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Murray Intnl.Tst. (MYI)

  Print      Mail a friend       Annual reports

Thursday 01 August, 2002

Murray Intnl.Tst.

Interim Results

Murray International Trust PLC
1 August 2002



The Directors of Murray International Trust PLC report the unaudited results of
the company for the six months ended 30 June 2002.

Key Points

  • Net Asset Value Total Return of -7.9% compared with a total return of -
    11.4% from the benchmark index.

  • Asset Allocation & Stock Selection positive.

  • Forecast a maintained dividend for the year ended 31 December 2002.


Since the start of the year, apart from a brief rally in March, global
stockmarkets led by the USA, have been in a steady decline which accelerated in
May and June as the effects of numerous profits warnings were compounded by a
loss of confidence in the quality of reported profits in the US in particular.
Other factors acting to depress market sentiment include the situation in the
Middle East and more recently some question marks over the pace of growth in the
US economy which has been widely expected to lead the global economy back onto a
growth path. Market returns accordingly were negative and were quite
significantly impacted by movements in major currencies as the dollar
deteriorated but both the yen and the Euro appreciated against the pound. In
sterling terms the North American markets returned -17.4%, the UK -9.2%, Europe
-7.1% and Japan recorded a positive return of +3.3%. On a sectoral basis the
technology, media and telecommunications sectors continued to suffer whilst both
the pharmaceutical and insurance sectors also fared relatively badly. At the
other end of the spectrum positive returns were seen in basic industries and
resources (substantially dominated by the oil and gas sector) as well as the
cyclical consumer areas of automobile and household goods.


Performance was favourable during the period.

The Net Asset Value Total Return, with net income re-invested, for the six
months to 30 June 2002 was -7.9% compared with a return of -11.4% on the
composite benchmark (40% of the FTSE World-UK and 60% of the FTSE World-ex UK

Asset allocation was very favourable for the portfolio with a substantially
underweight position in the US stock market and overweight positions in the
Japanese, European and Pacific - ex Japan markets - with the only blemish being
an overweight position in the Latin American markets of Brazil and Mexico. Stock
selection overall was also favourable with a strong relative performance from
the European portfolio whilst both the Japanese and Asian portfolio's also
outperformed their benchmark indices. In general, stock selection benefited from
an overweighting of the more defensive areas, and especially oil and gas, and
from an underweighting of the technology and media oriented sectors.

During the half year the Company bought back 1,407,000 Ordinary Shares and
79,947 B Ordinary Shares respectively for cancellation at an average price of
398.48p and this contributed 0.24% to Net Asset Value as at 30 June 2002.


In terms of asset allocation the main portfolio change was to reduce the fund's
substantial overweighting of the Japanese market after a period of significant
strength relative to world markets but the portfolio still retains a weighting
of 10% in Japan versus a benchmark weight of 5.6%. Elsewhere activity was
concentrated on ensuring wherever possible stocks held conformed to strict
solvency ratio criteria.


For the current year the Board has already declared that three interim dividends
of 3.45p per share be paid on 16 August and 15 November 2002 and 17 February
2003. The Board believes that, given the conservative nature of the equity
portfolio and the high quality characteristics of the fixed interest portfolio,
the revenue stream of your company is relatively strong. The outlook for next
year, is clouded by the current trend of dividend reductions particularly in the
financial and insurance sectors. However, the Board intends to recommend a
maintained final dividend of 5.95p in respect of the year ended 31 December
2002, payable in May 2003.


The recent sharp fall in equity markets has been somewhat at odds with published
economic data and the outlook indicated by most leading measures of consumer and
business confidence, with the clear implication that either one or the other is
substantially misaligned. With global economic forecasts so reliant on a lead
from the US economy, it will be crucial to monitor the path of final demand,
particularly of the consumer, in the USA. With evidence still of overcapacity
and a likely ongoing need to reduce debt, both at the corporate and the
household level, there is a risk of some disappointment.

The best indicator may well be the progress of the US dollar. A controlled and
gradual decline, albeit necessitating some adjustment to current consensus GDP
forecasts, would be the optimal outcome, whilst a more precipitate fall would be
of concern.

America's very clear intention to eliminate weapons of mass destruction where
these are believed to be held by hostile or unstable regimes is likely to ensure
continued uncertainties in the Middle East. Thus, notwithstanding the sector's
significant outperformance of the global indices, the Manager intends to retain
an overweight position in the energy sector.

In the meantime the Manager believes that the balance of probabilities favours
an underweighting of the US stock market and an overweighting of the Japanese
and Asian markets. In a post-bubble environment it remains important to retain a
clear emphasis on sound balance sheets, strict solvency criteria and relative
security of earnings.

for the six months ended 30 June 2002 (unaudited)
                                                                          Six months to 30 June 2002
                                                                        Revenue           Capital           Total
                                                                          £'000             £'000           £'000

Losses on sales                                                               -          (23,586)        (23,586)
Unrealised losses                                                             -          (30,032)        (30,032)

Losses on investments                                                         -          (53,618)        (53,618)

    Income from investments                                              10,343                 -          10,343
    Other income                                                             50                 -              50
Management fees                                                           (540)           (1,260)         (1,800)
Currency gains (losses)                                                       -           (4,424)         (4,424)
Other expenses                                                            (574)                 -           (574)

Net return before finance costs and taxation                              9,279          (59,302)        (50,023)

Finance costs of borrowing                                                (555)           (1,296)         (1,851)

Return on ordinary activities before tax                                  8,724          (60,598)        (51,874)

Tax on ordinary activities                                              (1,377)               860           (517)

Return attributable to equity shareholders                                7,347          (59,738)        (52,391)

Ordinary dividends on equity shares                                     (8,944)                 -         (8,944)

Transfer from reserves                                                  (1,597)          (59,738)        (61,335)

Return per ordinary share (pence)                                           8.4            (68.2)          (59.8)

Return per ordinary share assuming full
conversion of the B ordinary shares (pence)                                 8.3            (67.3)          (59.0)

for the six months ended 30 June 2002 (unaudited)
                                                                         Six months to 30 June 2001
                                                                        Revenue         Capital        Total
                                                                          £'000           £'000        £'000

Losses on sales                                                               -        (15,570)     (15,570)
Unrealised losses                                                             -        (40,173)     (40,173)

Losses on investments                                                         -        (55,743)     (55,743)

Income from investments                                                  10,520               -       10,520
Other income                                                                154               -          154
Management fees                                                           (696)         (1,623)      (2,319)
Currency gains (losses)                                                       -           5,588        5,588
Other expenses                                                            (722)               -        (722)

Net return before finance costs and taxation                              9,256        (51,778)     (42,522)

Finance costs of borrowing                                                (747)         (1,742)      (2,489)

Return on ordinary activities before tax                                  8,509        (53,520)     (45,011)

Tax on ordinary activities                                              (1,125)             746        (379)

Return attributable to equity shareholders                                7,384        (52,774)     (45,390)

Ordinary dividends on equity shares                                     (9,666)               -      (9,666)

Transfer from reserves                                                  (2,282)        (52,774)     (55,056)

Return per ordinary share (pence)                                           8.1          (58.1)       (50.0)

Return per ordinary share assuming full
Conversion of the B ordinary shares (pence)                                 8.0          (57.3)       (49.3)

For the six months ended 30 June 2002 (unaudited)
                                                                         Year ended 31 December 2001
                                                                         Revenue         Capital         Total
                                                                           £'000           £'000         £'000

Losses on sales                                                                -        (31,838)      (31,838)
Unrealised losses                                                              -        (71,560)      (71,560)

Losses on investments                                                          -       (103,398)     (103,398)

Income from investments                                                   18,027               -        18,027
Other income                                                                 274               -           274
Management fees                                                          (1,376)         (3,211)       (4,587)
Currency gains (losses)                                                        -           6,426         6,426
Other expenses                                                           (1,344)               -       (1,344)

Net return before finance costs and taxation                              15,581       (100,183)      (84,602)

Finance costs of borrowing                                               (1,404)         (3,276)       (4,680)

Return on ordinary activities before tax                                  14,177       (103,459)      (89,282)

Tax on ordinary activities                                               (1,914)           1,372         (542)

Return attributable to equity shareholders                                12,263       (102,087)      (89,824)

Ordinary dividends on equity shares                                     (14,839)               -      (14,839)

Transfer from reserves                                                   (2,576)       (102,087)     (104,663)

Return per ordinary share (pence)                                           13.6         (113.6)       (100.0)

Return per ordinary share assuming full
Conversion of the B ordinary shares (pence)                                 13.5         (112.1)        (98.6)


1. The revenue column of this statement is the profit and loss account of the

2. The results for the year to 31 December 2001 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.

As at 30 June 2002 (unaudited)
                                                                       30 June          30 June      31 December
                                                                          2002             2001             2001
                                                                         £'000            £'000            £'000
Fixed assets
Investments                                                            478,681          597,055          533,708

Current assets
Debtors                                                                  3,555            5,919            4,823
Cash and short term deposits                                            19,302           10,590            1,374
                                                                        22,857           16,509            6,197
Amounts falling due within one year                                     22,596           11,273           14,565

Net current assets (liabilities)                                           261            5,236          (8,368)

Total assets less current liabilities                                  478,942          602,291          525,340

Amounts falling due after more than one year                           106,660          127,406          105,861
                                                                       372,282          474,885          419,479

Capital and reserves
Equity shareholders interest:
Ordinary called up share capital                                        22,041           22,760           22,402
Share premium account                                                       23               23               23
Capital redemption reserve                                               8,066            7,335            7,694
Capital reserve - realised                                             342,684          404,868          378,404
Capital reserve - unrealised                                          (30,032)            8,507         (20,141)
Revenue reserve                                                         29,500           31,392           31,097
                                                                       372,282          474,885          419,479

Net asset value per ordinary and
'B' ordinary share (pence)                                               422.3            521.6            468.1

for the six months ended 30 June 2002
                                                                                                              Year ended
                                                                Six months to 30         Six months to  31 December 2001
                                                                       June 2002          30 June 2001
                                                                           £'000                 £'000             £'000
Operating activities
     Investment income received                                           10,392                10,219            18,438
     Deposit interest received                                                43                   138               227
     Underwriting commission received                                         10                     -                 -
     Investment management fees paid                                     (1,267)               (1,584)           (4,365)
     Secretarial fees paid                                                  (33)                  (33)              (92)
     Cash paid to and on behalf of directors                                (26)                  (33)              (62)
     Other cash payments                                                    (80)                 (332)             (885)
Net cash inflow from operating activities                                  9,039                 8,375            13,261

Returns on investment and servicing of finance
     Interest paid                                                       (1,828)               (2,608)           (4,713)

Financial investment
     Purchase of investments                                            (48,996)             (229,221)         (331,680)
     Sale of investments                                                  81,441               297,048           415,371
     Forward contracts                                                   (3,869)               (6,398)                 -
Net cash inflow from financial investment                                 28,576                61,429            83,691

Equity dividends paid                                                    (8,311)               (8,593)          (14,750)

Net cash inflow before use of liquid resources
and financing                                                             27,476                58,603            68,941

     Loans repaid                                                       (53,000)              (10,000)         (146,110)
     Loans received                                                       50,000                22,000           144,110
     Repurchase of ordinary shares                                       (6,548)              (71,221)          (77,021)
Net cash outflow from financing                                          (9,548)              (59,221)          (79,021)

Increase (decrease) in cash                                               17,928                 (618)          (10,080)

                                                         6 months to                          Year to
                                              30 June                 30 June             31 December 2001
                                               2002                    2001

Equity shareholders' interest*             £372,282,000            £474,885,000             £419,479,000

Net asset value per ordinary share and        422.3p                  521.6p                   468.1p
'B' ordinary share

Cost of Share Buy Backs                     £6,004,000              £71,222,000             £77,021,000

* The reduction in Equity Shareholders interests includes the effect of the
share buybacks undertaken during the relevant periods.

Note 1

The number of 'B' ordinary shares converted into ordinary shares on 30 June 2002
was 20,107. The allotted ordinary share capital as of 30 June 2002 was:


87,025,984               Ordinary shares of 25p                21,756

1,136,666                'B' Ordinary shares of 25p            284

Note 2
                                                         6 months to                          Year to
Dividends on ordinary shares               30 June 2002            30 June 2001             31 December
                                               £000                    £000                     2001

Interims of                                    

- 3.45p payable 16.8.02 (2001 - 3.45p)         3,002                   3,098                   3,095

- 3.45p payable 15.11.02 (2001 -               3,002                   3,098                   3,063

- 3.45p payable 17.2.03 (2001 - 3.45p)         3,001                   3,098                   3,050

Final dividend (2001 - 5.95p)                    -                       -                     5,261

Under (over) accrual of previous               (61)                     372                     370
year's dividends due to share buybacks

                                               8,944                   9,666                   14,839

Note 3

A summary of investment changes during the period and a schedule of the twenty
largest equity investments at 30 June 2002 are attached.

By order of the Board


1 August 2002

Copies of this announcement will be printed and issued to shareholders and will
be available to the public at the registered office of the Company, 123 St
Vincent Street, Glasgow.

                                31 December 2001         Transactions              Appreciation        Valuation
                                                                                 (depreciation)      30 June 2002
                                    £'000         %             £'000             £'000              £'000            %
United Kingdom                    171,728      32.7           (1,935)          (19,913)            149,880         31.3
Americas                          103,640      19.7             4,227          (20,804)             87,063         18.2
Europe & Africa                    74,413      14.2           (3,061)           (1,338)             70,014         14.6
Japan                              46,432       8.8          (10,741)             1,547             37,238          7.8
Middle East, Far East &            25,966       4.9           (2,018)             3,781             27,729          5.8
                                  422,179      80.3          (13,528)          (36,727)            371,924         77.7

Fixed income
United Kingdom                     68,091      13.0           (1,089)           (1,795)             65,207         13.6
Europe & Africa                    43,438       8.3           (4,837)             2,949             41,550          8.6
                                  111,529      21.3           (5,926)             1,154            106,757         22.2

Other net assets                  (8,368)     (1.6)            11,964           (3,335)                261          0.1
Total Assets                      525,340     100.0           (7,490)          (38,908)            478,942        100.0

Summary of Net Assets                                                                            30 June 2002
                                                                                                      £000            %

Equities                                                                                           371,924         99.9
Fixed Income                                                                                       106,757         28.7
Other Net Assets                                                                                       261          0.1
Borrowings and prior capital                                                                     (106,660)       (28.7)

Equity shareholders' interest                                                                      372,282        100.0

as at 30 June 2002
                                                Investment                 Valuation              % of
Investment                                      Area                           £'000      Total Assets

John Menzies 8.58% Cum Red Pref                 UK                            20,652               4.3
BP                                              UK                            18,420               3.8
GlaxoSmithKline                                 UK                            11,344               2.4
S&P Index Future September 2002                 USA                           10,880               2.3
Lloyds TSB Group                                UK                             9,312               1.9
Vodafone Group                                  UK                             9,000               1.9
*Royal Bank of Scotland Group                   UK                             8,519               1.8
Shell Transport & Trading                       UK                             7,955               1.7
Atrium Underwriting                             UK                             7,215               1.5
*HSBC Holdings                                  UK                             7,168               1.5
*Abbey National                                 UK                             5,711               1.2
AstraZeneca                                     UK                             5,432               1.1
Petrobras ADR                                   Brazil                         4,566               1.0
Diageo                                          UK                             3,841               0.8
Barclays                                        UK                             3,643               0.8
Citigroup                                       USA                            3,508               0.7
Kookmin Bank                                    South Korea                    3,474               0.7
AIG Sunamerica 5.375% 07/12/2009                UK                             3,413               0.7
Microsoft                                       USA                            3,327               0.7
BT Group                                        UK                             3,276               0.7

                                                                             150,656              31.5


* Holding comprises equity and fixed income securities.

                      This information is provided by RNS
            The company news service from the London Stock Exchange