Interim Results

JP Morgan Mid Cap Invest Trust PLC 03 March 2006 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN MID CAP INVESTMENT TRUST PLC UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST DECEMBER 2005 Performance Over the six months to 31st December 2005 the FTSE 250 Index (excluding investment trusts) rose by 20.7%, whilst the Company achieved a total return on net assets of 28.5%, an outperformance of 7.8%. The return to shareholders was better still at 33.9%, reflecting a further narrowing of the discount to 12.7%. These results are extremely pleasing and reflect both the strong performance of the UK stock market and, perhaps more importantly, the ongoing improvement in the performance of the managers. Revenue and Dividends Revenue after taxation for the six months to 31st December 2005 was £2,185,000 (2004: £2,199,000) and earnings per share, calculated on the average weekly number of shares in issue, were 6.34p (2004: 5.95p). As I noted at the year end, the Board is aware of the increasing importance of income to shareholders and, in line with the expectation expressed in my Chairman's Statement, the Company will pay an interim dividend of 4.00p (2004: 3.00p) per share. The dividend will be paid on 5th April 2006 to shareholders on the register at the close of business on 24th March 2006. Loan Facilities and Gearing Total gearing remained broadly stable, finishing the period at 112%. The Company currently has long term loan facilities totalling £12.5m with two lenders, the Royal Bank of Scotland plc and Allied Irish Bank, both of which mature in April of this year. New facilities, at more favourable rates, are in the process of negotiation. As part of the review of the Company's debt, the Company repurchased, for cancellation, £500,000 of its debenture stock during the half year under review. The stock was repurchased at a price enhancing to net asset value and it is the Board's policy to continue to repurchase and cancel stock where it is beneficial to shareholders. Share Buybacks Over the course of the half year under review the Company repurchased for cancellation 1,223,000 ordinary shares, representing 3.5% of its issued share capital. This added 1.2% to the net asset value of the remaining shares. Prospects The mid cap market has outperformed the FTSE 100 Index by 40% over the last five years. This has obviously moderated the relative case for mid caps over large caps and, by extension, the prospects for their continued outperformance. However, the Managers remain confident that mid cap stocks, with their generally superior growth prospects and ongoing high level of bid activity, combined with the positive outlook for the UK equity market generally, continue to remain attractive. Andrew Barker Chairman 3rd March 2006 For further information please contact: Andrew Norman, JPMorgan Asset Management (UK) Limited ............ 020 7742 5387 JPMorgan Mid Cap Investment Trust plc Unaudited figures for the six months ended 31 December 2005 Income Statement Six months to 31 December 2005 Six months to 31 December 2004 Year to 30 June 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total return return return return return return return return return £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Realised gains/(losses) on investments - 4,371 4,371 - (18) (18) - 5,849 5,849 Unrealised gains on investments - 35,945 35,945 - 18,136 18,136 - 19,794 19,794 Other capital charges - (3) (3) (2) (2) - (4) (4) - UK dividends 2,713 - 2,713 - 2,653 5,374 - 5,374 2,653 Overseas dividends 20 - 20 - - - 7 - 7 Scrip dividends - - - 109 - 109 109 - 109 Deposit interest 39 - 39 71 - 71 145 - 145 Underwriting commission 10 - 10 - - - - - - _______ ________ _______ ______ _______ ________ _______ _______ _______ Gross revenue and capital returns 2,782 40,313 43,095 2,833 18,116 20,949 5,635 25,639 31,274 Management fee (138) (323) (461) (123) (287) (410) (254) (593) (847) Other administrative expenses (140) - (140) (157) - (157) (321) - (321) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return before finance costs and taxation 2,504 39,990 42,494 2,553 17,829 20,382 5,060 25,046 30,106 Interest payable (319) (907) (1,226) (354) (826) (1,180) (677) (1,663) (2,340) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return before 2,185 39,083 41,268 2,199 17,003 19,202 4,383 23,383 27,766 taxation Taxation - - - - - - - - - ______ _______ _______ ______ _______ ______ _______ _______ _______ Total return attributable to ordinary shareholders 2,185 39,083 41,268 2,199 17,003 19,202 4,383 23,383 27,766 ______ _______ _______ ______ _______ _______ ______ _______ ______ Transfer to reserves 2,185 39,083 41,268 2,199 17,003 19,202 4,383 23,383 27,766 ______ _______ _______ ______ _______ _______ ______ _______ ______ Return per ordinary share 6.34p 113.48p 119.82p 5.95p 45.98p 51.93p 12.07p 64.41p 76.48p The results for the year ended 30th June 2005 and for the six months ended 31st December 2004 have been restated in accordance with Financial Reporting Standards 21,25 and 26. JPMorgan Mid Cap Investment Trust plc Unaudited figures for the six months ended 31 December 2005 Reconciliation of Movement in Shareholders Funds Capital Capital Capital redemption reserve reserve Share Revenue Capital reserve realised unrealised reserve Total £'000 £'000 £'000 £'000 £'000 £'000 At 30th June 2004 (as re stated) 9,644 356 108,577 28,713 6,260 153,550 Net capital return from ordinary - - 21,013 2,370 - 23,383 activities Net revenue loss from ordinary - - - - 4,383 4,383 activities Shares bought back and cancelled (885) 885 (11,771) - - (11,771) Dividends appropriated in the year - - - - (3,648) (3,648) _______ ________ _______ _______ _______ ________ At 30th June 2004(as restated) 8,759 1,241 117,819 31,083 6,995 165,897 Net capital return from ordinary - - 12,935 26,148 - 39,083 activities Net revenue loss from ordinary - - - - 2,185 2,185 activities Shares bought back and cancelled (305) 305 (5,257) - - (5,257) Dividends appropriated in the year - - - - (2,862) (2,862) _______ ________ _______ _______ _______ ________ At 31st December 2005 8,454 1,546 125,497 57,231 6,318 199,046 ===== ===== ===== ===== ===== ===== JPMorgan Mid Cap Investment Trust plc Unaudited figures for the six months ended 31 December 2005 BALANCE SHEET 31 December 2005 31 December 2004 30 June 2005 (Restated) (Restated) £'000 £'000 £'000 Investments at fair value through profit or loss 223,976 181,483 183,574 Net current (liabilities)/assets (14,729) 5,019 (6,982) _______ _______ _______ Total assets less current liabilities 209,247 186,502 176,592 Debenture stock (10,201) (10,939) (10,695) Long-term loans - (12,500) - _______ _______ _______ Total net assets 199,046 163,063 165,897 ===== ===== ===== Net asset value per ordinary share 588.6p 449.6p 473.5p CASH FLOW STATEMENT 2005 2004 2005 £'000 £'000 £'000 Net cash inflow from operating activities 2,243 2,145 4,189 Net cash outflow from returns on investments and servicing of finance (1,211) (1,187) (2,374) Net cash (outflow)/inflow from capital expenditure and financial investment (237) 13,908 19,458 Equity dividend paid (2,862) (2,572) (3,648) Net cash outflow from financing (3,258) (14,618) (22,021) _______ ______ ______ Decrease in cash for the period (5,325) (2,324) (4,396) ===== ==== ==== The results for the year ended 30th June 2005 and for the six months ended 31st December 2004 have been restated in accordance with Financial Reporting Standards 21,25 and 26 The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. Statutory accounts for the year ended 30 June 2005 have been delivered to the Registrar of Companies. JPMORGAN ASSET MANAGEMENT (UK) LIMITED This information is provided by RNS The company news service from the London Stock Exchange

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