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JPMorgan Flem.Claver (JCH)

  Print      Mail a friend       Annual reports

Tuesday 08 August, 2006

JPMorgan Flem.Claver

Interim Results

JPMorgan Fleming Claverhouse IT PLC
08 August 2006

                         STOCK EXCHANGE ANNOUNCEMENT


Results for the six months ended 30th June 2006


The Company enjoyed another period of sound investment performance in the six
months to 30th June 2006. The Company produced a total return on net assets of
+7.4% compared with a total return of +6.1% from the Company's benchmark, the
FTSE All-Share Index. The total return to shareholders was +7.1%.

Revenue and Dividends

Earnings per share for the six months to 30th June 2006 were 7.84p, which
compares with 6.29p for the corresponding period last year. The Directors have
already declared two quarterly dividends of 2.80p each for the current financial
year. It is the Directors' intention to continue the Company's practice of
increasing dividends each year and current revenue forecasts show that an
increased total dividend for the current financial year should be well covered.

Share Buy-backs

The Company continues to maintain an active share buy-back programme and has
repurchased a total of 956,832 shares at an average effective discount of 5.0%
since shareholders renewed the Board's authority on 27th April 2006. In the six
months to 30th June 2006, 2,036,990 shares were repurchased at an average
effective discount of 5.2% and a total cost of £10,154,000.

Sir Michael Bunbury BT., KCVO, DL


8th August 2006

For further information, please contact:

Joanthan Latter

For and on behalf of

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 6000

JPMorgan Fleming Claverhouse Investment Trust plc

Unaudited figures for the six months ended 30th June 2006

Income Statement

                          (Unaudited)                           (Unaudited)                    (Audited)
                          Six months ended 30th June    Six months ended 30th June      Year ended 31st December        
                                     2006                           2005                        2005
                           Revenue  Capital      Total   Revenue   Capital     Total Revenue     Capital     Total
                            return   return     return    return    return    return  return      return    return
                             £'000    £'000      £'000     £'000     £'000     £'000     £'000     £'000     £'000
Gains from investments
held at fair
value through profit or loss     -   19,159     19,159         -    17,886    17,886         -    64,163    64,163

Income from investments      5,841        -      5,841     5,077         -     5,077    10,126         -    10,126

Other interest receivable
and similar income               -         89        74         -        74       227         -       227       89
                             _______  _______     ______    ______   _______   _______   _______   _______   _______

Gross revenue and capital
gains                        5,930   19,159     25,089     5,151    17,886    23,037    10,353    64,163    74,516

Management fee               (334)    (619)      (953)     (365)     (678)   (1,043)     (758)   (1,409)   (2,167)

Other administrative         (147)        -      (147)     (160)         -     (160)     (318)         -     (318)

Performance fee payable          -    (416)      (416)         -        44        44         -   (2,969)   (2,969)
                             _______  _______     ______    ______   _______   _______   _______   _______   _______

Net return before finance
costs and taxation           5,449   18,124     23,573     4,626    17,252    21,878     9,277    59,785    69,062

Finance costs                (501)    (930)    (1,431)     (451)     (837)   (1,288)     (917)   (1,703)   (2,620)
                             _______  _______     ______    ______   _______   _______   _______   _______   _______
Net return before            4,948   17,194     22,142     4,175    16,415    20,590     8,360    58,082    66,442

Taxation                         -        -          -         -         -         -       (1)         -       (1)
                              ______  _______     ______    ______   _______   _______   _______   _______   _______

Net return after taxation    4,948   17,194     22,142     4,175    16,415    20,590     8,359    58,082    66,441
                               =====    =====      =====     =====     =====     =====     =====     =====     =====

Return per share             7.84p   27.23p     35.07p     6.29p    24.74p    31.03p    12.76p    88.65p   101.41p

JPMorgan Fleming Claverhouse Investment Trust plc

Unaudited figures for the  six months ended 30th June 2006

Reconciliation of Movements in Shareholders' Funds (unaudited)

                                        Called up       Share      Capital
                                            share     premium   redemption      Capital      Revenue
                                          capital     account      reserve      reserve      reserve      Total
                                            £'000       £'000        £'000        £'000        £'000      £'000

 At 31st December 2004 (as restated)*      16,841     149,641        4,031       91,131       10,400    272,044
Shares bought back and cancelled            (788)           -          788     (12,836)            -   (12,836)
Total return from ordinary activities           -           -            -       58,082        8,359     66,441
Dividends appropriated in the year              -           -            -            -      (7,195)    (7,195)
                                          _______     _______     ________     ________     ________   ________
At 31st December 2005                      16,053     149,641        4,819      136,377       11,564    318,454
Shares bought back and cancelled            (509)           -          509     (10,154)            -   (10,154)
Total return from ordinary activities           -           -            -       17,194        4,948     22,142
Dividends appropriated in the period            -           -            -            -                 (4,099)
                                          _______     _______     ________     ________     ________   ________
At 30th June 2006                          15,544     149,641        5,328      143,417       12,413    326,343
                                            =====       =====        =====        =====        =====      =====

* Restated following the issue of FRS21. Under this standard, dividends are
  accounted for in the period in which they are paid.

Hence the fourth quarterly dividend originally accrued at 31st December 2004 has
been added back to the revenue account.

JPMorgan Fleming Claverhouse Investment Trust plc

Unaudited figures for the six months ended 30th June 2006

Balance Sheet                                             (Unaudited)        (Unaudited)             (Audited)
                                                       30th June 2006     30th June 2005    31st December 2005
                                                                £'000              £'000                 £'000
Fixed assets
Investments at fair value through profit or loss              367,508            314,901               360,996

Current assets
Debtors                                                        20,326              1,933                   848
Cash and short-term deposits                                    6,252              5,902                 5,923
                                                              _______            _______               _______
                                                               26,578              7,835                 6,771

Creditors: amounts falling due within one year               (36,900)           (11,283)              (17,567)

                                                               ______            _______               _______

Net current liabilities                                      (10,322)            (3,448)              (10,796)
                                                              _______            _______               _______
Total assets less current liabilities                         357,186            311,453               350,200

Creditors: amounts falling due after more than               (29,610)           (29,583)              (29,597)
one year
Provisions for liabilities and charges                        (1,233)              (365)               (2,149)
                                                              _______            _______               _______
Total net assets                                              326,343            281,505               318,454
                                                              =======            =======               =======
Capital and reserves
Called-up share capital                                        15,544             16,373                16,053
Share premium                                                 149,641            149,641               149,641
Capital redemption reserve                                      5,328              4,498                 4,819
Capital reserve                                               143,417            100,242               136,377
Revenue reserve                                                12,413             10,750                11,564
                                                              _______            _______               _______
Equity shareholders' funds                                    326,343            281,504               318,454
                                                              =======            =======               =======
Net asset value per share                                      524.9p             429.8p                495.9p

Cash Flow Statement                                       (Unaudited)        (Unaudited)             (Audited)
                                                     Six months ended   Six months ended            Year ended
                                                            30th June          30th June         31st December
                                                                 2006               2005                  2005
                                                                £'000              £'000                 £'000

Net cash inflow from operating activities                       3,346              3,627                 7,730
Net cash outflow from returns on investments and              (1,416)            (1,263)               (2,554)
servicing of finance
Tax recovered                                                       1                  -                     -
Net cash inflow from capital expenditure and
financial investment
                                                               13,018              8,990                 9,829
Dividends paid                                                (4,099)            (3,825)               (7,195)
Net cash outflow from financing                              (10,522)            (3,048)               (3,309)
                                                              _______             ______                ______
Increase in cash for the period                                   328              4,481                 4,501
                                                               ======             ======                 =====

Notes to the Accounts

1. Accounting policies

The accounting policies applied to these interim accounts are consistent with
those applied in the accounts

for the year ended 31st December 2005.

2. Dividends
                                                          (Unaudited)        (Unaudited)             (Audited)
                                                     Six months ended   Six months ended            Year ended
                                                       30th June 2006     30th June 2005    31st December 2005
                                                                £'000              £'000                 £'000

Unclaimed dividends refunded to the Company                      (17)                  -                     -
Fourth quarterly dividend of 3.7p paid March
(2005: 3.15p)
                                                                2,362              2,111                 2,111
First quarterly dividend of 2.8p paid June
(2005: 2.6p)
                                                                1,754              1,714                 1,714
Second quarterly dividend of 2.6p paid September                  N/a                N/a                 1,692
Third quarterly dividend of 2.6p paid Decemeber                   N/a                N/a                 1,678
                                                              _______            _______               _______
                                                                4,099              3,825                 7,195
                                                              =======            =======               =======

A second quarterly dividend of 2.8p per share, amounting to £1,741,000, has been
declared payable in respect of the six months ended 30th June 2006.

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31st December 2005 have been delivered to the Registrar of Companies.


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