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JP Morgan Inc & Cap (JPI)

  Print      Mail a friend       Annual reports

Friday 03 November, 2006

JP Morgan Inc & Cap

Interim Results

JPMorgan Income & Capital IT PLC
03 November 2006

                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN INCOME & CAPITAL INVESTMENT TRUST PLC

      UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST  AUGUST 2006



The following are comments from the Chairman:

Portfolio Performance


Although the UK equity market was volatile during the six months under review,
the overall effect on the value of the portfolio was relatively small. That
value rose by 4.9% during the six months, which was rather better than the
comparable rise of 3.5% in the Company's benchmark index. After deducting all
costs, the value of shareholders' funds rose by 4.4%.



Share Price Performance



As I pointed out in last year's interim report, turnover in the Company's shares
is normally low, and the discount or premium to net asset value at which they
stand can vary erratically when the share prices fail to reflect market
movements. During this period the discount on the ordinary shares rose from 5.2%
to 10.3% and on the units from 3.4% to 6.5%, while the premium on the zero
dividend preference shares fell from 4.7% to 2.1%. The returns on all three
classes of share were, therefore, lower than the returns on the underlying
assets. Since the end of the period, the discounts on the ordinary shares and
units have reduced again, but the premium on the zeros can be expected to
disappear gradually as the end of the Company's life approaches.



Dividends



During the six months under review the Board has declared two quarterly interim
dividends, each of 1.75p per ordinary share, paid to ordinary shareholders and
unit holders on 30th June 2006 and 2nd October 2006.



It is the Board's intention, in the absence of unforeseen circumstances, at
least to maintain the total annual dividend of 7.25p per share paid last year.



Hurdle Rate



The Hurdle Rate measures the amount by which the total assets of the Company
have to grow each year in order to return the current share price to ordinary
shareholders when the Company winds up in February 2008. At the end of August
2006, the Hurdle Rate required to return the then current ordinary share price
of 117.3p was 2.8% per annum, and to return the original 100p subscription price
was minus 0.8% per annum. At 1st November 2006, the relevant hurdle rates were
2.8% and -9.6% respectively.





Share Repurchases



At the Annual General Meeting in July 2006, shareholders renewed the Board's
authority to repurchase up to 14.99% of the Company's issued share capital.
During the six months to 31st August 2006 the Company repurchased 1,150,000
ordinary shares at an average discount of 9.4% and a cost of £1,370,031, thus
modestly improving net asset value for continuing shareholders.



Change of Name



Also at the Annual General Meeting, shareholders approved the change of the
Company's name from JPMorgan Fleming Income & Capital Investment Trust plc to
JPMorgan Income & Capital Investment Trust plc.





Sir Charles Nunneley

Chairman        3rd November 2006





For further information please contact:





Lucy Dina

JPMorgan Asset Management (UK) Limited

Telephone 0207 742 6000


JPMorgan Income & Capital Investment Trust plc

Unaudited figures for the six months ended 31st August 2006



Income Statement


                                   (Unaudited)                  (Unaudited)                    (Audited)
                          Six months ended 31st August Six months ended 31st August  Year ended 28th February 2006
                                      2006                         2005

                           Revenue  Capital      Total   Revenue   Capital     Total  Revenue    Capital     Total
                            return   return     return    return    return    return   return     return    return
                             £'000    £'000      £'000     £'000     £'000     £'000    £'000      £'000     £'000
Gains from investments
held at fair value through 
profit or loss                   -    2,597      2,597         -     9,094     9,094         -    32,211    32,211
Income from investments      3,882        -      3,882     3,842         -     3,842     6,026         -     6,026
Other interest receivable
and similar income           1,044        -      1,044       274         -       274       976         -       976
                           _______  _______     ______    ______   _______   _______   _______   _______   _______

Gross return                 4,926    2,597      7,523     4,116     9,094    13,210     7,002    32,211    39,213

Management fee               (348)    (522)      (870)     (288)     (431)     (719)     (604)     (906)   (1,510)

Other administrative         (199)        -      (199)     (174)         -     (174)     (405)         -     (405)
expenses                   _______  _______     ______    ______   _______   _______   _______   _______   _______

Net return on ordinary
activities before finance
costs and taxation           4,379    2,075      6,454     3,654     8,663    12,317     5,993    31,305    37,298
Dividends on ordinary      (2,741)        -    (2,741)   (2,800)         -   (2,800)   (5,366)         -   (5,366)
shares
Loan interest                    -      (1)        (1)       (1)       (2)       (3)       (1)       (2)       (3)
                           _______  _______     ______    ______   _______   _______   _______   _______   _______

Net return on ordinary
activities before
taxation                     1,638    2,074      3,712       853     8,661     9,514       626    31,303    31,929
Taxation                     (260)      231       (29)     (143)       130      (13)     (199)       199         -
                            ______  _______     ______    ______   _______   _______   _______   _______   _______
Net return on ordinary
activities after taxation    1,378    2,305      3,683       710     8,791     9,501       427    31,502    31,929
                             =====    =====      =====     =====     =====     =====     =====     =====     =====
Return/(loss) per
ordinary share               5.65p  (1.57)p      4.08p     4.73p     7.56p    12.29p     7.86p    33.90p    41.76p





JPMorgan Income & Capital Investment Trust plc
Unaudited figures for the six months ended 31st August 2006



Balance Sheet                                             (Unaudited)        (Unaudited)              (Audited)
                                                     31st August 2006   31st August 2005    28th February 2006
                                                                £'000              £'000                 £'000
Fixed assets
Investments at fair value through profit or loss              184,090            162,649               171,953

Current assets
Debtors                                                         1,717              4,552                 3,009
Cash and short term deposits                                      893                810                 9,948
Derivative financial instruments                                    -                703                     -
                                                              _______            _______               _______
                                                                2,610              6,065                12,957

Creditors: amounts falling due within one year                  (263)            (6,656)                 (298)
Derivative financial instruments                                (127)                  -                 (617)
                                                               ______            _______               _______

Net current assets / (liabilities)                              2,220              (591)                12,042
                                                              _______            _______               _______
Total net assets                                              186,310            162,058               183,995
                                                              =======            =======               =======

Zero dividend preference shares                                89,127             82,363                85,679
Founder shares                                                     12                 12                    12
Ordinary shares                                                97,171             79,683                98,304
                                                              _______            _______               _______
                                                              186,310            162,058               183,995
                                                              =======            =======               =======
Net asset value per zero dividend preference share             136.9p             126.5p                131.6p
Net asset value per ordinary share                             134.8p             108.6p                134.3p



                                                           (Unaudited)        (Unaudited)             (Audited)
Cash Flow Statement                                  Six months ended   Six months ended            Year ended
                                                          31st August        31st August         28th February
                                                                 2006               2005                  2006
                                                                £'000              £'000                 £'000

Net cash inflow from operating activities                       2,381              3,167                 6,152
Net cash outflow from servicing of finance                        (1)                (2)                   (3)
Tax paid                                                            -                  -                 (139)
Net cash (outflow) / inflow from capital
expenditure and financial investment                          (7,325)            (2,941)                 6,089
Total dividends paid                                          (2,741)            (2,800)               (5,366)
Net cash outflow from financing                               (1,369)            (1,080)               (1,234)
                                                              _______             ______                ______
(Decrease) / increase in cash for the period                  (9,055)            (3,656)                 5,499
                                                               ======             ======                 =====


Notes to the Accounts



1. Accounting policies



The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' dated 31st
December 2005.



All of the Company's operations are of a continuing nature.



The accounting policies applied to these interim accounts are consistent with
those applied in the accounts

for the year ended 28th February 2006.



2. Dividends on ordinary shares
                                                          (Unaudited)        (Unaudited)             (Audited)
                                                     Six months ended   Six months ended            Year ended
                                                     31st August 2006   31st August 2005    28th February 2006
                                                                £'000              £'000                 £'000
Fourth quarterly dividend of 2.00p paid April
(2005: 2.00p)                                                   1,464              1,493                 1,493
First quarterly dividend of 1.75p paid June
(2005: 1.75p)                                                   1,277              1,307                 1,307
Second quarterly dividend of 1.75p paid October                   n/a                n/a                 1,284
Third quarterly dividend of 1.75p paid January                    n/a                n/a                 1,282
                                                              _______            _______               _______
                                                                2,741              2,800                 5,366
                                                              =======            =======               =======



A second quarterly dividend of 1.75p per share, amounting to £1,261,000, has
been declared payable in respect of the six months ended 31st August 2006.



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 28th February 2006 have been delivered to the Registrar of Companies.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED
3rd November 2006




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