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Murray Inc Trust PLC (MUT)

  Print      Mail a friend       Annual reports

Friday 11 February, 2005

Murray Inc Trust PLC

Interim Results

Murray Income Trust PLC
Results for the six months ended 31 December 2004


The  Directors  of Murray Income Trust PLC report the unaudited interim  results
for the six months ended 31 December 2004.


Key Facts

-   Murray Income's Net Asset Value total return was 13.2 %.

-   Share price rose from 439.8p to 496.3p

-   Second interim dividend of 4.5p will be paid on 15 April 2005.


Performance

UK  share prices again produced a positive performance during the six months  to
31  December  2004, ending the year at their highest level for over  two  years.
This  six  month  period  was the first following the  decision  to  change  the
Company's benchmark to the FTSE All-Share Index, and has produced an encouraging
start.  The  Net Asset Value total return for the six months to 31 December  was
13.2%, compared with 9.7% from the FTSE All-Share Index.


Background

After  some nervousness at the start of the period, UK share prices subsequently
rose  steadily.  Looking at the economic background, there  was  only  a  single
increase  in  short term interest rates, by 0.25% to 4.75%, but  what  was  more
important  was  a  shift in investor perception towards  future  interest  rate
changes.  Many  commentators now believe that the cycle of  increasing  interest
rates  is  either at, or very close to, the peak. Previously the consensus  view
had  been  that a series of interest rate increases was to be expected. Although
the momentum in the economy slowed, growth in GDP remains above trend levels and
unemployment  remains low. With housing transactions and new mortgage  approvals
falling, the housing market has clearly slowed.


Activity

At the beginning of the Company's financial year, the portfolio was restructured
to  increase the emphasis on the management of absolute return and decrease  the
emphasis  on  the  benchmark.   Over the six months,  three  new  holdings  were
established: BBA, the aviation services and materials technology business; First
Choice,  the leisure travel operator; and Mothercare, the high street  retailer.
Reductions were made in the holdings of BP and HSBC, while three companies  were
sold in their entirety, being Abbey National, United Utilities and Kingfisher.


In  contrast to the previous period, almost 800,000 of the Company's own  shares
were  purchased for cancellation over the six months. Since these  were  in  all
cases  purchased  at  a discount to their Asset Value, the Asset  Value  of  the
remaining shares was modestly enhanced.


Gearing

The  Manager has continued to manage the Company's gearing actively as the  bank
facilities  are flexible and can be repaid quickly without any additional costs.
The  Company also  renegotiated its bank facilities into a single agreement and was  able  to
secure a reduction in the cost.


Investment Management

Ross  Watson  and  Gary  McAleese  have  been  responsible  for  the  investment
management   of  the  Company.   Ross  Watson  has  recently  accepted   another
appointment within the industry and Anne Richards and Gary McAleese will now  be
responsible for the Company's investment management.


Dividend

A  first  interim  dividend of 4.5p was paid on 17 January 2005  to  holders  of
Ordinary  shares  on the register at close of business on 17  December  2004.  A
second  interim dividend of  4.5p will be paid on 15 April 2005  to  holders  of
Ordinary shares on the register at close of business on 18 March 2005. The third
interim  dividend  of 4.5p will be paid on 15 July 2005 to holders  of  Ordinary
shares on the register at close of business on 17 June 2005.

Although these interim dividends show no increase on those paid in the  year  to
June  2004,  the  underlying revenue stream from the portfolio  remains  strong.
This,  together with the revenue reserves, mean that the Directors expect to  be
able to recommend an increase in the final dividend.


Outlook

The  growth  of the economy may be slower than last year, but should  still  be
around  the  trend level of 2.5%. Short term interest rates are not expected  to
rise  much  further,  as  the slowdown in the housing  market  shows  that  past
increases  have  had the desired effect.  Although share prices  have  risen  in
recent  months, the prospect of further growth in corporate profits  means  that
the valuation of the UK stock market remains relatively attractive.


MURRAY INCOME TRUST PLC
STATEMENT OF TOTAL RETURN
(INCORPORATING THE REVENUE ACCOUNT)


                                          Six months to 31
                                           December 2004
                                             (unaudited)
                                        Revenue   Capital    Total
                                         £'000      £'000    £'000


Realised gains/(losses) on                    -     8,293    8,293
investments
Unrealised gains                              -    31,907   31,907
                                        _______    ______   ______

Gains on investments                          -    40,200   40,200

Income from investments                   6,329         -    6,329
Other income                                 98         -       98
Investment management fees                 (634)     (634)  (1,268)

Other expenses                             (404)        -     (404)
                                        _______     ______  ______

Net return before finance costs and       5,389    39,566   44,955
taxation
Finance costs of borrowing                 (342)     (342)    (684)
                                        _______     ______   ______

Return attributable to equity             5,047    39,224   44,271
shareholders

Ordinary dividends on equity shares      (6,157)        -   (6,157)
                                        _______     ______   ______

Transfer (from) /to reserves             (1,110)   39,224   38,114
                                        _______     ______   ______

Return per Ordinary share (pence)           7.3      56.9     64.2
                                        _______     ______   ______



Notes:
1.  The revenue column of this statement is the profit and loss account of the
    company.

2.  The  financial information for the six months ended 31 December  2004  and  31
    December  2003 comprises non-statutory accounts within the meaning of  Section
    240  of  the Companies Act 1985. The financial information for the year  ended
    30  June  2004  has  been  abridged from published  accounts  that  have  been
    delivered  to  the  Registrar of Companies and on  which  the  report  of  the
    Auditors was unqualified. The interim accounts have been prepared on the  same
    basis as the annual accounts.


MURRAY INCOME TRUST PLC
STATEMENT OF TOTAL RETURN
(INCORPORATING THE REVENUE ACCOUNT)


                                        Six months to 31 December 2003
                                               (unaudited)
                                         Revenue    Capital    Total
                                           £'000      £'000    £'000


Realised losses on investments                 -      (729)    (729)
Unrealised gains                               -    38,732   38,732
                                         _______   _______   ______

Gains on investments                           -    38,003   38,003

Income from investments                    7,637         -    7,637
Other income                                  57         -       57
Investment management fees                 (620)      (620)  (1,240)
Other expenses                             (462)         -     (462)
                                         _______    _______   ______

Net return before finance costs and        6,612    37,383   43,995
taxation
Finance costs of borrowing                  (400)     (389)    (789)
                                         _______    _______   ______

Return attributable to equity              6,212    36,994   43,206
shareholders

Ordinary dividends on equity shares       (6,318)        -   (6,318)
                                         _______    _______  ______
Transfer (from) /to reserves                (106)   36,994   36,888
                                         _______    _______  ______

Return per Ordinary share (pence)            8.8      52.7     61.5
                                         _______    _______  ______



MURRAY INCOME TRUST PLC
STATEMENT OF TOTAL RETURN
(INCORPORATING THE REVENUE ACCOUNT)


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

Realised gains on investments                  -    2,228    2,228
Unrealised gains                               -   42,279   42,279
                                         _______  _______   _______
Gains on investments                           -   44,507   44,507

Income from investments                   16,736        -   16,736
Other income                                  91        -       91
Investment management fees                (1,254)  (1,254)  (2,508)
Other expenses                              (972)       -     (972)
                                         _______  _______   _______
Net return before finance costs and       14,601   43,253   57,854
taxation
Finance costs of borrowing                 (858)    (858)   (1,716)
                                         _______  _______   _______
Return attributable to equity            13,743   42,395    56,138
Shareholders

Ordinary dividends on equity shares     (12,755)       -   (12,755)
                                         _______  _______   _______
Transfer to reserves                        988   42,395    43,383
                                         _______  _______   _______
Return per Ordinary share (pence)          19.6     60.5      80.1
                                         _______  _______   _______

MURRAY INCOME TRUST PLC
BALANCE SHEET

                                      31           31        30
                                December     December      June
                                    2004         2003      2004
                              (unaudited)  (unaudited) (audited)
                                   £'000        £'000     £'000

Fixed assets
Investments                     401,950       385,191   390,004

Current assets
Debtors                             959         1,183     1,716
Cash and overnight deposits       3,399         2,164       239
                                _______       _______    _______
                                  4,358         3,347     1,955

Creditors
Amounts falling due within one   (6,517)      (37,121)  (36,821)
year
                                _______       _______   _______
Net current liabilities          (2,159)      (33,774)  (34,866)
                                 _______      _______    _______
Total assets less current       399,791       351,417   355,138
liabilities

Creditors
Amounts falling due after more  (20,000)      (10,000)  (10,000)
than one year
                                _______       _______   _______
Net assets                      379,791       341,417   345,138
                                _______       _______   _______
Capital and reserves

Ordinary called up share         17,192        17,551    17,391
capital
Share premium account             7,955         7,955     7,955
Capital redemption reserve        4,410         4,050     4,210
Capital reserve - realised      266,093       264,737   262,238
Capital reserve - unrealised     72,962        35,929    41,055
Revenue reserve                  11,179        11,195    12,289
                                _______       _______   _______
Equity Shareholders' funds      379,791       341,417   345,138
                                _______       _______   _______

Net Asset Value per Ordinary      552.3         486.3     496.2
share (pence)
                                _______       _______   _______


MURRAY INCOME TRUST PLC
CASH FLOW STATEMENT

                                         Six months to      Six months to     Year ended
                                            31 December       31 December        30 June
                                                   2004              2003           2004
                                            (unaudited)        (unaudited)      (audited)
                                                  £'000             £'000          £'000
Operating activities
Investment income received                        7,110             7,515         16,056
Deposit interest received                            99                51             88
Underwriting commission received                      -                 4              4
Investment management fees paid                 (1,264)              (876)        (2,498)
Secretarial fees paid                              (25)               (25)           (50)
Cash paid to and on behalf of Directors            (39)               (30)           (72)
Other cash payments                               (375)              (455)          (951)
                                                _______            _______        _______
Net cash inflow from operating                    5,506             6,184          12,577
activities

Servicing of finance
Bank and loan Interest paid                       (708)              (722)         (1,666)
                                                _______            _______         _______
Net cash outflow from servicing of                (708)              (722)         (1,666)
finance

Financial investment
Purchases of investments                       (59,227)           (37,467)        (51,348)
Sales of investments                            87,458             31,012          46,605
                                               _______             _______         _______
Net cash inflow/(outflow) from financial        28,231             (6,455)         (4,743)
investment

Equity dividends paid                           (6,408)            (6,494)        (12,809)

Management of liquid resources
Cash (placed) /drawn on short-term              (3,045)             2,155           3,478
deposit
                                                _______            _______         _______
Net cash inflow/(outflow) from
management of liquid resources                  (3,045)             2,155           3,478
                                                _______             _______        _______
Net cash outflow before financing                23,576            (5,332)         (3,163)

Financing
Repurchase of shares                            (3,461)                 -          (2,772)
(Repayment)/drawdown of loans                  (20,000)             5,000           5,000
                                               _______            _______          _______
Net cash inflow/(outflow)/inflow from          (23,461)             5,000           2,228
financing
                                               _______            _______          _______
Increase/(decrease) in cash                        115              (332)           (935)
                                               _______            _______          _______

Note 1

The issued Ordinary share capital as at 31 December 2004 was 68,767,046 Ordinary
Shares  of 25p each.  Since 31 December 2004, 309,588 Ordinary Shares have  been
bought  back  and  the Ordinary share capital at 8 February 2005  is  68,457,458
Ordinary shares.

Note 2

                                            6 months to       Year to
                                         31/12/04   31/12/03  30/06/04
                                            £'000      £'000     £'000

Dividends on ordinary shares

First interim-4.5p paid on 17.1.05 (2004    3,095     3,159     3,159
- 4.5p)
Second interim-4.5p payable on 15.4.05      3,095     3,159     3,157
(2004 - 4.5p)
Third interim (2004 - 4.5p)                     -         -     3,135
Final dividend (2004 - 4.75p)                   -         -     3,304
Over accrual due to share buybacks           (33)         -         -
                                          _______   _______   _______
                                            6,157     6,318    12,755
                                          _______   _______   _______


Note 3

A  summary  of  investment  changes during the period  and  the  twenty  largest
investments at 31 December 2004 are attached.

By order of the Board

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY

8 February 2005

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



MURRAY INCOME TRUST PLC
SUMMARY OF INVESTMENT CHANGES
DURING THE PERIOD TO 31 DECEMBER 2004



                         Valuation                                                Valuation
                          30 June                          Appreciation/         31 December
                           2004         Transactions      (depreciation)             2004
                        £'000      %           £'000              £'000          £'000      %

United Kingdom
Equities              390,004  101.3        (28,253)             40,199        401,950  100.5

                      _______  _____         _______            _______        _______  _____

Total investments     390,004  101.3        (28,253)            40,199         401,950  100.5


Net liabilities       (4,866)  (1.3)          2,707                 -           (2,159)  (0.5)
excluding borrowings   _______ ______        _______            _______         _______  _____

Total assets          385,138  100.0        (25,546)            40,199         399,791  100.0
                      _______  _____         _______            _______        _______   _____


                                                           Valuation
Summary of net assets                                     31 December
                                                              2004
                                                         £'000       %

Equities                                               401,950   105.8
Net liabilities                                        (2,159)    (0.5)
excluding borrowings
Borrowings                                             (20,000)   (5.3)
                                                        _______   _____

Equity Shareholders'                                   379,791    100.0
interest                                                _______   _____



MURRAY INCOME TRUST PLC
TWENTY LARGEST INVESTMENTS
as at 31 December 2004

Investment                     Sector description   Valuation     % of Total
                                                        £'000         Assets


BP                             Oil & Gas               29,667         7.4
Shell Transport & Trading      Oil & Gas               26,374         6.6
HSBC Holdings                  Banks                   23,953         6.0
Barclays                       Banks                   17,627         4.4
Lloyds TSB                     Banks                   15,893         4.0
Royal Bank of Scotland         Banks                   15,663         3.9
Aviva                          Life Assurance          15,260         3.8
Great Universal Stores         General Retailers       12,987         3.2
Diageo                         Beverages               11,145         2.8
Slough Estates                 Real Estate             10,945         2.7
GlaxoSmithKline                Pharmaceuticals         10,713         2.7
HBOS                           Banks                   10,642         2.7
British American Tobacco       Tobacco                 10,283         2.6
Anglo American                 Mining                   9,499         2.4
BBA Group                      Transport                7,646         1.9
Unilever                       Food Producers &         7,572         1.9
                               Processors
Standard Chartered             Banks                    7,071         1.8
Wolverhampton & Dudley         Leisure & Hotels         6,863         1.7
Breweries
Land Securities                Real Estate              6,337         1.6
Weir Group                     Engineering &            6,239         1.6
                               Machinery
                                                     _________       _____
                                                      262,379        65.7
                                                     _________       _____