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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Wednesday 08 September, 2004

City of London IT

Final Results

City of London Investment Trust PLC
08 September 2004

7 September 2004


                    THE CITY OF LONDON INVESTMENT TRUST PLC


         Unaudited Preliminary Results for the year ended 30 June 2004


Total Returns                                                                      30 June 2004        30 June 2003

  • Net asset value per ordinary share ("NAV")                                           +17.8%              -11.1%

  • FTSE All-Share Index                                                                 +16.9%               -9.7%

  • Ordinary share price                                                                  +3.2%               -9.0%

Dividend (per share)                                                                      8.33p               8.07p

Extracts from the Chairman's Statement:-


Performance

Having produced a very good return in the first half of the period under review,
UK equities made more modest progress during the second six months against a
background of increases in interest rates and a rising oil price. City of
London's net asset value total return for the twelve months was 17.8% which was
ahead of the FTSE All-Share Index by 0.9%. The outperformance was a result of
good stock selection and a positive contribution from gearing.

In common with other investment trusts, City of London's share price discount to
net asset value widened during the course of the year. Whilst this led to a more
disappointing share price total return it is still in positive territory at
3.2%. The current lower than usual demand for investment trusts provides
investors with the opportunity to purchase shares on a lower valuation and on
historically high dividend yields.

                                    - MORE -


                    THE CITY OF LONDON INVESTMENT TRUST PLC


         Unaudited Preliminary Results for the year ended 30 June 2004


Share Buy Back and Gearing

We seek permission from shareholders at each Annual General Meeting to buy back
up to 14.99% of the company's shares. The directors only use this authority when
it results in an increase in the net asset value per ordinary share and is in
the interest of shareholders as a whole. We also take into account the source of
funds to finance a buy back and the effect on revenue and gearing. Although no
shares were repurchased during the year ended 30 June 2004, we have bought in
since that date 1.4 million shares taking advantage of the wider discount. As a
result the net asset value has been enhanced for the remaining shareholders.

This year gearing made a positive contribution to our performance compared to a
negative contribution in the previous year.

Dividends

Dividends remain at the heart of our investment approach because we believe
that, in general, growing dividends are a key feature of investment success in
the UK. We are proud that City of London has increased its dividend every year
since 1966.

A fourth interim dividend of 2.12p was paid on 31 August 2004, making a net
dividend for the year of 8.33p. This is an increase of 3.2% over the previous
year. For the year to 30 June 2005, the Board is forecasting a minimum increase
of 1.8% in the company's total net dividend to 8.48p, payable at the new
quarterly rate of 2.12p.


                                    - MORE -

                    THE CITY OF LONDON INVESTMENT TRUST PLC


         Unaudited Preliminary Results for the year ended 30 June 2004


Expenses

The investment management fee and other non interest expenses were around 0.61%
of the company's average assets for the year. This includes a fee for
outperformance paid to our investment manager, Henderson Global Investors. This
fee rate is very competitive compared with most other equity savings vehicles.
Excluding the performance fee, total expenses amounted to 0.49% of shareholders
funds.

Savings

City of London sets out to be an attractive and straight forward long-term
savings vehicle for private investors. As well as investing directly, shares can
be purchased through the City of London Alliance Trust Pension, the Henderson
Investment Trust Share Plan and the Henderson ISA.

Outlook

The UK financial markets have gone some way to adjusting from exceptionally low
interest rates to a more normal level. The effect on the UK consumer will be
more gradual and remains a key consideration for domestically generated
corporate profits. The high oil price provides a further challenge.

Structural selling pressure from UK life assurance companies and pension funds
switching out of equities remain a concern but can also throw up opportunities
in the UK's open system of corporate ownership, with undervalued companies being
taken over.


                                     -MORE-


                    THE CITY OF LONDON INVESTMENT TRUST PLC

         Unaudited Preliminary Results for the year ended 30 June 2004

The valuation of UK equities seems attractive with the dividend yield of the
FTSE All-Share Index rising from 3.1% to 3.2% since I last wrote to shareholders
six months ago. We are encouraged by this summer's interim dividend increases
from UK companies. Large companies, in which the Trust is principally invested,
continue to offer a significantly better dividend yield than medium sized and
smaller companies.

Annual General Meeting

Shareholders are invited to the Annual General Meeting which will take place on
Friday 22 October at 4 Broadgate, London EC2M 2DA. The meeting will start at
3.00 pm and will include a presentation from the portfolio manager. Tea and
light refreshments will be provided.

S M de Zoete

7 September 2004



                                   - MORE -


                    THE CITY OF LONDON INVESTMENT TRUST PLC

         Unaudited Preliminary Results for the year ended 30 June 2004


Statement of Total Return (incorporating the revenue account)

for the year ended 30 June 2004

                                                Unaudited                             Audited

                                          Year ended 30 June 2004              Year ended 30 June 2003
                                    Revenue        Capital          Total        Revenue       Capital        Total
                                      £'000          £'000          £'000          £'000         £'000        £'000

  Total capital                           -          57,718        57,718              -       (63,399)      (63,399) 
  gains/(losses) from                                                                                                 
  investments                                                                                                         
  Income from fixed asset            20,050               -        20,050         18,657              -        18,657 
  investments                                                                                                         
  Other interest receivable             212               -           212            170              -           170 
  and similar income                                                                                                  
                                 ----------    ------------    ----------     ----------     ----------    ---------- 
  Gross revenue and capital          20,262          57,718        77,980         18,827       (63,399)      (44,572) 
  gains/(losses)                                                                                                      
  Management and performance          (896)         (1,220)       (2,116)          (426)          (994)       (1,420) 
  fees                                                                                                                
  Other administrative                (489)               -         (489)          (526)              -         (526) 
  expenses                                                                                                            
                                 ----------    ------------    ----------     ----------    -----------    ---------- 
  Net return/(loss) on                                                                                                
  ordinary activities                                                                                                 
  before interest payable and        18,877          56,498        75,375         17,875       (64,393)      (46,518) 
  taxation                                                                                                            
  Interest payable                  (1,282)         (2,991)       (4,273)        (1,339)        (3,125)       (4,464) 
                                 ----------    ------------    ----------     ----------    -----------    ---------- 
  Net return/(loss) on                                                                                                
  ordinary activities                                                                                                 
  before taxation                    17,595          53,507        71,102         16,536       (67,518)      (50,982) 
  Taxation on net return on           (122)               -         (122)           (81)              -          (81) 
  ordinary activities                                                                                                 
                                 ----------    ------------    ----------    -----------    -----------    ---------- 
  Net return/(loss) on                                                                                                
  ordinary activities                                                                                                 
  after taxation                     17,473          53,507        70,980         16,455       (67,518)      (51,063) 

  Dividends:                                                                                                          
  Preference and preferred            (190)               -         (190)          (190)              -         (190) 
  ordinary stocks                                                                                                     
                                 ----------    ------------    ----------    -----------    -----------    ---------- 
  Net return/(loss)                  17,283          53,507        70,790         16,265       (67,518)      (51,253) 
  attributable to the                                                                                                 
  ordinary shares                                                                                                     
                                 ----------    ------------    ----------    -----------    -----------    ---------- 
  Dividends:                                                                                                          
  Ordinary shares                                                                                                     
  Three interim payments of        (13,029)               -      (13,029)       (12,373)              -      (12,373) 
  2.07p (2003: 2.00p)                                                                                                 
  Fourth interim payment of         (4,427)               -       (4,427)        (4,343)              -       (4,343) 
  2.12p (2003: 2.07p)                                                                                                 
                                 ----------    ------------    ----------    -----------    -----------    ---------- 
                                   (17,456)               -      (17,456)       (16,716)              -      (16,716) 
                                 ----------    ------------    ----------    -----------    -----------    ---------- 
  Transfer (from)/to reserves         (173)          53,507        53,334          (451)       (67,518)      (67,969) 
                                     ======         =======        ======         ======         ======        ====== 
  Return/(loss) per ordinary          8.24p          25.50p        33.74p          7.87p       (32.66)p      (24.79)p 
  share (note 1)                                                                                                      
                                     ======         =======        ======         ======         ======        ====== 



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


                                    - MORE -


                    THE CITY OF LONDON INVESTMENT TRUST PLC

         Unaudited Preliminary Results for the year ended 30 June 2004


Balance Sheet

at 30 June 2004
                                                                               Unaudited               Audited
                                                                                 30 June               30 June
                                                                                    2004                  2003
                                                                                   £'000                 £'000
Fixed asset investments
Listed at market value in the United Kingdom                                     483,901               440,922
AIM quoted investment at market value                                              2,000                     -
Listed at market value overseas                                                   14,347                 9,753
Investment in FTSE 100 Index future                                              (6,706)                     -
Investment in subsidiary undertakings                                                347                   347
                                                                            ------------         -------------
                                                                                 493,889               451,022
                                                                            ------------         -------------

Current assets
Debtors                                                                            9,920                 2,113
Cash at bank                                                                       7,928                 2,599
                                                                            ------------         -------------
                                                                                  17,848                 4,712
                                                                            ------------         -------------
Creditors: amounts falling due within one year                                   (9,139)               (6,470)
                                                                            ------------         -------------
Net current assets/(liabilities)                                                   8,709               (1,758)
                                                                            ------------         -------------

Total assets less current liabilities                                            502,598               449,264

Creditors: amounts falling due after more than one year                         (46,000)              (46,000)
                                                                            ------------         -------------
Total net assets                                                                 456,598               403,264
                                                                                 =======               =======

Capital and reserves
Called up share capital                                                           54,539                54,539
Share premium account                                                             35,309                35,309
Other capital reserves                                                           356,052               302,545
Revenue reserve                                                                   10,698                10,871
                                                                            ------------         -------------
Shareholders' funds (including non-equity interests
                                                                                 456,598               403,264
of £2,086,000)
                                                                                 =======               =======

Net asset value per ordinary share (note 2)                                      216.63p               191.21p
                                                                                 =======               =======

                                     -MORE-



                    THE CITY OF LONDON INVESTMENT TRUST PLC


         Unaudited Preliminary Results for the year ended 30 June 2004

Cash Flow Statement
for the year ended 30 June 2004
                                                                    Unaudited                     Audited
                                                                    2004           2004          2003          2003

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

Net cash inflow from operating activities                                        17,775                      15,386

Servicing of finance
Debenture interest paid                                          (4,265)                      (4,265)
Bank and loan interest paid                                          (8)                        (193)
Dividends paid on preference and preferred ordinary stocks
                                                                   (190)                        (190)
                                                              ----------                   ----------
Net cash outflow from servicing of finance                                      (4,463)                     (4,648)

Taxation
Withholding and income tax recovered                                  51                            7
                                                              ----------                   ----------
Net tax recovered                                                                    51                           7

Financial investment
Cash paid under future contracts                                    (79)                            -
Purchases of investments                                        (36,916)                     (40,065)
Sales of investments                                              46,330                       43,778
                                                              ----------                   ----------
Net cash inflow from financial investment                                         9,335                       3,713

Equity dividends paid                                                          (17,372)                    (16,478)
                                                                            -----------                  ----------
Net cash inflow/(outflow) before financing                                        5,326                     (2,020)

Financing
Net cash outflow from loans                                            -                        (214)
Proceeds from issue of ordinary shares                                 -                        4,742
                                                              ----------                   ----------
Net cash inflow from financing                                                        -                       4,528
                                                                             ----------                  ----------
Increase in cash                                                                  5,326                       2,508
                                                                                 ======                      ======








                                    -MORE -

                    THE CITY OF LONDON INVESTMENT TRUST PLC


         Unaudited Preliminary Results for the year ended 30 June 2004


Notes:

1.     Return/(loss) per Ordinary Share
       Revenue return per ordinary share is based on earnings attributable to the ordinary shares of £17,283,000 (2003:
       £16,265,000) and on the weighted average number of ordinary shares in issue during the year of 209,813,762 (2003:
       206,745,219).

       Capital gain per ordinary share is based on net capital gains for the year of £53,507,000 (2003 losses:
       £67,518,000) and on the weighted average number of ordinary shares in issue during the year of 209,813,762 (2003:
       206,745,219).

2.     Issued Share Capital
       There were 209,813,762 ordinary shares of 25p in issue at 30 June 2004 (30 June 2003: 209,813,762) for the
       purpose of calculating the net asset value per ordinary share.

3.     Share Buy-Backs
       During the year the Company made no purchases in the market for cancellation of its own issued ordinary shares.
       Since the year end 1,400,000 ordinary shares were purchased for cancellation at a total cost of £2,597,000. As at
       the date of this report there were 208,413,762 ordinary shares in issue.

4.     Share Allotments
       During the year no ordinary shares were issued by the Company.

5.     2004 Accounts
       The preliminary figures for the year ended 30 June 2004 are compiled from an extract of the latest accounts and
       do not constitute statutory accounts as defined by section 240 of the Companies Act 1985. These accounts have not
       yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them.

6.     2003 Accounts
       The preliminary announcement is prepared on the same basis as set out in the 2003 accounts. The figures and
       financial information for the year ended 30 June 2003 are compiled from an extract of the latest published
       accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the
       Registrar of Companies and included the report of the auditors which was unqualified and did not contain a
       statement under either section 237(2) or section 237(3) of the Companies Act 1985.

7.     Annual Report
       The full annual report and accounts will be posted to shareholders in September 2004 and copies will be available
       thereafter from the Secretary at the Company's Registered Office, 4 Broadgate, London EC2M 2DA. The Annual
       General Meeting will be held on Friday 22 October 2004 at 3.00 pm.








                                    - MORE-




                    THE CITY OF LONDON INVESTMENT TRUST PLC


         Unaudited Preliminary Results for the year ended 30 June 2004


The 40 largest equity investments (convertibles and all classes of equity in any
one company being treated as one investment) were as follows :

                                           Valuation at                                                  Valuation at
                                           30 June 2004                                                  30 June 2004
                                                  £'000                                                         £'000

BP                                               32,386       Anglo American                                    5,358
HSBC                                             31,160       Wolseley                                          5,130
Shell Transport & Trading                        22,854       Legal & General                                   5,087
GlaxoSmithKline                                  20,534       Smith & Nephew                                    5,045
Vodafone                                         19,199       Rio Tinto                                         4,972
Royal Bank of Scotland                           16,674       Next                                              4,625
Barclays                                         15,502       Kingfisher                                        4,554
British American Tobacco                         13,886       Slough Estates                                    4,488
Lloyds TSB                                       12,953       Bovis Homes                                       4,479
HBOS                                             12,285       Allied Domecq                                     4,235
AstraZeneca                                      10,886       Boots                                             4,231
Diageo                                           10,781       Prudential                                        4,033
Land Securities                                  10,141       Scottish Power                                    3,988
Tesco                                             9,585       Imperial Tobacco                                  3,861
Aviva                                             7,966       BPB                                               3,679
BT                                                6,650       Reckitt Benckiser                                 3,450
Unilever                                          6,140       Gallaher                                          3,332
National Grid Transco                             6,021       Rodamco Europe                                    3,331
Scottish & Southern Energy                        5,793       Tomkins                                           3,294
Johnston Press                                    5,552       BOC                                               3,231


These investments represent 72.23% of the portfolio.


                                    - ENDS -

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


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