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You are here: Announcement

Friday 06 August, 2010


RNS Number : 7016Q
Troy Income & Growth Trust Plc
06 August 2010
 



 

 

Troy Income & Growth Trust plc (formerly Glasgow Income Trust plc)

Interim Management Statement - 4 months to 31 July 2010

 

 

To the members of Troy Income & Growth Trust plc

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

 

This interim management statement relates to the period from 1 April 2010 to 31 July 2010, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

 

Investment objective

To provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.

 

Benchmark

FTSE All-Share Index Total Return

 

Material events

The Company paid on 30 July 2010 a third interim dividend for the year ending 30 September 2010 of 0.45p per share to shareholders on the register at close of business on 9 July 2010. In order to facilitate the continued operation of the discount control mechanism the Company held an EGM on 5 August which approved the cancellation of the share premium account and the creation (subject to court approval) of a distributable special capital reserve. Following the introduction of the discount control mechanism effective from the conclusion of the AGM in January 2010, the Company has bought back a total of 8,125,350 shares into treasury and issued 450,000 from treasury. The current issued share capital (excluding treasury shares) is 113,738,182.

 

 

 

 

Ten largest equity holdings at 31 July 2010


% of net assets

Vodafone

4.7

HSBC

4.6

Centrica

4.5

Royal Dutch Shell "B"

4.3

Reynolds American

3.9

Glaxosmithkline

3.9

Imperial Tobacco

3.8

Astrazeneca

3.7

Pennon Group

3.6

Diageo

3.4

Total 

40.4

Total number of investments

41

 

 

Sector allocation as at 31 July 2010


%

Financials

26.4

Consumer Goods*

21.9

Utilities

15.5

Consumer Services

10.5

Oil & Gas

9.5

Health Care

7.7

Telecommunications

4.7

Industrials

2.0

Technology

1.8

Total

100.0

* includes 7.4% in overseas equities

 

General description of Company's financial position and performance as at 31 July 2010

 


£'000

Equities

49,221

Fixed Income

  2,337


51,558

Other Current assets

     659

NET ASSETS

52,217



 

 

Cumulative performance (%)*


as at

4 months

6 months

1 year


31/07/2010




Share Price

45.75p

-4.7

0.6

26.2

NAV*

45.77p

-4.3

0.2

18.3

FTSE All-Share


-6.7

2.1

15.4

 

Total Return; NAV to NAV net income reinvested.  GBP.  Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date.

Source: Datastream

*Excluding current year revenue

 

 

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 July 2010 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.tigt.co.uk and www.taml.co.uk

 

 

 

 

 

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

 

 

For Troy Growth & Income Trust plc

Steven Cowie, Secretary

6 August 2010

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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