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Murray Income Tst. (MUT)

  Print      Mail a friend       Annual reports

Monday 05 February, 2001

Murray Income Tst.

Interim Results

Murray Income Trust PLC
5 February 2001

Murray Income Trust

The board of directors of Murray Income Trust PLC announce the unaudited
interim results for the six months to 31 December 2000.


  * NAV total return of 9.2% for the six months

  * Murray Income ranked fourth in peer group of 28 funds, over six months,
    and second over one year

  * Total dividend for 2001 forecast to be at least maintained


Murray Income has continued to perform well within difficult markets. For the
six-month period to 31 December 2000 the net asset value total return for
Murray Income (including net dividends) was 9.2% while the return on the
benchmark, the FTSE 350 Higher Yield Index, with net income reinvested was
9.3%, ranking the Company fourth in its peer group of 28 funds in the UK
Growth & Income sector of investment trusts. For the calendar year 2000 the
total net asset value return is 18.9%, which is substantially ahead of the
return on the FTSE 350 Higher Yield Index of 12%. Murray Income came second
out of its peer group over the calendar year to 31 December 2000.


Throughout the period UK interest rates remained on hold, the economy
continued to grow at a modest rate and inflation stayed within the Bank of
England's target level. Unfortunately, investors took their lead from the US
where sentiment suffered from widespread profit warnings and lack of certainty
about whether the economy was heading for a hard or soft landing. The result
was a continuation of the volatility that had troubled markets in the first
half of the calendar year.

As measured by the FTSE World series of equity indices the UK was the best
performing investment region in the half-year to 31 December 2000. However,
this concealed markedly different fortunes for different types and sizes of
companies and the FTSE 350 Higher Yield index, the benchmark for Murray
Income, stood out with a positive total return of 9.3%.

Share Buy Back

The company continued to buy back its shares in the market in order to enhance
net asset value per share and achieve a better balance between buyers and
sellers thereby reducing the discount to net asset value at which the shares
trade in the market. During the six months ended 31 December 2000 the Company
bought back for cancellation 1,143,000 ordinary shares (1.48%) and 14,477 B
ordinary shares (2.66%) at an average price of 505.66p and 520p per share
respectively. The buybacks helped to effect a reduction in the discount from
15.5% at end-June to 12.3% at end December 2000, boosting the net asset value
per share by 0.3%. From 25 October 2000, the date of the renewal of the
authority to buyback shares to 2 February 2001, 5,298,000 ordinary shares
(6.89%) and 14,477 'B' ordinary shares (2.66%) have been bought back at an
average price of 547.45p, and 520p respectively, contributing 0.74% to the net
asset value. Of the 5,298,000 ordinary shares bought back, 4,680,000 ordinary
shares have been bought back since the year end.


The dominant sector in the index remains financials which account for 38% of
total investments despite net sales of around £10 million during the half year
(not including the sale of the Robert Fleming holding). Profits were taken on
a clutch of banking stocks - mainly Abbey National and Barclays - but
positions were added to in others such as Lloyds TSB and Prudential. Exposure
to financials is now closely in line with the benchmark index and nine of them
remain in the company's top twenty list.

The resource sector was also prominent though just below the index weighting.
During the period there were further purchases of Shell and Anglo American. As
sentiment around technology continued to weaken in the summer Murray Income
sold its Marconi holding and trimmed back Autonomy.

An overweight position in cyclical services vis-a-vis the index at the start
of the period has been reversed with sales of Pearson and Bunzl while in
non-cyclical services the overweight position remains. The fund is underweight
utilities and the basic industries sector, although overweight selected
building and construction stocks.


The first of three interim dividends of 3.15p per share has already been paid
and the other two will be paid on 16 April and 16 July 2001. The directors
expect at least to maintain the final dividend for the year to 30 June 2001.
This minimum final dividend of 6.3p will result in a payment of no less than
15.75p for the year. They also forecast three interim dividends for the year
ending 30 June 2002 of at least 3.15p per share each.

Aberdeen Asset Management

Shareholders will be aware of the recently announced merger of Murray
Johnstone, the Manager, and Aberdeen Asset Management. The Board welcomes this
development and believes the combination of two strong Scottish fund managers
will enhance the resources that are available to manage the affairs of the


Investors across the world are becoming increasingly concerned over the extent
to which the US economy will slow down in the early part of 2001 and already
many companies have reported a deteriorating outlook for corporate profit
growth. In January 2001, US interest rates were reduced by 1.0% and further
reductions are anticipated in the near future.

Having been unchanged for a year as the economy grew modestly, it is likely
that UK rates will be reduced. Equities look set to be the major beneficiary
of any such reductions. Overall, economic growth forecasts are being trimmed
for the current year. However, both equity and bond markets are already
factoring in much of the disappointing news and there will be scope for
equities to move higher in the UK.

for the six months ended 31 December 2000 (unaudited)
                          Six months to                   Six months to

                         31 December 2000          31 December 1999 (restated)
                         Revenue  Capital    Total Revenue       Capital  Total
                          £'000     £'000    £'000  £          £'000     £
                                                   '000                 '000
Realised gains                -    69,265   69,265  -         29,289  29,289
on sales
Unrealised                    -  (34,380) (34,380)  -       (37,698)  (37,698)
Gains (losses)                -    34,885   34,885  -        (8,409)  (8,409)
on investments
 Income from              7,276         -    7,276 6,581              -  6,581
 Other income                47         -       47 56              -    56
Management fees           (684)     (684)  (1,368) (688)          (688)  (1,376)
Currency gains                -       172      172  -              8     8
Other expenses            (446)       (4)    (450) (474)           (63)  (537)
Net return                6,193    34,369   40,562 5,475        (9,152)  (3,677)
before finance
costs and
Finance costs             (756)     (755)  (1,511) (210)          (210)  (420)
of borrowing
Return on                 5,437    33,614   39,051 5,265        (9,362)  (4,097)
before and
after tax
Preference                    -         -        - (8)              -   (8)
Return                    5,437    33,614   39,051 5,257        (9,362)  (4,105)
attributable to
Ordinary                (6,905)         -  (6,905) (7,787)           -  (7,787)
dividends on
equity shares
Transfer (from)         (1,468)    33,614   32,146 (2,530)     (9,362)  (11,892)
to reserves
Return per                 7.1p     43.7p    50.8p 6.2p        (11.0p)  (4.8p)
ordinary share
Return per ordinary share

assuming conversion of the
'B' ordinary                7.0p    43.4p    50.4p 6.1p        (10.9p)  (4.8p)

for the six months ended 31 December 2000 (unaudited)
                                                   Year ended 30 June 2000
                                                Revenue     Capital       Total
                                                  £'000       £'000       £'000
Realised gains on sales                               -      38,443      38,443
Unrealised losses                                     -    (25,765)    (25,765)
Gains (losses) on investments                         -      12,678      12,678

            Income from investments              15,117           -      15,117
            Other income                             93           -          93
Management fees                                 (1,358)     (1,358)     (2,716)
Currency gains                                        -           -           -
Other expenses                                  (1,001)           -     (1,001)
Net return before finance costs and taxation     12,851      11,320      24,171
Finance costs of borrowing                        (700)       (700)     (1,400)
Return on ordinary activities before and         12,151      10,620      22,771
after tax
Preference dividends                                (8)           -         (8)
Return attributable to equity shareholders       12,143      10,620      22,763
Ordinary dividends on equity shares            (12,453)           -    (12,453)
Transfer (from) to reserves                       (310)      10,620      10,310
Return per ordinary share                         14.7p       12.9p       27.6p
Return per ordinary share assuming

Conversion of the
'B' ordinary shares                               14.6p       12.8p       27.4p


 1. The revenue column of this statement is the profit and loss account of the
 2. The results for the year to 30 June 2000 are abridged from the full
    accounts for that year, which received an unqualified report from the
    auditors and have been filed with the Registrar of Companies.
 3. The fully diluted returns per share and net asset value per ordinary and '
    B' ordinary share at 31 December 1999 and 30 June 2000 have been restated
    to include the capitalisation of 27,784 'B' ordinary shares on 30 December

 4. The results for the period ended 31 December 1999 have been restated to
    comply with the Financial Reporting Standard 16 'Current Tax'. The effect
    of the restatement is as follows:

                                                                  Six months to

                                                         31 December 1999 £'000
Income from listed investments
Tax on ordinary activities - imputed tax credits


as at 31 December 2000 (unaudited)
                                                                        30 June
                                            31 December   31 December
                                                   2000          1999      2000
                                                  £'000         £'000     £'000
Fixed assets
 Investments                                    513,363       458,965   505,811
Current assets
 Debtors                                          1,522         1,668     2,043
 Cash and short term deposits                       373        10,178       727
                                                  1,895        11,846     2,770
 Amounts falling due within one year              7,728         9,054    16,250
Net current (liabilities) assets                (5,833)         2,792  (13,480)
Total assets less current liabilities           507,530       461,757   492,331
 Amounts falling due after more than one         38,999        20,000    50,049
                                                468,531       441,757   442,282
Capital and reserves
 Equity shareholders' interest:
  ordinary called up share capital               19,216        20,779    19,502
  share premium account                           7,955         7,955     7,955
  capital reserve - realised                      3,421         1,855     2,092
  capital reserve - unrealised                  337,986       289,522   276,933
  unrealised capital gains                       92,859       115,305   127,238
  revenue reserve                                 7,094         6,341     8,562
                                                468,531       441,757   442,282
Net asset value per ordinary and
'B' ordinary share                               609.5p        531.5p    567.0p



for the six months ended 31 December 2000 (unaudited)

                                                    Six   Six months
                                                 months           to
                                            31 December  31 December Year ended
                                                   2000                 30 June
                                                  £'000        £'000      £'000
Operating activities
 Investment income received                       7,823        7,558     15,707
 Deposit interest received                           49           52         87
 Placing commission received                          -            2          -
 Underwriting commission received                     -            -          8
 Investment management fees paid                 (1,368)      (1,839)    (3,179)
 Secretarial fees paid                             (25)         (25)       (50)
 Cash paid to and on behalf of directors           (26)         (26)       (52)
 Other cash payments                              (455)        (575)      (948)
Net cash inflow from operating activities         5,998        5,147     11,573
Returns on investment and servicing of finance
 Interest paid                                   (1,511)        (420)    (1,400)
 Preference dividends paid                            -         (30)       (30)
Net cash outflow from returns on investment
and servicing of finance                         (1,511)        (450)    (1,430)
Financial investment
 Purchase of investments                         (82,480)   (172,699)  (252,835)
 Sale of investments                             101,791      199,778    262,125
Net cash inflow from financial investment        19,311       27,079      9,290
Equity dividends paid                            (7,316)      (7,728)   (12,878)
Net cash inflow before use of liquid resources
and financing                                    16,482       24,048      6,555
 Share repurchases                               (6,457)     (13,554)   (35,553)
 Preference share redemption                          -      (1,122)    (1,122)
 Loans repaid                                    (10,550)     (4,254)     25,795
Net cash outflow from financing                  (17,007)    (18,930)   (10,880)
(Decrease) increase in cash                       (525)        5,118    (4,325)



                          Valuation               Appreciation        Valuation
                       30 June 2000 Transactions (depreciation) 31 December 2000
                    £'000         %        £'000         £'000  £'000         %
United Kingdom    495,839     100.7     (26,844)        34,187 503,182      99.0
United States           -         -        (450)           450      -         -
                  495,839     100.7     (27,294)        34,637 503,182      99.0
Fixed Income
United Kingdom      9,972       2.0         (40)           249 10,181       2.0
Total             505,811     102.7     (27,334)        34,886 513,363     101.1
Other net assets (13,480)     (2.7)        7,976           172 (5,332)     (1.0)
Total Assets      492,331     100.0     (19,358)        35,058 508,031     100.0

Summary of Net Assets                                                 Valuation

                                                               31 December 2000
                                                                 £000         %
Equities                                                       503,182     107.4
Fixed Income                                                   10,181       2.2
Other Net Assets                                               (5,332)     (1.1)
Borrowings: Short Term                                          (501)     (0.1)
              Long Term                                       (38,999)     (8.3)
Equity shareholders'                                           468,531     100.0

as at 31 December 2000
                                                                           % of
Security                           Sector                 £'000    Total Assets
BP Amoco                           Oil & Gas             59,825            11.8
HSBC Holdings                      Banks                 47,280             9.3
Shell Transport & Trading Company  Oil & Gas             30,195             5.9
Royal Bank of Scotland Group       Banks                 23,730             4.7
Lloyds TSB Group                   Banks                 21,240             4.2
Barclays                           Banks                 17,612             3.5
CGNU                               Life Assurance        12,984             2.5
Anglo American                     Mining                12,177             2.4
Diageo                             Beverages             11,250             2.2
Prudential                         Life Assurance        10,770             2.1
                                                        247,063            48.6