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Murray Income Tst. (MUT)

  Print      Mail a friend       Annual reports

Wednesday 12 September, 2001

Murray Income Tst.

Final Results

Murray Income Trust PLC
12 September 2001



The directors of Murray Income Trust PLC announce the results, subject to
final audit, for the year ended 30 June 2001.

Key Facts

  * Murray Income's total return, on a net asset value basis, was 9.1% which
    compares with the benchmark return of 13.3%.

  * Murray Income was ranked 3rd out of 19 in the UK Growth and Income
    sector for the year ended 30 June 2001.

  * Final dividend of 6.75p per share, making a total of 16.20p, equivalent
    to an increase of 2.8% on the total dividend paid for 2000.

  * Interim dividends maintained at 3.15p.


Murray Income is almost totally invested in UK listed companies, focused
primarily on higher yielding stocks with value characteristics. Murray
Income's policy is to invest in shares that have potential for strong earnings
and dividend growth while at the same time providing an above average dividend
yield. The portfolio performed satisfactorily and has been little affected by
the collapse in value of technology and telecommunication shares. Although the
Company failed to outperform its benchmark, the FTSE 350 Higher Yield Index,
it did better than many within its peer group and significantly better than
FTSE All Share Index. The Net Asset Value total return was 9.1% compared with
the FTSE 350 Higher Yield Index benchmark return of 13.3%. Murray Income was
ranked 3rd out of 19 in the UK Growth and Income sector for the year ended 30
June 2001. In recognition of the improvement of the performance of Murray
Income in the recent past, the Company was awarded second place in the most
improved Investment Trust category over the year 2000 in the What Investment

Manager and Secretary

In November last year the merger between Murray Johnstone and Aberdeen Asset
Management PLC was completed. The investment teams have now been integrated
and are benefiting from the greater resources available from the combination
of two leading Scottish investment managers. Subsequent to the merger the
opportunity has been taken to review the investment management agreement and
to bring it into line with current best practice. As part of this process,
Aberdeen Asset Management PLC has been appointed Company Secretary in place of
Murray Johnstone Limited. In addition the basis on which the management fee is
calculated has been altered. Although there is no immediate effect there will
be future benefit to shareholders from a lower fee structure if the company
grows. The new arrangements consist of a fixed fee of £500,000, plus a scale
of rates dependent on the size of the Company. Fees are no longer calculated
on the basis of the rolling average asset values of the last six quarters, but
rather on monthly asset values.

The effect of the fee change is that if the gross assets rose to £700 million
the management fee would represent 0.43% of the assets, whereas a fall to £400
million would increase it to 0.56%. The current fee is 0.5%.

Share Buybacks

During the year ended 30 June 2001 the Company repurchased 6,898,000 Ordinary
Shares (8.96% of the issued Ordinary Share Capital at 25 October 2000) and
14,477 B Ordinary Shares (6.65% of the issued B Ordinary Share Capital at 25
October 2000) at an average price of 542.32p per Ordinary Share and 520p per B
Ordinary Share. These repurchases contributed 6.0p per Share to the Net Asset
Value. At the last Annual General Meeting in October 2000 shareholders renewed
the authority of the Company to buy back up to 14.99% of its own shares in the
market. This authorisation will expire at the Annual General Meeting, to be
held in October 2001, at which point Shareholders will be asked to renew it.
The Board believes that the continued use of the buy-back facility together
with improved performance will continue to help narrow the discount to net
asset value.

Strategy and Borrowing

The fund continues to be managed with regard to the structure of the FTSE 350
Higher Yield Index. However specific levels of variance from the benchmark
have been adopted for certain stocks and sector groupings. At the same time,
exposure has been retained to certain areas of the equity market which are not
components of the benchmark, such as pharmaceuticals.

At the end of the financial year, Murray Income was geared with borrowings of
£48m. However, since the year end the level of borrowings has been
substantially reduced. The fixed income exposure within the portfolio, having
performed particularly well against equities, was sold in the course of the


For the year under review three interim dividends of 3.15p per share have
already been paid on 15 January, 16 April and 16 July 2001. The Board now
recommends a final dividend of 6.75p per share payable on 1 November 2001,
making a total of 16.20p. This is equivalent to an increase of 2.8% on the
total dividend for the year ending 30 June 2000. For the current year the
Board recommends that the interim dividends be maintained at 3.15p per share
and be paid on 16 January, 16 April and 16 July 2002.

B ordinary shareholders will receive a capitalisation issue in B ordinary
shares on 1 November 2001 amounting to 2.64172 B ordinary shares for every
hundred held at the close of business on 5 October 2001. This is equivalent in
net asset value to the recommended final dividend and the interim dividends
for the current year.


Economic growth in the UK has held up relatively well in comparison to the
slowdown that is being experienced in other economies.

Markets continue to be dominated by the tension between considerable monetary
easing world wide and the poor immediate outlook for corporate profits.
Looking beyond the current uncertainties and weak market sentiment, there will
be opportunities to invest in strong companies providing excellent value for
shareholders over the longer term.

for the year ended 30 June 2001

                                 Year ended                 Year ended
                               30 June 2001               30 June 2000
                            Revenue Capital    Total   Revenue Capital    Total
                              £'000   £'000    £'000     £'000   £'000    £'000

Gains on investments              -  32,037   32,037         -  12,678   12,678
  Income from investments    16,706       -   16,706    15,117       -   15,117
  Other income                  102       -      102        93       -       93
Investment management fees  (1,375) (1,375)  (2,750)   (1,358) (1,358)  (2,716)
Currency gain                     -     198      198         -       -        -
Other expenses                (931)       -    (931)   (1,001)       -  (1,001)

Net return before finance
costs and taxation           14,502  30,860   45,362    12,851  11,320   24,171

Finance costs of borrowing  (1,573) (1,573)  (3,146)     (700)   (700)  (1,400)

Return on ordinary
before and after tax         12,929  29,287   42,216    12,151  10,620   22,771

Preference dividends              -       -        -       (8)       -      (8)

Return attributable to
shareholders                 12,929  29,287   42,216    12,143  10,620   22,763

Ordinary dividends on      (11,627)       - (11,627)  (12,453)       - (12,453)
equity shares
                              1,302  29,287   30,589     (310)  10,620   10,310

Return per ordinary share      17.4    39.5     56.9      14.7    12.9     27.6

Return per ordinary share
assuming full conversion
of the
B ordinary shares (pence)      17.3    39.2     56.5      14.6    12.8     27.4

* The revenue column of this statement is the profit and loss account
of the company.

as at 30 June 2001
                                                 30 June 2001      30 June 2000
                                              £'000     £'000   £'000     £'000
Fixed assets
Investments                                           481,121           505,811

Current assets
Debtors                                       1,737             2,043
Cash and short term deposits                  7,623               727
                                              9,360             2,770

Amounts falling due within one year           7,336            16,250

Net current assets (liabilities)                        2,024          (13,480)

Total assets less current liabilities                 483,145           492,331

Amounts falling due after more than one year           48,000            50,049

                                                      435,145           442,282
Capital and reserves
Equity shareholders' interest:
Ordinary called up share capital                       17,778            19,502
Share premium                                           7,955             7,955
Capital redemption reserve                              3,820             2,092
Capital reserve - realised                            308,657           276,933
Capital reserve - unrealised                           87,071           127,238
Revenue reserve                                         9,864             8,562

                                                      435,145           442,282

Net asset value per ordinary                            611.9             567.0
and B ordinary share (pence)

for the year ended 30 June 2001
                                               30 June 2001       30 June 2000
                                             £'000    £'000     £'000    £'000
Operating activities
Investment income received                  17,125             15,707
Deposit interest received                       83                 87
Underwriting commission received                 -                  8
Investment management fees paid            (2,750)            (3,179)
Secretarial fees paid                         (50)               (50)
Cash paid to and on behalf of directors       (53)               (52)
Other cash payments                          (687)              (948)

Net cash inflow from operating                       13,668             11,573

Returns on investments and servicing
of finance
Interest paid                              (3,028)            (1,400)
Preference dividends paid                        -               (30)

Net cash outflow from returns on
Investments and servicing of finance                (3,028)            (1,430)

Financial investment
Purchase of investments                  (102,144)          (252,835)
Sale of investments                        150,760            262,125
Net cash inflow from financial                       48,616              9,290

Equity dividends paid                              (11,974)           (12,878)

Net cash inflow before use of financing              47,282              6,555

Repurchase of shares                      (38,535)           (35,553)
Repayment and cancellation of                    -            (1,122)
preference shares
Loans (repaid) drawn                       (2,049)             25,795
Net cash outflow from financing                    (40,584)           (10,880)

Increase (decrease) in cash                           6,698            (4,325)


                                                           2001        2000

Equity shareholders' interest                        £435,145,000  £442,282,000
Net asset value per ordinary share and 'B' ordinary
share of 25p                                              611.9p      567.0p

                                                                 2001    2000

Dividends on ordinary shares                                     £000    £000

Interims of 9.45p (2000 - 9.45p)                                 2,410   2,617
3.15p paid 15 January 2001

3.15p paid 16 April 2001                                         2,247   2,532

3.15p paid 16 July 2001                                          2,224   2,456

Proposed final dividend of 6.75p (2000 - 6.30p)                  4,765   4,880

Over accrual of previous year's dividends due to share buybacks  (19)    (32)

                                                                11,627  12,453

The results stated above for the year ended 30 June 2000 are abridged from the
full accounts for that year, which have received an unqualified report from
the auditors and were filed with the Registrar of Companies.

A summary of investment changes during the year and the twenty largest
investments as at 30 June 2001 are attached.

The next date for conversion of 'B' ordinary shares to ordinary shares is 31
December 2001. The last date for receipt of certificates with the conversion
notice signed on the reverse is 23 December 2001.

If approved, (1) the final dividend will be paid on 1 November 2001 to holders
of Ordinary shares on the register at the close of business on 5 October 2001,
(2) in respect of the year ending 30 June 2002, three interim dividends of
3.15p per share each on the Ordinary shares of the Company in issue on 21
December 2001 will be paid on 16 January 2002, 16 April 2002, and 16 July 2002
respectively to the persons who at the close of business on 21 December 2001,
22 March 2002, and 21 June 2002 respectively, are the holders of such shares,
and (3) definitive certificates in respect of the B Ordinary capitalisation
issue will be posted on 1 November 2001 to B Ordinary shareholders on the
register at the close of business on 5 October 2001.

Copies of this announcement will be available to the public at the registered
office of the Company at 123 St Vincent Street, Glasgow.

The annual general meeting will be held on 31 October 2001 at 12.30 p.m.



12 September 2001

Summary of Investment Changes during the year

                          Valuation    Transactions Appreciation    Valuation
                         30 June 2000               (depreciation) 30 June 2001
                         £'000      %      £'000         £'000       £'000   %

United Kingdom
Equities                 495,839  100.7    (46,356)       31,638  481,121  99.6
Fixed income               9,972    2.0    (10,371)          399        -     -
Total Investments        505,811  102.7    (56,727)       32,037  481,121  99.6

Other net current       (13,480)  (2.7)      15,306          198    2,024   0.4
(liabilities) assets

Total assets*            492,331    100    (41,421)       32,235  483,145   100

* represents total assets less current liabilities before
deducting prior charges.

Summary of net assets                                          30 June 2001
                                                                 £'000      %

Equities                                                       481,121  110.6
Other net assets                                                 2,024    0.4
Borrowings                                                    (48,000) (11.0)

Equity shareholders' interest                                  435,145  100.0

as at 30 June 2001

                                                                           % of 
Investment                   Sector                      Valuation       Assets
                             Description                     £'000

BP Amoco                     Oil & Gas                      64,755         13.4
HSBC Holdings                Banks                          40,440          8.4
Shell Transport & Trading    Oil & Gas                      32,505          6.7
Royal Bank of Scotland Group Banks                          25,007          5.2
Lloyds TSB                   Banks                          21,345          4.4
Barclays                     Banks                          18,530          3.8
CGNU                         Life Assurance                 11,796          2.4
Diageo                       Beverages                      11,700          2.4
Halifax Group                Banks                          10,686          2.2
Abbey National               Banks                           9,960          2.1
Sainsbury (J)                Food & Drug Retailers           9,175          1.9
Unilever                     Food Producers & Processors     8,985          1.9
Prudential                   Life Assurance                  8,610          1.8
Anglo American               Mining                          8,212          1.7
Rio Tinto                    Mining                          8,203          1.7
British American Tobacco     Tobacco                         6,708          1.4
Vodafone Group               Telecommunication Services      6,694          1.4
Scottish Power               Electricity                     5,900          1.2
Standard Chartered           Banks                           5,830          1.2
Atrium Underwriting          Insurance                       5,532          1.1
                                                           320,573         66.3


a d v e r t i s e m e n t