Annual Financial Report
Summary by AI BETAClose X
LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST PLC
Financial results for the year ended 31 October 2025
This announcement contains regulated information
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PERFORMANCE HIGHLIGHTS1
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31 October 2025 |
31 October 2024 |
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Net asset value (NAV) per share total return2,7 |
18.1% |
21.1% |
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Share price at year end3 |
133.0p |
110.8p |
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NAV per ordinary share with debt at fair value2 |
147.9p |
127.9p |
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Dividend per share for year4 |
2.744p |
2.688p |
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Dividend growth for the year5 |
2.1% |
5.0% |
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Discount with debt at fair value at year end2 |
10.1% |
13.4% |
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Net gearing at year end6 |
5.6% |
1.5% |
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Ongoing charge for the year |
0.51% |
0.51% |
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Total return performance for 15 years to 31 October 2025
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1 year % |
3 years % |
5 years % |
10 years % |
15 years % |
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Total Return7 |
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NAV2 |
18.1 |
50.4 |
68.6 |
194.5 |
370.9 |
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Share price2 |
22.8 |
48.0 |
51.9 |
170.6 |
406.4 |
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FTSE World Index8 |
21.0 |
61.2 |
107.2 |
221.8 |
354.2 |
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1 |
A glossary of terms can be found in the Annual Report |
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2 |
The alternative performance measures can be found in the Annual Report |
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3 |
Share price is the mid-market closing price |
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4 |
Comprising 3 interim dividends paid in May, August and November 2025 and a recommended final dividend of 0.686p due for payment on 2 March 2026 |
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5 |
This represents the 4 ordinary dividends paid or recommended for the year to 31 October 2025 as compared to the previous year |
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6 |
Net gearing calculated in accordance with the gearing definition in the alternative performance measures in the Annual Report |
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7 |
Total return assumes dividends reinvested and debt at fair value |
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8 |
FTSE World Index in Sterling terms. A composite benchmark is used for longer periods comprising the FTSE All-Share Index for the period to 31 October 2017 and the FTSE World Index from 1 November 2017 to 31 October 2025 |
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Sources: Morningstar Direct, Janus Henderson, LSEG Datastream |
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CHAIR'S STATEMENT
Dear Shareholder, We are very grateful for your ongoing support and investment in The Bankers Investment Trust. Alongside our investment manager, Janus Henderson Investors, we continue to strive to make improvements in how Bankers is invested and the outcomes for shareholders. In the past 18 months, the portfolio has been concentrated, reducing the number of holdings and regions, whilst allocating more capital to those investments with the managers' greatest conviction. We have also strengthened the investment team by announcing Richard Clode as Co-Fund Manager, alongside our long-standing manager, Alex Crooke. The revolution in technology is affecting companies in all sectors, and we believe Richard's knowledge and experience can help Bankers to make the right tactical decisions for many years to come.
Performance This has been another strong year for returns, with a second year of double-digit growth in both net asset value and share price. It is particularly good news that the share price total return of 22.8% (2024: 21.4%) has outperformed the benchmark, FTSE World Index of 21.0% (2024: 26.1%). The net asset value total return of 18.1% (2024: 21.1%) was slightly behind the index as a result of underperformance in the month of November following the US presidential elections in 2024. In the 12 months since 1 January 2025 the portfolio is broadly in line with the index. Our managers have done well to focus on the key trends at a time when the share price of some competitors has barely grown.
The markets largely shrugged off the worry that US trade tariffs would result in higher price inflation, thus forcing US interest rates upwards and causing a global recession. In fact, the US Federal Reserve cut interest rates in the second half of the year and is expected to cut further in the coming twelve months, a move that traditionally supported equity markets. We have raised the investment allocation in the US as we expect companies there to increase capital investment and profit forecasts next year. Richard Clode has a strong record of investing in US growth stocks and has now taken over management of the US portfolio. Alex Crooke and Richard Clode now directly manage 80% of the portfolio and we expect there will be further progress unifying decision making across the whole portfolio.
Dividends The Board announces the 59th consecutive annual increase in dividends to shareholders and recommends a final quarterly dividend of 0.686p per share, resulting in total dividends per share for the year of 2.744p (2024: 2.688p), an increase over last year of 2.1%. The final dividend will be paid on 2 March 2026 to shareholders on the register of members at the close of business on 23 January 2026.
As I indicated last year, revenue reserves will be used to support dividend growth this year. These reserves have been built up in the good years and allow us the flexibility to own lower yielding equities which have greater potential for share price appreciation. Our Co-Fund Managers' investment process is designed to seek out companies that generate high levels of free cash generation. We therefore expect over time that dividends from our investments will grow quicker than UK inflation and ultimately restore a surplus in income. In the meantime, revenue reserves are a unique aspect of the investment trust capital structure and provide a helpful tool to preserve our long-term objective of increasing dividends in real terms.
For the current financial year, the Board expects to recommend dividend growth of at least 3%, which equates to a full year dividend of 2.826p per share.
Governance The Board, in line with other investment trusts, is developing the way in which we operate. Aside from the planned schedule of board and committee meetings, the Directors increasingly meet informally with the Manager to discuss a variety of issues during the year. Matters we have allocated additional time to this year include economic and market deep dives, performance, succession planning, marketing and corporate governance. Greater interaction between the Board and Manager has resulted in both increased challenge and closer engagement from the team supporting Bankers at the Manager. An independent review of the Board's effectiveness was carried out in 2025 and its recommendations have been adopted.
Discount management Buying back shares is an increasingly common exercise for many companies in our portfolio, and this is the case for most UK investment trusts. This provides liquidity in the market and, when buying at a discount, provides a small but beneficial impact to the net asset value. We increased the scale of our buyback this year as we felt the discount was persistently too wide and we are currently targeting a single digit discount. Wealth advisors, who have historically been the largest investors in the sector, are withdrawing their support and retail investors trading on self-select platforms are replacing them. We believe that our low fees, exposure to the foremost companies, combined with a market-leading record of dividend growth, create the ideal investment vehicle for individuals saving for the long term.
In the coming year … Although valuations are high in the US, our primary market, lower interest rates combined with steady economic progress are supportive of share prices. I believe the portfolio is well positioned to take advantage of opportunities that may arise during the next year.
I look forward to welcoming shareholders to the Company's AGM, scheduled to take place at 12 noon on Wednesday, 25 February 2026 at the offices of Janus Henderson Investors at 201 Bishopsgate, London EC2M 3AE. Light refreshments will be served. All voting will be on a poll and therefore we would ask that you submit your proxy votes in advance of the meeting. Details on attendance are provided in the Notice of Annual General Meeting in the Annual Report.
If you are unable to attend in person, you can visit www.janushenderson.com/bnkr-agm to watch the meeting live on the internet. If you have any questions about the Annual Report, the Company's performance over the year, the investment portfolio or any other matter relevant to the Company, please write to us via email at itsecretariat@janushenderson.com in advance of the AGM.
I do hope that many of you will join us. We will give you a warm welcome.
Simon Miller Chair 14 January 2026
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CO-Fund Managers' Report
Market Review This year there have been few weeks without excitement due to some significant policy announcements by President Trump. The zenith of the drama was Liberation Day in April when he announced tariffs on US trading partners that ranged from 10% to over 50% which shocked long-term allies and lacked a clear logic. Stock markets fell sharply following the press conference as investors worried about economic stasis and companies pulled forecasts. Global economic growth has been weaker and more volatile quarter-to-quarter as sales were brought forward to avoid rising tariffs. However, throughout the summer an increasing number of trade deals were struck at far more reasonable tariff levels and markets began to price in recovery and improving sentiment.
The stock markets across the world have posted strong gains over the year, driven by several themes, most notably Artificial Intelligence (AI). Investment in data centres has accelerated over the year, helping to support share prices for those companies that benefit from this infrastructure spending. However, there has been a more careful inspection of business models compared to last year, with investors starting to question several companies in the software sector, where their future growth is in doubt in an increasingly AI-centric world. On a positive note, companies across a wide number of sectors are starting to showcase examples of productivity improvements through adoption of AI technologies.
The US dollar weakened from February to June during the uncertainty over US trade tariffs, which impacted our returns in Sterling from the US stock market. Other markets such as Europe and Japan were less affected, and their returns were higher during this period but have since moved back in step with the US market in Sterling terms. Europe has its own trade tensions, particularly with Chinese imports displacing domestic production in key industries like autos. Germany has signalled a significant investment programme to lift productivity and growth, but the benefits will not be immediately apparent. Japan was the highest-returning market, where share prices have responded well to ongoing improvements in corporate governance, higher inflation and wages leading to better consumer spending.
Performance The portfolio was slimmed down last year to focus on our highest conviction positions and reduce the number of holdings to approximately 100. The first month of the year proved very challenging as the US market responded to President Trump's election in November 2024 by rewarding companies closely aligned towards Republican party affiliation and policies. The portfolio lost 2.6% relative to the index in November 2024, as we held few of the best performing stocks. Since then, we have repositioned the portfolio to benefit more from positive news from companies, raising the portfolio beta, and performance has largely been in line with the benchmark. We reduced exposure to defensive, lower growing sectors such as healthcare, real estate and consumer staples and raised the exposure to selected technology companies. Through the year we have also increased the US allocation in the portfolio from 50% at the start of the year to 65% by the year end.
The US regional performance mirrored the portfolio's performance, losing relative to the US benchmark index in November 2024 but then outperforming the market in the period since, driven by strong returns from companies such as Broadcom, Alphabet and Microsoft. These and the other major US tech companies continued to produce results that exceeded market forecasts and are deploying the cash they generate to support future investments in AI infrastructure. Capital expenditure, as a percentage of cash flow, in the Technology sector is forecast to be 40% in 2025, roughly half the level at the height of the last dot com boom in 1999. The fact that capex is largely funded by cash generation rather than debt supports our view that we are still some way from the peak level of investment. While the US market was dominated by the AI theme, markets outside the US were driven by defensive sectors rather than growth ones. Domestically focused sectors such as financials, utilities and telecommunications were the best performing. In contrast, stocks with US exposure derated on worries about the trade tariff impact, losing out to US competitors and downgrades to forecasts due to the weaker US dollar. The non-US regional portfolios struggled against their local benchmarks because of the under representation of these domestically exposed companies. Performance has been better in recent months and into the new year, as investors are less concerned with the impact of tariffs on global trade.
Gearing and Income As our view on markets improved, we raised gearing from 1.5% at the start of the period, to 5.6% at the end of the year. We no longer have a short-term borrowing facility due to the high cost of borrowing short term and have retained a degree of cash in the portfolio to support the share buyback and take advantage of market opportunities.
As we have indicated before, with an increased investment in both technology and the US market, the portfolio's income was expected to decline this year. We have spent many years steadily building revenue reserves for just these occasions when we wish to be more dynamic in terms of investing for capital growth rather than income.
Outlook The dominant investment theme of recent years has been the advancements in processing power, supporting the development towards Artificial Intelligence. There are concerns that the adoption of AI and the investment in its infrastructure is about to fade. We believe that the investment phase is still in its early stages and that the adoption of AI will significantly improve productivity and economic growth across the globe. The market's valuation of the largest tech companies remains significantly lower than at previous market peaks and the companies themselves operate highly cash generative business models that are hard to disrupt.
We have already observed that markets are broadening out in terms of the number of companies outperforming the benchmark indices. This is a positive development and to be expected as interest rate cuts benefit consumers through lower borrowing costs and improve market sentiment. Economic activity should pick up as the uncertainty regarding US trade eases, allowing greater investment spending from companies. The recovery in consumer related sectors will take longer as new job creation has been impacted by higher taxes in many parts of the world. Our largest sector exposures relative to the benchmark are technology, financials and industrials, all areas we expect to perform well in the coming year.
Alex Crooke and Richard Clode Co-Fund Managers 14 January 2026
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MANAGING RISKS The Board, with the assistance of Janus Henderson, has carried out a robust assessment of the principal risks and uncertainties facing the Company (including emerging risks) that would threaten its business model, future performance, solvency, liquidity or reputation. The Board regularly considers the principal risks facing the Company and has drawn up a register of these risks. The Board has a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable. The Board monitors the Manager, its other service providers and the internal and external environments in which the Company operates to identify new and emerging risks.
Any new or emerging risks that are identified and considered to be of significance are included in the Company's risk register together with any mitigating actions required. The Board's policy on risk management has not materially changed during the course of the reporting period and up to the date of this report.
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Risk |
Trend |
Mitigation |
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Investment activity and performance risks An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may result in underperformance against the Company's benchmark index and the companies in its peer group.
Investment performance, over an extended period of time, may be impacted by either external (political, financial shock, pandemic, climate change) or internal factors (poor stock selection), leading to shareholders voting to wind up the Company.
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The Board monitors investment performance at each Board meeting and regularly reviews the extent of the Company's borrowings.
The Board receives regular updates on professional and retail investor activity from the Manager and its brokers to inform themselves of investor sentiment and how the Company is perceived in the market.
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Portfolio and market risks Although the Company invests almost entirely in securities that are listed on recognised markets, share prices may move rapidly. The companies in which investments are made may operate unsuccessfully or fail entirely. A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds. The risks associated with a global pandemic and other health emergencies are considered within portfolio and market risks, a grouping which also covers risks relating to heightened political and military tensions and inflationary pressures. This is likely to impact share prices of investments in the portfolio, to the extent not already factored into current prices.
Lack of voting by shareholders may result in a change of control of the Company which is not in shareholders' interests.
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The Fund Manager seeks to maintain a diversified portfolio to mitigate against this risk. The Board regularly reviews the portfolio, investment activity and performance.
Resolutions requiring shareholder approval and the explanation of those resolutions are posted to shareholders and are also made available on the Company's website. The Board encourages all shareholders to vote, as they do themselves in respect of their own shareholdings. |
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Tax, legal, regulatory and governance risks A breach of section 1158/9 of the Corporation Tax Act 2010 could lead to the loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax.
A breach of the FCA's Rules could result in suspension of the Company's shares, while a breach of the Companies Act could lead to criminal proceedings. All breaches could result in financial or reputational damage. The Company must also ensure compliance with the Listing Rules of the New Zealand Stock Exchange.
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The Manager has been contracted to provide investment, company secretarial, administration and accounting services through qualified professionals.
The Board receives internal control reports produced by Janus Henderson on a quarterly basis, which confirm tax, legal and regulatory compliance both in the UK and New Zealand. |
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Financial risks By its nature as an investment trust, the Company's business activities are exposed to market risk (including market price risk, currency risk and interest rate risk), liquidity risk and credit and counterparty risk. |
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The Company has a diversified portfolio which comprises mainly investments in large and medium-sized companies and mitigates the Company's exposure to liquidity risk.
The Company minimises the credit risk of a counterparty failing to deliver securities or cash by dealing through organisations that have undergone rigorous due diligence by Janus Henderson. Further information on the mitigation of financial risks is included in note 16 in the Annual Report.
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Operational and cyber risks Disruption to, or failure of, Janus Henderson's accounting, dealing or payment systems or the Depositary's records could prevent the accurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational and cyber risks that one or more of its service providers may not provide the required level of service or that AI has been used to hack into business systems.
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The Board monitors the services provided by Janus Henderson, the Depositary and its other service providers and receives reports on the key elements in place including cyber attacks and information security, to provide effective internal control.
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Risks associated with climate change Risk that investee companies within the Company's portfolio fail to respond to the pressures of the growing climate emergency and fail to limit their carbon footprint to regulated targets, resulting in reduced investor demand for their shares and falling market values.
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Please refer to Investment activity and performance risks above and the Environmental, Social and Governance Matters section in the Annual Report for further details. |
↑ Increase ↔ No change ↓ Decrease
Emerging risks and future developments
In addition to the principal risks, the Board also regularly considers potential emerging risks, which are defined as potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of the probability of them happening and the possible effects on the Company. Should an emerging risk become sufficiently clear, it may be moved to a significant risk. While the future performance of the Company is mainly dependent on the performance of global financial markets which are subject to various external factors, the Board's intention is that the Company continues to pursue its stated investment objective and policy.
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THE COMPANY'S VIABILITY
The UK Corporate Governance Code and the AIC Code of Corporate Governance require the Board to assess the future prospects for the Company, and to report on the assessment within the Annual Report.The Board considers that certain characteristics of the Company's business model and strategy are relevant to this assessment:
Also relevant were a number of aspects of the Company's operational agreements:
In addition, the Directors carried out a robust assessment of the principal risks and uncertainties which could threaten the Company's business model, including future performance, liquidity and solvency. These risks, including their mitigations and processes for monitoring them, are set out above.
The principal risks identified as relevant to the viability assessment were those relating to investment portfolio performance and its effect on the net asset value, share price and dividends, and threats to security over the Company's assets. The Board took into account the liquidity of the Company's portfolio, the existence of the long-term fixed rate borrowings, the effects of any significant future falls in investment values and income receipts on the ability to repay and re-negotiate borrowings, growing dividend payments, the desire to retain investors and the potential need for share buybacks. The Directors assess viability over five year rolling periods, taking account of foreseeable severe but plausible scenarios, having reviewed a five-year cash-flow forecast and sensitivity analysis, reflecting the potential impact of the principal risks as a whole, to support its deliberations. The Directors believe that a rolling five-year period best balances the Company's long-term objective, its financial flexibility and scope with the difficulty in forecasting economic conditions affecting the Company and its shareholders.
In coming to this conclusion, the Directors considered the impact on income and the Company's ability to meet its investment objective. They also considered changes in the international political landscape and geopolitical conflicts. The Board does not believe that these will have a long-term impact on the viability of the Company and its ability to continue in operation, notwithstanding the short-term uncertainty it has caused in the markets.
Based on their assessment, and in the context of the Company's business model, strategy and operational arrangements set out above, the Directors have a reasonable expectation that the Company is able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 October 2030.
The Directors have also concluded that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements (to 31 January 2027), and it is therefore appropriate to prepare these financial statements on a going concern basis.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with its Directors and Janus Henderson. There were no material transactions between the Company and its Directors during the year other than the amounts paid to them in respect of Directors' remuneration for which there were no outstanding amounts payable at the year end. In relation to the provision of services by the Manager, other than fees payable by the Company in the ordinary course of business and the provision of marketing services, there were no transactions with the Manager affecting the financial position of the Company during the year. More details on transactions with the Manager, including amounts outstanding at the year end, are given in note 23 in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DISCLOSURE GUIDANCE AND TRANSPARENCY RULE 4.1.12
Each of the Directors, who are listed below, confirms that, to the best of his or her knowledge:
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the financial statements, which have been prepared in accordance with UK-adopted International Accounting Standards on a going concern basis, give a true and fair view of the assets, liabilities, financial position and profit of the Company; and
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the Strategic Report in the Annual Report and financial statements include a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. |
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On behalf of the Board
Simon Miller Chair 14 January 2026
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STATEMENT OF COMPREHENSIVE INCOME
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Year ended 31 October 2025 |
Year ended 31 October 2024 |
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Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
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Gains on investments held at fair value through profit or loss |
- |
199,242 |
199,242 |
- |
205,394 |
205,394 |
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Investment income (note 2) |
31,177 |
- |
31,177 |
37,652 |
- |
37,652 |
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Other operating income (note 3) |
298 |
- |
298 |
1,003 |
- |
1,003 |
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Total income |
31,475 |
199,242 |
230,717 |
38,655 |
205,394 |
244,049 |
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Expenses |
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Management fees (note 4) |
(1,762) |
(4,112) |
(5,874) |
(1,856) |
(4,334) |
(6,190) |
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Other expenses (note 5) |
(1,435) |
- |
(1,435) |
(1,329) |
- |
(1,329) |
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--------- |
--------- |
--------- |
--------- |
--------- |
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Profit before finance costs and taxation |
28,278 |
195,130 |
223,408 |
35,470 |
201,060 |
236,530 |
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Finance costs (note 6) |
(1,002) |
(2,338) |
(3,340) |
(998) |
(2,329) |
(3,327) |
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------------ |
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Profit before taxation |
27,276 |
192,792 |
220,068 |
34,472 |
198,731 |
233,203 |
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---------- |
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Taxation (note 7) |
(3,164) |
(213) |
(3,377) |
(3,194) |
(59) |
(3,253) |
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Profit for the year and total comprehensive income |
24,112 |
192,579 |
216,691 |
31,278 |
198,672 |
229,950 |
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======= |
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Earnings per ordinary share (note 8) |
2.25p |
18.00p |
20.25p |
2.63p |
16.70p |
19.33p |
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======= |
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The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with UK-adopted International Accounting Standards. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. The Company had no recognised gains or losses other than those disclosed in the Statement of Comprehensive Income. |
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Statement of CHANGES IN EQUITY |
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Year ended 31 October 2025 |
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Called-up share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 |
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Total equity at 1 November 2024 |
32,878 |
159,797 |
12,489 |
1,186,189 |
42,793 |
1,434,146 |
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Total comprehensive income: |
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- Profit for the year |
- |
- |
- |
192,579 |
24,112 |
216,691 |
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Transactions with owners, recorded directly to equity: |
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- Buyback of shares to treasury (note 9) |
- |
- |
- |
(185,540) |
- |
(185,540) |
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Ordinary dividends paid |
- |
- |
- |
- |
(29,611) |
(29,611) |
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---------- |
---------- |
----------- |
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---------- |
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Total equity at 31 October 2025 |
32,878 |
159,797 |
12,489 |
1,193,228 |
37,294 |
1,435,686 |
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====== |
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Year ended 31 October 2024 |
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Called-up share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 |
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Total equity at 1 November 2023 |
32,878 |
159,797 |
12,489 |
1,084,848 |
43,511 |
1,333,523 |
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Total comprehensive income: |
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- Profit for the year |
- |
- |
- |
198,672 |
31,278 |
229,950 |
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Transactions with owners, recorded directly to equity: |
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- Buyback of shares to treasury (note 9) |
- |
- |
- |
(97,331) |
- |
(97,331) |
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Ordinary dividends paid |
- |
- |
- |
- |
(31,996) |
(31,996) |
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---------- |
----------- |
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Total equity at 31 October 2024 |
32,878 |
159,797 |
12,489 |
1,186,189 |
42,793 |
1,434,146 |
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STATEMENT OF FINANCIAL POSITION
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At 31 October 2025 £'000 |
At 31 October 2024 £'000 |
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Non-current assets |
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Investments held at fair value through profit or loss |
1,516,260 |
1,455,333 |
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-------------- |
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Current assets |
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Investments held at fair value through profit or loss |
7,545 |
33,549 |
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Other receivables |
4,582 |
4,646 |
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Cash and cash equivalents |
37,093 |
66,689 |
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49,220 |
104,884 |
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Total assets |
1,565,480 |
1,560,217 |
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Current liabilities |
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|
|
Other payables |
(4,522) |
(2,315) |
|
|
-------------- |
-------------- |
|
|
(4,522) |
(2,315) |
|
|
-------------- |
-------------- |
|
Total assets less current liabilities |
1,560,958 |
1,557,902 |
|
|
-------------- |
-------------- |
|
Non-current liabilities |
|
|
|
Unsecured loan notes |
(125,272) |
(123,756) |
|
|
-------------- |
-------------- |
|
|
(125,272) |
(123,756) |
|
|
-------------- |
-------------- |
|
Net assets |
1,435,686 |
1,434,146 |
|
|
======== |
======== |
|
Equity attributable to equity shareholders |
|
|
|
Share capital (note 9) |
32,878 |
32,878 |
|
Share premium account |
159,797 |
159,797 |
|
Capital redemption reserve |
12,489 |
12,489 |
|
Retained earnings: |
|
|
|
Other capital reserves |
1,193,228 |
1,186,189 |
|
Revenue reserves |
37,294 |
42,793 |
|
|
-------------- |
-------------- |
|
Total equity |
1,435,686 |
1,434,146 |
|
|
======== |
======== |
|
Net asset value per ordinary share (note 10) |
144.7p ======== |
125.2p ======== |
|
|
|
|
|
|
|
|
Cash Flow STATEMENT
|
Reconciliation of profit before taxation to net cash flow from operating activities |
Year ended 31 October 2025 £'000 |
Restated1 Year ended 31 October 2024 £'000 |
|
Operating activities |
|
|
|
|
|
|
|
Profit before taxation |
220,068 |
233,203 |
|
Less: gain on investments held at fair value through profit or loss |
(199,242) |
(205,394) |
|
Purchases of investments |
(672,008) |
(1,013,738) |
|
Sales of investments |
812,508 |
1,191,430 |
|
Purchases of current asset investments |
(164,107) |
(117,393) |
|
Sales of current asset investments |
190,111 |
96,959 |
|
Decrease in securities purchased for future settlement |
- |
(13,721) |
|
Decrease in securities sold for future settlement |
- |
13,559 |
|
(Increase)/decrease in other receivables |
(112) |
32 |
|
Increase/(decrease) in other payables |
55 |
(94) |
|
Decrease in accrued income |
291 |
502 |
|
Add back interest payable ('finance costs') |
3,340 |
3,327 |
|
|
----------- |
----------- |
|
Net cash inflow from operating activities before interest and taxation |
190,904 |
188,672 |
|
|
----------- |
----------- |
|
Interest paid |
(3,322) |
(3,359) |
|
Taxation paid |
(3,493) |
(2,932) |
|
|
----------- |
----------- |
|
|
|
|
|
Net cash inflow from operating activities |
184,089 |
182,381 |
|
|
----------- |
----------- |
|
|
|
|
|
Financing activities |
|
|
|
Equity dividends paid (net of refund of unclaimed distributions) |
(29,611) |
(31,996) |
|
Share buybacks |
(183,388) |
(98,207) |
|
|
------------- |
------------- |
|
Net cash outflow from financing activities |
(212,999) |
(130,203) |
|
|
------------- |
------------- |
|
|
|
|
|
(Decrease)/increase in cash |
(28,910) |
52,178 |
|
Cash and cash equivalents at the start of the year |
66,689 |
14,525 |
|
Exchange movements |
(686) |
(14) |
|
|
------------- |
------------- |
|
Cash and cash equivalents at the end of the year |
37,093 |
66,689 |
|
|
======= |
======= |
|
|
|
|
|
|
|
|
|
1 Prior year comparatives have been restated as explained further in note 1.
In accordance with IAS 7.31 cash inflow from dividends was £26,984,000 (2024: £33,624,000) and cash inflows from interest was £1,194,000 (2024: £1,767,000). |
||
|
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The Bankers Investment Trust PLC is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006. The financial statements of the Company for the year ended 31 October 2025 have been prepared in accordance with UK-adopted International Accounting Standards.
The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments held at fair value through profit or loss. The principal accounting policies adopted are set out in the Annual Report. These policies have been applied consistently throughout the year. Where presentational guidance set out in the Statement of Recommended Practice ('the SORP') for investment companies issued by the Association of Investment Companies ('AIC') amended in July 2022 is consistent with the requirements of UK-adopted International Accounting Standards, the Directors have sought to prepare the financial statements on a basis consistent with the recommendations of the SORP.
Going concern In reviewing viability and going concern, the Directors have considered, among other things, cash flow forecasts, a review of covenant compliance including the headroom above the most restrictive covenants, an assessment of the liquidity of the portfolio, and changes in the international political landscape and macroeconomic uncertainties. The assets of the Company consist mainly of securities that are listed and readily realisable.
Thus, after making due enquiry, the Directors believe that the Company has adequate financial resources to meet its financial obligations, including the repayment of any borrowings, and to continue in operational existence for at least 12 months from the date of approval of the financial statements to 31 January 2027. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.
Restatement of Cash Flow Statement Following publication of the annual financial statements for the year ended 31 October 2024, an error was identified in the Cash Flow Statement whereby the cash balance did not agree to the Statement of Financial Position. This error was primarily due to an omission of a line item in the Cash Flow Statement relating to the movement in 'securities sold for future settlement' and additionally a classification error in relation to 'interest paid'. These matters resulted in the value of the 'Cash and cash equivalents at the end of the year' being incorrect. The error did not impact the Statement of Comprehensive Income, Statement of Changes in Equity or the Statement of Financial Position, where the correct cash position was presented, nor did it impact earnings per share or the net asset value per share.
The comparative figures in the Cash Flow Statement for the year ended 31 October 2024 have therefore been restated to correct these errors and the following corrections have been made, which include corrections to a number of the sub-totals within the statement:
|
|
|||||||||||||||||||||||||||||||||||||||||
|
2. Investment income |
2025 £'000 |
2024 £'000 |
|
|||||||||||||||||||||||||||||||||||||||
|
UK dividend income - listed |
3,783 |
8,341 |
|
|||||||||||||||||||||||||||||||||||||||
|
Overseas dividend income - listed |
26,050 |
28,241 |
|
|||||||||||||||||||||||||||||||||||||||
|
Overseas dividend income - special dividends |
1,344 |
829 |
|
|||||||||||||||||||||||||||||||||||||||
|
Property income distributions |
- |
241 |
|
|||||||||||||||||||||||||||||||||||||||
|
|
----------- |
----------- |
|
|||||||||||||||||||||||||||||||||||||||
|
|
31,177 |
37,652 |
|
|||||||||||||||||||||||||||||||||||||||
|
|
====== |
====== |
|
|||||||||||||||||||||||||||||||||||||||
|
Analysis of investment income by geographical region: |
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Pan Europe |
9,956 |
15,443 |
|
|||||||||||||||||||||||||||||||||||||||
|
North America |
13,649 |
10,478 |
|
|||||||||||||||||||||||||||||||||||||||
|
Japan |
3,455 |
4,073 |
|
|||||||||||||||||||||||||||||||||||||||
|
Pan Asia |
4,117 |
7,658 |
|
|||||||||||||||||||||||||||||||||||||||
|
|
----------- |
----------- |
|
|||||||||||||||||||||||||||||||||||||||
|
|
31,177 ====== |
37,652 ====== |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
Special dividends received in the year amounted to £1,344,000 (2024: £974,000), of which £1,344,000 were classified as revenue (2024: £829,000) and £nil (2024: £145,000) classified as capital. |
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
3. Other operating income |
2025 £'000 |
2024 £'000 |
|
|||||||||||||||||||||||||||||||||||||||
|
Bank interest |
288 |
990 |
|
|||||||||||||||||||||||||||||||||||||||
|
Other income |
10 |
13 |
|
|||||||||||||||||||||||||||||||||||||||
|
|
-------- |
-------- |
|
|||||||||||||||||||||||||||||||||||||||
|
|
298 |
1,003 |
|
|||||||||||||||||||||||||||||||||||||||
|
|
===== |
===== |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
|||||||||||||||||||||||||||||||||||
|
4. Management fees |
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
|
|||||||||||||||||||||||||||||||||||
|
Investment management |
1,762 |
4,112 |
5,874 |
1,856 |
4,334 |
6,190 |
|
|||||||||||||||||||||||||||||||||||
|
|
-------- |
-------- |
-------- |
-------- |
-------- |
-------- |
|
|||||||||||||||||||||||||||||||||||
|
|
1,762 |
4,112 |
5,874 |
1,856 |
4,334 |
6,190 |
|
|||||||||||||||||||||||||||||||||||
|
|
===== |
===== |
===== |
===== |
===== |
===== |
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
|
A summary of the terms of the management agreement is given in the Business Model and note 23 in the Annual Report. |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
5. Other expenses |
2025 £'000 |
2024 £'000 |
||||||||||||||||||||||||||||||||||||||||
|
Directors' fees and expenses (see Annual Report) |
209 |
213 |
||||||||||||||||||||||||||||||||||||||||
|
Auditors' remuneration - for audit services |
56 |
55 |
||||||||||||||||||||||||||||||||||||||||
|
Expenses payable to Janus Henderson (relating to marketing services) |
355 |
182 |
||||||||||||||||||||||||||||||||||||||||
|
Bank/custody charges |
223 |
259 |
||||||||||||||||||||||||||||||||||||||||
|
Depositary fees |
54 |
60 |
||||||||||||||||||||||||||||||||||||||||
|
Registrar fees |
92 |
78 |
||||||||||||||||||||||||||||||||||||||||
|
Broker fees |
70 |
70 |
||||||||||||||||||||||||||||||||||||||||
|
AIC subscriptions |
23 |
21 |
||||||||||||||||||||||||||||||||||||||||
|
Printing expenses |
24 |
30 |
||||||||||||||||||||||||||||||||||||||||
|
Legal fees |
40 |
15 |
||||||||||||||||||||||||||||||||||||||||
|
Listing fees |
133 |
142 |
||||||||||||||||||||||||||||||||||||||||
|
Irrecoverable VAT |
15 |
15 |
||||||||||||||||||||||||||||||||||||||||
|
Loan arrangement & non-utilisation fees1 |
- |
25 |
||||||||||||||||||||||||||||||||||||||||
|
Other expenses |
141 |
164 |
||||||||||||||||||||||||||||||||||||||||
|
|
----------- |
----------- |
||||||||||||||||||||||||||||||||||||||||
|
|
1,435 |
1,329 |
||||||||||||||||||||||||||||||||||||||||
|
|
====== |
====== |
||||||||||||||||||||||||||||||||||||||||
|
1 The Company's multi-currency facility with SMBC Bank International plc expired on 1 March 2024 and has not been renewed.
The compensation payable to key management personnel in respect of short-term employment benefits was £209,000 (2024: £213,000) which relates wholly to the fees and expenses payable to the Directors in respect of the year.
|
||||||||||||||||||||||||||||||||||||||||||
|
|
2025 |
2024 |
||||||||
|
6. Finance Costs |
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
||||
|
Interest on bank overdrafts |
1 |
3 |
4 |
- |
1 |
1 |
||||
|
Interest on unsecured loan notes repayable: |
|
|
|
|
|
|
||||
|
- after five years1 |
1,001 |
2,335 |
3,336 |
998 |
2,328 |
3,326 |
||||
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
||||
|
|
1,002 |
2,338 |
3,340 |
998 |
2,329 |
3,327 |
||||
|
|
===== |
===== |
===== |
===== |
===== |
===== |
||||
|
|
|
|
|
|
|
|
||||
|
1 Includes amortisation of issue costs and will therefore vary from year to year.
|
||||||||||
|
7. Taxation |
|
|
|
|
|
|
|
|||
|
a) Analysis of the tax charge for the year |
|
|
|
|
|
|
||||
|
|
|
2025 |
|
|
2024 |
|
|
|||
|
|
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Overseas tax suffered |
3,574 |
- |
3,574 |
3,857 |
- |
3,857 |
|
|||
|
Corporation tax prior year adjustment |
49 |
- |
49 |
- |
- |
- |
|
|||
|
Indian capital gains tax charge on sales |
- |
213 |
213 |
- |
59 |
59 |
|
|||
|
Overseas tax reclaimable |
(459) |
- |
(459) |
(663) |
- |
(663) |
|
|||
|
|
-------- |
-------- |
-------- |
-------- |
-------- |
-------- |
|
|||
|
Total tax charge for the year |
3,164 |
213 |
3,377 |
3,194 |
59 |
3,253 |
|
|||
|
|
===== |
===== |
===== |
===== |
===== |
===== |
|
|||
|
b) Factors affecting the tax charge for the year |
|
|||||||||||
|
The differences are explained below: |
|
|||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
|||||
|
|
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
Revenue return £'000 |
Capital return £'000 |
Total return £'000 |
|
|||||
|
Profit before taxation |
27,276 |
192,792 |
220,068 |
34,472 |
198,731 |
233,203 |
|
|||||
|
Corporation tax for the year at 25% (2024: 25%) |
6,819 |
48,198 |
55,017 |
8,618
|
49,683
|
58,301
|
|
|||||
|
Non-taxable UK dividends |
(810) |
- |
(810) |
(1,823) |
- |
(1,823) |
|
|||||
|
Overseas income and non-taxable scrip dividends |
(6,705) |
- |
(6,705) |
(7,197) |
- |
(7,197) |
|
|||||
|
Other non-taxable income |
- |
(5) |
(5) |
- |
- |
- |
|
|||||
|
Overseas withholding tax suffered |
3,115 |
- |
3,115 |
3,194 |
- |
3,194 |
|
|||||
|
Indian capital gains tax charge on sales |
- |
213 |
213 |
- |
59 |
59 |
|
|||||
|
Corporation tax prior year adjustment |
49 |
- |
49 |
- |
- |
- |
|
|||||
|
Excess management expenses and loan relationships |
607 |
1,523 |
2,130 |
402 |
1,665 |
2,067 |
|
|||||
|
Expenses not deductible for tax purposes |
51 |
- |
51 |
- |
- |
- |
|
|||||
|
Corporate interest restriction |
38 |
89 |
127 |
- |
- |
- |
|
|||||
|
Capital gains not subject to tax |
- |
(49,805) |
(49,805) |
- |
(51,348) |
(51,348) |
|
|||||
|
|
----------- |
----------- |
----------- |
----------- |
----------- |
----------- |
|
|||||
|
|
3,164 |
213 |
3,377 |
3,194 |
59 |
3,253 |
|
|||||
|
|
======= |
======= |
======= |
======= |
======= |
======= |
|
|||||
|
c) Provision for deferred taxation |
|
|||||||||||
|
No provision for deferred taxation has been made in the current year or in the prior year.
The Company has not provided for deferred tax on capital gains or losses arising on the revaluation or disposal of investments as it is exempt from tax on these items because of its status as an investment trust, which it intends to maintain for the foreseeable future.
|
|
|||||||||||
|
d) Factors that may affect future tax charges |
|
|||||||||||
|
The Company can offset management fees, other administrative expenses and interest costs against taxable income to eliminate any tax charge on such income. The tax legislation refers to these as management expenses (management fees and other administrative expenses) and non-trade loan relationship deficits (interest costs) and these are captured together under the heading 'Excess management expenses and loan relationships' in the table above. Where these are not fully utilised, they can be carried forward to future years. As the Company is unlikely to generate future taxable profits to utilise these amounts, the Company cannot recognise an asset to reflect them, but must still disclose the deferred tax amount carried forward arising from any unutilised amounts.
Consequently, the Company has not recognised a deferred tax asset totalling £25,916,000 (2024: £23,763,000) arising as a result of having unutilised management expenses and unutilised non-trade loan relationship deficits totalling £103,664,000 (2024: £95,053,000) and based on the prospective tax rate of 25% (2024: 25%).
|
|
|||||||||||
|
8. Earnings per ordinary share The total earnings per ordinary share is based on the net profit attributable to the ordinary shares of £216,691,000 (2024: profit of £229,950,000) and on 1,069,953,981 ordinary shares (2024: 1,189,599,929), being the weighted average number of shares in issue, excluding shares held in treasury, during the year.
The total earnings can be further analysed as follows: |
|
|||||||||||
|
|
2025 £'000 |
2024 £'000 |
|
|||||||||
|
Revenue profit |
24,112 |
31,278 |
|
|||||||||
|
Capital profit |
192,579 |
198,672 |
|
|||||||||
|
|
------------------- |
------------------- |
|
|||||||||
|
Profit for the year |
216,691 |
229,950 |
|
|||||||||
|
|
------------------- |
------------------- |
|
|||||||||
|
Weighted average number of ordinary shares |
1,069,953,981 |
1,189,599,929 |
|
|||||||||
|
Revenue earnings per ordinary share |
2.25p |
2.63p |
|
|||||||||
|
Capital earnings per ordinary share |
18.00p |
16.70p |
|
|||||||||
|
|
------------------ |
------------------ |
|
|||||||||
|
Earnings per ordinary share |
20.25p |
19.33p |
|
|||||||||
|
|
========== |
========== |
|
|||||||||
|
|
|
|||||||||||
|
The Company does not have any dilutive securities therefore basic and diluted earnings per share are the same. |
|
|||||||||||
|
|
|
|||||||||||
|
9. Called up share capital |
|
|
|
|
|
|||||||
|
|
Number of shares held in treasury |
Number of shares entitled to dividend |
Total number of shares |
Nominal value of shares in issue £'000 |
|
|||||||
|
Ordinary shares |
|
|
|
|
|
|||||||
|
At 1 November 2024 |
169,211,960 |
1,145,890,870 |
1,315,102,830 |
32,878 |
|
|||||||
|
Buyback of ordinary shares |
153,556,389 |
(153,556,389) |
- |
- |
|
|||||||
|
|
----------------- |
------------------- |
------------------- |
----------- |
|
|||||||
|
At 31 October 2025 |
322,768,349 |
992,334,481 |
1,315,102,830 |
32,878 |
|
|||||||
|
|
========== |
=========== |
=========== |
====== |
|
|||||||
|
During the year, no new shares were issued and 153,556,389 shares were bought back into treasury for a net payment of £185,540.000.
|
|
|||||||||||
|
|
Number of shares held in treasury |
Number of shares entitled to dividend |
Total number of shares |
Nominal value of shares in issue £'000 |
|
|||||||
|
Ordinary shares |
|
|
|
|
|
|||||||
|
At 1 November 2023 |
80,870,553 |
1,234,232,277 |
1,315,102,830 |
32,878 |
|
|||||||
|
Buyback of ordinary shares |
88,341,407 |
(88,341,407) |
- |
- |
|
|||||||
|
|
----------------- |
-------------------- |
-------------------- |
----------- |
|
|||||||
|
At 31 October 2024 |
169,211,960 |
1,145,890,870 |
1,315,102,830 |
32,878 |
|
|||||||
|
|
----------------- |
-------------------- |
-------------------- |
----------- |
|
|||||||
|
In the year ended 31 October 2024, no new shares were issued and 88,341,407 shares were bought back into treasury for a net payment of £97,331,000.
|
|
|||||||||||
|
10. Net asset value per ordinary share The net asset value per ordinary share is based on net assets attributable to ordinary shares of £1,435,686,000 (2024: £1,434,146,000) and on 992,334,481 ordinary shares in issue at 31 October 2025 (2024: 1,145,890,870), excluding shares held in treasury. The Company has no securities in issue that could dilute the net asset value per ordinary share.
The movements during the year in net assets attributable to the ordinary shares were as follows:
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2025 £'000 |
2024 £'000 |
|
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|
Net assets attributable to ordinary shares at start of year |
1,434,146 |
1,333,523 |
|
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|
Total net profit on ordinary activities after taxation |
216,691 |
229,950 |
|
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|
Buyback of ordinary shares |
(185,540) |
(97,331) |
|
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|
Dividends paid |
(29,611) |
(31,996) |
|
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|
|
------------- |
------------- |
|
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|
Net assets attributable to ordinary shares at end of year |
1,435,686 |
1,434,146 |
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======== |
======== |
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11. Dividend A final dividend of 0.686p per share (2024: 0.672p), if approved by shareholders at the Annual General Meeting, will be paid on 2 March 2026 to shareholders on the register on 23 January 2026. The shares will trade ex-dividend on 22 January 2026. This final dividend, together with the three interim dividends already paid brings the total dividend for the year to 2.744p (2024: 2.688p) per share.
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12. 2025 Financial Information The figures and financial information for the year ended 31 October 2025 are extracted from the Company's annual financial statements for that year and do not constitute statutory accounts. The Company's annual financial statements for the year to 31 October 2025 have been audited but have not yet been delivered to the Registrar of Companies. The Auditor's report on the 2025 annual financial statements was unqualified, did not include a reference to any matter to which the Auditor drew attention without qualifying the report, and did not contain any statements under Section 498 of the Companies Act 2006.
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13. 2024 Financial Information The figures and financial information for the year ended 31 October 2024 are compiled from an extract of the published accounts for that year and do not constitute statutory accounts. Those accounts have been delivered to the Registrar of Companies and included the report of the Auditor which was unqualified, did not include a reference to any matter to which the Auditor drew attention without qualifying the report, and did not contain a statement under Sections 498(2) or 498(3) of the Companies Act 2006.
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14. Annual Report The Annual Report will be posted to shareholders in January 2026 and will be available at www.bankersinvestmenttrust.com or in hard copy from the Corporate Secretary at the Company's registered office, 201 Bishopsgate, London, EC2M 3AE.
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15. Annual General Meeting (AGM) The AGM will be held at 12 noon on Wednesday, 25 February 2026 at the Company's registered office,
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16. General information Company Status The Company is a UK domiciled investment trust company.
SEDOL/ISIN number: BN4NDR3/GB00BN4NDR39 London Stock Exchange (TIDM) Code: BNKR Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826 Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69
Registered Office 201 Bishopsgate, London, EC2M 3AE.
Company Registration Number UK: 00026351 NZ: 645360
Directors and Corporate Secretary The Directors of the Company are Simon Miller (Chair), Richard West (Senior Independent Director), Ankush Nandra (Audit and Risk Assurance Committee Chair), Charlotte Valeur and Hannah Philp (Marketing Committee Chair). The Corporate Secretary is Janus Henderson Secretarial Services UK Limited.
Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.bankersinvestmenttrust.com.
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For further information please contact:
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Harriet Hall PR Director, Investment Trusts Janus Henderson Investors Telephone: 020 7818 2919
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Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) are incorporated into, or form part of, this announcement. |
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