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Invesco Inc Grth Tst (IVI)

  Print      Mail a friend       Annual reports

Monday 15 December, 2003

Invesco Inc Grth Tst

Interim Results


                        INVESCO Income Growth Trust plc                        

                     Unaudited Preliminary Announcement of                     

                                Interim Results                                

                    For the six months to 30 September 2003                    

Chairman's Statement

Performance

Following a significant fall during the early part of 2003, the UK stockmarket
has recovered during the period under review. Global equity markets bounced
sharply following the fall of the regime in Iraq, and have continued to rally
over the summer. This increase has been supported by a recovery in US economic
data and an improvement in corporate earnings. In the UK, meanwhile, we have
seen continued firmness in consumer spending and further increases in house
prices. Against this background it is pleasing to note that your Company has
outperformed its benchmark index. The total return (comprising the movement in
the Net Asset Value plus net dividends reinvested) was +26.8% compared with
that of 19.0% for the FTSE Actuaries All Share Index. It is further pleasing to
note that, for the period from 30 September 2003 to the time of writing on 10
December 2003, the total return was +8.4% compared with +7.2% for the FTSE
Actuaries All Share Index.

Market Background

Following the ending of hostilities in Iraq, investors' attention once again
focussed upon the outlook for the global economy and the US in particular. The
prospect of subdued growth, has led central banks to reduce interest rates to
their lowest levels for many years. In the UK, concerns over the economy led to
the Bank of England's Monetary Policy Committee to reduce rates by 0.25% to
3.5% in July, the lowest rate for over 40 years. This cut gave a further boost
to consumer spending, and supported the already buoyant housing market. The
economy has also been strengthened by a significant increase in Government
spending, particularly in areas such as health, education and housing. As a
result, although the economy is expected to grow below trend this year, the
outlook is much more positive. In November 2003, the Bank of England Monetary
Committee responded to this, more positive outlook, by increasing interest
rates by 0.25%.

In terms of the stockmarket, this increased optimism has renewed investors'
enthusiasm for `recovery' stocks, and economically sensitive areas of the
market. As a result, cyclical sectors such as Steel and Other Metals, Mining
and Construction have appreciated the most, while `defensive' sectors such as
Tobacco, Food Manufacturing and Pharmaceuticals have lost ground. With
investors also becoming less risk averse, the period has also been
characterised by significant outperformance from the Technology sector and from
'mid' and 'smaller cap' stocks.

Gearing

The Board continues to monitor the Company's level of gearing which, when
prudently used, should enhance the return to shareholders. During the period
under review, borrowings decreased from £10,430,000 at the year-end to £
8,425,000 at 30 September 2003. At close of business on 10 December 2003 the
actual gearing had decreased to £5,000,000.

Dividend

The Board has declared an increased interim dividend of 2.0p (2002: 1.9p) per
share in respect of the six months to 30 September 2003. The dividend is
payable on 19 December 2003 to shareholders registered at the close of business
on 21 November 2003.

The Board currently anticipates that the final ordinary dividend for the year
ending 31 March 2004 will at least be maintained at last year's level (2003:
2.7p).

John J. McLachlan

Chairman

15 December 2003

Performance Statistics

                                       At30     At 31       %
                                  September                  
                                                March        
                                                             
                                       2003      2003  Change
                                                             
Capital Return                                               
                                                             
Total net assets (£'000)             82,237    65,971   +24.7
                                                             
Net asset value per ordinary                                 
share                                                        
                                                             
Basic                                147.0p    117.9p   +24.7
                                                             
Fully diluted                        147.4p    119.1p   +23.8
                                                             
Mid-market price per ordinary        135.5p    108.5p   +24.9
share                                                        
                                                             
Discount per ordinary share            7.8%      8.0%        
                                                             
Mid-market price of the CULS          96.5p     98.0p    -1.5
                                                             
Potential gearing                       121       126        
                                                             
Actual gearing                          113       119        
                                                             
                                 Six months       Six        
                                               months        
                                                             
                                      ended     ended        
                                                             
                                30September        30        
                                            September        
                                                             
                                       2003      2002        
                                                             
Total Return                                                 
                                                             
Net asset value (£'000)                                      
                                                             
(includes net dividends                                      
reinvested)                                                  
                                                             
- including proceeds from             +26.8     -22.8        
reconstruction                                               
                                                             
- excluding proceeds from             +26.8     -25.8        
reconstruction                                               
                                                             
FTSE-Actuaries All-Share Index        +19.0     -28.4        
                                                             
Source: Datastream                                           
                                                             
Revenue                                                      
                                                             
Net revenue after tax (£'000)         1,512     1,562    -3.2
                                                             
Revenue return per ordinary           2.70p     2.90p    -6.9
share                                                        
                                                             
Dividends per ordinary share                                 
                                                             
    - Interim                          2.0p     1.90p    +5.3
                                                             
    - Special                             -     0.50p        

Statement of Total Return
(Incorporating the Revenue Account)

                                        Six months to 30     
                                         September 2003      
                                                             
                                           (Unaudited)       
                                                             
                                                             
                                      Revenue Capital   Total
                                                             
                                        £'000   £'000   £'000
                                                             
Gains/(Losses) on investments -             - (3,317) (3,317)
realised                                                     
                                                             
- unrealised                                -  19,586  19,586
                                                             
Income                                                       
                                                             
  UK dividends                          1,853       -   1,853
                                                             
  Deposit interest                          3       -       3
                                                             
Investment management fee - note 1      (118)   (239)   (357)
                                                             
Other expenses                          (148)       -   (148)
                                                             
Net return before finance costs                              
                                                             
  and taxation                          1,590  16,030  17,620
                                                             
Interest payable and similar                                 
charges                                                      
                                                             
  - note 1                               (78)   (157)   (235)
                                                             
Return on ordinary activities                                
                                                             
  before tax                            1,512  15,873  17,385
                                                             
Tax on ordinary activities                  -       -       -
                                                             
Return on ordinary activities after                          
tax for                                                      
                                                             
  the financial period                                       
(attributable to                                             
                                                             
  equity shareholders)                  1,512  15,873  17,385
                                                             
Dividends in respect of equity                               
shares                                                       
                                                             
  - note 2                            (1,119)       - (1,119)
                                                             
Transfer to/(from) reserves               393  15,873  16,266
                                                             
Return per ordinary share - note 3      2.70p  28.38p  31.08p

The Revenue column of this statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued in the
period.

Statement of Total Return
(Incorporating the Revenue Account)

                                                           Year
                                                          ended
                                                               
                                                       31 March
                                                               
                                Six months to 30           2003
                                 September 2002                
                                                               
                                   (Unaudited)        (Audited)
                                                               
                                                               
                            Revenue  Capital    Total     Total
                                                               
                              £'000    £'000    £'000     £'000
                                                               
Losses on investments -           -  (2,663)  (2,663)   (9,103)
realised                                                       
                                                               
- unrealised                      - (27,633) (27,633)  (28,428)
                                                               
Income                                                         
                                                               
  UK dividends                1,912        -    1,912     3,781
                                                               
  UK unfranked investment         -        -        -         -
income                                                         
                                                               
  Deposit interest                2        -        2         4
                                                               
Investment management fee -   (129)    (263)    (392)     (730)
note 1                                                         
                                                               
Other expenses                (135)     (10)    (145)     (272)
                                                               
Net return before finance                                      
costs                                                          
                                                               
  and taxation                1,650 (30,569) (28,919)  (34,748)
                                                               
Interest payable and                                           
similar charges                                                
                                                               
  - note 1                     (88)    (171)    (259)     (565)
                                                               
Return on ordinary                                             
activities                                                     
                                                               
  before tax                  1,562 (30,740) (29,178)  (35,313)
                                                               
Tax on ordinary activities        -        -        -         -
                                                               
Return on ordinary                                             
activities after tax                                           
                                                               
  for the financial period                                     
(attributable                                                  
                                                               
  to equity shareholders)     1,562 (30,740) (29,178)  (35,313)
                                                               
Dividends in respect of                                        
equity shares                                                  
                                                               
  - note 2                  (1,288)        -  (1,288)   (2,798)
                                                               
Transfer to/(from) reserves     274 (30,740) (30,466)  (38,111)
                                                               
Return per ordinary share -   2.90p (57.07)p (54.17)p  (64.33)p
note 3                                                         

Balance Sheet

                               30           31 March          30
                               September               September
                                                                
                                      2003      2003        2002
                                                                
                               (Unaudited) (Audited) (Unaudited)
                                                                
                                     £'000     £'000       £'000
                                                                
Fixed Assets                                                    
                                                                
Investments                         92,860    79,777      87,017
                                                                
Current assets                                                  
                                                                
  Amounts due from brokers             831       477         264
                                                                
  Prepayments and accrued              645     1,076         770
income                                                          
                                                                
  Cash at bank                          11       102           9
                                                                
                                     1,487     1,655       1,043
                                                                
Creditors: amounts falling due within one                       
year                                                            
                                                                
  Bank overdraft and                 3,425     5,430       5,675
short-term loans                                                
                                                                
  Amounts due to brokers                 -       964           -
                                                                
  Proposed dividends                 1,119     1,510       1,288
                                                                
  Accruals and deferred income         117       103          85
                                                                
  Interest on loans                     83        88          31
                                                                
                                     4,744     8,095       7,079
                                                                
Net current liabilities            (3,257)     6,440       6,036
                                                                
Total assets less current           89,603    73,337      80,981
liabilities                                                     
                                                                
Creditors: amounts falling due                                  
after more                                                      
                                                                
  than one year                                                 
                                                                
  Bank loan                          5,000     5,000       5,000
                                                                
  4.75% Convertible Unsecured                                   
Loan                                                            
                                                                
  Stock 2009                         2,366     2,366       2,366
                                                                
Total net assets                    82,237    65,971      73,615
                                                                
Capital and reserves                                            
                                                                
Called-up share capital - note      13,984    13,984      13,984
4                                                               
                                                                
Share premium account               23,200    23,200      23,200
                                                                
Other reserve                                                   
                                                                
  Capital redemption reserve            50        50          50
                                                                
  Special reserve share             19,728    19,728      19,728
buy-back                                                        
                                                                
  Capital reserve - realised        20,936    24,649      31,025
                                                                
  Capital reserve - unrealised       1,260  (18,326)    (17,038)
                                                                
  Revenue reserve                    3,079     2,686       2,666
                                                                
Equity Shareholders' funds          82,237    65,971      73,615
                                                                
Net asset value per ordinary        147.0p    117.9p      131.6p
share -                                                         
note 4                                                          

Cash Flow Statement

                               Six months   Year to  Six months
                                       to                    to
                                                               
                              30           31 March          30
                              September               September
                                                               
                                     2003      2003        2002
                                                               
                              (Unaudited) (Audited) (Unaudited)
                                                               
                                    £'000     £'000       £'000
                                                               
Cash flow from operating            1,796     2,805       1,687
activities                                                     
                                                               
Servicing of finance                (241)     (504)       (255)
                                                               
Taxation                                -         -           -
                                                               
Capital expenditure and                                        
financial investment                                           
                                                               
  Purchase of investments        (14,037)  (32,316)    (15,450)
                                                               
  Investments received from                                    
                                                               
  INVESCO Convertible Trust             -         -     (2,107)
plc                                                            
                                                               
  Sale of investments              15,906    27,447      11,932
                                                               
Equity dividends paid             (1,510)   (2,736)     (1,448)
                                                               
Net cash (outflow)/inflow before                               
management of                                                  
                                                               
  liquid resources and              1,914   (5,304)     (5,641)
financing                                                      
                                                               
Management of liquid                                           
resources                                                      
                                                               
- Cash recalled from                    -     2,700           -
short-term deposits                                            
                                                               
Financing                                                      
                                                               
  Movement in debt                (2,005)     1,560         865
                                                               
  Cash and time deposits                                       
received from                                                  
                                                               
  INVESCO Convertible Trust             -         -       3,639
plc                                                            
                                                               
(Decrease)/increase in cash          (91)   (1,044)     (1,137)
in the period                                                  
                                                               
Cash (inflow)/outflow from          2,005   (2,986)     (3,231)
(increase)/decrease in debt                                    
                                                               
Movement in net (debt)/funds        1,914   (4,030)     (4,368)
in the period                                                  
                                                               
Net debt at beginning of         (12,694)   (8,664)     (8,664)
period                                                         
                                                               
Net debt at end of period        (10,780)  (12,694)    (13,032)

Reconciliation of Operating Profit to Operating Cash Flows

                               Six months    Year to  Six months
                               to                             to
                                                                
                               30           31 March          30
                               September               September
                                                                
                                      2003      2003        2002
                                                                
                               (Unaudited) (Audited) (Unaudited)
                                                                
                                     £'000     £'000       £'000
                                                                
Net revenue before finance           1,590     3,282       1,650
costs and tax                                                   
                                                                
Decrease/(increase) in debtors         431        68         374
                                                                
Decrease in creditors                   14      (46)        (64)
                                                                
Investment management fee            (239)     (489)       (263)
charged to capital                                              
                                                                
Other expenses charged to                -      (10)        (10)
capital                                                         
                                                                
Net cash inflow from operating       1,796     2,805       1,687
activities                                                      

Reconciliation of Movement in Shareholders' Funds

                                Six months   Year to  Six months
                                        to                    to
                                                                
                               30           31 March          30
                               September               September
                                                                
                                      2003      2003        2002
                                                                
                               (Unaudited) (Audited) (Unaudited)
                                                                
                                     £'000     £'000       £'000
                                                                
Net revenue retained for the           393       294         274
period                                                          
                                                                
Capital return for the period       15,873  (38,405)    (30,740)
                                                                
Proceeds from issue of shares            -     3,381       3,380
                                                                
Net movement in Shareholders'       16,266  (34,730)    (27,086)
funds                                                           
                                                                
Opening Shareholders' funds         65,971   100,701     100,701
                                                                
Closing Shareholders' funds         82,237    65,971      73,615

Notes to the interim accounts

1. Investment management fees and interest payable on borrowings are allocated
67% to capital reserve and 33% to revenue reserve.

2. The Directors have declared an interim dividend of 2.0p (2002: 1.9p plus a
special dividend of 0.5p) per ordinary share in respect of the six months
ending 30 September 2003 payable on 19 December 2003 to ordinary shareholders
registered on 21 November 2003.

3. Basic revenue return per ordinary share is based on the net revenue on
ordinary activities after taxation and on 55,935,724 (31 March 2003:
54,897,476; 30 September 2002: 53,866,067) ordinary shares, being the weighted
average number of shares in issue during the period.

Basic capital return per ordinary share is based on net capital gains on
ordinary activities after taxation and on 55,935,724 (31 March 2003:
54,897,476; 30 September 2002: 53,866,067) ordinary shares, being the weighted
average number of shares in issue during the period.

4. The net asset value per ordinary share of 25p has been calculated on
55,935,724 (31 March 2003: 55,935,724; 30 September 2002: 55,935,724) ordinary
shares in issue.

5. The financial information for the period to 30 September 2003 has been
prepared on the basis consistent with the accounting policies adopted by the
Company in its statutory accounts for the year ended 31 March 2003.

6. The foregoing financial information at 31 March 2003 is an abridged version
of the Company's full accounts which carry an unqualified Auditors' Report and
which have been filed with the Registrar of Companies.

By order of the Board

INVESCO Asset Management Limited

Secretaries

15 December 2003