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Murray Income Tst. (MUT)

  Print      Mail a friend       Annual reports

Tuesday 10 September, 2002

Murray Income Tst.

Final Results

Murray Income Trust PLC
10 September 2002



The directors of Murray Income Trust PLC announce the results, subject to final
audit, for the year ended 30 June 2002.

Key Facts

  • Murray Income's total return, on a net asset value basis, was -9.9% which
    compares with the benchmark return of -6.0% and the return on the FTSE All
    Share Index of

  • Final dividend of 7.55p per share, making a total of 17.0p, equivalent to
    an increase of 4.9% on the total dividend paid for 2001.

  • Balance between interim and final dividends to be changed leading to a
    significant increase in the level of interim payout.


Murray Income's total return, on a net asset value basis, was -9.9% which
compares with the benchmark return of -6.0% and the return on the FTSE All Share
Index of -14.8%.

The fall in the value of the Company's portfolio for the year ended 30 June 2002
was greater than that of the benchmark FTSE 350 Higher Yield Index. This was in
part due to investments held in telecommunications and pharmaceuticals that are
not represented within the benchmark index. However, the performance was better
than the

average within the AITC UK Income and Growth sector and the FTSE All Share
Index. The bank sector, which has the largest weighting within the portfolio,
produced a better than average performance as growth in profits and dividends
again exceeded that of the market as a whole. On the other hand, the exposure of
the insurance and life assurance sectors to equity markets eroded their balance
sheets and this was reflected in a weak price performance.


For the year under review three interim dividends each of 3.15p per share have
already been paid on 16th January, 16 April and 16th July 2002. These were
unchanged from the previous year. The Board now recommends a final dividend of
7.55p per share, payable on 31 October 2002 to holders of Ordinary shares on the
register on 4 October 2002, making a total of 17.0p for the year. For the
current year, the Board intends to change the balance between the interim and
final dividend payments by increasing the size of the first three interim
dividends and proposing a corresponding reduction in the final dividend. We
anticipate that the three interim dividends commencing in January, followed by
further interims in April and July 2003 will each be at the rate of 4.25p per
share. The first interim dividend will be paid on 17 January 2003 to holders of
Ordinary shares on the register on 20 December 2002.

Strategy and Borrowing

Whilst the portfolio continues to be managed with regard to the structure and
weightings of the FTSE 350 Higher Yield Index, investments are maintained in a
range of stocks and sectors not held within this benchmark. These include
pharmaceuticals, food producers and beverages as the Manager believes that
companies in these sectors hold prospects of good return.

Murray Income began the year with borrowings of £48m, but reflecting the caution
of the Manager, almost all of this was repaid shortly afterwards. Since all of
this bank debt was short term and flexible no breakage costs were incurred on
repayment. Gearing was steadily increased later in the year to take advantage of
lower equity prices. At the year end borrowings were £31m.

Share Buybacks

During the year ended 30 June 2002, the Company repurchased 897,000 Ordinary
shares and 21,740 B Ordinary shares (1.28% and 4.39% of the issued Ordinary and
B Ordinary shares respectively at 31 October 2001) at an average price of
469.07p per Ordinary share and 585p per B Ordinary share. These repurchases
contributed marginally to the Net Asset Value of the remaining Ordinary shares.

At the last Annual General Meeting in October 2001 shareholders renewed the
authority of the Company to buy back up to 14.99% of its own shares in the
market. This authorisation will expire at the Annual General Meeting, to be held
in October 2002, at which point shareholders will be asked to renew it. The
Board believes that the ability to use the buy-back facility together with
improved performance will continue to help narrow the discount to net asset

Tobacco Resolution

Concern was expressed at the last Annual General Meeting by some shareholders
about investment in the tobacco sector. The Board has given this matter
considerable attention and decided that shareholders should have the opportunity
of a formal vote. However, the unanimous opinion of the Board is that the
Manager should not be constrained from investing in sectors which it believes
are likely to be beneficial to shareholders and fall within the terms of the
Company's investment policy. Tobacco stocks have performed particularly well
during the recent difficult period for equity markets and the Company would have
suffered if these stocks had not been included in the portfolio. The Board
therefore recommends shareholders to vote in favour of the resolution.

Board Changes

It is with regret that on 21 August 2002, the Board accepted the resignation of
Roger Adams on the grounds of ill health. The Board wishes to thank him for his
wise counsel over the last three years.


The Company's financial year ended with UK equities falling sharply, mirroring
similar movements in other major stock markets. The economic background has
remained relatively stable compared with the current roller coaster ride being
experienced by equities. The US economy continues to progress as expected and
growth in the UK is also picking up helped by the significant increase in public
expenditure. Equity markets weakness is also likely to delay any increases in
short term interest rates.

The gearing of the Company has been increased modestly as equity prices have
fallen which should benefit shareholders as sentiment towards equities recovers.
Looking forward shareholders can expect that the emphasis upon a higher than
average yield and the potential to grow dividends should lead to good returns.
UK equities now offer good value and this should, in time, be reflected in

for the year ended 30 June 2002

                                                     Year ended                             Year ended
                                                    30 June 2002                           30 June 2001
                                                Revenue      Capital         Total      Revenue     Capital       Total
                                                  £'000        £'000         £'000        £'000       £'000       £'000

(Losses) gains on investments                         -     (49,691)      (49,691)            -      32,037      32,037

Income from investments                          15,207            -        15,207       16,706           -      16,706
Other income                                        177            -           177          102           -         102
Investment management fees                      (1,324)      (1,324)       (2,648)      (1,375)     (1,375)     (2,750)
Currency (loss) gain                                  -          (4)           (4)            -         198         198
Other expenses                                    (924)         (12)         (936)        (931)           -       (931)

Net return before finance
costs and taxation                               13,136     (51,031)      (37,895)       14,502      30,860      45,362

Finance costs of borrowing                        (497)        (497)         (994)      (1,573)     (1,573)     (3,146)

Return attributable to equity
shareholders                                     12,639     (51,528)      (38,889)       12,929      29,287      42,216

Ordinary dividends on equity shares            (11,862)            -      (11,862)     (11,627)           -    (11,627)

Transfer to (from) reserves                         777     (51,528)      (50,751)        1,302      29,287      30,589

Return per Ordinary share (pence)                  18.0       (73.5)        (55.5)         17.4        39.5        56.9

Return per Ordinary share
assuming full conversion of the
B Ordinary shares (pence)**                        17.9       (73.2)        (55.3)         17.3        39.2        56.5

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

** The comparative figure for 2001 includes B Ordinary shares in issue at 30 June 2001. No B Ordinary shares were in
issue at 30 June 2002 as a result of the conversions during the year.

as at 30 June 2002

                                                              As at                     As at
                                                          30 June 2002              30 June 2001
                                                           £'000       £'000         £'000         £'000
Fixed assets
Investments                                                          415,757                     481,121

Current assets
Debtors                                                    1,708                     1,737
Cash and short term deposits                               3,394                     7,623
                                                           5,102                     9,360
Amounts falling due within one year                        9,824                     7,336

Net current (liabilities) assets                                     (4,722)                       2,024

Total assets less current liabilities                                411,035                     483,145

Amounts falling due after more than one year                          31,000                      48,000
                                                                     380,035                     435,145
Capital and reserves
Equity shareholders' interest:
Ordinary called up share capital                                      17,551                      17,778
Share premium                                                          7,955                       7,955
Capital redemption reserve                                             4,050                       3,820
Capital reserve - realised                                           304,032                     308,657
Capital reserve - unrealised                                          35,806                      87,071
Revenue reserve                                                       10,641                       9,864
                                                                     380,035                     435,145

Net Asset Value per Ordinary share (pence)*                            541.3                       611.9

* The comparative figure for 2001 includes B Ordinary shares in issue at 30 June 2001. At 30 June 2002
there were no B Ordinary shares in issue, following the conversions during the year.

for the year ended 30 June 2002

                                                                      Year ended                   Year ended
                                                                     30 June 2002                 30 June 2001
                                                                  £'000         £'000          £'000         £'000
Operating activities
Investment income received                                       15,566                       17,125
Deposit interest received                                           168                           83
Underwriting commission received                                     26                            -
Investment management fees paid                                 (1,692)                      (2,750)
Secretarial fees paid                                              (37)                         (50)
Cash paid to and on behalf of directors                            (56)                         (53)
Other cash payments                                               (370)                        (687)

Net cash inflow from operating activities                                      13,605                       13,668

Returns on investments and servicing
of finance
Interest paid                                                   (1,097)                      (3,028)

Net cash outflow from returns on
investments and servicing of finance                                          (1,097)                      (3,028)

Financial investment
Purchase of investments                                        (75,440)                    (102,144)
Sale of investments                                              91,422                      150,760
Net cash inflow from financial investment                                      15,982                       48,616

Equity dividends paid                                                        (11,356)                     (11,974)

Net cash inflow before use of financing                                        17,134                       47,282

Repurchase of shares                                            (4,359)                     (38,535)
Net repayment of loans                                         (17,000)                      (2,049)
Net cash outflow from financing                                              (21,359)                     (40,584)

(Decrease) increase in cash                                                   (4,225)                        6,698

                                               2002                    2001

Equity shareholders' interest              £380,035,000            £435,145,000

Net asset value per Ordinary                  541.3p                  611.9p

                                               2002                                     2001
Dividends on Ordinary shares                   £000                                     £000
Interims of 9.45p (2001 - 9.45p)              2,199                                    2,410
3.15p paid 16 January 2002

3.15p paid 16 April 2002                      2,195                                    2,247

3.15p paid 16 July 2002                       2,195                                    2,224

Proposed final dividend of 7.55p
(2001 - 6.75p)                                5,301                                    4,765

Over accrual of previous year's
dividends due to share buybacks                (28)                                     (19)

                                             11,862                                   11,627

* The comparative figure for 2001 includes B Ordinary shares in issue at 30 June 2001.

No B Ordinary shares were in issue at 30 June 2002 as a result of the conversions during the year.

The results stated above for the year ended 30 June 2001 are abridged from the
full accounts for that year, which have received an unqualified report from the
auditors and were filed with the Registrar of Companies.

A summary of investment changes during the year and the twenty largest
investments as at 30 June 2002 are attached.

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

The Annual General Meeting will be held on 30 October 2002 at 12.30 p.m.



10 September 2002


                                         Valuation                         Appreciation         Valuation
                                        30 June 2001      Transactions   (depreciation)       30 June 2002
                                       £'000       %             £'000            £'000      £'000         %
United Kingdom
Equities                             481,121    99.6          (15,673)         (49,691)    415,757     101.1

Total Investments                    481,121    99.6          (15,673)         (49,691)    415,757     101.1

Net current assets                     2,024     0.4           (6,750)                4    (4,722)     (1.1)

Total Assets*                        483,145   100.0          (22,423)         (49,687)    411,035     100.0

* Represents total assets less current liabilities before deducting prior charges

Summary of Net Assets                                                                          30 June 2002
                                                                                             £'000         %
Equities                                                                                   415,757     109.4
Net current liabilities                                                                    (4,722)     (1.2)
Borrowings                                                                                (31,000)     (8.2)

Equity shareholders' interest                                                              380,035     100.0

as at 30 June 2002

                                            Sector                                          Valuation           % of
Investment                                  Description                                         £'000   Total assets

BP Amoco                                    Oil & Gas                                          61,044           14.9
HSBC Holdings                               Banks                                              31,689            7.7
Shell Transport & Trading                   Oil & Gas                                          27,225            6.6
Lloyds TSB                                  Banks                                              23,704            5.8
Barclays                                    Banks                                              16,781            4.1
Diageo                                      Beverages                                          12,780            3.1
Anglo American                              Mining                                             10,158            2.5
Sainsbury(J)                                Food & Drug Retailers                               9,379            2.3
Abbey National                              Banks                                               9,264            2.2
HBOS                                        Banks                                               9,230            2.2
Prudential                                  Life Assurance                                      8,769            2.1
Rio Tinto                                   Mining                                              8,662            2.1
CGNU (now Aviva)                            Life Assurance                                      8,071            2.0
GlaxoSmithKline                             Pharmaceuticals                                     7,312            1.8
Standard Chartered                          Banks                                               7,280            1.8
Unilever                                    Food Producers & Processors                         6,700            1.6
British American Tobacco                    Tobacco                                             6,521            1.6
The Royal Bank of Scotland Group            Banks                                              *6,040            1.5
Land Securities                             Real Estate                                         5,943            1.4
Cadbury Schweppes                           Food Producers & Processors                         5,652            1.4
                                                                                              282,204           68.7

* Holding comprises equity and fixed income securities.

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