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3i UK Select Trust (UKT)

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Wednesday 18 August, 1999

3i UK Select Trust

Interim Results

3I UK SELECT TRUST LIMITED
17 August 1999


The unaudited figures for the six months to 30 June 1999 have been drawn up
under The Statement of Recommended Practice for Investment Trusts and have
been prepared on the basis of the accounting policies set out in the company's
annual financial statements for the year ended 31 December 1998.

                     STATEMENT OF TOTAL RETURN OF THE COMPANY
     The unaudited results below cover the six months ended 30 June 1999

               Six months ended            Year ended       Six months ended
         30/06/1999 (Unaudited)  31/12/1998 (Audited)  30/06/1998 (Unaudited)
         Revenue  Capital Total  Revenue Capital Total Revenue Capital Total
         £,000    £'000   £'000  £'000   £,000   £'000 £'000   £'000   £'000

Gains on 
investments   -    7,901   7,901  -      7,755   7,755  -      12,587  12,587
Income     1,379   -       1,379  2,225  -       2,225  1,240  -        1,240
Investment 
managers'    (54)   (161)   (215)  (102)  (308)   (410)   (54)   (160)   (214)
fee
Other 
expenses    (101)   -       (101)  (227)  -       (227)  (113)  -        (113)

Net return 
before 
finance 
costs      1,224    7,740  8,964  1,896   7,447  9,343   1,073  12,427  13,500

Interest
Payable      (66)    (196)  (262)  (132)   (394)  (526)    (65)  (196)    (261)

RETURN ON  1,158    7,544  8,702  1,764   7,053   8,817  1,008  12,231  13,239
ORDINARY
ACTIVITIES
FOR THE
FINANCIAL 
PERIOD

Interim    (479)    -      (479) (1,507)  -      (1,507)  (469)  -       (469)
dividend
of .83p
Net savings
due to share   -      565   565   -       1,080   1,080   -        845    845
elections

           (479)      565    86                           (469)    845    376

TRANSFER    679     8,109 8,788     257   8,133   8,390    539  13,076 13,615
TO
RESERVES

Return per  2.01p  13.08p 15.09p  3.03p  12.13p   15.16p  1.74p  21.07p 22.81p
ordinary
share


                                           BALANCE SHEET
                                          At 30 June 1999

                                   30.6.99     31.12.98      30.6.99
                                  Unaudited   Audited       Unaudited
                                  £'000       £'000         £'000

Investments at market value       83,049      76,964        85,657
Net current assets/(liabilities)   5,982       3,792         1,571
Creditors: amounts falling
due after more than one year      (7,200)     (7,200)       (7,200)
                                  81,831      73,556        80,028
Called up share capital            5,775       5,766         5,866
Capital reserves                  72,998      65,412        71,501
Revenue reserve                    3,058       2,378         2,661
                                  81,831      73,556        80,028
Net assets per 10p 
ordinary share                     141.7p      127.6p       136.4p

This  is  the  first interim report from 3i UK Select Trust Limited, formerly
The Investment Trust of Guernsey Limited.

I  am  happy  to report that over the six months to 30 June 1999 the  net
asset value  total return to shareholders, which combines capital growth and
dividend income, was 11.8%. The total return of the FTSE All Share index over
the period, the  performance benchmark set by the Board was 11.7%. Excluding
income  the  net asset  value  per  share rose 10.3% which can be compared to
the  10.2%  capital return  of  the  All Share index. Net revenue per share,
which  was  boosted  by special  dividends which will not recur, increased by
15.5% to 2.0p.  The  board will  consider the payment of a special dividend at
the end of the year  and  in the meantime are declaring an interim dividend of
0.83p, an increase of 3.7%.

The global economic outlook has improved sharply in the last six months and this
has  eased some valuation pressures in the UK and Europe. However, the valuation
of  the  US  equity market continues to look full and global bond  markets
seem uncertain.  With these two factors as important caveats the Board remains
cautiously optimistic.