Interim Management Statement

RNS Number : 0064G

Troy Income & Growth Trust Plc

22 January 2010

 



Troy Income & Growth Trust plc (formerly Glasgow Income Trust plc)

Interim Management Statement - 3 months to 31 December 2009

To the members of Troy Income & Growth 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 October 2009 to 31 December 2009, 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 provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.

Benchmark

FTSE All-Share Index Total Return

Material events 

The Company has declared a first interim dividend for the year ending 30 September 2010 of 0.45p per share payable 29 January 2010 to shareholders on the register at close of business on 8 January 2010. The Company held its Annual General Meeting on 14 January 2009 at which all resolutions were duly passed including a vote on the continuation of the Company. By Directors' resolution in accordance with the Company's articles, the name of the Company was changed to Troy Income & Growth Trust plc on 14 January 2010. As at 31 December 2009 the Company held 528,985 shares in treasury. Following the introduction of the discount control mechanism effective from the conclusion of the AGM, the Company has bought back a further 994,978 shares into treasury. The current issued share capital (excluding treasury shares) is 120,418,554. 

Ten largest equity holdings at 31 December 2009

	% of net assets
HSBC	4.7
Royal Dutch Shell "B"	4.4
BP	4.3
Vodafone	4.2
Centrica	3.9
Whitbread	3.9
Diageo	3.5
National Grid	3.3
Provident Financial	3.2
Tesco	3.2
Total	38.6
Total number of investments	37

Sector allocation as at 31 December 2009

	%
Consumer Goods*	21.9
Financials	20.1
Consumer Services	17.6
Utilities	16.0
Oil & Gas	11.6
Health Care	6.5
Telecommunications	4.6
Technology	1.7
Total	100.0

* includes 7.5% in overseas equities

General description of Company's financial position and performance as at 31 December 2009

	£'000
Equities	51,370
Fixed Income	2,405
Total Investments	53,775
Other Current assets	3,059
NET ASSETS	56,834

Cumulative performance (%)*

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/12/2009
Share Price	43.0p	1.2	4.2	37.9	47.2	-50.0	-19.3
NAV*	46.2p	5.3	7.5	36.5	27.7	-44.2	-9.2
FTSE All-Share		4.3	5.5	29.1	30.1	-4.0	36.8

Discrete performance (%)*

	31/12/09	31/12/08	31/12/07	31/12/06	31/12/05
Share Price	47.2	-54.4	-25.5	30.8	23.2
NAV	27.7	-51.4	-10.0	27.9	27.1
FTSE All-Share	30.1	-29.9	5.3	16.8	22.0

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.

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

*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 31 December 2009 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.glasgowincometrust.co.uk and  http://www.taml.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 Troy Growth & Income Trust plc

Aberdeen Asset Management PLC, Secretary

22 January 2010

 

END

 

 

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