RNS Number : 1453O
Bankers Investment Trust PLC
24 June 2010
Page 1 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
This announcement contains regulated information
Interim Management Report:
Review of the period including material events and transactions
Compared to the first half of last year we would appear to have returned to a period of comparative normality. Indeed at first glance, the performance over the first half of our financial year appears steady, with the Net Asset Value per share rising by 12.2% compared to a rise in the FTSE All-Share Index of 10.8% and a rise of 14.3% in the 50/50 Composite Index. However, as was the case during last year, stock markets continue to be characterised by periods of volatility leading to sharply rising or falling share prices on a monthly or weekly basis. When making longer term investment decisions in these periods, we should recognise that the fundamental valuations of and prospects for individual companies may become distorted by macro issues such as Greek default, Chinese slowdown or increasing LIBOR borrowing rates.
Until the end of 2009, investors remained optimistic that economic recovery would gather pace and analysts felt confident in terms of upgrading corporate prospects. Generally consumer spending held up well in the face of limited job creation and even the obvious efforts of the Chinese administration to cool parts of their economy had a limited effect on stock prices. Cracks in the bullish outlook began to appear early in the new year when the UK and European economies failed to come out of the recession at the same pace as the US, combined with the realisation that governments around the world just could not sustain their level of public spending. Later in the period, the refinancing of Greece and austerity budgets announced by other countries running high budget deficits focussed investors' minds on the likelihood that economic recovery will be hard to maintain and modest at best.
In my Chairman's statement in January, I made reference to the importance of the banking sector in terms of its shortage of capital and limited capacity to lend money. This remains the case in western markets, where new lending, year on year, is now negative as companies are reducing their borrowings and consumers have limited access to or appetite for more debt. However, the 2009 results from many companies exceeded expectations, exhibiting good growth in profits. Profit forecasts for 2010 and beyond have been increased on the back of further efficiency savings, lower levels of debt and reduced interest costs. However, investors seem reluctant to believe these projected increases in earnings unless revenue growth has been the key determining factor behind upgrades.
Our performance in this period fell squarely between that of the UK market and our composite benchmark, with the latter being enhanced by the overseas element benefitting from the weakness in sterling. In particular the sterling - US dollar rate moved in our favour from $1.65 on 31 October to $1.53 at the end of April, enhancing the returns from US equities. While we have been increasing the portfolio's exposure to US$ assets in recent years (currently 19.4%), this still remains less than that of the 50/50 Composite Index (26.9%) and this underweight exposure largely explains why our performance in the period lagged the Composite Index.
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Page 2 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
The major change in the portfolio has been to reduce fixed interest holdings. The fixed interest portfolio was purchased in late 2008 at a time when we held significant amounts of cash and as corporate bond yields rose into double digits. While not quite picking the bottom, the subsequent performance in terms of income and capital from the bonds has far outstripped the returns from holding cash. As dividend growth from equities resumes, it is our view that the prospects for equity returns look better than those for fixed interest. Therefore we have begun selling bonds.
The gearing has risen gently in the period from 0.9% to 2.8%, through steadily investing the cash holdings. The regions where we have increased our equity investment include the UK, because the fall in sterling should benefit exporters and valuations remain low despite a steady stream of profit upgrades to the multi-national companies listed in London. The Pacific region remains a favoured area for investment and the weak markets there have given us an opportunity to raise exposure to nearly 13% of the portfolio.
Revenue return and dividends
This current year was always going to be a challenge in terms of rebalancing our investments from higher yielding bonds, the low interest rates on cash and the lingering effects of annualising previous cuts in dividends from holdings like HSBC. Our significant revenue reserves, covering nearly 2.5 times our annual dividend, gave us the confidence that the transitional effects outlined above could be withstood and lay behind our forecast in January of a 4.3% rise in annual dividends in the current year, to 12.0p. Our second interim dividend of 3.0p per ordinary share will be paid on 31 August 2010.
We remain confident in reiterating this dividend target despite the effect on our income from BP's suspension of its dividends. The weakness in sterling has improved the translation value of our overseas dividends at a time when nearly 60% of our investments are denominated in currencies other than sterling. Underlying dividend growth from equities has now turned positive year on year but we expect it to lag the growth in corporate profits over the shorter term. There have also been positive outcomes from individual holdings, especially those that had passed paying dividends now distributing again, such as Barclays and J D Wetherspoon; the latter actually paying a higher dividend than previously.
Related party transactions
Details of related party transactions are contained in the annual report. There have been no material transactions with our related party during the six month period affecting the financial position or performance of the Group other than the investment in the Henderson Liquid Assets Fund, a money market fund, where we enjoy a higher rate of interest than has been on offer from the clearing banks (see note 3).
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Page 3 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
Outlook for the six months to 31 October 2010
Over the last 20 years, and maybe longer, there has been a sustained build up in the level of debt held by companies, financial institutions and consumers. In bailing out all three groups over the last few years, much of this debt now persists as record levels of sovereign debt. It is patently obvious that goverments are realising now is the time to reduce spending. As the old quote goes, "if you find yourself in a hole, stop digging". Accordingly, we are now witnessing austerity budgets across Europe and it is likely that in the early part of next year the US will need to address its own budget deficit (actually bigger as a percentage of GDP than Europe's).
Companies were early to address their high levels of borrowings and the anaemic recovery can partly be blamed on their lack of investment spending. Companies turned sales into cash, didn't hire new staff or replace machinery and have been paying down borrowings for each of the last two years. These actions will make them safer investments but the investment cycle does need to turn soon, with companies taking advantage of low interest rates to invest for future growth.
The big macro issues surrounding sovereign default or the future viability of the euro will not be resolved quickly and are likely to continue casting a shadow over equity markets. However, we are investors in companies and not countries. Corporate profitability is expected to continue its recovery, albeit we expect a lower trajectory than historically at this point in an economic recovery. The volatility in markets is likely to be an ongoing feature but underlying equity valuations do not look stretched and offer attractive returns, especially compared to holding cash. In our view, an international spread of equity investments, selected prudently and offering fundamental value, continues to provide better prospects of growth and income than most other investment alternatives.
For further information contact:
|
Alex Crooke
Fund Manager
The Bankers Investment Trust PLC
Telephone: 020 7818 4447 or 07939 021208
|
Richard Brewster
Chairman
The Bankers Investment Trust PLC
Telephone: 020 7818 4233
|
|
James de Sausmarez
Director of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349
|
Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: 020 7818 3198
|
|
|
|
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Page 4 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
FINANCIAL HIGHLIGHTS
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
30 April
|
|
31 October
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
Assets
|
|
|
|
|
|
|
|
Net asset value per ordinary share (with debt at book value)
|
448.7p
|
|
399.9p
|
|
12.2
|
|
|
Ordinary share mid-market price
|
380.8p
|
|
347.5p
|
|
9.6
|
|
|
Discount (share price to net asset value)
|
15.1%
|
|
13.1%
|
|
|
|
|
Total assets less current liabilities (£'000)
|
£524,673
|
|
£473,863
|
|
10.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indices
|
|
|
|
|
|
|
|
FTSE All-Share Index
|
2,863.35
|
|
2,584.59
|
|
10.8
|
|
|
S&P 500 Composite Index
|
1,186.69
|
|
1,036.19
|
|
23.3
|
#
|
|
FTSE World Europe (ex UK) Index (£)
|
369.19
|
|
353.12
|
|
4.6
|
|
|
TOPIX (Tokyo First Section Index)
|
987.04
|
|
894.67
|
|
14.3
|
#
|
|
FTSE World (ex UK) Index (£)
|
341.59
|
|
290.33
|
|
17.7
|
|
|
50/50 FTSE All-Share Index/
|
|
|
|
|
|
|
|
FTSE World (ex UK) Index (£)
|
228.50
|
|
200.00
|
*
|
14.3
|
|
|
|
|
|
|
|
|
|
|
# - £ adjusted
|
|
|
|
|
|
|
|
* - rebased as at 31 October 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
Half year
ended
|
|
Half year ended
|
|
|
|
|
|
30 April
|
|
30 April
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
Revenue
|
|
|
|
|
|
|
|
Gross revenue (£'000)
|
£8,145
|
|
£8,364
|
|
-2.6
|
|
|
Earnings per ordinary share
|
6.08p
|
|
5.84p
|
|
4.1
|
|
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Page 5 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
CONSOLIDATED INCOME STATEMENT
for the half year ended 30 April 2010
|
|
(Unaudited)
Half year ended
30 April 2010
|
(Unaudited)
Half year ended
30 April 2009
|
(Audited)
Year ended
31 October 2009
|
|
|
Revenue return £'000
|
Capital return £'000
|
Total £'000
|
Revenue return £'000
|
Capital return £'000
|
Total £'000
|
Revenue return £'000
|
Capital return £'000
|
Total
£'000
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on investments held at fair value through profit or loss
|
-
|
54,967
|
54,967
|
-
|
11,809
|
11,809
|
-
|
66,848
|
66,848
|
|
Investment income
|
7,988
|
-
|
7,988
|
7,829
|
-
|
7,829
|
15,596
|
-
|
15,596
|
|
Other operating income
|
157
|
-
|
157
|
535
|
-
|
535
|
893
|
-
|
893
|
|
Interest on VAT refunds
|
-
|
-
|
-
|
-
|
-
|
-
|
377
|
-
|
377
|
|
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
|
Total income
|
8,145
|
54,967
|
63,112
|
8,364
|
11,809
|
20,173
|
16,866
|
66,848
|
83,714
|
|
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
(431)
|
(232)
|
(663)
|
(491)
|
(264)
|
(755)
|
(982)
|
(529)
|
(1,511)
|
|
Write back of prior years' VAT
|
-
|
-
|
-
|
-
|
-
|
-
|
525
|
-
|
525
|
|
Other expenses
|
(327)
|
-
|
(327)
|
(291)
|
-
|
(291)
|
(562)
|
-
|
(562)
|
|
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
|
Profit before finance costs and taxation
|
7,387
|
54,735
|
62,122
|
7,582
|
11,545
|
19,127
|
15,847
|
66,319
|
82,166
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs
|
(339)
|
(790)
|
(1,129)
|
(338)
|
(790)
|
(1,128)
|
(676)
|
(1,578)
|
(2,254)
|
|
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
|
Profit before taxation
|
7,048
|
53,945
|
60,993
|
7,244
|
10,755
|
17,999
|
15,171
|
64,741
|
79,912
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(254)
|
-
|
(254)
|
(643)
|
401
|
(242)
|
(1,797)
|
1,240
|
(557)
|
|
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
---------
|
|
Profit for the period
|
6,794
|
53,945
|
60,739
|
6,601
|
11,156
|
17,757
|
13,374
|
65,981
|
79,355
|
|
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
|
Earnings per ordinary share (note 2)
|
6.08p
|
48.24p
|
54.32p
|
5.84p
|
9.86p
|
15.70p
|
11.83p
|
58.35p
|
70.18p
|
The total columns of this statement represent the Group's Income Statement, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity shareholders of The Bankers Investment Trust PLC. There are no minority interests.
The accompanying condensed notes are an integral part of the financial statements.
- MORE -
Page 6 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half year ended 30 April 2010
|
|
Called up
share capital
|
Share premium
account
|
Capital redemption
reserve
|
Other capital
reserves
|
Revenue reserve
|
Total
|
|
Half year ended 30 April 2010 (Unaudited)
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Balance at 31 October 2009
|
28,062
|
452
|
12,148
|
377,462
|
30,739
|
448,863
|
|
Buy back of 879,711 ordinary shares
|
(221)
|
-
|
221
|
(3,204)
|
-
|
(3,204)
|
|
Net profit from ordinary activities after tax
|
-
|
-
|
-
|
53,945
|
6,794
|
60,739
|
|
Payment of 3rd interim dividend (3.00p) in respect of the year ended 31 October 2009
|
-
|
-
|
-
|
-
|
(3,368)
|
(3,368)
|
|
Payment of final dividend (3.00p) in respect of the year ended 31 October 2009
|
-
|
-
|
-
|
-
|
(3,357)
|
(3,357)
|
|
|
----------
|
----------
|
----------
|
----------
|
----------
|
----------
|
|
Balance at 30 April 2010
|
27,841
|
452
|
12,369
|
428,203
|
30,808
|
499,673
|
|
|
======
|
======
|
======
|
======
|
======
|
======
|
|
|
Called up
share capital
|
Share premium
account
|
Capital redemption
reserve
|
Other capital
reserves
|
Revenue reserve
|
Total
|
|
Half year ended 30 April 2009 (Unaudited)
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Balance at 31 October 2008
|
28,290
|
452
|
11,920
|
314,783
|
30,216
|
385,661
|
|
Buy back of 50,000 ordinary shares
|
(13)
|
-
|
13
|
(143)
|
-
|
(143)
|
|
Net profit from ordinary activities after tax
|
-
|
-
|
-
|
11,156
|
6,601
|
17,757
|
|
Payment of 3rd interim dividend (2.93p) in respect of the year ended 31 October 2008
|
-
|
-
|
-
|
-
|
(3,315)
|
(3,315)
|
|
Payment of final dividend (2.93p) in respect of the year ended 31 October 2008
|
-
|
-
|
-
|
-
|
(3,314)
|
(3,314)
|
|
|
----------
|
----------
|
----------
|
----------
|
----------
|
----------
|
|
Balance at 30 April 2009
|
28,277
|
452
|
11,933
|
325,796
|
30,188
|
396,646
|
|
|
======
|
======
|
======
|
======
|
======
|
======
|
|
|
Called up
share capital
|
Share premium
account
|
Capital redemption
reserve
|
Other capital
reserves
|
Revenue reserve
|
Total
|
|
Year ended 31 October 2009 (Audited)
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Balance at 31 October 2008
|
28,290
|
452
|
11,920
|
314,783
|
30,216
|
385,661
|
|
Buy back of 913,774 ordinary shares
|
(228)
|
-
|
228
|
(3,302)
|
-
|
(3,302)
|
|
Net profit from ordinary activities after tax
|
-
|
-
|
-
|
65,981
|
13,374
|
79,355
|
|
Payment of 3rd interim dividend (2.93p) in respect of the year ended 31 October 2008
|
-
|
-
|
-
|
-
|
(3,315)
|
(3,315)
|
|
Payment of final dividend (2.93p) in respect of the year ended 31 October 2008
|
-
|
-
|
-
|
-
|
(3,314)
|
(3,314)
|
|
Payment of 1st interim dividend (2.75p) in respect of the year ended 31 October 2009
|
-
|
-
|
-
|
-
|
(3,111)
|
(3,111)
|
|
Payment of 2nd interim dividend (2.75p) in respect of the year ended 31 October 2009
|
-
|
-
|
-
|
-
|
(3,111)
|
(3,111)
|
|
|
----------
|
----------
|
----------
|
----------
|
----------
|
----------
|
|
Balance at 31 October 2009
|
28,062
|
452
|
12,148
|
377,462
|
30,739
|
448,863
|
|
|
======
|
======
|
======
|
======
|
======
|
======
|
The accompanying condensed notes are an integral part of the financial statements.
- MORE -
Page 7 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
CONSOLIDATED BALANCE SHEET
as at 30 April 2010
|
|
(Unaudited)
30 April 2010
|
(Unaudited)
30 April
2009
|
(Audited)
31 October
2009
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investments held at fair value through profit or loss
|
513,842
|
380,534
|
452,962
|
|
|
----------
|
----------
|
----------
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Investment in cash fund (note 3)
|
8,300
|
25,000
|
13,500
|
|
Other receivables
|
5,367
|
3,942
|
2,207
|
|
Cash and cash equivalents
|
3,153
|
13,461
|
5,989
|
|
|
----------
|
----------
|
----------
|
|
|
16,820
|
42,403
|
21,696
|
|
|
----------
|
----------
|
----------
|
|
Total assets
|
530,662
|
422,937
|
474,658
|
|
|
----------
|
----------
|
----------
|
|
Current liabilities
|
|
|
|
|
Other payables
|
(5,989)
|
(1,291)
|
(795)
|
|
|
----------
|
----------
|
----------
|
|
Total assets less current liabilities
|
524,673
|
421,646
|
473,863
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Debenture stocks
|
(25,000)
|
(25,000)
|
(25,000)
|
|
|
----------
|
----------
|
----------
|
|
Net assets
|
499,673
|
396,646
|
448,863
|
|
|
======
|
======
|
======
|
|
|
|
|
|
|
Equity attributable to equity shareholders
|
|
|
|
|
Called up share capital
|
27,841
|
28,277
|
28,062
|
|
Share premium account
|
452
|
452
|
452
|
|
Capital redemption reserve
|
12,369
|
11,933
|
12,148
|
|
Retained earnings:
|
|
|
|
|
Other capital reserves
|
428,203
|
325,796
|
377,462
|
|
Revenue reserve
|
30,808
|
30,188
|
30,739
|
|
|
----------
|
----------
|
----------
|
|
Total equity
|
499,673
|
396,646
|
448,863
|
|
|
======
|
======
|
======
|
|
Net asset value per ordinary share (note 4)
|
448.7p
|
350.7p
|
399.9p
|
|
|
======
|
======
|
======
|
|
|
|
|
|
The accompanying condensed notes are an integral part of the financial statements.
- MORE -
Page 8 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
CONSOLIDATED CASH FLOW STATEMENT
for the half year ended 30 April 2010
|
|
(Unaudited)
Half year ended
30 April
2010
|
(Unaudited)
Half year ended
30 April
2009
|
(Audited)
Year
ended
31 October 2009
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
Net profit before taxation
|
60,993
|
17,999
|
79,912
|
|
Add back interest paid
|
1,128
|
1,128
|
2,254
|
|
Less: gains on investments held at fair value through profit or loss
|
(54,967)
|
(11,809)
|
(66,848)
|
|
(Increase)/decrease in accrued income
|
(438)
|
(1,298)
|
439
|
|
(Increase)/decrease in other debtors
|
(1)
|
1,271
|
1,278
|
|
Increase/(decrease) in other creditors
|
153
|
(28)
|
(33)
|
|
Net (purchases)/sales of investments
|
(6,032)
|
6,373
|
(10,909)
|
|
Net sale/(purchase) of cash fund
|
5,200
|
(25,000)
|
(13,500)
|
|
(Increase)/decrease in amounts due from brokers
|
(2,668)
|
11,395
|
11,395
|
|
Increase/(decrease) in amounts due to brokers
|
5,041
|
(750)
|
(1,241)
|
|
Scrip dividends included in investment income
|
-
|
-
|
(22)
|
|
|
----------
|
----------
|
----------
|
|
|
|
|
|
|
Net cash inflow/(outflow) from operating activities before interest and taxation
|
8,409
|
(719)
|
2,725
|
|
|
|
|
|
|
Interest paid
|
(1,128)
|
(1,128)
|
(2,254)
|
|
Taxation on investment income
|
(307)
|
(220)
|
(544)
|
|
|
----------
|
----------
|
----------
|
|
|
|
|
|
|
Net cash inflow/(outflow) from operating activities
|
6,974
|
(2,067)
|
(73)
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Equity dividends paid
|
(6,725)
|
(6,629)
|
(12,851)
|
|
Purchase of ordinary shares
|
(3,204)
|
(143)
|
(3,302)
|
|
|
----------
|
----------
|
----------
|
|
|
|
|
|
|
Net cash used in financing
|
(9,929)
|
(6,772)
|
(16,153)
|
|
|
----------
|
----------
|
----------
|
|
|
|
|
|
|
Decrease in cash
|
(2,955)
|
(8,839)
|
(16,226)
|
|
Cash and cash equivalents at start of period
|
5,989
|
21,882
|
21,882
|
|
Realised profit on foreign currency
|
119
|
418
|
333
|
|
|
----------
|
----------
|
----------
|
|
Cash and cash equivalents at end of period
|
3,153
|
13,461
|
5,989
|
|
|
======
|
======
|
======
|
The accompanying condensed notes are an integral part of the financial statements.
- MORE -
Page 9 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
NOTES:
|
1.
|
Accounting policies
|
|
|
The condensed half year financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the year ended 31 October 2009 and in accordance with IAS34. The tax charge is based on overseas tax suffered during the period.
|
|
|
|
|
2.
|
Earnings per ordinary share
|
|
|
The earnings per ordinary share figure is based on the net profit for the half year of £60,739,000 (half year ended 30 April 2009: £17,757,000; year ended 31 October 2009: £79,355,000) and on 111,820,912 (half year ended 30 April 2009: 113,119,216; year ended 31 October 2009: 113,068,847) ordinary shares, being the weighted average number of ordinary shares in issue during the period.
|
|
|
|
|
|
The return per share detailed above can be further analysed between revenue and capital, as below.
|
|
|
|
(Unaudited)
Half year ended
30 April 2010
|
(Unaudited) Half year ended
30 April 2009
|
(Audited)
Year ended
31 October 2009
|
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
Net revenue profit
|
6,794
|
6,601
|
13,374
|
|
|
Net capital profit
|
53,945
|
11,156
|
65,981
|
|
|
|
----------
|
----------
|
----------
|
|
|
Net total profit
|
60,739
|
17,757
|
79,355
|
|
|
|
======
|
======
|
======
|
|
|
Weighted average number of ordinary
shares in issue during each period
|
111,820,912
|
113,119,216
|
113,068,847
|
|
|
|
|
|
|
|
|
Revenue earnings per ordinary share
|
6.08p
|
5.84p
|
11.83p
|
|
|
Capital earnings per ordinary share
|
48.24p
|
9.86p
|
58.35p
|
|
|
|
----------
|
----------
|
----------
|
|
|
Total earnings per ordinary share
|
54.32p
|
15.70p
|
70.18p
|
|
|
|
======
|
======
|
======
|
|
3.
|
Current asset investment
|
|
|
The Group has a holding in Henderson Liquid Assets Fund, a money market fund that is used to hold what would otherwise be short term cash balances. At 30 April 2010 this holding had a value of £8,300,000 (30 April 2009: £25,000,000; 31 October 2009: £13,500,000).
|
|
|
|
|
4.
|
Net asset value per ordinary share
|
|
|
The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £499,673,000 (30 April 2009: £396,646,000; 31 October 2009: £448,863,000) and on 111,366,339 (30 April 2009: 113,109,824; 31 October 2009: 112,246,050), being the number of ordinary shares in issue at the period end.
|
|
|
|
|
5.
|
Called up share capital
At 30 April 2010 there were 111,366,339 ordinary shares of 25p each in issue (30 April 2009: 113,109,824; 31 October 2009: 112,246,050). During the half year ended 30 April 2010 the Company bought 879,711 of its own issued ordinary shares in the market for cancellation (half year ended 30 April 2009: 50,000; year ended 31 October 2009: 913,774). The cost of the share buy-backs, including stamp duty, amounted to £3,204,000 (half year ended 30 April 2009: £143,000; year ended 31 October 2009: £3,302,000).
|
- MORE -
Page 10 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
|
6.
|
VAT on management fees
|
|
|
While the Company has received back from HMRC 100% of the VAT which had been borne by the Company on management fees between 1990 and 1996, and 2000 and 2007, as well as simple interest on those amounts, there remains an amount outstanding relating both to VAT reclaims for 1996 to 2000 and compound interest for 1990 to 2007 which has not been recognised. It is uncertain whether any further amounts will be recovered.
|
|
|
|
|
7.
|
Going concern
|
|
|
The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements. The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.
|
|
|
|
|
8.
|
Interim dividend
|
|
|
The directors have declared a second interim dividend of 3.00p (2009: 2.75p) net per ordinary share, payable on 31 August 2010 to shareholders registered on 30 July 2010. The shares will be quoted ex-dividend on 28 July 2010. Based on the number of ordinary shares in issue at 23 June 2010 of 111,366,339 the cost of this dividend will be £3,341,000. A first interim dividend of 3.00p (2009: 2.75p) was paid on 28 May 2010 at a total cost of £3,341,000.
|
|
|
|
|
9.
|
Comparative information
|
|
|
The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 April 2010 and 2009 has not been audited or reviewed by the auditors.
The figures and financial information for the year ended 31 October 2009 have been extracted from the latest published accounts of the Company. These accounts have been delivered to the Registrar of Companies and included 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.
|
|
|
|
|
10.
|
Half year report
|
|
|
A copy of the report for the half year ended 30 April 2010 will be posted to shareholders in July and will be available on the Company's website (www.bankersinvestmenttrust.com). Copies can also be requested thereafter from the Secretary at the Registered Office at 201 Bishopsgate, London EC2M 3AE.
|
DIRECTORS' RESPONSIBILITY STATEMENT
|
The directors confirm that, to the best of their knowledge:
|
|
|
|
|
(a)
|
the condensed set of financial statements has been prepared in accordance with IAS 34;
|
|
|
|
|
(b)
|
the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
|
|
|
|
|
(c)
|
the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
|
On behalf of The Bankers Investment Trust PLC
R D Brewster, Chairman
23 June 2010
- MORE -
Page 11 of 11
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2010
LARGEST INVESTMENTS
at 30 April 2010
The 50 largest investments (convertibles, fixed interest and all classes of equity in any one company being treated as one investment) were as follows:
|
|
Market value
£'000
|
|
|
Market value
£'000
|
|
BP
|
20,142
|
|
Lloyds Banking*
|
4,033
|
|
HSBC
|
10,599
|
|
Industrial & Commercial Bank of China
|
3,828
|
|
Petroleo Brasileiros
|
9,972
|
|
Quorum Oil & Gas Technology
|
3,735
|
|
Vodafone
|
9,868
|
|
Amcor
|
3,685
|
|
GlaxoSmithKline
|
9,349
|
|
Galliford Try
|
3,593
|
|
Royal Dutch Shell
|
8,887
|
|
Anglo American
|
3,549
|
|
Catlin
|
8,431
|
|
Microsoft
|
3,500
|
|
British American Tobacco
|
8,360
|
|
Novartis
|
3,467
|
|
BG
|
7,012
|
|
QBE Insurance
|
3,445
|
|
Rolls-Royce
|
6,358
|
|
Smiths News
|
3,405
|
|
Barclays*
|
6,172
|
|
Christian Dior
|
3,345
|
|
Essar Energy
|
5,002
|
|
High Tech Computer
|
3,291
|
|
Jardine Lloyd Thompson
|
4,990
|
|
Anglogold Ashanti
|
3,268
|
|
Wetherspoon (J.D.)
|
4,957
|
|
Sino Land
|
3,267
|
|
Fraser & Neave
|
4,792
|
|
Incitec Pivot
|
3,198
|
|
Mitsubishi UFJ Financial
|
4,737
|
|
Santos
|
3,189
|
|
National Grid
|
4,553
|
|
Petrofac
|
3,184
|
|
Xstrata
|
4,400
|
|
ICAP
|
3,177
|
|
Aviva
|
4,390
|
|
Shire
|
3,175
|
|
DBS
|
4,387
|
|
Kasikornbank
|
3,063
|
|
Scottish & Southern Energy
|
4,340
|
|
Ascendas
|
3,049
|
|
Bank of China
|
4,138
|
|
ENI
|
3,001
|
|
Reckitt Benckiser
|
4,084
|
|
Cranswick
|
2,988
|
|
BHP Billiton
|
4,051
|
|
Shanghai Industrial
|
2,979
|
|
Impala Platinum
|
4,041
|
|
Intermediate Capital
|
2,954
|
These investments total £251,380,000 which represents 48.9% of the portfolio.
*Includes fixed interest.
GEOGRAPHICAL DISTRIBUTION
|
|
Valuation of investments
|
Currency exposure of operational assets
|
|
|
30 April
2010
%
|
31 October
2009
%
|
30 April
2010
%
|
31 October
2009
%
|
|
UK
|
45.3
|
45.9
|
42.6
|
44.5
|
|
Europe
|
9.6
|
8.6
|
10.0
|
9.0
|
|
North America
|
18.1
|
16.3
|
19.4
|
17.0
|
|
Japan
|
9.9
|
9.7
|
10.4
|
9.9
|
|
Pacific (ex Japan)
|
12.2
|
11.6
|
12.5
|
11.7
|
|
Emerging Markets
|
3.6
|
3.7
|
3.7
|
3.7
|
|
Fixed Interest
|
1.3
|
4.2
|
1.4
|
4.2
|
|
|
------
|
------
|
------
|
------
|
|
|
100.0
|
100.0
|
100.0
|
100.0
|
|
|
====
|
====
|
====
|
====
|
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BUGDLCSDBGGX