Interim Results

Value & Income Trust plc 31 October 2005 VALUE AND INCOME TRUST PLC PRELIMINARY ANNOUNCEMENT OF THE RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2005 (UNAUDITED) SUMMARY 30 September 2005 30 September 2004 31 March 2005 Net Asset Value per Share 197.1p 160.9p 189.0p (valuing debt at market) Net Asset Value per Share 229.8p 180.9p 213.9p (valuing debt at par) Share Price 199.0p 159.5p 181.0p Dividend per Share 3.1p 3.0p 6.2p (interim) (interim) (total) Value and Income Trust invests in higher yielding, less fashionable areas of the UK commercial property and equity markets, particularly in medium and smaller sized companies. It aims for long term real growth in dividends and capital values without undue risk. Figures for net asset values and net current assets shown on this page are calculated after deducting dividends declared but not yet paid, as in previous years. The Trust is required to use the IFRS method of presenting its accounts which follow. Equity markets have performed strongly over the past six months, due to the fall in bond yields and robust profits growth. Over the half year VIT's share price is up by 9.9% and the net asset value by 4.3%, while the FTSE All-Share Index has risen by 11.7%. Property capital values have continued to rise strongly; VIT's property portfolio is revalued annually in March. An interim dividend of 3.1p has been declared (+3.3%). The formal results which follow at the end of this Announcement are presented in the format recommended in the AITC's Statement of Recommended Practice for Accounts of Investment Trust companies as utilised in preparing the Annual Report for the year ended 31 March 2005. The Interim Report will be posted to shareholders in mid-November 2005. Copies can be obtained from OLIM Limited, Pollen House, 10-12 Cork Street, London W1S 3NP or Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD. Enquiries: Matthew Oakeshott or Angela Lascelles OLIM Limited Tel: 0207 439 4400 / Fax: 0207 734 1445 GROUP INCOME STATEMENT (UNAUDITED) FOR THE HALF YEAR ENDED 30 SEPTEMBER 2005 Six months ended Six months ended 30 September 2005 30 September 2004 (restated) Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Investment Income Dividend income 2,123 - 2,123 1,766 - 1,766 Interest income 70 - 70 49 - 49 Other Operating Income 1,648 - 1,648 1,555 - 1,555 ______ ______ ______ ______ ______ ______ Total Income 3,841 - 3,841 3,370 - 3,370 Gains and Losses on Investments Realised gains on held-at-fair-value investments - 3,106 3,106 - 1,347 1,347 Unrealised gains on investments - 4,277 4,277 - 3,219 3,219 ______ ______ ______ ______ ______ ______ Total Revenue 3,841 7,383 11,224 3,370 4,566 7,936 ______ ______ ______ ______ ______ ______ Expenses Investment management fees (170) (396) (566) (131) (306) (437) Other operating expenses (279) - (279) (226) - (226) Finance Costs (1,751) - (1,751) (1,751) - (1,751) ______ ______ ______ ______ ______ ______ Total Expenses (2,200) (396) (2,596) (2,108) (306) (2,414) ______ ______ ______ ______ ______ ______ Profit before Tax 1,641 6,987 8,628 1,262 4,260 5,522 Taxation - - - - - - ______ ______ ______ ______ ______ ______ Profit for the Period 1,641 6,987 8,628 1,262 4,260 5,522 ______ ______ ______ ______ ______ ______ Earnings Per Ordinary Share from Continuing Operations 18.94p 12.12p ______ ______ The total column of this statement represents the Group's Income Statement prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance issued by the Association of Investment Trust Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of the parent company. There are no minority interests. GROUP INCOME STATEMENT (UNAUDITED) FOR THE HALF YEAR ENDED 30 SEPTEMBER 2005 Year ended 31 March 2005 (restated) Revenue Capital Total £'000 £'000 £'000 Investment Income Dividend income 3,388 - 3,388 Interest income 421 - 421 Other Operating Income 3,250 - 3,250 ______ ______ ______ Total Income 7,059 - 7,059 Realised gains on held-at-fair-value investments - 1,741 1,741 Unrealised gains on investments - 18,859 18,859 ______ ______ ______ Total Revenue 7,059 20,600 27,659 ______ ______ ______ Expenses Investment management fees (268) (1,084) (1,352) Other operating expenses (364) - (364) Finance Costs (3,501) - (3,501) ______ ______ ______ Total Expenses (4,133) (1,084) (5,217) ______ ______ ______ Profit before Tax 2,926 19,516 22,442 Taxation - - - ______ ______ ______ Profit for the Period 2,926 19,516 22,442 ______ ______ ______ Earnings Per Ordinary Share from Continuing Operations 49.27p ______ The total column of this statement represents the Group's Income Statement prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance issued by the Association of Investment Trust Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of the parent company. There are no minority interests. GROUP STATEMENT OF CHANGES IN EQUITY (UNAUDITED) for the six months ended 30 September 2005 Six months ended 30 September 2005 Share Share Retained Total capital premium earnings £000 £000 £000 £000 Net assets at 31 March 2005 4,555 18,446 75,893 98,894 Net profit for the period - - 8,628 8,628 Dividends paid - - (1,457) (1,457) _______ _______ _______ _______ Net assets at 30 September 2005 4,555 18,446 83,064 106,065 _______ _______ _______ _______ Year ended 31 March 2005 (restated) Share Share Retained Total capital premium earnings £000 £000 £000 £000 Net assets at 31 March 2004 4,555 18,446 56,184 79,185 Net profit for the period - - 22,442 22,442 Dividends paid - - (2,733) (2,733) _______ _______ _______ _______ Net assets at 31 March 2005 4,555 18,446 75,893 98,894 _______ _______ _______ _______ Six months ended 30 September 2004 (restated) Share Share Retained Total capital premium earnings £000 £000 £000 £000 Net assets at 31 March 2004 4,555 18,446 56,184 79,185 Net profit for the period - - 5,522 5,522 Dividends paid - - (1,366) (1,366) _______ _______ _______ _______ Net assets at 30 September 2004 4,555 18,446 60,340 83,341 _______ _______ _______ _______ SUMMARISED GROUP BALANCE SHEET AS AT 30 SEPTEMBER 2005 (UNAUDITED) 30 September 31 March 30 September 2005 2005 2004 (restated) (restated) £'000 £'000 £'000 Total Investments 137,647 131,633 116,315 Net Current Assets 3,922 2,776 2,553 ______ ______ ______ Total Assets less Current 141,569 134,409 118,868 Liabilities Creditors due after one year (35,504) (35,515) (35,527) Total Net Assets 106,065 98,894 83,341 ______ ______ ______ GROUP CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005 (UNAUDITED) Six months Six months ended Year ended 30 September ended 30 September 2004 31 March 2005 2005 (restated) (restated) £'000 £'000 £'000 Cash flows from operating activities Net cash 3,246 2,437 5,078 inflow from operating activities Cash flows from investing activities Purchase of (7,296) (5,751) (20,907) investments Sale of 7,200 5,962 21,307 investments Net cash (96) 211 400 (outflow)/inflow from investing activities Cash flow from financing activities Interest (1,763) (1,763) (3,525) paid Dividends (1,457) (1,366) (2,733) paid Net cash (3,220) (3,129) (6,258) outflow from financing activities Net decrease (70) (481) (780) in cash and cash equivalents Cash and 3,133 3,913 3,913 cash equivalents at the start of the period Cash and 3,063 3,432 3,133 cash equivalents at the end of the period Notes: (1) The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which comprise standards and interpretations approved by the International Accounting Standards Board (IASB) and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee (IASC) that remain in effect, and to the extent that they have been adopted by the European Union. The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial assets. The principal accounting policies adopted are set out below. Where presentational guidance set out in the Statement of Recommended Practice (SORP) for investment trusts issued by the Association of Investment Trust Companies (AITC) in January 2003 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on the basis compliant with the recommendations of the SORP. The financial statements have been prepared on the basis of IFRSs currently in issue and the Group's current understanding of how these standards should be applied. The standards in issue are subject to ongoing discussion, review and interpretation by the European Union, the investment trust industry, and the accountancy profession. Their application continues to be subject to review by the International Financial Reporting Interpretations Committee (IFRIC). Further adjustments to the restated figures may therefore be required prior to their inclusion in the final accounts for the year to 31 March 2006 as a result of subsequent revisions to IFRS or guidance and generally-accepted best practice on the application and interpretation of IFRS. (2) The financial information for the year ended 31 March 2005 has been extracted from the Annual Report and Accounts of the Company which have been filed with the Registrar of Companies, and restated where required as a result of the implementation of the new Financial Reporting standards. The auditors' report on those accounts was unqualified. (3) The interim dividend of 3.1p per share will be paid on 6 January 2006 to shareholders on the register at close of business on 9 December 2005. The ex-dividend date is 7 December 2005. (4) The Interim Report will be issued mid November 2005. Copies may be obtained from OLIM Limited, Pollen House, 10/12 Cork Street, London W1S 3NP or Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD. This information is provided by RNS The company news service from the London Stock Exchange

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