TIDMJETG TIDMJETI
RNS Number : 4768T
JPMorgan European Invest Tst PLC
24 November 2021
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EUROPEAN INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
30TH SEPTEMBER 2021
Legal Entity Identifier: 549300D8SPJFHBDGXS57
Information disclosed in accordance with DTR 4.1.
Chairman's Statement
Introduction
The performance of both the Company's Growth and Income shares
continued to improve during this reporting period.
European equity markets that the Company invests in have
performed well during the reporting period. The Benchmark return
for both share classes (MSCI Europe ex UK Index in sterling terms)
was up 8.2% in the period and the Company's Growth share class
outperformed the benchmark with the Company's Income share class
marginally underperforming.
Throughout the period, with the ongoing disruption caused by
Covid-19, the operations and control environment of the Company
continued to work well and adapted again to the phased return to
the office.
Proposal to Consolidate the Company's Share Classes
As referred to in my Chairman's Statement in the Company's
previous Annual Report and Financial Statements, the Board have
been continuing to work to ensure that the Company is best
positioned to deliver its objectives. This work led to the
announcement on 20th October 2021 of the Board's proposal to
consolidate the Company's Income Shares and Growth Shares into a
single class of ordinary shares which as at 30th September 2021 had
a combined market capitalisation of GBP388,953,941. This combined
with other enhancements, including a target dividend (of 4.0% p.a.
based on net asset value (NAV) at the end of the preceding
financial year) and a reduction in the management fee are aimed at
reinvigorating the appeal of the Company. The Company expects to
publish a circular and notice of meetings in connection with the
Consolidation in due course and aims, subject to approval of the
Company's shareholders, to conclude the Consolidation and to
introduce the changes in January or February 2022.
Performance
See the comments below and the Investment Managers Report on
page 12 of the Company's half year report and financial statements
for further details of the Company's performance in the period.
Growth Portfolio
Return to shareholders and return on net assets
The total return to shareholders for the Company's Growth shares
was +11.2%. This measurement of performance takes into account
share price movements and income received by way of dividend and is
calculated on the basis of debt at par value.
The total return on net assets for the Company's Growth shares
was +10.2% (debt at par). The Growth portfolio outperformed the
benchmark by 2.0 percentage points on a net asset basis.
Dividends
For the Company's Growth shares, the amount of the growth share
dividend reflects the amount of revenue available for distribution.
In the period the first interim dividend per Growth share of 2.50
pence (2020: 1.25 pence) in respect of the Company's 31st March
2022 year end was paid on 15th October 2021. Revenue return per
share on the Growth portfolio for the six months to 30th September
2021 (calculated by reference to the average number of shares in
issue over the period) amounted to 5.96 pence per share (2020: 5.80
pence per share).
Income Portfolio
Return to shareholders and return on net assets
The total return to shareholders for the Company's Income shares
was +7.5%. This measurement of performance takes into account share
price movements and income received by way of dividend and is
calculated on the basis of debt at par value.
The total return on net assets for the Company's Income shares
was +7.4% (debt at par). The Income portfolio underperformed the
benchmark by 0.8 percentage points on a net asset basis, on a
slowing of the recovery in the Income investment style.
Dividends
For the Company's Income shares, the Board's aim is to provide a
regular stream of dividend income on a quarterly basis, subject to
the availability of distributable reserves. The first interim
dividend of 1.40 pence per share (2020: 1.40 pence per share) in
respect of the Company's 31st March 2022 year end was paid on 30th
July 2021 and a second interim dividend also of 1.40 pence per
share (2020: 1.40 pence per share) was paid on 15th October 2021. A
third interim dividend of 1.40 pence per share (2020: 1.40 pence
per share) was declared on 18th November 2021 for payment on 7th
January 2022. Despite the market turbulence caused by the Covid-19
pandemic, the Company has been able to maintain the current year
dividends declared and paid to date at the same level as the
previous year by utilising its brought forward revenue
reserves.
Revenue return per share on the Income portfolio for the six
months (again, calculated by reference to the average number of
shares in issue over the period) amounted to 3.56 pence per share
(2020: 3.95 pence per share).
Gearing
There has been no change in the Investment Manager's permitted
gearing range, as previously set by the Board, of between 10% net
cash to 20% geared. At 30th September 2021 the Growth portfolio's
gearing had increased to 2.0% and the Income portfolio's had
decreased to 6.3%. These levels of gearing as quoted in this Half
Year Report and Financial Statements are before the application of
derivatives, such as futures, which can be used by the Investment
Managers to either increase or decrease the effective rate of the
Company's gearing, according to market conditions. The Company's
net gearing including derivatives is included with the Company's
daily published net asset value.
Conversions
If the Board's proposals to restructure the Company as referred
to elsewhere in this report are approved by the Company's
shareholders, the Company will have a single class of share thereby
negating the requirement for a share conversion process. If the
resolutions to restructure the Company are not passed, then the
Company's next annual share conversion will be on 15th March 2022
as detailed on page 37 of the Company's half year report and
financial statements.
Discounts, Share Issuance and Repurchase
The Board remains of the view that it is important to seek to
minimise the level of the discount to net asset value at which the
Company's shares currently trade. The Board does not wish to see
the discounts widen beyond 10% under normal market conditions
(using the cum-income NAV) on an ongoing basis. The precise level
and timing of repurchases pursuant to this policy depend upon
prevailing market conditions. Over the six months under review the
discount levels have averaged 10.6% for the Growth shares and 9.5%
for the Income Shares (both at fair value and on a cum-income NAV
basis). The discounts at which the Growth and Income shares were
trading below the prevailing net asset values decreased during the
period, but still remained high, reflecting continuing negative
market sentiment towards Europe.
Board of Directors
As referred to in my Chairman's Statement in the Company's
previous Annual Report and Financial Statements, the Board were
pleased to announce that Alexander Lennard was appointed as a
Director of the Company after the Company's Annual General Meeting
(AGM) on 8th July 2021. In line with the Company's Board Succession
plan, another director appointment was planned ahead of the
retirement of Stephen Goldman, who intends to step down before the
end of the Company's financial year. Following an independent and
rigorous selection and recruitment process we are now pleased to
announce that Karen McKellar will be appointed as a director of the
Company with effect from 24th November 2021. Karen has 28 years of
investment management experience in UK equities across a range of
different portfolio mandates and is currently a Non-executive
Director of Merchants Trust plc.
Investment Managers
If the Board's proposals to restructure the Company as referred
to elsewhere in this report are approved by the Company's
shareholders, the Company will have a single class of share and
costs will be reduced accordingly. A Circular will be sent to the
Company's shareholders detailing the proposal and voting
arrangements.
Transfer of Reserves between the Growth and Income
Portfolios
As in the previous year, the Board has exercised its power to
approve transfers of retained revenue reserves from JETG to JETI in
exchange for the equivalent amount of capital reserves from JETI to
JETG. GBP2,400,623 was transferred to JETI in exchange for the
equivalent amount of capital reserves from JETI to JETG, being the
amount of JETG's retained revenue reserve as at 31st March 2021,
after payment on 1st April 2021 of the JETG 3.20p dividend. This
transfer is reflected in this Half Year Report and Financial
Statements.
Change of Auditors
As referred to in the Company's previous Annual Report and
Financial Statements, the Company was required to change its
auditors from Ernst & Young LLP due to regulations requiring
the rotation of audit firms. At the Company's AGM on 8th July 2021,
shareholders approved the resolution to appoint
PricewaterhouseCoopers LLP as the Company's new auditors.
Outlook
The very significant stimulus packages introduced by central
governments, in addition to record levels of household savings are
helping to drive economic recovery. Forecasts remain strong with
healthy corporate earnings prospects and high levels of liquidity.
However, concerns remain over the trajectory of inflation and the
potential for less supportive central bank policy. Supply chain
disruption, enormous increases in energy prices, shortage of
certain key products and the potential for new variants of Covid-19
to flare up continue to threaten economic growth.
Whilst we are in unchartered waters economically, the proposed
changes to the Company are expected to take advantage of the
significant investment opportunities that European stock markets
have to offer, supporting the Company to achieve its long term
objectives.
For and on behalf of the Board
Josephine Dixon
Chairman
24th November 2021
INVESTMENT MANAGERS' REPORT
Market Background
European Equity markets continued to rally in the six months to
the end of September 2021 as the rate of recovery following the
Covid-19 induced turmoil of 2020 exceeded expectations. Corporate
earnings accelerated, particularly for cyclical and financial
companies, which prompted analysts to repeatedly raise their growth
forecasts at both a company and a macro level.
However investors became increasingly concerned by the prospect
of both rising inflation and the realisation that growth rates
cannot keep accelerating for ever. Regarding inflation the crucial
question is whether the recent increase is transitory, as the
European Central Bank and Federal Reserve have stated, or more
structural. It is clear that input prices, particularly energy and
commodity related, are rising but so far they have not filtered
through to the Consumer Price Index level.
Within the equity market cyclical stocks, which have enjoyed a
spectacular run and discounted much of the recovery, stalled
allowing less economically exposed companies to prosper as fears of
a slowdown surfaced. The emergence of the Delta Covid variant,
supply chain disruptions, particularly in the semi-conductor
sector, and increasingly outspoken statements from China which hit
some sectors such as technology and luxury goods all contributed to
these concerns about the durability of the recovery.
Growth portfolio
The portfolio outperformed its benchmark by 2.0% on net assets
in the period under review helped by its positions in the
healthcare sector, notably Novo Nordisk which is a global leader in
diabetes care, and Eckert & Ziegler which specialises in
medical technology using radioactive isotopes. Within the
technology sector the fund benefitted from positions in ASM
International which makes equipment to produce semiconductors, the
global consultancy company Capgemini, and SeSa, an Italian
distributor of IT services.
Following a period of exceptionally strong performance by
cyclical companies we moderated the portfolio's exposure early in
the period under review and added to companies with more structural
growth prospects such as LVMH and Richemont in the luxury sector,
and Roche and Straumann, which makes dental implants, in the
healthcare sector. Towards the end of the half year we increased
our exposure to financial companies like Nordea and KBC in the
banking sector, and Azimut which is an Italian asset manager.
Income portfolio
The portfolio underperformed its benchmark index by 0.8% on net
assets as high yielding stocks pulled back slightly in performance
terms, having staged a recovery over the previous six months after
significant challenges through the pandemic. The portfolio suffered
from being overweight commodity exposed stocks and sectors and
underweight value defensives such as pharmaceuticals as the market
took more of a balanced risk stance and spot commodity prices
stuttered as concerns around the longevity of the economic recovery
increased. The portfolio has benefitted however from evolutionary
changes to the investment process, which has increased the focus on
the capital growth prospects of companies.
Outlook
Turning to the immediate future it is possible that concerns
about both the slowdown in growth and inflationary pressures may
persist. However, looking further out into next year, underlying
demand appears to be strong, supported by pent-up demand from
households and a need for companies to invest more. Companies look
set to ramp up production once scarce supplies such as
semiconductors become more widely available over the course of next
year. Households can look forward to more gains in employment and
stronger wage increases. With inflation set to moderate somewhat
over the course of 2022 as bottlenecks ease and base effects
unwind, real incomes should improve again next year. In addition
monetary and fiscal stimulus remains strong despite talk of Central
Banks tapering their asset purchase schemes. This suggests that
corporate earnings should continue to grow next year. As valuation
spreads remain wide there should be opportunities for stock
selection to continue to add value.
Alexander Fitzalan Howard
Zenah Shuhaiber
Tim Lewis
Michael Barakos
Thomas Buckingham
Matt Jones
Investment Managers
24th November 2021
Interim Management Report
The Company is required to make the following disclosures in its
half year report:
Principal Risks and Uncertainties
The Principal Risks and uncertainties faced by the Company fall
into the following broad categories: investment and strategy;
accounting, legal and regulatory; corporate governance and
shareholder relations; operational; financial; and the risk of
global pandemics. Information on each of these areas is given in
the Business Review within the Annual Report and Accounts for the
year ended 31st March 2021.
Related Parties Transactions
During the first six months of the current financial year, no
transactions with related parties have taken place which have
materially affected the financial position or the performance of
the Company.
Going Concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections and the economic and operational impact of Covid-19
that the Company has adequate resources, an appropriate financial
structure and suitable management arrangements in place to continue
in operational existence for the foreseeable future and, more
specifically, that there are no material uncertainties relating to
the Company that would prevent its ability to continue in such
operation existence for at least 12 months from the date of the
approval of this half yearly financial report. For these reasons,
they consider there is reasonable evidence to continue to adopt the
going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the half yearly financial report has been prepared in accordance
with FRS 104 'Interim Financial Reporting' and gives a true and
fair view of the state of affairs of the Company and of the assets,
liabilities, financial position and net return of the Company, as
at 30th September 2021, as required by the UK Listing Authority
Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the UK Listing
Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Josephine Dixon
Chairman
24th November 2021
statement of comprehensive income
for the six months ended 30th September 2021
(Unaudited)
Six months ended
30th September 2021
(Unaudited) (Audited)
Six months ended Year ended
30th September 2020 31st March 2021
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments and
derivatives held at fair
value through profit or
loss - 31,826 31,826 - 59,368 59,368 - 115,256 115,256
Foreign exchange
gains/(losses) on
liquidity fund - 89 89 - 712 712 - (876) (876)
Net foreign currency
(losses)/gains - (186) (186) - (978) (978) - 502 502
Income from investments 9,559 - 9,559 7,296 - 7,296 11,248 - 11,248
Interest receivable and
similar income 52 - 52 99 - 99 259 - 259
--------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Gross return 9,611 31,729 41,340 7,395 59,102 66,497 11,507 114,882 126,389
Management fee (586) (1,162) (1,748) (486) (960) (1,446) (1,007) (1,991) (2,998)
Other administrative
expenses (211) - (211) (281) - (281) (575) - (575)
--------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Net return before finance
costs and taxation 8,814 30,567 39,381 6,628 58,142 64,770 9,925 112,891 122,816
Finance costs (201) (396) (597) (227) (453) (680) (429) (848) (1,277)
--------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Net return before taxation 8,613 30,171 38,784 6,401 57,689 64,090 9,496 112,043 121,539
Taxation (charge)/credit (1,308) - (1,308) 1,435 - 1,435 577 - 577
--------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Net return after taxation 7,305 30,171 37,476 7,836 57,689 65,525 10,073 112,043 122,116
--------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Return per share (note 3):
Growth share 5.88p 31.53p 37.41p 5.80p 57.25p 63.05p 7.66p 101.01p 108.67p
Income share 3.56p 8.60p 12.16p 3.95p 17.02p 20.97p 4.95p 41.88p 46.83p
statement of changes in equity
for the six months ended 30th September 2021
Called
up Capital
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- ----------- ------------ ----------- ---------
Six months ended 30th September
2021 (Unaudited)
At 31st March 2021 4,667 131,528 15,791 255,912 11,705 419,603
Repurchase and cancellation
of the Company's own shares (46) - 46 (3,165) - (3,165)
Net return - - - 30,171 7,305 37,476
Dividends paid in the period
(note 4) - - - - (5,450) (5,450)
--------------------------------- -------- -------- ----------- ------------ ----------- ---------
At 30th September 2021 4,621 131,528 15,837 282,918 13,560 448,464
--------------------------------- -------- -------- ----------- ------------ ----------- ---------
Six months ended 30th September
2020 (Unaudited)
At 31st March 2020 4,804 127,827 15,613 156,738 11,555 316,537
Net return - - - 57,689 7,836 65,525
Dividends paid in the period
(note 4) - - - - (6,497) (6,497)
--------------------------------- -------- -------- ----------- ------------ ----------- ---------
At 30th September 2020 4,804 127,827 15,613 214,427 12,894 375,565
--------------------------------- -------- -------- ----------- ------------ ----------- ---------
Year ended 31st March 2020
(Audited)
At 31st March 2020 4,804 127,827 15,613 156,738 11,555 316,537
Repurchase and cancellation
of the Company's own shares (131) - 131 (9,127) - (9,127)
Share conversions during
the year (6) 3,701 47 (3,742) - -
Net return - - - 112,043 10,073 122,116
Dividends paid in the year
(note 4) - - - - (9,923) (9,923)
--------------------------------- -------- -------- ----------- ------------ ----------- ---------
At 31st March 2021 4,667 131,528 15,791 255,912 11,705 419,603
--------------------------------- -------- -------- ----------- ------------ ----------- ---------
(1) These reserves form the distributable reserve of the Company
and may be used to fund distribution of profits to investors.
statement of financial position
at 30th September 2021
(Unaudited) (Audited)
30th September 31st March
(Unaudited)
30th September 2021 2020 2021
Growth Income Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- --------- ---------- --------------- -----------
Fixed assets
Investments held at fair
value through profit or
loss 303,993 159,833 463,826 381,115 428,958
---------------------------------- --------- --------- ---------- --------------- -----------
Current assets
Derivative financial assets 32 317 349 65 109
Debtors 3,861 1,078 4,939 4,052 4,261
Cash and cash equivalents 21,814 5,071 26,885 35,984 31,032
---------------------------------- --------- --------- ---------- --------------- -----------
25,707 6,466 32,173 40,101 35,402
Current liabilities
Creditors: amounts falling
due within one year (4,194) (488) (4,682) (300) (1,973)
Derivative financial liabilities (45) (2) (47) (190) (366)
---------------------------------- --------- --------- ---------- --------------- -----------
Net current assets 21,468 5,976 27,444 39,611 33,063
---------------------------------- --------- --------- ---------- --------------- -----------
Total assets less current
liabilities 325,461 165,809 491,270 420,726 462,021
Creditors: amounts falling
due after more than one
year (27,349) (15,457) (42,806) (45,161) (42,418)
---------------------------------- --------- --------- ---------- --------------- -----------
Net assets 298,112 150,352 448,464 375,565 419,603
---------------------------------- --------- --------- ---------- --------------- -----------
Capital and reserves
Called up share capital 2,849 1,772 4,621 4,804 4,667
Share premium 38,126 93,402 131,528 127,827 131,528
Capital redemption reserve 14,039 1,798 15,837 15,613 15,791
Capital reserves 236,122 46,796 282,918 214,427 255,912
Revenue reserve 6,976 6,584 13,560 12,894 11,705
---------------------------------- --------- --------- ---------- --------------- -----------
Total shareholders' funds 298,112 150,352 448,464 375,565 419,603
---------------------------------- --------- --------- ---------- --------------- -----------
Net asset values (note 5):
Net asset value per Growth
share 414.3p 333.7p 379.2p
Net asset value per Income
share 175.4p 143.3p 167.1p
statement of cash flows
for the six months ended 30th September 2021
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
2021 2020 2021
GBP'000 GBP'000 GBP'000
--------------------------------------- ----------------- ----------------- -----------
Net cash outflow from operations
before dividends and interest (1,801) (983) (3,090)
Dividends received 7,856 6,428 9,105
Interest received 2 1 2
Overseas tax recovered 1,896 679 883
--------------------------------------- ----------------- ----------------- -----------
Net cash inflow from operating
activities 7,953 6,125 6,900
--------------------------------------- ----------------- ----------------- -----------
Purchases of investments (84,296) (70,820) (184,765)
Sales of investments 82,323 67,870 192,149
Settlement of future contracts (633) (1,672) (2,390)
Settlement of foreign currency
contracts (234) (103) (1,109)
--------------------------------------- ----------------- ----------------- -----------
Net cash (outflow)/inflow from
investing activities (2,840) (4,725) 3,885
--------------------------------------- ----------------- ----------------- -----------
Dividends paid (5,450) (6,497) (9,923)
Repurchase and cancellation of
the Company's own shares (3,483) - (8,809)
Interest paid (584) (669) (1,275)
Repayment of bank loans - (13,439) (13,439)
--------------------------------------- ----------------- ----------------- -----------
Net cash outflow from financing
activities (9,517) (20,605) (33,446)
--------------------------------------- ----------------- ----------------- -----------
Decrease in cash and cash equivalents (4,404) (19,205) (22,661)
--------------------------------------- ----------------- ----------------- -----------
Cash and cash equivalents at start
of period/year 31,032 54,632 54,632
Exchange movements 257 557 (939)
Cash and cash equivalents at end
of period/year 26,885 35,984 31,032
--------------------------------------- ----------------- ----------------- -----------
Decrease in cash and cash equivalents (4,404) (19,205) (22,661)
--------------------------------------- ----------------- ----------------- -----------
Cash and cash equivalents consist
of:
Cash and short term deposits 2,100 8,757 10,520
JPMorgan Euro Liquidity Fund 24,785 27,227 20,512
--------------------------------------- ----------------- ----------------- -----------
Total 26,885 35,984 31,032
--------------------------------------- ----------------- ----------------- -----------
Notes to the financial statements
for the six months ended 30th September 2021
1. Financial statements
The information contained within the financial statements in
this half year report has not been audited or reviewed by the
Company's auditors.
The figures and financial information for the year ended 31st
March 2021 are extracted from the latest published financial
statements of the Company and do not constitute statutory accounts
for that year. Those financial statements have been delivered to
the Registrar of Companies and including the report of the auditors
which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with
the Companies Act 2006, FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' of the United Kingdom
Generally Accepted Accounting Practice ('UK GAAP') and with the
Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' (the revised
'SORP') issued by the Association of Investment Companies in
October 2019.
FRS 104, 'Interim Financial Reporting', issued by the Financial
Reporting Council ('FRC') in March 2015 has been applied in
preparing this condensed set of financial statements for the six
months ended 30th September 2021.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of
financial statements are consistent with those applied in the
financial statements for the year ended 31st March 2021.
3. Return per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
Growth Share 2021 2020 2021
--------------------------------------------- ----------------- ----------------- -----------
Return per share is based on the following:
Revenue return 4,248 4,309 5,672
Capital return 22,782 42,511 74,816
--------------------------------------------- ----------------- ----------------- -----------
Total return 27,030 46,820 80,488
--------------------------------------------- ----------------- ----------------- -----------
Weighted average number of shares in issue 72,253,257 74,259,820 74,068,960
Revenue return per share 5.88p 5.80p 7.66p
Capital return per share 31.53p 57.25p 101.01p
--------------------------------------------- ----------------- ----------------- -----------
Total return per share 37.41p 63.05p 108.67p
--------------------------------------------- ----------------- ----------------- -----------
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
Income share 2021 2020 2021
--------------------------------------------- ----------------- ----------------- -----------
Return per share is based on the following:
Revenue return 3,057 3,527 4,401
Capital return 7,389 15,178 37,227
--------------------------------------------- ----------------- ----------------- -----------
Total return 10,446 18,705 41,628
--------------------------------------------- ----------------- ----------------- -----------
Weighted average number of shares in issue 85,878,685 89,181,557 88,892,127
Revenue return per share 3.56p 3.95p 4.95p
Capital return per share 8.60p 17.02p 41.88p
--------------------------------------------- ----------------- ----------------- -----------
Total return per share 12.16p 20.97p 46.83p
--------------------------------------------- ----------------- ----------------- -----------
4. Dividend
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
2021 2020 2021
GBP'000 GBP'000 GBP'000
---------------------------------------------------------------- ----------------- ----------------- -----------
Growth Share
Dividends paid
Unclaimed dividends refunded to the Company (304) - -
2021 second interim dividend of 3.20p paid to shareholders in
April (2020: 4.00p) 2,348 2,750 2,750
2021 first interim dividend of 1.25p paid to shareholders in
October - - 928
---------------------------------------------------------------- ----------------- ----------------- -----------
Total growth share dividends paid in the period 2,044 2,750 3,678
---------------------------------------------------------------- ----------------- ----------------- -----------
Dividends declared
2021 second interim dividend of 3.20p payable to shareholders
in April - - 2,348
2022 first interim dividend of 2.50p payable to shareholders in
October (2021: 1.25p) 1,801 928 -
---------------------------------------------------------------- ----------------- ----------------- -----------
Total growth share dividends declared 1,801 928 2,348
---------------------------------------------------------------- ----------------- ----------------- -----------
Income Share
Dividends paid
2021 fourth interim dividend of 2.50p paid to shareholders in
April (2020: 2.50p) 2,211 2,498 2,498
2022 first interim dividend of 1.40p paid to shareholders in
July (2021: 1.40p) 1,195 1,249 1,249
2021 second interim dividend of 1.40p paid to shareholders in
October - - 1,249
2021 third interim dividend of 1.40p paid to shareholders in
January - - 1,249
---------------------------------------------------------------- ----------------- ----------------- -----------
Total income share dividends paid in the period 3,406 3,747 6,245
---------------------------------------------------------------- ----------------- ----------------- -----------
Dividends declared
2021 fourth interim dividend of 2.50p payable to shareholders
in April - - 2,211
2022 second interim dividend of 1.40p payable to shareholders
in October (2021: 1.40p) 1,201 1,249 -
---------------------------------------------------------------- ----------------- ----------------- -----------
Total income share dividends declared 1,201 1,249 2,211
---------------------------------------------------------------- ----------------- ----------------- -----------
The combined total of growth and income dividends paid and
declared is identified in Statement of Changes in Equity on page 26
of the Company's half year report and financial statements. A third
interim dividend of 1.40 pence per Income share in respect of year
ending 31st March 2022 was declared on 18th November 2021 for
payment on 7th January 2022.
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
2021 2020 2021
--------------------------- ----------------- ----------------- -----------
Growth Share
Net assets (GBP'000) 298,112 247,773 275,858
Number of shares in issue 71,962,866 74,259,820 72,741,224
--------------------------- ----------------- ----------------- -----------
Net asset value per share 414.3p 333.7p 379.2p
--------------------------- ----------------- ----------------- -----------
Income Share
Net assets (GBP'000) 150,352 127,792 143,745
Number of shares in issue 85,734,405 89,181,557 86,020,045
--------------------------- ----------------- ----------------- -----------
Net asset value per share 175.4p 143.3p 167.1p
--------------------------- ----------------- ----------------- -----------
JPMORGAN FUNDS LIMITED
24th November 2021
For further information, please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
END
A copy of the half year will be submitted to the FCA's National
Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The half year will also shortly be available on the Company's
website at www.jpmeuropean.co.uk where up to date information on
the Company, including daily NAV and share prices, factsheets and
portfolio information can also be found.
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
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END
IR BDBDBLBDDGBS
(END) Dow Jones Newswires
November 24, 2021 07:21 ET (12:21 GMT)
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