Interim Management Statement

RNS Number : 4727G

Murray Income Trust PLC

22 October 2008

 



Murray Income Trust PLC

Interim Management Statement - 3 months to 30 September 2008

To the members of Murray Income Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 July 2008 to 30 September 2008, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve a high and growing income combined with capital growth through investment in a portfolio of UK equities.

Benchmark

FTSE All-Share Index, formerly FTSE 350 Higher Yield Index to 30 June 2004

Material events 

On 8 October 2008, the Company posted its annual report and accounts to 30 June 2007, and Notice of Annual General Meeting, to shareholders. The Company's Annual General Meeting will be held at the Glasgow Royal Concert Hall, 2 Sauchiehall Street, Glasgow G2 3NY at 12.30 pm on 5 November 2008.

On 22 September 2008, the Company announced the appointment of Collins Stewart Europe Limited as the Company's joint corporate broker. 

Material transactions from 1 July to 20 October 2008

On 16 September 2008, the Company's portfolio protection, in the form of one put option, was sold, and part of the proceeds rolled over at a lower level. This second put was sold on 7 October 2008, and has not been replaced.

Twenty largest equity holdings at 30 September 2008

	% of net assets
HSBC B	5.0
BP	4.8
Royal Dutch Shell	4.7
British American Tobacco B	4.6
AstraZeneca	3.9
GlaxoSmithKline	3.9
National Grid	3.4
Centrica	3.3
Vodafone	3.3
Arriva	2.7
BT	2.7
Royal Bank of Scotland Group	2.7
Barclays	2.4
Aviva	2.3
Daily Mail and General Trust	2.3
Imperial Tobacco	2.3
Segro	2.3
Tesco	2.3
Wm Morrison Supermarkets	2.2
Land Securities	2.1
Total	63.2
Total number of investments	52

B     Consolidates the equity and reverse convertible holdings in the same underlying security

Sector allocation as at 30 September 2008

	%
Financials	25.1
Consumer Services	17.0
Consumer Goods	14.3
Oil & Gas	11.1
Industrials	8.7
Healthcare	7.7
Utilities	6.6
Telecommunications	5.8
Basic Materials	1.9
Cash	1.8
Total	100.0

General description of Company's financial position and performance as at 30 September 2008

	£m
Gross Assets	396.6
Short term borrowings	43.0
Gearing	12.0%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/2008
Share Price	517.5p	-7.6	-4.9	-14.8	-23.8	-3.5	46.5
NAV	547.4p	-12.0	-10.1	-15.7	-25.6	-5.4	46.2
FTSE All-Share		-13.2	-12.2	-13.5	-22.3	0.0	44.5
FTSE 350 Higher Yield		-10.5	-6.7	-9.5	-22.3	-5.7	41.7

Discrete performance (%)

	30/09/2008	30/09/2007	30/09/2006	30/09/2005	30/09/2004
Share Price	-23.8	9.1	16.1	34.6	12.8
NAV A	-25.6	9.4	16.2	27.5	21.3
FTSE All-Share	-22.3	12.2	14.7	24.9	15.7
FTSE 350 Higher Yield	-22.3	8.3	12.2	24.6	20.5

Total Return; NAV to NAV net income reinvested. GBP. Share price total return is on a mid-to-mid basis. 

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

Source: Aberdeen Asset Managers Limited, Factset Times and Fundamental Data.

A Excluding current year revenue.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 September 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.murray-income.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.

For Murray Income Trust PLC

Aberdeen Asset Management PLC, Secretary

22 October 2008

 

END

 

 

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