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Murray Inc Trust PLC (MUT)

  Print      Mail a friend       Annual reports

Monday 13 February, 2012

Murray Inc Trust PLC

Half Yearly Financial Report

RNS Number : 3368X
Murray Income Trust PLC
13 February 2012
 



Murray Income Trust PLC

Results for the half year ended 31 December 2011

 

Key Facts

 

·     Murray Income's Net Asset Value outperformed the benchmark FTSE All-Share Index by 2.9% on a total return basis.

 

·     Share price discount to Net Asset Value narrowed by 0.4% over the six-month period.

 

·     Second interim dividend of 5.5p will be paid on 13 April 2012.

 

The Directors of Murray Income Trust PLC report the unaudited results for the half year ended 31 December 2011.

 

Interim Board Report

 

Performance

The UK equity market performed poorly over the six month period to 31 December 2011, with a negative net asset value total return for the Company of 3.3%.  The Company outperformed the benchmark, the FTSE All-Share Index, which declined by 6.2%.  On a total return basis, the Company's share price decreased by 3.0% to 621.0p, which reflected a small decrease in the discount to net asset value at which the shares trade.

 

Manager's Commentary

 

Background

The recovery in equity markets stalled during the six month period with sharp falls in the first half of the period offset by a partial recovery during the second half.  In the US, there was a coincidence of political concerns, especially about the raising of the debt ceiling and some weak economic data. However, the main continuing focus was on Europe where, in early autumn, concerns over sovereign debt contagion and its impact on the banking sector, together with an apparent lack of political will to address the issues, led to a collapse in confidence.  In consequence, both equity markets and commodity prices fell in concert with the deteriorating macro-economic backdrop.  However, towards the end of the period, investor concerns were partly assuaged by the introduction of a three-year Long Term Refinancing Operation (LTRO) by the European Central Bank which helped to increase liquidity among the continent's banks, renewed mandates for more credible governments in Italy and Spain, coordinated action by central banks to ease dollar funding pressures and a stabilisation in economic data.

 

Investor interest focused on the more defensive areas of the market, such as pharmaceutical and tobacco companies which outperformed while, on the other hand, financial companies lagged.  From a size perspective, the FTSE 100 Index outperformed both the FTSE 250 and Small Cap Indices, given its greater exposure to more defensive areas of the market and investors' desire to reduce portfolio volatility.

 

Domestic economic data remained lacklustre over the six months, with little sign of improvement in the outlook.  The UK economic recovery stuttered as the period progressed, highlighted by weak consumer confidence and declining manufacturing and services PMI surveys.  Although above expectations, GDP growth of 0.6% in the third quarter was followed by a fall of 0.2% in the final quarter of 2011, according to initial estimates (released after the period end).  Inflation remained above the Bank of England's target level, although it appeared to have peaked at 5.2% in September.  However, the poor outlook and the implications of weakness in Europe, which buys around 40% of the UK's exports, caused the Monetary Policy Committee to vote in favour of extending its asset purchase programme by £75bn and maintaining interest rates at 0.5% throughout the period.  Forecasts of around 1% GDP growth in 2012 and falling inflation suggest that interest rates are likely to remain on hold for the foreseeable future.

 

Economic growth outside the UK was mixed, although there seemed only limited grounds for optimism.  Data remained generally weak in Europe, with market forecasters now expecting widespread contraction across the region in the first part of 2012.  Pressures on the banking sector in Europe remain serious and austerity measures are likely to result in a significant drag on growth.  However, most of the worst-affected nations have new leadership groups in charge which are committed to meeting the economic challenges presented to them and have less of the political baggage of having been part of the cause of the current problems.  In contrast to Europe, the US economy continued to develop relatively favourably demonstrating robust employment, manufacturing and consumer spending data, albeit it is still in a fragile state and operating well below the levels of acceleration typically seen at this stage of an economic cycle.  In China, weak manufacturing amplified concerns about the slowing pace of growth in what has been the engine of the global economy in recent years.  However these have been partly offset by moderating inflation data that could result in fresh monetary stimulus. 

 

The Company's net asset value outperformed the benchmark over the period.  The main positive contributors were the underweight positions in the mining and banking sectors, both of which fell significantly over the interim period.  The overweight exposure to food producers, pharmaceuticals and tobacco proved to be beneficial during a period in which defensive companies outperformed strongly.  The underweight positions in oil & gas and beverages detracted from performance.  The Company's gearing, which was marginally increased over the period, had a slightly negative impact on the net asset value performance.

 

Activity

We invested in two new holdings during the period both of which are listed overseas, which took our overseas weighting to 9.3%.  The first is Swiss food group Nestlé, well-known for its strong brands, excellent track record and attractive exposure to faster growing end-markets.  The second new company is the French energy efficiency group, Schneider Electric, which provides access to long-term structural growth in energy provision and derives around 40% of its revenues from Emerging Markets.  Elsewhere, we sold our holding in Rio Tinto and reinvested the proceeds into BHP Billiton, increasing the position in the holding.  As well as a higher dividend yield and greater potential for dividend growth, we favour BHP Billiton's more diversified asset base.  In addition, we sold the residual holding in Millennium & Copthorne, following its strong share price recovery over the last couple of years, and also the small holding in the Barclays Reserve Capital Instrument given its high opportunity cost.  Finally, we disposed of our holding in Persimmon given its strong relative performance, its low yield and the challenging outlook for the industry.

 

As in previous periods, we continued to focus on high-quality, generally larger companies.  We added to our holdings in Compass, Cobham and Prudential.  Reductions to holdings were mostly through the assignment of options including Land Securities, Close Brothers, Provident Financial, National Grid and Whitbread.

 

In order to increase income, we continued to write options, with puts on companies including GlaxoSmithKline, Unilever and Standard Chartered, and calls over Shell and British American Tobacco, amongst others.

 

Outlook

The path to recovery during the three years since the nadir of the financial crisis has been uneven. Companies and, to some extent, individuals, have made sound progress in reducing their borrowings, but government indebtedness remains of concern, particularly in Southern Europe. The US economy has demonstrated promising signs of growth, albeit from a low base, and Emerging Market economies have continued to move forward at a robust pace, but uncertainties over the imbalances and shape of the Eurozone still threaten to affect confidence unless a convincing vision for the future can be presented. Although banks' capital positions have improved and liquidity pressures have eased, in part due to recent action by the European Central Bank, stresses in the financial system remain and, together with the impact of austerity measures, present a hurdle to a concerted and enduring global economic recovery. A positive development would be for governments to recognise the underutilisation of resources and access more effectively the pool of savings caught in the liquidity trap.   We take comfort, however, that a sharp fall in corporate profits seems unlikely and, therefore, valuations do not look particularly stretched on an absolute or relative basis.  The portfolio retains exposure to high-quality companies, with strong competitive positions and robust financial characteristics, capable of generating healthy earnings and dividend growth over the longer term.  We continue to believe that these attributes are the best way to ensure sustainable performance.

 

 

Dividends

A first interim dividend of 5.5p was paid on 13 January 2012 to shareholders on the register at the close of business on 16 December 2011. A second interim dividend of 5.5p will be paid on 13 April 2012 to shareholders on the register at the close of business on 9 March 2012. The third interim dividend of 5.5p will be paid on 13 July 2012 to shareholders on the register at the close of business on 8 June 2012.

 

The weakness in the macro-economic backdrop led to the outlook for dividend growth deteriorating over the period.  Current consensus expectations of 12% dividend growth for the market during calendar 2012 are likely to be too high.  However, we would still expect reasonable dividend progression from the underlying holdings in the Trust.  Furthermore, the income from option writing provides a useful fillip and our revenue reserves remain strong.

 

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.

•    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, where the shares are trading at a discount, the Company has operated a share buy-back programme for a number of years. If the shares trade at a premium, the Company has the authority to issue new shares or re-issue of shares from treasury. Whilst these measures seek to mitigate volatility, it cannot be guaranteed that they will do so.

•    Foreign currency risk - a proportion of the Company's investment portfolio is invested in overseas securities and the value of the Company's investments and the income derived from them can, therefore, be affected by movements in foreign exchange rates. In addition, the earnings of the Company's other investments may also be affected by currency movements which, indirectly, could have an impact on the Company's performance.

•    Regulatory risk - the Company operates in a complex regulatory environment and faces a number of related risks. A breach of Section 1158 of the Corporation Tax Act 2010 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.

 

Going Concern

The factors which have an impact on Going Concern are set out in the Going Concern section of the Directors' Report in the Company's Annual Report and Accounts to 30 June 2011. As at 31 December 2011, there have been no significant changes to these factors except that the borrowing facilities of £60 million which were committed to the Company until 29 September 2011 have been replaced by new borrowing facilities of £70 million which are committed to the Company until 29 September 2013. The Company will, at the appropriate time, open negotiations for a borrowing facility to follow on from the expiry of the present borrowing facility. The Directors are mindful of the principal risks and uncertainties disclosed above, and, having reviewed forecasts detailing revenue and liabilities, they believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future. Accordingly, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the Financial Statements.

 

Statement of Directors' Responsibilities

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 2011 comprises the Interim Board Report, the Statement of Directors' Responsibilities 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

13 February 2012

 



MURRAY INCOME TRUST PLC

INCOME STATEMENT

 



Six months ended



31 December 2011



(unaudited)



Revenue

Capital

Total


Notes

£'000

£'000

£'000

(Losses)/gains on investments


-

(22,331)

(22,331)

Currency gains/(losses)


-

57

57

Investment income

3

7,921

-

7,921

Interest receivable

3

12

-

12

Other income

3

1,143

-

1,143

Investment management fees


(547)

(547)

(1,094)

Recoverable VAT on management fees


-

-

-

Administrative expenses


(490)

-

(490)



_________

_________

_________

Net return before finance costs and taxation


8,039

 (22,821)

(14,782)






Finance costs on borrowing


(246)

(246)

(492)



_________

_________

_________

Net return on ordinary activities before taxation


7,793

 (23,067)

(15,274)






Taxation

4

(54)

-

 (54)



_________

_________

_________

Return on ordinary activities after taxation


7,739

(23,067)

 (15,328)



_________

_________

_________

Return per Ordinary share (pence):

5

12.0

(35.7)

 (23.7)



_________

_________

_________


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

 11,472

-

11,472



_________

_________

_________


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



MURRAY INCOME TRUST PLC

INCOME STATEMENT

 



Six months ended



31 December 2010



(unaudited)



Revenue

Capital

Total


Notes

£'000

£'000

£'000

(Losses)/gains on investments


-

66,526

66,526

Currency gains/(losses)


-

(53)

(53)

Investment income

3

6,325

-

6,325

Interest receivable

3

1,429

-

1,429

Other income

3

1,373

-

1,373

Investment management fees


(533)

(533)

(1,066)

Recoverable VAT on management fees


734

742

1,476

Administrative expenses


(448)

-

(448)



_________

_________

_________

Net return before finance costs and taxation


8,880

66,682

75,562






Finance costs on borrowing


(258)

(258)

 (516)



_________

_________

_________

Net return on ordinary activities before taxation


8,622

66,424

75,046






Taxation

4

 (24)

-

(24)



_________

_________

_________

Return on ordinary activities after taxation


 8,598

66,424

75,022



_________

_________

_________

Return per Ordinary share (pence):

5

13.3

102.7

116.0



_________

_________

_________


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

10,997

-

10,997



_________

_________

_________


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



MURRAY INCOME TRUST PLC

INCOME STATEMENT  

 



Year ended



30 June 2011



(audited)



Revenue

Capital

Total


Notes

£'000

£'000

£'000

(Losses)/gains on investments


-

 78,910

78,910

Currency gains/(losses)


-

(10)

(10)

Investment income

3

18,097

-

 18,097

Interest receivable

3

1,452

-

 1,452

Other income

3

2,295

-

 2,295

Investment management fees


(1,110)

(1,110)

(2,220)

Recoverable VAT on management fees


 734

 742

1,476

Administrative expenses


(859)

-

 (859)



_________

_________

_________

Net return before finance costs and taxation


20,609

 78,532

 99,141






Finance costs on borrowing


(467)

 (467)

 (934)



_________

_________

_________

Net return on ordinary activities before taxation


20,142

 78,065

 98,207






Taxation

4

(125)

-

 (125)



_________

_________

_________

Return on ordinary activities after taxation


20,017

78,065

 98,082



_________

_________

_________

Return per Ordinary share (pence):

5

30.9

 120.7

 151.6



_________

_________

_________


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

18,101

-

18,101



_________

_________

_________


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



MURRAY INCOME TRUST PLC

BALANCE SHEET

 



As at

As at

As at



31 December

31 December

30 June



2011

2010

2011



(unaudited)

(unaudited)

(audited)


Notes

£'000

£'000

£'000

Non-current assets





Investments at fair value through profit or loss


 439,723

 447,218

 466,713






Current assets





Loans and receivables


 2,362

 3,132

 3,105

Cash and short-term deposits


 11,036

17,321

5,515



_________

_________

_________



 13,398

 20,453

8,620



_________

_________

_________

Creditors: amounts falling due within one year





Other payables


 (515)

 (4,221)

 (927)

Bank loans


 (45,000)

 (45,000)

 (40,000)



_________

_________

_________



 (45,515)

 (49,221)

(40,927)



_________

_________

_________

Net current liabilities


 (32,117)

 (28,768)

 (32,307)



_________

_________

_________

Net assets


407,606

 418,450

434,406



_________

_________

_________






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

6

 355,073

366,499

378,140

Revenue reserve


22,977

 22,395

 26,710



_________

_________

_________

Equity shareholders' funds


407,606

 418,450

434,406



_________

_________

_________

Net asset value per Ordinary share (pence):

7

 630.1

646.9

 671.5



_________

_________

_________



MURRAY INCOME TRUST PLC

RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

 

Six months ended 31 December 2011 (unaudited)









Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 June 2011

16,604

 7,955

 4,997

378,140

 26,710

 434,406

Return on ordinary activities after taxation

-

-

-

 (23,067)

 7,739

(15,328)

Dividends paid

-

-

-

-

(11,472)

(11,472)


________

________

________

________

________

________

Balance at 31 December 2011

16,604

 7,955

 4,997

 355,073

 22,977

407,606


________

________

________

________

________

________








Six months ended 31 December 2010 (unaudited)









Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 June 2010

16,604

7,955

4,997

 300,075

 24,794

354,425

Return on ordinary activities after taxation

-

-

-

 66,424

  8,598

 75,022

Dividends paid

-

-

-

-

 (10,997)

(10,997)


________

________

________

________

________

________

Balance at 31 December 2010

16,604

 7,955

 4,997

 366,499

 22,395

 418,450


________

________

________

________

________

________








Year ended 30 June 2011 (audited)









Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 June 2010

16,604

7,955

 4,997

 300,075

 24,794

354,425

Return on ordinary activities after taxation

-

-

-

 78,065

 20,017

 98,082

Dividends paid

-

-

-

-

 (18,101)

 (18,101)


________

________

________

________

________

________

Balance at 30 June 2011

16,604

 7,955

 4,997

 378,140

26,710

 434,406


________

________

________

________

________

________



MURRAY INCOME TRUST PLC

CASH FLOW STATEMENT

 


Six months ended

Six months ended

Year
ended


31 December 2011

31 December 2010

30 June
2011


(unaudited)

(unaudited)

(audited)


£'000

£'000

£'000

Net return before finance costs and taxation

 (14,782)

75,562

99,141

Adjustments for:




Losses/(gains) on investments

 22,331

 (66,526)

(78,910)

Currency (gains)/losses

 (57)

 53

10

Non cash stock dividend

 (63)

 (59)

 (147)

Overseas withholding tax suffered

(54)

(24)

-

Decrease/(increase) in accrued income

767

(245)

 (142)

Increase in prepayments

(23)

 (4)

(1)

(Decrease)/increase in accruals

(429)

 240

258


_________

_________

_________

Net cash inflow from operating activities

7,690

8,997

20,209





Servicing of finance




Interest paid

 (476)

 (576)

(1,045)


_________

_________

_________

Net cash outflow from servicing of finance

 (476)

(576)

(1,045)





Taxation




Net tax paid

-

-

(204)


_________

_________

_________

Net cash outflow from taxation

-

-

  (204)





Financial investment




Purchases of investments

(22,054)

 (62,134)

(85,311)

Sales of investments

 26,776

 37,047

49,940


_________

_________

_________

Net cash inflow/(outflow) from financial investment

 4,722

 (25,087)

(35,371)





Equity dividends paid

 (11,472)

 (10,997)

(18,101)





Financing




Drawdown of loans

 5,000

 10,000

5,000


_________

_________

_________

Net cash inflow from financing

 5,000

10,000

5,000


_________

_________

_________

Net increase/(decrease) in cash

5,464

(17,663)

(29,512)


_________

_________

_________



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'. 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 2011

31 December 2010

30 June 2011



 £'000

 £'000

 £'000


2010 third interim dividend - 5.50p

-

3,558

3,558


2010 final dividend - 11.50p

-

7,439

7,439


2011 first interim dividend - 5.50p

-

-

3,558


2011 second interim dividend - 5.50p

-

-

3,558


2011 third interim dividend - 5.50p

3,558

-

-


2011 final dividend - 12.25p

7,924

-

-


Return of unclaimed dividends

(10)

-

(12)



_________

_________

_________



11,472

10,997

18,101



_________

_________

_________

 



Six months ended

Six months ended

Year
ended



31 December 2011

31 December 2010

30 June 2011

3.

Income

£'000

£'000

£'000


Investment income





UK dividend income

6,945

5,274

15,911


Overseas and unfranked income

853

538

1,474


Stock dividends

63

59

147


Bond interest

60

454

565



_________

_________

_________



7,921

6,325

18,097



_________

_________

_________


Interest receivable





Deposit interest

12

81

94


Interest on VAT refund

-

1,348

1,358



_________

_________

_________



12

1,429

1,452



_________

_________

_________








Six months ended

Six months ended

Year
ended



31 December 2011

31 December 2010

30 June 2011


Other income

£'000

£'000

£'000


Underwriting commission

-

163

163


Traded option premiums

1,143

1,210

2,132



_________

_________

_________



1,143

1,373

2,295



_________

_________

_________

 

4.

Taxation


The taxation charge for the period represents withholding tax suffered on overseas dividend income.

 



 Six months ended

 Six months ended

 Year
ended



31 December 2011

31 December 2010

30 June 2011

5.

Return per share

 p

 p

 p


Revenue return

12.0 

13.3

30.9


Capital return

(35.7)

102.7

120.7



_________

_________

_________


Total return

(23.7)  

116.0

151.6



_________

_________

_________







The figures are based on the following attributable amounts:








 Six months ended

 Six months ended

 Year
ended



31 December 2011

31 December 2010

30 June 2011



 £'000

 £'000

 £'000


Revenue return

7,739

8,598

20,017


Capital return

(23,067)

66,424

78,065



_________

_________

_________


Total return

(15,328)

75,022

98,082



_________

_________

_________


Weighted average number of Ordinary shares in issue

64,689,458

64,689,458

64,689,458


 

As at 31 December 2011, 1,727,000 Ordinary shares were held in treasury.

 

6.

Capital reserve


The capital reserve reflected in the Balance Sheet at 31 December 2011 includes gains of £82,631,000 (31 December 2010 - £100,023,000; 30 June 2011 - £109,319,000) which relate to the revaluation of investments held at the reporting date.

 



As at

As at

As at

7.

Net asset value per share

31 December 2011

31 December 2010

30 June 2011


Attributable net assets (£'000)

407,606

418,450

434,406


Number of Ordinary shares in issue

64,689,458

64,689,458

64,689,458


Net asset value per Ordinary share (p)

630.1

646.9

671.5

 

8.

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 (losses)/gains on investments in the Income Statement. The total costs were as follows:








Six months ended

Six months ended

Year
ended



31 December 2011

31 December 2010

30 June 2011



£'000

£'000

£'000


Purchases

 88

273

364


Sales

22

 20

 40



_________

_________

_________



110

293

404



_________

_________

_________

 

9.

The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Sections 434-436 of the Companies Act 2006. The financial information for the six months ended 31 December 2011 and 31 December 2010 has not been audited.




The information for the year ended 30 June 2011 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.

 

10.

This Half-Yearly Financial Report was approved by the Board on 13 February 2012.



11.

Copies of the Company's report for the half-year ended 31 December 2011 will be posted to shareholders in February 2012 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 2011

 



Valuation

Total assets

Investment

Sector

£'000

%

British American Tobacco

Tobacco

28,874

6.4

Royal Dutch Shell ('B' Shares)

Oil & Gas Producers

26,503

5.9

Vodafone

Mobile Telecommunications

24,171

5.3

GlaxoSmithKline

Pharmaceuticals & Biotechnology

21,925

4.8

Centrica

Gas, Water & Multi-utilities

20,106

4.4

Unilever

Food Producers

19,683

4.3

BP

Oil & Gas Producers

18,880

4.2

AstraZeneca

Pharmaceuticals & Biotechnology

17,761

3.9

Pearson

Media

16,517

3.7

Tesco

Food & Drug Retailers

15,121

3.4

Top ten investments


209,541

46.3

BHP Billiton 

Mining

14,100

3.1

Morrison (Wm) Supermarkets

Food & Drug Retailers

13,329

3.0

National Grid

Gas, Water & Multi-utilities

13,206

2.9

HSBC

Banks

13,124

2.9

Roche

Pharmaceuticals & Biotechnology

12,054

2.7

ENI

Oil & Gas Producers

10,989

2.4

Imperial Tobacco

Tobacco

10,105

2.2

Aviva

Life Insurance

10,032

2.2

Compass

Travel & Leisure

9,788

2.2

Cobham

Aerospace & Defence

8,983

2.0

Top twenty investments


325,251

71.9

Standard Chartered

Banks

8,536

1.9

Prudential

Life Insurance

8,205

1.8

GDF Suez

Gas, Water & Multi-utilities

8,096

1.8

Sage Group

Software & Computer Services

7,529

1.7

Aberforth Smaller Companies Trust

Equity Investment Instruments

7,164

1.6

Rolls Royce

Aerospace & Defence

6,864

1.5

Land Securities

Real Estate Investment Trusts

6,656

1.5

AMEC

Oil Equipment, Services & Distribution

6,389

1.4

Associated British Foods

Food Producers

6,376

1.4

John Wood Group

Oil Equipment, Services & Distribution

5,577

1.2

Top thirty investments


396,643

87.7

Provident Financial

Financial Services

5,561

1.2

Close Bros

Financial Services

5,495

1.2

Daily Mail & General Trust

Media

5,325

1.2

Whitbread

Travel & Leisure

4,223

0.9

Nestle

Food Producers

4,084

0.9

Nordea Bank

Banks

3,824

0.8

BBA Aviation

Industrial Transportation

3,631

0.8

GKN

Automobiles & Parts

3,334

0.7

Weir Group

Industrial Engineering

2,703

0.6

Dunedin Smaller Companies Investment Trust

Equity Investment Instruments

2,428

0.5

Top forty investments


437,251

96.5

Schneider Electric

Electronic & Electrical Equipment

1,766

0.4

Mothercare

General Retailers

706

0.2

Total investments


439,723

97.1

Net current assets{A}


12,883

2.9

Total assets


452,606

100.0


{A} excludes bank loan of £45,000,000

 


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