Annual Financial Report
Summary by AI BETAClose X
To: RNS
From: CT UK High Income Trust PLC
Date: 29 May 2026
LEI: 213800B7D5D7RVZZPV45
Information disclosed in accordance with Disclosure Guidance and Transparency Rule 4.1.3
Statement of Audited Results for the year ended 31 March 2026
Financial Highlights
· Net asset value total return(1) per share for the financial year was +18.3%, compared to the total return of the Benchmark(2) of +21.5%.
· Ordinary share price total return(1) per share for the financial year was +15.3%, compared to the total return of the Benchmark(2) of +21.5%.
· B share price total return(1) per share for the financial year was +12.4% compared to the total return of the Benchmark(2) of +21.5%.
· Distribution yield of 5.5% on Ordinary shares at 31 March 2026, compared to the yield on the FTSE All-Share Index of 3.2%. Total dividends increased by 2.9% to 5.96p per Ordinary share compared to the prior year.
· Distribution yield of 5.8% on B shares at 31 March 2026, compared to the yield on the FTSE All-Share Index of 3.2%. Total capital repayments increased by 2.9% to 5.96p per B share compared to the prior year.
(1) Yield and total return - See Alternative Performance Measures
(2) Benchmark - FTSE All-Share Index.
Forward looking statements
This document may contain forward looking statements with respect to the financial condition, results of operations and business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or implied by forward looking statements. The forward looking statements are based on the Directors' current view and on information known to them at the date of this document. Nothing should be construed as a profit forecast.
Chairman's Statement
"Another positive year for shareholders with an increase in dividends and capital repayments, a healthy transfer to revenue reserves and, in recognition of highly proficient investment management by David Moss, the Portfolio Manager, the sale and reissue of both Ordinary shares and B shares from treasury".
I am pleased to present the annual results of CT UK High Income Trust PLC for the financial year ended 31 March 2026. The year has been characterised - yet again - by an increasingly complex and uncertain global backdrop, perhaps most notably and with the greatest domestic impact, the recent war in Iran, which has affected investor sentiment, contributed to volatility across financial markets and has led to a marked increase in energy costs.
Whilst the environment for investing remains ever-more challenging, I am very pleased to say that David Moss, the Company's Portfolio Manager, has remained focused on the Company's core objectives of delivering an attractive level of total return to shareholders in the form of dividends and/or capital repayments alongside the prospects for capital growth and continuing to rebuild the revenue reserve. After payment of the fourth interim dividend, an amount of £405,000 has been duly transferred to the revenue reserve.
Performance
In the financial year ended 31 March 2026, your Company produced a Net Asset Value (NAV) total return of +18.3% against a total return of +21.5% from the FTSE All-Share Index, the benchmark index. Whilst a little behind the benchmark over the year under review, this is nonetheless a very good and acceptable performance during a volatile period for the UK equity market as it adjusted to a new Labour administration and its policies and, more recently, the market turbulence caused by the Iran war.
The Company's portfolio remains diversified across a broad range of UK-listed companies with a strong tilt towards large-cap businesses. The Board is wholly supportive of David's focus on resilient, cash-generative businesses with strong balance sheets given the uncertain macroeconomic background. Additionally, and with the Board's full support, gearing was once again maintained throughout the year. David has full discretion over levels of gearing and, as he explains in the Manager's Review that follows, as the war in Iran unfolded, he tactically reduced borrowings to await better opportunities; once again, this has proved to be a prudent decision.
Share Price Performance and Discount/Premium to NAV
At the financial year end, the Company's Ordinary share and B share prices stood at discounts to their net asset value of -4.6% and -9.0% respectively. This widening from the same time last year is almost wholly due to the impact of the more recent global tensions already described and does not accurately reflect the demand for the Company's shares during the whole period under review; in total, 6,400,000 Ordinary shares and 400,000 B shares were sold out of treasury at an average premium to NAV of 1.5%, in response to investor demand. Over the course of the year, 125,000 B shares were also bought back into treasury at an average price of 95.75p per B share and at an average discount to NAV of -11.6%.
The average discount/premium levels at which the Company's Ordinary shares and B shares traded relative to net asset value in the financial year, were a premium of +0.1% and a discount of -3.5% respectively and it remains the Board's preference for the discounts to be in single figures whilst maintaining the balance of supply and demand in the market for both share classes on a daily basis. Consequently, the share price total return for the Ordinary shares and B shares was +15.3% and +12.4% respectively.
Dividends and Capital Repayments
Your Board recognises the prime importance of dividends and capital repayments to shareholders. Total distributions to shareholders this year increased by 2.9% to 5.96p per share compared to the previous year. This is the thirteenth consecutive year of increases, underlining the Board's commitment to distributions and growth. Also, for the second year running and as mentioned earlier, surplus net revenue was transferred to the Company's revenue reserve. This amounted to £405,000 which means, after payment of the fourth quarterly dividend of 1.85p per share on 8 May 2026, the reserve now totals a healthy £3.34 million, equivalent to 3.69p per Ordinary share.
Your Company has now increased its distributions to shareholders in each financial year since 2013. The total dividend/capital repayment for the year to 31 March 2026 represented a yield on the Ordinary shares and B shares of 5.5% and 5.8% respectively based on the Ordinary share price and B share price of 108.0p and 103.0p respectively at 31 March 2026.
B Shares
Holders of B shares will be aware that they have a right to receive capital repayments at the same time as, and in an amount equal to, each dividend paid in respect of Ordinary shares. These capital repayments are paid out of the special capital reserve for as long as this reserve remains sufficient. When this reserve is exhausted, the Company's Articles of Association provide that all Ordinary shares and all B shares automatically convert into Ordinary shares with identical rights, including the receipt of dividends, taxable as income, in place of previous capital repayments. The current estimate of the remaining life of this capital reserve is approximately just over two years, to early in the financial year to 31 March 2029.
Your Board is keeping this eventuality under review and will update all shareholders as appropriate. A fuller explanation of the Company's structure can be found on page 84 of the Annual Report and Financial Statements.
Gearing
As at the end of the year under review, the Company had a total borrowing facility of £20 million through an unsecured Revolving Credit Facility with The Royal Bank of Scotland International Limited. Your Board believes that an investment company should deploy gearing strategically and tactically to enhance returns to shareholders whenever possible and encourages the Portfolio Manager to use his discretion accordingly. As at the year end, this facility had been fully drawn down, of which £7.2m was held in cash awaiting investment at an appropriate moment as opportunities present themselves.
Annual General Meeting (AGM)
The Company's Annual General Meeting will be held at 11 am on 28 July 2026 at Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London EC4N 6AG. It is an invaluable opportunity for shareholders to engage with the Board and Manager and I hope you will be able to attend.
Operational Developments and Governance
I have been a non-executive Director of this Company since June 2017 and Chairman since July 2022 and by the time of the AGM will have served for just over nine years. I could not have imagined the times we have all experienced during that period but it has been nothing short of a privilege to work with highly professional and competent fellow Directors and members of Columbia Threadneedle management during that time, all committed to the Company's objectives of looking after the interests of those who actually own the Company - you, the shareholders. To abide by best-practice corporate governance, I shall be retiring at the conclusion of this AGM. I am pleased to report that the Board intends to appoint Stephen Mitchell to succeed me as Chairman. Stephen is currently the Senior Independent Director and has been on the Board since May 2020. I have no doubt at all that the Company will continue to go from strength to strength under Stephen's leadership. As a consequence, Angus Pottinger has agreed to take on the role of Senior Independent Director from the conclusion of the forthcoming AGM.
As part of the Company's succession planning a formal recruitment process to appoint a new non-executive director is in progress, assisted by the use of a professional search consultant.
As you will read on page 40 of the Annual Report and Financial Statements, the Board used the services of Cyclico Limited to undertake an externally-facilitated evaluation of the Board, its Committees and processes. My fellow Directors and I are wholly in favour of the external nature of this assessment and, at this stage, expect it to be an annual exercise.
Outlook
The UK equity market has remained relatively resilient despite persistent geopolitical headwinds and has shown a determination to go up whenever the prognosis changes for the better, somewhat on an unpredictable daily basis.
Inflation, whilst moderating from prior peaks, has remained particularly sensitive to the recent energy price movements although all those who pull the financial levers believe (and hope) that this is only a temporary phenomenon. As you will have gathered from my comments over previous years, I think the Bank of England has been far too slow in recognising the need to reduce interest rates and we're now, potentially, at the point where they could be increased if inflation threatens. Economically unwise, in my opinion, and I hope the interest rate doves on the Monetary Policy Committee have the nerve to stand firm against the hawks as the Iran situation plays out over the next few months.
I know you'll be delighted to hear that, as I write my final Chairman's Statement for this Company and against a persistently difficult backdrop, I remain upbeat. I can't help it; it's a character trait (or defect…) that I always believe things will get better. Given that geopolitical turmoil and/or a global health pandemic have been defining features of the investment landscape for several years, this Company has delivered positive returns for shareholders by way of capital and income growth and much credit must go to David Moss, our Portfolio Manager since 2023, for steering us through some pretty choppy waters.
I firmly believe that a well-managed and diverse portfolio of UK equities with compelling income characteristics offers the potential for attractive returns to shareholders for many years ahead and I know I am leaving CT UK High Income Trust PLC in very good hands. As I have said before, it is no easy task to remain consistently focused when so much is going on but your Board has great faith in David Moss and confidence that his good work will continue.
I have hugely enjoyed my nine years on the Board and I thank you sincerely for your support of this Company, with special thanks to those shareholders whose acquaintance I have much enjoyed at several AGMs over the years. The Company's portfolio is in good shape, gearing is being deployed successfully and sensibly and I believe that David Moss's disciplined investment approach and sensibly diversified portfolio provide a strong foundation for navigating the challenges that, no doubt, continue to lie ahead.
Thank you, once again, for being a shareholder in CT UK High Income Trust PLC and I look forward to the year ahead with confidence.
Andrew Watkins
Chairman
28 May 2026
Manager's Review
In last year's review, we ended the period expecting President Trump's "Liberation Day" announcement of sweeping "reciprocal" tariffs on US imports to be the biggest near-term driver of markets. The levies were much larger than expected, stoking fears of higher inflation and slower global growth and prompting a flight to safety. However, global markets soon rebounded as Trump called a 90-day pause on many of the highest tariffs. Trade deals with key partners followed, starting with the UK. Despite further protectionist rhetoric from Trump at times, including into the start of 2026, trade war jitters broadly subsided, giving risk-appetite a boost.
We also discussed sticky inflation and still-elevated interest rates, along with the high level of government borrowing in the UK. These remained factors over the year, with inflation staying above the Bank of England's 2% target throughout the review period. Political developments, including the UK government joining European counterparts in pledging to increase military spending and Labour watering down welfare reforms, stoked these concerns. Nevertheless, in November, the autumn budget received a muted welcome from investors, in part because it was expected to double fiscal headroom within the next five years. In addition, the Bank of England lowered interest rates by a quarter point in May, August and December, and even though this was slower than expected and the vote to do so was narrow on each occasion, all of which helped support UK equities over 2025 and into the start of 2026.
Last year's review also touched on AI and the overvaluation of US stocks. For much of the current period under review, AI optimism persisted, with related stocks moving higher. But the end of 2025 and the first months of 2026 were characterised by a rotation away from large US technology stocks amid concerns that these companies may not earn enough to recoup their large infrastructure investments. Concerns also grew about the impact of AI on software and information industries. This proved beneficial for UK equities as investors switched focus to previously unloved areas of the market, including energy companies and miners, which are seen as more insulated from AI risk.
We also mentioned the attractiveness of UK stocks as takeover targets, given their relatively low valuations. This did indeed support the UK market during the year, with mergers and acquisitions ('M&A') activity accelerating into 2026: we saw 13 bids in the first quarter, compared with 42 in the whole of 2025.
Trump consistently demonstrated his ability to surprise markets, particularly as 2026 began, with the US's operation in Venezuela and Trump's threats to annex Greenland adding to volatility. However, Trump saved his biggest surprise - one that still hangs over markets - for the end of February, when the US and Israel launched military operations against Iran. This led to the closure of the Strait of Hormuz and, consequently, surging oil prices, which in turn prompted inflation forecasts to rise and dashed hopes for more rate cuts. Given its dependence on imported energy, the UK is seen as particularly vulnerable to an energy shock. Markets therefore started to price in rate hikes in the UK.
Volatility and geopolitical tensions have also influenced decision making around the usage of the Company's borrowing facility. We have remarked in previous years that we see the ability to use borrowing to enhance returns for our shareholders as one of the key positives of investment trusts. Rather than using this extra purchasing power to try to time markets, we have instead used it to add to the Company's dividend income or invest in stocks that can deliver greater long-term growth for investors. We take this approach as we don't believe that we have any more advantage in market timing than anyone else and also because we believe our shareholders invest in the Company to benefit from the income and returns from long-term investments in good companies. That said, there are occasions where we think it's the right thing to reduce the use of leverage. This was the case at the time of Liberation Day last year, and, more recently, following the US-Israeli attack on Iran this year. We remained leveraged on both occasions but with the future very murky in both cases, we felt it was prudent to reduce this somewhat by increasing cash levels and to keep some powder dry for opportunities that may come.
Performance
UK equities delivered a positive performance in the year ended 31 March 2026, with the FTSE All-Share posting a total return of +21.5%. The Company had another strong year too but underperformed the benchmark, with a NAV total return of +18.3%.
Asset allocation detracted, hurt in the main by the overweight in household goods and home construction, with homebuilders Persimmon and Taylor Wimpey dragged down in March by the renewed threat of higher mortgage rates as oil prices soared. Underweighting beverages and personal care, drug and grocery stores was helpful too, partly due to our lower exposure to market heavyweights Diageo and Unilever, which fell during the period.
Stock selection also detracted, with picks in the construction and materials the biggest drag. Key detractors included Smurfit Westrock. Other weak performers included Breedon and Ibstock, which both warned of a softer near-term outlook in the summer.
The zero weight in Anglo American and underweight in Glencore also dragged after a strong year for gold, silver and copper prices - although Rio Tinto, one our biggest holdings, contributed. Not owning 3i contributed as well after the private-equity group's biggest holding, Dutch discount retailer Action, showed signs of slowing growth. The underweight in London Stock Exchange Group helped relative returns too, amid fears that AI could challenge its business model.
Portfolio Activity
We, like Warren Buffet, follow the belief that "the best holding period is forever", but we will trade when we feel it is advantageous for our shareholders. This could be because we see limited further upside in the shares, but it will most often be because we find another share that has more upside, a higher dividend yield or even that provides a more diverse source of income.
For example, we opened positions in London Stock Exchange Group, Glencore, Prudential, Aviva and Croda International. We bought London Stock Exchange Group as the valuation now looks attractive, and we believe the concerns over AI competition are overblown. Insurer Aviva is trading at a discount to European peers and stands to benefit from the integration of Direct Line, which should reduce reliance on a recovery in the UK motor insurance market. We also see room for earnings upgrades and for capital returns to resume in 2026. Speciality chemicals firm Croda International is a high-quality company where earnings have stabilised, having fallen more than 50% from their peak, and where the valuation is reasonable.
Sales included Unilever. Like many of its peers, Unilever is struggling to generate sales growth and, with its pricing too high and consumer demand soft, we find it difficult to see this changing. We also sold Compass Group. The catering and facilities management provider remains a good-quality business, but the valuation is much more demanding than historically, and there is little margin of safety if a US slowdown or further government layoffs slow the top line.
Outlook
After a year of underperformance from the S&P 500, relative to other global markets, investor flows are beginning to accelerate into equity markets outside the US, including the UK, especially as concerns over stretched valuations of US tech stocks prompt investors to favour more defensive allocations. At the same time, the UK is becoming a more attractive place to invest.
Recent headlines have been dominated by the conflict in Iran and the resulting implications on the UK's growth and inflation. While this is driving near term volatility, it's worth emphasising the shock absorbing qualities of the UK market relative to its peers. The UK's defensive cohort of companies and profusion of hard assets have historically stood it in reasonable stead during such bouts of global risk aversion.
Moreover, with 75% of the UK market's revenues coming from overseas, UK businesses are generally resilient to domestic economic headwinds. The UK equity market as a whole is still attractively valued relative to its own history and to international peers. We therefore expect UK companies to remain attractive targets for overseas takeover and private-equity bids.
As always, our focus is on the quality of companies we invest in and the price we pay, and not on particular economic views. We also want to invest in companies that have the levels of dividends we need to meet our requirements for our shareholders.
David Moss
Portfolio Manager
Columbia Threadneedle Investment Business Limited
28 May 2026
Statement of Comprehensive Income
|
|
|
Year to31 March 2026 |
||
|
|
Note |
Revenue |
Capital |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
Capital gains on investments |
|
|
|
|
|
Gains on investments held at fair value through profit or loss |
|
- |
16,342 |
16,342 |
|
Exchange (losses)/gains |
|
(1) |
17 |
16 |
|
Revenue |
|
|
|
|
|
Income |
|
6,689 |
- |
6,689 |
|
|
|
|
|
|
|
Total income |
|
6,688 |
16,359 |
23,047 |
|
|
|
|
|
|
|
Expenditure |
|
|
|
|
|
Investment management fee |
|
(232) |
(541) |
(773) |
|
Other expenses |
|
(533) |
- |
(533) |
|
|
|
|
|
|
Total expenditure |
|
(765) |
(541) |
(1,306) |
|
|
|
|
|
|
|
Profit before finance costs and tax |
|
5,923 |
15,818 |
21,741 |
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
Interest on bank loans |
|
(273) |
(638) |
(911) |
|
|
|
|
|
|
|
Total finance costs |
|
(273) |
(638) |
(911) |
|
|
|
|
|
|
|
Profit before tax |
|
5,650 |
15,180 |
20,830 |
|
|
|
|
|
|
|
Taxation |
|
(2) |
- |
(2) |
|
|
|
|
|
|
|
Profit and total comprehensive income for the year |
|
5,648 |
15,180 |
20,828 |
|
|
|
|
|
|
|
Earnings per share |
2 |
4.85p |
13.03p |
17.88p |
The total column of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance with UK-adopted International Accounting Standards.
The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
No operations were acquired or discontinued in the year.
Statement of Comprehensive Income
|
|
|
Year to31 March 2025 |
||
|
|
Note |
Revenue |
Capital |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
Capital gains on investments |
|
|
|
|
|
Gains on investments held at fair value through profit or loss |
|
- |
9,678 |
9,678 |
|
Exchange (losses)/gains |
|
(3) |
2 |
(1) |
|
Revenue |
|
|
|
|
|
Income |
|
6,487 |
- |
6,487 |
|
|
|
|
|
|
|
Total income |
|
6,484 |
9,680 |
16,164 |
|
|
|
|
|
|
|
Expenditure |
|
|
|
|
|
Investment management fee |
|
(201) |
(469) |
(670) |
|
Other expenses |
|
(488) |
- |
(488) |
|
|
|
|
|
|
Total expenditure |
|
(689) |
(469) |
(1,158) |
|
|
|
|
|
|
|
Profit before finance costs and tax |
|
5,795 |
9,211 |
15,006 |
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
Interest on bank loans |
|
(279) |
(652) |
(931) |
|
|
|
|
|
|
|
Total finance costs |
|
(279) |
(652) |
(931) |
|
|
|
|
|
|
|
Profit before tax |
|
5,516 |
8,559 |
14,075 |
|
|
|
|
|
|
|
Taxation |
|
(32) |
- |
(32) |
|
|
|
|
|
|
|
Profit and total comprehensive income for the year |
|
5,484 |
8,559 |
14,043 |
|
|
|
|
|
|
|
Earnings per share |
2 |
4.80p |
7.50p |
12.30p |
The total column of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance with UK-adopted International Accounting Standards.
The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
No operations were acquired or discontinued in the year.
Statement of Financial Position
As at 31 March
|
|
|
31 March 2026 |
31 March 2025 |
|||
|
|
|
Note |
£'000 |
|
£'000 |
|
|
Non-current assets |
|
|
|
|
|
|
|
Investments held at fair value through profit or loss |
|
|
147,597 |
|
122,140 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Receivables |
|
|
4,075 |
|
1,287 |
|
|
Cash and cash equivalents |
|
|
7,209 |
|
9,514 |
|
|
|
|
|
11,284 |
|
10,801 |
|
|
Total assets |
|
|
158,881 |
|
132,941 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Payables |
|
|
(1,380) |
|
(1,875) |
|
|
Bank loan |
|
|
(20,000) |
|
(15,000) |
|
|
|
|
|
(21,380) |
|
(16,875) |
|
|
Total liabilities |
|
|
(21,380) |
|
(16,875) |
|
|
Net assets |
|
|
137,501 |
|
116,066 |
|
|
Equity attributable to equity shareholders |
|
|
|
|
|
|
|
Share capital |
|
|
134 |
|
134 |
|
|
Share premium |
|
|
1,800 |
|
262 |
|
|
Capital redemption reserve |
|
|
5 |
|
5 |
|
|
Buy-back reserve |
|
|
85,567 |
|
79,682 |
|
|
Special capital reserve |
|
|
4,789 |
|
6,573 |
|
|
Capital reserves |
|
|
40,183 |
|
25,003 |
|
|
Revenue reserve |
|
|
5,023 |
|
4,407 |
|
|
Equity shareholders' funds |
|
|
137,501 |
|
116,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value per Ordinary share |
|
6 |
113.21p |
|
101.12p |
|
|
Net asset value per B share |
|
6 |
113.21p |
|
101.12p |
|
Cash Flow Statement
for the year to 31 March
|
|
|
|
|
|
Year to 31 March 2026 |
Year to 31 March 2025 |
|
|
£'000 |
£'000 |
|
|
|
|
|
Cash flows from operating activities |
|
|
|
Profit before taxation |
20,830 |
14,075 |
|
Adjustments for: |
|
|
|
Gains on investments held at fair value through profit or loss |
(16,342) |
(9,678) |
|
Exchange (gains)/losses |
(16) |
1 |
|
Interest income |
(231) |
(146) |
|
Interest received |
231 |
146 |
|
Dividend income |
(6,455) |
(6,335) |
|
Dividend income received |
6,033 |
6,133 |
|
Increase in receivables |
(2) |
(4) |
|
Increase/(decrease) in payables |
25 |
(14) |
|
Finance costs |
911 |
931 |
|
Overseas tax recovered/(suffered) |
(9) |
69 |
|
Cash flows from operating activities |
4,975 |
5,178 |
|
Cash flows from investing activities Purchases of investments Sales of investments |
(88,223) 76,256 |
(52,967) 62,879 |
|
Cash flows from investing activities |
(11,967) |
9,912 |
|
Cash flows before financing activities |
(6,992) |
15,090 |
|
Cash flows from financing activities |
|
|
|
Dividends paid on Ordinary shares |
(5,032) |
(4,765) |
|
Capital returns paid on B shares |
(1,784) |
(1,747) |
|
Shares purchased for treasury |
(120) |
(216) |
|
Shares sold from treasury |
7,543 |
985 |
|
Interest on bank loans |
(936) |
(918) |
|
Drawdown of bank loans |
5,000 |
- |
|
Cash flows from financing activities |
(4,671) |
(6,661) |
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
(2,321) |
8,429 |
|
Cash and cash equivalents at the beginning of the year |
9,514 |
1,086 |
|
Effect of movement in foreign exchange |
16 |
(1) |
|
Cash and cash equivalents at the end of the year |
7,209 |
9,514 |
|
Represented by: |
|
|
|
Cash at bank |
89 |
154 |
|
Short term deposits |
7,120 |
9,360 |
|
|
7,209 |
9,514 |
Statement of Changes in Equity
for the year to 31 March 2026
|
|
Share Capital |
Share Premium |
Capital Redemption Reserve |
Buy-back Reserve |
Special Capital Reserve |
Capital Reserve - Investments sold |
Capital Reserve - Investments held |
Revenue Reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 31 March 2025 |
134 |
262 |
5 |
79,682 |
6,573 |
10,414 |
14,589 |
4,407 |
116,066 |
|
Movement during the year ended 31 March 2026 |
|
|
|
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
- |
- |
6,193 |
8,987 |
5,648 |
20,828 |
|
Total comprehensive income for the year |
- |
- |
- |
- |
- |
6,193 |
8,987 |
5,648 |
20,828 |
|
Transactions with owners of the Company recognised directly in equity |
|
|
|
|
|
|
|
|
|
|
Shares bought back for treasury |
- |
- |
- |
(120) |
- |
- |
- |
- |
(120) |
|
Shares sold from treasury |
|
1,538 |
- |
6,005 |
- |
- |
- |
- |
7,543 |
|
Dividends paid on Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
(5,032) |
(5,032) |
|
Capital returns paid on B shares |
- |
- |
- |
- |
(1,784) |
- |
- |
- |
(1,784) |
|
Balance as at 31 March 2026 |
134 |
1,800 |
5 |
85,567 |
4,789 |
16,607 |
23,579 |
5,023 |
137,501 |
Statement of Changes in Equity
for the year to 31 March 2025
|
|
Share Capital |
Share Premium |
Capital Redemption Reserve |
Buy-back Reserve |
Special Capital Reserve |
Capital Reserve - Investments sold |
Capital Reserve - Investments held |
Revenue Reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 31 March 2024 |
134 |
153 |
5 |
79,022 |
8,320 |
1,249 |
15,195 |
3,688 |
107,766 |
|
Movement during the year ended 31 March 2025 |
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
- |
- |
- |
9,165 |
(606) |
5,484 |
14,043 |
|
Total comprehensive income/ (expense) for the year |
- |
- |
- |
- |
- |
9,165 |
(606) |
5,484 |
14,043 |
|
Transactions with owners of the Company recognised directly in equity |
|
|
|
|
|
|
|
|
|
|
Shares bought back for treasury |
- |
- |
- |
(216) |
- |
- |
- |
- |
(216) |
|
Shares sold from treasury |
|
109 |
|
876 |
|
|
|
|
985 |
|
Dividends paid on Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
(4,765) |
(4,765) |
|
Capital returns paid on B shares |
- |
- |
- |
- |
(1,747) |
- |
- |
- |
(1,747) |
|
Balance as at 31 March 2025 |
134 |
262 |
5 |
79,682 |
6,573 |
10,414 |
14,589 |
4,407 |
116,066 |
CT UK High Income Trust PLC
Principal Risks and Uncertainties and Viability Statement
As an investment company, investing primarily in listed securities, most of the Company's principal risks and uncertainties that could threaten the achievement of its objective, strategy, future performance, liquidity and solvency are market-related.
A summary of the Company's risk management and internal controls arrangements is included within the Report of the Audit Committee in the Annual Report and Financial Statements. By means of the procedures set out in that summary, the Board has established an ongoing process for identifying, evaluating and managing the significant risks faced by the Company. The Board also considers emerging risks which might affect the Company and related updates from the Manager on such risks are also considered. During the year, significant and emerging risks included the outlook for inflation, ongoing macroeconomic and geopolitical concerns, and the impact on financial markets of US trade tariffs. Any emerging risks that are identified and that are considered to be of significance would be included on the Company's risk register with any mitigations. These significant risks, emerging risks and other risks are regularly reviewed by the Audit Committee and the Board. The Audit Committee and the Board have also regularly reviewed the effectiveness of the Company's risk management and internal control systems for the period.
The principal risks and uncertainties faced by the Company, and the Board's mitigation approach, are described below.
Investment performance risk
Inappropriate strategy, asset allocation, stock selection, (in the context of the market, economic or geopolitical backdrop) and the use of gearing could all lead to poor returns for shareholders including impacting the capacity to pay dividends.
No change in overall risk during the year but, given macroeconomic and geopolitical concerns, this risk remains heightened.
Mitigation:
The Company's objective and investment policy and performance against peers and the benchmark are considered by the Board at each meeting and strategic issues are considered regularly.
The Board regularly considers the composition and diversification of the Investment Portfolio (which comprises listed securities) and considers individual stock performance together with purchases and sales of investments. Investments and markets are discussed in detail with the Manager on a regular basis.
The Manager's approach to Responsible Investment is explained in the Annual Report and Financial Statements.
As a closed-end investment company, it is not constrained by asset sales to meet redemptions so can remain invested through volatile market conditions and is well suited to investors seeking longer term returns.
The Board regularly considers ongoing charges combined with underlying dividend income from portfolio companies and the consequent dividend paying capacity of the Company.
Legal and regulatory risk
Breach of regulatory rules could lead to the suspension of the Company's stock exchange listing, financial penalties, or a qualified audit report. Breach of section 1158 of the Corporation Tax Act 2010 could lead to the Company being subject to tax on capital gains.
No change in overall risk during the year.
Mitigation:
The Board liaises with advisors to ensure compliance with laws or regulations.
The Manager and its Operational Risk team provide regular reports to the Board and Audit Committee on their monitoring and oversight of such rules and are reviewed by the Board. This includes the conditions to maintain investment trust status including the income distribution requirement.
The Board requires any significant issues directly relevant to the Company to be reported immediately.
Third party service delivery and Cyber risks
Failure of the Manager as the Company's main service provider or disruption to its business, or that of an outsourced or third party service provider, could lead to an inability to provide accurate reporting and monitoring or a misappropriation of assets leading to a potential breach of the Company's investment mandate or loss of shareholders' confidence.
The risk includes failure or disruption as a consequence of external events such as the COVID-19 pandemic.
External cyber attacks could cause such failure or could lead to the loss or sabotage of data.
No change in overall risk during the year.
Mitigation:
The Board meets regularly with the management of the Manager and its Operational Risk team to review internal control and risk reports, which includes oversight of its own third party service providers. During the year, the Audit Committee also met with a representative of the Manager's internal audit function to discuss the outcome of its recent projects and planned activities. The Manager's appointment is reviewed annually and the contract can be terminated with six months' notice. The Manager has a business continuity plan in place to ensure that it is able to respond quickly and effectively to an unplanned event that could affect the continuity of its business.
The Manager has outsourced certain administrative functions to State Street Bank and Trust Company ('State Street') and supervision of such third party service providers, including the administrator of the Manager's savings plans, has been maintained by the Manager. This includes the review of IT security and cyber threats.
The Manager also closely monitors the performance of its technology platform to ensure it is functioning within acceptable service levels. Periodically, the Board receives a presentation from the Manager's Information Security team on its information and cyber security programme.
The Board receives quarterly reports from the Depositary confirming safe custody of the Company's assets and cash and holdings are reconciled to the Custodian's records. The Custodian's internal controls reports are also reviewed by the Manager and key points reported to the Audit Committee. The Board also receives periodic updates from the custodian on its own cyber‑security controls.
The Depositary is specifically liable for loss of any of the Company's assets that constitute financial instruments under the AIFM Directive.
Viability assessment and statement
In accordance with the UK Corporate Governance Code, the Board is required to assess the future prospects for the Company and considered that a number of characteristics of the Company's business model and strategy were relevant to this assessment:
· The Board looks to long-term outperformance rather than short-term opportunities.
· The Company's investment objective, strategy and policy, which are subject to regular Board monitoring, mean that the Company is invested predominantly in liquid listed equity securities and that the level of borrowing is restricted.
· The Company is a listed closed-end investment company, whose shares are not subject to redemptions by shareholders.
· Subject to shareholder continuation votes, in the event that the net asset value total return performance of the Company is less than that of the FTSE All-Share Index over the relevant period, the Company's business model and strategy is not time limited. The current performance measurement period for this purpose will be the three years to 31 March 2028.
Also relevant were a number of aspects of the Company's operational arrangements:
· The Company retains title to all assets held by the Custodian under the terms of a formal agreement with the Custodian and Depositary.
· The borrowing facility, which remains available until September 2027, is subject to a formal agreement, including financial covenants with which the Company complied in full during the year.
· Revenue and expenditure forecasts are reviewed by the Directors at each Board Meeting.
· Cash is held with banks approved and regularly reviewed by the Manager.
· The operational robustness of key service providers and the effectiveness of alternative working arrangements.
· Alternative service providers could be engaged at relatively short notice if necessary.
The Directors have also considered:
· The level of ongoing charges incurred by the Company which are modest and predictable and total 1.03% of average net assets (at 31 March 2026).
· Future revenue and expenditure projections.
· The Company's ability to meet liquidity requirements given its investment portfolio is invested predominantly in readily realisable listed equity securities which can be realised if required.
· The ability to undertake share buy-backs if required.
· Whether the Company's objective and investment policy continue to be relevant to investors.
· The effect of significant future falls in investment values and the ability to maintain dividends and capital repayments, particularly given the uncertainty in markets and macroeconomic and geopolitical concerns.
These matters were assessed over a three-year period to May 2029, and the Board will continue to assess viability over three-year rolling periods. A rolling three-year period represents the horizon over which the Directors believe they can form a reasonable expectation of the Company's prospects, balancing the Company's financial flexibility and scope with the current outlook for longer-term economic conditions affecting the Company and its shareholders.
In considering the viability of the Company, the Directors carried out a robust assessment of the principal risks and uncertainties which could threaten the Company's objective and strategy, future performance and solvency. The assessment also included a number of stress tests and scenarios which considered the impact of severe stock market volatility on shareholders' funds and declines in income over a three-year period. These risks, their mitigations and the processes for monitoring them are set out above within Principal Risks and Uncertainties, and in the Report of the Audit Committee and in the notes of the financial statements in the Annual Report and Financial Statements.
The results demonstrated the impact on the Company's net assets and its expenses and its ability to meet its liabilities over that period and adhere to its financial covenants. Based on their assessment, and in the context of the Company's business model, strategy and operational arrangements set out above, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the three-year period to May 2029.
Statement of Directors' Responsibilities in Relation to the Annual Report and Financial Statements
In accordance with Chapter 4.1.12 of the Disclosure Guidance and Transparency Rules, the Directors confirm, in respect of the Annual Report and Financial Statements for the year ended 31 March 2026 of which this statement of results is an extract, that to the best of their knowledge:
· the financial statements, contained within the Annual Report and Financial Statements, prepared in accordance with UK-adopted International Accounting Standards, give a true and fair view of the assets, liabilities, financial position and return of the Company;
· the Strategic Report and the Report of the Directors include a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that they face; and
· taken as a whole, the Annual Report and Financial Statements are fair, balanced and understandable and provide the information necessary for shareholders to assess the performance, strategy and business model of the Company.
On behalf of the Board
Andrew Watkins
Chairman
28 May 2026
Notes
1. The financial statements of the Company which are the responsibility of, and were approved by, the Board on 28 May 2026, have been prepared on a going concern basis and in accordance with the Companies Act 2006, UK-adopted International Accounting Standards and the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts ('SORP') issued by the Association of Investment Companies ('AIC') in July 2022.
The Company's subsidiary undertaking Investors Securities Company Limited has not been consolidated in the financial statements as it is exempt in accordance with Section 405(2) of the Companies Act 2006 on grounds of materiality. Investors Securities Company Limited has been classified at fair value through profit or loss in the Statement of Financial Position.
2. The Company's earnings per share are based on the profit for the year of £20,828,000 (year to 31 March 2025: profit of £14,043,000) and on 85,991,420 Ordinary shares (2025: 83,585,667) and 30,497,860 B shares (2025: 30,571,079), being the weighted average number of shares in issue of each share class during the year.
The Company's revenue earnings per share are based on the revenue profit for the year of £5,648,000 (year to 31 March 2025: £5,484,000) and on the weighted average number of shares in issue as above.
The Company's capital earnings per share are based on the capital profit for the year of £15,180,000 (year to 31 March 2025: £8,559,000) and on the weighted average number of shares in issue as above.
3. A fourth interim dividend in respect of the year ended 31 March 2026 of 1.85p per Ordinary share was paid on 8 May 2026 to Ordinary shareholders on the register on 10 April 2026. A fourth capital repayment in respect of the year ended 31 March 2026 of 1.85p per B share was paid on 8 May 2026 to B shareholders on the register on 10 April 2026.
4. The Company has an unsecured revolving credit facility ('RCF') with The Royal Bank of Scotland International Limited for £20 million which is available until 26 September 2027. At 31 March 2026, £20 million was drawn down for a period of one month to 27 April 2026 (31 March 2025: £15 million).
The loan agreement contains certain financial covenants with which the Company must comply. These include a financial covenant with respect to the ratio of the Adjusted Portfolio Value (as defined in the loan agreement) to the level of debt and also that the Adjusted Portfolio Value does not fall below £50 million. The Company complied with the required financial covenants throughout the period since drawdown.
5. During the year the Company sold 6,400,000 Ordinary shares (2025: 1,000,000 Ordinary shares) from treasury realising net proceeds of £7,082,000 (2025: 985,000). During the year the Company sold 400,000 B shares (2025: nil B shares) from treasury realising net proceeds of £461,000 (2025: £nil).
During the year the Company bought back 125,000 B shares (2025: 250,000 B shares) to hold in treasury at a cost of £120,000 (2025: £216,000).
At 31 March 2026 the Company held 11,344,491 Ordinary shares (2025: 17,744,491 Ordinary shares) and 1,342,953 B shares (2025: 1,617,953 B shares) in treasury.
6. The Company's basic net asset value per share of 113.21p (2025: 101.12p) is based on the equity shareholders' funds of £137,501,000 (2025: £116,066,000) and on 121,456,403 equity shares, consisting of 90,722,653 Ordinary shares and 30,733,750 B shares (2025: 114,781,403 equity shares, consisting of 84,322,653 Ordinary shares and 30,458,750 B shares), being the number of shares in issue at the year end.
The Company's treasury net asset value per share, incorporating the 11,344,491 Ordinary shares and 1,342,953 B shares held in treasury at the year end (2025: 17,744,491 Ordinary shares and 1,617,953 B shares), was 113.21p (2025: 101.12p). The Company's current policy is to only re‑sell shares held in treasury at a price not less than the net asset value per share.
7. Financial Instruments
The Company's financial instruments comprise equity investments, cash balances, receivables and payables that arise directly from its operations and borrowings. As an investment trust the Company holds a portfolio of financial assets in pursuit of its investment objective. The Company makes use of borrowings to achieve enhanced returns. The downside risk of borrowings can be mitigated by raising the level of cash balances held.
The Company may use derivatives for efficient portfolio management from time to time. No derivative financial instruments were used during the current year or prior year. The Company may also write call options over some investments held in the investment portfolio. There were no call options written during the current year or prior year.
The fair value of the financial assets and liabilities of the Company at 31 March 2026 is not materially different from their carrying value in the financial statements.
The Company is exposed to various types of risk that are associated with financial instruments. The most important types are credit risk, market price risk, liquidity risk, interest rate risk and foreign currency risk.
The Board reviews and agrees policies for managing its risk exposure. These policies are summarised below and have remained unchanged for the year under review.
Credit risk
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Company.
The Company's principal financial assets are bank balances and cash and other receivables, whose carrying amounts in the Statement of Financial Position represent the Company's maximum exposure to credit risk in relation to financial assets. The Company did not have any exposure to any financial assets which were past due or impaired at the current or prior year end.
The Company is exposed to potential failure by counterparties to deliver securities for which the Company has paid, or to pay for securities which the Company has delivered. A list of pre-approved counterparties used in such transactions is maintained and regularly reviewed by the Manager, and transactions must be settled on a basis of delivery against payment. Broker counterparties are selected based on a combination of criteria, including credit rating, balance sheet strength and membership of a relevant regulatory body. Risk relating to unsettled transactions is considered to be small due to the short settlement period involved and the acceptable quality of the brokers used. The rate of default in the past has been insignificant.
All of the investments of the Company are held by JPMorgan Chase Bank, the Company's custodian. Bankruptcy or insolvency of the custodian may cause the Company's rights with respect to the securities held by the custodian to be delayed or limited. The Board monitors the Company's risk by reviewing the custodian's internal control reports.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings, normally rated A or higher, assigned by international credit rating agencies. Bankruptcy or insolvency of such financial institutions may cause the Company's ability to access cash placed on deposit to be delayed, limited or lost.
The Company has no significant concentration of credit risk with exposure spread over a number of counterparties and financial institutions.
Market price risk
The fair value of equity and other financial securities held in the Company's portfolio fluctuates with changes in market prices. Prices are themselves affected by movements in currencies and interest rates and by other financial issues, including the market perception of future risks. Other external events such as protectionism, inflation or deflation, economic recessions, geopolitical backdrop and terrorism could also affect share prices in particular markets. The Company's strategy for the management of market price risk is driven by the Company's investment policy. The Board sets policies for managing this risk and meets regularly to review full, timely and relevant information on investment performance and financial results. The management of market price risk is part of the fund management process and is typical of equity investment. The portfolio is managed with an awareness of the effects of adverse price movements through detailed and continuing analysis with an objective of maximising overall returns to shareholders. Investment performance is discussed in more detail in the Manager's Review and further information on the investment portfolio is set out in the Annual Report and Financial Statements.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in realising assets or otherwise raising funds to meet financial commitments. The risk of the Company not having sufficient liquidity at any time is not considered by the Board to be significant, given the liquid nature of the portfolio of investments and the level of cash and cash equivalents ordinarily held. Cash balances are held with a spread of reputable banks with a credit rating of normally A or higher, usually on overnight deposit. The Manager reviews liquidity at the time of making each investment decision. The Board reviews liquidity exposure at each meeting.
In certain circumstances, the terms of the Company's bank facility entitle the lender to demand early repayment and, in such circumstances, the Company's ability to maintain dividend levels and the net asset value attributable to equity shareholders could be adversely affected. Such early repayment may be required on the occurrence of certain events of default which are customary for facilities of this type. These include events of non payment, breach of other obligations, misrepresentations, insolvency and insolvency proceedings, illegality and a material adverse change in the financial condition of the Company.
Interest rate risk
Some of the Company's financial instruments are interest bearing. They can be a mix of both fixed and variable rate instruments with differing maturities. As a consequence, the Company is exposed to interest rate risk due to fluctuations in the prevailing market rate. The Company's exposure to floating interest rates gives cashflow interest rate risk and its exposure to fixed interest rates gives fair value interest rate risk.
Floating rate
When the Company retains cash balances the majority of the cash is held in deposit accounts. The benchmark rate which determines the interest payments received on cash balances is the bank base rate, which was 3.75 per cent at 31 March 2026 (2025: 4.50 per cent).
When the Company draws down amounts under its revolving credit facility, interest is payable based on SONIA (which can vary on a daily basis) plus a margin.
Fixed rate
At 31 March 2026 and 31 March 2025, the Company's investment portfolio did not contain any fixed interest or floating rate interest assets. At 31 March 2026 the Company had no fixed interest liabilities.
Foreign currency risk
It is not the Company's policy to hedge any overseas currency exposure on equity investments.
8. Going Concern
The Company's investment objective and investment policy, which is subject to regular Board monitoring processes, is designed to ensure that the Company is invested predominantly in liquid, listed securities. The value of these investments exceeds the Company's liabilities by a significant margin. The Company retains title to all assets held by its custodian and has an agreement relating to its borrowing facility with which it has complied during the year. Cash is only held with banks approved and regularly reviewed by the Manager.
In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council. After making enquiries, and bearing in mind the nature of the Company's business and assets, the Directors consider that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
9. The Directors of the Company are considered a related party. Under the FCA UK Listing Rules, the Manager is also defined as a related party. However, the existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies and therefore under the AIC SORP, the Manager is not considered a related party for accounting purposes.
There are no transactions with the Board other than aggregated remuneration for services as Directors as disclosed in the Directors' Remuneration Report within the Annual Report and Financial Statements. There are no outstanding balances with the Board at year end.
Angus Pottinger, a non-executive director of the Company, is also a director and shareholder of Boardforms Limited. As disclosed in the Corporate Governance Statement, the Company engaged a third party, Cyclico to carry out a board evaluation for the year under review at a cost of £4,000. Cyclico is a customer of Boardforms and uses its technology and software and Boardforms receives a fee from Cyclico in respect of each evaluation it carries out. Angus Pottinger recused himself from all discussions regarding the engagement of Cyclico.
The beneficial interests of the Directors in the Ordinary shares and B shares of the Company are disclosed in the Annual Report and Financial Statements.
Transactions between the Company and Columbia Threadneedle Investment Business Limited are detailed in the notes to the financial statements in the Annual Report and Financial Statements.
10. This statement was approved by the Board on 28 May 2026. It is not the Company's full statutory financial statements in terms of Section 434 of the Companies Act 2006. The statutory Annual Report and Financial Statements for the year ended 31 March 2026 has been approved and audited and received an unqualified audit report and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report. This will be sent to shareholders during June 2026 and will be available for inspection at 6th Floor, Quartermile 4, 7a Nightingale Way, Edinburgh, EH3 9EG the registered office of the Company.
The statutory Annual Report and Financial Statements for the year ended 31 March 2025 also received an unqualified audit report and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report.
The full Annual Report and Financial Statements are available on the website maintained on behalf of the Company at www.ctukhighincome.co.uk
The Annual General Meeting of CT UK High Income Trust PLC will be held at 11 am on 28 July 2026 at Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London EC4N 6AG.
The audited financial statements for the year ended 31 March 2025 have been lodged with the Registrar of Companies and the audited financial statements for the year ended 31 March 2026 will be lodged with the Registrar of Companies following the Annual General Meeting.
Alternative Performance Measures ("APMs")
The Company uses the following APMs:
Discount/Premium - the share price of an Investment Trust is derived from buyers and sellers trading their shares on the stock market. This price is not identical to the net asset value (NAV) per share of the underlying assets less liabilities of the Company. If the share price is lower than the NAV per share, the shares are trading at a discount. This usually indicates that there are more sellers of shares than buyers. Shares trading at a price above NAV per share are deemed to be at a premium.
|
|
|
At 31 March 2026 |
|
|
|
|
Ordinary shares |
B shares |
|
Net asset value per share |
(a) |
113.21p |
113.21p |
|
Share price |
(b) |
108.00p |
103.00p |
|
Discount (c=(b-a)/(a)) |
(c) |
-4.6% |
-9.0% |
Ongoing Charges - all operating costs expected to be incurred in future and that are payable by the Company, expressed as a proportion of the average net assets of the Company over the reporting year. The costs of buying and selling investments and derivatives are excluded, as are interest costs, taxation, non‑recurring costs and the costs of buying back or issuing shares.
Ongoing charges calculation
|
|
|
31 March 2026 £'000 |
|
Total expenditure |
|
1,306 |
|
Less non-recurring expenses |
|
(13) |
|
Total |
(a) |
1,293 |
|
Average daily net assets |
(b) |
126,056 |
|
Ongoing charges (c = a/b) |
(c) |
1.03% |
Gearing - represents the excess amount above shareholders' funds of total investments, expressed as a percentage of the shareholders funds. If the amount calculated is negative, this is a 'net cash' position and no gearing.
|
|
|
31 March 2026 £'000 |
|
Investments held at fair value through profit or loss |
(a) |
147,597 |
|
Net assets |
(b) |
137,501 |
|
Gearing (c = (a/b)-1)% |
(c) |
7.3% |
Total return - the theoretical return to shareholders calculated on a per share basis by adding dividends/capital repayments paid in the period to the increase or decrease in the Share Price or NAV in the period. The dividends/capital repayments are assumed to have been re‑invested in the form of shares or net assets, respectively, on the date on which the shares were quoted ex‑dividend.
The effect of reinvesting these dividends/capital repayments on the respective ex‑dividend dates and the share price total returns and NAV total returns are shown below.
|
|
31 March 2026 |
|
|
Ordinary shares/ B shares |
|
NAV per share at start of financial year |
101.12p |
|
NAV per share at end of financial year |
113.21p |
|
Change in the year |
+12.0% |
|
Impact of dividend/capital repayment reinvestment† |
+6.3% |
|
NAV total return for the year |
+18.3% |
†During the year to 31 March 2026 dividends/capital repayments totalling 5.85p (Ordinary shares/B shares) went ex-dividend.
|
|
31 March 2026 |
|
|
|
Ordinary shares |
B shares |
|
Share price per share at start of financial year |
99.0p |
97.0p |
|
Share price per share at end of financial year |
108.0p |
103.0p |
|
Change in the year |
+9.1% |
+6.2% |
|
Impact of dividend/capital repayment reinvestment† |
+6.2% |
+6.2% |
|
Share price total return for the year |
+15.3% |
+12.4% |
†During the year to 31 March 2026 dividends/capital repayments totalling 5.85p (Ordinary shares/B shares) went ex-dividend.
Yield - The total annual dividend/capital repayment expressed as a percentage of the year end share price.
|
|
|
31 March 2026 |
|
|
|
|
Ordinary shares |
B shares |
|
Annual dividend/capital repayment |
(a) |
5.96p |
5.96p |
|
Share price |
(b) |
108.00p |
103.00p |
|
Yield = (c=a/b) |
(c) |
5.5% |
5.8% |
For further information, please contact:
David Moss
Portfolio Manager to CT UK High Income Trust PLC Tel: 0131 573 8300
Ian Ridge
For Columbia Threadneedle Investment Business Limited
Company Secretary to CT UK High Income Trust PLC Tel: 0131 573 8300
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