TIDMJIGI
RNS Number : 8164A
JPMorgan Income & Growth IT PLC
30 September 2015
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INCOME & GROWTH INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
31ST JULY 2015
Chairman's Statement
Your Company continued to make progress in the first half of the
financial year. The net asset value (including dividends paid) grew
by 4.6%, which compares well with the FTSE 350 return of 2.6%.
The market's return was modest, but at least positive. Company
profitability has supported a steady flow of improving dividends,
share buybacks, and merger activity. Central banks continued to
provide a positive investing environment by keeping rates low (in
the US and the UK) and by pumping more liquidity into the global
financial system (in Japan and Europe).
These positives were sufficient to outweigh the multiple risks
that drew the attention of investors in the first half. You will
hardly need reminding of the twists and turns of the Greek crisis
that very nearly triggered the unraveling of the Euro, with
unpredictable consequences. China appeared to be suffering from a
deflating bubble in property, which then spread to shares towards
the end of the quarter. The ramifications for growth in emerging
markets more generally were transmitted to the rest of the world
via weak commodity prices and weak emerging market currencies. This
has helped to keep inflation low in the developed countries.
We remained fully invested during this period, with gearing of
GBP20 million. Over 85% of our total assets remained in UK and
overseas equities, with the remainder in a combination of
diversifying financial assets. The full attribution of performance
is explained in the Managers' Report.
At 75 months, this has been the longest bull market since the
War. There are signs of bubble conditions in some housing markets
around the world, in the biotech sector in equity markets, and in
government bond markets. Equities are no longer cheap in absolute
terms, only relative to overvalued bond markets.
Since the quarter end, equity markets have fallen substantially.
Concerns about the outlook for global economic growth have
intensified following a devaluation of the Chinese currency. World
trade growth has slowed further. The focus has shifted to the
accumulation of debt in emerging countries since the global
financial crisis, which makes many countries look vulnerable to a
tightening in US rates or a Chinese slowdown.
This is no ordinary cycle, however. Central banks have never
before targeted asset prices so overtly, or intervened in financial
systems so aggressively. The expected course of global monetary
policy will be the single most important determinant of returns for
this Company between now and the winding-up in November 2016.
The Board would like to thank those shareholders who have
written to us with suggestions about what we offer as a roll-over
option in November 2016. It is still too early to know what market
conditions will be, but the Board continues to discuss all
possibilities and intends to give greater detail at the time of the
year-end results.
Karl Sternberg
Chairman
30th September 2015
Investment Managers' Report
Market Review
Global stock markets began the six months under review on a
positive footing, but succumbed to uncertainty towards the end of
the period. Improving economic growth, stimulatory central bank
policy and continued corporate profit growth underpinned
performance in developed markets. The Company's benchmark delivered
2.6%, similar to the comparative global indices. Before concerns
about economic growth became more pronounced, the benchmark index
had been up 9%.
Monetary policy continued to drive the mood of developed
markets. Both the European Central Bank (ECB) and the Bank of Japan
continued to create new money by buying government bonds, whilst
speculation mounted about the timing of interest rate rises in the
UK and the US. The ECB is spending EUR60 billion each month on
government bonds, which has kept long-term interest rates low and
contributed towards some improvement in European growth and a
strong recovery in corporate earnings. The continuing Greek crisis
was damaging for confidence, but did not derail the gradual
improvement in European economies. As our single largest overseas
market this is important for UK companies.
In the UK, investors brought forward expectations for the first
interest rate rise from the Bank of England to early 2016 as a
result of increased wage pressure and a strengthening domestic
economy. A surprise Conservative Party victory in May's general
election was viewed as positive for markets. But whatever happens
to UK rates will depend to a large extent on the Federal Reserve's
choices. Investors began to anticipate some increase in US rates
this Autumn in response to a tightening labour market. The Fed
sought to manage market nerves about the impact of policy change,
stressing that the decision would be data dependent and that the
path of interest rate rises would be gradual, but the lack of
certainty has limited the gains for US equities over the
period.
A source of deepening investor concern about growth has been
emerging economies. The prospect of higher interest rates in the US
focused attention on the large increase in debt in emerging
economies since 2007, and whether this could be funded in future.
In particular, investors fretted about China, where the economy
slowed sharply, and the stock market bubble of the last two years
burst in June
(Source for all market returns is FactSet, as at 31 July 2015,
total return net in sterling terms)
Portfolio Review
The Trust's portfolio is managed to the objective 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. The Company's overall
portfolio return of +4.6% outperformed the benchmark's return of
+2.6% over the six months to the end of July 2015. There was
positive absolute performance from all underlying strategies. Our
UK equity holdings which make up our biggest allocation performed
well during the period outperforming the FTSE 350 index by
+2.8%.
As detailed in the in the box on the left the UK equity element
of the portfolio materially outperformed the benchmark in the six
month period. ITV was the largest single positive contributor to
returns. The broadcaster delivered a strong set of results and
announced a further special dividend. The fund's material position
in UK house builders such as Berkeley Group, Taylor Wimpey and
Galliford Try was also beneficial as trading remains strong and
supportive government policy is set to continue following the
Conservative election victory. The fund's holding in Rio Tinto,
which produces iron ore, hurt performance as weakness in commodity
prices led the stock down despite its high dividend yield which we
believed should provide considerable valuation support.
During the review our asset allocation has remained unchanged,
which includes a significant allocation to UK equities and the JPM
Multi-Asset Income Fund. It remains important that we have
diversified sources of income and exposure to attractive asset
classes to help meet the Fund's dual objective.
Some 6% of our total assets are invested in the JPM Europe
Strategic Dividend Fund. It delivered positive absolute performance
in sterling terms during the first six months. The portfolio
management team continue to see material income opportunities in
European companies. The weaker euro, low oil price, money supply
and improving credit conditions continue to act as strong tailwinds
to European earnings, as evidenced in the second quarter earnings
season and recent European economic releases.
The JPM Global High Yield Bond Fund also produced a positive
return and outperformed its benchmark. Over the period, the Fund
has been overweight the technology, gaming and healthcare sectors
which were seen to be attractively valued. Weakness in commodity
prices led the fund to have an underweight positioning in the
energy sector as well as other sectors with operations linked to
materials such as oil, iron ore and copper.
Outlook
Volatility in markets has risen as the FOMC rate decision
approaches and this in combination with low levels of global
economic growth means that we have less conviction in our core view
than we had six months ago. What this means in practice, is that
while we continue to believe that the gradual healing of developed
economies will more than offset the weakness in emerging economies
(leading to positive returns for equities and corporate bonds), the
range of potential outcomes around this core case is more
disperse.
James Elliot
Katy Thorneycroft
Sarah Emly
John Baker
Investment Managers
30th September 2015
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 and strategy;
market; accounting, legal and regulatory; corporate governance and
shareholder relations; operational; and financial. Information on
each of these areas is given in the Business Review within the
Annual Report and Accounts for the year ended 31st January
2015.
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
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The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, 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 pertaining 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 sufficient
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 year financial report has been prepared in accordance with
the Accounting Standards Board's Statement 'Half Year Financial
Reports'; 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
Karl Sternberg
Chairman
30th September 2015
Statement of Comprehensive Income
for the six months ended 31st July 2015
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st July 2015 31st July 2014 31st January
2015
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
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments
held at fair
value through profit
or loss - 1,772 1,772 - 1,349 1,349 - 3,855 3,855
Net foreign currency
(losses)/gains - (1) (1) - 909 909 - 6 6
Income from investments 2,332 - 2,332 2,061 - 2,061 3,729 - 3,729
Other income - - - - - - 4 - 4
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gross return 2,332 1,771 4,103 2,061 2,258 4,319 3,733 3,861 7,594
Management fee (86) (202) (288) (84) (196) (280) (167) (389) (556)
Other administrative
expenses (175) - (175) (147) - (147) (341) - (341)
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities
before finance
costs and
taxation 2,071 1,569 3,640 1,830 2,062 3,892 3,225 3,472 6,697
Finance costs (65) (152) (217) (79) (185) (264) (145) (338) (483)
Dividends on Income
shares (note 3)(1) (1,420) - (1,420) (1,358) - (1,358) (2,716) - (2,716)
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities
before taxation 586 1,417 2,003 393 1,877 2,270 364 3,134 3,498
Taxation (1) - (1) (1) - (1) (1) - (1)
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities
after taxation 585 1,417 2,002 392 1,877 2,269 363 3,134 3,497
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return per class
of share (note 4)
Return per Income
share 3.25p - 3.25p 2.83p - 2.83p 4.99p - 4.99p
Return per Capital
share - 2.20p 2.20p - 2.91p 2.91p - 4.86p 4.86p
(1) Dividends paid during the six months ended 31st July 2015 of
2.3p (2014: 2.2p) per Income share, amounting to GBP1,420,000
(2014: GBP1,358,000).
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the period.
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 Changes in Equity
Called up Capital
share Share Other redemption Capital
For the six months ended capital premium reserve reserve reserves Total
31st July 2015 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st January 2015 646 456 28,535 18 (24,468) 5,187
Net capital return on ordinary activities - - - - 1,417 1,417
Movement in fair value of the cash flow hedge - - - - 10 10
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st July 2015 646 456 28,535 18 (23,041) 6,614
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
Called up Capital
share Share Other redemption Capital
For the six months ended capital premium reserve reserve reserves Total
31st July 2014 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st January 2014 646 456 28,535 18 (27,511) 2,144
Net capital return on ordinary activities - - - - 1,877 1,877
Movement in fair value of the cash flow hedge - - - - (3) (3)
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st July 2014 646 456 28,535 18 (25,637) 4,018
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
Called up Capital
share Share Other redemption Capital
Year ended capital premium reserve reserve reserves Total
31st January 2015 (audited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st January 2014 646 456 28,535 18 (27,511) 2,144
Net capital return on ordinary activities - - - - 3,134 3,134
Movement in fair value of the cash flow hedge - - - - (91) (91)
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st January 2015 646 456 28,535 18 (24,468) 5,187
----------------------------------------------- ---------- -------- -------- ----------- --------- --------
Statement of Financial Position
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at 31st July 2015
(Unaudited) (Unaudited) (Audited)
31st July 2015 31st July 2014 31st January 2015
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- --------------- --------------- ------------------
Fixed assets
Investments held at fair value through profit or loss 92,362 89,542 90,277
--------------------------------------------------------- --------------- --------------- ------------------
92,362 89,542 90,277
Current assets
Debtors 1,396 425 342
Cash and short term deposits 694 92 698
--------------------------------------------------------- --------------- --------------- ------------------
2,090 517 1,040
--------------------------------------------------------- --------------- --------------- ------------------
Creditors: amounts falling due within one year (1,218) (20,055) (85)
Derivative financial liabilities - (3) -
--------------------------------------------------------- --------------- --------------- ------------------
Net current assets 872 (19,541) 955
--------------------------------------------------------- --------------- --------------- ------------------
Total assets less current liabilities 93,234 70,001 91,232
Creditors: amounts falling due after more than one year (20,081) - (20,091)
Net assets attributable to the Income shareholders (66,539) (65,983) (65,954)
--------------------------------------------------------- --------------- --------------- ------------------
Total net assets 6,614 4,018 5,187
--------------------------------------------------------- --------------- --------------- ------------------
Capital and reserves
Called up share capital 646 646 646
Share premium 456 456 456
Other reserve 28,535 28,535 28,535
Capital redemption reserve 18 18 18
Capital reserves (23,041) (25,637) (24,468)
--------------------------------------------------------- --------------- --------------- ------------------
Total equity shareholders' funds 6,614 4,018 5,187
--------------------------------------------------------- --------------- --------------- ------------------
Net asset value per share (note 5)
Income share 107.8p 106.9p 106.8p
Capital share 10.2p 6.2p 8.0p
Cash Flow Statement
for the six months ended 31st July 2015
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2015 31st July 2014 31st January 2015
GBP'000 GBP'000 GBP'000
------------------------------------------------------ ----------------- ----------------- ------------------
Cash inflow from operations 1,785 1,460 2,756
Interest paid (217) (264) (483)
Tax recovered 76 109 109
------------------------------------------------------ ----------------- ----------------- ------------------
Net cash inflow from operating activities 1,644 1,305 2,382
------------------------------------------------------ ----------------- ----------------- ------------------
Purchases of investments and derivatives (7,397) (10,437) (16,185)
Sales of investments and derivatives 7,171 10,173 16,809
Other capital charges - handling fees (2) (2) (3)
------------------------------------------------------ ----------------- ----------------- ------------------
Net cash (outflow)/inflow from investing activities (228) (266) 621
------------------------------------------------------ ----------------- ----------------- ------------------
Dividends paid (1,420) (1,358) (2,716)
Repayment of loans - (20,000) -
Drawdown of loans - 20,000 -
------------------------------------------------------ ----------------- ----------------- ------------------
Net cash outflow from financing activities (1,420) (1,358) (2,716)
------------------------------------------------------ ----------------- ----------------- ------------------
(Decrease)/increase in cash and cash equivalents (4) (319) 287
------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents at the start of the period 698 406 406
Realised gain on foreign currency - 5 5
Cash and cash equivalents at the end of the period 694 92 698
------------------------------------------------------ ----------------- ----------------- ------------------
(4) (319) 287
------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents consist of:
Cash at bank and in hand 694 92 698
------------------------------------------------------ ----------------- ----------------- ------------------
694 92 698
------------------------------------------------------ ----------------- ----------------- ------------------
Notes to the Financial Statements
for the six months ended 31st July 2015
1. Financial statements
The information contained within the 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
January 2015 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, 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
November 2014.
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 31st July 2015.
As a result of the first time adoption of FRS 102 and the
revised SORP, comparative numbers and presentational formats have
been restated where required.
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 January 2015 with the
following exceptions and amendments :
Finance costs
Finance costs are accounted for on an accruals basis using the
effective interest method and in accordance with the provisions of
FRS 102.
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Dividends paid to Income shareholders are classified as finance
costs because the Income shares are classified in the accounts as
liabilities in accordance with FRS 102. Dividends payable are
included in the accounts in the year in which the Company enters
into an obligation to make the dividend payment. Dividends payable
are allocated wholly to revenue as to allocate any portion to
capital would affect the rights and benefits attributable to the
Capital shareholders.
In accordance with FRS 102, the fourth quarterly and special
dividends are included in finance costs in the year in which the
Company enters into an obligation to pay them.
Financial instruments
Cash and cash equivalents may comprise cash (including demand
deposits which are readily convertible to a known amount of cash
and are subject to an insignificant risk of change in value) as
well as cash equivalents (in accordance with the requirements of
the Alternative Investment Fund Managers Directive regulations,
investments are regarded as cash equivalents if they meet all of
the following criteria; highly liquid investments held in the
sub-fund's base currency that are readily convertible to a known
amount of cash, are subject to an insignificant risk of change in
value and provide a return no greater than the rate of a
three-month high quality government bond).
The Company uses an interest rate swap to hedge the cash flow
risk arising from interest rate fluctuations. The swap is
classified as held at fair value through profit or loss and has
been designated as a highly effective cash flow hedge in accordance
with the provisions of FRS 102. Gains or losses arising on the fair
value of the cash flow hedge during the year are recognised through
the Statement of Changes in Equity and are accounted for in capital
reserves.
In accordance with FRS 102, the Income share class is classified
in the accounts as a liability due to the rights and obligations
attached to that share class.
Foreign currency
In accordance with FRS 102, the Company is required to identify
its functional currency, being the currency of the primary economic
environment in which the Company operates. The Board, having regard
to the currency of the Company's share capital and the predominant
currency in which its shareholders operate, has determined that
sterling is the functional currency. Sterling is also the currency
in which the accounts are presented.
Taxation
Current tax is provided at the amounts expected to be received
or paid.
Deferred tax is accounted for in accordance with FRS 102.
Only the relevant section of the applicable policies from the
last year end accounts which have changed as a result of the
application of the 2014 AIC SORP and FRS 102 have been reproduced
above - all other aspects of those policies remain the same. The
impact of the changes is substantially in relation to
presentational, disclosure and non-quantifiable aspects.
3. Dividends on Income shares
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2015 31st July 2014 31st January 2015
GBP'000 GBP'000 GBP'000
------------------------------------------------------------ ----------------- ----------------- ------------------
Fourth quarterly dividend of 1.10p (2014: 1.10p) paid in
March 679 679 679
First quarterly dividend of 1.20p (2015: 1.10p) paid in
June 741 679 679
Second quarterly dividend of 1.10p paid in September n/a n/a 679
Third quarterly dividend of 1.10p paid in December n/a n/a 679
------------------------------------------------------------ ----------------- ----------------- ------------------
Total dividends paid in the period 1,420 1,358 2,716
------------------------------------------------------------ ----------------- ----------------- ------------------
A second quarterly dividend of 1.20p (2015: 1.10p) per Income
share, amounting to GBP741,000 (2014: GBP679,000) has been declared
payable in respect of the six months ended 31st July 2015. It will
be paid on 25th September 2015 to shareholders on the register at
the close of business on the 28th August 2015.
4. Return per class of share
Return per Income share is based on the following:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2015 31st July 2014 31st January 2015
GBP'000 GBP'000 GBP'000
---------------------------------------------------------- ----------------- ----------------- ------------------
Net revenue return on ordinary activities after taxation 585 392 363
Add back dividends on Income shares 1,420 1,358 2,716
---------------------------------------------------------- ----------------- ----------------- ------------------
Revenue return attributable to Income shareholders 2,005 1,750 3,079
Capital return attributable to Income shareholders - - -
---------------------------------------------------------- ----------------- ----------------- ------------------
Total return attributable to Income shareholders 2,005 1,750 3,079
---------------------------------------------------------- ----------------- ----------------- ------------------
Weighted average Income shares in issue 61,747,803 61,747,803 61,747,803
Revenue return per Income share 3.25p 2.83p 4.99p
Capital return per Income share - - -
---------------------------------------------------------- ----------------- ----------------- ------------------
Total return per Income share 3.25p 2.83p 4.99p
---------------------------------------------------------- ----------------- ----------------- ------------------
Return per Capital share is based on the following:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2015 31st July 2014 31st January 2015
GBP'000 GBP'000 GBP'000
--------------------------------------------- ----------------- ----------------- ------------------
Return attributable to Capital shareholders 1,417 1,877 3,134
Weighted average Capital shares in issue 64,527,781 64,527,781 64,527,781
Total return per Capital share 2.20p 2.91p 4.86p
--------------------------------------------- ----------------- ----------------- ------------------
5. Net asset value per class of share
Net asset value per Income share is based on the following:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2015 31st July 2014 31st January 2015
GBP'000 GBP'000 GBP'000
-------------------------------------------------- ----------------- ----------------- ------------------
Revenue reserve available for distribution 2,692 2,136 2,107
Predetermined capital entitlement 63,847 63,847 63,847
-------------------------------------------------- ----------------- ----------------- ------------------
Total assets attributable to Income shareholders 66,539 65,983 65,954
Number of Income shares in issue 61,747,803 61,747,803 61,747,803
Net asset value per Income share 107.8p 106.9p 106.8p
-------------------------------------------------- ----------------- ----------------- ------------------
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