Interim Management Statement

RNS Number : 0239W

Lowland Investment Co PLC

21 January 2013

 



LOWLAND INVESTMENT COMPANY PLC

21 January 2013

LOWLAND INVESTMENT COMPANY PLC

Interim Management Statement
Review of the period from 30 September 2012 to 31 December 2012

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

Portfolio:  The stocks held in the portfolio in aggregate are generating strong earnings and dividend growth.  With valuations being undemanding, we expect share prices to appreciate further.

Net Gearing: At the end of the quarter the Company's net gearing was 13.5% (at 31 September 2012: 13.8%).

Dividends: A second interim dividend of 7.50p per ordinary share in respect of the year ending 30 September 2012 was paid on 31 October 2012 to shareholders on the register of members at the close of business on 12 October 2012. 

Share Capital: During the period 30 September 2012 to 31 December 2012 there was no change in the issued share capital of the Company.

Ongoing Expenses: The ongoing expenses of the Company as at the 31 December 2012 excluding the accrued performance fee was 0.59% (30 September 2011: 0.62%) and including the accrued performance fee was 0.87% (30 September 2011: 0.89%) 

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 31 December  2012	at 30 September  2012
Ordinary share price	1005.5p	991.5p
Discount	-3.97%	1.7%
Gross total assets	£314m	£305m
Net asset value (cum income)	1047.1p	1008.5p
Net asset value (ex income)	1034.0p	992.4p
Portfolio Gearing (net)	13.5%	13.8%
Yield	3.0%	3.0%

Performance at 31 December 2012 (total return % change)

	6 months	1 year	3 years	5 years	10 years
Net asset value #	13.6	28.2	74.8	29.3	235.7
Share price	16.2	32.5	84.4	33.1	223.6
Benchmark  (FTSE All-Share Index)	8.7	12.3	24.2	13.2	131.7
# 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 31 December 2012                                  Top 10 Investments at 30 September 2012

	% of Total Assets			% of Total  Assets
Carclo	4.6		Carclo	5.1
Senior	4.3		Senior	4.7
Royal Dutch Shell	3.3		Royal Dutch Shell	3.5
Interserve	2.6		Hiscox	2.8
GlaxoSmithKline	2.3		GlaxoSmithKline	2.6
Hiscox	2.2		Interserve	2.5
International Personal Finance	2.1		DS Smith	2.0
Oxford Catalysts	2.1		Hill & Smith	1.9
Hill & Smith	2.0		BP	1.9
GKN	1.9		GKN	1.8
	---------			---------
Top 10 =	27.4		Top 10 =	28.8
	=====			=====

Sector Breakdown	% at 31 December 2012			% at 30 September 2012
Industrials	28.7		Industrials	29.9
Financials	25.0		Financials	23.6
Basic Materials	14.9		Basic Materials	14.7
Consumer Goods	8.4		Oil & Gas	7.3
Consumer Services	7.4		Consumer Goods	7.9
Oil & Gas	7.1		Consumer Services	7.1
Health Care	3.7		Health Care	3.9
Utilities	1.9		Utilities	2.5
Telecommunications	1.5		Telecommunications	1.8
Technology	-		Technology	0.1
Fixed Interest	1.4		Fixed Interest	1.2
	---------			--------
Total	100%		Total	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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