks and the Company's policies for managing them are set out in note 15 of the Annual Report.

Going Concern

The assets of the Company consist almost entirely of securities that are listed (or quoted on AIM) and accordingly the Directors believe that the Company has adequate financial resources to meet its liabilities and continue in operational existence for the foreseeable future. For these reasons, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. In reviewing the position as at the date of this report, the Board has considered "Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009" published by the Financial Reporting Council.

Future Developments

The future success of the Company is dependent primarily on the performance of its investments, which will to a significant degree reflect the performance of the stock market and Henderson. Although the Company invests in companies that are listed or quoted in the United Kingdom, the underlying businesses of those companies are affected by various economic factors, many of an international nature. The Board's intention is that the Company will continue to pursue its investment objective in accordance with its investment policy. Further comment on the outlook for the Company is given in the Chairman's Statement and in the Fund Manager's Review.

Related Party Transactions

The Company's transactions with related parties in the year were with the Directors and Henderson. There have been no material transactions between the Company and its Directors during the year and the only amounts paid to them were in respect of expenses and remuneration for which there were no outstanding amounts payable at the year end.

In relation to the provision of services by Henderson, other than fees payable by the Company in the ordinary course of business and the provision of sales and marketing services there have been no material transactions with Henderson affecting the financial position of the Company during the year under review.

STATEMENT OF DIRECTORS' RESPONSIBILITIES (UNDER DTR 4.1.12)

Each of the Directors confirm that to the best of their knowledge:

·      the financial statements, which have been prepared in accordance with IFRS as adopted by the European Union on a going concern basis, give a true and fair view of the assets, liabilities, financial position and profit of the Company; and

·      the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

For and on behalf of the Board

Jamie Cayzer-Colvin

Chairman

STATEMENT OF COMPREHENSIVE INCOME

		Year ended 31 May 2015			Year ended 31 May 2014
Notes		Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000
2	Investment income	12,838	-	12,838	11,050	-	11,050
3	Other income	207	-	207	121	-	121
	Gains on investments held at fair value through profit or loss	-	89,494	89,494	-	73,959	73,959
	Total income	13,045	89,494	102,539	11,171	73,959	85,130
	Expenses
4	Management and performance  fees	(538)	(3,256)	(3,794)	(491)	(1,696)	(2,187)
	Other expenses	(472)	-	(472)	(443)	-	(443)
	Profit before finance costs and taxation	12,035	86,238	98,273	10,237	72,263	82,500
	Finance costs	(789)	(1,841)	(2,630)	(760)	(1,773)	(2,533)
	Profit before taxation	11,246	84,397	95,643	9,477	70,490	79,967
	Taxation	(12)	-	(12)	(9)	-	(9)
	Profit for the year and total comprehensive income	11,234	84,397	95,631	9,468	70,490	79,958
5	Basic and diluted earnings per ordinary share	15.04p	112.98p	128.02p	12.67p	94.37p	107.04p

The total column of this statement represents 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.

STATEMENT OF CHANGES IN EQUITY

		Year ended 31 May 2015
		Retained earnings
Notes		Called up share capital £'000	Capital redemption reserve £'000	Capital reserves £'000	Revenue reserve £'000	Total £'000
	Total equity at 1 June 2014	18,676	26,745	417,577	13,283	476,281
	Total comprehensive income: Profit for the year	-	-	84,397	11,234	95,631
	Transactions with owners, recorded directly to equity:
6	Ordinary dividends paid	-	-	-	(8,591)	(8,591)
	Total equity at 31 May 2015	18,676	26,745	501,974	15,926	563,321
		Year ended 31 May 2014
		Retained earnings
		Called up share capital £'000	Capital redemption reserve £'000	Capital reserves £'000	Revenue reserve £'000	Total £'000
	Total equity at 1 June 2013	18,676	26,745	347,087	10,912	403,420
	Total comprehensive income:
	Profit for the year	-	-	70,490	9,468	79,958
	Transactions with owners, recorded directly to equity:
6	Ordinary dividends paid	-	-	-	(7,097)	(7,097)
	Total equity at 31 May 2014	18,676	26,745	417,577	13,283	476,281

BALANCE SHEET

Notes		31 May 2015 £'000	31 May 2014 £'000
	Non current assets
	Investments held at fair value through profit or loss	605,776	519,552
	Current assets
	Receivables	2,734	2,687
	Tax recoverable	12	17
	Cash and cash equivalents	10,183	1,154
		12,929	3,858
	Total assets	618,705	523,410
	Current liabilities
	Payables	(3,179)	(1,095)
	Financial liabilities	(20,000)	-
	Bank loans	(32,201)	(26,030)
		(55,380)	(27,125)
	Total assets less current liabilities	563,325	496,285
	Non current liabilities
	Financial liabilities	(4)	(20,004)
	Net assets	563,321	476,281
	Equity attributable to equity shareholders
7	Called up share capital	18,676	18,676
	Capital redemption reserve	26,745	26,745
	Retained earnings:
	Capital reserves	501,974	417,577
	Revenue reserve	15,926	13,283
	Total equity	563,321	476,281
8	Basic and diluted net asset value per ordinary share	754.1p	637.6p

CASH FLOW STATEMENT

	Year ended
	31 May 2015 £'000	31 May 2014 £'000
Operating activities
Profit before taxation	95,643	79,967
Add: interest payable	2,630	2,533
Less: gains on investments held at fair value through profit or loss	(89,494)	(73,959)
Purchases of investments	(135,283)	(121,204)
Sales of investments	138,553	112,270
(Increase)/decrease in receivables	(696)	133
Decrease/(increase) in amounts due from brokers	640	(791)
Decrease)/(increase) in accrued income	9	(12)
Increase/(decrease) in payables	1,517	(1,170)
Increase/(decrease) in amounts due to brokers	584	(102)
Taxation on investment income	(7)	(9)
Net cash inflow/(outflow) from operating activities before
interest and taxation	14,096	(2,344)
Interest paid	(2,647)	(2,496)
Income tax	-	(3)
Net cash inflow/(outflow) from operating activities	11,449	(4,843)
Financing activities
Equity dividends paid	(8,591)	(7,097)
Drawdown of bank loans	6,171	10,499
Net cash (outflow)/inflow from financing activities	(2,420)	3,402
Increase/(decrease) in cash and cash equivalents	9,029	(1,441)
Cash and cash equivalents at the start of the year	1,154	2,595
Cash and cash equivalents at the end of the year	10,183	1,154

NOTES TO THE FINANCIAL STATEMENTS

1		Accounting policies - basis of preparation
		The Henderson Smaller Companies Investment Trust plc the ''Company'' is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006. The financial statements of the Company for the year ended 31 May 2015 have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Financial Reporting Standards Committee ('IFRSC') that remain in effect, to the extent that IFRS have been adopted by the European Union. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments held at fair value through profit or loss. The principal accounting policies adopted are set out below. These policies have been applied consistently throughout the year. Where presentational guidance set out in the Statement of Recommended Practice ('the SORP') for investment trusts issued by the Association of Investment Companies ('the AIC') in January 2009 is consistent with the requirements of IFRS, the Directors have sought to prepare the financial statements on a basis consistent with the recommendations of the SORP.
2		Investment income									2015 £'000				2014 £'000
		Franked income from companies listed or quoted in the United Kingdom:
		Dividends									10,873				9,129
		Special dividends									1,499				1,079
		Unfranked income from companies listed or quoted in the United Kingdom:
		Dividends									411				752
		Property income distributions									55				90
		Total investment income									12,838				11,050
3		Other Income									2015 £'000				2014 £'000
		Bank interest									2				4
		Underwriting income (allocated to revenue)*									205				117
											207				121
		*None of the income receivable from sub-underwriting commitments was allocated to capital during the year (2014: £nil).
4		Management and performance fees		Revenue return £'000	2015 Capital return £'000	Total £'000	Revenue Return £'000				2014 Capital return £'000				Total £'000
		Management fee		538	1,256	1,794	491				1,145				1,636
		Performance fee		-	2,000	2,000	-				551				551
				538	3,256	3,794	491				1,696				2,187
		A summary of the Management Agreement is given in the Strategic Report of the Annual Report.
5		Earnings per ordinary share						2015 £'000				2014 £'000
		Net revenue profit						11,234				9,468
		Net capital profit						84,397				70,490
		Net total profit						95,631				79,958
		Weighted average number of ordinary shares in issue during the year						74,701,796				74,701,796
								Pence				Pence
		Revenue earnings per ordinary share						15.04				12.67
		Capital earnings per ordinary share						112.98				94.37
		Total earnings per ordinary share						128.02				107.04
6		Dividends						2015 £'000					2014 £'000
		Amounts recognised as distributions to equity holders in the year:
		Final dividend for the year ended 31 May 2014 of 8.0p
		(2013: 6.5p) per ordinary share						5,976					4,856
		Interim dividend for the year ended 31 May 2015 of 3.5p (2014: 3.0p) per ordinary share						2,615					2,241
								8,591					7,097
		The final dividend of 8.0p per ordinary share in respect of the year ended 31 May 2014 was paid on 10 October 2014 to shareholders on the register of members at the close of business on 19 September 2014. The dividend paid amounted to £5,976,000 in total. Subject to approval at the Annual General Meeting, the proposed final dividend of 10.0p per ordinary share will be paid on 9 October 2015 to shareholders on the register of members at the close of business on 18 September 2015. The proposed final dividend for the year ended 31 May 2015 has not been included as a liability in these financial statements. Under IFRS, the final dividend is not recognised until approved by the shareholders. The total dividends payable in respect of the financial year which form the basis of the test under section 1158 of the Corporation Tax Act 2010 are set out below:
									2015 £'000					2014 £'000
	Revenue available for distribution by way of dividends for the year								11,234					9,468
	Interim dividend for the year ended 31 May 2015 of 3.5p (2014: 3.0p) per ordinary share								(2,615)					(2,241)
	Final dividend for the year ended 31 May 2014: 8.0p
	(based on the 74,701,796 shares in issue at 28 August 2014)								-					(5,976)
	Proposed final dividend for the year ended 31 May 2015: 10.0p
	(based on the 74,701,796 shares in issue at 3 August 2015)								(7,470)					-
	Retained revenue for year								1,149					1,251
7			Called up share capital						2015 £'000						2014 £'000
			Allotted, issued authorised and fully paid:
			74,701,796 ordinary shares of 25p each (2014: 74,701,796)						18,676						18,676
			During the year the Company made no purchases of its own issued ordinary shares (2014: nil) at a total cost of £nil (2014: £nil). Since 31 May 2015 the Company has not purchased any ordinary shares.
8			Net asset value per ordinary share
			The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of £563,321,000 (2014: £476,281,000) and on the 74,701,796 ordinary shares in issue at 31 May 2015 (2014: 74,701,796). An alternative net asset value per ordinary share can be calculated by deducting from the total assets less current liabilities of the Company, the Preference Stock and the Debenture Stock at their market (or fair) values rather than at their par (or book) values. The net asset value per ordinary share at 31 May 2015 calculated on this basis was 752.1p (2014: 634.3p). The Company has no securities in issue that could dilute the net asset value per ordinary share. The movement during the year of the net assets attributable to the ordinary shares was as follows:
										2015 £'000					2014 £'000
			Net assets attributable to the ordinary shares at 1 June							476,281					403,420
			Net gains for the year							95,631					79,958
			Ordinary dividend paid in the year							(8,591)					(7,097)
			Net assets attributable to the ordinary shares at 31 May							563,321					476,281
9			2015 Financial Statements
			The figures and financial information for the year ended 31 May 2015 are compiled from an extract of the latest financial statements of the Company and do not constitute the statutory accounts for that year. Those financial statements included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. They have not yet been delivered to the Registrar of Companies.
10			2014  Financial Statements
			The figures and financial information for the year ended 31 May 2014 are compiled from an extract of the published financial statements of the Company and do not constitute the statutory accounts for that year. Those 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 section 498(3) of the Companies Act 2006.
11			Annual Report and Financial Statements
			The Annual Report for the year ended 31 May 2015 will be posted to shareholders in September 2015 and copies will be available thereafter from the Secretary at the Company's Registered Office, 201 Bishopsgate, London EC2M 3AE. The Annual General Meeting will be held on Friday 2 October 2015 at 11.30 am.
12			Website
			This document, and the Annual Report for the year ended 31 May 2015, will be available on the following website: www.hendersonsmallercompanies.com.

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.

For further information please contact:

Neil Hermon Fund Manager The Henderson Smaller Companies Investment Trust plc Telephone: [phone]
James de Sausmarez Director and Head of Investment Trusts Henderson Global Investors Telephone: [phone]	Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Telephone: [phone]

 

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