Interim Management Statement

RNS Number : 7629Z

Lowland Investment Co PLC

19 January 2011

 



LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

19 JANUARY 2011

LOWLAND INVESTMENT COMPANY PLC

Interim Management Statement
Review of the period from 30 September 2010 to 31 December 2010

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

Portfolio:   It has been a strong period for the Trust's capital growth.  Economic activity is picking up, which is benefitting industrial companies.  The revenue account is also improving.

Net Gearing:  At the end of the quarter the Company's net gearing was 11.4% (at 31 September 2010: 12.6%).

Dividends: A second interim dividend, in lieu of a final dividend, of 17.0p per ordinary share was paid on 22 December 2010 to shareholders on the register of members at the close of business on 3 December 2010.  

Share Capital: During the period 30 September 2010 to 31 December 2010 there was no change in the issued share capital of the Company.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (excluding current financial year revenue items)

(Source: Henderson/Fact Sheet)	at 31 December 2010	at 30 September 2010
Ordinary share price	867.9p	699.5p
Discount	5.2%	9.2%
Gross total assets	£258m	£231m
Net asset value (cum income)	867.9p	770.2p
Net asset value (ex income)	863.8p	757.8p
Portfolio Gearing (net)	11.4%	12.6%
Yield	3.28%	3.79%
Total Expense Ratio (excluding the  performance fee)	0.65%	0.70%

Performance at 31 December 2010 (total return % change)

	6 months	1 year	3 years	5 years	10 years
Net asset value	33.7	36.7	2.1	25.4	114.0
Share price	36.9	42.2	2.7	16.3	148.5
Benchmark  (FTSE All-Share Index)	22.0	14.5	4.4	28.4	43.3

(Source: Henderson)

- MORE -

THE PORTFOLIO (Source: Henderson/Fact Sheet)

          Top 10 Investments at 31 December 2010      Top 10 Investments at 30 September 2010

	% of Total Assets			% of Total Assets
Carclo	4.8		Senior	5.5
Senior	4.7		Royal Dutch Shell	4.3
Royal Dutch Shell	4.3		BP	3.9
BP	3.8		Carclo	3.7
Meggitt	2.7		Croda International	3.1
Croda International	2.5		Aviva	2.6
GKN	2.4		GlaxoSmithKline	2.5
Aviva	2.3		Meggitt	2.4
GlaxoSmithKline	2.2		Vodafone	2.3
Vodafone	2.2		Canfor Pulp Income Fund	2.2
	--------			--------
Top 10 =	31.9		Top 10 =	32.5

Sector Breakdown	% at 31 December 2010	% at 30 September 2010
Industrials	34.0	33.4
Financials	19.5	19.1
Basic Materials	12.3	13.5
Oil & Gas	9.4	8.2
Consumer Goods	8.5	8.7
Consumer Services	7.3	7.5
Healthcare	3.3	3.7
Telecommunications	3.2	3.4
Utilities	2.5	2.5
Cash & Fixed Interest	-	-
	---------	---------
Total	100.0	100.0

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]

- ENDS -

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.

 

END

 

 

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