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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Thursday 12 February, 2004

City of London IT

Interim Results

City of London Investment Trust PLC
12 February 2004




                                                                11 February 2004

                    THE CITY OF LONDON INVESTMENT TRUST PLC

               UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED

                                31 DECEMBER 2003


Total Returns*                                                  Six Months to
                                                             31 December 2003

Net asset value per ordinary share                                    +13.23%
Ordinary share price                                                   +4.63%
FTSE All-Share Index                                                  +13.67%
NAV underperformance                                                   -0.44%

*Source: AITC Services Limited

Extracts from the Chairman's Statement:-

Confidence in UK equities continued to improve in the six months to 31 December
2003 and the FTSE All-Share Index produced a total return of 13.67%. Given the
lack of inflationary pressure, the Bank of England cut interest rates in July
from 3.75% to 3.5%, the lowest level since the 1940s. UK consumer demand
remained robust with a low level of unemployment, house prices firm and credit
growth strong. The rebound in the US economy and buoyant demand from China
helped UK companies with interests in those areas although some of the benefit
was lost due to the fall in the dollar. Interest rates were moved back to 3.75%
in November as evidence of the strength of the UK economy mounted.

Performance

City of London produced a net asset value total return for the six months of
13.23%. It is disappointing to have been marginally behind our benchmark, the
FTSE All-Share Index, by 0.44%. This is understandable however as the strongest
element in the upward movement of the market can be attributed to the recovery
of small companies and those that had done particularly badly in the preceding
three years of falling markets. A number of these companies have low dividend
cover or do not pay a dividend and therefore are not particularly suitable for
the portfolio. Gearing made a positive contribution over the six months. Longer
term performance has remained satisfactory with City of London ahead of the FTSE
All-Share over three and five years by 4.9 and 5.4 percentage points
respectively.

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                                     - 2 -

                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2003



Expenses

Expenses remained under tight control. For the six months to 31 December 2003,
excluding interest but including the portion of the management fee which is
charged to capital, they amounted to 0.21% of assets under management.

Dividends

In line with our objective of providing long term dividend growth, the Board
declared on 11 December 2003 a second interim dividend of 2.07p per ordinary
share. This is a 3.5% increase in the dividend rate compared with last year and
is above the rate of inflation. The dividend will be paid on 27 February 2004
and the shares traded ex-dividend with regard to this payment from 4 February.

Savings

City of London sets out to be a straightforward investment vehicle and seeks to
be one of the leading candidates for regular savings and investment. Currently
the dividend yield is above the average of the UK equity market.

Outlook

The UK economy seems set for a period of growth with historically low inflation.
The main risks are the large and growing fiscal and trade deficits and the level
of consumer debt. Growth in the economy should to some extent alleviate these
problems, but interest rate rises or tax increases may also be necessary.
Against this UK economic background and improving growth overseas, the outlook
for corporate profits should improve although further weakness in the US dollar
would be a problem for some companies. The valuation of the UK equity market has
risen with the dividend yield of the FTSE All-Share falling to 3.1%. We believe
that the valuation of many smaller companies is well up with events with the
yield of the FTSE Small Cap only 2.2%. Large companies offer better value and we
remain committed to this area of the equity market.

S M de Zoete

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                                     - 3 -

                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2003


STATEMENT OF TOTAL RETURN (incorporating the revenue account)
for the half year ended 31 December 2003

                                      (Unaudited)                    (Unaudited)                    (Audited)
                                    Half year ended                Half year ended                 Year ended
                                    31 December 2003               31 December 2002               30 June 2003
                               Revenue    Capital      Total    Revenue  Capital    Total    Revenue  Capital     Total
                                 £'000      £'000      £'000      £'000    £'000    £'000      £'000    £'000     £'000
                             ---------   --------   --------  --------- -------- --------   -------- --------  --------
Total capital gains/                 -     46,459     46,459          - (80,648) (80,648)          - (63,399)  (63,399)
(losses) from

Investments
Income from fixed asset          8,890          -      8,890      7,896        -    7,896     18,657        -    18,657

Investments
Other interest receivable          110          -        110         94        -       94        170        -       170
and similar income
                              --------   --------   --------   -------- -------- --------   -------- --------  --------
Gross revenue and capital        9,000     46,459     55,459      7,990 (80,648) (72,658)     18,827 (63,399)  (44,572)
gains/(losses)

Management fee                   (234)      (545)      (779)      (213)    (496)    (709)      (426)    (994)   (1,420)
Other administrative             (261)          -      (261)      (293)        -    (293)      (526)        -     (526)
expenses
                              --------   --------   --------   -------- -------- --------   -------- --------  --------
Net return/(loss) on
ordinary activities before
interest payable and             8,505     45,914     54,419      7,484 (81,144) (73,660)     17,875 (64,393)  (46,518)
taxation

Interest payable                 (641)    (1,495)    (2,136)      (675)  (1,577)  (2,252)    (1,339)  (3,125)   (4,464)
                              --------   --------   --------   -------- -------- --------   -------- --------  --------
Net return/(loss) on             7,864     44,419     52,283      6,809 (82,721) (75,912)     16,536 (67,518)  (50,982)
ordinary activities before
taxation

Taxation on net return on         (11)          -       (11)       (61)       50     (11)       (81)        -      (81)
ordinary activities
                              --------   --------   --------   -------- -------- --------   -------- --------  --------
Net return/(loss) on             7,853     44,419     52,272      6,748 (82,671) (75,923)     16,455 (67,518)  (51,063)
ordinary activities after
taxation

Dividends:
Preference and preferred          (95)          -       (95)       (95)        -     (95)      (190)        -     (190)
ordinary stocks
                              --------   --------   --------   -------- -------- --------   -------- --------  --------
Net return/(loss)                7,758     44,419     52,177      6,653 (82,671) (76,018)     16,265 (67,518)  (51,253)
attributable to the
ordinary shares
                              --------   --------   --------   -------- -------- --------   -------- --------  --------
Dividends:
Ordinary shares

First interim 2.07p            (4,343)          -    (4,343)    (4,118)        -  (4,118)    (4,118)        -   (4,118)
(2002/2003: 2.00p)

Second interim 2.07p           (4,343)          -    (4,343)    (4,122)        -  (4,122)    (4,122)        -   (4,122)
(2002/2003: 2.00p)

Third interim                        -          -          -          -        -        -    (4,133)        -   (4,133)
(2002/2003: 2.00p)

Fourth interim                       -          -          -          -        -        -    (4,343)        -   (4,343)
(2002/2003: 2.07p)
                              --------   --------   --------   -------- -------- --------   -------- --------  --------
                               (8,686)          -    (8,686)    (8,240)        -  (8,240)   (16,716)        -  (16,716)
                              --------   --------   --------   -------- -------- --------  --------- -------- ---------

Transfer (from)/to reserves      (928)     44,419     43,491    (1,587) (82,671) (84,258)      (451) (67,518)  (67,969)
                                 =====      =====      =====      =====    =====    =====      =====    =====     =====
Return/(loss) per ordinary       3.70p     21.17p     24.87p      3.24p (40.23p) (36.99p)      7.87p (32.66p)  (24.79p)
share

(note 2)

The revenue columns of this statement represent the revenue accounts of the
company.

                                    - MORE -

                                     - 4 -

                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2003

Balance Sheet
As at 31 December 2003
                                                                 (Unaudited)           (Unaudited)             (Audited)
                                                                 31 December           31 December               30 June
                                                                        2003                  2002                  2003
                                                                       £'000                 £'000                 £'000
                                                               -------------         -------------         -------------
Fixed asset investments

Listed at market value in the United Kingdom                         483,775               436,067               440,922
Listed at market value overseas                                       10,788                 2,624                 9,753
Shares in subsidiary undertaking                                         347                   347                   347
                                                                  ----------            ----------            ----------
Fixed asset investments                                              494,910               439,038               451,022
                                                                  ----------            ----------            ----------
Current assets
Debtors                                                                2,025                 1,650                 2,113
Bank balances and short term deposits                                  2,528                   468                 2,599
                                                                  ----------            ----------            ----------
                                                                       4,553                 2,118                 4,712
Creditors: amounts falling due within one year                       (6,708)              (15,156)               (6,470)
                                                                  ----------            ----------            ----------
Net current liabilities                                              (2,155)              (13,038)               (1,758)
                                                                  ----------            ----------            ----------
Total assets less current liabilities                                492,755               426,000               449,264

Creditors: amounts falling due after more than one                  (46,000)              (46,000)              (46,000)
year
                                                                  ----------            ----------            ----------
Total net assets                                                     446,755               380,000               403,264
                                                                  ----------            ----------            ----------
Capital and reserves
Called-up share capital                                               54,539                53,557                54,539
Share premium account                                                 35,309                29,316                35,309
Other capital reserves                                               346,964               287,392               302,545
Revenue reserve                                                        9,943                 9,735                10,871
                                                                  ----------            ----------            ----------
Total shareholders' funds (including non-equity                      446,755               380,000               403,264
interests of £2,086,000)
                                                                      ======                ======                ======
Net asset value per ordinary share (note 3)                          211.94p               183.56p               191.21p



                                    - MORE -

                                     - 5 -

                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2003

Cash Flow Statement
for the half year ended 31 December 2003
                                                                    (Unaudited)            (Unaudited)         (Audited)
                                                                Half year ended        Half year ended        Year ended
                                                               31 December 2003       31 December 2002      30 June 2003
                                                                          £'000                  £'000             £'000
                                                                    -----------            -----------       -----------
Net cash inflow from operating activities                                 8,291                  6,777            15,386
Net cash outflow from servicing of finance                              (2,231)                (2,331)           (4,648)
Total tax recovered                                                           -                      -                 7
Net cash inflow/(outflow) from purchases and sales of                     2,557                (5,094)             3,713
investments
Equity dividends paid                                                   (8,686)                (8,223)          (16,478)
                                                                     ----------             ----------        ----------
Net cash outflow before financing                                          (69)                (8,871)           (2,020)
Net cash inflow from financing                                                -                  9,190             4,528
                                                                     ----------             ----------        ----------
(Decrease)/increase in cash                                                (69)                    319             2,508
                                                                         ======                 ======            ======
Reconciliation of operating revenue to net cash inflow
from operating activities

Net revenue before interest payable and taxation                          8,505                  7,484            17,875
Decrease in accrued income                                                  322                    459                45
Increase/(decrease) in other creditors                                       28                  (653)           (1,397)
Management charge taken to other capital reserves                         (545)                  (496)             (994)
Overseas withholding tax suffered                                          (19)                   (17)             (143)
                                                                     ----------             ----------        ----------
Net cash inflow from operating activities                                 8,291                  6,777            15,386
                                                                         ======                 ======            ======
Reconciliation of net cash (outflow)/inflow to movement
in net debt

(Decrease)/increase in cash as above                                       (69)                    319             2,508
Exchange movements                                                          (2)                   (91)             (175)
Cash (inflow)/outflow from drawdown of loans                                  -                (7,964)               214
Net debt at the beginning of the period                                (43,401)               (45,948)          (45,948)
                                                                    -----------            -----------        ----------
Net debt at the end of the period                                      (43,472)               (53,684)          (43,401)
                                                                         ======                 ======            ======
Represented by:
Cash at bank and short term deposits                                      2,528                    340             2,599
Debt falling due within one year                                              -                (8,024)                 -
Debt falling due after more than one year                              (46,000)               (46,000)          (46,000)
                                                                     ----------             ----------        ----------
                                                                       (43,472)               (53,684)          (43,401)
                                                                         ======                 ======            ======



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                                     - 6 -

                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2003

                                     Notes

1.     Expenses charged to capital

       The Company charges to capital 70% of its finance costs and management fees. All other expenses are charged
       wholly to revenue. Expenses which are incidental to the purchase or sale of a fixed asset investment are included
       in the cost or deducted from the proceeds of the sale of investment.

2.     Return/(loss) per ordinary share

       Revenue return per ordinary share is based on the earnings attributable to the ordinary shares of £7,758,000
       (half year ended 31 December 2002: £6,653,000; year ended 30 June 2003: £16,265,000) and 209,813,762 ordinary
       shares being the weighted average number of ordinary shares in issue for the period (half year ended 31 December
       2002: 205,529,606; year ended 30 June 2003: 206,745,219).

       Capital return per share is based on net capital gains of £44,419,000 (half year ended 31 December 2002: losses
       of £82,671,000; year ended 30 June 2003: losses of £67,518,000) and on the weighted average number of ordinary
       shares stated above.

3.     Net asset value per ordinary share

       The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of
       £444,669,000 (31 December 2002: £377,914,000; 30 June 2003: £401,178,000) and on 209,813,762 ordinary shares (31
       December 2002: 205,885,294; 30 June 2003: 209,813,762) being the number of ordinary shares in issue at the end of
       the period.

4.     Interim Dividends

       The first interim dividend of 2.07p was paid on 28 November 2003. The second interim dividend of 2.07p will be
       paid on 27 February 2004 to shareholders on the register on 6 February 2004.

5.     Accounts for the year ended 30 June 2003

       The figures and financial information for the year ended 30 June 2003 are an extract from the latest published
       accounts of the Company and do not constitute statutory accounts for that year. These accounts have been
       delivered to the Registrar of Companies and included in the report of the auditors which was unqualified and did
       not contain a statement under either section 237(2) or 237(3) of the Companies Act 1985.

6.     Interim Report

       Copies of the Company's interim report for the half year ended 31 December 2003 will be posted to shareholders in
       March 2004 and will be available thereafter from the Secretary at the Registered Office, 4 Broadgate, London EC2M
       2DA.


                                        - MORE -

                                         - 7 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2003



Largest Investments

The 60 largest investments, convertibles and all classes of equity in any one
company being treated as one investment, were as follows:


                                                  Market value                                              Market value
                                              31 December 2003                                          31 December 2003
                                                         £'000                                                     £'000

HSBC                                                    33,364      Allied Domecq                                  3,879
BP                                                      30,125      Next                                           3,650
Shell Transport & Trading                               25,761      Imperial Tobacco                               3,575
GlaxoSmithKline                                         24,064      Reckitt & Colman+                              3,354
Vodafone                                                23,545      Scottish Power                                 3,350
Royal Bank of Scotland                                  17,283      RMC                                            3,313
Barclays                                                14,948      Rodamco Europe                                 3,253
AstraZeneca                                             13,400      Tomkins                                        3,210
HBOS                                                    13,023      Sainsbury (J)                                  3,128
British American Tobacco                                12,320      Compass                                        3,040
Lloyds TSB                                              11,200      Reed Elsevier                                  3,037
Diageo                                                  10,658      Gallaher                                       3,000
Tesco                                                    9,279      BOC                                            2,987
Land Securities                                          8,680      BHP Billiton                                   2,928
Aviva                                                    6,864      Cadbury Schweppes                              2,872
Rio Tinto                                                6,172      BSkyB                                          2,812
Anglo American                                           6,035      Rank                                           2,793
Unilever                                                 5,911      BPB                                            2,776
National Grid Transco                                    5,664      Liberty International                          2,730
Legal & General                                          5,368      GUS                                            2,707
Scottish & Southern Energy                               5,048      IMI                                            2,529
BT                                                       4,895      BAA                                            2,481
Wolseley                                                 4,740      Granada                                        2,440
Johnston Press                                           4,564      Severn Trent                                   2,434
Kingfisher                                               4,431      GKN                                            2,403
Slough Estates                                           4,393      Marks & Spencer                                2,340
Prudential                                               4,250      Smiths                                         2,314
Boots                                                    4,250      Provident Financial                            2,277
Bovis Homes                                              4,055      Hammerson                                      2,266
Smith & Nephew                                           3,989      Associated British Ports                       2,245



These investments total £414,402,000 or 83.79% of the portfolio.

+ includes convertibles


                                        - MORE -

                                         - 8 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2003



For further information please contact :


Job Curtis

Portfolio Manager, The City of London Investment Trust plc

Telephone: 020 7818 4367

Stephen Westwood

Head of Investment Trusts, Henderson Global Investors

Telephone: 020 7818 5517

or

Vicki Staveacre

Henderson Press Office

Telephone: 020 7818 4222



                                    - ENDS -


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

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