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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Monday 14 February, 2011

City of London IT

Half Yearly Report

RNS Number : 1838B
City of London Investment Trust PLC
14 February 2011
 



 

14 February 2011

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year Ended 31 December 2010

 

This announcement contains regulated information

 

 

Total Returns

Six Months to

31 December 2010

Net asset value per ordinary share ("NAV")*

20.7%

Average UK Growth & Income Investment Trust NAV * †

20.9%

Relative NAV performance

(0.2%)

Ordinary share price *

24.3%

FTSE All-Share 4% Capped Index #

22.1%

FTSE All-Share Index #

22.0%



Sources: * AIC Information Services Limited

              # Datastream

               † Size weighted average

 

 

INTERIM MANAGEMENT REPORT

 

Performance

 

Net Asset Value Total Return

It is a pleasure to report on a period when shareholders have experienced good returns. During the six months to 31 December 2010, equities performed well against a background of a continuation of a stimulative monetary policy with ultra low interest rates in the USA, Europe and UK.  The recovery of global economic growth was strongest in the Pacific and Emerging Markets and benefited UK listed companies exposed to those areas.

 

City of London produced a net asset value total return of 20.7% which was 0.2% behind the size weighted average for the UK Growth & Income investment trust sector.  The UK equity market, as measured by the FTSE All-Share 4% Capped Index, produced a return of 22.1%, which was ahead of City of London by 1.4%.  The outperformance of the low yielding mining sector was the main reason for the Index doing better than City of London during this six month period.

 

Within City of London's portfolio, the most positive contributors to performance were exporting companies in the industrial engineering sector, such as Weir, and in the chemicals sector, such as Croda.  In addition, the large holding in Royal Dutch Shell had a good six months helped by the rise in the oil price.  Other notable positive contributors were the Trust's gearing and the below average exposure to the underperforming banking sector.

 

Earnings and Dividends

Earnings per share, for this period, increased by 1.6% over the same period last year.  With the notable exception of BP, there has been an improvement in dividends from companies in our portfolio.  The average increase in the dividend rate of companies in City of London's portfolio, excluding BP, was 6.3%.  The Board has forecast a minimum dividend for the financial year of 13.00p, an increase of 2.7% over last year.  With the backing of substantial revenue reserves, the Board is confident that it is well placed to continue the Trust's forty-four year record of annual dividend increases.

 

 

- MORE -

 

 

 

                                                                                                                                                         Page 2 of 10

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year Ended 31 December 2010

 

Interim Management Report (continued)

 

Material Events and Transactions during the period

The Trust's gearing increased from 9.2% to 10.2% to take advantage of opportunities for income and capital growth financed by the Trust's borrowing facility with HSBC.  A total of 8,965,000 new shares were issued at a premium to net asset value, benefiting the income and capital objective of the Trust.

 

The portfolio's exposure to the life assurance sector was increased with a new holding in Prudential, which has significant exposure to Far Eastern markets as well as its long standing interests in the UK and USA.

 

Other new holdings included J. Sainsbury in food retailing and the contract caterer Compass.  Profits were taken in some cyclical stocks which had performed well including Tomkins which was taken over.

 

Expenses

Although City of London has outperformed the AIC Growth & Income size weighted average over the 30 months to 31 December 2010 by 0.7%, this is not enough for the Manager to earn a performance fee.  The Total Expense Ratio ("TER") which is the investment management fee and other non-interest expenses as a percentage of shareholders' funds, remains low compared with most other equity savings products.  The TER for the six months is equivalent to a full year rate of approximately 0.45% of net assets.

 

The Board

Philip Remnant joined the Board on 1 January 2011.  Philip brings valuable experience through his career in corporate finance, and as Director General of the Takeover Panel, Chairman of the Shareholder Executive and a Director of UK Financial Investments.  It is the Board's intention that Philip will succeed me as Chairman following my retirement at the Annual General Meeting in October 2011.

 

Outlook for the six months to 30 June 2011

Global growth over the last twelve months has been strong and this is forecast to continue for 2011. Prospects for the UK are uncertain but our portfolio is predominantly invested in companies with overseas earnings and many of the large companies in which we are invested are strongly placed to improve their profits.  Their valuation and dividend yields are attractive if, as we believe, the recovery in profits and dividends continues on a global basis.

 

 

 

 

 

 

 

S M de Zoete

Chairman

 

 

- MORE -

 

 

 

 

                                                                                                                                                         Page 3 of 10

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year Ended 31 December 2010

 

 Income Statement

 for the half year ended 31 December 2010

 


(Unaudited)

Half year ended

31 December 2010

(Unaudited)

Half year ended

31 December 2009

(Audited)

Year ended

30 June 2010


Revenue

Return

Capital

Return

 

Total

Revenue

Return

Capital

Return

 

Total

Revenue

Return

Capital

Return

 

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000










Gains on investments held at fair value through profit or loss

-

95,017

95,017

-

118,528

118,528

-

87,484

87,484











Income from investments held at fair value through profit or loss

11,047

-

11,047

10,478

-

10,478

25,809

-

25,809











Other interest receivable and similar income

980

-

980

1,072

-

1,072

1,833

-

1,833

--------

--------

--------

--------

--------

--------

--------

--------

--------

Gross revenue and

capital gains

12,027

95,017

107,044

11,550

118,528

130,078

27,642

87,484

115,126

--------

----------

----------

--------

----------

----------

--------

----------

----------

Management fees

(316)

(737)

(1,053)

(278)

(649)

(927)

(561)

(1,310)

(1,871)

Performance fee

-

-

-

-

(816)

(816)

-

(75)

(75)

Other administrative expenses

(312)

-

(312)

(308)

-

(308)

(612)

-

(612)

--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return on ordinary activities before finance charges and taxation

11,399

94,280

105,679

10,964

117,063

128,027

26,469

86,099

112,568











Finance charges

(750)

(1,564)

(2,314)

(721)

(1,499)

(2,220)

(1,440)

(2,993)

(4,433)

--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return on ordinary activities before taxation

10,649

92,716

103,365

10,243

115,564

125,807

25,029

83,106

108,135











Taxation on net return on ordinary activities

(18)

-

(18)

(30)

-

(30)

(148)

-

(148)

--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return on ordinary activities after taxation

10,631

92,716

103,347

10,213

115,564

125,777

24,881

83,106

107,987

=====

=====

=====

=====

=====

=====

=====

======

======











Return per ordinary share - basic (note 2)

4.98p

43.46p

48.44p

4.90p

55.39p

60.29p

11.93p

39.83p

51.76p

=====

=====

=====

=====

=====

=====

=====

======

======

 

 

The total columns of this statement represent the Income Statement of the Company.    All revenue and capital items derive from continuing operations.  No operations were acquired or discontinued during the year.  The Company has no recognised gains or losses other than those recognised in the Income Statement and the Reconciliation of Movements in Shareholders' Funds.

 

- MORE -



                                                                                                                                                                           

Page 4 of 10

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2010

 

Reconciliation of Movements in Shareholders' Funds

for the half years ended 31 December 2010 and 2009 and year ended 30 June 2010

 

 

Half  year ended 31 December 2010 (unaudited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000







At 30 June 2010

52,155

37,079

2,707

392,406

26,679

511,026

Net return on ordinary activities after taxation

-

-

-

92,716

10,631

103,347

Issue of 8,965,000 new ordinary shares

2,241

22,080

-

-

-

24,321

Fourth interim dividend (3.25p per share) for year ended 30 June 2010 paid 31 August 2010

-

-

-

-

(6,831)

(6,831)

First interim dividend (3.25p per share) for year ended 30 June 2011 paid 30 November 2010

-

-

-

-

(6,974)

(6,974)


--------

---------

---------

----------

--------

----------

At 31 December 2010

54,396

59,159

2,707

485,122

23,505

624,889

=====

======

======

======

=====

======








 

Half  year ended 31 December 2009 (unaudited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000








At 30 June 2009

52,130

36,893

2,707

309,300

27,852

428,882

Net return on ordinary activities after taxation

-

-

-

115,564

10,213

125,777

Issue of 100,000 ordinary shares

25

186

-

-

-

211

Fourth interim dividend (3.08p per share) for year ended 30 June 2009 paid 28 August 2009

-

-

-

-

(6,422)

(6,422)

First interim dividend (3.08p per share) for year ended 30 June 2010 paid 30 November 2009

-

-

-

-

(6,426)

(6,426)


--------

--------

---------

--------

--------

----------

At 31 December 2009

52,155

37,079

2,707

424,864

25,217

542,022

=====

=====

======

======

=====

======








 

 

Year ended 30 June 2010 (Audited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000








At 30 June 2009

52,130

36,893

2,707

309,300

27,852

428,882

Net return on ordinary activities after taxation

-

-

-

83,106

24,881

107,987

Issue of 100,000 new ordinary shares

25

186

-

-

-

211

Fourth interim dividend (3.08p per share) for year ended 30 June 2009 paid 28 August 2009

-

-

-

-

(6,422)

(6,422)

First and second interim dividends (3.08p each per share) for year ended 30 June 2010 paid 30 November 2009 and 26 February 2010

-

-

-

-

(12,852)

(12,852)

Third interim dividend (3.25p per share) for year ended 30 June 2010 paid 28 May 2010

-

-

-

-

(6,780)

(6,780)








--------

--------

---------

--------

--------

----------

At 30 June 2010

52,155

37,079

2,707

392,406

26,679

511,026

=====

======

======

======

======

======

- MORE -

                                                                                                                                                         Page 5 of 10

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2010

 

 

Balance Sheet

at 31 December 2010

 


(Unaudited)

31 December

2010

£'000

(Unaudited)

31 December

2009

£'000

(Audited)

30 June

2010

£'000





Investments held at fair value through

profit or loss




Listed at market value in the United Kingdom

649,993

561,243

535,443

Listed at market value overseas

38,969

25,787

23,024

Investment in subsidiary undertakings

347

378

347

----------

----------

----------


689,309

587,408

558,814

----------

----------

----------

Current assets




Debtors

3,095

2,891

4,577

Bank balances and short term deposits

843

2,520

1,475

--------

--------

----------


3,938

5,411

6,052

--------

--------

----------

Creditors: amounts falling due within one year

(20,959)

(3,398)

(6,441)

---------

----------

----------

Net current (liabilities)/assets

(17,021)

2,013

(389)

---------

----------

----------

Total assets less current liabilities

672,288

589,421

558,425





Creditors: amounts falling due after more

than one year

(47,399)

(47,399)

(47,399)

----------

----------

----------

Total net assets

624,889

542,022

511,026

======

======

======

Capital and reserves




Called-up share capital (note 3)

54,396

52,155

52,155

Share premium account

59,159

37,079

37,079

Capital redemption reserve

2,707

2,707

2,707

Other capital reserves

485,122

424,864

392,406

Revenue reserve

23,505

25,217

26,679

----------

----------

----------

Shareholders' funds

624,889

542,022

511,026

======

======

======





Net asset value per ordinary share (note 4)

287.19p

259.81p

244.96p

======

======

======

 

 

 

 

 

- MORE -



                                                                                                                                                                           

Page 6 of 10

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2010

 

 

Cash Flow Statement

for the half year ended 31 December 2010

 


(Unaudited)

Half year ended

31 December 2010

£'000

(Unaudited)

Half year ended

31 December 2009

£'000

(Audited)

Year ended

30 June 2010

£'000





Net cash inflow from operating activities

12,145

12,819

25,465

Net cash outflow from servicing of finance

(2,314)

(2,220)

(4,433)

Total tax recovered

20

136

331

Net cash (outflow)/inflow from financial investment

(36,155)

5,693

4,132

Equity dividends paid

(13,805)

(12,848)

(26,054)

Net cash inflow/(outflow) from financing

24,321

(1,789)

(1,789)

---------

---------

----------

(Decrease)/increase in cash

(15,788)

1,791

(2,348)

=====

=====

======

Reconciliation of operating revenue to net cash inflow from operating activities

 

 

 

 

 

 

Total return before finance costs and taxation

105,679

128,027

112,568

Less: capital return before finance costs and taxation

(94,280)

(117,063)

(86,099)

-----------

-----------

-----------

Net revenue return before finance costs and taxation

11,399

10,964

26,469

Decrease/(increase) in accrued income

1,488

1,595

(86)

Decrease in other debtors

-

714

714

Increase in other creditors

34

1,091

104

Expenses charged to other capital reserves

(737)

(1,465)

(1,385)

Overseas withholding tax

(39)

(80)

(351)

--------

--------

----------

Net cash inflow from operating activities

12,145

12,819

25,465

 =====

 =====

======

Reconciliation of net cash inflow to movement in

net debt




(Decrease)/increase in cash as above

(15,788)

1,791

(2,348)

Cash outflow from movement in loans

-

2,000

2,000

Exchange movements

17

(21)

(51)

Net debt at beginning of the period

(49,048)

(48,649)

(48,649)

----------

----------

----------

Net debt at end of the period

(64,819)

(44,879)

(49,048)

======

======

======

Represented by:




Cash at bank and short term deposits less bank overdrafts

(17,420)

2,520

(1,649)

Debt falling due after more than one year

(47,399)

(47,399)

(47,399)

----------

----------

----------


(64,819)

(44,879)

(49,048)

======

======

======





 

 

- MORE -



                                                                                                                                                                           

Page 7 of 10

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2010

 

Notes

 

1.


Accounting policy - Basis of preparation



The condensed set of financial statements has been prepared using the same accounting policies as are set out in the Company's Annual Report and Financial Statements for the year ended 30 June 2010.

 

The condensed set of financial statements has not been audited or reviewed by the Company's auditors.







2.


Return per ordinary share









(Unaudited)

Half year ended

31 December 2010

£'000


(Unaudited)

Half year ended

31 December

2009

£'000


(Audited)

Year ended

30 June 2010 £'000



The return per ordinary share is based on the following figures:








Revenue return

10,631


10,213


24,881



Capital return

92,716


115,564


83,106



----------


----------


----------



Total

103,347


125,777


107,987



======


======


======



Weighted average number of ordinary shares in issue for each period

213,359,596


208,607,911


208,613,841











Revenue return per ordinary share

4.98p


4.90p


11.93p



Capital return per ordinary share

43.46p


55.39p


39.83p




----------


----------


----------



Total

48.44p


60.29p


51.76p



======


======


======



The Company does not have any dilutive securities.













3.


Called-up share capital



During the half year ended 31 December 2010, 8,965,000 ordinary shares were issued for total proceeds of £24,321,000 (half year ended 31 December 2009: 100,000 ordinary shares issued for total proceeds of £211,000; year ended 30 June 2010: 100,000 ordinary shares issued for total proceeds of £211,000).  The number of ordinary shares in issue at 31 December 2010 was 217,584,868.




4.


Net asset value per ordinary share



The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of  £624,889,000 (31 December 2009: £542,022,000; 30 June 2010: £511,026,000) and on 217,584,868 ordinary shares (31 December 2009: 208,619,868; 30 June 2010: 208,619,868) being the number of ordinary shares in issue at the end of the period.




 

 

 

- MORE -



 

                                                                                                                      Page 8 of 10

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2010

 

Notes (continued)

 

5.    Transaction costs

Purchase transaction costs for the half year ended 31 December 2010 were £304,000 (half year ended 31 December 2009: £220,000; year ended 30 June 2010: £421,000). These comprise mainly stamp duty and commissions. Sale transaction costs for the half year ended 31 December 2010 were £33,000 (half year ended 31 December 2009: £62,000; year ended 30 June 2010: £118,000).

 

6.    Interim dividends

A first interim dividend of 3.25p was paid on 30 November 2010. The second interim dividend of 3.25p (declared on 2 December 2010) will be paid on 28 February 2011 to shareholders on the register on 21 January 2011.

 

7.    Related party transactions

The only related party arrangement currently in place is with Henderson Global Investors Limited for the provision of investment management, accounting, company secretarial and administration services.  Other than fees payable in the ordinary course of business, there have been no material transactions with the related party affecting the financial position or performance of the Company during the six months.

 

8.    Going concern

The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements.  The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.

 

9.    Financial information

The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.

 

The figures and financial information for the year ended 30 June 2010 have been extracted from the latest published audited financial statements of the Company. Those financial statements 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 section 498(2) or 498(3) of the Companies Act 2006.

 

10.  Half year report

A copy of the Company's report for the half year ended 31 December 2010 will be posted to shareholders in early March 2011 and will be available on our website (www.cityinvestmenttrust.com) from 28 February 2011.  Copies can also be requested thereafter from the Secretary at the Registered Office, 201 Bishopsgate, London EC2M 3AE.

 

 

 

 

 

 

 

- MORE -



                                                                                                                                                                           

Page 9 of 10

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2010

 

 

Largest Investments

The 60 largest investments, convertibles and all classes of equity in any one company being treated as one investment, were as follows:

 

Market value

31 December 2010

£'000


Market value

31 December 2010

£'000

Royal Dutch Shell

44,415


United Utilities

5,624

British American Tobacco

41,880


Pennon Group

5,440

GlaxoSmithKline

32,240


Deutsche Telekom

5,358

Diageo

31,403


Hiscox

5,340

Vodafone

31,116


Spirax-Sarco Engineering

5,319

HSBC

27,183


RSA Insurance

4,820

BHP Billiton

21,468


Zurich

4,783

AstraZeneca

20,454


Greene King

4,602

National Grid

19,355


Standard Chartered

4,368

Scottish & Southern Energy

16,844


Legal & General

4,354

Unilever

16,686


Swisscom

4,226

Tesco

16,363


Statoil

4,120

BP

16,294


Meggitt

4,070

Rio Tinto

13,220


Schroders

4,010

Croda

10,908


Prudential

4,008

Pearson

10,836


Barclays

3,925

Land Securities

10,784


BBA Aviation

3,878

Centrica

10,280


Novartis

3,766

Britvic

9,939


Sainsbury (J)

3,763

Weir

9,345


Smiths Group

3,735

Aviva

9,039


John Laing Infrastructure Fund

3,728

IMI

8,978


British Sky Broadcasting

3,680

Reckitt Benckiser

8,813


Halfords

3,656

Reed Elsevier

8,123


Morrisons

3,613

Imperial Tobacco

7,872


Provident Financial

3,496

Amlin

7,769


ENI

3,487

BAE Systems

6,930


Admiral

3,409

France Telecom

6,011


Cineworld

3,255

Smiths News

5,913


Premier Farnell

3,156

Severn Trent

5,912


Whitbread

3,133

 

These investments total £610,495,000 or 88.6% of the portfolio.

 

 

 

 

 

 

 

 

- MORE -



 

                                                                                                                      Page 10 of 10

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2010

 

 

Sector Analysis of Portfolio as at 31 December 2010

 

 

%

Oil & Gas

10.4

Basic Materials

7.3

Industrials

10.7

Consumer Goods

17.6

Health Care

8.2

Consumer Services

11.9

Telecommunications

7.3

Utilities

9.6

Financials

16.4

Technology

0.6

 

--------

Total

100.0

 

=====

 

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

 

a)         the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's statement "Half-Yearly Financial Reports";

 

b)         this report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

c)         this report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

S M de Zoete, Chairman

 

For further information please contact:

 

Job Curtis

Portfolio Manager, The City of London Investment Trust plc

Telephone: 020 7818 4367

 

James de Sausmarez

Director and Head of Investment Trusts, Henderson Global Investors

Telephone: 020 7818 3349

 

Sarah Gibbons-Cook

Investor Relations and PR Manager, Henderson Global Investors

Telephone: 020 7818 3198

 

- ENDS -

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 


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