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INVESCO Inc Grth Tst (IVI)

  Print      Mail a friend       Annual reports

Tuesday 21 November, 2000

INVESCO Inc Grth Tst

Interim Results

INVESCO Income Growth Trust PLC
21 November 2000


             INVESCO INCOME GROWTH TRUST PLC
                            
          UNAUDITED PRELIMINARY ANNOUNCEMENT OF
                     INTERIM RESULTS
         FOR THE SIX MONTHS TO 30 SEPTEMBER 2000



Chairman's Statement

Performance

I am pleased to report that during the six months under
review your Company has again outperformed its benchmark
index.  The total return (comprising the increase in net
asset value plus net dividends reinvested) was 3.1%
compared with that of -1.5% for the FT-SE Actuaries All-
Share Total Return Index.  Also encouraging was the
performance of the Company's share price which rose by
8.2% over the period, thereby reducing the discount from
18.7% to 14.1%.

Against the difficult and volatile market background
described below, this is a creditable performance and
reflects the Company's well balanced portfolio with its
exposure to both the 'old' and the 'new' economy.

Market Background

During the period under review the UK equity market has
been restrained by investors' fears of inflationary
pressures brought on by the strength of world oil prices.
Investors have also been concerned that after an
unprecedented period of economic expansion, the US
economy was about to slowdown, thereby impacting on world
growth.  This has somewhat overshadowed the relatively
benign UK environment, which has been characterised by
stable interest rates, inflation in line with the Bank of
England's target and GDP growth in line with the long
term trend.

The UK equity market has also been held back by an end of
the euphoria surrounding technology and other 'new
economy' sectors such as telecoms.  The share prices of
companies in these sectors were forced up by
indiscriminate buying from investors of any stock
associated with the new economy.  In many cases this was
entirely without regard for the strength of the
underlying business model, risk or the quality of
management.  This led to unsustainable valuations for
many stocks.  In due course, NASDAQ halted its seemingly
inexorable rise and many new economy stocks collapsed.

Gearing

As I have indicated in previous statements, it is the
Board's policy to increase the Company's level of gearing
when it anticipates that returns from the portfolio might
exceed the costs of borrowing.  The Company's borrowings
were thus increased from £5,000,000 at the year end to
£9,640,000 at 30 September 2000, taking the level of
actual gearing from 105% to 110%.

Repurchase of Shares

At the Annual General Meeting in July, shareholders
renewed the authority for the Company to repurchase up to
14.9% of its issued ordinary shares.  Purchases will only
be made at prices which will enhance the net asset value
per share.  No purchases were made in the period.

Company Name

At the Annual General Meeting on 3 July 2000 the name of
the Company was changed from GT Income Growth Trust plc
to INVESCO Income Growth Trust plc.

Interim Dividend

The Directors have declared an unchanged interim dividend
of 1.6p per share in respect of the six months to 30
September 2000.  This dividend is payable on 15 December
2000 to shareholders registered at the close of business
on 1 December 2000.

Performance Statistics


                        30 September 31 March       %
                                2000     2000  Change
                                    
Total assets less             94,581   92,342    +2.4
current
liabilities (£'000)

Net asset value per           176.3p   172.1p    +2.4
Ordinary Share

Total return (capital        103,300  100,200    +3.1
plus
net dividends) (£'000)

FT-SE Actuaries All-         2,902.4  2,945.8    -1.5
Share
Total Return Index

Middle market quotation       151.5p   140.0p    +8.2
per
ordinary share



Statement  of  Total  Return (incorporating  the  Revenue
Account)
For the six months ended 30 September 2000

              Six months to         Six months to
                 30.9.00              30.9.99*
               (Unaudited)           (Unaudited)
                                     (Restated)
                                                     
         Revenue Capital  Total Revenue Capital Total
           £'000   £'000  £'000   £'000  £'000  £'000    
                               
Gains/                                               
(losses)                                             
on                                                  
investments
-realised      -   1,621  1,621      -   2,832  2,832
-unrealised    -     796    796      - (2,435)(2,435)

Income                                               

-UK         1,510      -  1,510  1,423       -  1,423
dividends

-Income         -      -      -    208       -    208
from
subsidiary

-UK            29      -     29     52       -     52
unfranked
investment
income

-Deposit        8      -      8     32       -     32
interest

-Other          -      -      -      -       -      -
income

Investment   (154)  (313)   (467)  (112)   (228)  (340)
management
fee

Other        (163)    -     (163)  (128)     -    (128)
Expenses
           ------ ------   ----- ------  ------ ------
Net         1,230  2,104   3,334  1,475    169   1,644
return
before
finance
costs and
taxation

Interest     (80)  (157)    (237)   (6)     (13)   (19)
payable
and
similar
charges
           ------ ------   ----- ------  ------ ------
Return on   1,150  1,947   3,097  1,469     156  1,625
ordinary 
activities
before
tax

Tax on        (5)      5      -     (45)     45      -
ordinary
activities
           ------ ------   ----- ------  ------ ------
Return on   1,145  1,952   3,097  1,424     201  1,625
ordinary
activities
after tax

Dividends    (858)     -    (858)  (862)      -   (862)
in respect
of equity
shares
           ------ ------   ----- ------  ------ ------
Transfer      287  1,952   2,239    562     201    763
to reserves
           ------ ------   ----- ------  ------ ------
Return       2.13p  3.64p   5.77p  2.64p   0.37p  3.01p
per
ordinary
share
           ====== ======   ===== ======  ====== ======

The  revenue column of this statement is the  profit  and
loss  account  of the Company.  All revenue  and  capital
items  in  the  above  statement derive  from  continuing
operations.   No operations were acquired or discontinued
in the period.


Balance Sheet

                 30 Sept  31 March  30 Sept
                    2000      2000     1999
             (Unaudited) (Audited) (Unaudited)
                   £'000     £'000    £'000
                        
Fixed Assets                               
-Investments     104,764    98,238   83,489
 listed in the
 UK at market
 value

Current Assets                             
-Amounts due          38     1,651      888
 from brokers
-Prepayments         797     1,001    1,014
 and accrued
 income
-Cash at bank       (143)    2,790    2,674
                  ------    ------  -------
                     692     5,442    4,576
                  ------    ------  -------
Creditors:                                 
amounts
falling
due within
one year
-Bank loan         9,640     5,000    2,050
-Amounts due           -     4,930    1,552
 to brokers
-Proposed            858     1,234      862
 dividends
-Accruals and        377       174      257
 deferred
 income
                 -------    ------  -------
                  10,875    11,338    4,721
                 -------    ------  -------
Net current      (10,183)   (5,896)    (145)
liabilities
                 -------    ------  -------
Total assets      94,581    92,342   83,344
less current
liabilities
                 =======    ======   ======
Capital and                                
reserves
Called-up         13,413   13,413    13,463
share                                      
capital
Share premium     20,390   20,390    40,390
account                                    
Other Reserves
-Capital              50       50         -
 redemption                                
 reserve
-Special          19,728   19,728         -
 reserve
 share buy-
 back
-Capital          25,155   23,999    16,961
 reserve
 realised 
-Capital          14,158   13,362    11,012
 reserve
 unrealised
-Revenue           1,687    1,400     1,518
 reserve
                 -------    ------  -------
Equity            94,581    92,342   83,344
Shareholders'
Funds
                 =======    ======   ======
Net asset value    176.3p    172.1p   154.8p
per ordinary
share
                 =======    ======   ======


Cash Flow Statement

                     Six                Six
                  months   Year to   months
                      to  31 March       to
                 30 Sept      2000  30 Sept
                    2000 (Audited)     1999
              Unaudited)          (Unaudited)
                   £'000     £'000    £'000
                        
Cash flow from     1,223     1,849    1,055
operating
activities

Returns on         (236)     (117)      (1)
investments
and
servicing of
finance

Taxation             105       159      159

Capital                                    
expenditure                                
and                                        
financial                                  
investment
- Purchase of    (22,566)  (54,903) (20,422)
  investments
- Sale of         15,140    52,427   20,324
  investments

Equity            (1,239)   (1,885)  (1,023)
dividends
paid

                 -------   -------  -------
Net cash          (7,573)   (2,470)      92
(outflow)/
inflow
before
management of
liquid
resources
and financing

Management of      2,685    (2,685)   2,800
liquid
resources

Financing                                  
- Bank debt        4,640     5,000    2,050
- Shares               -      (272)       -
  purchased
  for
  cancellation
                 -------   -------  -------
(Decrease)/         (248)     (472)   4,942
increase in
cash
in the period

Cash              (2,685)    2,685   (2,800)
(outflow)/
inflow from
(decrease)/
increase in
liquid
resources

Cash inflow       (4,640)   (5,000)  (2,050)
from increase
in debt
                 -------   -------  -------
Movement in       (7,573)   (2,742)      92
net (debt)/
funds in
the period

Net (debt)/       (2,210)      532      532
funds at
beginning
of period
                 -------   -------  -------
Net (debt)/       (9,783)   (2,210)     624
funds at
end of
period



Reconciliation of movement in shareholders' funds

                     Six                Six
                  months   Year to   months
                      to  31 March       to
                 30 Sept      2000  30 Sept
                    2000 (Audited)     1999
             (Unaudited)         (Unaudited)
                   £'000     £'000    £'000
                        
Net revenue          287       444      562
retained for
the period

Capital return     1,952     9,589      201
for the period

Shares                 -      (272)       -
purchased
for
cancellation
                  ------    ------   ------
Net increase       2,239     9,761      763
in share-
holders' funds

Opening           92,342    82,581   82,581
shareholders'
funds

Closing           94,581    92,342   83,344
shareholders'
funds


Reconciliation of operating profit to operating cash
flows.

                     Six               Six
                  Months     Year   Months
                      to       to       to
                 30/9/00  31/3/00  30/9/99
             (Unaudited)(Audited) (Unaudited)
                   £'000    £'000    £'000

Net revenue        1,230    2,620    1,475
before finance
costs and tax

Decrease/            289     (252)     (88)
(Increase) in
debtors

(Decrease)/           17      (33)    (100)
Increase in
creditors

Investment          (313)    (471)    (228)
management fee
charged to
capital

Tax on                 -      (15)      (4)
unfranked
investment
income
                 -------  -------  -------
Net cash           1,223    1,849    1,055
inflow from
operating
activities
                 =======  =======  =======


Notes to the interim accounts

1. In accordance with FRS16 'Current Tax', dividends
received from UK companies are no longer grossed up for the imputed
tax credit, but instead recorded at the amount receivable.  There
is no net difference in return on ordinary activities after tax,
however, this change in accounting treatment reduces both
income and taxation by £171,000 (31 March 2000: £333,000; 30
September 1999: £180,000) when compared to the former basis.

2. Investment management fees and interest payable on
borrowings are allocated 67% to capital reserve and 33% to revenue
reserve (31 March 2000: 67%:33%; 30 September 1999: 50%:50%).

3. The Directors have declared an interim dividend of
1.6p per Ordinary Share in respect of the six months ending 30
September 2000 payable on 15 December 2000 to ordinary
shareholders registered on 1 December 2000.

4. Basic revenue return per ordinary share is based on
the net revenue on ordinary activities after taxation and on
53,652,830 (31 March 2000: 53,779,060; 30 September
1999: 53,852,830) ordinary shares, being the weighted
average number of shares in issue during the period.

Basic capital return per ordinary share is based on
net capital gains on ordinary activities after taxation and on
53,652,830 (31 March 2000: 53,779,060; 30 September 1999: 53,852,830)
ordinary shares, being the weighted average number of shares in
issue during the period.

5. The net asset value per ordinary share of 25p has been
calculated on 53,652,830 (31 March 2000: 53,652,830; 30 September
1999: 53,852,830) ordinary shares in issue.

6. The financial information for the period to 30
September 2000 has been prepared on the basis consistent with the
accounting policies adopted by the Company in its statutory
accounts for the year ended 31 March 2000.

7. The foregoing financial information at 31 March 2000
is an abridged version of the Company's full accounts which
carry an unqualified Auditors' Report and which have been filed
with the Registrar of Companies.