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JP Morgan Overseas (JMO)

  Print      Mail a friend       Annual reports

Friday 22 February, 2008

JP Morgan Overseas

Interim Results

JPMorgan Overseas IT PLC
22 February 2008




The Directors of JPMorgan Overseas Investment Trust plc announce the Company's
results for the period ended 31st December 2007.

Chairman's Statement

The Company produced a positive return of 4.3% for shareholders in the six
months period ending 31st December 2007. The total return on net assets was 4.7%
which compared favourably with the MSCI World Index return of 0.7%.

It is pleasing to note that the high conviction investment style that has been
adopted by Ed Walker, the Company's investment manager, is clearly beginning to
bear fruit. A modest level of borrowings has been used in order to enhance
returns. Careful use of tactical gearing can deliver positive investment
returns, although caution needs to be applied in turbulent market conditions.

The recent turmoil in world stockmarkets has not bypassed the Company of course
and the Company's exposure to the USA, albeit underweight, will inevitably have
adversely impacted investment returns. The positive side of such downward
movement is that it presents opportunities for increasing holdings in preferred
stocks at attractive levels.

The volatility of the discount at which the Company's shares trade to their net
asset value ('NAV') remained low, thanks in large part to the Company's discount
control measures which aim to maintain the discount at around 5%. This created
the need to buy back around 2.3 million shares for cancellation during the
period. Since these shares were bought back at a discount, remaining
shareholders enjoyed an enhancement of NAV.

It is difficult, in the current climate, to forecast returns in the short term.
In the medium to long term, however, I am confident that the Company's portfolio
is well positioned to weather the current difficult conditions and benefit
strongly from the recovery when it occurs.

George Paul
Chairman         22nd February 2008

Investment Manager's Report

The second half of 2007 has been an unusually eventful period. The MSCI World
Index returned 0.7% in sterling terms, but this modestly positive return fails
to capture the intense activity over the last 6 months. Markets traded in a
range of over 10%, with 2 periods of weakness followed by 2 periods of recovery.

Emerging markets continued to perform well, chiefly due to economic growth
remaining strong. This contrasted with increasing worries about the
sustainability of US growth in the face of the ongoing difficulties in the
financial sector, despite cuts in interest rates in the US. These worries spread
to Europe, partly due to the ongoing strength of the Euro against the US dollar
and the potential negative consequences for Europe's exporters. Emerging markets
rose 18%, energy rose 11% and basic material stocks rose 9% on average.
Financials stood out on the downside, falling over 10% on average with
particularly steep drops in US financials and investment banks.

The turmoil in financial markets continues to dominate the agenda with further
losses expected from the US housing market as defaults are likely to continue
for an extended period. This event has largely been discounted with focus now
shifting to effects of a tighter credit environment on economic activity,
limiting the availability of credit for both households and corporates. The
aggressive move by the US Federal Reserve in January to cut interest rates and
the European Central Bank's willingness to extend virtually unlimited liquidity
to the Eurozone banking market are encouraging signs that the second round
effects of the financial crisis can be minimised.

The outlook for economic growth is relatively uncertain given the cross-currents
of weakening US growth and lower interest rates. The other key question concerns
how the rest of the world, particularly emerging markets will be impacted. The
recent sharp pullback in markets at the start of 2008 gives us confidence that
equity valuations now price in a marked slowdown in economic activity, and
therefore offering several attractive buying opportunities. A protracted and
deep recession in the US that slows growth globally remains a risk, but this is
not considered a likely outcome.

The portfolio is positioned to benefit from more difficult economic conditions,
with a focus on large capitalisation companies which generate significant
cashflow. At this time the Company is utilising a modest level of gearing
reflecting a positive view on markets from this point, which has the potential
to rise as individual opportunities appear compelling.

Ed Walker
Investment Manager    22nd February 2008

Interim Management Report

The Company is required to make the following disclosures in its half year

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company fall into five broad
categories: investment and strategy; accounting, legal and regulatory; corporate
governance and shareholder relations; operational; and financial. Information on
each of these areas is given in the Business Review within the Annual Report and
Accounts for the year ended 30th June 2007.

Related Parties Transactions

During the first six months of the current financial year, no transactions with
related parties have taken place which have materially affected the financial
position or the performance of the Company during the period.

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:
i)   the condensed set of financial statements contained within the half yearly 
     financial report has been prepared in accordance with the Accounting
     Standards Board's Statement 'Half-Yearly Financial Reports'; and

ii)  the interim management report includes a fair review of the information 
     required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure
     and Transparency Rules.

For and on behalf of the Board

George Paul
Chairman         22nd February 2008

For further information:

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

JPMorgan Overseas Investment Trust plc
Unaudited figures for the six months ended 31st December 2007

Income Statement

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

                          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          -     5,468      5,468        -     9,645      9,645           -  15,433       15,433
Net foreign currency
gains/(losses)                  -        78         78        -         -          -           -     (68)        (68)
Income from                 1,424         -      1,424    1,537         -      1,537       4,429        -       4,429
Other interest
receivable and similar
income                         39         -         39       58         -         58         156        -         156
                          _______   _______    _______  _______  ________    _______     _______  _______     _______

Gross return                1,463     5,546      7,009    1,595     9,645     11,240       4,585   15,365      19,950
Management fee              (201)     (201)      (402)    (225)     (225)      (450)       (457)    (457)       (914)
Performance fee                 -   (1,166)    (1,166)        -     (734)      (734)           -    1,287       1,287
Other administrative
expenses                    (214)         -      (214)    (213)         -      (213)       (439)        -       (439)
                          _______   _______    _______  _______   _______    _______     _______  _______     _______

Net return on ordinary
activities before
finance costs and
taxation                    1,048     4,179      5,227    1,157     8,686      9,843       3,689   16,195      19,884
Finance costs                (55)      (55)      (110)      (4)       (4)        (8)        (10)     (10)        (20)
                          _______   _______    _______  _______   _______    _______     _______  _______     _______

Net return on ordinary                                                                     
activities before
taxation                      993     4,124      5,117    1,153     8,682      9,835       3,679   16,185      19,864
Taxation                    (122)         -      (122)    (142)         -      (142)       (458)        -       (458)
                           ______   _______    _______   ______   _______    _______     _______  _______     _______

Net return on ordinary
activities after
taxation                      871     4,124      4,995    1,011     8,682      9,693       3,221   16,185      19,406
                            =====     =====      =====    =====     =====      =====       =====    =====       =====
Return per share (note      2.96p    14.00p     16.96p    2.93p    25.17p     28.10p       9.69p   48.68p      58.37p

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
information. The 'Total' column represents all the information that is required
to be disclosed in a 'Statement of Total Recognised Gains and Losses (STRGL)'.
For this reason a STRGL has not been presented.

JPMorgan Overseas Investment Trust plc
Unaudited figures for the six months ended 31st December 2007

Reconciliation of Movements in Shareholders' Funds

                                                   Called up      Capital
                                                       Share   redemption    Capital    Revenue              
                                                     capital      reserve    reserve    reserve      Total
                                                       £'000        £'000      £'000      £'000      £'000
Six months ended 31st  December 2007 (unaudited)
At 30th June 2007                                      7,622       26,323    156,838     16,900    207,683
Shares bought back and cancelled                       (587)          587   (14,831)          -   (14,831)
Total return from ordinary activities                      -            -      4,124        871      4,995
Dividends appropriated in the period                       -            -          -    (2,949)    (2,949)
                                                     _______     ________    _______    _______   ________
At 31st December 2007                                  7,035       26,910    146,131     14,822    194,898

                                                   Called up      Capital
                                                       Share   redemption    Capital    Revenue
                                                     capital      reserve    reserve    reserve      Total
                                                       £'000        £'000      £'000      £'000      £'000
Six months ended 31st December 2006 (unaudited)
At 30th June 2006                                      9,064       24,881    175,693     17,941    227,579
Shares bought back and cancelled                       (737)          737   (17,309)          -   (17,309)
Total  return from ordinary activities                     -            -      8,687      1,011      9,698
Dividends appropriated in the period                       -            -          -    (4,201)    (4,201)
                                                     _______     ________    _______    _______   ________
At 31st December 2006                                  8,327       25,618    167,071     14,751    215,767

                                                   Called up      Capital
                                                       Share   redemption    Capital    Revenue
                                                     capital      reserve    reserve    reserve      Total
                                                       £'000        £'000      £'000      £'000      £'000

Year ended 30th June 2007 (audited)
At 30th June 2006                                      9,064       24,881    175,693     17,941    227,579
Shares bought back and cancelled                     (1,442)        1,442   (35,040)          -   (35,040)
Total  return from ordinary activities                     -            -     16,185      3,221     19,406
Dividends appropriated in the year                         -            -          -    (4,202)    (4,202)
                                                     _______     ________    _______    _______   ________
At 30th June 2007                                      7,622       26,323    156,838     16,960    207,743

JPMorgan Overseas Investment Trust plc
Unaudited figures for the six months ended 31st December 2007

Balance Sheet

                                                          (Unaudited)          (Unaudited)                (Audited)
                                                   31st December 2007   31st December 2006           30th June 2007
                                                                £'000                £'000                    £'000
Fixed assets
Investments at fair value through profit or loss              203,512              217,256                  208,170

Current assets
Debtors                                                           418                2,198                    3,067
Cash at bank and in hand                                          111                   59                       84
                                                               ______               ______                   ______

                                                                  529                2,257                    3,151

Creditors: amounts falling due within one year                (7,481)              (1,885)                  (2,962)
                                                               ______               ______                   ______

Net current (liabilities)/assets                              (6,952)                  372                      189

Total assets less current liabilities                         196,560              217,628                  208,359

Creditors: amounts falling due after more than one              (200)                (200)                    (200)
Provision for liabilities and charges                         (1,402)              (1,661)                    (416)
                                                               ______               ______                   ______
Total net assets                                              194,958              215,767                  207,743
                                                                =====                =====                    =====
Capital and reserves
Called up share capital                                         7,035                8,327                    7,622
Capital redemption reserve                                     26,910               25,618                   26,323
Capital reserve                                               146,131              167,071                  156,838
Revenue reserve                                                14,882               14,751                   16,960
                                                               ______               ______                   ______
Shareholders' funds                                           194,958              215,767                  207,743
                                                                =====                =====                    =====
Net asset value per share (note 5)                             692.8p               647.8p                   681.4p

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

Net cash inflow from operating activities                         682                  191                    2,250

Net cash outflow from returns on investments and
servicing of finance                                             (69)                  (9)                     (20)
Taxation recovered                                                  1                    5                        8
Net cash inflow from capital expenditure and
financial investment                                           10,603               17,971                   33,161
Dividends paid                                                (2,949)              (4,201)                  (4,202)
Net cash outflow from financing                               (8,316)             (17,626)                 (34,788)
                                                              _______              _______                  _______
Decrease in cash for the period                                  (48)              (3,669)                  (3,591)
                                                              _______              _______                  _______

Reconciliation of net cash flow to movement in net
funds/ debt

Net cash movement                                                (48)              (3,669)                  (3,591)
Loans drawn down in the period                                (7,000)                    -                        -
Exchange movements                                                 75                 (15)                     (68)
                                                              _______              _______                  _______
Movement in net funds/debt in the period                      (6,973)              (3,684)                  (3,659)
Net (debt)/ funds at the beginning of the period                (116)                3,543                    3,543
Net debt at the end of the period                             (7,089)                (141)                    (116)
                                                              _______              _______                  _______
Represented by:
Cash at bank and in hand                                          111                   59                       84
Debt falling due within one year                              (7,000)                    -                        -
Debt falling due after more than five years                     (200)                (200)                    (200)
                                                              _______              _______                  _______
                                                              (7,089)                (141)                    (116)
                                                              _______              _______                  _______

Notes to the Accounts

1. Financial Statements

The information contained within the financial statements in this preliminary
announcement has not been audited or reviewed by the Company's auditors.

The figures and financial information for the year ended 30th June 2007 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.

2. 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 in these interim accounts are consistent with
those applied in the accounts for the year ended 30th June 2007.

3. Taxation

The taxation charge of £121,000 (31st December 2006: £142,000 and 30th June
2007: £458,000) relates to irrecoverable overseas taxation.

4. Return per share

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

Return per share is based on the following:
Revenue return                                                 871               1,011                     3,221
Capital return                                               4,124               8,682                    16,185
Total return                                                 4,995               9,693                    19,406

Weighted average number of shares in issue              29,443,813          34,497,563                33,247,679

Revenue return per share                                     2.96p               2.93p                     9.69p
Capital return per share                                    14.00p              25.17p                    48.68p

Total return per share                                      16.96p              28.10p                    58.37p

5. Net asset value per share

Net asset value per share is calculated by dividing the funds attributable to
ordinary shareholders by the number of ordinary shares in issue at 31st December
2007 of 28,140,948 (31st December 2006: 33,307,448 and 30th June 2007:

6. Reconciliation of total return on ordinary activities before finance costs
and taxation to net cash inflow from
operating activities.

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

Total return on ordinary activities before
finance costs and taxation                                   5,227               9,843                    19,884
Less capital return before finance costs and
taxation                                                   (4,179)             (8,686)                  (16,195)
Net movement in debtors and accruals                          (32)                  13                       174
Tax on unfranked investment income                           (133)               (144)                     (546)
Expenses charged to capital                                  (201)               (225)                     (457)
Performance fee paid including VAT                               -               (610)                     (610)
Net cash inflow from operating activities                      682                 191                     2,250

22nd February 2008

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