Interim Management Statement

RNS Number : 9064K

Schroder Income Growth Fund PLC

30 December 2008

 

SCHRODER INCOME GROWTH FUND PLC

Interim Management Statement for the Quarter ended 30 November 2008

The Board of Schroder Income Growth Fund Plc ('the Company') is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 September 2008 to 30 November 2008. 

Investment Objective

The Company's principal investment objectives are to provide real growth of income, being growth of income in excess of the rate of inflation, and capital growth as a consequence of the rising income. 

First Interim Dividend for the year ended 31 August 2009

The Board declared a first interim dividend of 1.60p net per share for the year ending 31 August 2009, payable on 30 January 2009 to shareholders on the register on 30 December 2008. 

Annual General Meeting

The Annual General Meeting of the Company was held on 11 December 2008. All resolutions set out in the Notice of Meeting were duly passed.

Election of Director

The Company is pleased to announce the election of Mr David Causer as a non-executive Director of the Company at the Annual General Meeting held on 11 December 2008. Mr Causer, 58, is a fully qualified Chartered Accountant and a member of The Securities Institute. He has had a number of senior positions within financial organisations including acting as Finance Director of Mercury Asset Management Group plc and as a Managing Director of Merrill Lynch Investment Managers until 2001. He was Finance Director of The British Red Cross Society until December 2007.

Company Statistics as at 30 November 2008

Net Assets	£112.7 million
Net Asset Value per Ordinary Share (ex income)	162.25p
Share Price	150.00p
Discount	(7.6%)
Number of Portfolio Holdings	31

Cumulative Performance* to 30 November 2008

Performance over	3mnths	6mnths	1yr	3yr	5yr
Share Price (Total Return)	(10.6)%	(15.4)%	(18.6)%	(10.1)%	18.5%
Net Asset Value (Total Return)	(14.6)%	(18.3)%	(24.3)%	(9.5)%	23.7%
FTSE All-Share Index Total Return	(24.8)%	(29.3)%	(32.2)%	(13.6)%	17.8%

Data Source: Fundamental Data.

Portfolio Information as at 30 November 2008

Ten Largest Holdings 

Stock Name	Sector Classification	Market Value (£)	% of Net Asset Value
Royal Dutch Shell 'B'	Oil & Gas	10,431,370	9.68
BP	Oil & Gas	9,933,578	9.22
GlaxoSmithKline	Healthcare	7,298,537	6.77
Vodafone	Telecommunications	6,462,786	6.00
HSBC	Financials	5,468,263	5.07
Astrazeneca	Healthcare	5,072,370	4.71
RSA Insurance	Financials	4,936,381	4.58
Imperial Tobacco	Consumer Goods	4,543,950	4.22
Pearson	Consumer Services	3,750,806	3.48
Unilever	Consumer Goods	3,692,939	3.43

Sector Allocation 

Sector

% of NAV

Financials	18.16
Oil & Gas	18.07
Consumer Goods	12.96
Healthcare	10.98
Consumer Services	10.86
Utilities	10.79
Industrials	8.09
Telecommunications	5.73
Net current assets	4.36

Changes to Share Capital during the quarter ended 30 November 2008

	Issued Ordinary shares of 10p each
As at 1 September 2008	68,688,343
Shares bought back and cancelled during the period	Nil
Shares bought for holding in treasury during the quarter	Nil
Shares already held in treasury	Nil
Shares cancelled from treasury	Nil
Shares remaining in issue as at 30 November 2008	68,688,343

Material Events or Transactions

There have been no other material events or transactions that have taken place in respect of the Company between 1 September 2008 and the date of publication of this Statement. 

  Company Information as at 30 November 2008

SEDOL Code	0791586
Sector	Income and Growth
Launch Date	March 1995
Financial Year End	31 August
Next Dividend Payment Date	30 January 2009

Enquiries:

Louise Richard

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

30 December 2008

 

END

 

 

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