TIDMJMF
RNS Number : 5125P
JPMorgan Mid Cap Invest Trust PLC
10 February 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN MID CAP INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ED 31ST DECEMBER 2022
Legal Entity Identifier: 549300QED7IGEP4UFN49
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Performance
In the six months to 31st December 2022 the total return on net
assets was +3.0%, marginally ahead of the Company's benchmark, the
FTSE 250 Index (excluding investment trusts), which returned +2.8%.
The Company's share price total return for the period was +5.6%,
reflecting a narrowing of the discount that the Company's shares
trade at relative to its Net Asset Value ('NAV').
A review of the Company's performance for the period and the
outlook for the remainder of the year is provided in the Investment
Managers' report that follows.
Share Price Rating to NAV per Share
At the end of the last financial year, the Company's shares
traded at a 13.6% discount, having widened substantially over the
financial year in line with the discount experience of its
immediate peers and also of investment trusts across many asset
classes. Over the last six months the discount has narrowed
marginally, closing the half year period at 11.7%.
The Directors recognise the importance to shareholders that the
Company's share price should not differ excessively from the
underlying NAV and the Board aims to address any imbalance between
supply and demand against an overall assessment of general market
trends. In the six months to 31st December 2022, the Board utilised
the Company's authority to buy back shares and repurchased a total
of 457,488 shares. These shares were purchased at an average
discount to NAV of 13.4%, producing a modest accretion to the NAV
for continuing shareholders. Shares repurchased are held in
Treasury and such treasury shares and any new ordinary shares will
only be sold or issued at a premium to NAV.
Revised Management Fee Arrangements
As recently announced, with effect from 1st January 2023, the
Company's Manager has agreed to reduce its investment management
fee. There are three key changes to the fee agreement. Fees will
now be based on net assets, as opposed to total, or gross assets,
the tier at which the 0.65% fee rate tapers has been reduced from
GBP250 million of net assets to GBP200 million and the tapered fee
has been reduced from 0.60% to 0.55%.
It is felt that this revised fee structure balances the need for
the Company's ongoing charges ratio to remain competitive, whilst
rewarding the Manager for its efforts.
Revenue and Dividends
Whilst the Company has a capital growth objective, dividends
paid are an important component of shareholder total return over
the long term. Net revenue after taxation for the six months to
31st December 2022 was GBP2.99 million (2021: GBP3.94 million) and
earnings per share were 13.41p (2021: 16.77p). The Board has
declared an interim dividend of 8.0p (2021: 8.0p) to be paid on
25th April 2023 to shareholders on the register at the close of
business on 17th March 2023.
Due to the impact of dividend cuts made by UK companies across
all indices and sectors during the COVID-19 pandemic in 2020 and
2021, dividends uncovered by earnings were paid in the Company's
financial years ended 30th June 2020 and 2021 by utilising the
revenue reserves built up in previous years to maintain the 2019
pre-pandemic total dividend level. In 2022, the Company's dividend
was fully covered by revenue generated over that year and revenue
reserves were increased to approximately 28.1 pence per share,
having fallen to approximately 21.8 pence per share (GBP5,111,000)
at the end of June 2021.
Your Company's revenue in any given year is determined by a
combination of the dividend performance of its investment
portfolio, including the occasional receipt of 'special dividends'
and any changes that the Investment Managers choose to make through
transactions which can, in various circumstances, either increase
or decrease revenue depending on where the managers identify the
most attractive opportunities. It is important that the Investment
Managers have such freedom of action.
A decision on the level of the dividends for the current
financial year will be carefully reviewed when there is greater
clarity on the net income position of the Company for the full
year.
Loan Facilities and Gearing
The Board has determined that in normal circumstances the
Company's overall gearing range is 10% net cash to 20% geared.
Within this range, after due consideration at each Board meeting,
the Board normally sets a narrower, short term gearing range for
the ensuing period. The Company's gearing strategy is implemented
through the use of bank borrowing facilities. The Company currently
has access to two loan facilities totalling GBP55 million, with the
option of further increasing one of the facilities by GBP20 million
(subject to credit approval by the lender). GBP25 million of the
debt has just been renewed out to February 2025 and the Board will
be reviewing the options available for the replacement of the
remaining GBP30 million ahead of its expiry in March 2024. When
structuring the Company's debt, the Board considers quantum, terms
and tenure and endeavours to ensure that the Investment Managers
have access to a flexible structure to assist with the objective of
enhancing shareholder returns.
Stay Informed
The Company delivers email updates on the Company's progress
with regular news and views, as well as the latest performance. If
you have not already signed up to receive these communications and
you wish to do so you can opt in via
https://tinyurl.com/UK-Mid-Cap-Sign-Up or by scanning the QR code
on this page.
Outlook
2022 was a poor year for equites on a global scale and in the UK
the Mid Cap index recorded a disappointing return and one that was,
unusually, significantly lower than the larger cap indices of UK
equities. This is reflected in high levels of outflows from UK
equity funds in 2022 and widening discounts for UK equity
orientated investment trusts.
The reasons are not difficult to identify being a combination of
rising energy and commodity prices, leading to sharply higher than
expected rates of inflation which the Bank of England has responded
to by beginning to raise short term interest rates. The follow
through from the resurgence in inflation has been a rising number
of labour disputes as employees seek wage rises in line with the
increase in cost of living. Some of these negotiations have
culminated in a series of strikes by workers in many key
sectors.
The highly damaging political hiatus in September undermined
international confidence in UK debt markets and came about at the
precise time that the Bank of England was in the process of
replacing quantitative easing with quantitative tightening. Debt is
now priced more realistically than has been the case since 2008 and
perhaps of greater import will now be less freely available and
hopefully more appropriately employed.
All of the above combined to produce an awful background for the
FTSE 250 and performance has reflected this. However, looking at
long term valuations it is clear that much of the downside may now
be priced in, indeed over the past 30 years there are only three
other periods where forward valuations have been close to current
levels.
The market has recession priced in and the ongoing risk is that
the decline in earnings and profits is greater than currently
anticipated. Your Investment Managers are seeing opportunities to
invest in companies with excellent underlying characteristics at
valuations only very occasionally on offer. They are seizing these
opportunities and it is to be hoped that, over time, these capital
allocations will prove to be rewarding for shareholders.
John Evans
Chairman
10th February 2023
INVESTMENT MANAGERS' REPORT
Performance and Market Background
The first half of the Company's financial year endured a bleak
backdrop. The atrocious war in Ukraine raged on, energy prices and
inflation remained uncomfortably high, interest rates rose swiftly
and there was a growing threat of recession in much of the
developed world. While public sector strike action grew in the UK
in response to the stark cost of living increase over the year,
towards the end of 2022 there were a few slight positives of note.
China backed down on its zero-COVID policy; inflation appeared to
have peaked in the US, UK and Europe; and in the UK the new Prime
Minister calmed markets and investors after the disastrous mini
budget that was delivered in September during the very brief reign
of his predecessor.
Against this backdrop, the FTSE 250 Index (excluding investment
trusts) rose +2.8% for the six months (although it is notable that
in the last three months of 2022 it was up +12.9% as markets looked
to life beyond peak inflation). Your Company produced a total
return on net assets of +3.0% in the six-month period, and the
share price total return was +5.6%, as the discount of the share
price relative to net assets narrowed slightly.
Portfolio
Among the contributors to the outperformance in the six months
were two of our large positions in the retail sector, Dunelm and JD
Sports Fashion, as these category winners reminded the market of
their worth with impressive results. In addition, our positions in
Indivior, Bank of Georgia and 4imprint also performed strongly,
again supported by impressive results in spite of the economic
backdrop. On the negative side, the main detractors included the
housebuilder Vistry, Future (a media company) and Harbour Energy
following the Government's ill-thought-out extra tax levy on North
Sea oil and gas producers.
We continued to make changes to the portfolio to adapt to the
economic environment. New additions included Inchcape, the motor
distributor, following its large South American acquisition,
Balfour Beatty, the infrastructure company with significant
exposure to US infrastructure, and Spectris, a supplier of
precision instrumentation and controls. We also sold out of certain
holdings including Capital & Counties, Marshalls and National
Express, on concerns over current trading and/or balance sheet
strength.
Outlook
It is very easy to paint a dark and gloomy picture of the UK
economy, and therefore of its perceived stockmarket proxy, the FTSE
250 Index. However, markets (and investors) are pre-emptive, and
looking out to the next 12-18 months provides reasons to be more
optimistic.
In line with most economists, we expect a mild recession in the
UK in 2023. We believe inflation has peaked in the UK, and while we
expect it to remain elevated, we do foresee a significant decline
from the current 10.7% over the course of this year. In part this
is due to gas prices, which are substantially lower than the peak
in 2022, although still high versus historical metrics. After nine
increases last year and one increase on 2nd February 2023, interest
rates at 4.0% are much closer to peak. Consumer confidence remains
very weak - headlines, strikes, utility bills and potential house
price declines are all playing a part - but the unemployment rate
remains very low at 3.7% and there are still over a million job
vacancies. Freight rates have fallen significantly, and it appears
that supply chains are beginning to function more normally, aided
by the re-opening of China.
This leads us to valuations. The environment is going to remain
extremely difficult for businesses and consumers to navigate this
year - but a lot of this is already reflected in valuations. While
it has rallied off its 9.8x low in October, the FTSE 250 Index
price to earnings ratio is around 12x and on our favoured free
cashflow yield metric the Index is undeniably attractive on 4.5%.
Your Company's free cashflow yield metric is even more so on 6.3%.
As we have said before, acquirors of UK businesses recognise this.
Merger & Acquisition ('M&A') activity continued in 2022
despite the economic backdrop, and we strongly believe it will
continue this year while valuations remain so compelling on any
sensible timeframe.
Georgina Brittain
Katen Patel
Investment Managers
10th February 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 have
not changed and fall into the following broad categories:
investment and strategy; financial; accounting, legal and
regulatory; corporate governance and shareholder relations; and
operational and cybercrime. Information on each of these areas is
given in the Business Review within the Annual Report and Financial
Statements for the year ended 30th June 2022.
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 during the period.
Going Concern
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 operational 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
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
at 31st December 2022, as required by the UK Listing Authority
Disclosure and Transparency Rules 4.2.4R; and
(ii) the half year management report includes a fair review of
the information required by 4.2.7R and 4.2.8R of the UK Listing
Authority Disclosure Guidance 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
John Evans
Chairman
10th February 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2022 31st December 2021 30th June 2022
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/(losses) on
investments
held at fair value
through
profit or loss - 3,429 3,429 - 15,735 15,735 - (107,110) (107,110)
Net foreign currency
gains/(losses) - 5 5 - (2) (2) - (7) (7)
Income from
investments 3,578 - 3,578 4,666 - 4,666 9,516 - 9,516
Interest receivable
and similar
income 67 - 67 4 - 4 41 - 41
---------------------- -------- -------- -------- -------- -------- --------- -------- ---------- -----------
Gross return/(loss) 3,645 3,434 7,079 4,670 15,733 20,403 9,557 (107,117) (97,560)
Management fee (note
3) (227) (529) (756) (365) (851) (1,216) (673) (1,571) (2,244)
Other administrative
expenses (323) - (323) (231) - (231) (675) - (675)
---------------------- -------- -------- -------- -------- -------- --------- -------- ---------- -----------
Net return/(loss)
before finance
costs and taxation 3,095 2,905 6,000 4,074 14,882 18,956 8,209 (108,688) (100,479)
Finance costs (130) (304) (434) (95) (221) (316) (204) (476) (680)
---------------------- -------- -------- -------- -------- -------- --------- -------- ---------- -----------
Net return/(loss)
before taxation 2,965 2,601 5,566 3,979 14,661 18,640 8,005 (109,164) (101,159)
Taxation
credit/(charge) 20 - 20 (44) - (44) (68) - (68)
---------------------- -------- -------- -------- -------- -------- --------- -------- ---------- -----------
Net return/(loss)
after taxation 2,985 2,601 5,586 3,935 14,661 18,596 7,937 (109,164) (101,227)
---------------------- -------- -------- -------- -------- -------- --------- -------- ---------- -----------
Return/(loss) per
share (note 4) 13.41p 11.69p 25.10p 16.77p 62.49p 79.26p 34.07p (468.65)p (434.58)p
---------------------- -------- -------- -------- -------- -------- --------- -------- ---------- -----------
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.
The 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 31st December
2022 (Unaudited)
At 30th June 2022 6,350 454 3,650 201,271 11,183 222,908
Repurchase of shares into Treasury - - - (4,123) - (4,123)
Net return - - - 2,601 2,985 5,586
Dividends paid in the period
(note 5) - - - - (4,767) (4,767)
------------------------------------- -------- -------- ----------- ------------ ----------- -----------
At 31st December 2022 6,350 454 3,650 199,749 9,401 219,604
------------------------------------- -------- -------- ----------- ------------ ----------- -----------
Six months ended 31st December
2021 (Unaudited)
At 30th June 2021 6,350 454 3,650 319,752 10,155 340,361
Net return - - - 14,661 3,935 18,596
Dividends paid in the period
(note 5) - - - - (5,044) (5,044)
------------------------------------- -------- -------- ----------- ------------ ----------- -----------
At 31st December 2021 6,350 454 3,650 334,413 9,046 353,913
------------------------------------- -------- -------- ----------- ------------ ----------- -----------
Year ended 30th June 2022 (Audited)
At 30th June 2021 6,350 454 3,650 319,752 10,155 340,361
Repurchase of shares into Treasury - - - (9,317) - (9,317)
Net return - - - (109,164) 7,937 (101,227)
Dividends paid in the year (note
5) - - - - (6,909) (6,909)
------------------------------------- -------- -------- ----------- ------------ ----------- -----------
At 30th June 2022 6,350 454 3,650 201,271 11,183 222,908
------------------------------------- -------- -------- ----------- ------------ ----------- -----------
(1) These reserves form the distributable reserves of the
Company and may be used to fund distributions to investors.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
At At At
31st December 31st December 30th June
2022 2021 2022
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ----------
Fixed assets
Investments held at fair value through
profit or loss 235,518 381,313 235,322
---------------------------------------- -------------- -------------- ----------
Current assets
Debtors 688 1,081 6,921
Cash and cash equivalents 703 11,738 15,831
---------------------------------------- -------------- -------------- ----------
1,391 12,819 22,752
Current liabilities
Creditors: amounts falling due within
one year (15,305) (16,219) (20,166)
---------------------------------------- -------------- -------------- ----------
Net current (liabilities)/assets (13,914) (3,400) 2,586
---------------------------------------- -------------- -------------- ----------
Total assets less current liabilities 221,604 377,913 237,908
---------------------------------------- -------------- -------------- ----------
Creditors: amounts falling due after
more than one year (2,000) (24,000) (15,000)
---------------------------------------- -------------- -------------- ----------
Net assets 219,604 353,913 222,908
---------------------------------------- -------------- -------------- ----------
Capital and reserves
Called up share capital 6,350 6,350 6,350
Share premium 454 454 454
Capital redemption reserve 3,650 3,650 3,650
Capital reserve 199,749 334,413 201,271
Revenue reserve 9,401 9,046 11,183
---------------------------------------- -------------- -------------- ----------
Total shareholders' funds 219,604 353,913 222,908
---------------------------------------- -------------- -------------- ----------
Net asset value per share (note 6) 994.3p 1,508.4p 988.8p
---------------------------------------- -------------- -------------- ----------
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st December 31st December 30th June
2022 2021 2022
GBP'000 GBP'000 GBP'000
------------------------------------------------- -------------- -------------- -----------
Net cash outflow from operations before
dividends and
interest (note 7) (1,013) (1,488) (2,948)
Dividends received 3,891 4,448 9,286
Interest received 61 4 41
Overseas tax recovered/(paid) 72 (15) (15)
Interest paid (410) (319) (693)
------------------------------------------------- -------------- -------------- -----------
Net cash inflow from operating activities 2,601 2,630 5,671
------------------------------------------------- -------------- -------------- -----------
Purchases of investments (57,993) (44,178) (113,532)
Sales of investments 62,068 51,482 142,071
------------------------------------------------- -------------- -------------- -----------
Net cash inflow from investing activities 4,075 7,304 28,539
------------------------------------------------- -------------- -------------- -----------
Dividends paid (4,767) (5,044) (6,909)
Repurchase of shares into Treasury (4,035) - (9,317)
Repayment of bank loan (13,000) (6,000) (15,000)
------------------------------------------------- -------------- -------------- -----------
Net cash outflow from financing activities (21,802) (11,044) (31,226)
------------------------------------------------- -------------- -------------- -----------
(Decrease)/increase in cash and cash
equivalents (15,126) (1,110) 2,984
------------------------------------------------- -------------- -------------- -----------
Cash and cash equivalents at start of
period/year 15,831 12,847 12,847
Exchange movements (2) 1 -
------------------------------------------------- -------------- -------------- -----------
Cash and cash equivalents at end of period/year 703 11,738 15,831
------------------------------------------------- -------------- -------------- -----------
Cash and cash equivalents consist of:
Cash and short term deposits 684 561 272
Cash held in JPMorgan Sterling Liquidity
Fund 19 11,177 15,559
------------------------------------------------- -------------- -------------- -----------
Total 703 11,738 15,831
------------------------------------------------- -------------- -------------- -----------
RECONCILIATION OF NET DEBT
As at Other As at
30th non-cash 31st December
June
2022 Cash flows charges 2022
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------- ----------- --------- --------------
Cash and cash equivalents
Cash 272 414 (2) 684
Cash equivalents 15,559 (15,540) - 19
--------------------------- --------- ----------- --------- --------------
15,831 (15,126) (2) 703
--------------------------- --------- ----------- --------- --------------
Borrowings
Debt due within one year (15,000) - - (15,000)
Debt due after one year (15,000) 13,000 - (2,000)
--------------------------- --------- ----------- --------- --------------
(30,000) 13,000 - (17,000)
--------------------------- --------- ----------- --------- --------------
Total (14,169) (2,126) (2) (16,297)
--------------------------- --------- ----------- --------- --------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 31st December 2022
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 Auditor.
The figures and financial information for the year ended 30th
June 2022 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 included the report of the Auditor
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 condensed 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 31st December 2022.
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 30th June 2022.
3. Management fee
For the six month period to 31st December 2022, the investment
management fee was based on 0.65% per annum on total assets less
current liabilities, excluding amounts held in a liquidity fund
('total assets'), up to GBP250 million and 0.60% on total assets
over GBP250 million.
With effect from 1st January 2023, the annual investment
management fee, will be charged at an annual rate of 0.65% on the
first GBP200 million of net assets and 0.55% on net assets in
excess of GBP200 million.
4. Return per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 31st December 30th June
2022 2021 2022
GBP'000 GBP'000 GBP'000
---------------------------- ----------------- ----------------- -----------
Return per share is based
on the following:
Revenue return 2,985 3,935 7,937
Capital return/(loss) 2,601 14,661 (109,164)
---------------------------- ----------------- ----------------- -----------
Total return/(loss) 5,586 18,596 (101,227)
---------------------------- ----------------- ----------------- -----------
Weighted average number of
shares in issue 22,248,402 23,462,770 23,293,115
Revenue return per share 13.41p 16.77p 34.07p
Capital return/(loss) per
share 11.69p 62.49p (468.65)p
---------------------------- ----------------- ----------------- -----------
Total return/(loss) per
share 25.10p 79.26p (434.58)p
---------------------------- ----------------- ----------------- -----------
5. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months Six months ended Year ended
ended
31st December 31st December 30th June
2022 2021 2022
GBP'000 GBP'000 GBP'000
------------------------------- -------------- ----------------- -----------
2022 Final dividend of 21.5p
(2020: 21.5p) per share 4,767 5,044 5,044
2022 Interim dividend of 8.0p
per share - - 1,865
------------------------------- -------------- ----------------- -----------
Total dividends paid 4,767 5,044 6,909
------------------------------- -------------- ----------------- -----------
All dividends paid in the period/year have been funded from the
Revenue Reserve.
An interim dividend of 8.0p has been declared in respect of the
six months ended 31st December 2022, to be paid on 25th April 2023
to shareholders on the register at the close of business on 17th
March 2023.
6. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 31st December 30th June
2022 2021 2022
--------------------------- ----------------- ----------------- -----------
Net assets (GBP'000) 219,604 353,913 222,908
Number of shares in issue 22,086,242 23,462,770 22,543,730
--------------------------- ----------------- ----------------- -----------
Net asset value per share 994.3p 1,508.4p 988.8p
--------------------------- ----------------- ----------------- -----------
7. Reconciliation of net return before finance costs and
taxation to net cash outflow from operations before dividends and
interest
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 31st December 30th June
2022 2021 2022
GBP'000 GBP'000 GBP'000
---------------------------------- ----------------- ----------------- -----------
Net return/(loss) before
finance costs and taxation 6,000 18,956 (100,479)
(Less capital return)/add
capital loss before finance
costs
and taxation (2,905) (14,882) 108,688
Scrip dividends received (23) - -
as income
Decrease/(increase) in accrued
income and other debtors 354 (108) (111)
Increase/(decrease) in accrued
expenses 55 (38) (17)
Management fee charged to
capital (529) (851) (1,571)
Overseas withholding tax (20) (110) (124)
Dividends received (3,891) (4,448) (9,286)
Interest received (61) (4) (41)
Realised gains/(losses) on
foreign currency transactions 7 (3) (7)
---------------------------------- ----------------- ----------------- -----------
Net cash outflow from operations
before dividends and interest (1,013) (1,488) (2,948)
---------------------------------- ----------------- ----------------- -----------
JPMORGAN FUNDS LIMITED
10th February 2023
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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 ASSET MANAGEMENT (UK) LIMITED
S
A copy of the Half Year Report has been submitted to the
National Storage Mechanism and will shortly be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The Half Year Report will also shortly be available on the
Company's website at www.jpmmidcap.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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IR BCGDDCBGDGXC
(END) Dow Jones Newswires
February 10, 2023 02:00 ET (07:00 GMT)
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