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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Independent Investment Trust Plc | LSE:IIT | London | Ordinary Share | GB0000811686 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 420.50 | 411.00 | 430.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIIT
RNS Number : 2840L
Independent Investment Trust PLC
18 July 2017
The Independent Investment Trust PLC ====================================
Legal Entity Identifier: EMMWZ68BJXG580FSQ522
Interim Financial Report for the six months ended 31 May 2017 -------------------------------------------------
Regulated Information Classification: Half Yearly Financial Report.
The following information is disclosed in accordance with DTR 4.2 of the UKLA Listing Rules (half-yearly financial reports).
Objective and Policy
The Company's objective is to provide good absolute returns over long periods by investing the great majority of its assets in UK and international quoted securities and, if appropriate, index futures. The portfolio is constructed without reference to the composition of any stockmarket index. Although its investment policy allows gearing, including the use of derivatives, the Company is not permitted to employ gearing whilst it continues to be registered as a small UK Alternative Investment Fund Manager (AIFM). When appropriate, the directors will sanction a relatively concentrated portfolio structure and, depending on its AIFM status, relatively high levels of gearing.
Principal Risks and Uncertainties
The principal risks facing the Company, which have not changed since the date of the Company's Annual Report and Financial Statements for the year to 30 November 2016, are financial risk, regulatory risk, custody risk, operational risk, discount/premium volatility risk, political risk and resource risk. An explanation of these risks and how they are being managed or mitigated is set out on pages 9 and 10 of that report, which is available on the Company's website: www.independentinvestmenttrust.co.uk. The Company's policy is designed to allow the Company an unusually high degree of freedom to exploit the directors' judgement. To the extent that the directors' judgement is flawed, future results could be unusually poor.
Responsibility Statement
We confirm that to the best of our knowledge:
a) the condensed set of financial statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';
b) the Chairman's Statement includes a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (indication of important events during the first six months, their impact on the financial statements, and a description of principal risks and uncertainties for the remaining six months of the year); and
c) the Interim Financial Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein).
On behalf of the board
Douglas McDougall
Chairman
17 July 2017
Chairman's Statement ====================
The six month period ending 31 May 2017 saw our company produce a net asset value total return* of 35.5%. The total returns* notionally attributable to the FTSE All Share Index and the FTSE World Index were 13.6% and 10.1% respectively. Our net asset value per share rose from 397.7p to 536p over the period, and the share price from 353p to 518p, causing the discount to net asset value to fall from 11.2% to 3.4%.
Earnings for the half year amounted to 4.43p (4.28p) and we intend to pay an interim dividend of 2p (5p). As always, the outcome for the year will depend upon changes made to the portfolio during the second half of the year, but we expect to recommend a final dividend of 3p with surplus income being distributed by way of special dividend. Over the six months we bought back a total of 60,000 shares for cancellation at a discount of 7.3%.
In line with the experience of recent years, it was a relatively uneventful period in economic terms with most parts of the industrialized world enjoying modest growth, low (but rising) inflation and improving employment. Against this background, the widely anticipated decision of the Federal Reserve Bank to start raising interest rates had little impact on stockmarkets, many of which made good progress on the back of favourable corporate earnings trends. A modest recovery in sterling was helpful to our portfolio with its domestic bias.
Once again activity has been dominated by companies that made their initial public offerings (IPOs) during the period, in this case UP Global Sourcing, Medica, Eddie Stobart Logistics and Alfa Financial Software. Together these accounted for GBP27m of the GBP38m purchases made during the six months and were showing a profit on cost of GBP4.9m at 31 May 2017. Most of our sales during the period represented profit taking in long term holdings for which we still have enthusiasm, although we did sell out of Telecom Plus on grounds of valuation. Our net cash balances fell from 4.7% at 30 November 2016 to 2.5% at 31 May 2017.
Our housebuilding holdings have staged a strong recovery from their disappointing performance in the second half of our last financial year. In contrast to the many gloomy predictions a year ago, the market for new homes has remained buoyant, especially where the homes in question have qualified for the government's Help to Buy scheme. Those of our holdings that have low average selling prices and a high exposure to first time buyers have enjoyed excellent trading conditions and produced results well in excess of the expectations we had before the vote to leave the European Union. Those with higher price points have seen a greater hesitancy in their customer base, but have still produced good results. The retirement homes specialist McCarthy and Stone, however, has struggled as its customers all have to sell into a decidedly soggy second hand market in order to finance their purchases. We continue to believe that the long term prospects for the industry are very good, but we recognize that there will be cyclical fluctuations along the way and that these will not always be predictable in advance. It is our confidence in the long term prospects together with our belief that these are not recognized in current valuations that persuade us to continue with our large housebuilding stake. The value of our unchanged stake rose from GBP51.0m at 30 November 2016 to GBP67.75m at 31 May 2017.
It has also been an outstanding period for our large technology and telecommunications stake: worth GBP44.6m at 30 November 2016, it had risen in value to GBP61.0m by 31 May 2017 after GBP5.9m of net sales. The star of the show was the robotic process automation company, Blue Prism, which has become something of a stockmarket darling as its software robots have been snapped up by big blue chip companies on both sides of the Atlantic. As always with investments that become fashionable, there is a danger that the share price may have run ahead of itself, but the scale of the opportunity confronting the company argues in favour of maintaining the position. Elsewhere, FDM, Gamma Communications and our old favourite Herald all delivered strong share price performances, of which we took advantage to realize some profits. Kainos enjoyed a modest increase in its share price despite suffering from a hiatus in orders from the NHS. Finally, towards the end of the period we took a stake in Alfa Financial Software at the time of its IPO. Alfa is a leading software provider to the asset finance industry with an impressive client base, a strong proprietary aspect to its products and apparently bright prospects.
A strong share price performance from On the Beach has once again been the feature of our travel and leisure stake, which rose in value from GBP24.7m at 30 November 2016 to GBP32.9m at 31 May 2017, after net purchases of less than GBP0.1m. The strength of the On the Beach share price is the more remarkable for having occurred against a background of difficult trading conditions and continual placings of private equity stock. With the trading outlook now much better and the private equity stake largely sold, we view the immediate future with some optimism, while the long term prospects continue to excite. Solid results from Gym Group have allowed its share price to stage a modest recovery, but that of Hollywood Bowl was largely unmoved by comforting trading news.
Our business services stake has been expanded by both the purchase of Eddie Stobart Logistics and the reclassification of Gama Aviation. Improving results from Gama helped to extend the rally in its share price from very depressed levels, while a surprisingly strong trading performance from Midwich, to which we added during the period, was well received by the market. Eddie Stobart, the firm that has used technology to derive clear competitive advantage in the transport market, had a quiet debut, while the recruitment company SThree, which we reduced during the period, showed some capital appreciation despite experiencing difficult trading conditions. Overall, a stake worth GBP11.4m at 30 November 2016 had grown in value to GBP25.9m by 31 May 2017, after net purchases of GBP9.7m.
The managing director's fascination with UK retailers has not added much value over the life of The Independent, but this has not blunted his enthusiasm for the sector. Indeed, we have taken advantage of a depressed share price resulting from uncharacteristically dull results to add to our old favourite Dunelm, an addition only partially offset by the profits we have taken in last year's IPO, Joules. Our third active holding, Motorpoint, enjoyed a good recovery in its share price on the back of much improved results. Overall, our retail holdings grew in value from GBP15.2m at 30 November 2016 to GBP19.3m at 31 May 2017, after net purchases of GBP1.1m.
Once again, Fever-Tree's performance, both operationally and in share price terms, has been such as to justify a paragraph to itself. Sales growth in all markets, but most particularly in the UK (arguably its most mature market), has been quite extraordinary. The stockmarket was unusually slow to recognize the implications of this at the time of the annual sales announcement, offering us a chance to add to our already large holding on advantageous terms. It can be argued that the shares are now generously valued in relation to market expectations, but such expectations have been hopelessly low in the past. Moreover, we place considerable value on the company's dominant position in the global market for premium soft drink mixers. At the moment, the risk of selling too early, a sin we have already committed on more than one occasion, looks at least as big as the risk of selling too late.
Elsewhere in the portfolio, recent IPOs Medica, Luceco and UP Global Sourcing all produced dazzling returns, while the more mature holdings Ashtead, Polar Capital and Bluefield Solar made more modest progress. NAHL, however, was hurt by continuing uncertainty over the future of its small claims processing business.
In our last annual report, we listed the many features of the economic and political landscape that were of concern to us. This list has not grown any shorter and some of our concerns - for example the political outlook in the UK - have intensified, but this has not prevented world stockmarkets from delivering strong returns. More importantly from our point of view, the current environment is one in which many of our companies are flourishing. It is impossible to predict how long this happy state of affairs will last, but as long term investors we take confidence in the underlying strengths of the businesses we are invested in.
The principal risks facing the Company are set out at the start of this report. We draw your attention, in particular, to the unusually important role of the directors' judgement in the success or failure of the Company's policy. Related party transactions disclosures are set out in note 7 of the notes to the condensed financial statements below.
* Total returns include the reinvestment of dividends on the date the shares are quoted ex-dividend. Source: Baillie Gifford/Thomson Reuters Datastream and relevant underlying index providers. See disclaimer at the end of this announcement.
When the Company's share price is lower than its net asset value per share the shares are said to be trading at a discount. The size of the discount is calculated as the difference between these two figures expressed as a percentage of the net asset value per share.
Douglas McDougall
17 July 2017
List of Investments as at 31 May 2017 (unaudited) ================================================= Value Value 30 31 Nov Gains/ May 2016 Net transactions (losses) 2017 Sector Name GBP'000 GBP'000 GBP'000 GBP'000 % ---------------------- ---------------------- --------- ----------------- ---------- --------- ------ Housing Bellway 4,882 - 768 5,650 1.9 Berkeley Group 4,952 - 1,558 6,510 2.2 Crest Nicholson 13,113 - 5,832 18,945 6.4 McCarthy and Stone 8,315 - 1,000 9,315 3.1 Persimmon 3,398 - 1,512 4,910 1.7 Redrow 16,344 - 6,076 22,420 7.5 51,004 - 16,746 67,750 22.8 --------- ----------------- ---------- --------- ------ Industrials Ashtead Group 15,640 - 20 15,660 5.3 --------- ----------------- ---------- --------- ------ Retailing Dunelm Group 5,908 2,388 (796) 7,500 2.5 Joules Group 3,660 (1,327) 1,912 4,245 1.4 Land of Leather* - - - - - Motorpoint 5,670 - 1,845 7,515 2.5 15,238 1,061 2,961 19,260 6.4 --------- ----------------- ---------- --------- ------ Consumer Services AA 5,308 (5,194) (114) - - NAHL Group 3,056 - (856) 2,200 0.7 8,364 (5,194) (970) 2,200 0.7 --------- ----------------- ---------- --------- ------ Consumer Goods Luceco 5,744 (1,469) 2,968 7,243 2.4 Up Global Sourcing - 2,730 1,310 4,040 1.4 --------- ----------------- ---------- --------- ------ 5,744 1,261 4,278 11,283 3.8 --------- ----------------- ---------- --------- ------ Travel and Hollywood Bowl Leisure Group 6,680 - 120 6,800 2.3 On the Beach Group 13,260 18 7,093 20,371 6.8 The Gym Group 4,770 - 930 5,700 1.9 --------- ----------------- ---------- --------- ------ 24,710 18 8,143 32,871 11.0 --------- ----------------- ---------- --------- ------ Eddie Stobart Business Services Logistics - 9,156 (168) 8,988 3.0 Gama Aviation 2,360 - 1,920 4,280 1.4 Midwich 4,945 2,069 2,436 9,450 3.2 SThree 4,125 (1,518) 538 3,145 1.1 --------- ----------------- ---------- --------- ------ 11,430 9,707 4,726 25,863 8.7 --------- ----------------- ---------- --------- ------ Technology Alfa Financial and Software - 9,372 678 10,050 3.4 Telecommunications Blue Prism 5,780 406 11,636 17,822 6.0 FDM Group 13,125 (7,198) 6,110 12,037 4.0 Gamma Communications 4,735 (2,645) 770 2,860 1.0 Herald Investment Trust 16,500 (4,638) 2,928 14,790 5.0 Kainos Group 4,455 (1,147) 176 3,484 1.2 44,595 (5,850) 22,298 61,043 20.6 --------- ----------------- ---------- --------- ------ Beverages Fever-Tree Drinks 19,242 3,789 13,782 36,813 12.4 --------- ----------------- ---------- --------- ------ Utilities Telecom Plus 5,000 (4,813) (187) - - --------- ----------------- ---------- --------- ------ Healthcare Medica Group - 5,779 3,121 8,900 3.0 --------- ----------------- ---------- --------- ------ Polar Capital Global Insurance Non Life Insurance Fund - Ireland 4,408 - 217 4,625 1.6 Renewable Bluefield Solar Energy Income - Funds Channel Islands 5,187 (2,200) 493 3,480 1.2 --------- ----------------- ---------- --------- ------ Total Investments 210,562 3,558 75,628 289,748 97.5 Net Liquid Assets 10,308 (2,722) (15) 7,571 2.5 ============================================== ========= ================= ========== ========= ====== Shareholders'
Funds 220,870 836 75,613 297,319 100.0 ============================================== ========= ================= ========== ========= ======
All holdings are in equities domiciled in the UK unless otherwise stated.
* Suspended security.
Income statement (unaudited) ============================ For the six months ended For the six months ended (Audited) 31 May 2017 31 May 2016 For the year ended 30 November 2016 -------------------------- ----------------------------- ----------------------------- ---------------------------- 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 sales of investments - 11,310 11,310 - 7,416 7,416 - 13,029 13,029 Changes in investment holding gains and losses - 64,318 64,318 - 1,924 1,924 - (7,309) (7,309) Currency (losses)/gains - (15) (15) - (18) (18) - 139 139 Income from investments and interest receivable 2,804 - 2,804 2,740 - 2,740 5,091 - 5,091 Other income 13 - 13 14 - 14 48 - 48 Administrative expenses (356) - (356) (360) - (360) (719) - (719) ========================== ========= ======== ======== ========= ======== ======== ======== ======== ======== Net return on ordinary activities before taxation 2,461 75,613 78,074 2,394 9,322 11,716 4,420 5,859 10,279 Tax on ordinary activities - - - - - - - - - ========================== ========= ======== ======== ========= ======== ======== ======== ======== ======== Net return on ordinary activities after taxation 2,461 75,613 78,074 2,394 9,322 11,716 4,420 5,859 10,279 ========================== ========= ======== ======== ========= ======== ======== ======== ======== ======== Net return per ordinary share (note 3) 4.43p 136.28p 140.71p 4.28p 16.66p 20.94p 7.93p 10.51p 18.44p ========================== ========= ======== ======== ========= ======== ======== ======== ======== ======== Note: Dividends per share paid and payable in respect of the period (note 4) 2.00p 5.00p 7.50p -------------------------- --------- -------- -------- --------- -------- -------- -------- -------- --------
The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing operations.
A Statement of Comprehensive Income is not required as all gains and losses of the Company have been reflected in the above statement.
Balance sheet (unaudited) ========================= At 31 May (Audited)) 2017 At 30 November 2016 GBP'000 GBP'000 Fixed assets Investments held at fair value through profit or loss 289,748 210,562 ------------------------------------------------------ ---------- --------------- Current assets Debtors 721 115 Cash at bank and in hand 16,400 10,247 ====================================================== ========== =============== 17,121 10,362 Creditors Amounts falling due within one year (9,550) (54) ------------------------------------------------------ ---------- --------------- Net current assets 7,571 10,308 ------------------------------------------------------ ---------- --------------- Net assets 297,319 220,870 ====================================================== ========== =============== Capital and reserves Called up share capital 13,867 13,882 Share premium account 15,242 15,242 Special distributable reserve 16,387 16,625 Capital redemption reserve 2,665 2,650 Capital reserve 243,595 167,982 Revenue reserve 5,563 4,489 ------------------------------------------------------ ---------- --------------- Shareholders' funds 297,319 220,870 ------------------------------------------------------ ---------- --------------- Net asset value per ordinary share 536.0p 397.7p ------------------------------------------------------ ---------- --------------- Ordinary shares in issue (note 5) 55,470,000 55,530,000 ------------------------------------------------------ ---------- --------------- Statement of changes in equity (unaudited) ==========================================
For the six months ended 31 May 2017
Special Capital Shareholders' Called up Share premium distributable redemption Capital Revenue funds share capital account reserve reserve Reserve* reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------- -------------- ------------- ------------- ------------- --------- -------------- -------------- Shareholders' funds at 1 December 2016 13,882 15,242 16,625 2,650 167,982 4,489 220,870 Net return on ordinary activities after taxation - - - - 75,613 2,461 78,074 Shares bought back for cancellation (note 5) (15) - (238) 15 - - (238) Dividends paid (note 4) - - - - - (1,387) (1,387) -------------- -------------- ------------- ------------- ------------- --------- -------------- -------------- Shareholders' funds at 31 May 2017 13,867 15,242 16,387 2,665 243,595 5,563 297,319 -------------- -------------- ------------- ------------- ------------- --------- -------------- --------------
For the six months ended 31 May 2016
Special Capital Shareholders' Called up Share premium distributable redemption Capital Revenue funds share capital account reserve reserve Reserve* reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------- ------------- -------------- ------------- ------------- --------- -------------- -------------- Shareholders' funds at 1 December 2015 14,032 15,242 18,831 2,500 162,123 6,243 218,971 Net return on ordinary activities after taxation - - - - 9,322 2,394 11,716 Shares bought back for cancellation (note 5) (150) - (2,206) 150 - - (2,206) Dividends paid (note 4) - - - - - (6,174) (6,174) -------------- ------------- -------------- ------------- ------------- --------- -------------- -------------- Shareholders' funds at 31 May 2016 13,882 15,242 16,625 2,650 171,445 2,463 222,307 -------------- ------------- -------------- ------------- ------------- --------- -------------- --------------
* The Capital Reserve balance at 31 May 2017 includes investment holding gains on fixed asset investments of GBP121,558,000 (31 May 2016 - gains of GBP66,473,000).
Notes to the condensed financial statements (unaudited) ======================================================= 1. The condensed financial statements for the six months to 31 May 2017 comprise the statements set out above and the related notes below. They have been prepared in accordance with FRS 104 'Interim Financial Reporting' and the AIC's Statement of Recommended Practice issued in November 2014 and have not been audited or reviewed by the Auditor pursuant to the Auditing Practices Board Guidance on 'Review of Interim Financial Information'. The financial statements for the six months to 31 May 2017 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 30 November 2016, which included the early adoption of Amendments to FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland - fair value hierarchy disclosures'. The Company has elected not to present a Statement of Cash Flows for the current period as a Statement of Changes in Equity has been provided and substantially all of the Company's investments are highly liquid and are carried at market value. The financial statements for the six months to 31 May 2017 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 30 November 2016. Fair Value Hierarchy The fair value hierarchy used to analyse the basis on which the fair values of financial instruments held at fair value through the profit or loss account are measured is described below. The fair value measurements are categorised on the basis of the lowest level input that is significant to the fair value measurement. Level 1 - using unadjusted quoted prices for identical instruments in an active market; Level 2 - using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable (based on market data); and Level 3 - using inputs that are unobservable (for which market data is unavailable). All of the Company's investments at 31 May 2017 and 30 November 2016, which are financial instruments held at fair value through the profit or loss accounts, are categorised as Level 1 in the above hierarchy. For all other financial assets and liabilities carrying value approximates to fair value financial instruments held at fair value through the profit or loss account. Going Concern Having considered the Company's current position, self-managed status, the nature of its assets, liabilities, projected income and expenditure together with the Company's investment objective and policy, dividend policy and principal risks and uncertainties, as set out above, it is the directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company's assets, the majority of which are investments in quoted securities which are readily realizable, exceed its liabilities significantly. The Company has no loans. Accordingly, the directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements and confirm that they are not aware of any material uncertainties which may affect its ability to continue to do so over a period of at least twelve months from the date of approval of these financial statements. ===================================================================================================== 2. The financial information contained within this Interim Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 30 November 2016 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's Report on those accounts was not qualified and did not contain statements under sections 498(2), (3) or (4) of the Companies Act 2006. ===================================================================================================== 3. Net return per ordinary share Six months ended 31 May 2017 Six months ended 31 May 2016 (Audited) GBP'000 GBP'000 Year ended 30 November 2015 GBP'000 ================================ ============================= ============================= ================= Revenue return on ordinary activities after taxation 2,461 2,394 4,420 Capital return on ordinary activities after taxation 75,613 9,322 5,859 ------------------------------------ ----------------------------- ----------------------------- ----------------- Total net return 78,074 11,716 10,279 ------------------------------------ ----------------------------- ----------------------------- ----------------- The returns per share are based on the above returns and on 55,485,824 (31 May 2016 - 55,946,394; 30 November 2016 - 55,738,196) shares, being the weighted average number of shares in issue during each period. There was no dilution of returns during any of the financial periods under review. ----------------------------------------------------------------------------------------------------------------- 4. Dividends Six months ended 31 May 2016 Six months ended 31 May 2015 (Audited) GBP'000 GBP'000 Year ended 30 November 2015 GBP'000 -------------------------------- ----------------------------- ----------------------------- ----------------- Amounts recognised as distributions in the period: Previous year's second interim (2016 - 3.00p) - 1,684 1,684 Previous year's special of 2.50p paid 6 April 2017 (2016 - 3.00p) 1,387 1,684 1,684 Interim (2016 - 5.00p) - 2,806 2,806 ------------------------------------ ----------------------------- ----------------------------- ----------------- 1,387 6,174 6,174 ------------------------------------ ----------------------------- ----------------------------- ----------------- Amounts paid and payable in respect of the period: Interim of 2.00p payable 25 August 2017 (2016 - 5.00p) 1,109 2,806 2,806 Special (2016 - 2.50p) - - 1,388 ------------------------------------ ----------------------------- ----------------------------- ----------------- 1,109 2,806 4,194 ------------------------------------ ----------------------------- ----------------------------- ----------------- The Interim dividend in respect of the six months to 31 May 2017 was declared after the period end and has therefore not been included as a liability in the balance sheet. It is payable on 25 August 2017 to shareholders on the register at the close of business on 4 August 2017. The ex-dividend date is 3 August 2017. ===================================================================================================================== 5. During the period the Company bought back 60,000 ordinary shares of 25p each at a cost of GBP238,000 for cancellation. At 31 May 2017, the Company had authority to buy back a further 8,314,953 ordinary shares as well as the authority to allot new shares up to an aggregate nominal amount of GBP4,774,939. ================================================================================================================= 6. Transaction costs incurred on the purchase and sale of the investments are added to the purchase cost or deducted from the sale proceeds, as appropriate. During the period, transaction costs on purchases amounted to GBP103,000 (31 May 2016 - GBP6,000; 30 November 2016 - GBP64,000) and transaction costs on sales amounted to GBP77,000 (31 May 2016 - GBP66,000; 30 November 2016 - GBP99,000). ================================================================================================================= 7. Related party transactions There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have there been no changes in the related party transactions
described in the last Annual Report and Financial Statements that could have had such an effect on the Company during that period. =================================================================================================================
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FTSE Index data
FTSE International Limited ('FTSE') (c) FTSE 2017. 'FTSE(R)' is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE's express written consent. FTSE does not promote, sponsor or endorse the content of this communication.
- ends -
The Interim Financial Report will be available at www.independentinvestmenttrust.co.uk and will be posted to shareholders on or around 27 July 2017. None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
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 announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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