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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Monday 14 February, 2005

City of London IT

Interim Results - Replacement

City of London Investment Trust PLC
14 February 2005


Please disregard the previous announcement made at 11.52 on 14 February 2005
under number 5655I.  The correct text is shown below.




                                                                14 February 2005

                      THE CITY OF LONDON INVESTMENT TRUST PLC
                 UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED
                                 31 DECEMBER 2004



Total Returns                                                      Six Months to
                                                                31 December 2004
Net asset value per ordinary share *                                     +12.27%
Ordinary share price                                                     +16.53%
FTSE All-Share Index *                                                    +9.74%
NAV outperformance                                                        +2.53%

*Source: AITC Services Limited





Extracts from the Chairman's Statement

Performance

City of London has performed well during the six months under review.  The UK
equity market rose by 8.17% and produced a total return, including reinvestment
of dividends, of 9.74%, as measured by the FTSE All-Share Index.  The market was
helped by the continuing combination of growth and low inflation from the UK
economy.  City of London outperformed producing a net asset value total return
of 12.27% over the six months. Our overweight positions in the utility and real
estates sectors were particularly helpful as was corporate activity in the
building materials sector.  City of London's discount to net asset value
narrowed which resulted in a share price total return of 16.53%.

Dividends

The Board continues to recognise the importance of dividend income to
shareholders and declared a second interim dividend on 9 December 2004 of 2.12p
per ordinary share, an increase of 2.42% in the dividend rate compared with last
year.  The dividend will be paid on 28 February and the shares traded
ex-dividend with regard to this payment from 26 January.




                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2004


Expenses

The total management fee was substantially higher than in the same period last
year because a performance fee has been accrued.  The performance fee
crystallises at the end of the company's financial year, 30 June 2005, and the
accrual is based on the assumption that the outperformance achieved in the first
six months will remain unchanged for the remainder of the year.  The accrued fee
is currently at the limit prescribed by the cap in the Management Agreement.
The actual fee to be paid to the Manager will depend on his actual performance
over the remainder of the year to 30 June 2005.  The total management fee for
the year, including any performance fee, remains capped at 0.5% of assets under
management, which is very competitive with other investment trusts and retail
equity savings products.

Savings

City of London sets out to be an attractive and straight forward long-term
savings vehicle and seeks to be one of the leading candidates for regular
savings and investment.   Investments can be made directly and 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 equity market should continue to benefit from the steady growth of the
economy.  Fairly full employment and rising wages are likely to offset the
adverse impact of higher interest rates on consumer spending.  Greater
confidence among companies in the prospects for the UK and overseas markets is
leading to increased investment spending and we expect further profits growth
from UK companies.  However, the headwinds of the higher oil price and lower US
dollar remain and we are concerned about the size of the US fiscal and trade
deficits and their potential effects on the global economy.

Although the dividend yield of UK equities of 3.0% is not particularly
attractive by historic standards, dividend growth from UK companies is on an
uptrend.  Takeover bids from overseas companies and private equity houses also
indicate the reasonable valuation of UK equities.


S M de Zoete




                    THE CITY OF LONDON INVESTMENT TRUST PLC

      Unaudited Interim Results for the half year ended 31 December 2004

STATEMENT OF TOTAL RETURN (incorporating the revenue account)
for the half year ended 31 December 2004

                                    (Unaudited)                   (Unaudited)                    (Audited)
                                  Half year ended               Half year ended                  Year ended
                                 31 December 2004               31 December 2003                30 June 2004
                             Revenue   Capital     Total    Revenue   Capital     Total   Revenue  Capital     Total
                               £'000     £'000     £'000      £'000     £'000     £'000     £'000    £'000     £'000
                           ---------  --------  --------  ---------  --------  --------  -------- --------  --------
Total capital gains from
  investments                      -    48,987    48,987          -    46,459    46,459         -   57,718    57,718
Income from fixed asset
  investments                  8,250         -     8,250      8,890         -     8,890    20,050        -    20,050
Other interest receivable
and similar income               286         -       286        110         -       110       212        -       212
                            --------  --------  --------   --------  --------  --------  -------- --------  --------
Gross revenue and capital
gains                          8,536    48,987    57,523      9,000    46,459    55,459    20,262   57,718    77,980

Management fee (notes 1        (256)     (597)     (853)      (234)     (545)     (779)     (477)  (1,113)   (1,590)
and 2)
Performance fee                    -   (1,318)   (1,318)          -         -         -     (419)    (107)     (526)
Other administrative           (271)         -     (271)      (261)         -     (261)     (489)        -     (489)
expenses
                            --------  --------  --------   --------  --------  --------  -------- --------  --------
Net return on ordinary
activities before interest
payable and taxation           8,009    47,072    55,081      8,505    45,914    54,419    18,877   56,498    75,375

Interest payable               (640)   (1,493)   (2,133)      (641)   (1,495)   (2,136)   (1,282)  (2,991)   (4,273)
                            --------  --------  --------   --------  --------  --------  -------- --------  --------
Net return on ordinary
activities before taxation     7,369    45,579    52,948      7,864    44,419    52,283    17,595   53,507    71,102

Taxation on net return on       (34)         -      (34)       (11)         -      (11)     (122)        -     (122)
 ordinary activities
                            --------  --------  --------   --------  --------  --------  -------- --------  --------
Net return on ordinary
 activities after taxation     7,335    45,579    52,914      7,853    44,419    52,272    17,473   53,507    70,980

Dividends:
Preference and preferred
  ordinary stocks               (95)         -      (95)       (95)         -      (95)     (190)        -     (190)
                            --------  --------  --------   --------  --------  --------  -------- --------  --------
Net return attributable
  to the ordinary shares       7,240    45,579    52,819      7,758    44,419    52,177    17,283   53,507    70,790
                            -------- --------- ---------   --------  --------  --------  -------- --------  --------
Dividends:
Ordinary shares (note 5)
First interim payment
2.12p                        (4,418)         -   (4,418)    (4,343)         -   (4,343)   (4,343)        -   (4,343)
(2003/2004: 2.07p)
Second interim payment
2.12p                        (4,418)         -   (4,418)    (4,343)         -   (4,343)   (4,343)        -   (4,343)
(2003/2004: 2.07p)
Third interim payment
(2003/2004: 2.07p)                 -         -         -          -         -         -   (4,343)        -   (4,343)
Fourth interim payment
(2003/2004: 2.12p)                 -         -         -          -         -         -   (4,427)        -   (4,427)
                            --------  --------  --------   --------  --------  --------  -------- --------  --------
                             (8,836)         -   (8,836)    (8,686)         -   (8,686)  (17,456)        -  (17,456)
                            -------- --------- ---------   --------  --------  -------- --------- -------- ---------
Transfer (from)/to           (1,596)    45,579    43,983      (928)    44,419    43,491     (173)   53,507    53,334
reserves
                            ======== ========= =========   ========  ========  ======== ========= ======== =========
Return per ordinary share      3.47p    21.86p    25.33p      3.70p    21.17p    24.87p     8.24p   25.50p    33.74p
 (note 3)



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





                    THE CITY OF LONDON INVESTMENT TRUST PLC

     Unaudited Interim Results for the half year ended 31 December 2004

Balance Sheet
as at 31 December 2004
                                                            (Unaudited)         (Unaudited)          (Audited)
                                                            31 December         31 December            30 June
                                                                   2004                2003               2004
                                                                  £'000               £'000              £'000
                                                          -------------       -------------      -------------
Fixed asset investments
Listed at market value in the United Kingdom                    517,344             483,775            483,901
AIM quoted investment at market value                                 -                   -              2,000
Listed at market value overseas                                  21,137              10,788             14,347
Investment in FTSE 100 Index future                                   -                   -            (6,706)
Shares in subsidiary undertaking                                    347                 347                347
                                                             ----------          ----------         ----------
Fixed asset investments                                         538,828             494,910            493,889
                                                             ----------          ----------         ----------
Current assets
Debtors                                                           1,832               2,025              9,920
Bank balances and short term deposits                            11,553               2,528              7,928
                                                               --------          ----------         ----------
                                                                 13,385               4,553             17,848

Creditors: amounts falling due within one year                  (8,229)             (6,708)            (9,139)
                                                             ----------          ----------         ----------
Net current assets/(liabilities)                                  5,156             (2,155)              8,709
                                                             ----------          ----------         ----------
Total assets less current liabilities                           543,984             492,755            502,598

Creditors: amounts falling due after more than one
year                                                           (46,000)            (46,000)           (46,000)
                                                             ----------          ----------         ----------
Total net assets                                                497,984             446,755            456,598
                                                             ----------          ----------         ----------
Capital and reserves
Called-up share capital                                          54,189              54,539             54,539
Share premium account                                            35,309              35,309             35,309
Other capital reserves                                          399,384             346,964            356,052
Revenue reserve                                                   9,102               9,943             10,698
                                                             ----------          ----------         ----------
Total shareholders' funds (including non-equity
shares of £2,086,000)                                           497,984             446,755            456,598
                                                             ==========          ==========         ==========
Net asset value per ordinary share (note 4)                     237.94p             211.94p            216.63p





                    THE CITY OF LONDON INVESTMENT TRUST PLC

     Unaudited Interim Results for the half year ended 31 December 2004

Cash Flow Statement
for the half year ended 31 December 2004
                                                                (Unaudited)         (Unaudited)       (Audited)
                                                            Half year ended     Half year ended      Year ended
                                                           31 December 2004    31 December 2003    30 June 2004
                                                                      £'000               £'000           £'000
                                                                -----------         -----------     -----------
Net cash inflow from operating activities                             7,470               8,291          17,775
Net cash outflow from servicing of finance                          (2,227)             (2,231)         (4,463)
Total tax recovered                                                      40                   -              51
Net cash inflow from purchases and sales of investments               9,787               2,557           9,335
Equity dividends paid                                               (8,845)             (8,686)        (17,372)
Cash placed on deposit                                             (10,533)                   -               -
                                                                -----------         -----------     -----------
Net cash (outflow)/inflow before financing                          (4,308)                (69)           5,326
Net cash outflow from financing                                     (2,597)                   -               -
                                                                -----------         -----------     -----------
(Decrease)/increase in cash                                         (6,905)                (69)           5,326
                                                                ===========         ===========     ===========
Reconciliation of operating revenue to net cash inflow
from operating activities

Net revenue before interest payable and taxation                      8,009               8,505          18,877
Decrease/(increase) in accrued income                                   554                 322           (290)
Increase in other creditors                                             874                  28             585
Management charge and performance fee taken to other
   capital reserves                                                 (1,915)               (545)         (1,220)
Overseas withholding tax                                               (52)                (19)           (177)
                                                                -----------         -----------     -----------
Net cash inflow from operating activities                             7,470               8,291          17,775
                                                                ===========         ===========     ===========
Reconciliation of net cash flow to movement in net
   debt

(Decrease)/increase in cash as above                                (6,905)                (69)           5,326
Net cash outflow from movement in liquid resources                   10,533                   -               -
Exchange movements                                                      (3)                 (2)               3
Net debt at the beginning of the period                            (38,072)            (43,401)        (43,401)
                                                                -----------         -----------     -----------
Net debt at the end of the period                                  (34,447)            (43,472)        (38,072)
                                                                ===========         ===========     ===========
Represented by:
Cash at bank and short term deposits                                 11,553               2,528           7,928
Debt falling due after more than one year                          (46,000)            (46,000)        (46,000)
                                                                -----------         -----------     -----------
                                                                   (34,447)            (43,472)        (38,072)
                                                                ===========         ===========     ===========




                    THE CITY OF LONDON INVESTMENT TRUST PLC

     Unaudited Interim Results for the half year ended 31 December 2004

Notes
     
1.   Expenses charged to capital
     The Company charges to capital 70% of its finance costs and base management 
     fee. Performance fees are allocated between capital and revenue based on 
     the outperformance attributable to capital and revenue respectively.  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 sale of investment.

2.   Performance fee
     A performance fee has been accrued, based on a full year effect of 
     rewarding the Manager, under the terms of the Management Agreement, for 
     outperformance achieved in the first six months.  The actual fee to be paid 
     to the Manager will depend on his actual performance over the full year to 
     end June 2005.

3.   Return per ordinary share
     Revenue return per ordinary share is based on the earnings attributable to 
     the ordinary shares of £7,240,000 (half year ended 31 December 2003: 
     £7,758,000; year ended 30 June 2004: £17,283,000) and 208,550,718 ordinary 
     shares being the weighted average number of ordinary shares in issue for 
     the period (half year ended 31 December 2003: 209,813,762; year ended 30 
     June 2004: 209,813,762 ordinary shares).

     Capital return per share is based on net capital gains of £45,579,000 (half 
     year ended 31 December 2003:gains of £44,419,000; year ended 30 June 2004: 
     gains of £53,507,000) and on the weighted average number of ordinary shares 
     stated above.

4.   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 £495,898,000 (31 December 2003: 
     £444,669,000; 30 June 2004: £454,512,000) and on 208,413,762 ordinary 
     shares (31 December 2003: 209,813,762; 30 June 2004: 209,813,762) being the 
     number of ordinary shares in issue at the end of the period.

5.   Interim Dividends
     The first interim dividend of 2.12p was paid on 30 November 2004. The 
     second interim dividend of 2.12p will be paid on 28 February 2005 to 
     shareholders on the register on 28 January 2005.  The ex-dividend date was 
     26 January 2005.

6.   Accounts for the year ended 30 June 2004
     The figures and financial information for the year ended 30 June 2004 are 
     an extract from the latest published accounts of the Company and do not 
     constitute statutory accounts for that year. Those 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.

7.   Interim Report
     Copies of the Company's interim report for the half year ended 31 December 
     2004 will be posted to shareholders in March 2005 and will be available 
     thereafter from the Secretary at the Registered Office, 4 Broadgate, 
     London EC2M 2DA.





                    THE CITY OF LONDON INVESTMENT TRUST PLC

     Unaudited Interim Results for the half year ended 31 December 2004


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 2004                                   31 December 2004
                                                  £'000                                              £'000

HSBC                                             33,402     Allied Domecq                            4,617
BP                                               32,258     Smith & Nephew                           4,531
Shell Transport & Trading                        23,310     BPB Industries                           4,259
GlaxoSmithKline                                  22,485     Rodamco Europe                           4,135
Vodafone                                         21,188     Scottish Power                           4,033
Barclays                                         19,338     Boots                                    4,031
Royal Bank of Scotland                           17,520     Gallaher                                 3,958
HBOS                                             15,264     Liberty International                    3,882
British American Tobacco                         14,809     United Utilities                         3,813
Lloyds TSB                                       14,190     BHP Billiton                             3,663
Land Securities                                  12,250     BOC Group                                3,477
Tesco                                            11,583     Severn Trent                             3,385
Diageo                                           10,774     Greene King                              3,340
Aviva                                             8,792     GUS                                      3,285
Scottish & Southern Energy                        8,289     Cadbury Schweppes                        3,153
National Grid Transco                             7,440     Reckitt Benckiser                        3,148
BT Group                                          7,105     Corio                                    3,051
AstraZeneca                                       6,234     Tomkins                                  3,051
Anglo American                                    5,852     Hammerson                                3,040
Wolseley                                          5,841     BAE Systems                              2,997
Unilever                                          5,806     IMI                                      2,953
Rio Tinto                                         5,749     BAA                                      2,920
Slough Estates                                    5,500     Smiths Group                             2,877
Legal & General                                   5,500     Wereldhave                               2,832
Bovis Homes                                       5,365     Pennon Group                             2,742
Johnston Press                                    5,312     Rank Group                               2,640
Next                                              4,950     Aggregate Industries                     2,613
Prudential                                        4,945     Telecom Italia                           2,535
Kingfisher                                        4,928     Alliance & Leicester                     2,508
Imperial Tobacco                                  4,638     PD Ports +                               2,505


These investments total £450,591,000 or 83.68% of the portfolio.
+ includes convertibles




                    THE CITY OF LONDON INVESTMENT TRUST PLC

     Unaudited Interim Results for the half year ended 31 December 2004



For further information please contact :

Job Curtis
Portfolio Manager, The City of London Investment Trust plc
Telephone: 020 7818 4367

James de Sausmarez
Head of Investment Trusts, Henderson Global Investors
Telephone: 020 7818 3349

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    

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