Interim Management Statement

RNS Number : 9296K

Lowland Investment Co PLC

22 July 2011

 



LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

22 July 2011

LOWLAND INVESTMENT COMPANY PLC

Interim Management Statement
Review of the period from 1 April 2011 to 30 June 2011

The Directors of Lowland Investment Company plc hereby announce the following:

Portfolio:  The portfolio has had a relatively strong period as consequence of the strong operating performance from the underlying holdings. This is particularly the case with the industrials where profit growth remains strong. The valuations of many of the equities held are undemanding and further good progress is expected.

Net Gearing: At the end of the quarter the Company's net gearing was 13% (at 31 March 2011: 14%).

Dividends: An interim dividend of 10.5p per ordinary share was paid on 17 June 2011 to shareholders on the register of members at the close of business on 27 May 2011. 

Share Capital: During the period 1 April 2011 to 30 June 2011 there was no change in the issued share capital of the Company.

Board: Mr R Robertson was appointed as a non-executive director of the Company with effect from 1 May 2011.  

The directors are not aware of any other significant events or transactions up to the date of this report which would have a material impact on the financial position of the Company.  

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (excluding current financial year revenue items)

(Source: Henderson/Fact Sheet)	at 30 June  2011	at 31 March  2011
Ordinary share price	915.5p	825.0p
Discount	-4.9%	-7.7%
Gross total assets	£287m	£269m
Net asset value (cum income)	962.3p	893.4p
Net asset value (ex income)	952.6p	885.3p
Portfolio Gearing (net)	13%	14%
Yield	3.0%	3.3%
Total Expense Ratio (excluding the accrued performance fee)	0.76%	0.60%
Total Expense Ratio (including the accrued performance fee)	0.44%	0.30%

Performance at 30 June 2011 (total return % change)

	6 months	1 year	3 years	5 years	10 years
Net asset value #	12.2%	49.4%	44.3%	34.6%	117.9%
Share price	12.6%	53.7%	47.8%	31.6%	129.9%
Benchmark  (FTSE All-Share Index)	3.0%	25.6%	21.0%	24.6%	59.1%
# the net asset values for the  5 & 10 year periods are on a total return basis whereas the earlier periods are on a fair value cum income basis.   (Source: AIC/ Datastream / Morningstar Funddata)

THE PORTFOLIO (Source: Henderson/Fact Sheet)

Top 10 Investments at 30 June 2011                         Top 10 Investments at 31 March 2011

	% of Total Assets			% of Total  Assets
Carclo	5.4%		Carclo	5.3%
Senior	5.1%		Senior	4.5%
Royal Dutch Shell	4.1%		Royal Dutch Shell	4.4%
Hiscox	2.6%		Canfor Pulp	2.5%
Aviva	2.3%		Hiscox	2.5%
Interserve	2.2%		Aviva	2.4%
GKN	2.1%		BP	2.2%
GlaxoSmithKline	2.1%		Vodafone	2.2%
BP	2.1%		Interserve	2.1%
Croda International	2.0%		GlaxoSmithKline	2.0%
	------------			---------
Top 10 =	30.0%		Top 10 =	30.1%

Sector Breakdown	% at 30 June 2011			% at 31 March 2011
Industrials	33.0%		Industrials	33.2%
Financials	21.9%		Financials	22.5%
Basic Materials	12.8%		Basic Materials	12.7%
Oil & Gas	8.3%		Oil & Gas	8.1%
Consumer Goods	7.5%		Consumer Goods	7.5%
Consumer Services	7.5%		Consumer Services	6.7%
Health Care	3.2%		Health Care	3.2%
Utilities	2.9%		Utilities	3.0%
Telecommunications	2.7%		Telecommunications	3.1%
Technology	0.1%		Technology	-
Fixed Interest	0.1%		Fixed Interest	-
	---------			---------
Total	100%			100%
	=====			=====

Lowland Investment Company plc aims to give shareholders a higher than average return with growth of both capital and income over the medium to long term.

The Company's policy is to invest in a broad spread of predominantly UK companies of differing sizes with normally not more than half by value coming from the largest 100 UK companies and the balance from small and medium sized companies.

The Manager is Henderson Global Investors Limited. Further information on the Company, including an up to date NAV and share price information, can be found on the Manager's website at www.itshenderson.com or www.lowlandinvestment.com.

For further information, please contact:

James Henderson                                                         James de Sausmarez

Portfolio Manager                                                         Head of Investment Trusts

Lowland Investment Company plc                                Henderson Global Investors

Telephone: [phone]                                           Telephone: [phone]

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.

- ENDS -

 

END

 

 

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