TIDMTIGT
RNS Number : 3258Y
Troy Income & Growth Trust Plc
04 May 2023
To: RNS
From: Troy Income & Growth Trust plc
LEI: 213800HLNMQ1R6VBLU75
Date: 4 May 2023
TROY INCOME & GROWTH TRUST PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 2023
The investment objective of Troy Income & Growth Trust plc
is to achieve rising income and long-term capital growth through
investment in a portfolio of predominantly UK equities.
Financial Highlights
30 September
31 March 2023 2022 Change
Equity shareholders' funds GBP186,264,000 GBP193,315,000 (3.6)%
Net asset value per share 72.05p 68.48p 5.2%
Share price (mid-market) 70.60p 67.00p 5.4%
Discount to net asset value (2.0)% (2.2)%
Total Return* (for the periods to 31 March 2023)
Three
Six Months One Year Years Five Years Ten Years
Share price 7.7% (5.0)% 9.5% 11.5% 61.1%
Net asset value per
share 8.9% (3.6)% 16.0% 15.8% 68.1%
FTSE All-Share Index 12.3% 2.9% 47.4% 27.9% 75.9%
* Total return includes reinvesting the net dividend in the month
that the share price goes ex-dividend.
INTERIM BOARD REPORT
Introduction
I am pleased to have joined Troy Income and Growth Trust plc
('the Company') as a non-executive Director and Chair. On behalf of
myself and the rest of the Board, I would like to thank my
predecessor, David Warnock, for his committed stewardship of the
Company.
The Company has a clear proposition. It is a UK equity
investment trust that invests in high-quality, predominantly
UK-listed companies, capable of providing dividend growth every
year. The Company aims to offer its Shareholders progressive annual
dividend growth and good total returns with lower share price
volatility than the FTSE All Share Index. Uniquely in the AIC UK
Equity Income sector, it also offers Shareholders the ability to
purchase and sell shares in the Company whenever they want at close
to net asset value due to the implementation of a strict discount
control mechanism.
Company Aims
Since my arrival, the Board has focused on setting clearer
objectives for the Company and has spent a full day's working
session with the Managers to gain their input. We have agreed the
Company will aim to provide the following:
-- Share price total return above the FTSE All Share Index over a 5-year period
Recent performance has fallen short of this target, with the
portfolio lagging the wider market return. Calendar year 2022 in
particular was a challenging period, with the rapid rise in
interest rates and inflation leading to significant polarisation
within equity markets. Sectors typically eschewed by the Managers
for their cyclicality and capital intensity, particularly Energy
and Mining, performed very strongly. Concurrently, many highly
profitable and growth-oriented companies held in the portfolio
suffered share price declines. The Managers see a considerably more
balanced market today, with the environment well-suited to the
Company's quality, dividend growth focused approach. Recent results
and dividends reported by holdings provide reassurance on the
strength of the portfolio and the outlook for returns in a variety
of market scenarios.
-- Dividend growth of 4% per annum for Shareholders
Having paid a dividend of 0.5p for the first quarter of the
financial year, the Company paid 0.51p in the second quarter. This
represents growth of c.4% on last year's second quarter dividend.
It is the Board's intention going forward to target annual dividend
growth of 4%, market conditions permitting.
Over recent years, the Company's portfolio has evolved. The
Managers have prioritised companies able to deliver progressive
dividend growth and sold out of companies with higher yields that
lack the potential for long term dividend growth. It is encouraging
for the Board to see income growth from the portfolio feeding
through to revenues. Given the Managers' confidence in the
robustness of the portfolio's dividends, and the Company's strong
revenue reserves, the Board has decided to increase the rate of
dividend growth for the Company.
-- Share price volatility lower than the FTSE All Share Index
The Managers emphasise high-quality, resilient, dividend-paying
businesses that should drive consistent returns, avoiding the worst
of market volatility. In particular, they believe a portfolio
suffering fewer and less destructive drawdowns will be in a better
position to compound returns over the long run. The Company has
consistently fared better than the FTSE All-Share Index during
market sell-offs and has continued to provide a return with lower
share price volatility. The discount control mechanism has played
an important role in this, ensuring the Company's share price
remains closely aligned with net asset value.
The Board will closely monitor the Company's progress against
these aims and will report on this in the annual report and
accounts.
Performance
The Company delivered a Net Asset Value ('NAV') per share total
return of +8.9% and a share price total return of +7.7% over the
six months to 31 March 2023. Over the same period, the FTSE All
Share Index produced a total return of +12.3%. The average NAV
total return for the AIC UK Equity Income sector was +12.6% for the
same period. Looking back over time, it has not been unusual for
the Company to lag the index and peers in periods of particularly
strong markets. The two most significant drags were the Company's
holdings in large, low cyclicality Consumer Staples companies, and
sterling's strong appreciation against the dollar impacting the
Company's US-listed holdings.
There was strong performance from a range of large, stable
holdings within the portfolio over the six-month period. RELX,
Unilever, National Grid, Compass and AstraZeneca contributed most
strongly to returns. Other areas of strength came from UK
domestically focused businesses such as Next and Domino's Pizza, as
these stocks recovered from the dislocation caused by the UK's
September 2022 mini-budget. Another notable theme across markets
over the period related to China's re-opening following over two
years of strict COVID lockdowns. This was most obviously manifested
within the portfolio by the sharp rise in the share price of
InterContinental Hotels Group, a company with a strong exposure to
Chinese travel. Across the broader index, commodity producers,
which the Company does not hold, were also beneficiaries of this
trend.
Background
The market continued to digest the impact of high inflation and
higher interest rates over the six-month period. UK inflation (CPI
growth) hit 11.1% in October 2022, the highest level since the
1970's. Whilst it is likely that this reading represented peak
inflation for this current cycle, the path for inflation returning
to the Bank of England's ('BOE') 2% target is highly uncertain. In
response to such readings, the BOE continued to hike interest
rates. On the 23 March 2023, the UK base rate was raised for the
eleventh consecutive time to 4.25%, having been as low as 0.1% in
December 2021.
The magnitude and speed of interest rate rises in response to
inflation is having acute and unpredictable impacts on the market.
In September 2022, we witnessed a crisis in UK pensions. More
recently, in March 2023, significant stress emerged in the US
regional banking system. This resulted in Silicon Valley Bank's
collapse, in what was the first major US bank run since the global
financial crisis. Other banks across the world, including Credit
Suisse, suffered varying degrees of contagion and whilst there has
been limited direct read across so far to the UK banks, these
events provided a reminder as to the risks associated with highly
levered business models.
The Managers have chosen not to invest in banks, due to the
leverage and cyclicality inherent in their business models.
Instead, they seek to invest in resilient, high-quality dividend
growth companies that have relatively lower levels of share price
volatility.
Portfolio
Large, high-quality, low cyclicality businesses continue to make
up the core of the portfolio. Some of the Company's largest
allocations include a c.30% weighting to Consumer Staples (e.g.
Unilever, Diageo and Reckitt), c.20% to non-discretionary
B2B-focused businesses (e.g. Compass Group, RELX and Bunzl) and
c.10% to the relatively non-cyclical Healthcare sector (e.g.
AstraZeneca and GSK).
Over the period, the Managers took advantage of market
volatility to make new investments in London Stock Exchange Group,
Sage, Smiths Group, Imperial Brands and Howden Joinery. All five
are resilient, leading companies in their respective industries and
have strong balance sheets and well-covered, growing dividends.
The Managers exited positions in Haleon, Halma and Aveva Group.
Aveva was subject to a bid by its majority shareholder Schneider
Electric, following which the position was sold. Haleon and Halma
were sold on valuation and dividend yield grounds.
While the team follow a long-term, low turnover strategy, they
will continue to seek to improve the growth of capital values and
dividends within the portfolio.
Discount Control Mechanism
The discount control mechanism ('DCM') is one way in which the
Company sets itself apart from other trusts in the sector. The DCM
materially improves the liquidity of the Company's shares and
ensures Shareholders can purchase and sell shares in the Company at
a price that closely reflects the NAV. This is particularly
important during times of market stress, where it is not uncommon
for other trusts to trade at a material discount to their
NAV's.
The Company has operated the DCM since Troy became the Company's
Manager in 2009 and it continues to be a key aspect of the
Company's proposition.
Dividends
The Board announced in March that the Company would pay a second
interim dividend of 0.51p per share (2022 - 0.49p). This represents
a step up in the rate of the Company's dividend growth to c.4%
compared the prior year's second interim. Absent any unforeseen
circumstances, it is the Board's objective to maintain this rate of
dividend growth going forward.
This increase in the dividend signals the Managers' confidence
in the underlying portfolio and the Board's strong desire to
deliver dividend growth to Shareholders. The Company's dividend
growth can be expected to be sustainable through a wide variety of
market environments, with the current annual dividend covered by
almost 11 months of revenue reserves.
Recent corporate results continue to demonstrate strong dividend
growth from some significant portfolio holdings. Highlights
included +10% growth in the final dividends from RELX and
InterContinental Hotels Group, +8% from Croda and LSE Group, and
+11% from Bunzl.
Outlook
The Managers believe that the lagged impact of higher interest
rates and high inflation will continue to affect companies,
consumers, and certain parts of the financial system. March brought
significant volatility to markets, with pockets of stress emerging
in the US and European banking systems. Regulators have acted fast
to avoid contagion, but after more than a decade of low rates, the
Managers are braced for further speed bumps, as well as possible
recessions in Europe and the US.
The Board is confident that the companies held in the portfolio
are resilient and adaptable. Over recent months, the Managers have
digested encouraging results from a range of the Company's
businesses. Strong operations are feeding through to strong
dividend growth from several core holdings; 10% growth in RELX's
latest dividend, 9% from Reckitt, 8% from Croda, and 10% from Bunzl
- the latter marking 30 years of unbroken growth at a 10% compound
annual rate. These are reassuring signals by management teams on
the outlook for their businesses. All of these businesses have
proven to be reliable, long-term income payers over many years, and
are typical of the companies preferred by the Managers. The Board
believes that the consistent, compounding dividend returns possible
from such businesses support a robust outlook for total returns
from your Company.
Bridget Guerin
Chairman
3 May 2023
Principal Risks and Uncertainties
The principal risks facing the Company relate to the Company's
investment activities and include performance risk, market risk,
resource risk and operational risk. Other risks faced by the
Company include breach of regulatory rules which could lead to
suspension of the Company's Stock Exchange Listing, financial
penalties, or a qualified audit report. Breach of Section 1159 of
the Corporation Tax Act 2010 could lead to the Company being
subject to tax on capital gains.
An explanation of these principal risks and how they are managed
is contained in the Strategic Report within the Annual Report and
Accounts for the year ended 30 September 2022.
The Company's principal risks and uncertainties have not changed
materially since the date of the Annual Report and no material
changes are foreseen over the remainder of the year.
Going Concern
The Directors have undertaken a rigorous review of the Company's
ability to continue as a going concern. This review included
consideration of the Company's investment objective, its principal
risks, the nature and liquidity of the portfolio, current
liabilities and expenditure forecasts.
The Company's investments consist mainly of readily realisable
securities which can be sold to maintain adequate cash balances to
meet expected cash flows. In assessing the Company's ability to
meet its liabilities as they fall due, the Directors took into
account the economic and market outlook. They also considered
ongoing investor interest in the continuation of the Company,
looking specifically at feedback from meetings and conversations
with Shareholders by the Company's advisers, and the operation of
the DCM, which the Directors believe enhances the Company's appeal
to investors.
Based on their assessment and considerations, the Directors
believe it is appropriate to continue to adopt the going concern
basis in preparing the financial statements.
Directors' Responsibility Statement
The Directors are responsible for preparing the half yearly
financial report in accordance with applicable law and regulations.
The Directors confirm that to the best of their knowledge:
- the condensed set of interim financial statements contained
within the half yearly financial report have been prepared in
accordance with International Accounting Standard 34; and
- the Interim Board Report includes a fair review of the
information required by 4.2.7R (indication of important events
during the first six months of the financial year and description
of principal risks and uncertainties for the remaining six months
of the year) and 4.2.8R (disclosure of related party transactions
and changes therein) of the FCA's Disclosure Guidance and
Transparency Rules.
The half yearly financial report for the six months to 31 March
2023 comprises the Interim Board Report, the Directors'
Responsibility Statement and a condensed set of financial
statements.
For and on behalf of the Board
Bridget Guerin
Chairman
3 May 2023
STATEMENT OF COMPREHENSIVE INCOME
Six months ended Six months ended
31 March 2023 31 March 2022
(unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Capital
Gains on investments
held at fair value - 12,337 12,337 - 882 882
Net foreign currency
gains - 18 18 - 21 21
Revenue
Income from listed
investments 2 2,500 - 2,500 2,601 - 2,601
Other income 7 - 7 - - -
_______ ______ _______ _______ ______ _______
2,507 12,355 14,862 2,601 903 3,504
_______ ______ _______ _______ ______ _______
Expenses
Investment management (187) (347) (534) (258) (479) (737)
fees
Other administrative (324) - (324) (351) - (351)
expenses
Finance costs of
borrowing (50) (93) (143) - - -
_______ ______ _______ _______ ______ _______
Profit before taxation 1,946 11,915 13,861 1,992 424 2,416
Taxation 3 (74) - (74) (58) - (58)
_______ ______ _______ _______ ______ _______
Total comprehensive
income 1,872 11,915 13,787 1,934 424 2,358
_______ ______ _______ _______ ______ _______
Earnings per Ordinary 5 0.68 4.35 5.03 0.61 0.14 0.75
share (pence) _______ ______ _______ _______ ______ _______
The total column of this statement represents the Statement of Comprehensive
Income prepared in accordance with UK-adopted international accounting
standards.
The revenue return and capital return columns are supplementary to
this and are prepared under guidance published by the Association of
Investment Companies.
No operations were acquired or discontinued during the period.
STATEMENT OF COMPREHENSIVE INCOME Year ended
(CONTINUED) 30 September 2022
(audited)
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
Capital
Losses on investments held at fair value - (25,889) (25,889)
Net foreign currency gains - 52 52
Revenue
Income from listed investments 2 6,666 - 6,666
Other income - - -
______ ______ ______
6,666 (25,837) (19,171)
______ ______ ______
Expenses
Investment management fees (465) (864) (1,329)
Other administrative expenses (686) - (686)
Finance costs of borrowing (19) (35) (54)
______ _______ ______
Profit before taxation 5,496 (26,736) (21,240)
Taxation 3 (109) - (109)
______ _______ ______
Total comprehensive income/(expense) 5,387 (26,736) (21,349)
______ _______ ______
Earnings per Ordinary share (pence) 5 1.77 (8.80) (7.03)
______ _______ ______
STATEMENT OF FINANCIAL POSITION
As at As at As at
31 March 31 March 30 September
Notes 2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Investments in ordinary shares 6 189,428 229,141 194,448
______ ______ ______
Investments held at fair value
through profit or loss 189,428 229,141 194,448
______ ______ ______
Current assets
Accrued income and prepayments 850 878 890
Trade and other receivables 551 36 3,665
Cash and cash equivalents 3,027 5,388 4,710
______ ______ ______
Total current assets 4,428 6,302 9,265
______ ______ ______
Total assets 193,856 235,443 203,713
Current liabilities
Bank loan (5,000) - (5,000)
Trade and other payables (2,592) (940) (5,398)
______ ______ ______
Total current liabilities (7,592) (940) (10,398)
______ ______ ______
Net assets 186,264 234,503 193,315
______ ______ ______
Issued capital and reserves attributable
to
equity holders
Called-up share capital 7 86,878 86,878 86,878
Share premium account 53,817 53,882 53,851
Special reserves - 25,542 9,684
Capital reserve - unrealised 25,317 51,377 18,854
Capital reserve - realised 15,595 11,899 17,152
Revenue reserve 4,657 4,925 6,896
______ ______ ______
Equity shareholders' funds 186,264 243,503 193,315
______ ______ ______
Net asset value per Ordinary share
(pence) 5 72.05 77.53 68.48
______ ______ ______
STATEMENT OF CHANGES IN EQUITY
Six months ended 31
March 2023 (unaudited) Share Capital Capital
reserve reserve
Share premium Special - - Revenue
capital account reserves unrealised realised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 October
2022 86,878 53,851 9,684 18,854 17,152 6,896 193,315
Profit and total
comprehensive
income for the period - - - 6,463 5,452 1,872 13,787
Equity dividends - - - - - (4,111) (4,111)
Shares bought back into
treasury - - (16,693) - - - (16,693)
Discount control costs - (34) - - - - (34)
Transfer from capital
reserves - - 7,009 - (7,009) - -
______ _______ ______ ______ ______ _______ ______
Balance at 31 March
2023 86,878 53,817 - 25,317 15,595 4,657 186,264
______ _______ ______ ______ ______ _______ ______
Six months ended 31
March 2022 (unaudited) Share Capital Capital
reserve reserve
Share premium Special - - Revenue
capital account reserves unrealised realised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 October
2021 86,878 53,909 38,890 54,428 8,424 6,092 248,621
(Loss)/profit and total
comprehensive income
for the period - - - (3,051) 3,475 1,934 2,358
Equity dividends - - - - - (3,101) (3,101)
Shares bought back into
treasury - - (13,348) - - - (13,348)
Discount control costs - (27) - - - - (27)
______ _______ ______ ______ ______ _______ ______
Balance at 31 March
2022 86,878 53,882 24,542 51,377 11,899 4,925 234,503
______ _______ ______ ______ ______ _______ ______
Year ended 30 September
2022 (audited) Share Capital Capital
reserve reserve
Share premium Special - - Revenue
capital account reserves unrealised realised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 October
2021 86,878 53,909 38,890 54,428 8,424 6,092 248,621
(Loss)/profit and total
comprehensive income
for the year - - - (35,574) 8,838 5,387 (21,349)
Equity dividends - - (1,444) - - (4,583) (6,027)
Shares bought back into
treasury - - (27,872) - - - (27,872)
Discount control costs - (58) - - - - (58)
Transfer from capital
reserves - - 110 - (110) - -
______ ______ ______ ______ ______ ______ ______
Balance at 30 September
2022 86,878 53,851 9,684 18,854 17,152 6,896 193,315
______ _______ ______ ______ ______ _______ ______
The revenue reserve, special reserves and capital reserve -
realised are distributable. The full amount of each of these
reserves is available for distribution.
CASH FLOW STATEMENT
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Investment income received 2,570 2,700 6,876
Administrative expenses paid (872) (1,182) (2,140)
______ ______ ______
Cash generated from operations 1,698 1,518 4,736
Finance costs paid (116) - (60)
Taxation (106) (58) (179)
______ ______ ______
Net cash inflows from operating activities 1,476 1,460 4,497
______ ______ ______
Cash flows from investing activities
Purchases of investments (23,280) (14,677) (51,123)
Sales of investments 42,290 30,960 73,668
Capital distributions received from
investee companies - - 113
______ ______ ______
Net cash inflow from investing activities 19,010 16,283 22,658
______ ______ ______
Net cash inflow before financing 20,486 17,743 27,155
______ ______ ______
Financing activities
Proceeds from loan - - 5,000
Cost of share buybacks (19,365) (13,199) (25,365)
Dividends paid (2,791) (3,101) (6,027)
Discount control costs (31) (27) (56)
______ ______ ______
Net cash outflows from financing activities (22,187) (16,327) (26,448)
______ ______ ______
Net (decrease)/increase in cash and
cash equivalents (1,701) 1,416 707
Cash and cash equivalents at the start
of the period 4,710 3,951 3,951
Effect of foreign exchange rate changes 18 21 52
______ ______ ______
Cash and cash equivalents at the end
of the period 3,027 5,388 4,710
______ ______ ______
Reconciliation of operating profit
to operating cash flows
Profit/(loss) before taxation 13,861 2,416 (21,240)
Add interest payable 143 - 54
Adjustments for:
(Gains)/losses on investments (12,337) (882) 25,889
Currency gains (18) (21) (52)
Decrease in accrued income and prepayments 62 89 200
Decrease in trade and other payables (13) (84) (115)
______ ______ ______
Cash generated from operations 1,698 1,518 4,736
______ ______ ______
Distribution of Assets and Liabilities
Valuation Purchases Sales Appreciation/ Valuation
at (depreciation) at
30 September 31 March
2022 2023
GBP'000 % GBP'000 GBP'000 GBP'000 GBP'000 %
Listed investments
Ordinary shares 194,448 100.6 21,819 (39,176) 12,337 189,428 101.7
Current assets 9,265 4.8 4,428 2.4
Current liabilities (10,398) (5.4) (7,592) (4.1)
______ _____ ______ _____
Net assets 193,315 100.0 186,264 100.0
______ _____ ______ _____
Net asset value
per share 68.48p 72.05p
______ ______
NOTES TO THE ACCOUNTS
1. Accounting policies
(a) Basis of accounting
The financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS)
IAS 34 - 'Interim Financial Reporting', as adopted by the
International Accounting Standards Board (IASB), and interpretations
issued by the International Financial Reporting Interpretations
Committee of the IASB (IFRIC). They have also been prepared
using the same accounting policies applied for the year
ended 30 September 2022 financial statements
(b) Dividends payable
Dividends are recognised on the ex-dividend date.
2. Income
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
Income from listed investments
UK dividend income 1,950 2,221 5,783
Overseas dividend income 550 380 883
______ ______ ______
2,500 2,601 6,666
______ ______ ______
Other income from investment
activity
Deposit interest 7 - -
______ ______ ______
Total income 2,507 2,601 6,666
______ ______ ______
3. Taxation
The taxation charge for the period represents withholding tax
suffered on overseas dividend income.
4. Revenue and Dividends
The following table shows the revenue for each period less the
dividends declared and payable from revenue in respect of the
financial period to which they relate.
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023(*) 2022(+) 2022(++)
GBP'000 GBP'000 GBP'000
Revenue 1,872 1,934 5,387
Dividends declared and payable
from revenue (2,700) (3,017) (4,430)
______ ______ ______
(828) (1,083) 957
______ ______ ______
(*) Dividends declared relate to the first two interim dividends
(of 0.50p and 0.51p) declared in respect of the financial year
2022/2023.
(+) Dividends declared relate to the first two interim dividends
(both 0.49p) declared in respect of the financial year 2021/2022.
(++) Dividends declared relate to the first, second and fourth
interim dividends declared in respect of the financial year
2021/2022 totalling 1.48p and paid from revenue. The third interim
dividend of 0.49p was paid from the distributable capital reserve.
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
5. Return and net asset value
per share p p p
Revenue return 0.68 0.61 1.77
Capital return 4.35 0.14 (8.80)
______ ______ ______
Total return 5.03 0.75 (7.03)
______ ______ ______
The figures above are based
on the following:
GBP'000 GBP'000 GBP'000
Revenue return 1,872 1,934 5,387
Capital return 11,915 424 (26,736)
______ ______ ______
Total return 13,787 2,358 (21,349)
______ ______ ______
Weighted average number of
Ordinary shares in issue 273,794,251 313,192,468 303,874,343
__________ __________ __________
The net asset value per share is based on net assets attributable
to shareholders of GBP186,264,000 (31 March 2022 - GBP234,503,000;
30 September 2022 - GBP193,315,000) and on 258,507,487 (31 March
2022 - 302,462,487; 30 September 2022 - 282,284,487) Ordinary
shares in issue at the period end.
6. Financial instruments
Level Level 2023
Level 1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
Financial assets at fair value
through profit or
loss as at 31 March 2023
Investments 189,428 - - 189,428
______ ______ ______ ______
In accordance with International Financial Reporting Standards,
investments are classified using the fair value hierarchy:
Level 1 reflects financial instruments quoted in an active
market.
Level 2 reflects financial instruments the fair value of which
is evidenced by comparison with other observable current market
transactions in the same instrument or based on a valuation
technique whose variables include only data from observable
markets.
Level 3 reflects financial instruments the fair value of which
is determined in whole or in part using a valuation technique
based on assumptions that are not supported by prices from
observable market transactions in the same instrument and not
based on available observable market data.
There were no transfers of investments between levels during
the six months ended 31 March 2023.
The fair value of the Company's financial assets and liabilities
as at 31 March 2023 was not materially different from the carrying
value.
As at As at As at
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
7. Ordinary share capital
No. of No. of No. of
Ordinary shares of 25p each shares shares shares
Allotted, called-up and fully
paid 258,507,487 302,462,487 282,284,487
Held in treasury 89,004,500 45,049,500 65,227,500
____________ ____________ ___________
347,511,987 347,511,987 347,511,987
____________ ____________ ____________
During the six months to 31 March 2023, the six months to 31
March 2022 and the year to 30 September 2022, the Company did
not issue any new shares and no shares were re-issued from treasury.
During the six months to 31 March 2023 23,777,000 shares were
repurchased by the Company at a total cost of GBP16,693,000
and placed in treasury. During the six months to 31 March 2022
17,426,500 shares were repurchased by the Company at a total
cost of GBP13,348,000 and placed in treasury. During the year
to 30 September 2022 37,604,500 shares were repurchased by the
Company at a total cost of GBP27,872,000 and placed in treasury.
During the six months to 31 March 2023, the six months to 31
March 2022 and the year to 30 September 2022, no Ordinary shares
were purchased for cancellation.
8. Transaction costs
During the period expenses were incurred in acquiring or disposing
of investments classified as held at fair value through profit
or loss. These have been expensed through capital and are included
within profits on investments in the Statement of Comprehensive
Income. The total costs were as follows:
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
GBP'000 GBP'000 GBP'000
Purchases 92 70 243
Sales 14 11 29
______ ______ ______
106 81 272
______ ______ ______
9. Publication of non-statutory accounts
The financial information contained in this Half Yearly Financial
Report does not constitute statutory accounts as defined in
Sections 434-436 of the Companies Act 2006. The financial information
for the six months ended 31 March 2023 and 31 March 2022 has
not been audited.
The information for the year ended 30 September 2022 has been
extracted from the latest published audited financial statements
which have been filed with the Registrar of Companies. The report
of the auditors on those accounts contained no qualification
or statement under Section 498 (2), (3) or (4) of the Companies
Act 2006.
10. Approval
This Half Yearly Financial Report was approved by the Board
on 3 May 2023.
11. This Half Yearly Financial Report will shortly be available
for viewing on the Company's website (www.tigt.co.uk) and will
be posted to shareholders in May 2023.
For Troy Income & Growth Trust plc
Juniper Partners Limited, Company Secretary
3 May 2023
Enquiries: 0131 378 0500
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END
IR QXLFBXELBBBB
(END) Dow Jones Newswires
May 04, 2023 02:00 ET (06:00 GMT)
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