TIDMJEGI
RNS Number : 1158V
JPMorgan European Grwth & Inc PLC
29 November 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EUROPEAN GROWTH & INCOME PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
30TH SEPTEMBER 2023
Legal Entity Identifier: 549300D8SPJFHBDGXS57
Information disclosed in accordance with DTR 4.1.
CHAIR'S STATEMENT
Introduction
In this six month reporting period to the 30th September 2023 it
is pleasing to report that the Company continued to outperform its
benchmark. In what has been an uncertain period, the Board believes
the robust proposition of the Company allows the Investment
Managers the freedom to navigate European markets, whilst
delivering to our shareholders the best of capital growth combined
with a consistent income.
During this reporting period, very sadly the devastating
conflict in Ukraine rages on and as I write this, we witness the
terrible events in Israel and Palestine. It seems resolution and
peace are a long way off. Surprisingly global stock markets have
mostly taken these latest events in their stride. However other
factors are taking their toll on the growth of the European
economies. There has been a period of interest rate hikes by the
central banks of the main Western economies including the European
Central Bank (ECB) to bring inflation under control. Germany, the
region's largest economy, has been particularly affected. Tensions
with China persisted and the failure of Credit Suisse added to an
increasingly fragile geopolitical situation and negative economic
pressures.
Performance
Return on net assets (NAV) and return to shareholders
The Company's net assets outperformed its benchmark by 1.8% in
the period under review (debt at fair value). Despite the
favourable performance, the Company's net assets recorded a
negative return for the period, unable to completely offset the
broad decline of the benchmark.
The total return on net assets was -0.2% (debt at fair value).
As stated, both of these returns compare well with the benchmark
which recorded a total return in sterling terms of -2.0%. Strong
relative stock selection was the main reason for this. In their
Report on page 11 of the Company's half year report and financial
statements , the Investment Managers review in more detail some of
the factors underlying the performance of the Company as well as
commenting on the economic and market background over the period in
question.
For an explanation of the calculation of the Company's NAV,
please see the Glossary of Terms and Alternative Performance
Measures on page 27 of the Company's half year report and financial
statements .
The total return to shareholders, which takes into account the
movement of the share price over the period, outperformed the
benchmark though by a smaller margin delivering a return of
-1.2%.
The Company's restructuring in February 2022 has resulted in
some of the performance and dividend data for periods prior to this
reporting period being calculated on a transitional basis as
detailed in various footnotes throughout this report.
Dividends
One of the aims of the Company is to provide shareholders with a
predictable dividend income at a level that is consistent and
frequent. This has been set at 4% of the preceding year NAV payable
in July, October, January and March.
In line with the above aim, in respect of the year ending 31st
March 2024, the Company has paid the first interim dividend of 1.05
pence per Ordinary share and declared the second interim dividend
of 1.05 pence per Ordinary share. Between the end of this six month
reporting period and the release of this report, the Company's
Board declared a third interim dividend of 1.05 pence per Ordinary
share. The Board is expecting to declare the fourth interim
dividend in February 2024. As in 2023, brought forward revenue
reserves will be utilised to partially cover the dividend for the
financial year ending 31st March 2024.
Although not expected to be required in the financial year
ending 31st March 2024, the Company's Articles also permit the
Company's dividends to be paid from distributable capital
reserves.
Gearing
There has been no change in the Investment Manager's permitted
gearing range, as previously set by the Board, of between 10% net
cash to 20% geared. At 30th September 2023 the Company was modestly
geared at 3.3% (31st March 2023: 3.1%).
Discounts, Share Issuance and Repurchase
During the period under review, the average discount across the
Investment Trust sector has remained elevated. Particular signs of
stress are evident in those Trusts with significant unquoted assets
due to illiquidity concerns as investors deliberate their level of
confidence in underlying Net Asset Values. Despite the liquidity
and transparency of the markets in which your Company invests, its
sector and the Company itself have been tarred with this
nervousness. The Board remain vigilant and active, addressing
imbalances in the supply of and demand for the Company's shares
through a buy-back of shares. The Board does not wish to see the
discount widen beyond 10% under normal market conditions (using the
cum-income NAV with debt at fair) on an ongoing basis. The precise
level and timing of repurchases is dependent on a range of factors
including prevailing market conditions. In the period under review,
3,468,338 Ordinary shares were bought into Treasury. From 1st
October 2023 to 27th November 2023, 1,200,059 Ordinary shares were
bought into Treasury. No Ordinary shares were issued.
The Company's Ordinary share discount as at 30th September 2023
was 11.8% to NAV with debt at fair value. The average discount of a
peer group of six companies as at the same date was 10.1%. On 27th
November, 2023, the Company's Ordinary share discount was 10.2%,
which compares to an average discount of the same peer group of
10.0% as at the same date, though hides variation in strategy and
performance across the sector.
Board of Directors
In line with the Company's Board Succession Plan, Jutta af
Rosenborg will be retiring as Director and Audit Committee Chair on
reaching her nine-year tenure next year. An independent search
agency has been engaged to undertake a search for a suitable
replacement Director and Audit Chair, with the aim of appointment
in early 2024.
AIC Investment Week Award 2023
I am delighted that the Company was voted the best investment
company in the European sector at the annual AIC Investment Week
Award ceremony held on 16th November 2023. The judges commended the
Company's performance and the benefits provided by its simplified
and shareholder focused structure.
Outlook
The already fragile geopolitical outlook was further weakened in
October 2023 by the vicious escalation of hostilities between
Israel and Palestine. The economic impact that this latest tragedy
will have on European equity markets is uncertain but has the
potential to develop into a wider regional conflict which could
further exacerbate already elevated energy prices. The recent run
of increases in interest rates by the major economies central
banks, including the ECB, seems to have ended as the desired
reduction in inflation rates has so far been achieved. Whether the
current rates of interest will precipitate a global recession
remains to be seen.
Despite these challenges the Board has confidence the Company's
Investment Managers remain dedicated to their strategy and have the
agility to navigate these tricky times. Our optimism for European
equities over the long term remains undimmed.
Rita Dhut
Chair 29th November 2023
INVESTMENT MANAGERS' REPORT
Market Background
Following a strong finish to the Company's last financial year
our benchmark index fell 2.0% in the six months to the end of
September. It is clear that, as expected, inflation has peaked as
lower energy prices and the easing of supply chain issues helped.
By September the rate of consumer price increases in the Eurozone
had slowed to 4.3%.
By the end of the half year under review the European Central
Bank (ECB) had hiked interest rates for the tenth consecutive time
in its efforts to control inflation. While it has now indicated
that it may pause it also reiterated that it expects to keep rates
high for some time. Bank lending to households in the eurozone rose
by 1.3% year-on-year, the lowest growth rate since November 2015,
as the deceleration in credit demand persisted due to the
unprecedented policy tightening enforced by the ECB over the past
months.
Despite a growing belief that a recession in Europe had been
avoided, or at least pushed out into 2024 economic growth has
started to weaken. For example, the Eurozone Composite Purchasing
Managers' Index (PMI) fell to 47.2 in September, suggesting
economic contraction across the bloc's private sector economy.
While manufacturing has been weak for some time the decline in the
services side of the economy is a newer problem. Although the
employment backdrop remains robust consumer confidence has started
to decline again.
Portfolio Performance
The Company outperformed its benchmark index by 1.8% based on
NAV with debt valued at fair value, in the first half of its
financial year. Within pharmaceuticals Novo Nordisk was again a top
contributor to performance as its anti-obesity drugs continued to
exceed expectations. Various clinical trials have shown a positive
impact from its anti-obesity products on other conditions such as
major adverse cardiovascular events and chronic kidney disease in
diabetes patients. It has now raised earnings guidance three times
this year. The portfolio has also been overweight in the bank
sector with companies such as UniCredit in Italy contributing
positively to performance. As interest rates have risen net
interest margins have expanded leading to frequent earnings
upgrades. Despite this, valuations have remained modest and with
well capitalised balance sheets UniCredit, and others in the
sector, have been able to return money to shareholders by raising
dividends and buying back equity.
During the six months under review we increased the weighting to
the Materials sector by adding to our position in Air Liquide which
is the number two player in industrial and healthcare gases. The
top three companies control 70% of the market giving them a
quasi-oligopoly with rational pricing and often long term take or
pay contracts. The backlog is strong, and the growth rate is
accelerating. At a sector level the biggest reduction was in
Consumer Durables where we reduced overweight positions in LVMH and
Richemont. Both companies have seen earnings estimates stall with
concerns about Chinese growth resurfacing and both companies,
particularly LVMH, were on high valuations when bond yields were
continuing to rise.
By the end of the half year the Company's top three overweight
sectors were Banks, Energy and Semi-Conductors and the bottom three
underweights were Healthcare Equipment, Financial Services and
Food, Beverage and Tobacco. Overall, the portfolio remains cheaper
than the benchmark, with better quality and momentum
characteristics.
Outlook
Recent statements from both the ECB and the Federal Reserve have
given markets the hope that the monetary tightening phase is
drawing to an end, although it is too soon to expect interest rates
to be lowered again. It is likely that the economic data will be
somewhat contradictory for some time which may lead to further
volatility in both bond and equity markets. At some stage markets
will start to worry that Central Banks have tightened too much, and
recession fears will rise. As mentioned above there are signs that
both the manufacturing and services side of European economies are
slowing. However, we continue to find exciting investment
opportunities across a range of sectors. When yields, and
especially real yields, have peaked that will provide support for
valuations particularly of longer duration assets.
Alexander Fitzalan Howard
Zenah Shuhaiber
Tim Lewis
Investment Managers 29th November 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
half year report:
Principal Risks and Uncertainties
The Principal Risks and uncertainties faced by the Company fall
into the following broad categories: investment; operational;
regulatory; discount/premium to NAV; strategy; pandemic risk;
climate change; geopolitical and economic concerns; artificial
intelligence ('AI'). Information on each of these areas is given in
the Business Review within the Annual Report and Accounts for the
year ended 31st March 2023.
Related Parties Transactions
During the first six months of the current financial year, no
transactions with related parties have taken place which have
materially affected the financial position or the performance of
the Company.
Going Concern
The Directors believe, having considered the Company's
investment objectives, future cash flow projections, risk
management policies, liquidity risk, principal and emerging risks,
capital management policies and procedures, nature of the portfolio
and expenditure projections and the economic and operational impact
of Russia's invasion of Ukraine other conflicts and geopolitical
tensions and Covid-19 that the Company has adequate resources, an
appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the
foreseeable future and, more specifically, that there are no
material uncertainties relating to the Company that would prevent
its ability to continue in such operation existence for at least 12
months from the date of the approval of this half yearly financial
report. For these reasons, they consider there is reasonable
evidence to continue to adopt the going concern basis in preparing
the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the half yearly financial report has been prepared in accordance
with FRS 104 'Interim Financial Reporting' and gives a true and
fair view of the state of affairs of the Company and of the assets,
liabilities, financial position and net return of the Company, as
required by the UK Listing Authority Disclosure and Transparency
Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the UK Listing
Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Rita Dhut
Chair 29th November 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30th September 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 2022 31st March 2023
2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- --------- --------- ---------- -------- ---------- ---------- -------- -------- ---------
(Losses)/gains on
investments
and derivatives
held
at fair
value through
profit
or loss - (12,354) (12,354) - (47,326) (47,326) - 32,295 32,295
Foreign exchange
(losses)/gains on
liquidity
fund - (82) (82) - 877 877 - 1,141 1,141
Net foreign
currency
gains/(losses) - 334 334 - (2,268) (2,268) - (2,795) (2,795)
Income from
investments 12,026 - 12,026 10,942 - 10,942 15,138 - 15,138
Interest
receivable
and similar
income 128 - 128 34 - 34 48 - 48
------------------- --------- --------- ---------- -------- ---------- ---------- -------- -------- ---------
Gross
return/(loss) 12,154 (12,102) 52 10,976 (48,717) (37,741) 15,186 30,641 45,827
Management fee (356) (832) (1,188) (332) (775) (1,107) (668) (1,560) (2,228)
Other
administrative
expenses (276) - (276) (239) - (239) (557) - (557)
------------------- --------- --------- ---------- -------- ---------- ---------- -------- -------- ---------
Net return/(loss)
before finance
costs and taxation 11,522 (12,934) (1,412) 10,405 (49,492) (39,087) 13,961 29,081 43,042
Finance costs (172) (402) (574) (178) (416) (594) (359) (837) (1,196)
------------------- --------- --------- ---------- -------- ---------- ---------- -------- -------- ---------
Net return/(loss)
before taxation 11,350 (13,336) (1,986) 10,227 (49,908) (39,681) 13,602 28,244 41,846
Taxation (1,048) - (1,048) (1,127) - (1,127) (1,248) - (1,248)
------------------- --------- --------- ---------- -------- ---------- ---------- -------- -------- ---------
Net return/(loss)
after taxation 10,302 (13,336) (3,034) 9,100 (49,908) (40,808) 12,354 28,244 40,598
------------------- --------- --------- ---------- -------- ---------- ---------- -------- -------- ---------
Return/(loss) per
share: (note 3) 2.38p (3.08)p (0.70)p 2.08p (11.43)p (9.35)p 2.83p 6.48p 9.31p
------------------- --------- --------- ---------- -------- ---------- ---------- -------- -------- ---------
All revenue and capital items in the above statement derive from
continuing operations.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued
by the Association of Investment Companies. Net return/(loss) after
taxation represents the profit/(loss) for the period/year and also
the total comprehensive income
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called Capital
up
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- -------- ----------- ------------ ----------- ----------
Six months ended 30th September
2023 (Unaudited)
At 31st March 2023 2,185 131,163 18,273 299,679 3,946 455,246
Repurchase of shares into
Treasury - - - (3,228) - (3,228)
Net (loss)/return - - - (13,336) 10,302 (3,034)
Dividend paid in the period
(note 4) - - - - (4,556) (4,556)
--------------------------------- --------- -------- ----------- ------------ ----------- ----------
At 30th September 2023 2,185 131,163 18,273 283,115 9,692 444,428
--------------------------------- --------- -------- ----------- ------------ ----------- ----------
Six months ended 30th September
2022 (Unaudited)
At 31st March 2022 4,605 131,163 15,853 273,876 13,837 439,334
Repurchase and cancellation
of the Company's
own shares (2) - 2 (258) - (258)
Repurchase of shares into
Treasury - - - (940) - (940)
Net return - - - (49,908) 9,100 (40,808)
Dividends paid in the period
(note 4) - - - - (9,181) (9,181)
--------------------------------- --------- -------- ----------- ------------ ----------- ----------
At 30th September 2022 4,603 131,163 15,855 222,770 13,756 388,147
--------------------------------- --------- -------- ----------- ------------ ----------- ----------
Year ended 31st March 2022
(Audited)
At 31st March 2022 4,605 131,163 15,853 273,876 13,837 439,334
Reclassification of shares
cancelled in respect of
the restructure in the prior
year (2,418) - 2,418 - - -
Repurchase and cancellation
of the Company's
own shares (2) - 2 (258) - (258)
Repurchase of shares into
Treasury - - - (2,183) - (2,183)
Net return - - - 28,244 12,354 40,598
Dividends paid in the year
(note 4) - - - - (22,245) (22,245)
--------------------------------- --------- -------- ----------- ------------ ----------- ----------
At 31st March 2023 2,185 131,163 18,273 299,679 3,946 455,246
--------------------------------- --------- -------- ----------- ------------ ----------- ----------
(1) These reserves form the distributable reserve of the Company
and may be used to fund distribution of profits to investors.
CONDENSED STATEMENT OF FINANCIAL POSITION
At 30th September 2023
(Unaudited) (Unaudited) (Audited)
30th September 30th September 31st March
2023 2022 2023
GBP'000 GBP'000 GBP'000
---------------------------------------- --------------- --------------- -----------
Fixed assets
Investments held at fair value through
profit or loss 459,127 400,475 469,173
---------------------------------------- --------------- --------------- -----------
Current assets
Derivative financial assets 216 292 12
Debtors 4,807 3,813 4,782
Cash and cash equivalents 23,980 28,881 25,523
---------------------------------------- --------------- --------------- -----------
29,003 32,986 30,317
Current liabilities
Creditors: amounts falling due within
one year (473) (1,576) (364)
Derivative financial liabilities (5) (20) (101)
---------------------------------------- --------------- --------------- -----------
Net current assets 28,525 31,390 29,852
Total assets less current liabilities 487,652 431,865 499,025
Creditors: amounts falling due after
more than one year (43,224) (43,718) (43,779)
---------------------------------------- --------------- --------------- -----------
Net assets 444,428 388,147 455,246
---------------------------------------- --------------- --------------- -----------
Capital and reserves
Called up share capital 2,185 4,603 2,185
Share premium 131,163 131,163 131,163
Capital redemption reserve 18,273 15,855 18,273
Capital reserves 283,115 222,770 299,679
Revenue reserve 9,692 13,756 3,946
---------------------------------------- --------------- --------------- -----------
Total shareholders' funds 444,428 388,147 455,246
---------------------------------------- --------------- --------------- -----------
Net asset value per share (note 5) 103.1p 89.1p 104.8p
CONDENSED STATEMENT OF CASH FLOWS
For the six months ended 30th September 2023
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30th September 30th September 31st March
2023 20221 2023
GBP'000 GBP'000 GBP'000
(1)
-------------------------------------------- --------------- --------------- -----------
Cash flows from operating activities
Total (loss)/return on ordinary activities (1,412) (39,087) 43,042
Adjustment for:
Net (losses)/gains on investments
held at fair value through
profit or loss 12,354 47,326 (32,295)
Foreign exchange (losses)/gains on
Liquidity fund 82 (877) (1,141)
Net foreign currency gains/(losses) (334) 2,268 2,795
Dividend income (12,026) (10,942) (15,138)
Interest income (115) (1) (2)
Realised gain/(loss) on foreign exchange
transactions 6 (37) 494
Realised exchange gain/(loss) on Liquidity
fund 193 (26) 648
Decrease in accrued income and other
debtors 22 66 27
Decrease/(increase) in accrued expenses 25 (70) (41)
-------------------------------------------- --------------- --------------- -----------
(1,205) (1,380) (1,611)
Dividends received 10,842 9,733 12,264
Interest received 51 1 2
Overseas withholding tax recovered 153 47 661
-------------------------------------------- --------------- --------------- -----------
Net cash inflow from operating activities 9,841 8,401 11,316
-------------------------------------------- --------------- --------------- -----------
Purchases of investments and derivatives (67,519) (51,977) (120,395)
Sales of investments and derivatives 65,216 53,707 131,716
Settlement of foreign currency contracts (533) (887) (1,531)
-------------------------------------------- --------------- --------------- -----------
Net cash (outflow)/inflow from investing
activities (2,836) 843 9,790
-------------------------------------------- --------------- --------------- -----------
Equity dividends paid (4,556) (9,181) (22,245)
Repurchase of shares for Cancellation - (258) (258)
Repurchase of shares into Treasury (3,141) (940) (2,089)
Interest paid (576) (571) (1,170)
-------------------------------------------- --------------- --------------- -----------
Net cash outflow from financing activities (8,273) (10,950) (25,762)
-------------------------------------------- --------------- --------------- -----------
Decrease in cash and cash equivalents (1,268) (1,706) (4,656)
-------------------------------------------- --------------- --------------- -----------
Cash and cash equivalents at start
of period/year 25,523 29,685 29,685
Unrealised gain on foreign currency
cash and cash equivalents (275) 902 494
-------------------------------------------- --------------- --------------- -----------
Cash and cash equivalents at end of
period/year 23,980 28,881 25,523
-------------------------------------------- --------------- --------------- -----------
Cash and cash equivalents consist
of:
Cash and short term deposits 421 670 280
Cash held in JPMorgan Euro Liquidity
fund 23,559 28,211 25,243
-------------------------------------------- --------------- --------------- -----------
Total 23,980 28,881 25,523
-------------------------------------------- --------------- --------------- -----------
(1) The presentation of the Cash Flow Statement, as permitted
under FRS 102, has been changed so as to present the reconciliation
of 'net return/(loss) before finance costs and taxation' to 'net
cash inflow from operating activities' on the face of the Cash Flow
Statement. Previously, this was shown by way of note. Interest paid
has also been reclassified to financing activities, previously
shown under operating activities, as this relates to loans. Other
than consequential changes in presentation of the certain cash flow
items, there is no change to the cash flows as presented in
previous periods.
Analysis of changes in net (debt)/cash
As at As at
31st March Exchange Other 30th September
non-cash
2023 Cash flows movements charges 2023
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ----------- ----------- ---------- --------- ---------------
Cash and cash equivalents
Cash 280 141 - - 421
Cash equivalents - Liquidity
fund 25,243 (1,409) (275) - 23,559
------------------------------ ----------- ----------- ---------- --------- ---------------
25,523 (1,268) (275) - 23,980
------------------------------ ----------- ----------- ---------- --------- ---------------
Borrowings
Debt due after one year (43,779) - 561 (6) (43,224)
------------------------------ ----------- ----------- ---------- --------- ---------------
Total net debt (18,256) (1,268) 286 (6) (19,244)
------------------------------ ----------- ----------- ---------- --------- ---------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 30th September 2023
1. Financial statements
The information contained within the condensed financial
statements in this half year report has not been audited or
reviewed by the Company's auditors.
The figures and financial information for the year ended 31st
March 2023 are extracted from the latest published financial
statements of the Company and do not constitute statutory accounts
for that year. Those financial statements have been delivered to
the Registrar of Companies and including the report of the auditors
which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with
the Companies Act 2006, FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' of the United Kingdom
Generally Accepted Accounting Practice ('UK GAAP') and with the
Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' (the revised
'SORP') issued by the Association of Investment Companies in July
2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial
Reporting Council ('FRC') in March 2015 has been applied in
preparing this condensed set of financial statements for the six
months ended 30th September 2023.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of
financial statements are consistent with those applied in the
financial statements for the year ended 31st March 2023.
3. Return per share
(Unaudited) (Unaudited) (Audited)
Six months Six months ended Year ended
ended
30th September 30th September 31st March
2023 2022 2023
GBP'000 GBP'000 GBP'000
----------------------------------- --------------- ----------------- ------------
Return per share is based on the
following:
Revenue return 10,302 9,100 12,354
Capital (loss)/return (13,336) (49,908) 28,244
----------------------------------- --------------- ----------------- ------------
Total (loss)/return (3,034) (40,808) 40,598
----------------------------------- --------------- ----------------- ------------
Weighted average number of shares
in issue 433,129,680 436,629,740 435,967,427
Revenue return per share 2.38p 2.08p 2.83p
Capital (loss)/return per share (3.08)p (11.43)p 6.48p
----------------------------------- --------------- ----------------- ------------
Total (loss)/return per share (0.70)p (9.35)p 9.31p
----------------------------------- --------------- ----------------- ------------
4. Dividends
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
2023 2022 2023
GBP'000 GBP'000 GBP'000
------------------------------------- ----------------- ----------------- -----------
Dividends paid
2022 Growth & Income first interim
dividend of 1.10p - 4,812 4,812
2024 Growth & Income first interim
dividend of 1.05p (2023: 1.00p) 4,556 4,369 4,369
2023 Growth & Income second interim
dividend of 1.00p - - 4,358
2023 Growth & Income third interim
dividend of 1.00p - - 4,354
2023 Growth & Income fourth interim
dividend of 1.00p - - 4,352
------------------------------------- ----------------- ----------------- -----------
Total dividends paid in the period 4,556 9,181 22,245
------------------------------------- ----------------- ----------------- -----------
All dividends paid and declared in the period have been funded
from the Revenue Reserve.
The Company's second interim dividend of 1.05p per share was
paid on 27th October 2023 at a cost of GBP4,529,000.
5. Net asset value per share
The net asset value per Ordinary share and the net asset value
attributable to the Ordinary shares at the period/year end are
shown below. These were calculated using 430,969,508 (30th
September 2022: 435,821,962; 31st March 2023: 434,437,846) Ordinary
shares in issue at the period/year end (excluding Treasury
shares).
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March 2023
2023 2022
Net asset Net asset Net asset
value attributable value attributable value attributable
GBP'000 pence GBP'000 pence GBP'000 pence
------------------------------ ------------ ------- ----------- -------- ------------ -------
Net asset value - debt
at par 444,428 103.1 388,147 89.1 455,246 104.8
Add: amortised cost of
the Euro 50 million Private
Placement Note with Metlife,
repayable on
26th August 2035 43,224 10.0 43,718 10.0 43,779 10.1
Less: Fair Value of the
Euro 50 million Private
Placement Note with Metlife,
repayable on
26th August 2035 (39,005) (9.1) (43,366) (10.0) (41,579) (9.6)
------------------------------ ------------ ------- ----------- -------- ------------ -------
Net asset value - debt
at fair value 448,647 104.0 388,499 89.1 457,446 105.3
------------------------------ ------------ ------- ----------- -------- ------------ -------
6. Fair valuation of instruments
The fair value hierarchy analysis for Financial Instruments held
at fair value at the period end is as follows:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March 2023
2023 2022
Assets Liabilities Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ -------- ------------ -------- ------------ -------- ------------
Level 1 459,127 - 400,475 - 469,173 -
Level 2(1) 216 (5) 292 (20) 12 (101)
------------ -------- ------------ -------- ------------ -------- ------------
Total 459,343 (5) 400,767 (20) 469,185 (101)
------------ -------- ------------ -------- ------------ -------- ------------
(1) Forward foreign currency contracts.
JPMORGAN FUNDS LIMITED
29(th) November 2023
For further information, please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited
0800 20 40 20
ENDS
A copy of the half year will be submitted to the National
Storage Mechanism and will shortly be available for inspection at
www.hemscott.com/nsm.do
The half year will also shortly be available on the Company's
website at www.jpmeuropean.co.uk where up to date information on
the Company, including daily NAV and share prices, factsheets and
portfolio information can also be found.
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END
IR BLBDBSSDDGXC
(END) Dow Jones Newswires
November 29, 2023 11:46 ET (16:46 GMT)
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