TIDMJIGI
RNS Number : 0832K
JPMorgan Income & Growth IT PLC
13 April 2015
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INCOME & GROWTH INVESTMENT TRUST PLC
FINAL RESULTS FOR THE YEAR ENDED 31ST JANUARY 2015
The Directors of JPMorgan Income & Growth Investment Trust
plc announce the Company's results for the year ended 31st January
2015.
Chairman's Statement
Your Company had another good year. Our long-term benchmark is
the UK stock market, measured by the FTSE 350 Index. It delivered a
total return of 7.3%, extending the gains since the nadir of
markets in March 2009. Shareholder funds again beat the index,
growing by 8.9%.
As a split capital investment trust, we have dual objectives of
delivering income and capital growth. The two aims are compatible
when markets are rising. However, by keeping interest rates low,
central bankers are making it increasingly difficult to source
income without potentially distorting the search for capital
growth. The Board continues to mitigate this by giving our
investment managers the flexibility to capture income from assets
other than UK equities.
The resulting asset allocation is shown in the investment
manager report. Over 70% of our shareholder funds are invested in
UK equities; the other quarter is invested across multiple regions
and assets. Total equity exposure is 85% of gross assets. Only one
section of the portfolio (high yield bonds) detracted from our
performance over the last year; all the other assets in the
portfolio added to our returns. Our diversification into European
equities, for example, delivered 11.5%: this is significantly
better than the UK market's returns.
The Company has maintained borrowing at GBP20 million. Half of
this debt is at a fixed interest rate, so if central banks do start
to raise rates before the end of the Company's life in 2016, we are
substantially protected. Our having debt in a rising market also
added to our returns, offsetting the investment management fees and
the other costs of running the Company. All of these figures are
shown on page 43 of the Annual Report.
Chairmen and investment managers invariably write that the
outlook is particularly uncertain. I cannot remember a period in my
career when the future was not clouded by numerous risks, or when
we did not think that it was especially uncertain. Hindsight makes
us think that the outlook was obvious. However, we are in a unusual
position of facing the end of the Company's life in November 2016,
which is only 18 months away. That short time period does expose us
to the risk that markets react badly to any return to more
conventional monetary policy, and that there is no time for markets
to recover. We also face geopolitical risk in the Middle East and
Russia, the possibility of chaos in UK politics, and further
stresses in the Eurozone. Equally, if we take money out of markets,
we may miss a further rally despite all these risks, which are well
known by investors.
The Board believes that our current asset allocation balances
the interests of capital and income shareholders, and that we shall
maintain this level of market exposure in the period leading up to
our dissolution, unless extraordinary circumstances arise.
Shareholders can then take their own view on the scale of these
risks. We will not spring any surprises on you.
A number of shareholders have written to ask the Board whether
we intend to offer a roll-over vehicle for those of you who wish to
remain invested in the market and who do not wish to crystallise a
capital gain unnecessarily. It is too early for us to know whether
there is sufficient appetite for such an option. We continue to
investigate all possibilities with JPMorgan and our brokers; and we
will update shareholders by this time next year.
Our AGM will be held in May at our manager's offices near
Blackfriars. We hope to see as many of you as possible. In the
meantime, we will respond to any questions shareholders raise.
Karl Sternberg
Chairman
13th April 2015
Investment Managers' Report
Economic and Market Review
Over the 12-month period ending 31st January 2015, global stock
markets delivered strong returns. The FTSE World Index was up 17.2%
in sterling terms. The UK stock market underperformed, but still
delivered returns well ahead of inflation: the FTSE 350 index
returned 7.3%. Global fixed income markets experienced increased
volatility as a result of diverging monetary policies and economic
growth but government bonds still performed well over the period.
Other parts of the fixed income market, like high yield bonds, did
not perform so well.
A major theme in the period was the end of asset purchases by
the US Federal Reserve, and speculation over the timing of the
first US interest rate rise. The Federal Reserve began tapering its
$85 billion per month asset purchase programme in January 2014. The
programme was eventually completed in October. The response of US
and other developed stock markets was fairly muted, given that the
winding down of quantitative easing (QE) had been well flagged and
widely anticipated; and because the QE hat was passed to other
countries.
Whilst economic conditions in the US and UK continued to
improve, Japan and the Eurozone suffered further weakness. The
European Central Bank (ECB) and Bank of Japan (BoJ) undertook
further stimulus measures in response.
In order to prevent a deflationary spiral, the ECB cut its main
refinancing rate to 0.05% in June. It attempted to boost the flow
of credit by introducing a negative deposit rate and by extending
cheap long-term funding to the banks. By the end of our reporting
period, the ECB had responded to even weaker inflation data by
announcing a new QE programme of EUR 60 billion a month, largely
comprised of purchases of eurozone sovereign debt. The asset
purchases are scheduled to begin in March and last until September
2016.
Portfolio Review
The Income and Growth portfolio is managed with the objectives
of meeting the final capital entitlement of the Income
shareholders, as well as providing them with a regular income, and
of providing capital growth for the Capital shareholders. Any asset
allocation or portfolio construction decisions that we make are
judged on the needs of both the Income and Capital
shareholders.
Shareholders' funds grew by 8.9%, which is ahead of the
Company's benchmark return of 7.3%, as measured by the FTSE 350
index.
We began the financial year with a positive outlook for equities
driven by improving global growth with quiescent inflation,
accommodative monetary policy, and supportive valuations. During
the past 12 months the allocation to UK equities has remained
around 70% of the portfolio. We continued to diversify the
portfolio in 2014 beyond UK equities by investing in other
strategies offering exposure to European and global equities,
corporate bonds and other securities offering an attractive yield.
The allocations to the diversifying strategies remained broadly
unchanged over the year.
1 mth 6 mths 1 yr 3 yrs pa 5 yrs pa
----------------- ------ ------- ----- --------- ---------
Income & Growth 2.9 3.7 8.9 15.9 13.8
Benchmark 2.7 2.6 7.3 11.0 10.0
----------------- ------ ------- ----- --------- ---------
Source: Bloomberg, J. P. Morgan Asset Management. Fund is
shareholders funds and benchmark is FTSE 350 Total Return Net.
All the strategies delivered positive absolute returns during
the review period. Their contribution to the total return is shown
in the table below.
Contributions to Total Returns as at 31st January 2015
Contribution to
Performance
%
----------------------------------------- ----------------
Benchmark total return (FTSE 350 Index) +7.3
----------------------------------------- ----------------
UK Equities +0.7
JPMorgan Multi-Asset Income Fund +0.6
JPMorgan Europe Strategic Dividend Fund +0.3
JPMorgan Global High Yield Bond Fund -0.2
Gearing +2.2
----------------------------------------- ----------------
Investment Manager contribution +10.9
----------------------------------------- ----------------
Management fee/other expenses -2.0
----------------------------------------- ----------------
Other effects -2.0
----------------------------------------- ----------------
Shareholders' funds +8.9
----------------------------------------- ----------------
Source: Xamin/JPMAM/Morningstar.
All figures are on a total return basis. Performance attribution
analyses how the Company achieved its recorded performance relative
to its benchmark index.-
UK Equity Portfolio Review
The UK equity portfolio outperformed the Company's benchmark and
as shown in the table above, contributed positively to the total
return of the Trust. The portfolio modestly underperformed the
positive returns of the UK equity market in the first half, before
outperforming the market during the second half of the year.
Our best performing stock over the year was Provident Financial,
a financial services group which delivered a return of +69% over
the 12 months. The company continued to deliver good results and
double-digit dividend growth, whilst having an attractive dividend
yield. Our long-standing overweight positions in two other premium
dividend yielders, Imperial Tobacco and Direct Line Insurance
Group, were also strong performers, returning +47% and +30%
respectively. Their good dividend growth records and delivery of
strong operating performance became more widely appreciated by
investors. Our position in Ashtead, the international equipment
rental business, delivered strong returns as the company benefited
from strengthening structural growth trends, particularly in the
US.
By contrast, our holding in Barclays was unhelpful. Its share
price fell over the year in response to ongoing concerns about
potentially adverse regulatory issues, despite its cheap valuation.
Our holding in Foxtons, the recently floated London estate agency
business, also detracted from performance as the London housing
market slowed. We sold this stock before it delivered a
disappointing trading update and was demoted to the index of
smaller companies.
We introduced a holding in the life insurer Aviva during the
year, as the ongoing restructuring and focus on cost reduction gave
us more confidence about the growth prospects of this company.
Their recently announced proposed takeover of Friends Life PLC
will, if approved, accelerate the dividend growth of the enlarged
group. We added to our existing position in Prudential, the global
life insurer with a strong presence in Asia, during the year.
We added to our position in the clothing retailer, Next, as the
company stood to benefit from the improving economic outlook for
the UK and the boost to consumer spending from the lower oil price.
By contrast, we exited two of our utility stocks during the year,
Drax and Centrica. There were increasing concerns over the
prospects for Drax's biomass conversion programme, given the
government's changing policy stance. We also sold our position in
Centrica, the multi-utility, as its earnings prospects weakened and
we viewed the increasing political and regulatory risks as being
unfavourable. Centrica has subsequently cut its dividend by over
20%.
JPM Multi-Asset Income Fund
The fund returned +10.5% during the 12 month period. The fund
was positioned with significant exposure to equity markets, at the
upper end of its historical range. The biggest contributors to
performance were the global equity and high yield allocations
We reduced exposure to European peripheral debt and convertible
bonds as the yield opportunities in these asset classes declined.
We used the proceeds to increase European equity exposure to take
advantage of more appealing dividend yields.
JPM Global High Yield Bond Fund
Over the past year the Fund returned +2.8%, so this position was
a slight drag on overall performance of the Company after several
years of excellent contribution. The asset class continues to
deliver an attractive yield in a low-rate environment, while
corporate fundamentals remain solid and default rates low. The fund
benefits from its preference for the deeper and more liquid USD
denominated market.
JPM Europe Strategic Dividend Fund
This holding was a positive contributor to overall returns,
delivering 11.5% over the year. At the sector level, positive
contributors to relative returns included stocks in the banks, real
estate and diversified financials sectors.
Outlook
We expect the global economy to move into a mid-cycle phase, led
by the US, with inflation and wages contained for the moment. While
this raises the prospect of interest rate increases in the US, the
growth backdrop in this region combined with monetary stimulus
elsewhere in the world means we continue to be positive on
prospects for equities, supporting our significant UK and European
equity exposure in the Income & Growth portfolio. Loose
monetary policy across the world, reinforced by further
quantitative easing in Japan and Europe will also support bonds,
whether government or corporate. Additionally, the fall in the oil
price has increased uncertainty and we will look to take advantage
of any opportunities that may arise.
We continue to seek the most attractive dividend yields in
Europe and the UK. Although some of the major UK equity dividend
payers are likely to hold their dividends flat this year (such as
the oil majors, BP and Royal Dutch Shell, and also
GlaxoSmithKline), the dividend growth outlook from some other UK
stocks is more encouraging. A number of companies, particularly
some financial services companies and insurers, have recently
announced good dividend growth and some of the more cash generative
companies have also announced special dividends. However, the
looming general election could deliver an inconclusive result and a
period of constitutional and policy instability.
James Elliot
Katy Thorneycroft
Sarah Emly
John Baker
Investment Managers
13th April 2015
Principal Risks
With the assistance of the Manager, the Board has drawn up a
risk matrix, which identifies the key risks to the Company. These
key risks fall broadly under the following categories:
-- Investment and Strategy: An inappropriate investment
strategy, for example asset allocation or the level of gearing, may
lead to under-performance against the Company's benchmark index and
peer companies. The Board manages these risks by diversification of
investments through its investment restrictions and guidelines
which are monitored and reported on by the Manager. JPMAM provides
the Directors with timely and accurate management information,
including performance data and attribution analyses, revenue
estimates, liquidity reports and shareholder analyses. The Board
monitors the implementation and results of the investment process
with the Investment Managers, who attend all Board meetings, and
reviews data that show statistical measures of the Company's
investment exposure and risk profile. The Investment Managers
employ the Company's gearing tactically, within a strategic range
set by the Board. The Board holds a separate meeting devoted to
strategy each year.
-- Market: Market risk arises from uncertainty about the future
prices of the Company's investments. It represents the potential
loss the Company might suffer through holding investments in the
face of negative market movements. The Board considers asset
allocation, stock selection and levels of gearing on a regular
basis and has set investment restrictions and guidelines which are
monitored and reported on by JPMAM. The Board monitors the
implementation and results of the investment process with the
Investment Managers.
-- Accounting, Legal and Regulatory: Should the Company breach
Section 1158 ('Section 1158') of the Corporation Tax Act 2010, it
may lose investment trust status and as a consequence gains within
the Company's portfolio would be subject to Capital Gains Tax. The
Section 1158 qualification criteria are continually monitored by
JPMAM and the results reported to the Board each month. The Company
must also comply with the provisions of the Companies Act 2006 and,
as its shares are listed on the London Stock Exchange, the UKLA
Listing Rules and Disclosure and Transparency Rules ('DTRs') issued
by the FCA. A breach of the Companies Act could result in the
Company and/or the Directors being fined or the subject of criminal
proceedings. A breach of the UKLA Listing Rules or DTRs may result
in the Company's shares being suspended from listing which in turn
would breach Section 1158. The Board relies on the services of its
Company Secretary, JPMAM, and its professional advisers to ensure
compliance with the Companies Act 2006 and the UKLA Listing Rules
and DTRs.
-- Corporate Governance and Shareholder Relations: The Board
regularly reviews and considers corporate governance issues and the
Company's Shareholder views and relations. Details of the Company's
compliance with respect to Corporate Governance best practice,
including information on relations with shareholders, are set out
in the Corporate Governance report on pages 23 to 28 of the Annual
Report.
-- Operational: Disruption to, or failure of the Manager's
accounting, dealing or payments systems or the depositary's or the
custodian's records may prevent accurate reporting and monitoring
of the Company's financial position. On 1st July 2014, the Company
appointed BNY Mellon & Depositary (UK) Limited to act as its
depositary, responsible for overseeing the operation of the
custodian, JPMorgan Chase Bank, N.A., and the Company's cash flow.
Details of how the Board monitors the services provided by the
Manager and its associates and the key elements designed to provide
effective internal control are included within the Risk Management
and Internal Control section of the Corporate Governance report on
pages 26 and 27 of the Annual Report.
-- Going concern: Pursuant to the Sharman Report, Boards are now
advised to consider going concern as a potential risk, whether or
not there is an apparent issue arising in relation thereto. Going
concern is considered rigorously on an ongoing basis and the
Board's statement on going concern is detailed on page 21 of the
Annual Report.
-- Financial: The financial risks faced by the Company include
market risk (comprising interest rate risk and other price risk),
liquidity risk and credit risk. Further details are disclosed in
note 24 on pages 54 to 59 of the Annual Report.
Related Parties Transactions
During the year, no transactions with related parties have taken
place which have materially affected the financial position or the
performance of the Company.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Directors'
Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). Under company law
the Directors must not approve the financial statements unless they
are satisfied that, taken as a whole, the annual report and
accounts are fair, balanced and understandable, provide the
information necessary for shareholders to assess the Company's
performance, business model and strategy and that they give a true
and fair view of the state of affairs of the Company and of the
total return or loss of the Company for that period. 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 judgments 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 a 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.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The accounts are published on the www.jpmincomeandgrowth.co.uk
website, which is maintained by the Company's Manager, JPMorgan
Asset Management (UK) Limited ('JPMAM'). The maintenance and
integrity of the website maintained by JPMAM is, so far as it
relates to the Company, the responsibility of JPMAM. The work
carried out by the auditor does not involve consideration of the
maintenance and integrity of this website and, accordingly, the
auditor accepts no responsibility for any changes that have
occurred to the accounts since they were initially presented on the
website. The accounts are prepared in accordance with UK
legislation, which may differ from legislation in other
jurisdictions.
Each of the Directors, whose names and functions are listed in
the Directors' Report confirm that, to the best of their
knowledge:
-- the financial statements, which have been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards) and applicable law,
give a true and fair view of the assets, liabilities, financial
position and return or loss of the Company;
-- the Strategic Report and Directors' Report includes 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; and
-- The Directors confirm that, taken as a whole, the annual
report and accounts are fair, balanced and understandable and
provide the information necessary for shareholders to assess the
performance, business model and strategy of the Company.
For and on behalf of the Board
Karl Sternberg
Chairman
13th April 2015
Income Statement
for the year ended 31st January 2015
2015 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------------------- -------- -------- -------- -------- -------- --------
Gains on investments held at fair value through profit or
loss - 3,855 3,855 - 7,145 7,145
Net foreign currency gains - 6 6 - 36 36
Income from investments 3,729 - 3,729 3,540 - 3,540
Other interest receivable and similar income 4 - 4 11 - 11
---------------------------------------------------------- -------- -------- -------- -------- -------- --------
Gross return 3,733 3,861 7,594 3,551 7,181 10,732
Management fee (167) (389) (556) (155) (362) (517)
Other administrative expenses (341) - (341) (334) - (334)
---------------------------------------------------------- -------- -------- -------- -------- -------- --------
Net return on ordinary activities before finance costs
and taxation 3,225 3,472 6,697 3,062 6,819 9,881
Finance costs (145) (338) (483) (160) (374) (534)
Dividends paid on Income shares(1) (2,716) - (2,716) (2,716) - (2,716)
---------------------------------------------------------- -------- -------- -------- -------- -------- --------
Net return on ordinary activities before taxation 364 3,134 3,498 186 6,445 6,631
Taxation (1) - (1) (24) 18 (6)
---------------------------------------------------------- -------- -------- -------- -------- -------- --------
Net return on ordinary activities after taxation 363 3,134 3,497 162 6,463 6,625
---------------------------------------------------------- -------- -------- -------- -------- -------- --------
Return per class of share (note 3.)
Return per Income share 4.99p - 4.99p 4.66p 6.99p 11.65p
Return per Capital share - 4.86p 4.86p - 3.32p 3.32p
1 Dividends paid during the year ended 31st January 2015 of 4.4p
(2014: 4.4p) per Income share, amounting to GBP2,716,000 (2014:
GBP2,716,000).
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the year.
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.
Statement of Total Recognised Gains and Losses
for the year ended 31st January 2015
2015 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------- -------- -------- -------- -------- -------- --------
Movement in fair value of the cash flow hedge - (91) (91) - (61) (61)
Net return attributable to income shareholders 3,079 - 3,079 2,878 - 2,878
Net return attributable to capital shareholders - 3,134 3,134 - 6,463 6,463
------------------------------------------------- -------- -------- -------- -------- -------- --------
Total recognised gains in the period 3,079 3,043 6,122 2,878 6,402 9,280
------------------------------------------------- -------- -------- -------- -------- -------- --------
Reconciliation of Movements in Shareholders' Funds
for the year ended 31st January 2015
Increase/
(decrease) in
assets required
Called to meet the
up Capital final
entitlement
share Share Other redemption of Capital
capital premium reserve reserve the Income shares reserves Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------- -------- -------- ----------- ------------------ --------- --------
At 31st January
2013 646 456 28,535 18 4,256 (33,911) -
Transfer to shortfall
reserve - - - - (4,256) (2) (4,258)
Net capital return
on ordinary activities - - - - - 6,402 6,402
------------------------- -------- -------- -------- ----------- ------------------ --------- --------
At 31st January
2014 646 456 28,535 18 - (27,511) 2,144
Net capital return
on ordinary activities - - - - - 3,043 3,043
------------------------- -------- -------- -------- ----------- ------------------ --------- --------
At 31st January
2015 646 456 28,535 18 - (24,468) 5,187
------------------------- -------- -------- -------- ----------- ------------------ --------- --------
Balance Sheet
at 31st January 2015
2015 2014
GBP'000 GBP'000
--------------------------------------------------------- --------- ---------
Fixed assets
Investments held at fair value through profit or loss 90,277 86,989
--------------------------------------------------------- --------- ---------
90,277 86,989
Current assets
Debtors 342 418
Cash and short term deposits 698 406
--------------------------------------------------------- --------- ---------
1,040 824
Creditors: amounts falling due within one year (85) (20,078)
--------------------------------------------------------- --------- ---------
Net current assets/(liabilities) 955 (19,254)
--------------------------------------------------------- --------- ---------
Total assets less current liabilities 91,232 67,735
Creditors: amounts falling due after more than one year
Derivative financial liabilities (91) -
Bank loan (20,000) -
Net assets attributable to the Income shareholders (65,954) (65,591)
--------------------------------------------------------- --------- ---------
Net assets 5,187 2,144
--------------------------------------------------------- --------- ---------
Capital and reserves
Called up share capital 646 646
Share premium 456 456
Other reserve 28,535 28,535
Capital redemption reserve 18 18
Capital reserves (24,468) (27,511)
--------------------------------------------------------- --------- ---------
Total equity shareholders' funds 5,187 2,144
--------------------------------------------------------- --------- ---------
Net asset value per share (note 4.)
Income share 106.8p 106.2p
Capital share 8.0p 3.3p
The Company's registration number is: 5973571
Cash Flow Statement
for the year ended 31st January 2015
2015 2014
GBP'000 GBP'000
----------------------------------------------------------------------- --------- ---------
Net cash inflow from operating activities 2,756 2,538
Returns on investments and servicing of finance
Interest paid (483) (575)
Dividends paid on Income shares (2,716) (2,716)
----------------------------------------------------------------------- --------- ---------
Net cash outflow from returns on investments and servicing of finance (3,199) (3,291)
----------------------------------------------------------------------- --------- ---------
Taxation recovered 109 164
----------------------------------------------------------------------- --------- ---------
Capital expenditure and financial investment
Purchases of investments (16,185) (22,969)
Sales of investments 16,809 23,116
Other capital charges - handling fees (3) (2)
----------------------------------------------------------------------- --------- ---------
Net cash inflow from capital expenditure and financial investment 621 145
----------------------------------------------------------------------- --------- ---------
Net increase/(decrease) in cash for the year 287 (444)
----------------------------------------------------------------------- --------- ---------
Notes to the Financial Statements
for the year ended 31st January 2015
1. Accounting policies
Basis of accounting
The accounts are prepared in accordance with the Companies Act
2006, 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 'SORP') issued by the AIC in January 2009.
All of the Company's operations are of a continuing nature.
The accounts have been prepared on a going concern basis.
The policies applied in these accounts are consistent with those
applied in the preceding year.
2. Dividends payable on Income shares
Dividends paid and declared
2015 2014
GBP'000 GBP'000
--------------------------------------------------------- -------- --------
2014 fourth quarterly dividend of 1.1p (2013: 1.1p) 679 679
First quarterly dividend of 1.1p (2014: 1.1p) 679 679
Second quarterly dividend of 1.1p (2014: 1.1p) 679 679
Third quarterly dividend of 1.1p (2014: 1.1p) 679 679
--------------------------------------------------------- -------- --------
Total dividends paid in the year 2,716 2,716
--------------------------------------------------------- -------- --------
Fourth quarterly dividend declared of 1.1p (2014: 1.1p) 679 679
--------------------------------------------------------- -------- --------
The fourth quarterly dividend has been declared in respect of
the year ended 31st January 2015 and was paid on 27th March 2015.
In accordance with the accounting policy of the Company, this
dividend will be reflected in the accounts for the year ending 31st
January 2016.
3. Return per class of share
Return per Income share
Return per Income share is based on the weighted average number
of Income shares in issue during the year of 61,747,803 (2014:
61,747,803) and the following figures:
2015 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------ -------- -------- -------- -------- -------- --------
Return attributable to Income shareholders 363 - 363 162 4,319 4,481
Add back dividends on Income shares 2,716 - 2,716 2,716 - 2,716
------------------------------------------------ -------- -------- -------- -------- -------- --------
Net return attributable to Income shareholders 3,079 - 3,079 2,878 4,319 7,197
------------------------------------------------ -------- -------- -------- -------- -------- --------
Return per Income share (pence) 4.99 - 4.99 4.66 6.99 11.65
------------------------------------------------ -------- -------- -------- -------- -------- --------
Return per Capital share(1)
Return per Capital share is based on the weighted average number
of Capital shares in issue during the year of 64,527,781 (2014:
64,527,781) and the following figures:
2015 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------- --------- -------- -------- -------- -------- --------
Net return attributable to Capital shareholders - 3,134 3,134 - 2,144 2,144
------------------------------------------------- --------- -------- -------- -------- -------- --------
Return per Capital share (pence) - 4.86 4.86 - 3.32 3.32
------------------------------------------------- --------- -------- -------- -------- -------- --------
1 Not including the effect of the cash flow hedge.
2015 2014
Net asset Net asset Net asset Net assets
value attributable value attributable
per share (GBP'000) per share (GBP'000)
--------------------------- ---------- ------------- ---------- -------------
4. Net asset value per share
Income shares 106.8p 65,954 106.2p 65,591
Capital shares 8.0p 5,187 3.3p 2,144
-------------------------------- ---------- ------------- ---------- -------------
The net asset value per share are based on 61,747,803 (2014:
61,747,803) Income shares and 64,527,781 (2014: 64,527,781) Capital
shares.
5. Status of announcement
2014 Financial Information
The figures and financial information for 2014 are extracted
from the Annual Report and Accounts for the year ended 31st January
2014 and do not constitute the statutory accounts for the year. The
Annual Report and Accounts includes the Report of the Independent
Auditor which is unqualified and does not contain a statement under
either section 498(2) or section 498(3) of the Companies Act 2006.
The Annual Report and Accounts will be delivered to the Registrar
of Companies in due course.
2015 Financial Information
The figures and financial information for 2015 are extracted
from the Annual Report and Accounts for the year ended 31st January
2015 and do not constitute the statutory accounts for the year. The
Annual Report and Accounts includes the Report of the Independent
Auditor which is unqualified and does not contain a statement under
either section 498(2) or section 498(3) of the Companies Act 2006.
The Annual Report and Accounts will be delivered to the Registrar
of Companies in due course.
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) is incorporated into, or forms part of, this
announcement.
JPMORGAN FUNDS LIMITED
13th April 2015
For further information:
Divya Amin
JPMorgan Funds Limited 020 7742 4000
ENDS
A copy of the annual report will shortly be submitted to the
National Storage Mechanism and will be available for inspection at
www.morningstar.co.uk/uk/NSM
The annual report will also shortly be available on the
Company's website at www.jpmincomeandgrowth.co.uk where up to date
information on the Company, including daily NAV and share prices,
factsheets and portfolio information can also be found.
JPMORGAN FUNDS LIMITED
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UOABRVNASAAR
JPMor. I&G (LSE:JIGI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
JPMor. I&G (LSE:JIGI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
