Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Fins Growth Inc Tst (FGT)

  Print      Mail a friend       Annual reports

Wednesday 03 May, 2006

Fins Growth Inc Tst

Interim Results

Finsbury Growth & Income Trust PLC
03 May 2006


                                                           For immediate release
                                                                      3 May 2006
To: City Editors


                    Finsbury Growth & Income Trust PLC

          Announces Interim Results for the six months to 31 March 2006


Financial Highlights:             (Unaudited)          *Restated      % change
                                31 March 2006          (Audited)
                                                    30 September
                                                            2005

Share price                           301.5p              260.3p          15.8
Net Asset Value per
share                                 296.9p              257.8p          15.2
Premium/(discount)                      1.5%                1.0%             -
Shareholders' Funds                  £143.4m             £115.9m          23.7
Market capitalisation                £145.6m             £117.0m          24.4

                                Six months to       Six months to
                                31 March 2006            31 March
                                                             2005

Dividend                                4.2p                4.0p           5.0

                                Six months to         One year to
                                31 March 2006        30 September
                                                             2005
Share price (total
return #)                             +17.5%              +37.2%             -
Net Asset Value per
share (total return #)                +16.6%              +31.5%             -
FTSE All-Share Index
(total return)                        +12.7%              +24.9%             -
                            

* Restated - see note 1d
# Source - Fundamental Data for the AITC


For and on behalf of
Close Finsbury Asset Management Limited, Secretary
3 May 2006

                                    - ENDS -


The following are attached:

* Chairman's Statement
* Income Statement
* Reconciliation of Movements in Shareholders' Funds
* Balance Sheet
* Cash Flow Statement
* Notes to the interim accounts


For further information please contact:

Alastair Smith/Tracey Lago, Close Finsbury Asset Management Limited 
020 7426 6240/6219

Jo Stonier/Eleanor Clarke, Quill Communications 
020 7758 2230

Nick Train, Lindsell Train Limited 
020 7225 6400



Chairman's Statement

In the six months to 31 March 2006 your Company continued to grow in size and
value. 3,337,930 new Ordinary shares were issued (increasing the issued share
capital by 7.4%) at an average price of £2.73 per share, all of which were
issued at a premium to net asset value per share of at least 1.5%. The market
value of your shares increased from 260.3p on 30 September 2005 to £301.5p on 31
March 2006, an increase of 15.8% and the market capitalisation of your Company
increased by 24.4% to £145.6m.

At an Extraordinary General Meeting on 12 April 2006 shareholders approved a
resolution to increase the authorised share capital to £25m, renewed the
authority to allot new Ordinary shares and to disapply pre-emption rights in
respect of the allotment of up to a further 10.0% of the issued share capital of
the Company. In order to maintain compliance with the Prospectus Rules, a
Prospectus was published to enable new shares to be issued.


Return and Dividends

The Income Statement shows a total return per share of 43.35p made up of a
revenue return of 5.14p and a capital return of 38.21p.

An interim dividend of 4.2p per share (2005: 4.0p) was declared on 9 March 2006
and paid on 18 April 2006 to shareholders on the register at the close of
business on 17 March 2006.


Investments

In the six months ended 31 March 2006 the net asset value (total return)
increased by 16.6% compared with that of the FTSE All-Share Index (total
return), the Company's benchmark, of 12.7%. The Board is delighted with this
outperformance of 3.9%.

Major contributors to this outperformance were your Company's investments in the
London Stock Exchange, Bradford & Bingley, Rathbone Brothers and Royalblue which
showed increases in total return in the period of 87.0%, 49.9%, 42.3% and 45.1%
respectively. In fact only one investment showed a loss during the period,
namely Shell with a total return of minus 2.8%.


Borrowings

Your Company has a committed revolving credit facility of £20million for a fixed
term expiring in December 2008 which is subject to a variable rate of interest
but which is capable of being fixed at any time. Your Company also has a further
uncommitted facility of £5million.

At 31 March 2006, all the committed facility was drawn down.


Outlook

In my statement accompanying last year's Annual Report and Accounts I said that
it would not be easy for your Company to repeat the substantial progress that it
made in that year. In the six months under review, although the rate of progress
has slowed, substantial progress has been made. Your Board intend to continue to
issue new shares at a premium to net asset value per share as demand for your
Company's shares requires. Such demand will be a reflection of a continuing good
investment performance.


Michael Reeve
Chairman
3 May 2006



Income Statement
For the six months ended 31 March 2006


                               (Unaudited)                    Restated*                    Restated*
                               Six months                   (Unaudited)                    (Audited)
                                    ended                   Six months                   Year ended
                            31 March 2006                        ended                 30 September
                                                         31 March 2005                         2005

                Revenue   Capital   Total    Revenue   Capital   Total    Revenue   Capital   Total
                £'000     £'000     £'000    £'000     £'000     £'000    £'000     £'000     £'000
 -------------  -------    ------    ------  -------   -------   -------  -------   -------   -------
Investments
held at fair
value through
profit or loss      -    18,699    18,699        -    13,019    13,019        -    21,224    21,224

Income from
investments
held at fair
value through
profit or loss
(note 2)        3,002         -     3,002    1,821         -     1,821    4,369         -     4,369

Management fee
(note 3)         (164)     (331)     (495)    (107)     (218)     (325)    (246)     (499)     (745)

Other
administration
expenses         (237)      (80)     (317)    (215)        -      (215)    (458)        -      (458)
-------------   -------    ------    ------  -------   -------   -------  -------   -------   -------
Net return on
ordinary
activities
before finance
charges and
taxation        2,601    18,288    20,889    1,499    12,801    14,300    3,665    20,725    24,390

Finance          (197)     (400)     (597)    (161)     (326)     (487)    (334)     (677)   (1,011)
charges         
-------------   -------    ------    ------  -------   -------   -------  -------   -------   -------
Net return on
ordinary
activities
before
taxation        2,404    17,888    20,292    1,338    12,475    13,813    3,331    20,048    23,379

Taxation on         -         -         -        -         -         -        -         -         -
ordinary        
activities
-------------   -------    ------    ------  -------   -------   -------  -------   -------   -------
Net return on
ordinary
activities
after taxation  2,404    17,888    20,292    1,338    12,475    13,813    3,331    20,048    23,379
-------------   -------    ------    ------  -------   -------   -------  -------   -------   -------
Return per
Ordinary share
(note 4)         5.14p    38.21p    43.35p    3.56p    33.16p    36.72p    8.21p    49.41p    57.62p
-------------   -------    ------    ------  -------   -------   -------  -------   -------   -------


*Restated - see note 1



Reconciliation of Movements in Shareholders' Funds

Six months ended 31 March 2005

-----------------       -------       -------          ------    --------       -------         -------   -------
                                                                  Capital         Other         
                      Called up         Share         Special  Redemption       Capital         Revenue   
                  Share Capital       Premium         Reserve     Reserve       Reserve         Reserve     Total
                          £'000         £'000           £'000       £'000         £'000           £'000     £'000
-----------------       -------       -------          ------    --------       -------         -------   -------
At 30 September 
2004 (as 
previously stated)        9,614           121          12,424       3,453        47,451           1,167    74,230

Add final dividend 
of 4.1p per share
accrued but not 
paid in respect of 
the year ended 30
September 2004                -             -               -           -             -           1,496     1,496
-----------------       -------       -------          ------    --------       -------         -------   -------

At 30 September 
2004 (restated)           9,614           121          12,424       3,453        47,451           2,663    75,726

Net return 
from ordinary
activities                    -             -               -           -        12,475           1,338    13,813

Dividend of 4.1p 
per share paid in
respect of
year ended 30
September 2004                -             -               -           -             -          (1,496)   (1,496)

Treasury
shares sold                   -           721           3,514           -             -               -     4,235
-----------------       -------       -------          ------    --------       -------         -------   -------

At 31 March 2005          9,614           842          15,938       3,453        59,926           2,505    92,278
-----------------       -------       -------          ------    --------       -------         -------   -------


Year ended 30 September 2005

-----------------       -------       -------          ------    --------       -------         -------   -------
                                                                  Capital         Other         
                      Called up         Share         Special  Redemption       Capital         Revenue   
                  Share Capital       Premium         Reserve     Reserve       Reserve         Reserve     Total
                          £'000         £'000           £'000       £'000         £'000           £'000     £'000
-----------------       -------       -------          ------    --------       -------         -------   -------

At 30 September 
2004 (as 
previously stated)        9,614           121          12,424       3,453        47,451           1,167    74,230

Add final dividend 
of 4.1p per share
accrued but not paid 
in respect of the
year ended 30
September 2004                -             -               -           -             -           1,496     1,496
-----------------       -------       -------          ------    --------       -------         -------   -------
At 30
September 2004
(restated)                9,614           121          12,424       3,453        47,451           2,663    75,726

Net return
from ordinary
activities                                                                       20,048           3,331    23,379

Dividend paid
in respect of
the year ended
30 September
2004                          -             -               -           -             -          (1,496)   (1,496)

Less first interim
dividend (4.0p per 
share) for the year 
ended 30 September
2005                          -             -               -           -             -          (1,565)   (1,565)

Ordinary
shares issued             1,623        14,000               -           -             -               -    15,623

Treasury
shares sold                   -           722               -           -         3,479               -     4,201
-----------------       -------       -------          ------    --------       -------         -------   -------
At 30
September 2005           11,237        14,843          12,424       3,453        70,978           2,933   115,868
-----------------       -------       -------          ------    --------       -------         -------   -------



Six months ended 31 March 2006

-----------------       -------       -------         -------    --------       -------         -------    -------
                                                                  Capital         Other         
                      Called up         Share         Special  Redemption       Capital         Revenue   
                  Share Capital       Premium         Reserve     Reserve       Reserve         Reserve     Total
                          £'000         £'000           £'000       £'000         £'000           £'000     £'000
-----------------       -------       -------         -------    --------       -------         -------    -------

At 30 September 
2005 (as restated)       11,237        14,843          12,424       3,453        70,978           2,933    115,868

Net return
from ordinary
activities                    -             -               -           -        17,888           2,404     20,292

Final dividend of 
4.0p paid in respect 
of year ended 30
September 2005                -             -               -           -             -          (1,796)    (1,796)

Issue of ordinary
shares                      835         8,190               -           -             -               -      9,025
-----------------       -------       -------         -------    --------       -------         -------    -------
At 31 March 2006         12,072        23,033          12,424       3,453        88,866           3,541    143,389
-----------------       -------       -------         -------    --------       -------         -------    -------



Balance Sheet
As at 31 March 2006
                                                                   -------------
                                      (Unaudited)      Restated*      Restated*
                                                     (Unaudited)      (Audited)
                                   31 March 2006  31 March 2005   30 September
                                                                          2005
                                           £'000          £'000          £'000
                   ----------------   ------------    -----------  -------------
Investments held at fair value
through profit or loss                   161,848        107,810        132,911
----------------                      ------------    -----------  -------------

Current assets
Investments                                    -            645            645
Debtors                                    1,919          1,194          1,313
Bank balances and short term
deposits                                     226            287            218
----------------                      ------------    -----------  -------------
                                           2,145          2,126          2,176
Creditors
Amounts falling due within one
year                                     (20,604)       (17,658)       (19,219)
----------------                      ------------    -----------  -------------
Total assets less current
liabilities                              (18,459)       (15,532)       (17,043)
----------------                      ------------    -----------  -------------
Total net assets                         143,389         92,278        115,868
----------------                      ------------    -----------  -------------
Capital and reserves
Called up share capital                   12,072          9,614         11,237
Share premium                             23,033            842         14,843
Special reserve                           12,424         15,938         12,424
Capital redemption reserve                 3,453          3,453          3,453
Capital reserve - realised                45,119         40,918         45,931
Capital reserve - unrealised              43,747         19,008         25,047
Revenue reserve                            3,541          2,505          2,933
----------------                      ------------    -----------  -------------
Equity shareholders' funds               143,389         92,278        115,868
----------------                      ------------    -----------  -------------
Net asset value per Ordinary share
(note 5)                                   296.9p         240.0p         257.8p
----------------                      ------------    -----------  -------------


*Restated - see note 1


Cash Flow Statement
For the six months ended 31 March 2006

                                      (Unaudited)    (Unaudited)      (Audited)
                                   31 March 2006  31 March 2005   30 September
                                                                          2005
                                           £'000          £'000          £'000
                 ------------------    -----------   ------------  -------------
Net cash inflow from
operating activities                       1,142            503          2,573
Servicing of finance
Loan and bank overdraft
interest paid                               (571)          (188)        (1,020)
Financial investment
Purchase of investments                   (9,486)        (3,403)       (40,111)
Sale of investments                            -          3,212         19,006
------------------                     -----------   ------------  -------------
Net cash outflow from
financial investment                      (9,486)          (191)       (21,105)
Equity dividends paid                     (1,796)        (1,243)        (3,061)
------------------                     -----------   ------------  -------------

Net cash outflow before
financing                                (10,711)        (1,119)       (22,613)

Financing

Issue of new shares                        8,819              -         15,494

Treasury shares sold                           -              -          4,236

Drawdown of loans                          1,900            300          2,850
------------------                     -----------   ------------  -------------

Net cash inflow from
financing                                 10,719            300         22,580
------------------                     -----------   ------------  -------------
Increase/(decrease) in
cash                                           8           (819)           (33)
------------------                     -----------   ------------  -------------
Reconciliation of net cash flow to
movement in net debt
Increase/(decrease) in
cash resulting from
cashflows                                      8           (819)           (33)
Increase in debt                          (1,900)          (300)        (2,850)
------------------                     -----------   ------------  -------------
Movement in debts                         (1,892)        (1,119)        (2,883)
Net debt at start of
period/year                              (17,882)        (7,715)       (14,999)
------------------                     -----------   ------------  -------------
Net debt at end of
period/year                              (19,774)        (8,834)       (17,882)
------------------                     -----------   ------------  -------------





Notes to the interim accounts

 1.  Accounting Policies

     a) Changes in presentation

     The Company has adopted the provisions of the Revised SORP and revised UK
     Accounting Standards which has resulted in some changes to the presentation 
     of the Company's accounts.

     The Statement of Total Return is now called the Income Statement. Dividends
     payable to equity shareholders are no longer reflected in the Income 
     Statement, although they continue to be shown in the Reconciliation of 
     Movements in Shareholders' Funds which is now presented as a primary 
     statement.

     b) Changes in accounting policies

     The Company has changed its accounting policy for the valuation of listed
     investments and the recognition of dividends payable to equity shareholders 
     in accordance with the provisions of FRS 26 - Financial instruments: 
     Recognition and Measurement ('FRS 26') and FRS 21 - Events after the 
     balance sheet date ('FRS 21') respectively. These changes in policy and the 
     associated impact on the results of the Company are referred to below. As 
     permitted by FRS 26, comparatives have not been restated for the change in 
     basis of valuation from mid to bid.

     c) Valuation of fixed asset investments

     Following the introduction of FRS 26, listed investments have been 
     designated by the Board as held at fair value through profit or loss and 
     accordingly are valued at fair value, deemed to be bid market prices. The 
     market value of listed investments for previous periods have not been 
     restated.

     Changes in the fair value of investments held at fair value through profit 
     or loss and gains and losses on disposal are recognised in the Income 
     Statement as 'Gains or losses on investments held at fair value through 
     profit or loss'. Also included within this caption are transaction costs in 
     relation to the purchase or sale of investments, including the difference 
     between the purchase price of an investment and its bid price at the date 
     of purchase. Purchase transaction costs for the period to 31 March 2006 
     were £65,965 (30 September 2005: £233,456 and 31 March 2005: £90,301), 
     which comprise stamp duty and commission. Sale transaction costs for the 
     period to 31 March 2006 were nil, (30 September 2005: £674 and 31 March 
     2005: nil). All purchases and sales are accounted for on a trade date 
     basis.

     d) Dividends payable to equity shareholders

     Under FRS 21 dividends should not be accrued in the accounts unless they 
     have been approved by shareholders before the Balance Sheet date. The final 
     dividend payable to equity shareholders is recognised in the 
     Reconciliations of Movement in Shareholders' Funds when it has been 
     approved by shareholders and becomes a liability to the Company; whereas an 
     interim dividend will be recognised when it is paid.

     The effect of this change is to increase net assets at 30 September 2005 by
     £1,796,000 (or 4.0p per share) (31 March 2005: £1,565,000 or 4.0p per 
     share).

 2.  Income
                                            Six months     Six months    Year ended
                                                 ended          ended  30 September
                                         31 March 2006  31 March 2005          2005
                                                 £'000          £'000         £'000

     Investment income                           2,320          1,788         4,296
     Dividend paid from subsidiary                 645              -             -
     Bank interest                                  37             33            73
                                            ------------     ----------   -----------
                                 Total           3,002          1,821         4,369
                                            ------------     ----------   -----------

 3.  Management fees

                                             Six months     Six months   Year ended
                                                  ended          ended 30 September
                                          31 March 2006  31 March 2005         2005
                                                  £'000          £'000        £'000

     Management fee                                 421            277          634
     Irrecoverable VAT thereon                       74             48          111
                                              -----------     ----------  -----------
                                   Total            495            325          745
                                              -----------     ----------  -----------

 4.  Return per Ordinary share

     The revenue return per Ordinary share is calculated by dividing the net 
     revenue return of £2,404,000 (six months ended 31 March 2005: return of 
     £1,338,000; year ended 30 September 2005: return of £3,331,000) by 
     46,805,418 (six months ended 31 March 2005: 37,616,627; year ended 30 
     September 2005: 40,573,992), being the weighted average number of Ordinary 
     shares in issue. The capital return per Ordinary share is calculated by 
     dividing the net capital gains attributable to Ordinary shareholders of 
     £17,888,000 (six months ended 31 March 2005: £12,475,000; year ended 30 
     September 2005: gain of £20,048,000) by the weighted average number of 
     Ordinary shares in issue as above.

     For the six months ended 31 March 2006, using the actual number of shares 
     in issue of 48,286,573 the total return per Ordinary share is 42.02p, split 
     between revenue 4.98p and capital 37.04p.

 5.  Net asset value per share

     The net asset value per Ordinary share is based on net assets attributable 
     to Ordinary shares of £143,389,000 (28 March 2005: £92,278,000 and 30 
     September 2005: £115,868,000) and on 48,286,573 Ordinary shares in issue 
     (31 March 2005: 38,456,430 and 30 September 2005: 44,948,643).

 6.  2005 Accounts

     The figures and financial information for the year ended 30 September 2005 
     as restated are extracted from the latest published accounts of the Company 
     and do not constitute statutory accounts for the year.

     Those accounts have been delivered to the Registrar of Companies and 
     included 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.




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