Interim Results
February 07 2005 - 10:37AM
PR Newswire (US)
Interim Results PREMIER HIGH INCOME TRUST PLC ANNOUNCEMENT OF
UNAUDITED RESULTS The Directors present their Interim Results
(unaudited) for the period from 1 July to 31 December 2004. Over
the period under review, total assets less current liabilities rose
from � 22,066,000 to �22,596,000, an increase of 2.4%. At the
individual share class level, the net asset value per Ordinary
share has risen to 4.20p from 1.94p while the net asset value per
Zero Dividend Preference share has risen to 153.51p from 147.67p,
in accordance with the predetermined entitlement of this share
class. The continuing gentle recovery in equity markets has allowed
the assets of your Company to keep pace with the accrual rate on
the Zero Dividend Preference shares and holders of these shares
will receive their full entitlement of 159.44p per share on 30 June
2005 if asset values increase by 0.1% or more by then. As at 31
December 2004 the Ordinary shareholders will require further
improvements in markets for them to see any return at the end of
the Company's life over and above dividends paid between now and 30
June 2005. The allocation of the investment portfolio remains in
line with previous reports to shareholders, with 72% in UK
equities, 20% in Global Bonds, 3% other split capital trusts and 5%
in cash. The equity portfolio comprises stocks that are
constituents of the FTSE 350 index, with some 68% of the portfolio
by value being invested in companies within the FTSE 100 index, and
a further 21% invested in companies within the FTSE 250 index.
During the period, the performance of the three portfolios within
the Company was as follows; UK Equity Portfolio +6.60% FTSE 350
Index +8.30% Bond portfolio +2.61% Treasury 8.5% 2005 +2.77% High
yield portfolio +25.60% Datastream IT Split Cap Highly Geared Ords
Index +17.84% Opportunities to re-purchase Zero Dividend Preference
shares for cancellation continued to be sought. A further 500,000
Zero Dividend Preference shares were purchased for cancellation at
an average price of 141.4p. Your Board will continue with share
repurchases as and when market conditions allow. With your Company
now in the final six months of its planned life, the Board, in
conjunction with the Investment Manager, will be closely monitoring
the rate at which the portfolio should be moved to a more defensive
position. With this in mind, the Board have instructed the
Investment Manager to shorten the duration of the bond portfolio in
line with the planned remaining life of the Company. At the time of
writing, the equity portfolio consists of stocks that are readily
realisable and this should continue to be the case for the
remainder of the Company's life. The Directors declared a dividend
of 1.35p per Ordinary share in November and a further dividend of
0.85p will be paid, in February, in respect of the second quarter,
bringing the total for the first half of this financial year to
2.20p. The Board's intention is to distribute substantially all
current income after expenses in the third quarter and the fourth
dividend will, in addition, take into account any retained revenue
balances. David Hankinson Chairman The Directors announce the
unaudited statement of results for the period 1 July 2004 to 31
December 2004 as follows: STATEMENT OF TOTAL RETURN (*incorporating
the revenue account) for the period 1 July 2004 to 31 December 2004
Six months to Six months to 31 December 2004 31 December 2003
Revenue Capital Total Revenue Capital Total �'000 �'000 �'000 �'000
�'000 �'000 Gains on investments - 1,639 1,639 - 1,447 1,447
Foreign exchange - (211) (211) - 106 106 (losses)/ gains on capital
items Dividends and interest 547 - 547 611 - 611 Other income 65 -
65 19 - 19 Investment management (32) (96) (128) (32) (94) (126)
fee Other expenses (87) - (87) (87) - (87) Net return before
finance costs and 493 1,332 1,825 511 1,459 1,970 taxation Interest
payable and (40) (120) (160) (31) (94) (125) similar charges Return
on ordinary activities before taxation 453 1,212 1,665 480 1,365
1,845 Taxation on ordinary (25) 25 - (17) 17 - activities Return on
ordinary activities after taxation for the 428 1,237 1,665 463
1,382 1,845 period Appropriations in respect of: - Zero Dividend -
(903) (903) - (842) (842) Preference shares Return attributable to
428 334 762 463 540 1,003 Ordinary shareholders Dividends in
respect (428) - (428) (584) - (584) of Ordinary shares Transfer to/
(from) - 334 334 (121) 540 419 reserves Return per share: pence
pence pence pence pence pence Ordinary 2.20 1.72 3.92 2.38 2.78
5.16 Zero Dividend - 6.21 6.21 - 5.72 5.72 Preference The revenue
column of this statement is the revenue account of the Company. All
revenue and capital items in the above statement derive from
continuing operations. These accounts are unaudited and are not the
Company's statutory accounts. SUMMARISED BALANCE SHEET As at As at
As at 31 December 30 June 31 December 2004 2004 2003 �'000 �'000
�'000 Investments 26,734 26,214 26,769 Net current liabilities
(4,138) (4,148) (4,883) Total assets less current 22,596 22,066
21,886 liabilities* Net asset value per share: Ordinary 4.20p 1.94p
5.83p Zero Dividend Preference 153.51p 147.67p 142.11p *Total
assets less current liabilities at 31 December 2004 and 30 June
2004 include retained revenue of �88,000. SUMMARISED STATEMENT OF
CASHFLOWS for the six months ended 31 December 2004 Six months to
Six months to 31 December 2004 31 December 2003 �'000 �'000 Net
cash inflow from operating activities 356 418 Servicing of finance
Interest paid (162) (125) Net cash outflow from servicing of (162)
(125) finance Capital expenditure and financial investment
Purchases of investments (9,090) (8,664) Sales of investments
10,209 9,269 Exchange gains on settlement - 2 Exchange losses on
forward currency (192) (26) contracts Net cash inflow from capital
expenditure and financial investment 927 581 Equity dividends paid
(555) (584) Net cash inflow before financing 566 290 Financing
Repurchase of Zero Dividend Preference (707) (81) shares for
cancellation Net cash outflow from financing (707) (81) (Decrease)/
increase in cash (141) 209 NOTE 1. The above financial information
does not constitute statutory accounts as defined in Section 240 of
the Companies Act 1985. The accounts are prepared under the
historical cost convention as modified by the revaluation of fixed
asset investments and in accordance with applicable accounting
standards and with the Statement of Recommended Practice 2003
regarding the Financial Statements of Investment Trust Companies
("SORP"). The Company has a planned termination date of 30 June
2005. The accounts have been prepared on a going concern basis as,
notwithstanding the requirement to propose a winding-up resolution,
the Board believes the Company has adequate resources to continue
in operation for the foreseeable future. Accordingly the
investments have been valued at mid-market prices and no provision
has been made for liquidation costs. As at 31 December 2004 if the
investment portfolio had been valued on a bid-price basis rather
than a mid-price basis, the value of the portfolio would have been
approximately � 21,000 (equivalent to 0.11p per Ordinary share)
less than that shown in the balance sheet as at this date. The
actual proceeds of any future portfolio liquidation would however
be dependent on the constituents of the portfolio at the time, the
price of those shares and the extent of the dealing spread, which
will be affected by market conditions, the mechanism of disposal
and availability of willing purchasers. For these reasons the
approximation of � 21,000 should not be regarded as an indication
of the likely reduction in net assets resulting from a disposal of
the portfolio at a future date. The costs of winding up the Company
(excluding realisation costs) have been estimated at �80,000. 2.
The Directors have declared a second interim dividend of 0.85p
(2003: 1.50p) net per Ordinary share, payable on 28 February 2005
to the holders of Ordinary shares on the Register at 11 February
2005. 3. The revenue return per Ordinary share is based on earnings
of �428,000 (2003: �463,000) and on 19,455,570 (2003: 19,455,570)
Ordinary shares in issue throughout the period. 4. The capital
return per Ordinary share is based on net capital gains of �
334,000 (2003: �540,000) and on 19,455,570 (2003: 19,455,570)
Ordinary shares in issue throughout the period. 5. An amount of
�216,000 (2003: �188,000) has been charged to capital in respect of
management fees, other expenses and interest in accordance with
accounting policy. 6. It is the intention of the Directors to
conduct the affairs of the Company so that it satisfies the
conditions for approval as an investment trust company set out on
Section 842 of the Income and Corporation Taxes Act 1988. 7. The
Company purchased for cancellation 150,000 Zero Dividend Preference
shares at 128.00p per share on 6 August 2004 and a further 350,000
Zero Dividend Preference shares at 146.00p per share on 22 December
2004. The total cost of the shares purchased was �707,000 including
expenses. There are now 14,187,326 (30 June 2004: 14,687,326 and 31
December 2003: 14,687,326) Zero Dividend Preference shares in
issue. The Zero Dividend Preference shareholders are entitled to
receive 159.44p per share on 30 June 2005. In accordance with
Financial Reporting Standard No: 4, the accrued compound growth
entitlement of �903,000 (2003: �842,000) which takes into account
the allocation of share issue expenses to the Zero Dividend
Preference shareholders, has been charged against the capital
reserve. The net asset value per Zero Dividend Preference share of
153.51p (30 June 2004: 147.67p and 31 December 2003: 142.11p) at 31
December 2004 has been calculated in accordance with the Articles
of Association. 7 February 2005 For further information please
contact: Mike O'Shea, Premier Fund Managers Ltd - 01483 306090 END
Copyright
Puma High (LSE:PMH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Puma High (LSE:PMH)
Historical Stock Chart
From Jul 2023 to Jul 2024