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GT Income Growth (IVI)

  Print      Mail a friend       Annual reports

Friday 19 May, 2000

GT Income Growth

Unaudited Preliminary Results

GT Income Growth Trust PLC
19 May 2000

                     GT INCOME GROWTH TRUST PLC



I would first like to welcome Christopher Hills who joined the Board
on 11 October 1999.  Mr Hills is the Chief Investment Officer of
Carr Sheppards Crosthwaite, one of the UK's largest stockbrokers.
It will give me great pleasure to propose his election as a Director
at our Annual General Meeting.

Capital Performance

I am delighted to report that it has been another excellent year for
growth in the assets of your Company.  The Company's total return
(comprising the increase in net asset value plus net dividends
reinvested) was 13.4% compared with that of 11.1% for the FTSE
Actuaries All-Share Index.

This performance was achieved despite many of the stocks which have
the higher yield characteristics we require showing a relative
underperformance to the general market: this contrasted with the
significant outperformance of such low yielding stocks typically
within the telecom, media and technology sectors.  However, we have
benefited from the outperformance of mid-sized and smaller companies
in which the Company has an overweight position, as well as from
takeover bids for a number of companies held in the portfolio.

Revenue and Dividends

An interim dividend of 1.6p per share (1999: 1.6p) was paid to
Shareholders in December 1999 and the Directors are now recommending
a final dividend of 2.3p per share (1999: 1.9p) which, together with
the interim dividend, makes a total net dividend in respect of the
year of 3.9p per share (1999: 3.5p), an increase of 11.4%.

The final ordinary dividend will be payable, subject to the approval
of Shareholders, on 4 July 2000 to Shareholders registered on 9 June

Market Background

During the past year there has been a mixed performance from the UK
equity market, which can be characterised as a year of two halves.
In the first half of the year the market was supported by the
strength of world markets (and the US in particular) and by the
reduction in UK base rates from 6.25% at the beginning of 1999 to 5%
by July.  The background of lower interest rates and a strengthening
economy led to a recovery in the share prices of economically
sensitive stocks, and industrials in particular.  In the second half
of the Company's year, the performance from these sectors has been
more pedestrian.  This was as a result of increasing concern that
the economy might have been growing too quickly (fuelled by a
significant boom in house prices, particularly in the south east of
England) and that interest rates might rise, which they have
subsequently done by 0.25% in each of September, November, January
and February.  Emphasis within the stock market once again switched
to those sectors able to demonstrate explosive growth and those
companies exposed to the internet.  Although sector leadership
within the UK market has changed during the year, the FTSE Actuaries
All-Share Index has traded within a relatively tight range.
Therefore, despite reaching a new all time high at the end of 1999,
the market has drifted downwards following weakness in the US stock
market and the interest rate rises on both sides of the Atlantic.

Market Outlook

The stockmarket has been driven by a few rapidly growing sectors.
The value of some stocks within these sectors now looks stretched
and therefore it is not surprising that after the Company's year end
many of these stocks have fallen following the weakness of
technology stocks traded on the NASDAQ market in the US.  However,
many companies and sectors held by the Company still remain
attractively valued.  The higher level of interest rates seen in
both the US and the UK should subdue inflationary pressures and any
overheating within the economy.  With steady growth in the economy,
investors can look forward to growth in both earnings and dividends
in the coming year.  This leaves the Company well positioned to
continue its long term record of growing both capital and income for


As I commented in my interim statement for the period to 30
September 1999, it has been the Directors' intention to increase the
Company's gearing when we anticipated that returns from the
portfolio might exceed the cost of borrowing.  The borrowing was
thus increased from £2,050,000 at the interim stage to £5,000,000 at
31 March 2000, taking the level of the gearing of the Company from
102 per cent to 105 per cent.

AITC Marketing Proposals

The Directors of your Company continue to support the AITC's
campaign to increase general awareness of the merits of investment
trusts as investment media for the private investor.  The Company's
share of the campaign for the second year is likely to amount to
£39,160 (£48,950, 1999) exclusive of VAT.

Corporate Governance

The Combined Code on Corporate Governance was published in June 1998
and in September 1999, the guidance on Internal Control was issued.
The Listing Rules require that the Company reports to shareholders
on how it applies the Code.  As Directors of GT Income Growth Trust
PLC, we have considered the principles detailed in the Code and
believe that, in so far as they are relevant to the Company's
business, they are embodied in our conduct and stewardship of the
Company's affairs.

A review of the internal controls operated by the Managers on the
Company's behalf has been carried out by the Board and procedures
for regular monitoring and control of risks have been formalised and
approved and adopted.  These procedures should ensure that
significant risks faced by the Company are kept within acceptable
limits and that Shareholders' assets are safeguarded.

Directors Fees

The subject of an increase in your Directors' fees is inevitably a
sensitive issue so I feel it appropriate to bring this matter to
your attention even though our Articles of Association do not, in
the present circumstances require me to do so.

As your Chairman it is part of my responsibility to make sure that
you are served by a Board which has the qualities and expertise to
fulfil this increasingly onerous role.  There has been no increase
in Directors' fees since the inception of your Company in March
1996; from that date to 31 March 2000 the RPI has risen marginally
over 10 per cent.  Accordingly, it has been decided to increase the
annual fee of a Director from £8,000 to £9,000 (+12.5%) and that of
the Chairman from £12,000 to £13,500 (+12.5%) with effect from 1
April 2000.  I believe this decision is reasonable and will meet
with your approval.

Special Business

Three items of special business are to be proposed at the Annual
General Meeting as special resolutions.  Firstly, your Directors
propose that the name of the Company be changed to create a closer
identity with INVESCO its investment manager.

Secondly, your Directors are seeking renewal of the authority
granted last year to issue new ordinary shares of the Company.  This
will allow the Directors flexibility to issue new shares within
prescribed limits in a shorter period than would otherwise be the
case.  The powers authorised will not be exercised at an issue price
below net asset value so that the interests of existing Shareholders
are not diluted.

Thirdly, during the year 200,000 Ordinary shares were repurchased at
a price of 135.5p resulting in an uplift of 0.09p to the net asset
value per share.  As a consequence your Directors wish to renew the
authority to buy-back up to 14.9% of the Company's issued ordinary
shares.  Acquisitions under this authority will be subject to the
restrictions referred to in the Notice of Annual General Meeting and
will only be made at market prices below the prevailing net asset

Annual General Meeting

The Annual General Meeting of the Company will be held at the
offices of INVESCO Asset Management Limited on 3 July 2000.  I do
hope that as many Shareholders as are able will attend.  This will
be an opportunity not just to meet with the Board of Directors but
also to hear the views of Graham Kitchen who is the Investment
Manager at INVESCO with day-to-day responsibility for managing the
Company's share portfolio.

Statement of Total Return (incorporating the revenue account*)
for the year ended 31 March.

                           2000                     1999 Restated**
                 Revenue  Capital   Total  Revenue  Capital    Total
                   £'000    £'000   £'000    £'000    £'000    £'000
Realised Gains/                                                     
(losses) on                                                         
investments            -    6,455   6,455        -  (1,418)  (1,418)
Increase in                                                         
appreciation           -    3,698   3,698        -    1,146    1,146
Income             3,139        -   3,139    2,812        -    2,812
management fee      (232)    (471)   (703)    (307)    (307)    (614)
Other expenses      (287)        -   (287)    (186)        -    (186)
                  -------  ------- -------  -------  -------  -------
Net return                                                          
before finance                                                      
costs and                                                           
taxation           2,620    9,682  12,302    2,319     (579)   1,740
payable              (60)    (113)   (173)      (2)       -       (2)
                  -------  ------- -------  -------  -------  -------
Return on                                                           
before tax         2,560    9,569  12,129    2,317     (579)   1,738
Tax on ordinary                                                     
activities           (20)      20       -      (33)      33        -
                  -------  ------- -------  -------  -------  -------
Return on                                                           
after tax          2,540    9,589  12,129    2,284     (546)   1,738

Dividends in                                                        
respect of                                                          
equity shares     (2,096)       -  (2,096)  (1,885)       -   (1,885)
                  -------  ------- -------  -------  -------  -------
Transfer to/                                                        
(from) reserves      444    9,589  10,033      399     (546)     147
Return per                                                          
ordinary share     4.72p   17.83p  22.55p    4.24p   (1.01)p   3.23p

*The revenue column of this statement is the profit and loss account
of the Company.  All revenue and capital items in the above
statement derive from continuing operations.  No further operations
were acquired or discontinued in the year.

** Restated to comply with FRS 16 'Current Tax'.

Balance sheet at 31 March 2000

                                       2000         1999
                                      £'000        £'000
Fixed Assets                                            
     Investments                     98,238       81,621
                                 ----------   ----------
Current Assets                                          
     Debtors                          2,652        2,729
     Cash at bank                     2,790          532
                                 ----------   ----------
                                      5,442        3,261
                                 ----------   ----------
Creditors: amounts falling due                          
within one year                      11,338        2,301
                                 ----------   ----------
Net current (liabilities)/                              
assets                              (5,896)          960
Total assets less current                               
liabilities                          92,342       82,581
                                  =========    =========
Capital and reserves                                    
     Called-up share capital         13,413       13,463
     Share premium account           20,390       40,390
     Other reserves                                     
     Capital redemption reserve          50            -
     Special reserve share buy-                         
          back                       19,728            -
     Capital reserve - realised      23,999       14,325
     Capital reserve -                                  
unrealised                           13,362       13,447
     Revenue reserve                  1,400          956
                                 ----------   ----------
Equity Shareholders' funds           92,342       82,581
                                 ==========   ==========
Net asset value per ordinary                            
share                               172.11p      153.35p

The preliminary statement is not the Company's statutory accounts.
The statutory accounts for the year ended 31 March 1999 have been
delivered to the Registrar of Companies and received an audit report
which was unqualified and did not contain statements under S.237(2)
or (3) of the Companies Act 1985.  The statutory accounts for the
year ended 31 March 2000 will be finalised on the basis of the
information presented by the Directors in this preliminary
announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

Income                                 2000         1999
                                      £'000        £'000
                                              * Restated
Income from investments                                 

Franked investment income             3,000        1,956
Unfranked investment income              83          233
Foreign income dividends                  -          557
                                   --------     --------
                                      3,083        2,746
                                   --------     --------
Other income                                            
Deposit interest                         47           63
Underwriting commission                   9            -
Other income                              -            3
                                   --------     --------
                                         56           66
                                   --------     --------
Total income                          3,139        2,812
                                   --------     --------
Total income comprises:                                 
Dividends                             3,000        2,513
Interest                                130          296
Other income                              9            3
                                   --------     --------
                                      3,139        2,812
                                   --------     --------
Income from investments:                                
Listed UK                             3,083        1,956
                                   --------     --------

* Franked Investment Income has been restated to comply with FRS16.

Return per ordinary share

                           2000                      1999       
                 Revenue  Capital   Total  Revenue  Capital    Total
                   £'000    £'000   £'000    £'000    £'000    £'000
Return per                                                          
ordinary share     4.72p   17.83p  22.55p    4.24p  (1.01)p    3.23p

Revenue  return  per ordinary share is based on the net  revenue  on
ordinary  activities after taxation of £2,540,000 (1999: £2,284,000)
and  on  53,779,060  (1999: 53,852,830) ordinary shares,  being  the
number of ordinary shares in issue throughout the year.

Capital  return per ordinary share is based on net capital  gain  of
£9,589,000  (1999: net capital deficit £546,000) for  the  financial
year and on 53,779,060 (1999: 53,852,830) ordinary shares, being the
weighted  average number or ordinary shares in issue throughout  the


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