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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Friday 09 February, 2007

City of London IT

Interim Results

City of London Investment Trust PLC
09 February 2007




                                9 February 2007
                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the Half Year Ended 31 December 2006


Total Returns                                               Six Months to
                                                         31 December 2006
Net asset value per ordinary share *                               +14.8%
FTSE All-Share 4% Capped Index # (Benchmark)                       +11.9%
NAV outperformance                                                  +2.9%
Ordinary share price *                                             +16.3%
FTSE All-Share Index #                                             +10.0%

Sources: * AIC Services Limited    # Thomson Financial, Datastream





Extracts from the Chairman's Statement



Performance

It is pleasing to be able to report on an excellent six months for City of
London which produced a net asset value total return of 14.8%. This compares
with a total return for our benchmark, the FTSE All-Share 4% Capped Index, of
11.9%. City of London, therefore, outperformed by 2.9 percentage points over the
six months. We were also ahead of the average return for our sector, the AIC UK
Growth and Income, by 2.4 percentage points.



Of our outperformance against the benchmark, 0.4% was due to gearing and the
rest due to stock selection.  Particularly strong contributors included our
holdings in Land Securities, the leading UK real estate stock ahead of its
conversion into a Real Estate Investment Trust, and also BT Group, which enjoyed
a re-rating as its profits exceeded investor expectations.  In addition, we had
lower than average exposure to the underperforming pharmaceutical sector.



Takeovers continued to be a strong feature for UK equities with purchasers still
finding value relative to the cost of finance. City of London benefited with
particularly large gains in value in our holdings of Scottish Power and
Gallaher.



Dividends

The Board continues to recognise the importance of dividend income to
shareholders. A second interim dividend of 2.53p was declared on 5 December 2006
and will be paid on 28 February 2007. As has already been announced, the minimum
dividend increase for the year will be 8.1% and the quarterly rate will next be
considered in March.



Expenses

The outperformance during the period has been in excess of all of last year's
underperformance with the result that it is necessary to accrue a performance
fee of £564,847. This has been charged 88% to capital and 12% to revenue to
reflect from where the outperformance has been derived. The expense ratio
remains low compared with most other equity savings products, with management
and performance fees and other expenses for the six months being equivalent to a
full year's rate of approximately 0.5% of net assets.



                                    - MORE -

                                                                     Page 2 of 9



                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the Half Year Ended 31 December 2006



Savings

City of London sets out to be an attractive and straightforward long-term
savings vehicle and seeks to be one of the leading candidates for regular
savings and investments. Investments can be made through the itshenderson
products (the Share Plan and ISA) or the Alliance Trust Savings (including
pensions).



Outlook

The recent increases in interest rates will dampen growth in certain sectors in
the UK. In addition, interest rates are rising in many overseas markets.



The valuation of the UK equity market reflects these concerns. Given the
continuing healthy outlook for dividend growth, the yield on the UK equity
market is attractive relative to the alternatives, such as fixed interest. In
addition, takeovers of UK companies at large premia to previously prevailing
prices are likely to continue, given the availability of credit and the UK's
open system for corporate control.




S M de Zoete

9 February 2007



                                    - MORE -







                                                                     Page 3 of 9



                    THE CITY OF LONDON INVESTMENT TRUST PLC

      Unaudited Interim Results for the half year ended 31 December 2006

INCOME STATEMENT
for the half year ended 31 December 2006


                                   (Unaudited)                  (Unaudited)                   (Audited)
                                 Half year ended              Half year ended                 Year ended
                                 31 December 2006             31 December 2005               30 June 2006
                              Revenue  Capital             Revenue  Capital             Revenue  Capital
                               Return   Return    Total     Return   Return    Total     Return   Return    Total
                                £'000    £'000    £'000      £'000    £'000    £'000      £'000    £'000    £'000

Gains on investments
held at fair value
through profit or loss              -   79,689   79,689          -   57,579   57,579          -   81,104   81,104
Income from
investments held at
fair value through
profit or loss                 11,158        -   11,158      9,374        -    9,374     23,503        -   23,503
Other interest receivable
and similar income                125        -      125        358        -      358        474        -      474
                             -------- -------- --------   -------- -------- --------   -------- -------- --------
Gross revenue and capital
gains
                               11,283   79,689   90,972      9,732   57,579   67,311     23,977   81,104  105,081
                             -------- -------- --------   -------- -------- --------   -------- -------- --------
Management fee                (333)      (777)  (1,110)    (295)      (688)    (983)      (609)  (1,422)  (2,031)
Performance fee
(note 4)                         (68)    (497)    (565)          -        -        -          -        -        -
Other administrative
expenses                        (247)        -    (247)      (252)        -    (252)      (520)        -    (520)
                             -------- -------- --------   -------- -------- --------   -------- -------- --------
Net return on
ordinary activities
before finance costs
and taxation                   10,635   78,415   89,050      9,185   56,891   66,076     22,848   79,682  102,530

Finance costs                   (735)  (1,507)  (2,242)      (729)  (1,493)  (2,222)    (1,459)  (2,988)  (4,447)
                             -------- -------- --------   -------- -------- --------   -------- -------- --------
Net return on
ordinary activities
before taxation                 9,900   76,908   86,808      8,456   55,398   63,854     21,389   76,694   98,083

Taxation on net return
on ordinary activities           (61)        -     (61)       (28)        -     (28)      (181)      (5)    (186)
                             -------- -------- --------   -------- -------- --------   -------- -------- --------
Net return on
ordinary activities
after taxation                  9,839   76,908   86,747      8,428   55,398   63,826     21,208   76,689   97,897
                                =====    =====    =====      =====    =====    =====      =====    =====    =====
Return per ordinary
share - basic (note 2)          4.72p   36.90p   41.62p      4.04p   26.58p   30.62p     10.18p   36.79p   46.97p





The total columns of this statement represent the income statement of the
Company.


                                    - MORE -



                                                                     Page 4 of 9



                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2006



Reconciliation of Movements in Shareholders' Funds
for the half years ended 31 December 2006 and 2005 and year ended 30 June 2006


                                                         Called-up       Share      Other
                                                             Share     Premium    Capital    Revenue
                                                           Capital     Account   Reserves    Reserve       Total
                                                             £'000       £'000      £'000      £'000       £'000

Half year ended 31 December 2006                                                                          

At 30 June 2006                                             52,103      35,309    508,695     18,032     614,139
Net return on ordinary activities after taxation                 -           -     76,908      9,839      86,747
Fourth interim dividend (2.40p per share) for year
ended 30 June 2006 paid 31 August 2006                           -           -          -    (5,002)     (5,002)
First interim dividend (2.53p per share)  for year
ended 30 June 2007 paid 30 November 2006                         -           -          -    (5,273)     (5,273)
                                                          --------    --------   --------   --------    --------
At 31 December 2006                                         52,103      35,309    585,603     17,596     690,611
                                                             =====       =====      =====      =====       =====

                                                         Called-up       Share      Other
                                                             Share     Premium    Capital    Revenue
                                                           Capital     Account   Reserves    Reserve       Total
Half  year ended 31 December 2005                            £'000       £'000      £'000      £'000       £'000

At 30 June 2005                                             52,103      35,309    432,006     16,026     535,444
Net return on ordinary activities after taxation                 -           -     55,398      8,428      63,826
Fourth interim dividend (2.26p per share) for
year ended 30 June 2005 paid 31 August 2005                      -           -          -    (4,710)     (4,710)
First interim dividend (2.28p per share) for year
ended 30 June 2006 paid 30 November 2005                         -           -          -    (4,752)     (4,752)
                                                          --------    --------   --------   --------    --------
At 31 December 2005                                         52,103      35,309    487,404     14,992     589,808
                                                             =====       =====      =====      =====       =====

                                                         Called-up       Share      Other
                                                             Share     Premium    Capital    Revenue
                                                           Capital     Account   Reserves    Reserve       Total
Year ended 30 June 2006                                      £'000       £'000      £'000      £'000       £'000

At 30 June 2005                                             52,103      35,309    432,006     16,026     535,444
Net return on ordinary activities after taxation                 -           -     76,689     21,208      97,897
Fourth interim dividend (2.26p per share) for year
ended 30 June 2005 paid 31 August 2005                           -           -          -    (4,710)     (4,710)
First and Second interim dividends (2.28p each per
share) for year ended 30 June 2006 paid 30 November
2005 and 28 February 2006                                        -           -          -    (9,504)     (9,504)
Third interim dividend (2.40p per share) for year
ended 30 June 2006 paid 31 May 2006                              -           -          -    (5,002)     (5,002)
Write back of dividends over 12 years old                        -           -          -         14          14
                                                          --------    --------   --------   --------  ----------
At 30 June 2006                                             52,103      35,309    508,695     18,032     614,139
                                                             =====      ======     ======     ======      ======



                                    - MORE -


                                                                     Page 5 of 9



                    THE CITY OF LONDON INVESTMENT TRUST PLC
 
       Unaudited Interim Results for the half year ended 31 December 2006



Balance Sheet
as at 31 December 2006


                                                            (Unaudited)         (Unaudited)          (Audited)
                                                            31 December         31 December            30 June
                                                                   2006                2005               2006
                                                                  £'000               £'000              £'000

Investments held at fair value through profit or
loss
Listed at market value in the United Kingdom                    702,942             613,327            620,848
AIM quoted investment at market value                                 -                   -              1,035
Listed at market value overseas                                  34,447              21,035             30,243
Shares in subsidiary undertakings                                   377                 377                377
                                                             ----------          ----------         ----------
                                                                737,766             634,739            652,503
                                                             ----------          ----------         ----------
Current assets
Debtors                                                           3,816               2,048              8,443
Bank balances and short term deposits                                 4               4,166              6,415
                                                               --------            --------         ----------
                                                                  3,820               6,214             14,858
                                                               --------            --------         ----------
Creditors: amounts falling due within one year                  (3,087)             (3,257)            (5,334)
                                                             ----------          ----------         ----------
Net current assets                                                  733               2,957              9,524
                                                             ----------          ----------         ----------
Total assets less current liabilities                           738,499             637,696            662,027

Creditors: amounts falling due after more than one
year                                                           (47,888)            (47,888)           (47,888)
                                                             ----------          ----------         ----------
Total net assets                                                690,611             589,808            614,139
                                                                 ======              ======             ======
Capital and reserves
Called-up share capital                                          52,103              52,103             52,103
Share premium account                                            35,309              35,309             35,309
Other capital reserves                                          585,603             487,404            508,695
Revenue reserve                                                  17,596              14,992             18,032
                                                             ----------          ----------         ----------
Shareholders' funds                                             690,611             589,808            614,139
                                                                 ======              ======             ======

Net asset value per ordinary share (note 6)                     331.37p             283.00p            294.67p




                                    - MORE -

                                                                     Page 6 of 9



                   THE CITY OF LONDON INVESTMENT TRUST PLC

        Unaudited Interim Results for the half year ended 31 December 2006



Cash Flow Statement
for the half year ended 31 December 2006


                                                                (Unaudited)         (Unaudited)       (Audited)
                                                            Half year ended     Half year ended      Year ended
                                                           31 December 2006    31 December 2005    30 June 2006
                                                                      £'000               £'000           £'000

Net cash inflow from operating activities                            10,394               8,012          19,622
Net cash outflow from servicing of finance                          (2,242)             (2,222)         (4,447)
Total tax recovered                                                       -                   -              59
Net cash outflow from financial investment                          (4,290)             (5,656)         (3,066)
Equity dividends paid                                              (10,275)             (9,462)        (19,202)
Cash withdrawn from deposit                                           6,301               8,505           5,824
                                                                  ---------           ---------      ----------
Decrease in cash                                                      (112)               (823)         (1,210)
                                                                      =====               =====          ======
Reconciliation of operating revenue to net cash inflow
from operating activities

Total return before finance costs and taxation                       89,050              66,076         102,530
Less: capital return before finance costs and taxation             (78,415)            (56,891)        (79,682)
                                                                -----------         -----------     -----------
Net revenue return before finance costs and taxation                 10,635               9,185          22,848
Decrease/(increase) in accrued income                                   485                 587           (297)
Increase/(decrease) in other creditors                                  618             (1,035)         (1,279)
Management charge and performance fee taken to other
capital reserves                                                    (1,274)               (688)         (1,422)
Overseas withholding tax                                               (70)                (37)           (228)
                                                                   --------            --------      ----------
Net cash inflow from operating activities                            10,394               8,012          19,622
                                                                      =====               =====          ======
Reconciliation of net cash outflow to movement in net
debt
Decrease in cash as above                                             (112)               (823)         (1,210)
Net cash inflow from movement in liquid resources                   (6,301)             (8,505)         (5,824)
Exchange movements                                                      (8)                (32)            (77)
Net debt at the beginning of the period                            (41,473)            (34,362)        (34,362)
                                                                 ----------          ----------      ----------
Net debt at the end of the period                                  (47,894)            (43,722)        (41,473)
                                                                     ======              ======          ======
Represented by:
Cash at bank and short term deposits less bank
overdrafts                                                              (6)               4,166           6,415
Debt falling due after more than one year                          (47,888)            (47,888)        (47,888)
                                                                 ----------          ----------      ----------
                                                                   (47,894)            (43,722)        (41,473)
                                                                     ======              ======          ======


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                                                                     Page 7 of 9



                  THE CITY OF LONDON INVESTMENT TRUST PLC

      Unaudited Interim Results for the half year ended 31 December 2006



Notes


1.       Accounting policies
         The accounts have been prepared under the historical cost convention, modified to include the
         revaluation of investments and in accordance with applicable Accounting Standards and with the
         Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' ("SORP" dated
         January 2003, revised December 2005). All of the Company's operations are of a continuing nature.

         The same accounting policies used for the year ended 30 June 2006 have been applied.

2.       Return per ordinary share
                                                                (Unaudited)        (Unaudited)           (Audited)
                                                                  Half year          Half year                Year
                                                                      ended              ended               ended
                                                                31 December        31 December             30 June
                                                                       2006               2005                2006
                                                                      £'000              £'000               £'000
         The return per ordinary share is based on the
         following figures:
         Revenue return                                               9,839              8,428              21,208
         Capital return                                              76,908             55,398              76,689
                                                                 ----------         ----------          ----------
         Total                                                       86,747             63,826              97,897
                                                                     ======             ======              ======

         Weighted average number of ordinary shares in          208,413,762        208,413,762         208,413,762
         issue

         Revenue return per ordinary share                            4.72p              4.04p              10.18p
         Capital return per ordinary share                           36.90p             26.58p              36.79p
                                                                 ----------         ----------          ----------
         Total                                                       41.62p             30.62p              46.97p
                                                                     ======             ======              ======

3.       Expenses charged to capital
         The Company charges 70% of its finance costs (excluding preference and preferred ordinary stock
         dividends) and base management fee to capital return. Performance fees are allocated between capital
         return and revenue return based on the outperformance attributable to capital and revenue, respectively.
         All other expenses are charged wholly to revenue return. Expenses which are incidental to the purchase or
         sale of an investment are included in the cost or deducted from the proceeds of sale of investment.

4.       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 the actual performance over the full year to 30 June 2007.

5.       Transaction costs
         Purchase transaction costs for the half year ended 31 December 2006 were £304,000 (half year ended 31
         December 2005: £323,000; year ended 30 June 2006: £600,000). These comprise mainly stamp duty and
         commissions. Sale transaction costs for the half year ended 31 December 2006 were £69,000 (half year
         ended 31 December 2005: £66,000; year ended 30 June 2006: £146,000).

6.       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
         £690,611,000 (31 December 2005: £589,808,000; 30 June 2006: £614,139,000) and on 208,413,762 ordinary
         shares (31 December 2005: 208,413,762; 30 June 2006: 208,413,762) being the number of ordinary shares in
         issue at the end of each period.






                                    - MORE -





                                                                     Page 8 of 9

                    THE CITY OF LONDON INVESTMENT TRUST PLC

       Unaudited Interim Results for the half year ended 31 December 2006


7.      Interim dividend
        A first interim dividend of 2.53p was paid on 30 November 2006. The second interim dividend of 2.53p
        (declared on 5 December 2006) will be paid on 28 February 2007 to shareholders who were on the register on
        26 January 2007.

8.      Accounts for the year ended 30 June 2006
        The figures and financial information for the year ended 30 June 2006 are an extract from the latest
        published accounts of the Company and do not constitute statutory accounts for that year. These 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.

9.      Copies of the Company's interim report for the half year ended 31 December 2006 will be posted to
        shareholders in February 2007 and will be available thereafter from the Secretary at the Registered Office,
        4 Broadgate, London, EC2M 2DA.



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 2006                                   31 December 2006
                                                  £'000                                              £'000
BP                                               31,213     BHP Billiton                             7,009
HSBC                                             30,723     Rodamco Europe                           6,792
British American Tobacco                         27,151     United Utilities                         6,630
Diageo                                           26,566     Britvic                                  6,174
Barclays                                         25,550     Imperial Tobacco                         6,030
BT                                               25,025     Pearson                                  5,786
Lloyds TSB                                       24,289     Greene King                              5,685
Vodafone                                         24,055     Liberty International                    5,584
Land Securities                                  21,488     Hammerson                                5,520
GlaxoSmithKline                                  20,832     Tomkins                                  5,161
Royal Bank of Scotland                           19,930     Kingfisher                               4,770
Royal Dutch Shell                                17,900     Alliance Boots                           4,744
Scottish & Southern Energy                       17,094     Reckitt Benckiser                        4,668
HBOS                                             16,980     Croda                                    4,388
National Grid Transco                            16,583     IMI                                      4,310
Tesco                                            16,180     Pennon                                   4,283
Aviva                                            15,139     Prudential                               4,197
Anglo American                                   12,455     Severn Trent                             4,165
ENI                                              12,031     Admiral                                  4,144
Rio Tinto                                        11,552     Smiths Group                             3,966
Cadbury Schweppes                                10,930     Persimmon                                3,815
Bovis Homes                                      10,840     Wereldhave                               3,399
Unilever                                          9,996     Kesa Electricals                         3,393
Legal & General                                   8,663     National Express                         3,390
Reed Elsevier                                     8,408     Investec                                 3,298
Slough Estates                                    7,855     BBA Aviation                             3,216
Scottish & Newcastle                              7,478     Hiscox                                   3,161
Wolseley                                          7,398     Corio                                    3,128
Rexam                                             7,357     Hanson                                   3,082
BAE Systems                                       7,238     Premier Foods                            3,018



These investments total £635,805,000 or 86.2% of the portfolio.


                                    - MORE -


                                                                     Page 9 of 9



                    THE CITY OF LONDON INVESTMENT TRUST PLC

     Unaudited Interim Results for the half year ended 31 December 2006


Sector Analysis of Portfolio as at 31 December 2006
                                                                        %
Oil & Gas                                                             8.7
Basic Materials                                                       5.4
Industrials                                                           9.3
Consumer Goods                                                       17.5
Healthcare                                                            3.5
Consumer Services                                                    11.8
Telecommunications                                                    6.7
Utilities                                                             7.4
Financials                                                           29.7
                                                                 --------
Total                                                               100.0
                                                                    =====







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



Sarah Gibbons-Cook
Investor Relations and PR Manager, Henderson Global Investors
Telephone: 020 7818 3198







                                    - ENDS -


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