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Murray Income Trust PLC (MUT)

  Print      Mail a friend       Annual reports

Friday 10 September, 2004

Murray Income Trust PLC

Final Results



The Directors of Murray Income Trust PLC announce the audited results for the
year ended 30 June 2004.

Key Facts

   ·Net Asset Value on a total return basis rose 18.7%.

   ·Proposed final dividend of 4.75p, making a total dividend of 18.25p, an
    increase of 2.8% on the previous year.

   ·Change of benchmark to the FTSE All-Share Index from 1 July 2004.


Equity investors enjoyed a year of strong investment returns as share prices
recovered from the depths of the recent bear market. The rise in share prices
was not, however, equally spread throughout the year, which was split into two
distinct periods. For the first half of the Company's financial year share
prices rose steadily, as the appetite for risk amongst investors increased.
Since December, the mood has changed and equities worldwide, including in the
UK, have struggled to make any further progress.


The Net Asset Value total return for the year ended 30 June 2004 was 18.7%.
This compares with the return on the FTSE 350 Higher Yield Index, the Company's
benchmark until 30 June 2004, of 19.1% and the FTSE All-Share Index, the
Company's new benchmark, of 16.9%. Over the year ended 30 June 2004 Murray
Income's Net Asset Value Total Return was ranked 7 out of 17 within the AITC UK
Growth and Income sector. Attribution Analysis shows that gearing and asset
allocation benefited the Company by 1.6% and 0.2% respectively but stock
selection cost 1.2%.


Interim dividends were paid on 16 January 2004, 5 April 2004 and 16 July 2004
each at the rate of 4.50p per Ordinary share. Shareholders may recall that the
second interim dividend was paid earlier than normal in order that those
Shareholders whose shares are held within a PEP or ISA could benefit from the
final opportunity to reclaim a tax credit on the dividend payment. A change in
the law means that this is no longer possible.

As announced on 16 July 2004, the Directors propose a final dividend payment of
4.75p, payable on 29 October 2004 to Shareholders on the register on 1 October
2004, making total dividends for the year ended 30 June 2004 of 18.25p. This
represents an increase of 2.8% on the total dividends paid in the previous year
and continues the steady increase which has taken place for more than twenty

Share Buybacks

During the year ended 30 June 2004, the Company repurchased 643,000 Ordinary
shares at an average price of 428.56p, representing 0.9% of the share capital
at 29 October 2003, the date of renewal of the authority. These repurchases
contributed marginally to the Net Asset Value of the remaining Ordinary shares.

Strategy and Borrowing

On 1 July 2004, the Board announced that from the beginning of the new financial
year (1 July 2004) the benchmark of the Trust would be changed to the FTSE-All
Share Index from the FTSE-350 Higher Yield Index. The Board remains committed
to the investment objective and policy of the Company and believes that the new
benchmark is now more appropriate to its investment aims.

Following extensive shareholder research and a full review of the management of
the Company's assets, some alterations have been made to the way in which the
portfolio is structured. In particular, the emphasis on the management of the
risk and of the absolute return in the portfolio has been increased through
ensuring appropriate diversification of stocks and sectors.

The Board stresses that the Company retains its essential character:

   + ·There is no change to the current dividend policy.
   + ·The Company continues to invest a high proportion of its assets in
      strong, well-known British companies.
   + ·The Company continues to use low cost, flexible borrowing facilities
      to enhance Shareholder returns when appropriate.

At the year end total committed facilities amounted to £45 million, of which
£40 million was being utilised. Subsequently, the level of utilisation has been
reduced to £24 million.

The Board

Shareholders may recall that the Chairman's Statement in the 2003 Annual Report
reported on the new Combined Code of Corporate Governance and on the AITC Code
of Corporate Governance. Whilst Companies are required to apply the new Combined
Code for reporting years beginning on or after 1 November 2003, the Board is
determined to remain at the forefront of best practice and consequently will
report on compliance with the two new Codes, rather than the old Combined Code
published in 1998, as it believes this is in the best interests of Shareholders.
The consequence of this is that, in addition to what was reported on in previous
years, the Annual Report deals with performance evaluation of the Board,
Directors' appointment procedures, rationale relating to their appointment or
re-election, explanations as to why Directors are considered to be independent
and reasons for recommending the continued appointment of the Manager.

As stated in the 2003 Annual Report, the Chairman will be retiring from the
Board at the AGM on 27 October 2004 and Patrick Gifford has agreed to succeed
him as Chairman. Consultants were again appointed to help identify a new
Director. Having assessed the mix of skills within the Board, the consultants
were specifically briefed to identify candidates with a strong UK Equity Income
fund management background. The Board is, therefore, pleased to have appointed
Humphrey van der Klugt who was, until his retirement in January 2004, an
executive director of Schroder Investment Management Limited. It greatly values
the experience and knowledge gained in his twenty year career at Schroders,
where he was a member of the Group Investment and Asset Allocation Committees
and also managed the Schroder Income Fund.


Despite a positive economic background in the UK, where growth remains above
trend, and a healthy corporate sector, the equity market remains stalled. It is
being held back by a combination of rising energy costs, in particular a high
oil price, and higher short term interest rates. Stock market valuations remain
reasonable. The changes made to the portfolio, following the move to the new
benchmark, leave Shareholders with exposure to a wide spread of good quality
investments generating an attractive level of income. This should allow
Shareholders to benefit from any upturn in equity markets.


Statement of Total Return (incorporating the Revenue Account*)

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

Gains/(losses)       -    44,507    44,507         -   (74,111)  (74,111)
on investments
Income from     16,736         -    16,736    15,854         -    15,854
Other income        91         -        91       187         -       187
Investment      (1,254)   (1,254)   (2,508)   (1,210)   (1,210)   (2,420)
management fees
Other             (972)        -      (972)     (865)        -      (865)
expenses      --------   -------   -------  --------   -------   -------
Net return      14,601    43,253    57,854    13,966   (75,321)  (61,355)
before finance
costs and
Finance costs     (858)     (858)   (1,716)     (845)     (845)   (1,690)
of borrowing  --------   -------   -------  --------   -------   -------
to equity
Shareholders    13,743    42,395    56,138    13,121   (76,166)  (63,045)
Ordinary       (12,755)        -   (12,755)  (12,461)        -   (12,461)
dividends on  --------   -------   -------  --------   -------   -------
equity shares
Transfer to/       988    42,395    43,383       660   (76,166)  (75,506)
(from)        --------   -------   -------  --------   -------   -------
Return per        19.6      60.5      80.1      18.7    (108.5)    (89.8)
Ordinary share--------   -------   -------  --------   -------   -------

* The revenue column of this statement represents the revenue account of
  the Company.

All revenue and capital items in the above statement derive from continuing

Balance Sheet
                                                   As at        As at
                                                  30 June      30 June
                                                    2004         2003
                                                 (audited)    (audited)
                                                    £'000        £'000

Fixed assets
Investments                                       390,004      340,789
                                                -----------   ----------
Current assets
Debtors                                             1,716        1,049
Cash and overnight deposits                           239        4,652
                                                -----------   ----------
                                                    1,955        5,701
Amounts falling due within one year               (36,821)     (36,961)
                                                -----------   ----------
Net current liabilities                           (34,866)     (31,260)
                                                -----------   ----------
Total assets less current liabilities             355,138      309,529
Amounts falling due after more than one year      (10,000)      (5,000)
                                                -----------   ----------
Total net assets                                  345,138      304,529
                                                -----------   ----------
Capital and reserves
Called-up share capital                            17,391       17,551
Share premium account                               7,955        7,955
Capital redemption reserve                          4,210        4,050
Capital reserve - realised                        262,238      266,475
Capital reserve - unrealised                       41,055       (2,803)
Revenue reserve                                    12,289       11,301
                                                -----------   ----------
Equity Shareholders' funds                        345,138      304,529
                                                -----------   ----------
Net Asset Value per Ordinary share (pence):         496.2        433.8
                                                -----------   ----------

Cash Flow Statement
                                   Year ended          Year ended
                                  30 June 2004        30 June 2003
                                    (audited)           (audited)
                                 £'000     £'000     £'000     £'000

Operating activities
Investment income received       16,056              16,061
Deposit interest received            88                 164
Underwriting commission               4                  26
Investment management fees       (2,498)             (3,206)
Secretarial fees paid               (50)                (63)
Cash paid to and on behalf of       (72)                (51)
Other cash payments                (951)             (1,190)
                                --------   -------   -------   -------
Net cash inflow from operating             12,577              11,741

Servicing of finance
Bank and loan interest paid      (1,666)             (1,705)
                                --------   -------   -------   -------
Net cash outflow from servicing            (1,666)             (1,705)
of finance
Financial investment
Purchase of investments         (51,348)            (50,471)
Sale of investments              46,605              51,157
                                --------   -------   -------   -------
Net cash (outflow)/ inflow from            (4,743)                686
financial investment
Equity dividends paid                     (12,809)            (13,464)
Management of liquid
Cash drawn/(placed) on short      3,478              (3,684)
term deposit                    --------   -------   -------   -------
Net cash inflow from management             3,478              (3,684)
of liquid resources
Net cash outflow before                    (3,163)             (6,426)
Repurchase of shares             (2,772)                  -
Drawdown of loans                 5,000               4,000
                                --------   -------   -------   -------
Net cash inflow from                        2,228               4,000
financing                        --------   -------   -------   -------
Decrease in cash                             (935)             (2,426)
                                 --------   -------   -------   -------

                                            Year ended     Year ended
                                          30 June 2004   30 June 2003
Ordinary dividends on equity shares              £'000          £'000

First interim of 4.50p (2003 - 4.25p)            3,159          2,984
Second interim of 4.50p (2003 - 4.25p)           3,157          2,984
Third interim of 4.50p (2003 - 4.50p)            3,135          3,159
Proposed final of 4.75p (2003 - 4.75p)           3,304          3,334
                                             -----------     ----------
                                                12,755         12,461
                                             -----------     ----------

The statement of total return (incorporating the revenue account), balance
sheet and cashflow statement set out above do not represent statutory accounts
in accordance with Section 240 of the Companies Act 1985.

The results stated above for the year ended 30 June 2003 are abridged from the
full accounts for that year, which have received an unqualified report from the
Auditors and were filed with the Registrar of Companies.

The financial information for the year to 30 June 2004 contains an unqualified
audit report and will be delivered to the Registrar of Companies.

A summary of investment changes during the year and the twenty largest
investments as at 30 June 2004 are attached.

The Annual General Meeting will be held on 27 October 2004 at 12.30 p.m.

By Order of the Board



10 September 2004

Copies of this announcement will be available to the public at the registered
office of the Company at 123 St Vincent Street, Glasgow.


                 Valuation                     Appreciation      Valuation
               30 June 2003     Transactions   (depreciation)  30 June 2004
                £'000       %          £'000          £'000     £'000       %
Equities      340,789   100.4          4,708         44,507   390,004   101.3
              -------  ------      ---------     ----------   -------  ------
Total         340,789   100.4          4,708         44,507   390,004   101.3
Investments   -------  ------      ---------     ----------   -------  ------

Other net      (1,260)   (0.4)        (3,606)             -    (4,866)   (1.3)
liabilities   -------  ------      ---------     ----------   -------  ------
Total Assets* 339,529   100.0          1,102         44,507   385,138   100.0
              -------  ------      ---------     ----------   -------  ------

*Represents total assets less current liabilities, after excluding short-term
 loans of £30,000,000 as at 30 June 2004 and 30 June 2003.

Summary of net assets                                  30 June 2004
---------------------                                  £'000       %

Equities                                              390,004   113.0
Other net liabilities                                  (4,866)   (1.4)
Borrowings                                            (40,000)  (11.6)
                                                      -------  ------
Equity Shareholders' interest                         345,138   100.0
                                                      -------  ------

as at 30 June 2004

                       Sector                 Valuation           % of
Investment             Description                £'000    Total Assets

BP Amoco               Oil & Gas                 43,830           11.4
HSBC Holdings          Banks                     31,980            8.3
Shell Transport &      Oil & Gas                 27,587            7.1
Barclays               Banks                     16,596            4.3
Lloyds TSB             Banks                     16,104            4.2
Aviva                  Life Assurance            13,827            3.6
Royal Bank of          Banks                     13,482            3.5
Diageo                 Beverages                 11,153            2.9
Great Universal        General Retailers         10,136            2.6
Anglo American         Mining                     9,600            2.5
Standard Chartered     Banks                      9,339            2.4
Land Securities        Real Estate                8,723            2.3
British American       Tobacco                    8,502            2.2
J Sainsbury            Food & Drug                7,502            1.9
GlaxoSmithKline        Pharmaceuticals            7,440            1.9
Imperial Tobacco       Tobacco                    7,366            1.9
Scottish & Southern    Electricity                6,637            1.7
Unilever               Food Producers &           6,061            1.6
Abbey National         Banks                      5,646            1.5
Slough Estates         Real Estate                5,609            1.5
                                                -------           ----
                                                267,120           69.3
                                                -------           ----