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JPMorgan Claver IT (JCH)

  Print      Mail a friend       Annual reports

Wednesday 15 August, 2007

JPMorgan Claver IT

Interim Results

JPMorgan Claverhouse IT PLC
15 August 2007



                                INTERIM RESULTS


In the first six months of the financial year the Company produced a total
return on net assets of +5.8%1, compared with a total return of +7.6% from the
Company's benchmark, the FTSE All-Share Index. The total return to shareholders
was +4.3%. Although it is disappointing to report underperformance, this should
be seen against the record of annual outperformance against the benchmark for
the last four consecutive years.

Revenue and Dividends

Earnings per share for the six months to 30th June 2007 were 9.15p, which
compares with 7.84p for the corresponding period last year. The Directors have
already declared two quarterly dividends of 3.30p each for the current financial
year (2006 - 2.80p). It is the Directors' intention to continue the Company's
practice of increasing dividends each year and current revenue forecasts
indicate that there is scope to grow the total annual dividend significantly
ahead of the rate of inflation.

Share Buy-backs

The Company continues to maintain an active share buy-back programme. For the
six months to 30th June 2007, 1,559,294 shares were repurchased at an average
discount of 5.31%1 and a total cost of £8,867,816. Since the period end a
further 340,000 shares have been repurchased. The purpose of the Board's share
buyback policy is to minimise the absolute level and volatility of the discount
at which the Company's shares trade in the market. The Board believes that it
has been successful in achieving those objectives, with the Company's shares
trading at an average discount of 5.03%1 during the six months to 30th June
2007. Unfortunately due to an institutional shareholder placing a sale order in
the Company's shares just before the market closed on Friday 29th June 2007, the
discount widened temporarily to 6.8%1. I am pleased to report that the discount
narrowed to more normal levels shortly thereafter and as at the time of writing
it is approximately 5%1.

VAT Case

As previously advised to shareholders, the Company lodged a joint appeal with
the Association of Investment Companies ('AIC') for VAT to be removed from the
payment of investment trust management fees. The costs of the case are being
borne by the investment trust industry, through the AIC. We are delighted that
the European Court of Justice ('ECJ') has found in favour of the Company and the
AIC in declaring that the management expenses of investment trusts should be
exempt from VAT in the same way as unit trusts and open ended investment

This case was started in 2004, but the result has been worth the wait. The
Company paid £460,000 in VAT on management and performance fees paid last year
alone. In future, this money, together with refunds relating to earlier years,
should be available for shareholders. The benefit will compound into the future
and further enhance shareholder value. We now await the Government's move to
implement the change in the law to reflect the ECJ judgement to enable refunds
to take effect. I expect that this may take a number of months but as soon as we
have agreed the amount of such refunds and the timings of repayment, an
announcement to shareholders will be made.

Change of Name

Following shareholder approval at the 2007 Annual General Meeting, the Company
changed its name from JPMorgan Fleming Claverhouse Investment Trust plc to
JPMorgan Claverhouse Investment Trust plc.

The Future

In March 2007 I wrote in my statement relating to the 2006 accounts that markets
were then experiencing a period of turbulence. Exactly the same circumstances
prevail as I write this report. Since 30th June 2007 markets have suffered a
further bout of nerves and the Company's share price has seen an uncomfortable
setback such that it is now below the price at 31st December 2006.

Whilst there are more uncertainties now than there were in March, absent a
significant downturn in the World economy, which our Investment Managers do not
expect to happen, equities continue to look fairly valued by normal
measurements. However, as I wrote in March, equities are a volatile asset class
and shareholders must expect to encounter 'rough water' from time to time.
Long-term investors should keep faith with equities, which historically have
delivered significant real returns. The Board continues to have confidence in
your Managers' investment process and we look forward to the delivery of
continuing outperformance in the years ahead.

Sir Michael Bunbury Bt., KCVO, DL
13th August 2007

1 Based on net asset value with the Company's debt valued at par.

For further information:

Jonathan Latter
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

JPMorgan Claverhouse Investment Trust plc
Unaudited figures for the six months ended 30th June 2007

Income Statement

                         (Unaudited)                                 (Unaudited)                     (Audited)
                         Six months ended 3oth June 2007      Six months ended 3oth June     Year  ended 31st December
                                                                         2006                          2006
                           Revenue     Capital        Total   Revenue   Capital      Total   Revenue   Capital     Total
                             £'000       £'000        £'000     £'000     £'000      £'000     £'000     £'000     £'000

Gains from investments
held at fair value
through profit or loss           -      12,768       12,768         -    19,159     19,159         -    53,443    53,443
Income from investments      6,805           -        6,805     5,841         -      5,841    11,436         -    11,436
Other interest
receivable and similar
income                          18           -           18        89         -         89       102         -       102
                           _______    ________      _______    ______   _______   ________   _______   _______   _______

Gross revenue and            6,823      12,768       19,591     5,930    19,159     25,089    11,538    53,443    64,981
capital gains

Management fee (note 2)      (362)       (671)      (1,033)     (334)     (619)      (953)     (669)   (1,242)   (1,911)
Performance fee (note 2)         -       2,138        2,138         -     (416)      (416)         -   (1,777)   (1,777)
Other administrative
expenses                     (409)           -        (409)     (147)         -      (147)     (602)         -     (602)
                           _______     _______      _______    ______   _______    _______   _______   _______   _______

Net return before
finance costs and
taxation                     6,052      14,255       20,287     5,449    18,124     23,573    10,267    50,424    60,691

Finance costs                (524)       (973)      (1,497)     (501)     (930)    (1,431)   (1,010)   (1,876)   (2,886)
                           _______     _______      _______    ______   _______    _______   _______   _______   _______

Net return before            5,528      13,262       18,790     4,948    17,194     22,142     9,257    48,548    57,805

Taxation                         -           -            -         -         -          -       (1)         -       (1)
                            ______     _______      _______    ______   _______     ______   _______   _______   _______

Net return after             5,528      13,262       18,790     4,948    17,194     22,142     9,256    48,548    57,804
                             =====       =====        =====     =====     =====      =====     =====     =====     =====

Return per share (note       9.15p      21.95p       31.10p     7.84p    27.23p     35.07p    14.84p    77.81p    92.65p

   All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.

   The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary


JPMorgan Claverhouse Investment Trust plc
Unaudited figures for the six months ended 30th June 2007

Reconciliation of Movements in Shareholders' Funds (Unaudited)

                                        Called up                   Capital
                                            Share        Share   redemption     Capital     Revenue               
                                          capital      premium      reserve     reserve     reserve      Total
                                            £'000        £'000        £'000       £'000       £'000      £'000
Six months ended 30th June 2007                                                                          
At 31st December 2006                      15,268      149,641        5,604     169,087      13,143    352,743
Shares bought back and cancelled            (390)            -          390     (8,868)           -    (8,868)
Capital return from ordinary                    -            -            -      13,262           -     13,262
Revenue return from ordinary                    -            -            -           -       5,528      5,528
Dividends appropriated  in the period           -            -            -           -     (4,965)    (4,965)
                                          _______      _______     ________     _______     _______   ________
At 30th June 2007                          14,878      149,641        5,994     173,481      13,706    357,700

Six months ended 30th June 2006

At 31st December 2005                      16,053      149,641        4,819     136,377      11,564    318,454
Shares bought back and cancelled            (509)            -          509    (10,154)           -   (10,154)
Capital return from ordinary                    -            -            -      17,194           -     17,194
Revenue return from ordinary                    -            -            -           -       4,948      4,948
Dividends appropriated in the period            -            -            -           -     (4,099)    (4,099)
                                          _______      _______     ________     _______     _______   ________
At 30th June 2006                          15,544      149,641        5,328     143,417      12,413    326,343

Year ended 31st December 2006

At 31st December 2005                      16,053      149,641        4,819     136,377      11,564    318,454
Shares bought back and cancelled            (785)            -          785    (15,838)           -   (15,838)
Capital return from ordinary                    -            -            -      48,548           -     48,548
Revenue return from ordinary                    -            -            -           -       9,256      9,256
Dividends appropriated in the year              -            -            -           -     (7,677)    (7,677)
                                          _______      _______     ________     _______     _______   ________
At 31st December 2006                      15,268      149,641        5,604     169,087      13,143    352,743

 JPMorgan Claverhouse Investment Trust plc
 Unaudited figures for the six months ended 30th June 2007

BALANCE SHEET                                                                                             (Audited)
                                                                   (Unaudited)         (Unaudited)    31st December
                                                                30th June 2007      30th June 2006             2006
                                                                         £'000               £'000            £'000
Fixed assets
Investments at fair value through profit or loss                       402,511             367,508          400,902

Current assets
Debtors                                                                  1,212              20,326              998
Cash at bank and in hand                                                     -               6,252               99
                                                                       _______             _______          _______
                                                                         1,212              26,578            1,097

Creditors : Amounts falling due within one year                       (16,386)            (36,900)         (17,494)
                                                                       _______             _______          _______
Net current liabilities                                               (15,174)            (10,322)         (16,397)
                                                                       _______             _______          _______
Total assets less current liabilities                                  387,337             357,186          384,505

Creditors : Amounts falling due after more than one year              (29,637)            (29,610)         (29,624)
Provision for liabilities and charges                                        -             (1,233)          (2,138)
                                                                       _______             _______          _______
Total net assets                                                       357,700             326,343          352,743
                                                                         =====               =====            =====
Capital and reserves
Called up share capital                                                 14,878              15,544           15,268
Share premium                                                          149,641             149,641          149,641
Capital redemption reserve                                               5,994               5,328            5,604
Capital reserve                                                        173,481             143,417          169,087
Revenue reserve                                                         13,706              12,413           13,143
                                                                       _______             _______          _______
Shareholders' funds                                                    357,700             326,343          352,743
                                                                         =====               =====            =====

Net asset value per share (note 5)                                      601.1p              524.9p           577.6p

CASH FLOW STATEMENT                                                (Unaudited)         (Unaudited)        (Audited)
                                                              Six months ended    Six months ended       Year ended
                                                                    30th June            30th June    31st December
                                                                          2007                2006             2006
                                                                         £'000               £'000            £'000

Net cash inflow from operating activities                                3,409               3,346            7,516

Net cash outflow from returns on investments and servicing
of finance                                                             (1,472)             (1,416)          (2,838)

Tax recovered                                                                -                   1                1

Net cash inflow from capital expenditure and financial
investment                                                              11,158              13,018           13,681

Dividends paid                                                         (4,965)             (4,099)          (7,677)

Net cash outflow from financing                                        (8,229)            (10,522)         (16,507)
                                                                       _______              ______           ______
(Decrease) / increase in cash for the period                              (99)                 328          (5,824)
                                                                         =====                ====             ====

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 31st December 2006.

2. Management fees and performance fees

Management fees are allocated 35% to revenue and 65% to capital in line with the
Board's expected long term split of revenue and capital return from the
Company's investment portfolio. Performance fees are allocated 100% to capital.

Management fees                                          (Unaudited)         (Unaudited)               (Audited)
                                                    Six months ended    Six months ended              Year ended
                                                      30th June 2007      30th June 2006      31st December 2006
                                                               £'000               £'000                   £'000

Management fee - charged to revenue                              308                 284                     569
VAT thereon*                                                      54                  50                     100

                                                                 362                 334                     669

Management fee - charged to capital                              571                 527                   1,057
VAT thereon*                                                     100                  92                     185

                                                                 671                 619                   1,242

Total management fee                                             879                 811                   1,626
VAT thereon*                                                     154                 142                     285
                                                             _______              ______                  ______
                                                               1,033                 953                   1,911
                                                              ======              ======                   =====

Performance fees                                         (Unaudited)         (Unaudited)               (Audited)
                                                    Six months ended    Six months ended              Year ended
                                                      30th June 2007      30th June 2006      31st December 2006
                                                               £'000               £'000                   £'000

Performance fee (write back) / charge                        (1,820)                 355                   1,512

VAT provision (write back) / charge*                           (318)                  61                     265
                                                             _______              ______                  ______
                                                             (2,138)                 416                   1,777
                                                              ======              ======                   =====

*This VAT may be recoverable following the recent declaration by the European
Court of Justice that management expenses of investment trusts are eligible for
exemption from VAT.

3. Dividends

                                                         (Unaudited)         (Unaudited)               (Audited)
                                                    Six months ended    Six months ended              Year ended
                                                      30th June 2007      30th June 2006      31st December 2006
                                                               £'000               £'000                   £'000

Fourth quarterly dividend of 4.9p paid March                   2,978               2,347                   2,347
First quarterly dividend of 3.3p paid June

 (2006: 2.8p)                                                  1,987               1,752                   1,752
Second quarterly dividend of 2.8p paid September                 N/a                 N/a                   1,736
Third quarterly dividend of 3.0p paid December                   N/a                 N/a                   1,842
                                                             _______              ______                  ______
                                                               4,965               4,099                   7,677
                                                              ======              ======                   =====

A second quarterly dividend of 3.3p (2006: 2.8p) per share, amounting to
£1,964,000 (2006: £1,736,000), has been declared payable in respect of the
period ending 30th June 2007 (30th June 2006).

4. Return per share

                                                         (Unaudited)         (Unaudited)               (Audited)
                                                    Six months ended    Six months ended              Year ended
                                                      30th June 2007      30th June 2006      31st December 2006
                                                               £'000               £'000                   £'000
Return per share is based on the following:
Revenue return                                                 5,528               4,948                   9,256
Capital return                                                13,262              17,194                  48,548
                                                             _______              ______                  ______
Total return                                                  18,790              22,142                  57,804
                                                              ======              ======                   =====

Weighted average number of shares in issue                60,421,226          63,150,968              62,389,503

Revenue return per share                                       9.15p               7.84p                  14.84p
Capital return per share                                      21.95p              27.23p                  77.81p
                                                             _______              ______                  ______
Total return per share                                        31.10p              35.07p                  92.65p
                                                              ======              ======                   =====

5. Net asset value per share

Net asset value per share is based on the net assets attributable to the
ordinary shareholders of £357,700,000 (30th June 2006: £326,343,000 and 31st
December 2006: £352,743,000) and on the 59,511,751 (30th June 2006: 62,175,371
and 31st December 2006: 61,071,045) shares in issue at the period end.

6. Accounts for the year ended 31st December 2006

The figures and financial information for the year ended the 31st December 2006
are extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that 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.


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