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JPMorganInc&CapTst (JPI)

  Print      Mail a friend       Annual reports

Thursday 13 October, 2011

JPMorganInc&CapTst

Half Yearly Report

RNS Number : 1649Q
JPMorgan Income & Capital Trust PLC
13 October 2011
 



LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN INCOME & CAPITAL TRUST PLC

 

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED

31ST AUGUST 2011

 

 

Chairman's Statement

 

Introduction and Performance

Following the Company's strong results in the previous two financial years, the total return on the shareholders' funds for the six months to 31st August 2011 was -6.1%, marginally ahead of the return of -7.1% recorded by the composite benchmark (comprising 90% FTSE 350 Index and 10% Barclays Capital Global Corporate Bond Index in sterling terms).

 

During the reporting period, the environment for UK equities turned extremely volatile, particularly during August, with significant falls being seen across world equity markets. The continuing sovereign debt crisis in the eurozone and the downgrade of the USA's sovereign credit rating dominated the news as increasing doubt developed about the sustainability of the recovery.

 

The Investment Managers provide a detailed commentary covering market developments and your Company's portfolio in their report.

 

Share Price Performance

The prices of the Company's two classes of share and of its units (comprising two Ordinary shares and one ZDP share) were at a premium/(discount) to net asset value at 31st August 2011 and at previous period end dates as follows:

 


31st August 2011

28th February 2011

31st August 2010


Share

Premium/

Share

Premium/

Share

Premium/


prices

(discount)

prices

(discount)

prices

(discount)

ZDP

133.0p

5.8%

123.6p

1.6%

112.8p

(4.2)%

Ordinary

67.63p

(2.0)%

74.0p

(11.2)%

68.0p

4.5%

Units

266.0p

0.9%

273.0p

(5.3)%

243.5p

(1.8)%

 

Since the period end, share prices have continued to be volatile. At 11th October 2011, the price of the Ordinary shares, the ZDP share price and Unit price were at a (discount)/premium of (10.3)%, 1.7% and (5.8)% respectively.

 

Income Statement and Dividends

Revenue after tax and before dividends for the period was £2.38 million and the revenue return per Ordinary share was 3.5 pence.

 

The capital loss per Ordinary share was 15.2 pence, reflecting the impact of the fall in the stock market and the accumulation of entitlement on the ZDP shares. The total loss per Ordinary share was therefore 11.7 pence.

 

During the six months the Board has declared two quarterly interim dividends, each of 1.30 pence per ordinary, payable to Ordinary shareholders and Unit holders on 29th July 2011 and 28th October 2011. This represents an increase of 4% on last year's quarterly dividends of 1.25 pence each. The Board intends, in the absence of unforeseen circumstance, to maintain the current level of quarterly dividends to Ordinary shareholders and Unit holders for the remainder of the financial year to 29th February 2012.

 

The undistributed revenue reserves, after allowing for the payment of the second interim dividend, are approximately £1.43 million.

 

Hurdle Rate

The Hurdle Rate measures the amount by which the total assets of the Company have to grow each year in order to return the current share price to Ordinary shareholders when the Company winds up in February 2018. At 31st August 2011, the Hurdle Rate required to return the Ordinary share price of 67.63 pence was 3.9% per annum. The Hurdle Rate to return the Ordinary share rice of 100.0 pence was 6.4% per annum and the Hurdle rate to return the Final Capital Entitlement of 192.13p of the ZDP shares was -2.5% at 31st August 2011.

 

At 11th October 2011, the Hurdle Rate required to return the current Ordinary share price of 59.5p was 3.5% per annum and to return the Final Capital Entitlement of the ZDP shares of 192.13p was -2.3%.

 

Outlook

It is clear that previous forecasts of growth rates in the developed world economies were too optimistic. The negative impact of deleveraging by both households and the public sector, combined with the impact of inflation on real disposable incomes, has made the short term outlook for the UK economy more difficult. Further volatility can be expected as the eurozone crisis continues to roll on without a comprehensive resolution.

 

The Board supports the Managers' view that the Company's best interests are served through being marginally overweight in equities, thereby benefiting from the dividend growth which is anticipated during 2011/2012 and providing a hedge against inflation. This strategy is critically dependent upon the skills of the investment managers to select stocks with attractive valuations which are well placed to trade through a period of recession and to benefit when markets improve.

 

 

Sir Laurence Magnus Bt

Chairman                                                                                                                      13th October 2011



Investment Managers' Report

 

Market Review

After a strong performance in the previous twelve months, UK equities faced some strong headwinds during the first half of the new financial year, including geopolitical concerns, the escalating European sovereign debt crisis and weakening domestic economic data. Despite the continuing robustness of the UK corporate sector, UK equities delivered negative returns, with the FTSE 350 Index (excluding investment trusts) returning -8.1% over the six months, although much of this decline occurred in the month of August 2011. Although corporate bonds were hurt by the risk aversion at the end of the period, the Barclays Capital Global Corporate Bond Index managed to deliver a positive return for the six months of +2.8%. Overall the Trust's benchmark delivered a return of -7.1%, with the Trust itself outperforming this, with a return of -6.1%.

 

Throughout the review period, global concerns took their toll on the UK market. In mid-March, a massive earthquake and tsunami in Japan caused huge physical damage and sparked a nuclear crisis, as damaged reactors at the Fukushima nuclear plant were found to be leaking radiation. Global supply chains were hit by parts shortages resulting from disruption to production sites.

 

Political turmoil in the Middle East and North Africa also dented confidence. The protests that broke out in Tunisia and Egypt in February escalated in March, with unrest spreading to Bahrain and Libya. The resultant disruption to oil production in the Middle East triggered a sharp rise in oil prices, adding to the inflationary pressures on the UK economy. The oil price retreated in June after an unexpected intervention from the International Energy Agency (IEA), which announced that western nations had agreed to release 60 million barrels of oil from their strategic stockpiles to offset the loss in output in Libya.

 

The eurozone sovereign debt crisis rumbled on throughout the review period, adding to pressure on global markets. Concerns that Greece may be unable to avoid default mounted towards the end of the period, while the European Central Bank was forced to begin buying Spanish and Italian government bonds to stem contagion. The apparent inability of the European authorities to come up with a permanent solution to the crisis contributed to heavy market falls in August.

 

August's losses were compounded by the US rating downgrade and by mounting fears that the developed world economy may be heading back into recession. European data releases suggested the crisis in the periphery of the eurozone was beginning to take its toll on the core economies, while growth expectations for the US were revised down as surveys pointed to deteriorating business and consumer confidence.

 

The domestic economy also provided cause for concern for UK investors. Gross domestic product grew by a lower-than-expected 0.2% quarter on quarter in the second quarter, after a 0.5% increase in the first quarter. Manufacturing output softened, with the manufacturing purchasing managers' index reading falling over the six months under review from 56.7 in March to a low of 49.0 in August (a reading below 50 signals a contraction in activity). With unemployment creeping higher, the government came under increasing pressure to slow its programme of austerity measures. This pressure was resisted with the government remaining focused on reducing the deficit and protecting the UK's AAA credit rating.

 

For the Bank of England (BoE), the picture was complicated by a stubbornly high inflation rate, which reached 4.5% in August, well above the 2% target. However, BoE Governor Mervyn King said that deflation may ultimately be a more significant concern than high inflation, warning that the severe dislocation in world stock markets posed a risk to the UK economy and may ultimately result in inflation falling too far below the target. The UK base rate remained on hold at 0.5% throughout the review period, and expectations for increases this year and next were scaled back as economic data deteriorated. By August, investors had instead begun to look to the BoE to provide further support to growth, most probably through another round of 'quantitative easing'..

 



Portfolio Review

During the first half of the year we reduced the exposure to equities, although remaining overweight relative to the Company's composite benchmark, with the proceeds being held as cash. Whilst corporate newsflow remained by and large positive, economic indicators, which we believed would lead to stock market volatility, began to deteriorate. We retained our investment in the JP Morgan Global Corporate Bond Fund as a diversified way of enhancing the income yield of the overall portfolio, but were consistently underweight in corporate bonds relative to our composite benchmark.

 

Our investment process remains focused on identifying stocks whose earnings forecasts are being revised upwards, whose valuations are attractive and whose balance sheet strength allows for dividend stability. As such, portfolio construction is determined by bottom-up stock selection. For instance we bought KCom Group, which has diversified from its origins as the telephony provider in Kingston Upon Hull to become a national telecommunications company. Strong results, good cash generation and a rising dividend payment were the key determinants of our decision to buy the stock. We also bought RPC Group. This company manufactures rigid plastic containers for consumer goods such as food, personal hygiene products and cleaning substances. Improving manufacturing efficiencies surprised the market and led to an increase in the company's earnings forecasts. We also bought some attractive high yielding stocks such as Resolution and Scottish & Southern Energy, whilst at the same time increasing the holdings in BT and Drax.

 

On the other hand we reduced the holdings in some of the lower yielding cyclical stocks. This included selling the entire holding in Lloyds Banking Group. A sharp increase in bad debts in its Irish business led to a significant downgrade to its earnings forecasts. We took profits in several industrial engineering companies following their very strong performance. Whilst the earnings outlook for these companies remained positive, the actual rate of improvement was slowing. Stocks reduced included IMI, Weir and Senior. This activity led to the reduction in the overweight position in equities from 7.3% at the year end to 4% at the end of August 2011.

 

Performance Review

In the six months to the end of August 2011 the Company's overall portfolio return was -6.1%, in comparison with the benchmark's return of -7.1% over this period. The underlying stock selection of UK equities was favourable during this volatile period, whilst the impact of our asset allocation was unhelpful, given the more resilient performance of corporate bonds relative to equities. However, the stock selection was strong and the portfolio benefited from the continuing outperformance of some of its industrial stocks such as Senior, Weir Group, Filtrona and the recently purchased RPC. The portfolio also benefited from its underweight positions in the two most domestically focused and non-dividend paying banks, Lloyds Banking Group and Royal Bank of Scotland, both of which underperformed the declining market significantly. Some of our high yielding and relatively defensive stocks also contributed favourably to performance, notably Drax Group and Royal Dutch Shell.

 

However, our lack of holdings in some of the more expensively valued and relatively defensive stocks such as Unilever, SABMiller, and Reckitt Benckiser was unhelpful, as they outperformed the declining equity market. Our holding in the recruitment consultant, Hays, underperformed the market and we have since sold this stock as its prospects weakened given the less positive economic outlook. Some of our life assurers suffered from the market turmoil at the end of the period, such as Aviva and Prudential, but overall the underlying stock selection of the portfolio contributed positively to the Trust's returns over this first half of the year.

 



Market Outlook

The weak economic data that we have seen in recent months is likely to persist for the remainder of 2011, as the UK economy adjusts to a variety of challenges. These include weaker overseas demand, government budget cuts and possibly rising unemployment. Furthermore, the eurozone debt crisis poses potential problems for many financial companies, even though the UK banks are much less exposed to Greece and other periphery European states than many European banks. The BOE is now anticipated to keep base rates unchanged at 0.5% at least until mid-2012, whilst other measures are available, such as further QE, to stimulate economic growth if it is deemed necessary.

 

Negative real interest rates mean that there are few investment options apart from equities for those who require an income that will keep pace with inflation. Although the immediate outlook for all risk assets remains uncertain and the current market volatility is likely to continue, UK equities are now trading at attractive valuations, both relative to their own history and to other asset classes. UK corporate earnings are expected to deliver growth in 2011 and incremental growth in 2012; the pace of this growth may diminish as the year progresses if the economic situation does not improve, but there should be earnings growth nonetheless. With UK equities currently yielding over 4%, in comparison with government bonds yielding less than 2.5%, it seems likely that a worsening macro environment is already somewhat discounted in the current valuation of UK equities, especially as dividends are forecast to grow. The immediate outlook remains uncertain and volatile, but the current valuation should provide some support in this challenging environment.

 

 

 

John Baker

Sarah Emly

Investment Managers                                                                                                      13th October 2011

 



Interim Management Report

 

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

 

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; market; 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 28th February 2011.

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.

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 year financial report has been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; and gives a true and fair view of the assets, liabilities, financial position and net return of the Company as required by the UK Listing Authority Disclosure and Transparency Rules ('DTR') 4.2.4R; 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

Sir Laurence Magnus Bt

Chairman                                                                                                          13th October 2011

 

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6000

 

 

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmincomeandgrowth.co.uk

 

 



Income Statement for the six months ended 31st August 2011

 


(Unaudited)
Six months ended
31st August 2011

(Unaudited)
Six months ended
31st August 2010

(Audited)
Year ended
28th February 2011


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

(Losses)/gains on
  investments held at
  fair value through
  profit or loss

-

(8,136)

(8,136)

-

(1,247)

(1,247)

-

13.165

13,165

Income from
  investments

2,710

-

2,710

2,184

-

2,184

4,097

-

4,097

Other interest
  receivable and
  similar income

66

-

66

134

-

134

226

-

226

Gross return/(loss)

2,776

(8,136)

(5,360)

2,318

(1,247)

1,071

4,323

13,165

17,488

Management fee

(190)

(285)

(475)

(162)

(243)

(405)

(338)

(506)

(844)

Other administrative expenses

(203)

-

(203)

(187)

-

(187)

(410)

-

(410)

Net return/(loss) on
  ordinary activities
  before finance
  costs and taxation

2,383

(8,421)

(6,038)

1,969

(1,490)

479

3,575

12,659

16,234

Finance costs -
  appropriations
  Provision for the
  compound growth
  entitlement of the
  Zero Dividend
  Preference shares

-

(1,861)

(1,861)

-

(1,743)

(1,743)

-

(3,544)

(3,544)

Finance costs - other

(5)

(7)

(12)

(5)

(7)

(12)

(9)

(14)

(23)

Net return/(loss) on
  ordinary activities
  before taxation

2,378

(10,289)

(7,911)

1,964

(3,240)

(1,276)

3,566

9,101

12,667

Taxation

(1)

-

(1)

(1)

-

(1)

(7)

-

(7)

Net return/(loss) on
  ordinary activities
   after taxation

2,377

(10,289)

(7,912)

1,963

(3,240)

(1,277)

3,559

9,101

12,660

Return/(loss) per
  class of share










  (note 4)










Ordinary share

3.5p

(15.2)p

(11.7)p

2.9p

(4.8)p

(1.9)p

5.3p

13.5p

18.8p

Zero Dividend
  Preference share

-

4.0p

4.0p

-

3.8p

3.8p

-

7.7p

7.7p

               

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 prepared under guidance issued by The Association of Investment Companies. 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.



Reconciliation of Movements in Shareholders' Funds

 


Called up



Capital





share

Share

Other

redemption

Capital

Revenue


For the six months ended

capital

premium

reserve

reserve

reserves

reserve

Total

31st August 2011 (unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 28th February 2011

675

3,640

60,401

8

(10,138)

1,649

56,235

Amortisation of expenses of the
  lacing and offer for subscription

-

-

11

-

-

-

11

Net (loss)/return on ordinary
  activities

-

-

-

-

(10,289)

2,377

(7,912)

Dividends appropriated in the period

-

-

-

-

-

(1,721)

(1,721)

At 31st August 2011

675

3,640

60,412

8

(20,427)

2,305

46,613










Called up



Capital





share

Share

Other

redemption

Capital

Revenue


For the six months ended

capital

premium

reserve

reserve

reserves

reserve

Total

31st August 2010 (unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 28th February 2010         

675

3,640

60,378

8

(19,234)

1,466

46,933

Amortisation of expenses of the
  placing and offer for subscription

-

-

12

-

-

-

12

Net (loss)/return on ordinary
  activities

-

-

-

-

(3,240)

1,963

(1,277)

Dividends appropriated in the period

-

-

-

-

-

(1,688)

(1,688)

At 31st August 2010           

675

3,640

60,390

8

(22,474)

1,741

43,980










Called up



Capital





share

Share

Other

redemption

Capital

Revenue


For the year ended

capital

premium

reserve

reserve

reserves

reserve

Total

28th February 2011 (audited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 28th February 2010

675

3,640

60,378

8

(19,234)

1,466

46,933

Listing fee for potential future
  share issues

-

-

-

-

(5)

-

(5)

Amortisation of expenses of the
  placing and offer for subscription

-

-

23

-

-

-

23

Net return on ordinary activities

-

-

-

-

9,101

3,559

12,660

Dividends appropriated in the year

-

-

-

-

-

(3,376)

(3,376)

At 28th February 2011

675

3,640

60,401

8

(10,138)

1,649

56,235

 

 



Balance Sheet

at 31st August 2011

 

               


(Unaudited)

(Unaudited)

(Audited)


31st August 2011

31st August 2010

28th February 2011


£'000

£'000

£'000

Fixed assets




Investments held at fair value through profit or loss

99,744

96,563

110,810

Investment in liquidity fund held at fair value




  through profit or loss

3,940

690

640

Total portfolio

103,684

97,253

111,450

Current assets




Debtors

890

1,228

1,041

Cash and short term deposits

476

234

276


1,366

1,462

1,317

Creditors: amounts falling due within one year

(508)

(453)

(440)

Derivative financial instruments held at fair value




  through profit or loss - written options

(7)

(22)

(31)

Net current assets

851

987

846

Total assets less current liabilities

104,535

98,240

112,296

Creditors: amounts falling due after more than




  one year




Capital entitlement of the Zero Dividend Preference




  shareholders

(57,922)

(54,260)

(56,061)

Net assets

46,613

43,980

56,235

Capital and reserves




Called up share capital

675

675

675

Share premium

3,640

3,640

3,640

Other reserve

60,412

60,390

60,401

Capital redemption reserve

8

8

8

Capital reserves

(20,427)

(22,474)

(10,138)

Revenue reserve

2,305

1,741

1,649

Equity shareholders' funds

46,613

43,980

56,235

Net asset values per share (note 5)




Zero Dividend Preference share

125.7p

117.7p

121.6p

Ordinary share

69.0p

65.1p

83.3p

 



Cash Flow Statement

for the six months ended 31st August 2011

 


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2011

31st August 2010

28th February 2011


£'000

£'000

£'000

Net cash inflow from operating activities (note 6)

1,647

1,719

3,270

Taxation recovered

2

-

-

Net cash inflow/(outflow) from capital
  expenditure and financial investment

272

(187)

(3)

Dividends paid

(1,721)

(1,688)

(3,376)

Net cash outflow from financing

-

-

(5)

Increase/(decrease) increase in cash
  for the period

200

(156)

(114)

Reconciliation of net cash flow to movement




  in net funds




Net cash movement

200

(156)

(114)

Net funds at the beginning of the period

276

390

390

Net funds at the end of the period

476

234

276

Represented by:




Cash and short term deposits

476

234

276

 

 



Notes to the Accounts

for the six months ended 31st August 2011

 

1.             Financial statements

                The information contained within the Financial Statements in this half year report has not been audited or reviewed by the Company's auditors.

 

                The figures and financial information for the year ended 28th February 2011 are extracted from the latest published accounts of the Company and do not constitute the 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 498(2) or 498(3) of the Companies Act 2006.

 

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 and Venture Capital Trusts' issued in January 2009.

 

                All of the Company's operations are of a continuing nature.

                The accounting policies applied in these half year accounts are consistent with those applied in the accounts for the year ended 28th February 2011.

 

3.             Dividends on Ordinary shares


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2011

31st August 2010

28th February 2011


£'000

£'000

£'000

Fourth quarterly dividend of 1.25p (2010: 1.25p) paid in April

844

844

844

First quarterly dividend of 1.30p (2010: 1.25p)




  paid in July

877

844

844

Second quarterly dividend of 1.25p paid in October

N/a

N/a

844

Third quarterly dividend of 1.25p paid in January

N/a

N/a

844

Total dividends paid in the period

1,721

1,688

3,376

 

               

                A second quarterly dividend of 1.30p (2010: 1.25p) per Ordinary share amounting to £877,000 (2010: £844,000) has been declared payable in respect of the six months ended 31st August 2011.

 



4.             Return/(loss) per class of share

                Return/(loss) per Ordinary share is based on the following:


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2011

31st August 2010

28th February 2011


£'000

£'000

£'000

Revenue return

2,377

1,963

3,559

Capital (loss)/return

(10,289)

(3,240)

9,101

Total (loss)/return

(7,912)

(1,277)

12,660

Weighted average number of Ordinary shares in issue

67,506,782

67,506,782

67,506,782

Revenue return per share

3.5p

2.9p

5.3p

Capital (loss)/return per share

(15.2)p

(4.8)p

13.5p

Total (loss)/return per share

(11.7)p

(1.9)p

18.8p

 

                Return per Zero Dividend Preference share is based on the following:


Six months ended

Six months ended

Year ended


31st August 2011

31st August 2010

28th February 2011


£'000

£'000

£'000

Capital return - compound growth entitlement

1,861

1,743

3,544

Weighted average number of Zero Dividend Preference




  shares in issue

46,087,200

46,087,200

46,087,200

Return per share

4.0p

3.8p

7.7p

               

5.             Net asset values per share

                Net asset values per share calculated in accordance with the Articles of Association are as follows:


(Unaudited)

(Unaudited)

(Audited)


31st August 2011

31st August 2010

28th February 2011

Zero Dividend Preference shares




Net assets attributable (£'000)

57,922

54,260

56,061

Shares in issue at the period end

46,087,200

46,087,200

46,087,200

Net asset value per share

125.7p

117.7p

121.6p

Ordinary shares




Net assets attributable (£'000)

46,613

43,980

56,235

Shares in issue at the period end

67,506,782

67,506,782

67,506,782

Net asset value per share

69.0p

65.1p

83.3p



6.             Reconciliation of net (loss)/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 August 2011

31st August 2010

28th February 2011


£'000

£'000

£'000

Net (loss)/return on ordinary activities before finance costs




  and taxation

(6,038)

479

16,234

Capital loss/(return) before finance costs and taxation

8,421

1,490

(12,659)

Scrip dividends included in income

(13)

(12)

(20)

(Increase)/decrease in net debtors and accrued income

(432)

5

228

Overseas withholding tax

(6)

-

(7)

Management fee charged to  capital

(285)

(243)

(506)

Net cash inflow from operating activities

1,647

1,719

3,270

 

 

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.

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

ENDS

 

A copy of the half year has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do

 

The half year will also shortly be available on the Company's website at www.jpmincomeandcapital.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

 


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