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Murray Income Tst. (MUT)

  Print      Mail a friend       Annual reports

Monday 11 February, 2002

Murray Income Tst.

Interim Results

Murray Income Trust PLC
11 February 2002

Murray Income Trust PLC

Results for the six months ended 31 December 2001

The Directors of Murray Income Trust PLC report the unaudited results of the
Company for the six months ended 31 December 2001.


In a six month period characterised by volatile stockmarkets across the world,
particularly after the terrorist attacks on the USA, UK equities produced a dull
performance. The net asset value total return for Murray Income (including net
dividends) was -5.5%, which was slightly better than the benchmark FTSE350
Higher Yield Index with net income reinvested, of -5.7%. For the calendar year
2001, the net asset value total return was -4.8% which is behind the return of
-2.2% from the FTSE 350 Higher Yield Index. Within its peer group of the UK
Growth and Income sector Murray Income ranked 6th out of 18 funds.


The relative strength of the UK economy during the second half of 2001 was
almost entirely due to the consumer sector. Helped by low interest rates, rising
incomes and a tight labour market retail sales showed good growth. The housing
market was also strong. Other sectors of the economy, particularly
manufacturing, produced a much weaker performance. Even before the shock of the
terrorist attacks, the US economy had already slowed markedly. Short term
interest rates, which had already fallen both in this country and the USA, have
subsequently been further reduced. Despite the negative returns achieved over
the six month period, the relatively defensive nature of the FTSE 350 Higher
Yield Index produced a better performance than broader market indices.

Share Buy Back

The Company continued to buy back its shares in the market in order to enhance
net asset value per share. During the six months ended 31 December 2001, the
Company bought back for cancellation 797,000 ordinary shares (1.13%) and 21,740
B ordinary shares (4.20%) at an average price of 463.68p and 585p respectively.
These repurchases contributed 0.8p per Share to the Net Asset Value.

B Ordinary Shares

Following the conversion of 8,934 B ordinary shares on 31 December 2001, the
nominal value of the B ordinary shares was reduced to below £125,000.
Consequently, all B ordinary shareholders were sent a notice of compulsory
conversion on 25 January 2002 and 499,589 B ordinary shares will be converted
into ordinary shares on 28 February 2002. The conversion will reduce costs for
the Company, as it will eliminate the need to maintain a separate register for
the B ordinary shares and the additional costs of the scrip dividend process.


Reflecting the weaker economic backdrop and the manager's cautious short term
outlook, liquidity was raised from a range of stocks across the portfolio. This
was used to reduce overall debt by a total of £38m which meant that gearing came
down from 11% to 2.5% of net assets. One of the holdings reduced, after a period
of strong performance, was Royal Bank of Scotland after a period of strong
performance. The holding in REXAM was completely sold after an excellent
performance from this stock during the year.

The weakness in the market following the events in the USA gave the opportunity
to increase holdings in a number of stocks. Abbey National was one of those
stocks and this holding is now overweight reflecting the combination of growth
and yield available from the company. The holdings in the resources sector are
dominated by Oil & Gas where the portfolio weighting is close to the index,
being overweight in Shell.


The first of three interim dividends of 3.15p per share has already been paid
and the other two will be paid on 16 April 2002 and 16 July 2002 respectively.
In addition, the Directors expect to at least maintain the final dividend of
6.75p for the year ended 30 June 2002 which will result in a payment of at least
16.2p for the year. Despite a number of UK companies being forced to cut their
dividend payments, the flow of income into this Company's portfolio remains
secure. The minimum forecast dividend of 16.2p for the full year will be fully
covered by earnings and revenue reserves remain substantial.


The Directors are pleased to report that Aberdeen Asset Management has appointed
Ross Watson to manage the portfolio, with Diane Wilde as his deputy. Mr Watson
and Ms Wilde have been a successful investment management team for more than ten


After a difficult period for the world economy with slowing growth in most
regions, the outlook is now more positive. A series of interest rate reductions
in the UK, USA and Europe by the monetary authorities has been a strong response
to the situation. This increase in liquidity is supportive of both economic
activity and equity markets. At this stage of the economic cycle corporate
profits have in many cases been reduced. Once the recovery in economic activity
becomes more apparent, probably by the second half of 2002, the outlook for
corporate profits should improve.

With interest rates in this country set for a period of stability at the current
low levels, prospects for UK equities are better than for some time. During 2002
share prices should be capable of reasonable growth.

for the six months ended 31 December 2001 (unaudited)
                                                                              Six months to 31 December 2001
                                                                      Revenue               Capital            Total
                                                                                 £'000            £'000        £'000

Gains on investments                                                                 -            9,864        9,864
Unrealised losses                                                                    -         (42,494)     (42,494)
(Losses) Gains on investments                                                        -         (32,630)     (32,630)

Income from investments                                                          6,420                -        6,420
Other income                                                                       115                -          115
Investment management fees                                                       (671)            (671)      (1,342)
Currency (losses) gains                                                              -              (4)          (4)
Other expenses                                                                   (406)                -        (406)
Net return before finance costs and taxation                                     5,458         (33,305)     (27,847)
Finance costs of borrowing                                                       (248)            (247)        (495)
Return on ordinary activities before and after tax                               5,210         (33,552)     (28,342)
Ordinary dividends on equity shares                                            (6,568)                -      (6,568)
Transfer (from) to reserves                                                    (1,358)         (33,552)     (34,910)

Return per ordinary share (pence)                                              7.4           (47.8)           (40.4)
Return per ordinary share assuming conversion of the
'B' ordinary shares (pence)                                                    7.4           (47.5)           (40.1)


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

2.     The results for the year to 30 June 2001 are abridged from the full
accounts for that year, which received an unqualified report from the auditors
and have been filed with the Registrar of Companies.

for the six months ended 31 December 2001 (unaudited)
                                                                                   Six months to 31 December 2000
                                                                                Revenue          Capital        Total
                                                                                  £'000            £'000        £'000

Gains on investments                                                                  -           69,265       69,265
Unrealised losses                                                                     -         (34,380)     (34,380)
(Losses) Gains on investments                                                         -           34,885       34,885

Income from investments                                                           7,276                -        7,276
Other income                                                                         47                -           47
Investment management fees                                                        (684)            (684)      (1,368)
Currency (losses) gains                                                               -              172          172
Other expenses                                                                    (446)              (4)        (450)

Net return before finance costs and taxation                                      6,193           34,369       40,562
Finance costs of borrowing                                                        (756)            (755)      (1,511)
Return on ordinary activities before and after tax                                5,437           33,614       39,051
Ordinary dividends on equity shares                                             (6,905)                -      (6,905)
Transfer (from) to reserves                                                     (1,468)           33,614       32,146
Return per ordinary share (pence)                                                  7.1              43.7         50.8
Return per ordinary share assuming conversion of the
'B' ordinary shares (pence)                                                        7.0              43.4         50.4

for the six months ended 31 December 2001 (unaudited)
                                                                                Year ended 30 June 2001
                                                                         Revenue          Capital                 Total
                                                                           £'000            £'000                 £'000

Gains on investments                                                          -            72,204                 72,204
Unrealised losses                                                             -          (40,167)               (40,167)
(Losses) Gains on investments                                                 -            32,037                 32,037

Income from investments                                                  16,706                 -                 16,706
Other income                                                                102                 -                    102
Investment management fees                                              (1,375)           (1,375)                (2,750)
Currency (losses) gains                                                       -               198                    198
Other expenses                                                            (931)                 -                  (931)
Net return before finance costs and taxation                             14,502            30,860                 45,362
Finance costs of borrowing                                              (1,573)           (1,573)                (3,146)
Return on ordinary activities before and after tax                       12,929            29,287                 42,216
Ordinary dividends on equity shares                                    (11,627)                 -               (11,627)
Transfer (from) to reserves                                               1,302            29,287                 30,589
Return per ordinary share (pence)                                          17.4              39.5                   56.9
Return per ordinary share assuming conversion of the
'B' ordinary shares (pence)                                                17.3              39.2                   56.5

as at 31 December 2001 (unaudited)
                                                                31 December      31 December       30 June
                                                                       2001             2000          2001
                                                                      £'000            £'000         £'000
Fixed assets
   Investments                                                      411,800          513,363       481,121

Current assets
   Debtors                                                              962            1,522         1,737
   Cash and short term deposits                                         896              373         7,623
                                                                      1,858            1,895         9,360
   Amounts falling due within one year                                7,270            7,728         7,336

Net current (liabilities) assets                                    (5,412)          (5,833)         2,024
Total assets less current liabilities                               406,388          507,530       483,145
   Amounts falling due after more than one year                      10,000           38,999        48,000
                                                                    396,388          468,531       435,145
Capital and reserves
   Equity shareholders' interest:
      ordinary called up share capital                               17,576           19,216        17,778
      share premium account                                           7,955            7,955         7,955
      redemption reserve                                              4,025            3,421         3,820
      capital reserve - realised                                    313,749          337,986       308,657
      capital reserve - unrealised                                   44,577           92,859        87,071
      revenue reserve                                                 8,506            7,094         9,864
                                                                    396,388          468,531       435,145

Net asset value per ordinary and
'B' ordinary share (pence)                                            563.8            609.5         611.9

for the six months ended 31 December 2001 (unaudited)
                                                                    Six months to 31 Six months to 31         Year ended
                                                                       December 2001    December 2000       30 June 2001
                                                                               £'000            £'000              £'000
Operating activities
    Investment income received                                                 7,134            7,823             17,125
    Deposit interest received                                                    133               49                 83
    Investment management fees paid                                            (912)          (1,368)            (2,750)
    Secretarial fees paid                                                       (19)             (25)               (50)
    Cash paid to and on behalf of directors                                     (31)             (26)               (53)
    Other cash payments                                                        (322)            (455)              (687)
Net cash inflow from operating activities                                      5,983            5,998             13,668

Returns on investment and servicing of finance
    Interest paid                                                              (613)          (1,511)            (3,028)

Financial investment
    Purchase of investments                                                 (20,909)         (82,480)          (102,144)
    Sale of investments                                                       57,634          101,791            150,760
Net cash inflow from financial investment                                     36,725           19,311             48,616

Equity dividends paid                                                        (6,961)          (7,316)           (11,974)

Net cash inflow before use of financing                                       35,134           16,482             47,282

    Share repurchases                                                        (3,857)          (6,457)           (38,535)
    Loans repaid                                                            (38,000)         (10,550)            (2,049)
Net cash outflow from financing                                             (41,857)         (17,007)           (40,584)

(Decrease) increase in cash                                                  (6,723)            (525)              6,698

Note 1

The number of 'B' ordinary shares converted into ordinary shares on 31 December
2001 was 8,934. The allotted ordinary share capital as of 31 December 2001 was:


69,805,869               Ordinary shares of 25p                17,451,467
499,589                  'B' Ordinary shares of 25p            124,897

Note 2

                                                         6 months to                          Year to
Dividends on ordinary shares                 31/12/01                31/12/00                 30/6/01

                                               £000                    £000                     £000

Interims of
                                               2,199                   2,410                   2,410
- 3.15p payable 16.1.02 (2001 - 3.15p)
- 3.15p payable 16.4.02 (2001 - 3.15p)         2,199                   2,258                   2,247
- 3.15p payable 16.7.02 (2001 - 3.15p)         2,199                   2,257                   2,224
Final dividend (2001 - 6.75p)                    -                       -                     4,765
Under (over) accrual of previous               (28)                    (19)                     (19)
year's dividends due to share buybacks

                                               6,568                   6,906                   11,627

Note 3

A summary of investment changes during the period and twenty largest equity
investments at 31 December 2001 are attached.

By order of the Board


11 February 2002

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

                                         Valuation                             Appreciation           Valuation
                                        30 June 2001           Transactions   (depreciation)      31 December 2001
                                       £'000       %           £'000              £'000           £'000         %
United Kingdom
Equities                                481,121     99.6           (36,690)           (32,631)      411,800      101.3

Total Investments                       481,121     99.6           (36,690)           (32,631)      411,800      101.3

Other net assets (liabilities)            2,024      0.4            (7,440)                  4      (5,412)      (1.3)

Total Assets*                           483,145      0.4           (44,130)           (32,627)      406,388      100.0

* represents total assets less current liabilities

Summary of Net Assets                                                                             31 December 2001
                                                                                                      £'000          %

Equities                                                                                            411,800      103.9
Other net current liabilities                                                                       (5,412)      (1.4)
Borrowings                                                                                         (10,000)      (2.5)

Shareholders' Funds                                                                                 396,388      100.0

as at 31 December 2001

                                           Sector                                        Valuation            % of
Investment                                 Description                                       £'000        Total Assets

BP Amoco                                   Oil & Gas                                        59,161             14.6
HSBC Holdings                              Banks                                            38,688              9.5
Shell Transport & Trading                  Oil & Gas                                        25,960              6.4
Lloyds TSB                                 Banks                                            22,380              5.5
Barclays                                   Banks                                            17,290              4.3
Diageo                                     Beverages                                        11,775              2.9
Abbey National                             Banks                                            11,760              2.9
CGNU                                       Life Assurance                                   10,140              2.5
Sainsbury(J)                               Food & Drug Retailers                             9,643              2.4
Rio Tinto                                  Mining                                            8,554              2.1
Anglo American                             Mining                                            8,027              2.0
HBOS                                       Banks                                             7,960              2.0
Prudential                                 Life Assurance                                    7,960              2.0
Vodafone Group                             Telecommunication Services                        7,639              1.9
Unilever                                   Food Producers & Processors                       6,319              1.6
Scottish Power                             Electricity                                       6,080              1.5
British American Tobacco                   Tobacco                                           5,679              1.4
Standard Chartered                         Banks                                             5,248              1.3
Atrium Underwriting                        Insurance                                         5,144              1.3
Cadbury Schweppes                          Food Producers & Processors                       5,037              1.2
                                                                                           280,444             69.3

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


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