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Murray Inc Trust PLC (MUT)

  Print      Mail a friend       Annual reports

Thursday 20 September, 2007

Murray Inc Trust PLC

Final Results

Murray Income Trust PLC
20 September 2007



MURRAY INCOME TRUST PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2007


The Directors of Murray Income Trust PLC announce the unaudited preliminary
results for the year ended 30 June 2007.


Key Facts


• Net Asset Value total return for the year ended 30 June 2007 of 18.2%


• Proposed final dividend of 9.25p per Ordinary share for the year ended
30 June 2007, an increase of 23.3% on the previous year, making a total for the
year of 24.25p, an overall increase of 12.3%


• Proposed interim dividends of 5.25p per Ordinary share for the year
ending 30 June 2008, an increase of 5.0%.


Performance


The year to June 2007 was the fourth year in succession of very high returns for
the Company. The NAV total return for the year was 18.2% compared with a return
of 18.4% for the FTSE-All Share Index. The bulk of this return has been
generated by improved corporate profitability rather than by an improvement in
the valuation of the market which stands on a P/E of 12 at the time of writing,
admittedly after a sell-off in August from which there has so far been only a
partial recovery. Over the last year UK equities have performed significantly
better than bonds and property. Besides profitability, equity withdrawal has
been a major factor. Over the year £65.1 billion of equity was taken out of the
market by a combination of merger and acquisition activity, both from corporate
buyers and private equity, and share buybacks. This activity more than
compensated for the continued pressure on pension funds to allocate assets away
from equities.

Dividends


Dividend growth has continued to be strong. The Company's portfolio has
benefited from this and the Directors are now proposing a final dividend payment
of 9.25 pence payable on 31 October 2007 to Shareholders on the register on 28
September 2007, making total dividends for the year of 24.25 pence. This
represents an increase of 12.3%, the twenty-second consecutive year in which the
dividendhas increased. Dividend growth remains strong in the current year and
the Directors have therefore decided to increase the rate at which interim
dividends will be paid to 5.25 pence. The rate of the final dividend will be
decided when the results for the year are known. However, the Directors expect
total dividends for next year to be at least equal to those paid for this year.

VAT on management fees


It now seems more likely, following the European Court of Justice ruling in the
case brought by JPMorgan Claverhouse Investment Trust against HMRC, that we may
be able to recover part of the VAT paid on management fees. Appropriate steps
have been taken to protect the Company's position in this respect.

Outlook


From the analysis of the companies in the portfolio, and generally the quoted
company sector in the UK, prospects for the current year look reasonable.
Profits are expected to continue to rise, as are dividends and the valuation of
the portfolio and market look fair. However, the current year looks more
difficult than its predecessors. In the UK growth in government expenditure and
consumer expenditure are both likely to be more muted than in the recent past.
Although economic growth has helped government finances they are more stretched
than for a long time. Personal debt levels have continued to rise and are likely
to put pressure on consumption, particularly because there is much less support
from house price inflation, while more generalised inflation is not sufficient
to make much impact on the real value of debt.

Internationally, the long-simmering problem of US sub-prime mortgage lending and
derivative structures based on it has now had a real impact on the financial
markets by causing the loss of a significant amount of equity in banks and other
lenders such as hedge funds. In the short run, the debt market for buyout
finance has also frozen as credit gets re-priced. Central banks have achieved
their objective of tightening credit and controlling inflation, but in an
inadvertent and messy way whose denouement is still unclear. However, it is
reasonable to expect that there will be tighter credit conditions and some
slowdown in growth compared to what might otherwise have been achieved. On the
other hand inflation is under better control with positive implications for
official short-term interest rates.

It is difficult to know what these contrary indicators will mean for portfolio
performance. The most likely outcome still seems to be for a small positive
return of which income and growth in income will form a bigger part.




MURRAY INCOME TRUST PLC

INCOME STATEMENT



                                 Year ended 30 June 2007     Year ended 30 June 2006
                                 Revenue  Capital     Total  Revenue  Capital    Total
                                   £'000    £'000     £'000    £'000    £'000    £'000

Gains on investments                   -   67,500    67,500        -   63,643   63,643
Income                            19,251        -    19,251   17,237        -   17,237
Investment management fees       (1,532)  (1,532)   (3,064)  (1,402)  (1,402)  (2,804)
Administrative expenses            (860)        -     (860)    (804)        -    (804)
                                ________  _______  ________  _______  _______  _______
Net return before finance         16,859   65,968    82,827   15,031   62,241   77,272
costs and taxation

Finance costs of borrowing         (765)    (765)   (1,530)    (606)    (606)  (1,212)
                                ________  _______  ________  _______  _______  _______
Return on ordinary activities     16,094   65,203    81,297   14,425   61,635   76,060
before and after taxation
                                ________  _______  ________  _______  _______  _______
Return per Ordinary share           24.7    100.0     124.7     21.8     93.1    114.9
(pence):
                                ________  _______  ________  _______  _______  _______


The total column of this statement represents the profit and loss of the
Company.

The Company had no recognised gains or losses other than those recognised in the
Income Statement.

No operations were acquired or discontinued in the year.

All revenue and capital items in the above statement derive from continuing
operations.

The accompanying notes are an integral part of the financial statements.



Dividends
Ordinary dividends on equity      15,792        -   15,792   14,207        -   14,207
shares (£'000):
                                ________  _______  _______  _______  _______  _______


The above dividend information does not form part of the Income Statement.



MURRAY INCOME TRUST PLC

  Balance Sheet
                                                         As at          As at
                                                  30 June 2007   30 June 2006
                                                                   (restated)
                                                         £'000          £'000
Non-current assets
Investments at fair value through profit or            543,269        480,711
loss
                                                    __________     __________
Current assets
Debtors and prepayments                                  8,292          1,862
Cash and short term deposits                             2,073            100
                                                    __________     __________
                                                        10,365          1,962
                                                    __________     __________
Creditors: amounts falling due within one              (1,017)          (959)
year
                                                    __________     __________
Net current assets                                       9,348          1,003
                                                    __________     __________
Total assets less current liabilities                  552,617        481,714

Creditors: amounts falling due after more
than one year
Bank loans                                            (30,000)       (25,000)
                                                    __________     __________
Net assets                                             522,617        456,714
                                                    __________     __________
Share capital and reserves
Called-up share capital                                 16,570         16,604
Share premium account                                    7,955          7,955
Treasury share reserve                                 (8,250)        (7,332)
Capital reserve                                          5,031          4,997
Capital reserve - realised                             328,891        291,362
Capital reserve - unrealised                           149,536        121,862
Revenue reserve                                         22,884         21,266
                                                    __________     __________
Equity Shareholders' funds                             522,617        456,714
                                                    __________     __________
Net asset value per Ordinary share (pence):              802.3          699.7
                                                    __________     __________



MURRAY INCOME TRUST PLC

Reconciliation of Movements in Shareholders' funds

 For the year ended 30 June 2007


                               Share  Treasury    Capital   Capital    Capital
                      Share  premium     share redemption   reserve    Reserve  Revenue
                    capital  account   reserve    reserve  realised Unrealisd   reserve    Total
                      £'000    £'000     £'000      £'000     £'000      £'000    £'000    £'000

Balance at 30 June   16,318    7,955         -      5,283   284,030    121,862   21,266  456,714
2006 as previously
stated
Prior year              286        -   (7,332)      (286)     7,332          -        -        -
adjustment (see
note 1)
                     ______   ______  ________  _________ _________   ________ ________   ______
Balance at 30 June   16,604    7,955   (7,332)      4,997   291,362    121,862   21,266  456,714
2006 (restated)

Repurchase of own      (34)        -     (918)         34         -          -             (918)
shares
Return on ordinary        -        -         -          -    37,529     27,674   16,094   81,297
activities after
taxation
Dividends on              -        -         -          -         -          - (14,476) (14,476)
Ordinary shares
(see note 6)
                     ______ ________ _________  _________  ________   ________   ______   ______
Balance at 30 June   16,570    7,955   (8,250)      5,031   328,891    149,536   22,884  522,617
2007
                     ______ ________ _________  _________  ________   ________   ______   ______

For the year ended 30 June 2006


                               Share  Treasury    Capital   Capital    Capital
                      Share  premium     share redemption   reserve    reserve  Revenue
                    capital  account   reserve    reserve  realised unrealised  Reserve    Total
                      £'000    £'000     £'000      £'000     £'000      £'000    £'000    £'000

Balance at 30 June   16,765    7,955         -      4,836   262,455     92,721   19,869  404,601
2005 (restated)
Repurchase of own     (161)        -   (7,332)        161   (3,587)          -        - (10,919)
shares
Return on ordinary        -        -         -          -    32,494     29,141   14,425   76,060
activities after
taxation
Dividends on              -        -         -          -         -          - (13,028) (13,028)
Ordinary shares
(see note 6)
                     ______ ________ _________  _________  ________   ________   ______   ______
Balance at 30 June   16,604    7,955   (7,332)      4,997   291,362    121,862   21,266  456,714
2006
                     ______ ________ _________  _________  ________   ________   ______   ______


The revenue reserve represents the amount of the Company's reserves
distributable by way of dividend.


MURRAY INCOME TRUST PLC
Cash Flow Statement
                                                        Year ended    Year ended
                                                      30 June 2007  30 June 2006
                                                             £'000         £'000

Net return before finance costs and taxation                82,827        77,272
Adjustments for:
Gains on investments                                      (67,500)      (63,643)
Increase in accrued income                                 (1,065)         (405)
Increase in prepayments                                        (6)           (2)
(Decrease)/increase in accruals                              (117)           278
                                                        __________    __________
Net cash inflow from operatingactivities                    14,139        13,500

Servicing of finance
Interest paid                                              (1,525)       (1,218)
                                                        __________    __________
Net cash outflow from servicing of finance                 (1,525)       (1,218)

Financial investment
Purchases of investments                                  (96,057)      (95,275)
Sales of investments                                        95,810        95,744
                                                        __________    __________
Net cash (outflow)/inflow from financial investment          (247)           469

Equity dividends paid                                     (14,476)      (13,028)

Management of liquid resources
Cash (placed)/drawn on short term deposit                  (1,600)           310
                                                        __________    __________
Net cash (outflow)/inflow before financing                 (3,709)            33

Financing
Drawdown of loans                                            5,000         9,000
Purchase of own shares                                       (918)      (11,323)
                                                        __________    __________
Net cash inflow/(outflow) from financing                     4,082       (2,323)
                                                        __________    __________
Increase/(decrease) in cash                                    373       (2,290)
                                                        __________    __________


MURRAY INCOME TRUST PLC
YEAR ENDED 30 JUNE 2006


1. Accounting policies


(a) Basis of accounting

The financial statements have been prepared on a going concern basis and in
accordance with applicable UK Generally Accepted Accounting Practice ('UK GAAP')
and with the Statement of Recommended Practice for 'Financial Statements of
Investment Trust Companies' (December 2005). They have also been prepared on the
assumption that approval as an investment trust will be granted.


The Treasury Share Reserve was created in accordance with FRS 25: 'Financial
Instruments-Disclosure and Presentation' and the Companies Act 1985.. The cost
of any share bought back to be held in Treasury or subsequent resale from
Treasury is deducted from or added to the Treasury Share Reserve. The financial
statements for 2006 have been restated to disclose separately the Treasury Share
Reserve along with a number of related adjustments, none of which affects the
net assets of the Company.


(b)  Income

Dividends receivable on equity shares (other than special dividends) are treated
as revenue for the year on an ex-dividend basis.Where no ex-dividend date is
available dividends receivable on or before the year end are treated as revenue
for the year. Provision is made for any dividends not expected to be received.
Special dividends are credited to capital or revenue, according to the
circumstances.


The fixed returns on debt securities are recognised on a time apportionment
basis so as to reflect the effective yield on the debt securities and shares.


Interest receivable from cash and short-term deposits and interest payable is
accrued to the end of the year.


(c)  Expenses

All expenses are accounted for on an accruals basis.All expenses are charged
through the revenue column of the Income Statement except as follows:


transaction costs on the acquisition or disposal of investments are recognised
as a capital item in the Income Statement.


expenses are charged to realised capital reserves where a connection with the
maintenance or enhancement of the value of the investments can be demonstrated.
In this respect the investment management fee has been allocated 50% to revenue
and 50% to realised capital reserves to reflect the Company's investment policy
and prospective income and capital growth.


(d)  Taxation

Deferred taxation is recognised in respect of all timing differences that have
originated but not reversed at the Balance Sheet date, where transactions or
events that result in an obligation to pay more tax in the future or right to
pay less tax in the future have occurred at the Balance Sheet date. This is
subject to deferred tax assets only being recognised if it is considered more
likely than not that there will be suitable profits from which the future
reversal of the underlying timing differences can be deducted.Timing differences
are differences arising between the Company's taxable profits and its results as
stated in the Financial Statements which are capable of reversal in one or more
subsequent periods. Deferred tax is measured on a non-discounted basis at the
tax rates that are expected to apply in the periods in which timing differences
are expected to reverse, based on tax rates and laws enacted or substantively
enacted at the Balance Sheet date.


Due to the Company's status as an investment trust company, and the intention to
continue meeting the conditions required to obtain approval in the foreseeable
future, the Company has not provided deferred tax on any capital gains and
losses arising on the revaluation or disposal of investments.


The tax effect of different items of income/gain and expenditure/loss is
allocated between capital reserves and the revenue account on the same basis as
the particular item to which it relates using the Company's effective rate of
tax for the year.


(e)  Valuation of Investments

Investments have been designated upon initial recognition at fair value through
profit or loss. Investments are recognised and de-recognised at trade date where
a purchase or sale is under a contract whose terms require delivery within the
timeframe established by the market concerned, and are measured initially at
fair value.Subsequent to initial recognition, investments are valued at fair
value through profit or loss. For listed investments, this is deemed to be bid
market prices or closing prices for SETS (London Stock Exchange's electronic
trading service) stocks sourced from the London Stock Exchange. Gains and losses
arising from changes in fair value are included in net profit or loss for the
period as a capital item in the Income Statement and are ultimately recognised
in the unrealised capital reserve.


(f)  Borrowings

Monies borrowed to finance the investment objectives of the Company are stated
at the amount of net proceeds immediately after issue plus cumulative finance
costs less cumulative payments made in respect of the debt. The finance costs of
such borrowings are allocated to years over the term of the debt at a constant
rate on the carrying amount and are charged 50% to revenue and 50% to realised
capital reserves to reflect the Company's investment policy and prospective
income and capital growth.



2. A summary of the investment changes during the year, summary of net assets at
30 June 2007 and a list of the twenty largest investments at 30 June 2007 are
attached.


3. The issued share capital at 30 June 2007 was 65,138,908 Ordinary shares of
25p each and 1,277,550 shares held in treasury of 25p each.


4 Returns per share have been based on the following weighted average number of
ordinary shares in issue during each year.


Weighted average number of Ordinary shares 65,194,984


5. Ordinary dividends on equity shares
                                              Year ended    Year ended
                                            30 June 2007       30 June
                                                                  2006
Ordinary dividends on equity shares                £'000         £'000
Third interim 2006 of 4.70p (2005 - 4.50p)         3,066         3,038
Final 2006 of 7.50p (2005 - 5.65p)                 4,890         3,759
First interim of 5.00p (2006 - 4.70p)              3,260         3,121
Second interim of 5.00p (2006- 4.70p)              3,260         3,110
                                              __________    __________
                                                  14,476        13,028
                                              __________    __________



6. If approved, the proposed final dividend of 9.25p per share will be paid on
31 October 2007 to holders of Ordinary shares on the register at the close of
business on 28 September 2007. In respect of the year ending 30 June 2008, three
interim dividends of 5.25p per share will be paid on 18 January 2008, 18 April
2008, and 18 July 2008 to holders of Ordinary shares on the register at the
close of business on 14 December 2007, 14 March 2008 and 13 June 2008
respectively.


7. The Income Statement, Balance Sheet, Reconciliation of Shareholders Movements
and Cashflow statement set out above does not constitute the company's statutory
financial statements as defined in Section 240 of the Companies Act 1985. The
statutory financial statements for the year ended 30 June 2007 have been
delivered to the Registrar of Companies and contained an audit report which was
unqualified and did not constitute statements under Sections 237(2) or (3) of
the Companies Act 1985.

The annual results will be circulated to shareholders in the form of an Annual
Report, copies of which will be available at the Company's registered office,
123 St Vincent Street, Glasgow and which will be filed with the Registrar of
Companies.


8. The Annual General Meeting will be held on 30 October 2007 at the Strathclyde
Suite, Glasgow Royal Concert Hall, 2 Sauchiehall Street, Glasgow, G2 3NY.



By Order of the Board
ABERDEEN ASSET MANAGEMENT PLC


Secretary


20 September 2007


Copies of this announcement will be available to the public from the Company
Secretary, Aberdeen Asset Management PLC, Donaldson House, 97 Haymarket Terrace,
Edinburgh EH12 5HD.






MURRAY INCOME TRUST PLC

SUMMARY OF INVESTMENT CHANGES DURING THE YEAR TO 30 JUNE 2007

                          Valuation
                        30 June 2006                                   Valuation
                         (restated)      Transactions Appreciation   30 June 2007
                          £'000       %         £'000        £'000    £'000        %
  United Kingdom
Equities                473,774      98.4    (14,443)       66,912  526,243     95.3
Fixed interest            4,497       0.9       7,498        3,671   15,666      2.8
FTSE options              2,440       0.5       2,003      (3,083)    1,360      0.2
                        _______   _______     _______      _______  _______   ______
Total investments       480,711      99.8     (4,942)       67,500  543,269     98.3
                        _______   _______     _______      _______  _______   ______
Other net assets          1,003       0.2       8,345            -    9,348      1.7
                        _______   _______     _______      _______  _______   ______
Total assets            481,714     100.0       3,403       67,500  552,617    100.0
                        _______   _______     _______      _______  _______   ______



SUMMARY OF NET ASSETS


                                     Valuation
                                   30 June 2007
                                    £'000           %
Equities                          526,243       100.7
Fixed interest                     15,666         3.0
FTSE options                        1,360         0.3
Other net assets                    9,348         1.8
Borrowings                       (30,000)       (5.8)
                               __________  __________
Equity Shareholders' interest     522,617       100.0
                               __________  __________



MURRAY INCOME TRUST PLC


Twenty Largest Investments

As at 30 June 2007

                                                Valuation          Total
                                             30 June 2007         assets
Investment                                          £'000              %
Royal Dutch Shell                                  31,537            5.7
BP                                                 28,492            5.2
HSBC Holdings                                      24,934            4.5
Royal Bank of Scotland Group                       20,965            3.8
Barclays                                           20,052            3.6
GlaxoSmithKline                                    16,965            3.1
Lloyds TSB                                         15,012            2.7
Centrica                                           14,351            2.6
British American Tobacco                           14,126            2.6
BT Group                                           14,111            2.6
Aviva                                              13,465            2.4
Vodafone Group                                     12,627            2.3
AstraZeneca                                        12,610            2.3
Anglo American                                     12,369            2.2
Rio Tinto                                          11,481            2.1
National Grid                                      10,812            2.0
Friends Provident                                  10,080            1.8
Land Securities Group                               9,709            1.8
Unilever                                            9,625            1.7
GKN                                                 9,558            1.7
Top twenty investments                            312,881           56.7



END





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