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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Investec H.I.T. | LSE:ICH | London | Ordinary Share | GB0030197460 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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INVESTEC HIGH INCOME TRUST PLC
Unaudited Preliminary Results for the year ended 31 March 2007
Chairman's Statement
In the year to 31st March 2007 the total return on your Company's gross assets,
including income paid out as dividends and before loan interest, was 9.3%. This
compares with a total return of 11.2% from the FTSE All Share Index and 7.7%
from the FTSE 350 Higher Yield Index. Much of the gain from the former can be
attributed to an exceptional performance by FTSE 250 companies. For your
portfolio, the strong showing of these medium sized companies and split capital
trusts counteracted a lack of exposure to the mining sector and a greater
emphasis on larger capitalisations.
Once again dividend growth was strong and the combination of secure balance
sheets, good earnings growth and some investor encouragement meant greater
increases in distributions than most market forecasts. This rising trend in
revenue received has allowed your Company's dividend to be maintained. Your
directors have declared a fourth interim dividend of 1.625p per ordinary share
making a total of 6.5p for the full year. This dividend will be paid on 24th
May 2007 to shareholders on the register on 10th April 2007.
Investors in almost all asset classes have made excellent returns over the past
four years. Not surprisingly this has not only improved confidence but has also
eliminated a number of good investment opportunities. For many companies
margins remain near multi-year highs and current share valuations are at levels
which require a continuing supply of good news to justify.
Your board supports the Manager's belief that much of the best value in the UK
market is now in the very largest stocks - the 'mega caps'. Eight companies,
among the ten largest in the FTSE 100 Index, currently represent almost 40% of
the portfolio. While opportunities can still be found elsewhere in the market
we are concerned that any general sell-off amongst medium and smaller sized
companies may be indiscriminate. As a result, in January, we felt it right to
purchase a bespoke long-dated put option to protect that part of the portfolio
which seemed most vulnerable to such a correction.
The Annual General Meeting will be held on Monday 2nd July at the Managers'
offices in London. I look forward to welcoming as many of you as possible.
James Dawnay
11 May 2007
TWENTY LARGEST INVESTMENTS
as at 31 March 2007
Valuation
COMPANY £'000
Royal Dutch Shell `B' Shares 3,641
BP 3,619
HSBC Holdings 3,374
GlaxoSmithKline 3,196
Vodafone 2,787
Royal Bank of Scotland 2,460
European Equity Tranche Income 1,898
Unilever 1,880
BT 1,822
AstraZeneca 1,764
Merrill Lynch FTSE 100 Ex Top 20 Put Option 1,307
January 2009 ¹
Accelerated Return Fund 1,110
Kingfisher 1,077
JPMorgan Fleming Income & Capital Investment Trust 1,060
HBOS 1,052
Cable & Wireless 8.75% 6/8/12 1,043
Prudential 910
Signet 841
Wetherspoon (JD) 800
Speymill Deutsche Immobilien 742
36,383
¹ The value of the option is linked to an index of equity stocks represented by
the FTSE 100 Index but excluding the largest 20 companies.
Unaudited Consolidated Income Statement
for the year ended 31 March 2007
Year ended Year ended
31 March 2007 31 March 2006
(Unaudited) (Audited)
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment Income 2,086 - 2,086 2,389 - 2,389
Other operating 120 - 120 64 - 64
income
2,206 - 2,206 2,453 - 2,453
Gains on
investments
Gains on fair - 3,344 3,344 - 9,978 9,978
value through
profit or loss
assets
Total income 2,206 3,344 5,550 2,453 9,978 12,431
Expenses
Management fees (142) (330) (472) (126) (293) (419)
Other expenses (260) (102) (362) (244) (137) (381)
Profit before 1,804 2,912 4,716 2,083 9,548 11,631
finance costs &
tax
Finance costs (278) (1,768) (2,046) (278) (1,678) (1,956)
Profit before tax 1,526 1,144 2,670 1,805 7,870 9,675
Tax - - - - - -
Profit for the 1,526 1,144 2,670 1,805 7,870 9,675
year
Return per 5.45p 4.09p 9.54p 6.45p 28.11p 34.56p
Ordinary Share
(basic & diluted)
The total column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS. The supplementary revenue and capital return
columns are both prepared under guidance published by the Association of
Investment Companies. All items in the above statement derive from continuing
operations. All profit is attributable to the equity shareholders of the parent
company.
Unaudited Consolidated Balance Sheet
as at 31 March 2007
31 March 2007 31 March 2006
(Unaudited) (Audited)
£'000 £'000 £'000 £'000
Non current assets
Investments held at fair
value through profit or loss
Derivative 1,307 -
Non-derivative 52,017 49,944
53,324 49,944
Current assets
Other receivables 354 919
Cash and cash equivalents 1,569 2,462
1,923 3,381
Total assets 55,247 53,325
Current liabilities
Other payables (196) (245)
Total assets less current 55,051 53,080
liabilities
Non current Assets/
Liabilities
Bank loan (14,600) (14,600)
Liability attributable to (13,924) (12,803)
zero dividend preference
holders
Interest rate swap liability - (238)
(28,524) (27,641)
Non current Assets
Interest rate swap asset 93 -
93 -
Net assets 26,620 25,439
Equity attributable to
equity holders
Ordinary share capital 7,000 7,000
Cashflow hedging reserve 93 (238)
Special reserve 19,740 19,740
Capital reserve - realised (5,901) (8,700)
Capital reserve - unrealised 4,927 6,582
Revenue reserve 761 1,055
26,620 25,439
Total equity 26,620 25,439
Net asset value per ordinary 95.07p 90.85p
share:
Unaudited Consolidated Statement of Changes in Equity
for the year ended 31 March 2007
Cashflow Capital Capital
Share Special Hedging Reserve Reserve Revenue Total
Capital Reserve Reserve Realised Unrealised Reserve Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 7,000 19,740 - (13,100) 3,112 1,070 17,822
2005
Changes in Equity
for 2006
Profit for the year - - - 4,400 3,470 1,805 9,675
7,000 19,740 - (8,700) 6,582 2,875 27,497
IFRS initial - - (195) - - - (195)
recognition of cash
flow hedging reserve
Loss on effective - - (43) - - - (43)
cashflow hedge taken
to equity
Dividends paid to - - - - - (1,820) (1,820)
equity shareholders
Balance at 31 March 7,000 19,740 (238) (8,700) 6,582 1,055 25,439
2006 (Audited)
Changes in equity
for 2007
Profit for the year - - - 2,799 (1,655) 1,526 2,670
7,000 19,740 (238) (5,901) 4,927 2,581 28,109
Gain on effective - - 331 - - - 331
cash flow hedge
taken to equity
Dividends paid to - - - - - (1,820) (1,820)
equity shareholders
Balance at 31 March 7,000 19,740 93 (5,901) 4,927 761 26,620
2007 (Unaudited)
Unaudited Consolidated Cash Flow Statement
for the year ended 31 March 2007
31 March 2007 31 March 2006
(Unaudited) (Audited)
£'000 £'000 £'000 £'000
Cash flow from operating
activities
Profit before tax 2,670 9,675
Adjustments for:
Purchases of investments ¹ (21,723) (24,795)
Sales of investments ¹ 22,164 26,604
441 1,809
Gains on investments (3,344) (9,978)
Financing costs 2,046 1,956
Operating cash flows before 1,813 3,462
movements in working capital
(Decrease) / increase in 34 (22)
receivables
Increase in payables 15 22
Net cash flow from operating 1,862 3,462
activities before and after
tax
Cash flow from financing
activities
Interest paid on borrowing (926) (921)
Equity dividends paid (1,820) (1,820)
Net cash flow from financing (2,746) (2,741)
activities
Net change in cash and cash (884) 721
equivalents
Cash and cash equivalents at 2,462 1,740
the beginning of the year
Net foreign exchange movements (9) 1
Cash and cash equivalents at 1,569 2,462
the end of the year
Cash and cash equivalents (which are presented as a single class of asset on
the balance sheet) comprise cash at bank and other short term investments with
a maturity of three months or less.
¹ Purchases and sales of investments are considered to be operating activities
of the Group and
Company, given its purpose, rather than investing activities.
Notes
i. Dividends: A third interim dividend of 1.625 per ordinary share of 25p
(2006: 1.625p per ordinary share of 25p) was paid on 22 February 2007. A
fourth interim dividend of 1.625p per ordinary share of 25p (2006: 1.625p
per ordinary share of 25p) will be paid on 24 May 2007 to shareholders on
the register on 10 April 2007. The shares were quoted ex-dividend from 4
April 2007.
ii. The figures set out above are derived from the unaudited consolidated
accounts of Investec High Income Trust Plc and its subsidiaries for the
year ended 2007 and the audited accounts for the year ended 2006. The 2007
accounts will be sent to shareholders shortly.
iii. The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 March 2007 or the year ended 31
March 2006. The financial information for 2006 is derived from the
statutory accounts for 2006, which have been delivered to the Registrar of
Companies. The auditors have reported on the 2006 accounts; their report
was unqualified, did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying the report
and did not contain a statement under section 237 (2) or (3) of the
Companies Act 1985. The statutory accounts for the year ended 31 March 2007
have not yet been delivered to the Registrar of Companies, nor have the
auditors yet reported on them. The statutory accounts for the year ended 31
March 2007 will be finalised on the basis of the information presented by
the directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting.
For further information please contact:
Martin Slade
Investec Investment Management Limited 020 7597 2000
END
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