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Name | Symbol | Market | Type |
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Invesco Floating Rate Municipal Income ETF | AMEX:PVI | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.037 | 0.15% | 24.795 | 24.85 | 24.78 | 24.83 | 2,444 | 21:25:00 |
RNS Number:3206T Private Investors Capital Trust PLC 16 December 2003 PRIVATE INVESTORS CAPITAL TRUST PLC Preliminary Announcement of the Interim Results (Unaudited) For the six months to 30th November 2003 The Board of Private Investors Capital Trust plc (PICT) is pleased to announce the results for the six months to 30th November 2003. The formal results which follow at the end of this Announcement are presented in a format which summarises the information which will be given in the forthcoming Interim Report. CHAIRMAN'S REVIEW For the six months to 30th November 2003 The share price of Private Investors Capital Trust has risen by 10.3% over the last six months, reflecting better global stockmarkets. The North American economy has recovered, companies have started to report improving profits, and most importantly investor confidence has returned. Indeed the 8% rate of GDP growth reported for the United States in the third quarter of 2003 is a level more typical of the Asian tiger economies. The UK, continental Europe and Japan are moving forward in the wake of US growth. Internationally company managements who reported a stabilisation in their businesses earlier in the year have become cautiously optimistic. This initial stage of the stockmarket recovery has been led by those companies most damaged by recession, typically loss making cyclical businesses such as steel and the commodity end of the technology industry. PICT's policy of long term investment in good quality growth businesses means that these recovery stocks are not in your portfolio; in spite of this the investments made reasonable progress. However, there was one significant underperformer in the portfolio, Goshawk. This specialist insurance company with a record of very good performance was hit by the disclosure of inadequate underwriting reserves. The resulting fall in the share price of this large holding partly explains why the Net Asset Value underperformed the FTSE All-Share Index, but was to some extent offset by strong returns from overseas investments. Net Asset Value and Discount The Net Asset Value increased by 6.4% during the six months since May which compares with an increase of 9.0% in the FTSE All-Share Index and a rise of 9.1% in the FTSE World (ex UK) Index. The discount at which the share price trades to the Net Asset Value has been reduced over the interim period from 21% to below 18%. Your Board and management continue to work to reduce the discount. For example, a low cost PICT Savings Scheme and ISA have been launched and promoted to a targeted audience. Borrowings At the end of November the Trust had short term borrowings of #977,628 representing 4.6% of gross assets. These borrowings were offset by cash held in Sterling. For the six months under review the loan was drawn in US Dollars and Japanese Yen in approximately equal proportions. The net impact of the fluctuations in exchange rates on the capital value of the loan outstanding was not significant The loan has been rolled forward into Dollars, partly as a hedge against the portfolio's significant exposure to that currency through owning quality American businesses. PRIVATE INVESTORS CAPITAL TRUST PLC Preliminary Announcement of the Interim Results (Unaudited) For the six months to 30th November 2003 Dividend An interim dividend of 2.7p net has been declared and will be paid on 21st January 2004 to shareholders registered on 30th December 2003. This increase of 3.8% on last year's interim dividend of 2.6p compares favourably with the 2.5% annualised rate of inflation. Outlook As we look forward to 2004 the investment outlook appears more promising than for many years. There is growth in the global economy spearheaded by the United States and Asia, where we continue to find attractive growth companies. This is feeding through to sales growth, and even more importantly to increased profits and dividends for our investments. The current environment of growth, while interest rates rise only slowly, should allow these higher returns to be reflected in better share prices. 30th 30th 31st Summary of Performance November November May 2003 2002 2003 Net asset value per share 318.6p 302.2p 299.4p (fully-diluted) Dividend per share (net) 2.7p 2.6p 5.3p (interim) (interim) (total) Share price 262.0p 233.0p 237.5p Discount 18% 23% 21% Gross Assets1 #22.3m #20.2m #21.0m 1 Total assets less current liabilities excluding overseas currency loans. PRIVATE INVESTORS CAPITAL TRUST PLC Preliminary Announcement of the Interim Results (Unaudited) For the six months to 30th November 2003 STATEMENT OF TOTAL RETURN (Incorporating the Income Account) INCOME RETURN Six months to Six months to Year to 30/11/03 30/11/02 31/05/03 #000 #000 #000 Income Dividends from UK 142 122 289 companies Dividends from overseas 100 79 194 companies Interest on deposits 18 21 40 --------- --------- --------- 260 222 523 Expenses Investment management (20) (19) (42) fee Other administrative (76) (59) (102) expenses --------- --------- --------- Income before interest 164 144 379 payable and tax Interest payable (14) (13) (27) --------- --------- --------- Income on ordinary 150 131 352 activities before tax Tax (7) (9) (18) --------- --------- --------- Income attributable to 143 122 334 shareholders Dividends* (149) (144) (293) --------- --------- --------- (Deficit)/surplus for the (6) (22) 41 period --------- --------- --------- INCOME RETURN PER SHARE - 2.58p 2.21p 6.04p Basic --------- --------- --------- - Fully-diluted 2.28p 1.97p 5.29P --------- --------- --------- *Total dividend per share of 2.7p for the period (2.6p for the six months to 30th November 2002 and 5.3p for the year to 31st May 2003). CAPITAL RETURN Six months to Six months to Year to 30/11/03 30/11/02 31/05/03 #000 #000 #000 Capital profits/(losses) Realised (losses) on (453) (1,321) (919) investments Realised gains on currency - 50 51 loans Unrealised gains/losses on 1,856 (4,171) (4742) investments Unrealised gains/(losses) on 1 - 18 currency loans --------- --------- --------- 1,404 (5,442) (5592) Interest payable (43) (40) (81) Investment management fee (71) (68) (126) --------- --------- --------- Capital gains/(losses) 1,290 (5,550) (5799) attributable to --------- --------- --------- shareholders CAPITAL RETURN PER SHARE - 23.32p (100.33)p (104.83)p Basic --------- --------- --------- - Fully-diluted 19.70p (82.40)p (85.68)p --------- --------- --------- TOTAL RETURN Six months to Six months to Year to 30/11/03 30/11/02 31/05/03 #000 #000 #000 Income attributable to 143 122 334 shareholders Capital gains/(losses) 1,290 (5,550) (5,799) attributable to --------- --------- --------- shareholders Total return attributable to 1,433 (5,428) (5,465) shareholders --------- --------- --------- TOTAL RETURN PER SHARE - 25.90p (98.12)p (98.79)p Basic --------- --------- --------- - Fully-diluted 21.98p (80.43)p (80.39)p --------- --------- --------- PRIVATE INVESTORS CAPITAL TRUST PLC Preliminary Announcement of the Interim Results (Unaudited) For the six months to 30th November 2003 BALANCE SHEET At 30/11/03 At 30/11/02 At 31/05/03 #000 #000 #000 Investments Equities UK 9,894 9,447 9,575 USA 3,460 3,775 3,215 Japan 1,052 1,012 860 Far East (ex UK) 2,889 2,511 2,430 Continental Europe 3,141 2,341 2,394 Emerging Markets 1,054 1,101 1,275 --------- --------- --------- 21,490 20,187 19,749 --------- --------- --------- Current Assets Debtors 302 33 64 Cash and Deposits 1,062 264 1,471 --------- --------- --------- 1,364 297 1,535 --------- --------- --------- Current Liabilities (due within one year) Creditors (389) (100) (103) Overseas currency loan (978) - (978) Dividend payable (149) (144) (149) --------- --------- --------- (1,516) (244) (1,230) --------- --------- --------- Net current (liabilities)/ (152) 53 305 assets --------- --------- --------- Total Assets less Current 21,338 20,240 20,054 Liabilities Less: Creditors (due after one year) 3.25% Convertible Bonds 2009 (3,115) (3,115) (3,115) --------- --------- --------- Total Net Assets 18,223 17,125 16,939 --------- --------- --------- represented by: Capital and Reserves Ordinary share capital 5,532 5,532 5,532 Share premium account 6,694 6,694 6,694 Capital Redemption Reserve 105 105 105 Capital Reserve-realised 2,680 2,943 3,246 Capital Reserve-unrealised 2,875 1,570 1,019 Revenue Reserve 337 281 343 --------- --------- --------- Equity Shareholders' funds 18,223 17,125 16,939 --------- --------- --------- Net asset value per share 329.43p 309.60p 306.23p (basic) Net asset value per share 318.55p 302.18p 299.40p (diluted-FRS14) PRIVATE INVESTORS CAPITAL TRUST PLC Preliminary Announcement of the Interim Results (Unaudited) For the six months to 30th November 2003 CASH FLOW STATEMENT Six months to Six months to Year to 30/11/03 30/11/02 31/05/03 #000 #000 #000 Operating activities Dividends and interest 259 233 480 received from investments Interest received 19 21 33 --------- --------- --------- 278 254 513 --------- --------- --------- Investment management fee (89) (97) (174) Directors' fees paid (21) (21) (42) Other cash payments (69) (39) (67) --------- --------- --------- Net cash inflow from 99 97 230 operating activities --------- --------- --------- Returns on investments and servicing of finance Interest paid (58) (54) (103) --------- --------- --------- Net cash outflow from returns on investments and servicing of finance (58) (54) (103) --------- --------- --------- 41 43 127 Taxation Tax (paid)/recovered - - - --------- --------- --------- 41 43 127 Capital expenditure and financial investment Purchases of investments (2,336) (1,463) (2,061) Sales of investments 2,035 1,955 2,824 --------- --------- --------- Net cash (outflow)/inflow from capital expenditure and financial investment (301) 492 763 --------- --------- --------- Net cash (outflow)/inflow (260) 535 890 before equity dividends Equity dividends paid (149) (144) (288) --------- --------- --------- Net cash (outflow)/inflow (409) 391 602 before financing --------- --------- --------- Financing Overseas currency loan - (911) (912) repaid Overseas currency loan - - 997 received --------- --------- --------- Net cash (outflow)/inflow - (911) 85 from financing --------- --------- --------- Net cash (outflow)/inflow (409) (520) 687 --------- --------- --------- (Decrease)/increase in cash (409) (520) 687 --------- --------- --------- Notes 1. The financial information contained within this Preliminary Announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The results for the year ended 31st May 2003 are an abridged version of the statutory accounts for those years, which received unqualified audit reports and did not contain statements under sections 237 (2) or (3) of the Companies Act 1985. Statutory accounts for 2003 have been filed with the registrar of Companies. 2. The Income Return Statement is the Income Account of the Company. 3. The accounting policies applied in preparing these accounts are consistent with those applied in the latest published annual accounts. 4. The terms of the Interim Report and the Preliminary Announcement were approved by the Board on 16th December 2003. Enquiries: Frances Mullan/Ivan Blair Tel: 0131 225 8484 Adam & Company Investment Management Limited 16th December 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR XQLFFXLBEFBV
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