RNS Number:6568Y
M&G High Income Inv Tst PLC
15 July 2002
M&G High Income Investment Trust P.L.C.
Annual results and dividend
Dividend
M&G High Income Investment Trust P.L.C. announces that at a meeting of the
Board of Directors held today, it was resolved to declare a fourth interim
dividend of 1.575p (2001 - 1.485p) per Income Share, in respect of the period
ending 31 May 2002, to be paid on 27 August 2002 to Income shareholders on the
register at the close of business on 26 July 2002. The ex dividend date is 24
July 2002.
Financial Performance
The board is pleased to declare a fourth interim dividend of 1.575p net per
Income Share, making a total of 4.650p net per Income Share for the Company's
financial year. This represents an increase of 2.0% compared with the same
period last year, continuing the Company's record of a steady growth in
dividends. At the end of the period, the yield on the Company's Package Units
was 4.4%, well above the 3.4% yield on the FTSE 350 Higher Yield Index and
significantly higher than the yield on the FTSE All-Share Index which stood at
just 2.7%.
On a net asset value ('NAV') basis each Package Unit produced a total return
of 0.7% over the year. Although not spectacular in absolute terms, this was
achieved against a backdrop of weak equity markets and compares extremely
favourably with the FTSE All-Share Index, which produced a negative total
return of -9.6% over the same period. However, this was slightly below the
total return on the FTSE 350 Higher Yield Index of 2.0%.
Statement of total return
(incorporating the revenue account)
Year to 31 May 2002 2001
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
______________________________________________________________________________
(Losses) / gains on
investments - (1,797) (1,797) - 2,833 2,833
Income 2,961 - 2,961 2,759 - 2,759
Investment management fee (243) (494) (737) (252) (511) (763)
Other expenses (75) - (75) (73) - (73)
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Return on ordinary
activities before tax 2,643 (2,291) 352 2,434 2,322 4,756
Tax on ordinary activities (117) 117 - (41) 41 -
______________________________________________________________________________
Return on ordinary
activities after tax 2,526 (2,174) 352 2,393 2,363 4,756
Dividends (non-equity) (2,504) - (2,504) (2,457) - (2,457)
Appropriations for
premium payable
on redemption - (1,549) (1,549) - (1,432) (1,432)
______________________________________________________________________________
Transfer to / (from) 22 (3,723) (3,701) (64) 931 867
reserves
______________________________________________________________________________
Earnings per Income 4.69p 4.43p
share
______________________________________________________________________________
All the items dealt with in arriving at revenue on ordinary activities before
tax for 2002 relate to continuing activities.
Balance sheet
As at 31 May 2002 2001
£'000 £'000
______________________________________________________________________________
Employment of capital
Fixed assets
Investments 62,881 64,767
Current assets
Debtors 507 514
Cash at bank 414 1,174
______________________________________________________________________________
921 1,688
Creditors: Amounts falling due within one year (876) (1,375)
______________________________________________________________________________
Net current assets 45 313
______________________________________________________________________________
Net assets 62,926 65,080
______________________________________________________________________________
Capital and reserves
Called up share capital 1,616 1,616
Capital redemption reserve 15,546 15,546
Capital reserves - realised 4,073 6,241
- unrealised 4,056 4,062
Revenue reserve 175 153
Special reserve 37,460 37,462
______________________________________________________________________________
Shareholders' funds (all non-equity) 62,926 65,080
______________________________________________________________________________
Asset value per Capital Share 14.41p 21.24p
Asset value per Zero Dividend
Preference Share 32.11p 29.32p
Asset value per Income & Growth Unit 86.31p 93.01p
Asset value per Package Unit 118.42p 122.33p
______________________________________________________________________________
Cash flow statement
for the year ended 31 May 2002 2001
£'000 £'000 £'000 £'000
______________________________________________________________________________
Net cash inflow from operating activities 2,155 1,645
Servicing of finance
Dividends paid (non-equity) (2,455) (2,443)
Tax
Income tax recovered 14 12
Investment activities
Purchase of investments (8,808) (27,288)
Sale of investments 8,336 28,849
__________ __________
Net cash (outflow) / inflow from
investing activities (472) 1,561
Financing
Repurchase of Package Units
(including related costs) (2) (329)
______________________________________________________________________________
(Decrease) / increase in cash (760) 446
______________________________________________________________________________
Note
The results for 2001 are based on accounts filed with the Registrar of
Companies which carry an audit report which is unqualified and includes no
matters of adverse comment. The 2002 figures have been extracted from the
audited financial statements which will be filed with the Registrar of
Companies with an unqualified audit report with no matters of adverse comment.
The annual reports and accounts will be posted to shareholders on 2 August
2002 and the Annual General Meeting will be held at 11.15am on 3 September
2002 at Laurence Pountney Hill, London EC4R 0HH.
Investment Portfolio
As at 31 May 2002
Holding Value % net
£'000 assets
Mining 2.87
84,000 Lonmin 1,026 1.63
60,000 Rio Tinto (Regd.) 781 1.24
Oil & gas 7.96
425,000 BP 2,486 3.95
200,000 Hunting 400 0.64
400,000 Shell Transport & Trading (Regd.) 2,120 3.37
Chemicals 0.85
50,000 BOC Group 533 0.85
Construction & building materials 5.77
350,000 Aggregate Industries 343 0.55
250,000 Barratt Developments 1,150 1.83
66,667 BPB 253 0.40
750,000 Crest Nicholson 5.5% Cnv. Red. Pref. 696 1.11
200,000 Persimmon 880 1.40
300,000 Pilkington 302 0.48
Aerospace & defence 1.09
300,000 Meggitt 685 1.09
Engineering & machinery 0.73
93,908 Vitec Group 461 0.73
Beverages 3.08
120,000 Diageo 1,032 1.64
140,000 Scottish & Newcastle 909 1.44
Food producers & processors 0.75
75,000 Unilever 471 0.75
Pharmaceuticals 3.37
151,000 GlaxoSmithKline 2,120 3.37
Tobacco 4.09
175,000 Gallaher 1,125 1.79
90,000 Imperial Tobacco 1,044 1.66
36,000 Imperial Tobacco (Fully Paid) 403 0.64
General retailers 4.89
65,000 Carpetright 414 0.66
325,000 Findel 1,139 1.81
150,000 GUS 972 1.54
125,000 Smith W.H. 553 0.88
Leisure, entertainment & hotels 3.13
175,000 Six Continents 1,335 2.12
100,000 Whitbread 635 1.01
Media & photography 1.07
150,000 Trinity Mirror 676 1.07
Support services 0.97
120,000 Lex Service 612 0.97
Transport 3.66
250,000 Arriva 852 1.35
175,000 FirstGroup 522 0.83
80,000 Mersey Docks & Harbour 482 0.77
210,534 Wincanton 445 0.71
Food & drug retailers 0.48
100,000 Safeway 305 0.48
Telecommunication services 3.59
260,000 BT Group 723 1.15
$22,500 Mediaone (Vodafone) 7% Cnv. Bds. 2002 247 0.39
£600,000 Telewest 5.25% Cnv. Bds. 2007 260 0.41
1,000,000 Vodafone Group 1,032 1.64
Electricity 3.05
125,000 National Grid Group 619 0.98
100,000 Scottish & Southern Energy 696 1.11
150,000 Scottish Power 602 0.96
Gas distribution 1.01
350,000 Lattice Group 635 1.01
Water 4.57
300,000 Kelda Group 1,254 1.99
127,018 Pennon Group 877 1.39
70,000 Severn Trent 545 0.87
30,000 United Utilities 200 0.32
Banks 14.10
80,000 Abbey National 827 1.31
60,000 Alliance & Leicester 525 0.83
360,000 Barclays 2,126 3.38
200,000 Bradford & Bingley 662 1.05
260,000 HSBC Hldgs. 2,210 3.51
275,000 Lloyds TSB Group 2,035 3.23
25,000 Royal Bank of Scotland Group 497 0.79
Life assurance 2.45
75,000 Britannic 535 0.85
50,000 CGNU 320 0.51
200,000 Friends Provident 350 0.56
50,000 Prudential 333 0.53
Real estate 2.90
230,000 Brixton 590 0.94
200,000 Liberty International 1,232 1.96
Speciality & other finance 1.42
50,000 Provident Financial 354 0.56
250,000 Singer & Friedlander Group 540 0.86
Information technology hardware 0.39
200,000 Spirent 244 0.39
Software & computer services 0.48
12,500 Guardian IT 10 0.02
40,000 Misys 89 0.14
90,000 Sage Group 158 0.25
30,128 Xansa 43 0.07
Non convertible preference shares 10.50
1,500,000 CGNU 8.75% Cum. Irrd. Pref. 1,944 3.09
750,000 General Accident 8.875% Cum. Irrd. Pref. 1,017 1.61
500,000 Halifax 6.125% Non-Cum. Pref. 462 0.73
550,000 HBOS 9.75% Non-Cum. Irrd. Pref. 800 1.27
400,000 National Westminster 9% Series A Non-Cum. 557 0.89
Pref.
1,250,000 Royal & Sun Alliance 7.375% Cum. Irrd. 1,298 2.06
Pref.
500,000 Standard Chartered 7.375% Non-cum. Irrd. 538 0.85
Pref.
Sterling corporate bonds 10.71
£540,000 Abbey National 10.75% Bds. 2011 637 1.01
£300,000 Alliance & Leicester 8.75% Bds. 2006 334 0.53
£400,000 Associated British Ports 6.625% Bds. 2008 403 0.64
£285,000 Austria (Republic of) 9% Bds. 2004 306 0.49
£698,000 Capital Shopping 6.875% Bds. 2013 634 1.01
£770,000 Carlsberg Finance 7% Bds. 2013 793 1.26
£700,000 DWR Cymru Financing 8.174% Bds. 2036 749 1.19
£1,500,000 HSBC 9.25% Var. Rate Bds. 2049 1,690 2.69
£445,000 Railtrack 9.125% Bds. 2006 483 0.77
£605,000 Shaftesbury 8.5% 1st Mort. Deb. 2024 704 1.12
______________________________________________________________________________
Total investments 62,881 99.93
Net current assets 45 0.07
______________________________________________________________________________
Net assets 62,926 100.00
______________________________________________________________________________
J. P. McClelland
Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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