Half Yearly Report

RNS Number : 1849O

Martin Currie Global Portfolio Tst

17 September 2013

 



Martin Currie Global Portfolio Trust plc

Half-yearly financial report

Six months to 31 July 2013

A copy of the Half Year report for the six months ended 31 July 2013 has been submitted to the National Storage Mechanism.  This will be available for viewing at http://www.hemscott.com/nsm.do

A copy of this half year report can be downloaded at www.martincurrieglobal.com.

Financial Summary

Key data

	As at 31 July 2013	As at 31 January 2013
Net asset value per share (cum income)	166.2p	152.6p
Net asset value per share (ex income)	164.7p	149.6p
FTSE World index (capital)	423.4	382.4
Share price	164.9p	147.4p
Discount*	0.8%	3.4%

Total returns+

	Six months ended 31 July 2013	Six months ended 31 July 2012
Net asset value per share***	12.6%	4.0%
Benchmark	12.4%	2.6%
Share price	14.4%	2.0%

Income

	Six months ended 31 July 2013	Six months ended 31 July 2012
Revenue return per share~	2.38p	2.20p
Dividend per share	1.80p	1.20p

Ongoing charges**(as a percentage of shareholders' funds)

	Six months ended 31 July 2013	Six months ended 31 July 2012
Ongoing charges	0.8%	0.8%
Performance Fee	0.0%	0.2%#
Ongoing charges plus performance fee	0.8%	1.0%

*Figures shown are inclusive of income as per AIC guidance.  The premium calculated, exclusive of income, was 0.1% (31 January 2013: discount 1.5%).

+The combined effect of the rise or fall in the share price, net asset value or benchmark together with any dividend paid.

*** The net asset value is exclusive of income with dividends re-invested.

~ For details of the calculation, refer to note 2.

**Ongoing charges (as a percentage of shareholders' funds) are calculated using average net assets over the period.  The ongoing charges figure has been calculated with the AIC's recommended methodology.

# There was a performance fee accrued for six months ended 31 July 2012 but no performance fee was paid for the year end 31 January 2013.

Chairman's Statement

Welcome to the half-yearly report, covering the six months to 31 July 2013. During the period, market

sentiment has been dominated by globalevents. Ongoing political uncertainty in Europe, a looming credit

squeeze in China and continuing concerns about the possible ending of the US Federal Reserve's monetary-

stimulus programme have all contributed to what has been a volatile investment environment.

I am pleased to report that the company's shares gave a total return of 14.4% over the six months,

outperforming the FTSE World index return of 12.4%. The company's NAV also outperformed the benchmark,

returning 12.6%. Against the uncertain market backdrop, this is a good resultwhich reflects the sound

management of the portfolio provided by our manager, Tom Walker. In hisreport on page 3, Tom outlines

some of the mainthemes and opportunities from the past six months. Healso looks aheadto what is likely to

be a continuingperiod of uncertainty for financial markets, butone in which the company's focus will remain

on global stocks with company-specific, positive change and access to higher-growth niches.

Dividends

In May, the company's board announced that dividends will be paid to shareholders on a quarterly basis,

rather than twice per year. The first interim dividend of 0.9p was paid on 26 July 2013 (to shareholders on the

register on 5 July 2013). The board will pay a second dividend of 0.9p on 25 October 2013 to shareholders on

the register on 4 October 2013. Thereafter dividends will be paid in January and April.

Discount policy

In July, theboard announced that it decided to use its share buyback powers with the objective of ensuring

that the company's share pricetrades at, or around,NAV in normal market conditions. Initially any shares

repurchasedare to be held in Treasury and may subsequently be reissued to satisfy market demand. This

change has virtually eliminated the discount and contributed to the rise in the share price.

Board

During the period Ben Thompson retired after 12 years as a director and we welcomed Gillian Watson to the

board. Gillian brings to us considerable and diverse experience in banking, European business and other fields.

Looking ahead

In many respects the outlook is a positive one. Improving economicfigures in the US and in Europe hint that

the global economy maybe recovering. However, forthe time being, developed markets are likely to be

heavily influenced by political and macroeconomic issues.Emerging markets will also face their own battles -

most often balancing growth, inflation, credit and social issues.In this challenging environment, the company's

bottom-up, evidence-based investment strategy remains particularly well-placed to take advantage of the

market's current opportunities.

Neil Gaskell

Chairman

17   September 2013

Manager's Review

It has been an interesting first half of the year in financial markets, characterised by distinctlycontrasting

fortunes in some asset classes. In particular, bondand equity markets have followed markedly divergent paths.

Speculation that the USFederal Reserve may end, or even just reduce, quantitative easing has had a dramatic

effect on bonds: yields have risen - the US ten-year Treasury yield rose from its 2013 low of 1.63% in May, to

2.58% on 31 July - and priceshave fallen.By contrast, although equitieshave at times been highly volatile,

they have generally performed well during the period; the FTSE World index, delivered a 12.4% total return in

sterling terms over the six months. This is extremely healthy in a world plagued by economic uncertainty and

follows on from a similar rise in the previous six months.

Likewise, there have also been notable disparities regionally. Whilemany world stockmarkets are now at - or very near - new all-time-high levels, many emerging markets have continued to struggle during the period. Brazil has fared the worst, falling nearly 18% in sterling terms, while at the other end of the scale, developed markets such asthe US and Japan rose 19% and 18% respectively. So our slight underweight in the US and Japan detracted from relative performance. Our focus, however, is on picking individual stocks rather than following regional themesand we enjoyed positive stock selection elsewhere in the world.The company's NAV total return was 12.6% for the six months under review, marginally ahead of the rise in the FTSE World index.

Portfolio activityin the period has been about seekingbetter stock opportunities. We added Orix, a Japanese financial group, in the period. The company hasconsiderable scope to enhance returns to shareholders as the Japanese and global economies recover. We sold out of IBM where growth is increasingly under pressure and added eBay, which has attractive growth businesses in both retailing and its PayPal payment platform. Apple remains in the portfolio, though we did reduce the position in recognition of increased competition in the smartphone market. We also reducedIndonesian auto manufacturer PT Astra International, as competition and higher fuel prices have slowed its growth rate. Wetook new positions in Schneider Electric, the French power equipment manufacturer which is enjoying strong margin improvement, and DNB, the Norwegian bank which is also growing well. Finally, we sold the last of our holding in F&C Private Equity Trust.

Outlook

There are signs of recovery in the global economy. The eurozone has, at least for now, moved out of recession

and Chinese authorities have sounded more 'pro-growth' lately. The US has produced improving economic

data and it may start to 'taper' its monetary-stimulus programme in the next six months. Thereafter, official

interest rates in the US will eventually be increased - although Europe will not be in a position to follow suit

for some time to come. None of these factors however, change our view that we face several more years of

low economic growth, elevated unemployment and squeezed living standards in much of the world.

With such significant and divergent market moves already witnessedthis year, it would be easy to assume that opportunities have arisen to realign the portfolio and benefit from recovering prices. While we do not invest in bonds, we continue to believe that bonds are likely to continue to underperform equities.We are also cautious about investing heavily in emerging-market assets purely because they have underperformed. In a slow-growth world, economiesthat have long relied on exporting to drive their growth rates will take some time to develop new engines of growth, notably domestic consumption. Despite the uncertain and sluggish economic backdrop, our focus remainson companies that have growth potential because in every sector and region there will be winners and losers. Like many investors, we believe that equitiesremain attractive, relative to bonds and cash. Thismay be the factor that extends the upward movement for equitiesin the coming months and years.

Tom Walker

17 September 2013

Risk and mitigation

The board has drawn up a risk matrix which identifies the key risks to the company. The board has also, with the assistance of the manager, implemented specific mitigating measures to reduce the probability and impact of each risk to the greatest extent possible. The board recognises that risks to the company are not static and so closely monitors them at regular board meetings. The board also carries out a risk workshop as part of its annual strategy meeting. Based on the latest assessment, the board considers the key ongoing risks to be:

·      Regulatory change and issues                           

·      Maintaining market liquidity

·      Loss of s1158-1159 status

·      Operational disruption at the manager's premises

·      Regulatory or accounting/internal control breach

·      Loss of investment team or portfolio manager

·      Failure to manage the discount

·      Investment underperformance

·      Foreign currency risk

·      Counterparty and operational risk (including oversight of Alliance Trust Savings)

·      The manager ceases to effectively manage investment trusts or its reputation falls

Further details of these risks and how the board manages them can be found in the 2013 Annual report and on the company's website www.martincurrieglobal.com

Directors' Responsibilities

In accordance with Chapter 4 of the Disclosure and Transparency Rules, and to the best of their knowledge, each director of Martin Currie Global Portfolio, confirms that the financial statements have been prepared in accordance with the UK accounting standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in January 2009 and give a true and fair view of the assets, liabilities, financial position and net return of the company. Furthermore, each director certifies that the interim management report includes an indication of important events that have occurred during the first six months of the financial year, and their impact on the financial statements, together with a description of the principal risks and uncertainties that the company faces. In addition, each director of Martin Currie Global Portfolio confirms that, with the exception of management and secretarial fees, directors' fees and directors' shareholdings there have been no related party transactions during the first six months of the financial year.

.

By order of the board

Neil Gaskell

Chairman

17 September 2013

Portfolio Summary

Portfolio distribution by region

By Region	31 July 2013 Company %	31 July 2013 FTSE World index %	31 January 2013 Company %	31 January 2013 FTSE World index %
North America	49.7	54.0	49.8	50.9
United Kingdom	14.0	8.4	17.7	8.8
Developed Europe ex UK	13.8	16.3	11.9	17.4
Developed Asia Pacific ex Japan	10.4	6.9	10.3	8.7
Japan	7.0	8.9	3.6	7.4
Global emerging markets	3.6	5.3	5.1	6.6
Middle East	1.5	0.2	1.6	0.2
	100.0	100.0	100.0	100.0

By Sector (excluding cash)	31 July 2013 Company %	31 July 2013 FTSE World index %	31 January 2013 Company %	31 January 2013  FTSE World index %
Financials	22.1	21.9	18.4	21.6
Industrials	14.3	12.3	16.6	12.0
Consumer services	13.5	10.8	10.6	10.2
Oil and gas	11.9	9.0	13.5	9.7
Technology	10.4	9.5	12.5	9.5
Healthcare	8.6	9.8	7.0	9.0
Basic materials	7.9	5.8	9.0	7.0
Consumer goods	5.3	13.8	6.3	13.7
Telecommunications	4.0	3.7	4.2	3.9
Utilities	2.0	3.4	1.9	3.4
	100.0	100.0	100.0	100.0

By Asset Class (including cash and borrowings)	31 July 2013 %	31 January 2013 %
Equities	98.6	99.9
Cash	1.4	0.1
	100.0	100.0

Largest 10 Holdings	31 July 2013 Market Value £000	31 July 2013 % of total portfolio	31 January 2013 Market Value £000	31 January 2013 % of total portfolio
Phillip Morris International	5,099	3.0	4,812	3.0
United Technologies	4,995	2.9	3,973	2.5
Royal Dutch Shell	4,730	2.8	4,678	2.9
Pfizer	4,565	2.7	4,074	2.6
Apple	4,335	2.6	5,807	3.7
LyondellBasel Industries	4,216	2.5	3,981	2.5
Prudential	4,024	2.4	3,303	2.1
JP Morgan Chase	3,960	2.3	3,197	2.0
PNC Financial	3,923	2.3	3,049	1.9
Mitsubishi UFJ Financial Group	3,741	2.2	3,660	2.3

Unaudited Income Statement

		Six months to 31 July 2013			Six months to 31 July 2012
	Note	Revenue £000	Capital £000	Total £000	Revenue £000	Capital £000	Total £000
Net gains on investments	5	-	15,615	15,615	-	2,978	2,978
Net currency losses	8	-	(6)	(6)	-	(5)	(5)
Income	3	3,108	-	3,108	2,899	-	2,899
Investment management fee		(139)	(278)	(417)	(120)	(240)	(360)
Performance fee		-	-	-	-	(263)	(263)
Other expenses		(225)	-	(225)	(237)	-	(237)
Net return on ordinary activities before taxation		2,744	15,331	18,075	2,542	2,470	5,012
Taxation on ordinary activities	4	(275)	-	(275)	(245)	-	(245)
Net return attributable to shareholders		2,469	15,331	17,800	2,297	2,470	4,767
Net returns per ordinary share	2	2.38p	14.75p	17.13p	2.20p	2.36p	4.56p

Unaudited income statement cont.

		(Audited) Year to 31 January 2013
	Note	Revenue £000	Capital £000	Total £000
Net gains on investments	5	-	14,232	14,232
Net currency losses	8	-	(70)	(70)
Income	3	5,674	-	5,674
Investment management fee		(247)	(493)	(740)
Performance fee		-	-	-
Other expenses		(513)	-	(513)
Net return on ordinary activities before taxation		4,914	13,669	18,583
Taxation on ordinary activities	4	(492)	-	(492)
Net return attributable to shareholders		4,422	13,669	18,091
Net returns per ordinary share	2	4.23p	13.08p	17.31p

The total columns of this statement are the profit and loss accounts of the company.

The revenue and capital items are presented in accordance with the Association of Investment Companies (AIC) Statement of Recommended Practice.

All revenue and capital items in the above statement derive from continuing operations.

No operations were acquired or discontinued in the six months.

The notes form part of these financial statements.

A Statement of total recognised gains and losses is not required as all gains and losses of the company have been reflected in the above statement.

Unaudited Balance Sheet

		As at 31 July 2013		As at 31 July 2012		(Audited) as at 31 January 2013
	Note	£000	£000	£000	£000	£000	£000
Fixed assets
Investments at fair value through profit or loss
Listed on the London Stock Exchange			23,768		29,945		28,117
Listed on exchanges abroad			145,497		116,111		130,777
	5		169,265		146,056		158,894
Current Assets
Debtors and prepayments	6	424		334		4,425
Cash at bank		2,443		1,533		63
		2,867		1,867		4,488
Creditors
Amounts falling due within one year	7	(317)		(518)		(3,983)
Net current assets			2,550		1,349		505
Total assets less current liabilities			171,815		147,405		159,399
Capital and Reserves
Called-up share capital		5,224		5,227		5,227
Special reserve		114,727		116,454		116,378
Capital redemption reserve		10,793		10,790		10,790
Capital reserve		34,938		8,408		19,607
Revenue reserve		6,133		6,526		7,397
Total Shareholders' Funds			171,815		147,405		159,399
Net asset value per ordinary share	2		166.2p		141.1p		152.6p

Unaudited Reconciliation of Movements in Shareholders' Funds

Reconciliation of movements in shareholders' funds for the six months to 31 July 2013	Called up ordinary share capital £000		Capital redemption reserve £000	Special distributable reserve £000	Capital reserve £000		Revenue Reserve £000		Total £000
At 31 January 2013	5,227		10,790	116,378	19,607		7,397		159,399
Ordinary shares bought back during the period	(3)		3	(1,651)	-		-		(1,651)
Gains on realisation of investments at fair value	-		-	-	4,704		-		4,704
Movement in currency gains/(losses)	-		-	-	(6)		-		(6)
Movement in fair value gains/(losses)	-		-	-	10,588		-		10,588
Capitalised expenses	-		-	-	(278)		-		(278)
Capital dividends received	-		-	-	323		-		323
Net revenue	-		-	-	-		2,469		2,469
Dividends Paid	-		-	-	-		(3,733)		(3,733)
At 31 July 2013	5,224		10,793	114,727	34,938		6,133		171,815
Reconciliation of movements in shareholders' funds for the six months to 31 July 2012	Called up ordinary share capital £000	Capital redemption reserve £000		Special distributable reserve £000	Capital reserve £000	Revenue Reserve £000		Total £000
At 31 January 2012	5,227	10,790		116,530	5,938	7,052		145,537
Ordinary shares bought back during the period	-	-		(76)	-	-		(76)
Gains on realisation of investments at fair value	-	-		-	795	-		795
Movement in currency gains/(losses)	-	-		-	(5)	-		(5)
Movement in fair value gains/(losses)	-	-		-	2,160	-		2,160
Capitalised expenses	-	-		-	(503)	-		(503)
Capital dividends received	-	-		-	23	-		23
Net revenue	-	-		-	-	2,297		2,297
Dividends paid	-	-		-	-	(2,823)		(2,823)
At 31 July 2012	5,227	10,790		116,454	8,408	6,526		147,405

Reconciliation of movements in shareholders' funds for the year to 31 January 2013	Called up ordinary share capital £000	Capital redemption reserve £000	Special distributable reserve £000	Capital reserve £000	Revenue Reserve £000	Total £000
At 31 January 2012	5,227	10,790	116,530	5,938	7,052	145,537
Ordinary shares bought back during the year	-	-	(152)	-	-	(152)
Gains on realisation of investments at fair value	-	-	-	424	-	424
Movement in currency gains/(losses)	-	-	-	(70)	-	(70)
Movement in fair value gains/(losses)	-	-	-	13,753	-	13,753
Capitalised expenses	-	-	-	(493)	-	(493)
Capital dividends received	-	-	-	55	-	55
Net revenue	-	-	-	-	4,422	4,422
Dividends paid	-	-	-	-	(4,077)	(4,077)
At 31 January 2013	5,227	10,790	116,378	19,607	7,397	159,399

Unaudited Statement of Cash Flow

	Note	Six months to 31 July 2013		Six months to 31 July 2012		(Audited) Year to 31 January 2013
		£000	£000	£000	£000	£000	£000
Net cash inflow from operating activities	8		2,017		901		2,912
Taxation
Taxation recovered			-				7
Capital expenditure and financial investment
Capital distributions		323		23		55
Payment to acquire investments		(22,302)		(22,088)		(39,022)
Proceeds from sale of investments		27,732		21,873		36,682
Net cash inflow/(outflow) from capital expenditure and financial investment			5,753		(192)		(2,285)
Equity dividends paid			(3,733)		(2,823)		(4,077)
Net cash inflow/(outflow) before financing			4,037		(2,114)		(3,443)
Financing
Repurchase of ordinary share capital			(1,651)		(76)		(152)
Increase/(Decrease) in cash			2,386		(2,190)		(3,595)
Reconciliation of net cash flow to movements in net cash
Increase/(Decrease) in cash			2,386		(2,190)		(3,595)
Foreign exchange movements			(6)		(5)		(70)
Movement in net cash in the period			2,380		(2,195)		(3,665)
Opening net cash			63		3,728		3,728
Closing net cash			2,443		1,533		63

 

Notes to the Financial Statements

1          Accounting policies

a)   Basis of preparation - the financial statements have been prepared under the historical cost convention (modified to include investments at fair value through profit or loss) on a going concern basis and in accordance with applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in January 2009. They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The company is a UK listed company with a predominantly UK shareholder base. The results and the financial position of the company are expressed in sterling, which is the functional and presentational currency of the company. The accounting policies have been disclosed consistently and in line with Companies Act 2006.

b)   Income from investments (other than capital dividends), including taxes deducted at source, is included in revenue by reference to thedate on which the investment is quoted ex-dividend, or where no ex-dividend date is quoted, when the company's right to receive payment is established. Franked investment income is stated net of the relevant tax credit. Other income includes any taxes deducted at source. Special dividends are credited to capital or revenue, according to the circumstances. Scrip dividends are treated as unfranked investment income; any excess in value of the shares received over the amount of the cash dividend is recognised as a capital item in the income statement. Income from underwriting commission is recognised as earned.

c)   Interest receivable and payable, management expenses and other expenses are treated on an accruals basis.

d)   The management fee and finance costs in relation to debt are recognised two-thirds as a capital item and one-third as a revenue item in the income statement in accordance with the board's expected long-term split of returns in the form of capital gains and income, respectively. The performance fee is recognised 100% as a capital item in the income statement as it relates entirely to the capital performance of the company. All expenses are charged to revenue except where they directly relate to the acquisition or disposal ofan investment, in which case, they are added to the cost of the investment or deducted from the sale proceeds.

e)   Investments - investments have been designated upon initial recognition as fair value through profit or loss. Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms require delivery within the time frame established by the market concerned, and are initially measured as fair value. Subsequent to initial recognition, investments are valued atfair value. For listed investments, this is deemed to be bid market prices. Gains and losses arising from changes in fair value are included in net profit or loss for the year as a capital item in the income statement and are ultimately recognised in the capital reserve. Inaccordance with FRS 29, all investments have been categorised as Level 1 - quoted in an active market.

f)    Transaction costs incurred on the purchase and disposal of investments are recognised as a capital item in the income statements.

g)   Monetary assets and liabilities expressed in foreign currencies are translated into sterling at rates of exchange ruling at the date of the balance sheet or at the related forward contract rate. Transactions in foreign currency are converted to sterling at the rate ruling at the date of the transaction or, where forward foreign currency contracts have been taken out, at contractual rates and included as an exchange gain orloss in the capital reserve or the revenue account depending on whether the gain or loss is of a capital or revenue nature.

h)   Cash at bank and in hand comprises cash and demand deposits which are readily convertible to a known amount of cash and are subject to insignificant risk of changes in value.

Other debtors and creditors (excluding borrowings) do not carry any interest, are short-term in nature and are accordingly stated at nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.

i)    Dividend payable - under FRS21 final dividends should not be accrued in the financial statements unless they have been approved by shareholders before the Balance Sheet date. Interim dividends are only recognised when they have been paid. Dividends payable to equity shareholders are recognised in the Reconciliation of Movements in Shareholders' Funds when they have been approved by shareholders  inthe case of a final dividend, or paid in the case of an interim dividend and become a liability of the company.

j)    Capital reserve - gains or losses on realisation of investments and changes in fair values of investments are transferred to the capital reserve. Any changes in fair values of investments that are not readily convertible to cash are treated as unrealised gains or losses within thecapital reserve. The capital element of the management fee and relevant finance costs are charged to this reserve. Any associated tax relief is also credited to this reserve. The cost of share buybacks include the amount of consideration paid, including directly attributable costs and are deducted from the special distributable reserve until the shares are cancelled.

k)   Deferred taxation - deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more or a right to pay less tax in future have occurred atthe balance sheet date measured on an undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying temporary differences can be deducted. Timing differences are differences arising between the company's taxable profits and its results as stated in the accounts which are capable of reversal in one or more subsequent periods. Due to the company's status as an investment trust company, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.

2. 

	Six months to 31 July 2013	Six months to 31 July 2012	Year to 31 January 2013
Returns and net asset value
The return and net asset value per ordinary share are calculated with reference to the following figures:
Revenue return
Revenue return attributable to ordinary shareholders	£2,469,000	£2,297,000	£4,422,000
Weighted average number of shares in issue during period*	103,925,358	104,537,621	104,508,168
Return per ordinary share	2.38p	2.20p	4.23p
Capital return
Capital return attributable to ordinary shareholders	£15,331,000	£2,470,000	£13,669,000
Weighted average number of shares in issue during period*	103,925,358	104,537,621	104,508,168
Return per ordinary share	14.75p	2.36p	13.08p
Total return
Total return per ordinary shares	17.13p	4.56p	17.31p
	Six months to 31 July 2013	Six months to 31 July 2012	Year to 31 January 2013
Net asset value per share
Net assets attributable to shareholders	£171,815,000	£147,405,000	£159,399,000
Number of shares in issue at the period end*	103,379,548	104,493,171	104,439,548
Net asset value per share	166.2p	141.1p	152.6p

During the six months to 31 July 2013 there were 1,060,000 shares bought back into Treasury at a cost of £1,642,000.  Between 1 August and 16 September 2013, 326,000 ordinary shares of 5p each were bought back into Treasury at a cost of £515,796.

* calculated excluding shares held in treasury

3. 

	Six months to 31 July 2013 £000	Six months to 31 July 2012 £000	Year to 31 January 2013 £000
Income from investments
From listed investments
UK equities	448	597	1,302
International equities	2,659	2,299	4,366
Other income
Interest on deposits	1	3	6
	3,108	2,899	5,674

During the six months ended 31 July 2013, the company received a capital dividend of £323,000 from ProSieben Sat. 1 Media. During the six months ended 31 July 2012 the company received capital dividends of £8,000 and £15,000 from GlaxoSmithKline and Seadrill respectively.  There were capital distributions of £8,000, £15,000 and £32,000 from GlaxoSmithKline, Seadrill and F&C Private Equity Trust respectively, during the year to 31 January 2013.

4.

	Six months to 31 July 2013			Six months to 31 July 2012			Year to 31 January 2013
	Revenue £000	Capital £000	Total £000	Revenue £000	Capital £000	Total £000	Revenue £000	Capital £000	Total £000
Taxation on ordinary activities
Foreign tax	275	-	275	245	-	245	492	-	492

5.

	As at 31 July 2013 £000	As at 31 July 2012 £000	As at 31 January 2013 £000
Investments
Opening valuation	158,894	142,886	142,886
Opening unrealised investment holding gains	(27,398)	(13,645)	(13,645)
Opening cost	131,496	129,241	129,241
Purchases at cost	18,630	22,088	42,694
Disposal proceeds	(23,551)	(21,873)	(40,863)
Net profit on disposal of investments	4,704	795	424
Disposal at cost	(18,847)	(21,078)	(40,439)
Closing cost	131,279	130,251	131,496
Closing unrealised investment holding gains	37,986	15,805	27,398
Valuation as at 31 January	169,265	146,056	158,894
Gain on investments	As at 31 July 2013 £000	As at  31 July 2012 £000	As at 31 January 2013 £000
Net profit on disposal of investments	4,704	795	424
Net gain on revaluation of investments	10,588	2,160	13,753
Capital distributions	323	23	55
	15,615	2,978	14,232

The transaction cost in acquiring investments during the period was £33,000 (2012: £53,000).  For disposals, transaction costs were £39,000 (2012: £32,000).

6. 

	As at 31 July 2013 £000	As at 31 July 2012 £000	As at 31 January 2013 £000
Debtors: amounts falling due within one year
Amount due from brokers	-	-	4,181
Dividends receivable	305	228	159
Taxation recoverable	114	83	70
Other debtors	5	23	15
	424	334	4,425

7.

	As at 31 July 2013 £000	As at 31 July 2012 £000	As at 31 January 2013 £000
Creditors: amounts falling due within one year
Amount due to brokers	-	-	3,672
Due to Martin Currie	231	463	195
Other creditors	86	55	116
	317	518	3,983

8. 

	Six months to 31 July 2013 £000	Six months to 31 July 2012 £000	Year to 31 January 2013 £000
Reconciliation of net return on ordinary activities before finance costs and taxation to net cash inflow from operating activities
Return on ordinary activities before finance costs and taxation	18,075	5,012	18,583
Adjustments for:
Net gains on investments	(15,615)	(2,978)	(14,232)
Effect of foreign exchange rates	6	5	70
Increase in dividends receivable, interest accrued and other debtors	(136)	(106)	(29)
Increase/(Decrease) in other creditors and amounts due to Martin Currie	6	(741)	(948)
Overseas withholding tax suffered	(319)	(291)	(532)
Net cash inflow from operating activities	2,017	901	2,912

9 Interim report

The financial information contained in this half-yearly financial report does not constitute statutory accounts as defined in S434 - 436 of the Companies Act 2006. The financial information for the six months ended 31 July 2013 has not been audited.

The information for the year ended 31 January 2013 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under s498 (2),(3) or (4) of the Companies Act 2006.

10 Post balance sheet event

Since the period end a further 326,000 Ordinary shares of 5p each have been bought back for a consideration of £515,796.

 

END

 

 

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