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JP Morgan Flem Inc (JPI)

  Print      Mail a friend       Annual reports

Friday 07 November, 2003

JP Morgan Flem Inc

Interim Results

JP Morgan Flem Income & Capital Inv
07 November 2003

                         STOCK EXCHANGE ANNOUNCEMENT OF

                               31st AUGUST 2003

The Board today release the unaudited interim results of the Company for the six
months ended 31st August 2003.

The following are comments from the Chairman:

Chairman's Interim Statement


It is pleasing to report that, during the six months to 31st August 2003, the
Company outperformed its composite benchmark index of 67.5% FTSE 350 Index
(excluding Investment Trusts) and 32.5% Merrill Lynch 5-10 year Sterling
Corporate Index. Total return (capital plus income) on shareholders' funds was
21.9%, compared with a return of 13.7% from the benchmark on the same basis.

The UK equity part of the portfolio outperformed its benchmark by 8.4%, with a
total return of 27.7% compared with the index's 19.3%, and the bond portfolio
returned 2.8% compared with its benchmark's return of 2.7%.

The Company benefited from selling approximately £5m of corporate bonds and
investing the proceeds in UK equities in May 2003, as bond yields lowered. This,
along with the portfolio's overweight exposure to smaller (FTSE 250) stocks,
which performed better than larger (FTSE 100) stocks, were factors in the
Company's outperformance. Good stock selection, and the effects of the Company's
gearing which added 3.0% to performance, were also helpful.

Thanks to a narrowing of the discount to net asset value, the market prices of
our different classes of share have risen faster than their attributable assets
and, indeed, at the end of the period the zero dividend preference shares were
trading at a premium.


As the Company's year end is 28th February, this interim report covers the
period from 1st March to 31st August 2003. Comparisons in the report have been
made with figures from the last interim report, which was dated 31st July 2002.
This was because, for the purposes of its formation, the Company's year end was
originally 31st January and regulations required its first interim report to
cover the period from 1st February to 31st July 2002.


Dividends per ordinary share for the six months to 31st August 2003 were 3.50p.
The first quarterly dividend for the financial year, of 1.75p per ordinary
share, was paid on 1st July 2003, and the second quarterly dividend was paid on
1st October 2003 at the same rate.

It is the Board's intention, in the absence of unforeseen circumstances and
assuming sufficient distributable reserves, at least to maintain the current
level of quarterly dividend payments for the remainder of the financial year.

Board of Directors

I am pleased to report the appointment of Roderick Collins as a Director of the
Company on 1st June 2003. Roderick has had extensive business and investment
management experience, most recently as Chief Executive of private banking at
Matheson & Co. Limited, and has already proved a valuable contributor to the
Board's deliberations. In accordance with the Company's Articles of Association,
he will seek election at the next Annual General Meeting.

Share repurchases

During the six months under review, the Company repurchased 490,000 zero
dividend preference shares at an average discount of 10.4%. These repurchases
cost approximately £462,000 and had the effect of increasing the net asset value
of the ordinary shares by 0.11p.

Sir Charles Nunneley
Chairman        7th November 2003

For further information, please contact:

Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3477
Secretary to the Company

JPMorgan Fleming Income and Capital Investment Trust plc
Unaudited figures for the six months ended 31 August 2003

Statement of Total Return (Unaudited)

                         Six months to 31 August 2003     Six months to 31 July 2002      Period to 28 February 2003
                           Revenue    Capital     Total   Revenue   Capital      Total    Revenue    Capital      Total
                             £'000      £'000     £'000     £'000     £'000      £'000      £'000      £'000      £'000

Realised gains/(losses)
on investments                   -      4,201     4,201         -   (1,625)    (1,625)          -   (10,772)   (10,772)
Net change in unrealised
depreciation                     -     16,187    16,187         -  (14,115)   (14,115)          -   (17,054)   (17,054)
Realised currency gains/
(losses) on cash and
short term deposits held
during the period                -          1         1         -         -          -          -       (14)       (14)
Other capital charges            -        (2)       (2)         -         -          -          -          -          -
Unrealised losses on
forward currency
transaction                      -       (20)      (20)         -         -          -          -          -          -
Franked dividends            3,219          -     3,219     2,012         -      2,012      3,925          -      3,925
UK unfranked income          1,285          -     1,285     1,373         -      1,373      3,060          -      3,060
Overseas income                260          -       260         -         -          -        733          -        733
Scrip dividends                 31          -        31         -         -          -          -          -          -
Underwriting commission          -          -         -         -         -          -          2          -          2
Deposit interest                49          -        49        87         -         87        156          -        156
Option income premiums         480          -       480        93         -         93        381          -        381
                           _______   ________   _______    ______   _______   ________    _______    _______    _______

Gross return                 5,324     20,367    25,691     3,565  (15,740)   (12,175)      8,257   (27,840)   (19,583)

Management fee               (258)      (387)     (645)     (220)     (331)      (551)      (495)      (741)    (1,236)

Other administrative
                             (166)          -     (166)     (133)         -      (133)      (343)          -      (343)
Interest payable             (286)      (667)     (953)     (207)     (480)      (687)      (573)    (1,338)    (1,911)

                           _______    _______   _______    ______   _______    _______    _______    _______    _______

Return before taxation       4,614     19,313    23,927     3,005  (16,551)   (13,546)      6,846   (29,919)   (23,073)

Taxation                     (416)        348      (68)     (298)       240       (58)      (877)        624      (253)

                            ______    _______   _______    ______   _______     ______    _______    _______    _______

Total return
attributable to ordinary
shareholders                 4,198     19,661    23,859     2,707  (16,311)   (13,604)      5,969   (29,295)   (23,326)

Return attributable to
zero dividend preference
shares                           -    (2,722)   (2,722)         -   (2,114)    (2,114)          -    (4,906)    (4,906)

Dividends on ordinary      (2,614)          -   (2,614)   (2,539)         -    (2,539)    (5,151)          -    (5,151)

                            ______    _______   _______    ______   _______     ______    _______    _______    _______

Transfer to/(from)           1,584     16,939    18,523       168  (18,425)   (18,257)        818   (34,201)   (33,383)

Return per ordinary          5.62p     22.68p    28.30p     3.63p  (24.67)p   (21.04)p      8.00p   (45.80)p   (37.80)p

Dividend per ordinary        3.50p          -     3.50p     3.40p         -      3.40p      6.90p          -      6.90p

JPMorgan Fleming Income and Capital Investment Trust plc
Unaudited figures for the six months ended 31 August 2003

BALANCE SHEET                                                          31 August         31 July     28 February
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Investments at valuation                                                 161,680         150,903         140,770

Net current assets                                                         1,308           3,949           1,437

Creditors (amounts falling due after more than one year)                (33,000)        (33,058)        (33,000)
                                                                         _______         _______         _______
Total net assets                                                         129,988         121,794         109,207
                                                                           =====           =====           =====
Net asset value per ordinary share                                         79.9p           75.6p           55.0p
Net asset value per zero dividend preference share                        108.1p           99.2p          103.9p

CASH FLOW STATEMENT                                                    31 August         31 July     28 February
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  4,127           1,057           4,900

Net cash outflow from servicing of finance                                 (980)           (469)         (1,462)

Net cash outflow for taxation                                              (108)               -               -

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                         143       (166,644)        (37,380)

Total equity dividends paid                                              (2,651)         (1,269)         (3,807)

Net cash (outflow)/inflow from financing                                   (461)         170,937          39,744
                                                                         _______         _______         _______
Increase in cash for the period                                               70           3,612           1,995
                                                                           =====           =====           =====
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
period ended 28 February 2003 have been delivered to the Registrar of Companies.

7th November 2003

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

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