Interim Results
October 31 2003 - 9:06AM
UK Regulatory
VALUE AND INCOME TRUST PLC
PRELIMINARY ANNOUNCEMENT OF THE RESULTS
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2003
(UNAUDITED)
SUMMARY
30 September 30 September 31 March 2003
2003 2002
Net Asset Value per Share 157.8p 147.0p 138.8p
Share Price 138.3p 127.0p 114.0p
Dividend per Share 3.0p 2.9p 5.8p
(interim) (interim) (total)
Value and Income Trust invests in higher yielding, less fashionable
areas of the UK commercial property and equity markets, particularly in
medium and smaller sized companies. It aims for long term real growth
in dividends and capital values without undue risk.
Equity markets have recovered strongly from their oversold levels at the
start of the Iraq war. Over the past six months VIT's share price is up
by 21.3% and the net asset value by 13.7%, while the FTSE All-Share
Index has risen by 16.8%. Retail property capital values have also been
rising; VIT's property portfolio is revalued annually in March.
An interim dividend of 3.0p has been declared (+3.4%) and the board
expects to recommend a final dividend of 3.0p next May (also + 3.4%).
The formal results which follow at the end of this Announcement are
presented in the format recommended in the AITC's Statement of
Recommended Practice for Accounts of Investment Trust companies as
utilised in preparing the Annual Report for the year ended 31 March
2003.
The Interim Report will be posted to shareholders on 7 November 2003.
Copies can be obtained from OLIM Limited, Pollen House, 10-12 Cork
Street, London W1S 3NP or Edinburgh Fund Managers plc, Donaldson House,
97 Haymarket Terrace, Edinburgh, EH12 5HD.
Enquiries: Matthew Oakeshott or Angela Lascelles
OLIM Limited
Tel: 0207 439 4400 / Fax: 0207 734 1445
CONSOLIDATED STATEMENT OF TOTAL RETURN (UNAUDITED)
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2003
Six months ended Six months ended
30 September 2003 30 September 2002
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Income
Income from Investments 2,033 - 2,033 2,153 - 2,153
Rental Income 1,414 - 1,414 1,563 - 1,563
Interest
receivable on
short-term deposits 111 - 111 148 - 148
Other Income - - - 13 - 13
______ ______ ______ ______ ______ ______
3,558 - 3,558 3,877 - 3,877
Expenses
Investment Management Fee (192) (192) (384) (209) (209) (418)
Administrative Expenses (220) - (220) (163) - (163)
______ ______ ______ ______ ______ ______
3,146 (192) 2,954 3,505 (209) 3,296
Capital Profits/(Losses)
Net realised gains/(losses)
on Investments - 1,608 1,608 - 1,699 1,699
Movement in unrealised
Appreciation - 7,200 7,200 - (19,365) (19,365)
______ ______ ______ ______ ______ ______
Net return before
finance costs and
taxation 3,146 8,616 11,762 3,505 (17,875) (14,370)
Interest payable
and similar charges (1,751) - (1,751) (1,751) - (1,751)
______ ______ ______ ______ ______ ______
Return on ordinary
activities before
taxation 1,395 8,616 10,011 1,754 (17,875) (16,121)
Taxation - - - - - -
______ ______ ______ ______ ______ ______
Return attributable to
Equity shareholders 1,395 8,616 10,011 1,754 (17,875) (16,121)
Ordinary dividends (1,366) - (1,366) (1,321) - (1,321)
______ ______ ______ ______ ______ ______
29 8,616 8,645 433 (17,875) (17,442)
______ ______ ______ ______ ______ ______
Return per ordinary share 3.07p 18.92p 21.99p 3.85p (39.24p) (35.39p)
______ ______ ______ ______ ______ ______
SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2003
(UNAUDITED)
30 September 31 March 30 September
2003 2003 2002
�'000 �'000 �'000
Total Investments 104,070 96,372 99,983
Net Current Assets 3,363 2,428 2,541
______ ______ ______
Total Assets less Current Liabilities 107,433 98,800 102,524
Creditors due after one year (35,551) (35,563) (35,575)
______ ______ ______
Total Net Assets 71,882 63,237 66,949
______ ______ ______
CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 (UNAUDITED)
Six months ended Six months ended
30 September 30 September
2003 2002
�'000 �'000
Operating activities
Net cash inflow from operating activities 2,368 2,791
Taxation
Tax paid - -
Returns on investments and servicing of finance
Interest paid (1,763) (1,763)
Financial investment
Purchase of investments (10,228) (19,152)
Sale of investments 11,338 12,450
Net cash inflow/(outflow) from financial investment 1,110 (6,702)
Equity dividends paid (1,321) (1,275)
NET CASH INFLOW/(OUTFLOW) 394 (6,949)
______ ______
INCREASE/(DECREASE) IN CASH 394 (6,949)
______ ______
Notes:
(1) The revenue column of the statement of total return is the income
account of the Group.
(2) The position as at 31 March 2003 is an abridged version from the
full accounts for that year, which received an unqualified audit
report and which have been filed with the Registrar of Companies.
(3) The interim dividend will be paid on 2 January 2004 to shareholders
on the register at close of business on 12 December 2003. The ex-
dividend date is 10 December 2003.
(4) The Interim Report will be issued on 7 November 2003. Copies may be
obtained from OLIM Limited, Pollen House, 10/12 Cork Street, London
W1S 3NP or Edinburgh Fund Managers plc, Donaldson House, 97
Haymarket Terrace, Edinburgh, EH12 5HD.
