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Murray Inc Trust PLC (MUT)

  Print      Mail a friend       Annual reports

Wednesday 17 February, 2010

Murray Inc Trust PLC

Half Yearly Report

RNS Number : 2771H
Murray Income Trust PLC
17 February 2010
 



Murray Income Trust PLC

Results for the half year ended 31 December 2009

 

Key Facts

 

·     Murray Income's Net Asset Value increased by 31.4 % on a total return basis.

 

·     Share price rose from 441p to 525p over the six-month period.

 

·     Second interim dividend of 5.5p will be paid on the changed date of 1 April 2010 - see Note 10 below.

 

The Directors of Murray Income Trust PLC report the unaudited results for the half year ended 31 December 2009.

 

Interim Board Report

 

Performance

The UK equity market performed strongly over the six month period to 31 December 2009, with a positive Net Asset Value total return for the Company of 31.4%.  This compares with the benchmark, the FTSE All-Share Index, which rose by 29.1%.  On a total return basis, the Company's share price increased by 22.8% to 525p, which reflected an increase in the discount to net asset value at which the shares trade.

 

Manager's Commentary

 

Background

The market continued its recovery from the March lows during the interim period.  Improving economic conditions (although predominantly outside the United Kingdom), coupled with robust company results, nascent signs of a return of corporate activity and improving credit markets all helped to drive the market forward.  However, a salient reminder that the recovery was unlikely to be smooth occurred towards the end of November, with the request by Dubai World to delay part of its debt repayment and concerns over the credit ratings of a number of European countries, including Greece. Investor interest focused on mining and industrial companies which outperformed, while the more defensive areas of the market, such as pharmaceuticals and utilities, lagged.  From a size perspective, the FTSE 100 outperformed both the Mid and Small Cap Indices given the greater exposure of larger companies to the global growth dynamic.

 

Over the six months, domestic economic newsflow was mixed, but the UK economy continued its slow recovery.  The fall in third quarter GDP of 0.2% was disappointing, bearing in mind the weakness of sterling and robust external demand.  However, the UK emerged, but only just, from recession during the final quarter of the year.  Lending to households and companies has remained weak, although many companies have utilised the bond market to raise capital.  In contrast, house prices have continued to rise, helped by limited supply, and consumer confidence has also improved.  Furthermore, unemployment has risen less than expected compared to previous recessions.  This may well result in a lower degree of precautionary saving helping to sustain demand.  Inflation, having reached a low point of 1.1% in September, subsequently rose to 2.9% in December, the significant increase partly due to the unusual factors that had depressed prices a year earlier.  However, the Monetary Policy Committee remains confident that the level of spare capacity in the economy will keep inflation below 2% in the medium term.  As a result, interest rates were maintained at 0.5% throughout the period, and the asset purchase programme was extended in November to £200bn, given the perceived downside risks to the economy at that time (although the MPC acknowledges that a significant degree of uncertainty persists regarding the outcome and impact of quantitative easing). 

 

Economic growth outside the UK was generally stronger than expected over the second half of 2009, and this provided positive momentum to equity markets.  In the United States, consumer expenditure has been robust, helped by the car scrappage scheme and signs of stabilisation in the housing market, with the health of the economy reflected in GDP growth of 0.9% for the third quarter.  The Euro area also emerged from recession in the third quarter, with GDP growth of 0.4%, although the performance of individual countries remains uneven, with Spain, Ireland and Greece still demonstrating cause for concern. 

 

The Asian recovery has been strong, helped in part by significant fiscal stimuli.  Chinese GDP growth for the third quarter of 2009 was just under 9%.  This strong demand has undoubtedly helped to underpin commodity prices. However, the durability of the global economy is somewhat opaque, with the temporary benefits of car scrappage schemes and the reversal of the stock cycle offset by continued tightness in bank lending.  Improving domestic demand in surplus countries is clearly positive, but there is a risk that global imbalances will remain a salient issue unless these countries are able to maintain the strength of their domestic demand momentum.

 

The Company's net asset value performed better than the benchmark over the period.  The equity portion of the portfolio outperformed, with good stock selection in the aerospace & defence, utility, bank and travel & leisure sectors outweighing the principal negative influence of an underweight position in the mining sector.  Although the cash position (held to cover the assignment of put options) was a relative drag on performance, the Company's gearing (maintained at £35m throughout the period) provided a benefit to the net asset value performance. 

 

Activity

As in previous periods, we continued to add to high-quality holdings, which we believe will be able to prosper in an environment where economic growth may be muted and the prospect of future shocks remain a possibility.  This included additions to Centrica, Provident Financial and National Grid.  These were funded through the sale of our holdings in BT and Ladbrokes, where our concerns centred on the competitive environment, limited growth opportunities and the stretched balance sheets of both companies.  We introduced Wood Group, an attractively-valued oil services company with exposure to high-growth areas to the portfolio. This was funded by selling the holdings in Tomkins - its strong share price performance belied our concerns that the market had overestimated the potential for margin recovery.  Also, following significant outperformance, we reduced the holdings in Mothercare, GKN, Daily Mail and Millennium & Copthorne.  From an income-oriented perspective, we purchased reverse convertibles in both Unilever and GlaxoSmithKline, while rolling forward our BP reverse convertible for another year.  We increased the scale of our option writing, with puts on companies including Pearson, Rolls Royce, Rio Tinto, Prudential and AB Foods, and calls on Whitbread, BP, Shell and AstraZeneca, amongst others.

 

Outlook

On a fundamental basis, although valuations are not expensive by historical standards, the path to sustainable economic growth remains challenging and the outlook uncertain.  Record budget deficits need to be repaired, savings ratios enhanced to historic levels, inflation restrained, interest rates normalised, banking re-regulated and quantitative easing unwound.  None of these are easy tasks, and we remain aware that the market may not necessarily be factoring in the full implications of the tests ahead - currently, elevated risk appetite suggests a relatively high degree of optimism.  However, the portfolio is invested in good-quality companies, with strong competitive positions and robust balance sheets, capable of generating attractive earnings and dividend growth over the longer term.

 

Dividends

A first interim dividend of 5.5p was paid on 15 January 2010 to Shareholders on the register at the close of business on 16 December 2009.  A second interim dividend of 5.5p will be paid on 1 April 2010 to Shareholders on the register at the close of business on 5 March 2010.  The third interim dividend of 5.5p will be paid on 16 July 2010 to Shareholders on the register at the close of business on 11 June 2010.  Although the outlook for dividends has marginally improved over the period, and the increase in income from option writing will be helpful, the Company is still likely to draw on its substantial revenue reserves in order to fulfil the Directors' intention to pay a total dividend for the year at least equal to the one paid for the year ending 30 June 2009.

 

Board changes

As Shareholders will be aware from the Chairman's Statement in last year's Annual Report, David Woods was elected a Director of the Company at the Annual General Meeting held on 27 October 2009, having been appointed a Director on 15 December 2008. Adrian Coats, who retired from the Board at the conclusion of the AGM, was succeeded in his roles as Senior Independent Director and Chairman of the Audit Committee by Humphrey van der Klugt.

 

 

VAT on Management Fees

We noted in the previous Annual Report that we had received repayment of VAT charged on our management fees between 2004 and 2007. We anticipate recognising further sums, once there is greater certainty over the amounts recoverable by the Manager in respect of the VAT incurred on management fees for the periods 2001 to 2003 and 1990 to 1996, including interest.

 

Alternative Investment Fund Manager (AIFM) Directive

The European Commission published the draft AIFM Directive in April 2009. Its purpose is to introduce a new authorisation and supervisory regime for all alterative investment fund managers managing alternative investment funds within the European Union. If implemented as currently drafted, the Directive would impose an onerous additional regulatory burden on investment trusts, with potentially adverse consequences.  The Board supports the efforts of the Association of Investment Companies to ensure that any such proposed regulation is proportionate and appropriate in relation to investment companies..

 

Proposed amendment to Investment Policy

The Board is seeking Shareholder approval for an amendment to the Company's investment policy in order that the Company may invest up to 20 per cent. of its gross assets in overseas, well-known, principally European companies (but otherwise, in accordance with its current stated investment policy).

 

The Board does not intend to alter the Company's investment benchmark (the FTSE All Share Index) and such a change will not affect the Company's membership of the UK Growth & Income Sector as administered by the Association of Investment Companies.

 

The accompanying circular to Shareholders contains full details of the proposed amendment to the investment policy. An Extraordinary General Meeting of Shareholders to approve the proposed amendment will be held at the offices of Aberdeen Asset Managers Limited, Bow Bells House, 1 Bread Street, London EC4M 9HH on Monday, 22 March 2010 at 10.00 a.m. The Notice of the Extraordinary General Meeting is set out in the circular.

 

Risks and Uncertainties

The Board has identified a number of key risks that affect its business:

 

-      Resource risk - like most other investment trusts, the Company has no employees. The Company therefore relies on services provided by third parties, including, in particular, the Manager, to whom responsibility for the management of the Company has been delegated under an investment management agreement (the "Agreement"). The terms of the Agreement cover the scope of the duties and obligations expected of the Manager. The Board reviews the performance of the Manager on a regular basis, and their compliance with the Agreement formally on an annual basis.

-      Investment objective - the objective of the Company is to achieve a high and growing income combined with capital growth. As a consequence, the investment portfolio may not always match that of the stock market as a whole, with a consequential impact on Shareholder returns. The Board's aim is to maximise absolute returns to Shareholders, while managing risk by ensuring an appropriate diversification of stocks and sectors.

-      Investment policy and gearing - a major risk affecting the Company is inappropriate sector and stock selection, leading to under-performance relative to the Company's benchmark index and peer group. In addition, the use of borrowing facilities to invest in markets may have a negative impact if markets fall. To mitigate these risks, the Manager operates within investment guidelines and agreed levels of borrowing. Performance against the benchmark index and the peer group is regularly monitored. During the period, an element of portfolio protection was put in place by the purchase of put options.

-      Discount volatility - investment trust shares tend to trade at a discount to their underlying net asset values, although they can also trade at a premium. Discounts and premia can fluctuate considerably.  In order to seek to reduce the impact of such fluctuations, the Company will consider either the issue of new shares or the re-issue of shares from treasury, or their repurchase. Whilst these measures seek to mitigate volatility, it cannot be guaranteed that they will do so.

-      Regulatory risk - the Company operates in a complex regulatory environment and faces a number of related risks. A breach of Section 842 of the Income and Corporation Taxes Act 1988 could result in the Company being subject to capital gains tax on the sale of its investments. Serious breach of other regulations, such as the UKLA Listing Rules and the Companies Act, could lead to suspension from the Stock Exchange and reputational damage. The Board receives monthly compliance reports from the Manager to monitor compliance with regulations.

 

Directors' Responsibility Statement

The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable law and regulations. The Directors confirm that, to the best of their knowledge:

 

-      the condensed set of financial statements within the half-yearly financial report has been prepared in accordance with the Accounting Standards Board's statement "Half-Yearly Financial Reports"; and

-      the Interim Board Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the year and their impact on the financial statements together with a description of the risks and uncertainties for the remaining six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FSA's Disclosure and Transparency Rules.

 

The half-yearly financial report for the six months to 31 December 2009 comprises the Interim Board Report, the Directors' Responsibility Statement and a condensed set of financial statements, and has not been audited or reviewed by the auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

 

By order of the Board

Aberdeen Asset Management PLC

Secretary

17 February 2010

 

 

 



MURRAY INCOME TRUST PLC

INCOME STATEMENT (UNAUDITED)

 



Six months ended



31 December 2009



Revenue

Capital

Total




(unaudited)



Notes

£'000

£'000

£'000

Gains/(losses) on investments


-

87,322

87,322

Investment income

3

6,107

-

6,107

Interest receivable


21

-

21

Other income


349

-

349

Investment management fees


(479)

(479)

 (958)

Recoverable VAT on management fees


-

-

-

Administrative expenses


 (423)

-

(423)



_________

_________

_________

Net return before finance costs and taxation


5,575

86,843

92,418






Finance costs


(159)

(159)

(318)



_________

_________

_________

Return on ordinary activities before and after taxation


5,416

86,684

92,100



_________

_________

_________

Return per Ordinary share (pence):

4

8.4

134.0

142.4



_________

_________

_________

 

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

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

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

 

Ordinary dividends on equity shares (£'000)

2

10,836

-

10,836



_________

_________

_________

 

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



MURRAY INCOME TRUST PLC

INCOME STATEMENT (UNAUDITED)

 



Six months ended



31 December 2008



Revenue

Capital

Total




(unaudited)



Notes

£'000

£'000

£'000

Gains/(losses) on investments


-

(83,771)

 (83,771)

Investment income

3

8,486

-

8,486

Interest receivable


106

-

106

Other income


388

-

388

Investment management fees


(478)

(478)

(956)

Recoverable VAT on management fees


778

778

1,556

Administrative expenses


(406)

-

 (406)



_________

_________

_________

Net return before finance costs and taxation


8,874

(83,471)

 (74,597)






Finance costs


(534)

(534)

(1,068)



_________

_________

_________

Return on ordinary activities before and after taxation


8,340

(84,005)

(75,665)



_________

_________

_________

Return per Ordinary share (pence):

4

12.9

(130.1)

(117.2)



_________

_________

_________

 

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

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

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

 

Ordinary dividends on equity shares (£'000)

2

10,662

-

10,662



_________

_________

_________

 

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



MURRAY INCOME TRUST PLC

INCOME STATEMENT  (UNAUDITED)

 



Year ended



30 June 2009



Revenue

Capital

Total




(audited)



Notes

£'000

£'000

£'000

Gains/(losses) on investments


-

(105,973)

(105,973)

Investment income

3

19,445

-

19,445

Interest receivable


81

-

81

Other income


264

-

264

Investment management fees


(870)

(870)

(1,740)

Recoverable VAT on management fees


778

778

1,556

Administrative expenses


(866)

-

(866)



_________

_________

_________

Net return before finance costs and taxation


18,832

(106,065)

(87,233)






Finance costs


(682)

(682)

(1,364)



_________

_________

_________

Return on ordinary activities before and after taxation


18,150

(106,747)

(88,597)



_________

_________

_________

Return per Ordinary share (pence):

4

28.1

(165.2)

(137.1)



_________

_________

_________

 

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

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

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

 

Ordinary dividends on equity shares (£'000)

2

17,632

-

17,632



_________

_________

_________

 

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



MURRAY INCOME TRUST PLC

BALANCE SHEET (UNAUDITED)

 



As at

As at

As at



31 December

31 December

30 June



2009

2008

2009



(unaudited)

(unaudited)

(audited)


Notes

£'000

£'000

£'000

Non-current assets





Investments at fair value through profit or loss


392,223

351,946

313,384






Current assets





Loans and receivables


1,852

3,965

2,915

Cash and short-term deposits


17,353

1,361

13,528



_________

_________

_________



19,205

5,326

16,443






Creditors: amounts falling due within one year





Other payables


(594)

 (217)

 (257)

Bank loans


(35,000)

-

(35,000)



_________

_________

_________

Net current (liabilities)/assets


(16,389)

5,109

(18,814)



_________

_________

_________

Total assets less current liabilities


375,834

357,055

294,570






Creditors: amounts falling due after more than one year





Bank loans


-

(43,000)

-



_________

_________

_________

Net assets


375,834

314,055

294,570



_________

_________

_________






Share capital and reserves





Called-up share capital


16,604

16,604

16,604

Share premium account


7,955

7,955

7,955

Capital redemption reserve


4,997

4,997

4,997

Capital reserve

5

325,398

261,039

238,714

Revenue reserve


20,880

23,460

26,300



_________

_________

_________

Equity Shareholders' funds


375,834

314,055

294,570



_________

_________

_________

Net asset value per Ordinary share (pence):

6

581.0

486.2

455.4



_________

_________

_________

 



MURRAY INCOME TRUST PLC

RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS (UNAUDITED)

 

Six months ended 31 December 2009







(unaudited)


Share

Capital





Share

premium

redemption

Capital

Revenue



Capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 June 2009

16,604

7,955

4,997

238,714

26,300

294,570

Return on ordinary activities after taxation

-

-

-

86,684

5,416

 92,100

Dividends paid

-

-

-

-

(10,836)

(10,836)


_________

_________

_________

_________

_________

_________

Balance at 31 December 2009

16,604

7,955

4,997

325,398

20,880

375,834


_________

_________

_________

_________

_________

_________








Six months ended 31 December 2008







(unaudited)


Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 June 2008

16,604

7,955

4,997

345,198

25,782

400,536

Repurchase of own shares

-

-

-

(154)

-

(154)

Return on ordinary activities after taxation

-

-

-

(84,005)

8,340

(75,665)

Dividends paid

-

-

-

-

(10,662)

(10,662)


_________

_________

_________

_________

_________

_________

Balance at 31 December 2008

16,604

7,955

4,997

261,039

 23,460

314,055


_________

_________

_________

_________

_________

_________








Year ended 30 June 2009







(audited)


Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 June 2008

16,604

7,955

4,997

345,198

25,782

400,536

Repurchase of own shares

-

-

-

(154)

-

(154)

Return on ordinary activities after taxation

-

-

-

(106,747)

18,150

(88,597)

Issue of shares from treasury

-

-

-

417

-

417

Dividends paid

-

-

-

-

(17,632)

(17,632)


_________

_________

_________

_________

_________

_________

Balance at 30 June 2009

16,604

7,955

4,997

238,714

26,300

294,570


_________

_________

_________

_________

_________

_________



MURRAY INCOME TRUST PLC

CASH FLOW STATEMENT (UNAUDITED)

 


Six months

Six months

Year


ended

ended

ended


31 December

31 December

30 June


2009

2008

2009


(unaudited)

(unaudited)

(audited)


£'000

£'000

£'000

Net return before finance costs and taxation

92,418

(74,597)

(87,233)

Adjustments for:




(Gains)/losses on investments

(87,322)

83,771

105,973

Non cash stock dividend

-

-

(522)

Decrease/(increase) in accrued income

1,068

(1,156)

86

(Increase)/decrease in prepayments

(5)

(40)

30

Increase/(decrease) in accruals

157

(118)

 (56)


_________

_________

_________

Net cash inflow from operating activities

6,316

7,860

18,278





Servicing of finance




Interest paid

(138)

(1,060)

(1,377)


_________

_________

_________

Net cash outflow from servicing of finance

(138)

(1,060)

(1,377)





Financial investment




Purchases of investments

(29,754)

(35,319)

 (60,264)

Sales of investments

38,237

31,710

73,273


_________

_________

_________

Net cash inflow/(outflow) from financial investment

8,483

(3,609)

13,009





Equity dividends paid

(10,836)

(10,662)

(17,632)





Management of liquid resources




Cash drawn on short-term deposit

-

5,000

5,000


_________

_________

_________

Net cash inflow/(outflow) before financing

3,825

(2,471)

17,278





Financing




Drawdown/(repayment) of loans

-

3,000

 (5,000)

Issue of shares from treasury

-

-

417

Purchase of own shares

-

(558)

 (557)


_________

_________

_________

Net cash inflow/(outflow) from financing

-

2,442

 (5,140)


_________

_________

_________

Net increase/(decrease) in cash

3,825

(29)

12,138


_________

_________

_________



Notes to the Financial Statements

 

1.

Accounting policies


(a)

Basis of accounting



The accounts have been prepared under the historical cost convention, as modified to include the revaluation of investments and in accordance with applicable UK Accounting Standards, with pronouncements on half-yearly reporting issued by the Accounting Standards Board and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies & Venture Capital Trusts' (issued January 2009). They have also been prepared on the assumption that approval as an investment trust will continue to be granted.






The financial statements and the net asset value per share figures have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).






The interim accounts have been prepared using the same accounting policies as the preceding annual accounts.





(b)

Dividends payable



Dividends are recognised in the period in which they are paid.

 

2.

Ordinary dividends


Ordinary dividends paid on equity shares deducted from reserves:








Six months ended

Six months ended

 Year
ended



31 December 2009

31 December 2008

30 June

2009



 £'000

 £'000

 £'000


2008 third interim dividend - 5.25p

-

3,396

3,396


2008 final dividend - 11.25p

-

7,266

7,266


2009 first interim dividend - 5.5p

-

-

3,552


2009 second interim dividend - 5.5p

-

-

3,555


2009 third interim dividend - 5.5p

3,558

-

-


2009 final dividend - 11.25p

7,278

-

-


Return of unclaimed dividends

-

-

(137)



_________

_________

_________



10,836

10,662

17,632



_________

_________

_________

 



Six months ended

Six months ended

Year
ended



31 December 2009

31 December 2008

30 June
2009

3.

Investment income

£'000

£'000

£'000


UK dividend income

5,511

8,189

17,926


Bond interest

596

297

1,519



_________

_________

_________



6,107

8,486

19,445



_________

_________

_________

 



 Six months ended

 Six months ended

 Year
ended



31 December 2009

31 December 2008

30 June
2009

4.

Return per share

 p

 p

 p


Revenue return

8.4

12.9

28.1


Capital return

134.0

(130.1)

(165.2)



_________

_________

_________


Total return

142.4

(117.2)

(137.1)



_________

_________

_________







The figures are based on the following attributable amounts:








 Six months ended

 Six months ended

 Year
ended



31 December 2009

31 December 2008

30 June
2009



 £'000

 £'000

 £'000


Revenue return

5,416

8,340

18,150


Capital return

86,684

(84,005)

(106,747)



_________

_________

_________


Total return

92,100

(75,665)

(88,597)



_________

_________

_________


Weighted average number of Ordinary shares in issue

64,689,458

64,592,296

64,624,625

 

5.

Capital reserve


The capital reserve reflected in the Balance Sheet at 31 December 2009 includes gains of £70,452,000 (31 December 2008 - losses of £56,994,000; 30 June 2009 - losses of £25,201,000) which relate to the revaluation of investments held at the reporting date.

 



As at

As at

As at

6.

Net asset value per share

31 December 2009

31 December 2008

30 June
2009


Attributable net assets (£'000)

375,834

314,055

294,570


Number of Ordinary shares in issue

64,689,458

64,589,458

64,689,458


Net asset value per Ordinary share (p)

581.0

486.2

455.4

 

7.

Transaction costs


During the period, expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains/(losses) on investment in the Income Statement. The total costs were as follows:








Six months ended

Six months ended

Year
ended



31 December 2009

31 December 2008

30 June
2009



£'000

£'000

£'000


Purchases

85

106

219


Sales

33

29

61



_________

_________

_________



118

135

280



_________

_________

_________

 

8.

The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Section 434-436 of the Companies Act 2006. The financial information for the six months ended 31 December 2009 and 31 December 2008 has not been audited.




The information for the year ended 30 June 2009 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006.

 

9.

This Half-Yearly Financial Report was approved by the Board on 17 February 2010.



10.

On 15 September 2009, the Company announced, in its announcement of results for the year ended 30 June 2009, that it would be paying, inter alia, a second interim dividend of 5.5p per share on 16 April 2010 to holders of Ordinary shares on the register at the close of business on 12 March 2010. The dates relating to this dividend payment have been amended: it will now be paid on 1 April 2010 to holders of Ordinary shares on the register at the close of business on 5 March 2010. The corresponding ex dividend date is now 3 March 2010. The payment and record dates which were announced in relation to the third interim dividend remain unchanged.



11.

Copies of the Company's report for the half-year ended 31 December 2009 will be posted to shareholders in February 2010 and will be available thereafter on the Company's website: www.murray-income.co.uk and from the Secretary at the Registered Office, 40 Princes Street, Edinburgh EH2 2BY.

 

 



INVESTMENT PORTFOLIO

AS AT 31 DECEMBER 2009

 



Valuation

Total assets

Investment

Sector

£'000

%

Royal Dutch Shell ('B' shares)

Oil & Gas Producers

21,738

5.3

HSBC

Banks

21,367

5.2

BP

Oil & Gas Producers

19,919

4.9

Centrica

Gas, Water & Multi-utilities

18,553

4.5

AstraZeneca

Pharmaceuticals & Biotechnology

18,336

4.5

Vodafone

Mobile Telecommunications

17,840

4.3

National Grid

Gas, Water & Multi-utilities

16,126

3.9

GlaxoSmithKline

Pharmaceuticals & Biotechnology

12,883

3.1

British American Tobacco

Tobacco

12,704

3.1

Whitbread

Travel & Leisure

11,598

2.8



___________

___________

Top ten investments


171,064

41.6



___________

___________

Tesco

Food & Drug Retailers

11,556

2.8

Aviva

Life Insurance

9,522

2.3

BHP Billiton

Mining

9,456

2.3

Morrisons (WM) Supermarkets

Food & Drug Retailers

8,738

2.1

Cobham

Aerospace & Defence

8,551

2.1

AMEC

Oil Equipment, Service & Distribution

8,538

2.1

Mothercare

General Retailers

8,514

2.1

Standard Chartered

Banks

8,482

2.1

Provident Financial

General Financial

8,408

2.1

Associated British Foods

Food Producers

8,327

2.0



___________

___________

Top twenty investments


261,156

63.6



___________

___________

Daily Mail & General Trust

Media

8,117

2.0

Arriva

Travel & Leisure

7,872

1.9

Aberforth Smaller Companies Trust

Equity Investment Instruments

7,636

1.9

GKN

Automobiles & Parts

7,421

1.8

Land Securities

Real Estate

7,380

1.8

Unilever

Food Producers

7,373

1.8

Rolls Royce

Aerospace & Defence

6,562

1.6

Rio Tinto

Mining

6,410

1.6

Millennium & Copthorne Hotels

Travel & Leisure

5,920

1.4

Close Bros

General Financial

5,865

1.4



___________

___________

Top thirty investments


331,712

80.8



___________

___________

Weir Group

Industrial Engineering

5,740

1.4

Imperial Tobacco

Tobacco

5,292

1.3

Pearson

Media

5,257

1.3

BBA Aviation

Industrial Transportation

5,084

1.2

BP Reverse Convertible

Oil & Gas Producers

4,607

1.1

British American Tobacco Reverse Convertible

Tobacco

4,604

1.1

Resolution

Life Assurance

4,526

1.1

Persimmon

Household Goods

4,526

1.1

Unilever Reverse Convertible

Food Producers

4,312

1.1

John Wood Group

Oil Equipment, Service & Distribution

4,271

1.0



___________

___________

Top forty investments


379,931

92.5



___________

___________

GlaxoSmithKline Reverse Convertible

Pharmaceuticals & Biotechnology

4,264

1.0

Prudential

Life Insurance

4,045

1.0

Barclays Bank 14% Reverse Capital Instrument

Banks

2,043

0.5

Dunedin Smaller Companies Investment Trust

Equity Investment Instruments

1,940

0.5



___________

___________

Total investments


392,223

95.5



___________

___________

Net current assets{A}


18,611

4.5



___________

___________

Total assets


410,834

100.0



___________

___________

{A} excludes bank loan of £35,000,000

 


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