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Fleming Claverhouse (JCH)

  Print      Mail a friend       Annual reports

Friday 21 February, 2003

Fleming Claverhouse

Final Results

Fleming Claverhouse Inv Trust PLC
21 February 2003




In the year to 31st December 2002, the Company produced a total return on net
assets of -29.2%. This compares with a total return on the FTSE All-Share Index,
the benchmark against which we, your Directors, judge performance, of -22.7%
over the same period. This is a disappointing result, both in absolute and
relative terms, and I think it is useful to provide shareholders with
information on the factors which led to this performance. Underlying attribution
data shows that the Investment Managers' stock selection during the year was
broadly neutral, but that this was offset by the negative impact of the
Company's long-term strategic gearing.

Over the last five years, stock selection has improved the performance of the
portfolio, but again the bear market of the last three years has meant that the
gearing of the portfolio has had a negative impact. Fleming Claverhouse has a
consistent long-term record and has produced a net asset value total return of
98.8% over the ten years to 31st December 2002, compared with the benchmark
total return of 92.4% over the same period.

Gearing is one of the key advantages that an investment trust has over other
collective investment vehicles and the Board believes that the Company's
long-term strategic gearing will enhance investment returns. In the short term,
however, being geared in a falling market has continued to hurt performance. The
Company's gearing policy is determined by the Board and is reviewed on a regular
basis. I think it is interesting to note that the bond/equity yield ratio is at
a generational low, indicating that now would not be the time to reduce the
Company's level of gearing because the danger is that recent underperformance
would effectively be locked-in. Also, in a low inflation, low interest rate
environment such as we are experiencing at present, the effective use of gearing
to generate excess returns is an important tool in the armoury of investment
trusts, provided that one believes, as I do, that equity returns will exceed the
cost of borrowing.

The Board's intention remains to increase the dividend annually by at least the
rate of inflation, and thereby to continue the Company's record of increasing
its dividend every year since 1972. The Board has decided that the total
dividend for 2002 should be 9.65p per share, representing an increase of 13.5%
over 2001. This payment has not necessitated a transfer from the revenue
reserve. However, the Board remains prepared to use the revenue reserve to
support its dividend policy rather than constrain the Investment Managers'
management of the portfolio. In keeping with the practice adopted in recent
years, the Board intends to continue to spread the payment of the total annual
dividend more evenly over the year.

Board of Directors

Sandra Dawson has decided to step down from the Board with effect from 30th
April 2003, due to other work commitments. The Board and I are grateful to
Sandra for her contribution during her seven years as a Director and we wish her
well for the future. The Board has begun the process to recruit a suitably
qualified person to join the Board.


At the forthcoming Annual General meeting a special resolution will be proposed
to change the Company's name to 'JPMorgan Fleming Claverhouse Investment Trust
plc'. The Board has agreed that the 'Claverhouse' name will remain. The AGM will
be held at The Majestic Hotel, Ripon Road, Harrogate, on Friday 25th April 2003
at 12.00 noon.

Robert Walther,


21st February 2003

For further information contact:

Jonathan Latter,

JPMorgan Fleming Asset Management         020 7742 6000

The Fleming Claverhouse Investment Trust plc

Unaudited figures for the year ended 31 December 2002

Statement of Total Return (Unaudited)

                                           Year ended 31 December 2002          Year ended 31 December 2001

                                              Revenue     Capital      Total    Revenue     Capital       Total

                                                £'000       £'000      £'000      £'000       £'000       £'000

Net realised losses on investments                  -    (35,217)   (35,217)          -     (6,198)     (6,198)
Net change in unrealised depreciation               -    (70,042)   (70,042)          -    (53,324)    (53,324)
Other capital charges                               -        (14)       (14)          -           -           -
Income from investments                        11,863           -     11,863     10,845           -      10,845
Other Income                                      227           -        227        665           -         665
                                              _______    ________    _______    _______    ________     _______

Gross return                                   12,090   (105,273)   (93,183)     11,510    (59,522)    (48,012)

Management fee                                  (936)     (1,740)    (2,676)    (1,086)     (2,016)     (3,102)

Other administrative expenses                   (315)           -      (315)      (375)           -       (375)

Performance fee                                     -           -          -          -         190         190

Interest payable                              (1,858)     (3,450)    (5,308)    (1,853)     (3,441)     (5,294)

                                              _______     _______    _______    _______     _______     _______

Return before taxation                          8,981   (110,463)  (101,482)      8,196    (64,789)    (56,593)

Taxation                                         (43)          43          -      (126)         126           -

                                               ______     _______    _______     ______     _______     _______

Total return attributable to ordinary           8,938   (110,420)  (101,482)      8,070    (64,663)    (56,593)

Dividends on ordinary shares

Dividends paid                                (5,759)           -    (5,759)    (5,239)           -     (5,239)

Dividends payable                             (2,295)           -    (2,295)    (2,079)           -     (2,079)

                                               ______     _______    _______     ______     _______     _______

Transfer to/(from) reserves                       884   (110,420)  (109,536)        752    (64,663)  (63,911)

Return per ordinary share                      10.73p   (132.52)p  (121.79)p      9.83p    (78.74)p    (68.91)p

Dividends per ordinary share                    9.65p                             8.50p

The Fleming Claverhouse Investment Trust plc

Unaudited figures for the year ended 31 December 2002

BALANCE SHEET                                                                 31 December      31 December
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                          298,625          421,481

Net current assets/(liabilities)                                                    3,773         (10,790)

Creditors: amounts falling due after one year                                    (59,255)         (59,181)
                                                                                  _______          _______
Total net assets                                                                  243,143          351,510
                                                                                    =====            =====
Net asset value per ordinary share                                                 291.4p           422.7p

                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           8,861            8,035

Net cash outflow from returns on investments and servicing of
finance                                                                           (5,314)          (5,986)

Taxation paid                                                                           -             (89)

Net cash inflow/(outflow) from capital expenditure and financial
                                                                                   17,882         (73,260)

Total equity dividends paid                                                       (7,838)          (7,145)

Net cash (outflow)/inflow from financing                                          (8,831)           73,334
                                                                                  _______          _______
Increase/(Decrease) in cash for the year                                            4,760          (5,111)
                                                                                    =====             ====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985 and is prepared on the same
basis as the comparative year. The comparative financial information is based on
the statutory accounts for the year ended 31st December 2001. These accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.


21st February 2003

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