Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

JP Morgan Flem Inc (JPI)

  Print      Mail a friend       Annual reports

Friday 07 November, 2003

JP Morgan Flem Inc

Interim Results

JP Morgan Flem Income & Capital Inv
07 November 2003


             JPMORGAN FLEMING INCOME & CAPITAL INVESTMENT TRUST PLC
                         STOCK EXCHANGE ANNOUNCEMENT OF
                   UNAUDITED RESULTS FOR THE SIX MONTHS ENDED

                               31st AUGUST 2003


The Board today release the unaudited interim results of the Company for the six
months ended 31st August 2003.

The following are comments from the Chairman:

Chairman's Interim Statement

Performance

It is pleasing to report that, during the six months to 31st August 2003, the
Company outperformed its composite benchmark index of 67.5% FTSE 350 Index
(excluding Investment Trusts) and 32.5% Merrill Lynch 5-10 year Sterling
Corporate Index. Total return (capital plus income) on shareholders' funds was
21.9%, compared with a return of 13.7% from the benchmark on the same basis.

The UK equity part of the portfolio outperformed its benchmark by 8.4%, with a
total return of 27.7% compared with the index's 19.3%, and the bond portfolio
returned 2.8% compared with its benchmark's return of 2.7%.

The Company benefited from selling approximately £5m of corporate bonds and
investing the proceeds in UK equities in May 2003, as bond yields lowered. This,
along with the portfolio's overweight exposure to smaller (FTSE 250) stocks,
which performed better than larger (FTSE 100) stocks, were factors in the
Company's outperformance. Good stock selection, and the effects of the Company's
gearing which added 3.0% to performance, were also helpful.

Thanks to a narrowing of the discount to net asset value, the market prices of
our different classes of share have risen faster than their attributable assets
and, indeed, at the end of the period the zero dividend preference shares were
trading at a premium.

Reporting

As the Company's year end is 28th February, this interim report covers the
period from 1st March to 31st August 2003. Comparisons in the report have been
made with figures from the last interim report, which was dated 31st July 2002.
This was because, for the purposes of its formation, the Company's year end was
originally 31st January and regulations required its first interim report to
cover the period from 1st February to 31st July 2002.

Dividends

Dividends per ordinary share for the six months to 31st August 2003 were 3.50p.
The first quarterly dividend for the financial year, of 1.75p per ordinary
share, was paid on 1st July 2003, and the second quarterly dividend was paid on
1st October 2003 at the same rate.

It is the Board's intention, in the absence of unforeseen circumstances and
assuming sufficient distributable reserves, at least to maintain the current
level of quarterly dividend payments for the remainder of the financial year.

Board of Directors

I am pleased to report the appointment of Roderick Collins as a Director of the
Company on 1st June 2003. Roderick has had extensive business and investment
management experience, most recently as Chief Executive of private banking at
Matheson & Co. Limited, and has already proved a valuable contributor to the
Board's deliberations. In accordance with the Company's Articles of Association,
he will seek election at the next Annual General Meeting.

Share repurchases

During the six months under review, the Company repurchased 490,000 zero
dividend preference shares at an average discount of 10.4%. These repurchases
cost approximately £462,000 and had the effect of increasing the net asset value
of the ordinary shares by 0.11p.

Sir Charles Nunneley
Chairman        7th November 2003


For further information, please contact:

Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3477
Secretary to the Company


JPMorgan Fleming Income and Capital Investment Trust plc
Unaudited figures for the six months ended 31 August 2003

Statement of Total Return (Unaudited)

                         Six months to 31 August 2003     Six months to 31 July 2002      Period to 28 February 2003
                           Revenue    Capital     Total   Revenue   Capital      Total    Revenue    Capital      Total
                             £'000      £'000     £'000     £'000     £'000      £'000      £'000      £'000      £'000


Realised gains/(losses)
on investments                   -      4,201     4,201         -   (1,625)    (1,625)          -   (10,772)   (10,772)
Net change in unrealised
depreciation                     -     16,187    16,187         -  (14,115)   (14,115)          -   (17,054)   (17,054)
Realised currency gains/
(losses) on cash and
short term deposits held
during the period                -          1         1         -         -          -          -       (14)       (14)
Other capital charges            -        (2)       (2)         -         -          -          -          -          -
Unrealised losses on
forward currency
transaction                      -       (20)      (20)         -         -          -          -          -          -
Franked dividends            3,219          -     3,219     2,012         -      2,012      3,925          -      3,925
UK unfranked income          1,285          -     1,285     1,373         -      1,373      3,060          -      3,060
Overseas income                260          -       260         -         -          -        733          -        733
Scrip dividends                 31          -        31         -         -          -          -          -          -
Underwriting commission          -          -         -         -         -          -          2          -          2
Deposit interest                49          -        49        87         -         87        156          -        156
Option income premiums         480          -       480        93         -         93        381          -        381
                           _______   ________   _______    ______   _______   ________    _______    _______    _______

Gross return                 5,324     20,367    25,691     3,565  (15,740)   (12,175)      8,257   (27,840)   (19,583)

Management fee               (258)      (387)     (645)     (220)     (331)      (551)      (495)      (741)    (1,236)

Other administrative
expenses
                             (166)          -     (166)     (133)         -      (133)      (343)          -      (343)
Interest payable             (286)      (667)     (953)     (207)     (480)      (687)      (573)    (1,338)    (1,911)

                           _______    _______   _______    ______   _______    _______    _______    _______    _______

Return before taxation       4,614     19,313    23,927     3,005  (16,551)   (13,546)      6,846   (29,919)   (23,073)

Taxation                     (416)        348      (68)     (298)       240       (58)      (877)        624      (253)

                            ______    _______   _______    ______   _______     ______    _______    _______    _______

Total return
attributable to ordinary
shareholders                 4,198     19,661    23,859     2,707  (16,311)   (13,604)      5,969   (29,295)   (23,326)

Return attributable to
zero dividend preference
shares                           -    (2,722)   (2,722)         -   (2,114)    (2,114)          -    (4,906)    (4,906)

Dividends on ordinary      (2,614)          -   (2,614)   (2,539)         -    (2,539)    (5,151)          -    (5,151)
shares

                            ______    _______   _______    ______   _______     ______    _______    _______    _______

Transfer to/(from)           1,584     16,939    18,523       168  (18,425)   (18,257)        818   (34,201)   (33,383)
reserves

Return per ordinary          5.62p     22.68p    28.30p     3.63p  (24.67)p   (21.04)p      8.00p   (45.80)p   (37.80)p
share

Dividend per ordinary        3.50p          -     3.50p     3.40p         -      3.40p      6.90p          -      6.90p
share


JPMorgan Fleming Income and Capital Investment Trust plc
Unaudited figures for the six months ended 31 August 2003


BALANCE SHEET                                                          31 August         31 July     28 February
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Investments at valuation                                                 161,680         150,903         140,770


Net current assets                                                         1,308           3,949           1,437

Creditors (amounts falling due after more than one year)                (33,000)        (33,058)        (33,000)
                                                                         _______         _______         _______
Total net assets                                                         129,988         121,794         109,207
                                                                           =====           =====           =====
Net asset value per ordinary share                                         79.9p           75.6p           55.0p
Net asset value per zero dividend preference share                        108.1p           99.2p          103.9p

CASH FLOW STATEMENT                                                    31 August         31 July     28 February
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  4,127           1,057           4,900

Net cash outflow from servicing of finance                                 (980)           (469)         (1,462)

Net cash outflow for taxation                                              (108)               -               -

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                         143       (166,644)        (37,380)

Total equity dividends paid                                              (2,651)         (1,269)         (3,807)

Net cash (outflow)/inflow from financing                                   (461)         170,937          39,744
                                                                         _______         _______         _______
Increase in cash for the period                                               70           3,612           1,995
                                                                           =====           =====           =====
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
period ended 28 February 2003 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
7th November 2003


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