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JPMorgan Flem Over (JMO)

  Print      Mail a friend       Annual reports

Wednesday 05 March, 2003

JPMorgan Flem Over

Interim Results

JPMorgan Fleming Overseas IT PLC
05 March 2003


                          STOCK EXCHANGE ANNOUNCEMENT

                    HALF YEARLY RESULTS TO 31 DECEMBER 2002

The Company's performance over the last six months reflects a turbulent period
in global stock markets, culminating in a negative total return of 16.9% against
a benchmark index negative total return of 16.8%. This underperformance was
attributable to the effect of gearing.

The first three months of the Company's financial year saw a continuation of
falling stock markets, however, over the last three months the returns have been
positive and exceeded our benchmark for that period.

The Board took the decision during the period to reduce its long term gearing
from £80 million to £40 million, which was repaid on 30 December 2002.
Subsequently, the Board has announced that it is to replace the remaining £40
million of long term gearing with a more flexible credit facility.  This will
provide the Company with added flexibility in its use of gearing to enhance
future returns for shareholders and, based on initial expected drawings, will
reduce the effective costs of borrowing.

For further information, please contact:

Linda Field
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3426
Secretary to the Company

Robbie Robertson
Dresdner Kleinwort Wasserstein, 020 7475 6674
Brokers to the Company

JP Morgan  Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31 December 2002
Statement of Total Return (Unaudited)
                         Six months to 31 December 2002   Six months to 31 December 2001     Year to 30 June 2002

                          Revenue     Capital     Total   Revenue   Capital       Total    Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000      £'000     £'000

Realised losses on              -    (10,379)  (10,379)         -  (16,249)    (16,249)         -   (26,742)  (26,742)
Net change in                   -    (53,564)  (53,564)         -  (38,586)    (38,586)         -   (90,101)  (90,101)
unrealised appreciation
Currency gains/(losses)
on cash and short-term          -         226       226         -     (714)       (714)         -        196       196
deposits held during
the period
Unrealised gain on              -         343       343         -      744         744          -        682       682
currency hedges
Other capital charges           -        (41)      (41)         -      (99)        (99)         -      (111)     (111)
Franked dividends             299           -       299       562        -         562      1,290          -     1,290
Overseas dividends          2,132           -     2,132     2,732         -       2,732     6,843          -     6,843
Interest from                 705           -       705       201         -         201       705          -       705
Deposit interest              453           -       453       171         -         171       523          -       523
Stock lending fees              2           -         2         -         -           -         -          -         -

Gross return                3,591    (63,415)  (59,824)     3,666  (54,904)    (51,238)     9,361  (116,076) (106,715)
Management fee              (397)       (397)     (794)     (565)     (565)     (1,130)   (1,095)              (2,190)
Other administrative        (264)           -     (264)     (233)         -       (233)     (540)          -     (540)
Performance fee                 -         962       962         -         -           -         -      2,178     2,178
Interest payable            (958)       (958)   (1,916)   (1,607)   (1,607)     (3,214)   (2,858)    (2,858)   (5,716)
                          _______     _______   _______    ______   _______     _______   _______    _______   _______

Return before taxation      1,972    (63,808)  (61,836)     1,261  (57,076)    (55,815)     4,868  (117,851) (112,983)
Taxation                    (307)          64     (243)     (605)       306       (299)   (1,564)        799     (765)
                           ______     _______   _______    ______   _______      ______   _______    _______   _______

Total return                1,665    (63,744)  (62,079)       656  (56,770)    (56,114)     3,304  (117,052) (113,748)
attributable to
ordinary shareholders
Dividend (s) payable on         -           -         -       116         -         116   (2,863)          -   (2,863)
ordinary shares
                           ______     _______   _______    ______ _______     _______    ______    _______   _______
Transfer to/ (from)         1,665    (63,744)  (62,079)       772  (56,770)    (55,998)       441  (117,052) (116,611)

Return per ordinary         2.35p    (89.87)p  (87.52)p     0.87p  (75.71)p    (74.84)p     4.50p  (159.26)p (154.76)p
Dividend (s) per                -                               -                           4.20p
ordinary share

JP Morgan Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31 December 2002

BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2002            2001            2002
                                                                           £'000           £'000           £'000

Investments at valuation                                                 330,958         491,893         409,472

Net current assets                                                           189          17,642          26,861

Creditors (amounts falling due after more than one year)                (40,091)        (79,933)        (79,958)

Provisions for liabilities and charges                                   (3,393)        (10,210)         (6,633)
                                                                         _______         _______         _______
Total net assets                                                         287,663         419,392         349,742
                                                                           =====           =====           =====
Net asset value per ordinary share                                        405.6p          576.6p          493.1p

                                                                            2002            2001            2002
                                                                           £'000           £'000           £'000

Net cash inflow / (outflow) from operating activities                        900         (1,039)           3,356

Net cash outflow from returns on investments and servicing
of finance
                                                                         (4,873)         (3,190)         (5,673)

Total tax recovered                                                            -             275             526

Net cash inflow from capital expenditure and financial
                                                                          16,455          42,481          60,957

Total equity dividends paid                                              (2,980)         (3,150)         (3,150)

Net cash outflow from financing                                                -        (26,355)        (35,393)
                                                                         _______          ______          ______
Increase in cash for the period                                            9,502           9,022          20,623
                                                                           =====            ====            ====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th June
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

5th March 2003

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