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JP Morgan Fleming (JMO)

  Print      Mail a friend       Annual reports

Monday 28 February, 2005

JP Morgan Fleming

Interim Results

JPMorgan Fleming Overseas IT PLC
28 February 2005




The Directors of JPMorgan Fleming Overseas Investment Trust plc announce the
Company's results for the period ended 31st December 2004.

I am pleased to report another six months period of sound performance by the
Company with a return on net assets of +5.8%, despite the weakness of the US
dollar, which compares favourably to the +4.7% rise in the Company's benchmark,
the MSCI World Index (in sterling terms). The return to shareholders (change in
share price with net dividend reinvested) was a pleasing +10.9% which reflected
the narrowing of the discount to net asset value from 18.2% to 14.4% over the
reporting period. The Board continues to monitor both the absolute and relative
level of the discount, and during the period 420,000 shares were purchased for
cancellation at a discount of 15.55%.

There have been two changes to the management of the portfolio in the period.
In its discussions with its Broker and the Manager, the Board concluded that
greater emphasis should be placed on portfolio performance and, accordingly, the
Company's portfolio was concentrated into fewer stocks during the reporting
period.  This may lead to somewhat greater volatility in the future.  However,
with regard to gearing, the Board decided to reduce the overall size of the
multi-currency revolving borrowing facility from £40 million to £20 million, of
which £10 million is currently drawn down. The decision to repay part of the
un-drawn borrowing does not impede the Manager in providing flexibility and has
resulted in a cost saving as a commitment fee is payable on un-drawn borrowings.

The outlook for global growth is quite positive with U.S employment growth
improving and even Europe showing some signs of recovery.   US interest rates
will rise further to pre-empt any inflationary pressures, but this move has been
anticipated and should be manageable.  Growth rates around the world seem
unlikely to match 2004, but overall we are hopeful for a satisfactory second
half to the financial year.

George Paul
Chairman          28th February 2005

JP Morgan Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31st December 2004
Statement of Total Return (Unaudited)

                        Six months to 31 December 2004  Six months to 31 December 2003       Year to 30 June 2004
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue    Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000      £'000     £'000

Realised (losses)/gains
on investments                  -     (4,309)   (4,309)         -     5,479       5,479         -      7,597     7,597
Unrealised gains on
investments                     -      17,345    17,345         -    26,380      26,380         -     28,377    28,377
Currency losses on cash
and short-term
deposits                        -       (158)     (158)         -      (28)        (28)         -       (89)      (89)  
Unrealised losses on
foreign currency loan           -           -         -         -         -           -         -       (24)      (24)
Realised losses on
foreign currency loan           -        (36)      (36)         -         -           -         -          -         -
Other capital charges           -       (114)     (114)         -      (39)        (39)         -      (135)     (135)
UK dividend income            742           -       742       518         -         518     1,417          -     1,417
Overseas dividend           2,038           -     2,038     2,349         -       2,349     5,680          -     5,680
Deposit interest              175           -       175       158         -         158       317          -       317
Stock lending fees             83           -        83         8         -           8        16          -        16
                          _______    ________   _______    ______   _______    ________   _______    _______   _______

Gross return                3,038      12,728    15,766     3,033    31,792      34,825     7,430     35,726    43,156

Management fee              (361)       (361)     (722)     (342)     (342)       (684)     (713)      (713)   (1,426)

Other administrative
expenses                    (271)           -     (271)     (301)         -       (301)     (552)          -     (552)
Performance fee                 -       (139)     (139)         -       611         611         -         53        53

Interest payable            (208)       (208)     (416)     (160)     (160)       (320)     (458)      (457)     (915)
                          _______     _______   _______    ______   _______     _______   _______    _______   _______

Return before taxation      2,198      12,020    14,218     2,230    31,901      34,131     5,707     34,609    40,316

Taxation                    (282)           -     (282)     (278)         -       (278)     (585)          -     (585)
                           ______     _______   _______    ______   _______      ______   _______    _______   _______

Total return
attributable to
ordinary shareholders       1,916      12,020    13,936     1,952    31,901      33,853     5,122     34,609    39,731

Dividend payable on
ordinary shares                29           -        29         -         -           -   (4,911)          -   (4,911)
                           ______     _______   _______   _______   _______     _______    ______    _______   _______
Transfer to reserves        1,945      12,020    13,965     1,952    31,901      33,853       211     34,609    34,820

Return per ordinary         2.74p      17.17p    19.91p     2.75p    44.97p      47.72p     7.24p     48.90p    56.14p

Dividend per ordinary
share                           -                               -                           7.00p

JP Morgan Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31st December 2004

BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Investments at valuation                                                 357,711         343,643         364,174

Net current assets                                                         2,626           8,954           4,276

Creditors (amounts falling due after more than one year)                (10,200)        (10,200)        (30,228)

Provisions for liabilities and charges                                     (105)         (2,595)           (451)
                                                                         _______         _______         _______
Total net assets                                                         350,032         339,802         337,771
                                                                           =====           =====           =====
Net asset value per ordinary share                                        501.9p          479.1p          481.4p

CASH FLOW STATEMENT                                                  31 December     31 December         30 June
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Net cash (outflow)/inflow from operating activities                      (1,214)         (1,095)           2,069

Net cash outflow from returns on investments and servicing
of finance                                                                 (549)           (407)           (874)

Total tax recovered                                                           53               -             288

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                      19,385          17,566         (1,320)

Total equity dividends paid                                              (4,882)         (3,547)         (3,547)

Net cash (outflow)/inflow from financing                                (21,769)        (10,000)           7,006
                                                                         _______         _______          ______
(Decrease)/increase  in cash for the period                              (8,976)           2,517           3,622
                                                                           =====            ====            ====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th June
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

28th February 2005

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