TIDMHGL
RNS Number : 7875A
Henderson Global Trust PLC
30 September 2015
30 September 2015
HENDERSON GLOBAL TRUST PLC
Unaudited Results for the Half Year Ended 31 July 2015
This announcement contains regulated information
Investment objective
The Company seeks long-term capital growth from a concentrated
portfolio of international equities with a secondary objective to
increase dividends over the longer term.
Performance highlights for the six months ended 31 July 2015
-- Net asset value ("NAV") total return(1) (including dividends
reinvested) of +1.6% compared to a total return from the benchmark
index(2) of +1.6%.
-- Share price(3) total return (including dividends reinvested) of -1.2%.
-- Discount(4) increased from 6.2% to 9.6%.
-- Interim dividend of 5.0p per share declared (2014: 5.0p).
Total return performance to 31 July 2015 (including dividends
reinvested and excluding transaction costs)
6 1 3 5 10
months year years years years
% % % % %
---------------------------- -------- ------ ------- ------- -------
NAV(1) 1.6 10.6 35.0 56.5 135.8
Share price(3) -1.2 10.0 38.7 40.7 167.9
Benchmark index(2) 1.6 11.8 47.6 72.5 114.6
Average sector NAV(5) 3.6 13.9 50.0 70.1 127.4
Average sector share price 5.6 13.5 53.9 73.9 140.1
Financial Highlights
At 31 July At 31 January
Shareholders' funds 2015 2015
---------------------------------------- ------------------ ------------------
Net assets (GBP'000) 164,395 166,086
NAV per ordinary share
with debt(6) at par 433.7p 431.3p
with debt at fair value 434.7p 432.4p
Share price 389.4p 399.0p
Half year ended Half year ended
Total return to equity shareholders 31 July 2015 31 July 2014
Net revenue profit (GBP'000) 2,057 2,090
Net capital profit (GBP'000) 573 5,703
----------- ---------
Net profit for the year (GBP'000) 2,630 7,793
====== =====
Total return per ordinary share
---------------------------------------- ------------------ --------------------
Revenue 5.39p 5.29p
Capital 1.50p 14.42p
------------ ----------
6.89p 19.71p
======= ======
1 Net asset value per ordinary share total return with debt at
fair value (including dividends reinvested); with income reinvested
for 1, 3 and 5 years and capital NAV plus income reinvested for 10
years. This is based on preliminary estimates made by Morningstar
Funddata and does not reflect any subsequent change in the year end
NAVs reflected in these results
2 Comprising 50% FTSE All-Share Index and 50% MSCI World Index
ex UK (in sterling terms) to 31 May 2013 and the MSCI All Country
World Index (in sterling terms, total return) thereafter
3 Share price total return using mid-market closing price
4 Calculated using published daily NAVs with debt at par
excluding current year revenue
5 The sector is the AIC Global sector
6 Debt comprises the Company's cumulative preference stock
Sources: Henderson, Morningstar Funddata, Morningstar for the
AIC, Thomson Reuters Datastream
INTERIM MANAGEMENT REPORT
Chairman's Statement
Equity markets continued to move very gradually higher over the
six months under review. Looking at this rise in more detail there
was an increase in market volatility coupled with a widening spread
between the strong performers in the market and the laggards, with
lower yielding growth stocks outperforming the average. The Fund
Manager's Report provides a thorough analysis of the current market
environment as well as information on the factors which contributed
to the Company's performance over the half year.
Performance
During the half year ended 31 July 2015 the net asset value
("NAV") per ordinary share total return (including dividends
reinvested) was 1.6%, matching the total return of 1.6% of the
Company's benchmark, the MSCI All Country World Index (in sterling
terms, total return). The Board has charged the Fund Manager to
manage the portfolio against the benchmark and is encouraged by the
steady improvement in performance.
The share price total return of the Company was -1.2% and the
average discount (excluding revenue) over the period was 10.6%
compared with the sector average of 5.0%. Whilst this discount is
disappointing, I am hopeful that the market will recognise the
improvement in performance of the Company which should ultimately
lead to a narrowing of the discount over time.
Dividends
The Company paid a first interim dividend of 2.5p per share on 1
July 2015 and has declared a second interim dividend of 2.5p per
share which will be paid to shareholders on 1 October 2015. The
underlying portfolio of shares generates income similar to that
paid out to investors by way of dividend. Meanwhile, our large
revenue reserve provides the Company with the flexibility to
maintain the current dividend even if the Fund Manager decides to
increase exposure to growth stocks in pursuit of capital
performance.
Discount management
The Board remains committed to its policy of seeking to keep the
absolute level of the discount, in comparison to its peer group of
investment trusts, under regular review. Increased market
volatility created some headwinds to discount management over the
half year but our aim remains to restrict the discount from rising
much above 8% in normal market circumstances. The Company
repurchased 600,624 shares during the period, which have been held
in treasury. This represents over 1.5% of the Company's outstanding
capital and at the end of July the discount was 9.6%. 65,526 shares
have been bought between the end of the period and the date of this
report.
Composition of the Board
Richard Stone stood down from the Board, and as Chairman, on 3
June 2015. I would like to thank him for his contribution to the
Company over the 13 years of his tenure and in particular his solid
guidance through a period of significant change for the Company in
recent years.
Outlook
Six years into the market recovery that started in 2009, we
remain constructive on equities and are fully invested. However, we
do recognise that we are probably in the latter stages of a market
cycle and are mindful not to take undue risk. Given this background
the Board does not expect to increase the dividend this year.
Richard Hills
Chairman
30 September 2015
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the
Company's business can be divided into the following main
areas:
-- Market risk
-- Performance risk
-- Gearing
-- Other financial risks
-- Internal control
-- Operational risk
-- Discount control
Information on risks and how they are managed is given in the
annual report for the year ended 31 January 2015. In the view of
the Board the principal risks and uncertainties set out in the
annual report were unchanged over the last six months and are as
applicable to the remaining six months of the financial year as
they were to the six months under review.
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 "IAS34 Interim Financial Reporting";
(b) this 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) this report includes a fair review of the information
required by the Disclosure and Transparency Rule 4.2.8R (disclosure
of related party transactions and changes therein).
For and on behalf of the Board
Richard Hills
Chairman
30 September 2015
Fund Manager's Report
Performance
The Company's net asset value total return was 1.6% in the first
half of the year, in-line with the MSCI World All Country Index
performance of 1.6%.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 10:18 ET (14:18 GMT)
Global equity markets have performed strongly over the past six
years. Tepid economic growth since 2009 implies that the real
driver behind the rally has been an expansion of valuation
multiples. This gradual increase in multiples is the result of
rising demand for equities on the back of excess liquidity, created
by a prolonged period of very low interest rates and quantitative
easing (i.e. the creation of new electronic money by Central Banks
to buy financial assets). Central bankers were hoping that the
excess liquidity would find its way into the real economy, but both
companies and individuals have shown spending discipline and a
reluctance to borrow. Instead, excess liquidity has been invested
in financial assets, resulting in asset price inflation. Indeed the
strong performance has not been limited to equities but could be
seen in most asset classes, from fixed income, commodities and
London property to vintage cars and fine wine.
The creation of excess liquidity is currently slowing as both
the US and UK central banks have ended their quantitative easing
programs and are guiding for an increase in interest rates. Equity
markets can continue to move higher without the tailwind of
liquidity-driven multiple expansion as long as economic and
corporate earnings growth can take over as the driver of equity
returns. The global economic outlook is improving, albeit gradually
and from a low level, but investors frequently question the
sustainability of this growth. This results in equity markets
continuing their upward trajectory, but at a slower pace and with
increased volatility.
Markets are also showing increased dispersion, a rise in the
spread between stronger performers and laggards. Our investments in
consumer staples were up 14% on average in the first half of 2015,
our Japanese stocks were up 21.5% and our strongest individual
stock Synergy Pharmaceuticals was up 200%. Looking at the laggards,
our Asia ex-Japan stocks were down 7% and our telecom names were
down 7.7%.
Given the market backdrop described above it is not a surprise
that our best performing stocks in the first half of the year have
been companies that are able to deliver above-average earnings
growth independent of the economy. These include secular growth
companies that operate in defensive end markets (Dollar General,
Japan Tobacco and Crown Holdings); companies that have some
self-help in the form of new product launches or a restructuring of
the cost base (Rentokil Initial and BRP); financial companies that
benefit from rising interest rates (Sumitomo Mitsui Financial,
Citigroup, JP Morgan Chase and Lloyds Banking Group); and stocks
that could potentially be acquired (Syngenta and Synergy
Pharmaceuticals).
Our weaker performers were stocks that are more dependent on
economic growth (Rexel and Western Digital); and especially
companies depending on growth in emerging markets (Wharf Holdings,
Singapore Telecom, Samsung Electronics, Freeport-McMoran and
Volkswagen). The other underperformer worth highlighting is United
Continental, which suffered from investors taking profits following
the exceptional strength in 2014. We continue to see significant
upside in United Continental and the stock started to outperform
again in the last two months of the half year.
Portfolio activity
During the first half of 2015, we started new investments in
Allianz, Cheung Kong Property Holding, Regal Beloit, Shinhan
Financial and Zimmer and added to the positions in BRP, Citigroup,
Citizens Financial, Grifols SA and Softbank. We also received
shares in Baxalta as a spin-off from Baxter and South32 as a
spin-off from BHP Billiton.
We sold the investments in ANZ Bank, Baxter, Borg Warner, Deere,
GKN, Singapore Telecom, Suncor and Wharf and we started taking
profits in Altria, HSBC, Macy's, Oracle and Syngenta.
Looking at the overall portfolio positioning, the biggest
regional change was a reduction in the Asia ex-Japan exposure as we
turned incrementally negative on China. And we took advantage of
Greece-led weakness in Europe to increase our investment in the
region. From a sector point of view, we increased our exposure to
health care and financials at the expense of consumer discretionary
and energy stocks.
Market outlook
With liquidity-driven multiple expansion becoming less of a
tailwind, economic and corporate earnings growth need to take over
as the key driver for equity markets. The good news is that the
global economy is improving gradually. The bad news is that the
absolute level of growth is low and it will not take much to move
it back into negative territory, with the main risks currently
being the Chinese economy and the impact of rising US interest
rates. The fragility of the global economy and the fickleness of
investor expectations explain why earnings growth should continue
to be a more volatile driver of stock markets compared to
excess-liquidity driven multiple expansion.
All things considered we remain cautiously optimistic and the
portfolio is fully invested. However, we are cognisant that we are
well into the market rally that started in 2009 and that market
volatility will rise going forward. Therefore, we have no desire to
use leverage at this point in time.
Wouter Volckaert
Fund Manager
30 September 2015
Portfolio Analysis
Geographical exposure 31 July 31 January
(% of portfolio excluding 2015 2015
cash)
---------------------------- ---------- -----------
North America 53.3 53.0
Continental Europe 17.2 15.9
United Kingdom 13.8 14.4
Pacific Rim 9.6 12.3
Japan 6.1 4.4
--------- ---------
100.0 100.0
===== =====
Sector exposure 31 July 31 January
(% of portfolio excluding 2015 2015
cash)
---------------------------- ---------- -----------
Financials 21.4 19.5
Consumer discretionary 15.6 17.5
Health care 14.4 11.7
Industrials 13.5 13.6
Information technology 11.1 12.5
Consumer staples 7.5 6.3
Materials 7.1 6.4
Energy 5.9 7.3
Telecommunication services 3.5 5.2
--------- ----------
100.0 100.0
===== =====
Principal Holdings
As at 31 July 2015
Company Main activity Valuation % of portfolio
GBP'000
--------------------------- --------------------------------- ------------- ---------------
Dollar General General retailers 6,263 3.9
Novartis Pharmaceuticals 5,196 3.2
Diversified metals
Crown Holdings & mining 4,882 3.0
Japan Tobacco Tobacco 4,709 2.9
Pfizer Pharmaceuticals & biotechnology 4,045 2.5
Lockheed Martin Aerospace & defence 3,955 2.4
Technology hardware
Western Digital & equipment 3,894 2.4
Technology hardware
Apple & equipment 3,758 2.3
Rentokil Initial Industrial transportation 3,738 2.3
Macy's General retailers 3,706 2.3
------------ ------------
10 largest 44,146 27.2
Software & computer
Google services 3,457 2.1
DBS Banks 3,366 2.1
Twenty First Century Fox Media 3,353 2.1
Citigroup Banks 3,220 2.0
Citizens Financial Banks 3,185 2.0
Electronic & electrical
Rexel equipment 3,164 2.0
Bristol-Myers Squibb Pharmaceuticals & biotechnology 3,155 2.0
JP Morgan Chase Banks 3,075 1.9
Grifols SA Pharmaceuticals & biotechnology 3,011 1.9
AIA Group Life insurance 2,979 1.8
------------ ------------
20 largest 76,111 47.1
Wells Fargo & Co Banks 2,908 1.8
BRP Automobiles & parts 2,761 1.7
Flowers Foods Food, beverages & tobacco 2,744 1.7
Softbank Mobile telecommunications 2,738 1.7
United Continental Airlines 2,692 1.7
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 10:18 ET (14:18 GMT)
Thomson Reuters Media 2,603 1.6
Allianz Insurance 2,588 1.6
Limited Brands General retailers 2,587 1.6
Lloyds Banking Group Banks 2,570 1.6
Nestlé Food producers 2,559 1.6
------------ -----------
30 largest 102,861 63.7
CTT Correios Industrial transportation 2,481 1.5
Shinhan Financial Banks 2,435 1.5
Zimmer Health care 2,345 1.5
Telstra Fixed line telecommunications 2,287 1.4
Sumitomo Mitsui Financial Banks 2,271 1.4
General Electric General industrials 2,261 1.4
Software & computer
Oracle services 2,243 1.4
Software & computer
IBM services 2,211 1.4
Zurich Nonlife insurance 2,178 1.3
Altria Tobacco 2,165 1.3
------------ ------------
40 largest 125,738 77.8
====== ======
Other listed investments
(26 stocks) 35,001 21.7
Unlisted investments (3
stocks) 747 0.5
------------ ------------
Total investments 161,486 100.0
====== ======
Consolidated Statement of Comprehensive Income
for the half year ended 31 July 2015
(Unaudited) (Unaudited) (Audited)
Half year ended Half year ended Year ended
31 July 2015 31 July 2014 31 January 2015
Revenue Capital Revenue Capital Revenue Capital
return return Total return return Total return return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Dividends and
other income
(note
2) 2,764 - 2,764 2,716 - 2,716 4,461 82 4,543
Gains on
investments
held at fair
value
through profit
or loss - 981 981 - 6,075 6,075 - 18,783 18,783
Net exchange
(loss)/gain - (49) (49) - 7 7 - (6) (6)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total income 2,764 932 3,696 2,716 6,082 8,798 4,461 18,859 23,320
Expenses
Management fees (169) (339) (508) (158) (316) (474) (321) (642) (963)
Other expenses (238) - (238) (183) - (183) (401) - (401)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit before
finance costs
and taxation 2,357 593 2,950 2,375 5,766 8,141 3,739 18,217 21,956
Finance costs
Interest
payable
and similar
charges (3) (7) (10) (25) (50) (75) (50) (101) (151)
Dividends on
preference
stock (6) (13) (19) (6) (13) (19) (13) (25) (38)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total finance
costs (9) (20) (29) (31) (63) (94) (63) (126) (189)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit before
taxation 2,348 573 2,921 2,344 5,703 8,047 3,676 18,091 21,767
-------- -------- -------- -------- -------- -------- -------- -------- --------
Taxation (291) - (291) (254) - (254) (418) - (418)
Net profit for
the period and
total
comprehensive
income 2,057 573 2,630 2,090 5,703 7,793 3,258 18,091 21,349
====== ====== ====== ====== ====== ====== ====== ====== ======
Return per
ordinary
share (basic
and
diluted) (note
3) 5.39p 1.50p 6.89p 5.29p 14.42p 19.71p 8.32p 46.20p 54.52p
====== ====== ====== ====== ====== ====== ====== ====== ======
The total columns of this statement represent the Consolidated
Statement of Comprehensive Income, prepared in accordance with
IFRS, as adopted by the European Union.
The revenue return and capital return columns are supplementary
to this and are prepared under guidance published by The
Association of Investment Companies.
The Group does not have any other comprehensive income and hence
the net profit, as disclosed above, is the same as the Group's
total comprehensive income.
All items in the above statement derive from continuing
activities. No operations were acquired or discontinued during the
period.
All income is attributable to the equity shareholders of
Henderson Global Trust plc. There are no minority interests.
The accompanying notes are an integral part of these financial
statements.
Consolidated Statement of Changes in Equity
for the half year ended 31 July 2015
Retained earnings
---------------------------- ----------- -------------- ------------------- -----------
Capital Revenue
Half year ended 31 Share premium Capital redemption reserve reserve(1)
July 2015 account reserve GBP'000
Called GBP'000
up share
capital Total
(unaudited) GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ----------- -------------- ------------------- ----------- ------------ -----------
Total equity at 1
February 2015 10,389 13,410 33,966 97,950 10,371 166,086
Total comprehensive
income:
Profit for the period
to 31 July 2015 - - - 573 2,057 2,630
Transactions with
owners, recorded directly
to equity:
Equity dividends paid - - - - (1,914) (1,914)
Buy-backs of ordinary
shares and held in
treasury - - - (2,407) - (2,407)
---------- ---------- ---------- ---------- ---------- ----------
Total equity at 31
July 2015 10,389 13,410 33,966 96,116 10,514 164,395
====== ====== ====== ====== ====== ======
Retained earnings
---------------------------- ----------- -------------- ------------------- -----------
Called Capital Revenue
up share Share premium Capital redemption reserve reserve(1)
Half year ended 31 capital account reserve GBP'000 GBP'000 Total
July 2014 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 10:18 ET (14:18 GMT)
---------------------------- ----------- -------------- ------------------- ----------- ------------ -----------
Total equity at 1
February 2014 10,389 13,410 33,966 84,192 11,036 152,993
Total comprehensive
income:
Profit for the period
to 31 July 2014 - - - 5,703 2,090 7,793
Transactions with
owners, recorded directly
to equity:
Equity dividends paid - - - - (1,983) (1,983)
Buy-backs of ordinary
shares and held in
treasury - - - (2,296) - (2,296)
---------- ---------- ---------- ---------- ---------- ----------
Total equity at 31
July 2014 10,389 13,410 33,966 87,599 11,143 156,507
====== ====== ====== ====== ====== ======
Retained earnings
---------------------------- ----------- -------------- ------------------- -----------
Capital Revenue
Called reserve reserve(1)
up share Share premium Capital redemption GBP'000 GBP'000
Year ended 31 January capital account reserve Total
2015 (audited) GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ----------- -------------- ------------------- ----------- ------------ -----------
Total equity at 1
February 2014 10,389 13,410 33,966 84,192 11,036 152,993
Total comprehensive
income:
Profit for the year
to
31 January 2015 - - - 18,091 3,258 21,349
Transactions with
owners, recorded directly
to equity:
Equity dividends paid - - - - (3,923) (3,923)
Buy-backs of ordinary
shares and held in
treasury - - - (4,333) - (4,333)
---------- ---------- ---------- ---------- ---------- ----------
Total equity at 31
January 2015 10,389 13,410 33,966 97,950 10,371 166,086
====== ====== ====== ====== ====== ======
(1) The revenue reserve represents the amount of reserves
distributable by way of dividend.
The accompanying notes are an integral part of these financial
statements.
Consolidated Balance Sheet
at 31 July 2015
(Unaudited) (Unaudited) (Audited)
At 31 July At 31 July At 31 January
2015 2014 2015
GBP'000 GBP'000 GBP'000
----------------------------------- -------------- -------------- ---------------
Non-current assets
Investments held at fair value
through profit or loss (notes
9 and 10) 161,486 156,351 165,576
---------- ---------- ----------
Current assets
Balances due from brokers 6 1,079 -
Taxation recoverable 95 133 29
Other receivables 262 99 142
Cash and cash equivalents 4,399 1,195 2,086
---------- ---------- ----------
4,762 2,506 2,257
---------- ---------- ----------
Total assets 166,248 158,857 167,833
---------- ---------- ----------
Current liabilities
Balances due to brokers (405) (895) -
Other payables (448) (455) (747)
---------- ---------- ----------
(853) (1,350) (747)
---------- ---------- ----------
Non-current liabilities
3.75% cumulative preference
stock (1,000) (1,000) (1,000)
---------- ---------- ----------
Net assets 164,395 156,507 166,086
====== ====== ======
Equity attributable to equity
shareholders
Called-up share capital 10,389 10,389 10,389
Share premium account 13,410 13,410 13,410
Capital redemption reserve 33,966 33,966 33,966
Capital reserve 96,116 87,599 97,950
Revenue reserve 10,514 11,143 10,371
---------- ---------- ----------
Total equity 164,395 156,507 166,086
====== ====== ======
Net asset value per ordinary
share (basic and diluted) (note
5) 433.7p 400.9p 431.3p
====== ====== ======
The accompanying notes are an integral part of these financial statements.
Consolidated Cash Flow Statement
for the half year to 31 July 2015
(Unaudited) (Unaudited)
Half year Half year (Audited)
ended 31 ended 31 Year ended
July July 31 January
2015 2014 2015
GBP'000 GBP'000 GBP'000
------------------------------------------ ------------ ------------ -------------
Operating activities
Profit before finance costs and taxation 2,950 8,141 21,956
Decrease/(increase) in investments 4,133 (4,426) (13,454)
(Increase)/decrease in receivables (120) 46 3
Decrease in payables (65) (29) (263)
Taxation on investment income (357) (359) (419)
---------- ---------- ----------
Net cash inflow/(outflow) from operating
activities 6,541 3,373 (8,349)
---------- ---------- ----------
Financing activities
Buybacks of ordinary shares and held
in treasury (2,236) (2,296) (4,333)
Cumulative preference stock dividends
paid (19) (19) (38)
Equity dividends paid (1,914) (1,983) (3,923)
Bank arrangement fee and interest paid (10) (75) (151)
---------- ---------- ----------
Net cash outflow from financing (4,179) (4,373) (8,445)
---------- ---------- ----------
Increase/(decrease) in cash and cash
equivalents 2,362 (1,000) (96)
Cash and cash equivalents at the start
of the period 2,086 2,188 2,188
Effect of foreign exchange rate changes (49) 7 (6)
---------- ---------- ----------
Cash and cash equivalents at the end
of the period 4,399 1,195 2,086
====== ====== ======
The accompanying notes are an integral part of these financial
statements.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 10:18 ET (14:18 GMT)
Notes
1. Accounting policies
The condensed consolidated financial statements comprise the unaudited
results of the Company and its subsidiary, Engandscot Limited,
for the half year ended 31 July 2015. They have been prepared
on a going concern basis and in accordance with International
Accounting Standard 34, "Interim Financial Reporting", as adopted
by the European Union and with the Statement of Recommended Practice
for Investment Trusts ("SORP") dated January 2009, where the SORP
is consistent with the requirements of IFRS.
For the period under review the Company's accounting policies
have not varied from those described in the annual report for
the year ended 31 January 2015. These financial statements have
not been either audited or reviewed by the Company's auditor.
The Group accounts comprise the accounts of the Company and its
subsidiary drawn up to the balance sheet date. The Statement of
Comprehensive Income is only presented in consolidated form, as
provided by Section 408 of the Companies Act 2006.
2. Dividends and Half year Half year Year
other income ended ended ended
31 July 31 July 31 January
2015 2014 2015
GBP'000 GBP'000 GBP'000
---- ---------------- -------------- --------- ----------- ------------- -------------
Revenue
Income from quoted investments:
Franked UK dividends 437 483 824
UK property income distributions 32 38 69
Overseas dividends 2,293 2,194 3,565
---------- ---------- ----------
2,762 2,715 4,458
Other income:
Interest on deposits 2 1 3
---------- ---------- ----------
2,764 2,716 4,461
======= ======= =======
3. Return per ordinary
share
The return per ordinary share is based on the profit for the half
year of GBP2,630,000 (half year ended 31 July 2014: profit of
GBP7,793,000; year ended 31 January 2015: profit of GBP21,349,000)
and on 38,184,379 (half year ended 31 July 2014: 39,532,632; year
ended 31 January 2015: 39,160,017) ordinary shares, being the
weighted average number of ordinary shares in issue during the
period.
The return per ordinary share detailed above can be further analysed
between revenue and capital, as below.
Half year ended Half year ended Year ended
31 January
31 July 2015 31 July 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net revenue profit 2,057 2,090 3,258
Net capital profit 573 5,703 18,091
---------- ---------- ----------
Net total profit 2,630 7,793 21,349
====== ====== ======
Weighted average number
of ordinary shares in issue
during the period 38,184,379 39,532,632 39,160,017
Half year ended Half year ended Year ended
31 January
31 July 2015 31 July 2014 2015
(unaudited) (unaudited) (audited)
pence pence pence
Revenue return per ordinary
share 5.39 5.29 8.32
Capital return per ordinary
share 1.50 14.42 46.20
---------- ---------- ----------
Total return per ordinary
share 6.89 19.71 54.52
====== ====== ======
4. Ordinary share capital
At 31 July 2015 there were 37,905,046 ordinary shares in issue
(31 July 2014: 39,034,187;
31 January 2015: 38,505,670). During the half year ended 31 July
2015 the Company bought back 600,624 of its own issued ordinary
shares to be held in treasury (31 July 2014: 626,194, 31 January
2015: 1,154,711).
5. Net asset value per ordinary
share
The net asset value per ordinary share is calculated on net assets
of GBP164,395,000 (31 July 2014: GBP156,507,000; 31 January 2015:
GBP166,086,000) and 37,905,046 (31 July 2014: 39,034,187; 31
January 2015: 38,505,670) ordinary shares in issue at the period
end.
6. Management fee
Henderson Investment Funds Limited receives a fee which is calculated
monthly at 0.05% (0.6% per annum) on the value of the Group's
total assets. In determining the total assets on which the management
fee is calculated, the value of any securities held by the Company
in collective investment schemes managed by the Manager is excluded.
Management fees are allocated one-third to revenue and two-thirds
to capital.
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 resources
to continue in operational existence for the foreseeable future.
8. Interim dividend
A second interim dividend of 2.5p per ordinary share will be
paid on 1 October 2015 to shareholders on the register of members
on 11 September 2015. The Company's shares were quoted ex-dividend
on 10 September 2015. Based on the number of shares in issue
on 11 September 2015, the cost of this will be GBP946,000. A
first interim dividend of 2.5p per ordinary share was paid on
1 July 2015. In total dividends of 5.0p per ordinary share have
been declared for the half year ended 31 July 2015 (2014: 5.0p).
9. Investments held at fair value through
profit or loss
At 31 July At 31 July At 31 January
2015 2014 2015
GBP'000 GBP'000 GBP'000
------------------------ ------------- --------------- ----------------
Quoted:
United Kingdom 22,317 25,206 23,890
Overseas 138,422 130,454 140,910
---------- ---------- ----------
160,739 155,660 164,800
---------- ---------- ----------
Unquoted:
Overseas 747 691 776
---------- ---------- ----------
747 691 776
---------- ---------- ----------
161,486 156,351 165,576
======= ======= =======
10. Financial Instruments
At the period end the carrying value of financial assets and financial
liabilities approximates their fair value.
Financial instruments carried at fair value
Fair value hierarchy
The table below analyses recurring fair value measurements for
financial assets and financial liabilities. These fair value measurements
are categorised into different levels in the fair value hierarchy
based on the inputs to valuation techniques used.
Financial assets and financial liabilities
at fair value through profit or loss Level Level Level
at 31 July 2015 1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------ --------- ------------ -------------
Investments including derivatives:
Equity securities designated at fair
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September 30, 2015 10:18 ET (14:18 GMT)
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