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JP Morgan Fleming (JMO)

  Print      Mail a friend       Annual reports

Wednesday 28 September, 2005

JP Morgan Fleming

Final Results

JPMorgan Fleming Overseas IT PLC
28 September 2005

                          LONDON STOCK EXCHANGE ANNOUNCMENT

                   JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC

                       PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS



The Directors of JPMorgan Fleming Overseas Investment Trust plc announce the
Company's results for the year ended 30th June 2005.



+20.6%           Return to shareholders

+11.9%           Return on net assets

+11.3%           Benchmark return

8.0p             Dividend

Performance

I am very pleased to report another good performance for the year under review
with a positive return on net assets of +11.9% which compares favourably with
the rise in the Company's benchmark, the MSCI World Index (in sterling terms) of
+11.3%. The Company's share price, however, rose by +20.6%, thereby
significantly narrowing the discount to net asset value ('NAV') to 12% at the
year end - down from 18% in June 2004. Positive asset allocation and stock
selection were the primary contributors to this outperformance, together with
share repurchases, and overcame the negative effects of currency, gearing,
management expenses and the performance fee. Despite largely positive returns
from major stockmarkets, our favouring of quality stocks was not well rewarded
as lower quality stocks tended to outperform. Our holdings in emerging markets
and Europe proved beneficial to performance and helped to counter poorer returns
in the US and Japan.

The Board continues to watch the level of share price relative to the NAV and
remains prepared to repurchase the Company's shares where it believes that a
sustainable enhancement to shareholder value can be achieved by this means.

Earnings and Dividends

Earnings per share rose to 8.27p as a result of higher levels of dividend income
and a reduced cost of borrowings which more than covered a small increase in the
tax charge. The Board is proposing, subject to shareholders' approval at the
Annual General Meeting, to pay a final dividend of 8.0p. This is an increase of
14% over last year's dividend of 7.0p and is the third consecutive annual rise.
It should nevertheless be noted that the principal aim of the Company is to
maximise shareholder returns through capital growth and fulfilling this aim can
lead to fluctuating levels of dividend income. This dividend is to be paid on
1st December 2005 to shareholders on the register at close of business on 28th
October 2005.

Directors

There were no changes to the composition of the Board during the year. The Board
fully supports the recommendations of the 2003 Financial Reporting Council
Combined Code and of the AITC Code of Corporate Governance. We have carried out
an annual evaluation of the effectiveness of the Board, the Directors and my own
position as Chairman. We have also reviewed the performance of the Investment
Manager and the Manager of the Trust, and discussed our findings with them.  We
held meetings of the Nomination Committee and the Remuneration Committee as well
as interim and final meetings of the Audit and Management Engagement Committee.
Richard Barfield is the Senior Independent Director and John Rennocks chairs the
Audit and Management Engagement Committee.

Investment Manager

We have worked closely with Ed Walker to develop the investment strategy for the
Trust.  This has led to a reduction in the number of stocks held to around 80,
which makes for more active portfolio management.  We are encouraged by the fact
that both asset allocation and stock selection helped the Trust to outperform
its benchmark.  We are in no way complacent about performance and continue to
strive to provide even better returns for shareholders.

Annual General Meeting

The Company's Annual General Meeting which will be held at The Armourers' Hall,
81 Coleman Street, London EC2R 5BJ on Wednesday 30th November 2005 at 12 noon.





George Paul

Chairman        28th September 2005





For further information please contact:



Philip Jones

JPMorgan Asset Management (UK) Limited - Secretary

Telephone: 020 7742 6000




JPMorgan Fleming Overseas Investment Trust plc
Unaudited figures for the year ended 30th June 2005



Statement of Total Return


                                                      Year ended 30 June 2005           Year ended 30 June 2004
                                                    Revenue     Capital      Total   Revenue     Capital       Total

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


Realised gains on investments                             -         605        605         -       7,597       7,597
Unrealised gains on investments                           -      34,989     34,989         -      28,377      28,377
Net losses on foreign currency transactions                       (111)      (111)                  (89)        (89)
                                                          
Unrealised loss on foreign currency loan                  -           -          -         -        (24)        (24)
                                                          
Realised loss on foreign currency loan                    -        (37)       (37)         -           -           -
Other capital charges                                     -         (2)        (2)         -       (135)       (135)

UK dividend income                                    1,735           -      1,735     1,417           -       1,417
Overseas dividends                                    5,888           -      5,888     5,680           -       5,680
Deposit interest                                        339           -        339       317           -         317
Stock lending fees                                      123           -        123        16           -          16
                                                    _______    ________    _______   _______    ________     _______
Gross return                                          8,085      35,444     43,529     7,430      35,726      43,156
Management fee                                        (732)       (732)    (1,464)     (713)       (713)     (1,426)
Other administrative expenses                         (506)           -      (506)     (552)           -       (552)
Performance fee                                           -       (438)      (438)         -          53          53
Interest payable                                      (284)       (284)      (568)     (458)       (457)       (915)
                                                    _______     _______    _______   _______     _______     _______
Return on ordinary activities before taxation         6,563      33,990     40,553     5,707      34,609      40,316
Taxation                                              (787)           -      (787)     (585)           -       (585)
                                                    _______     _______    _______   _______     _______     _______
Total return attributable to ordinary                 5,776      33,990     39,766     5,122      34,609      39,731
shareholders

Dividend on ordinary shares                         (5,550)           -    (5,550)   (4,911)           -     (4,911)
                                                     ______     _______    _______    ______     _______     _______
Transfer to reserves                                    226      33,990     34,216       211      34,609      34,820
Return per ordinary share                             8.27p      48.66p     56.93p     7.24p      48.90p      56.14p

Dividend per ordinary share                           8.00p           -      8.00p     7.00p           -       7.00p

JPMorgan Fleming Overseas Investment Trust plc

Unaudited figures for the year ended 30th June 2005


BALANCE SHEET                                                                     30 June          30 June
                                                                                     2005             2004
                                                                                    £'000            £'000

Investments at valuation                                                          365,243          364,174


-         Net current assets                                                        5,424            4,276

-         Long term loan                                                            (200)         (30,228)
-
-         Provision for liabilities and charges                                     (193)            (451)
                                                                                  _______          _______
Total net assets                                                                  370,274          337,771
                                                                                    =====            =====
Net asset value per ordinary share                                                 530.9p           481.4p



CASH FLOW STATEMENT
                                                                                     2005             2004
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           2,666            2,069

Net cash outflow from returns on investments and servicing of
finance                                                                              (701)            (874)

Taxation recovered                                                                     75              288

Net cash inflow/(outflow) from capital expenditure and financial                   34,523          (1,320)
investments

Total equity dividends paid on ordinary shares                                    (4,882)          (3,547)

Net cash (outflow)/inflow from financing                                         (31,778)            7,006
                                                                                  _______          _______
(Decrease)/increase in cash for the year                                             (97)            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.




JPMORGAN ASSET MANAGEMENT (UK) LIMITED

28th September 2005




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