THE BANKERS INVESTMENT TRUST PLC
(‘the Company’)
Unaudited results for the half-year ended 30 April 2026
This announcement contains regulated information
INVESTMENT OBJECTIVE
Over the long term, the Company aims to achieve capital growth in excess of the FTSE World Index and dividend growth greater than inflation, as measured by the UK Consumer Price Index (‘CPI’), by investing in companies listed throughout the world.
INVESTMENT POLICY
The following investment ranges apply:
- Equities: 80% to 100%
- Debt securities and cash investments: 0% to 20%
- Investment trusts, collective funds and derivatives: 0% to 15%
To achieve an appropriate spread of investment risk the portfolio is broadly diversified by geography, sector and company. The Manager (‘Janus Henderson’) has the flexibility to invest in any geographic region and any sector with no set limits on individual country or sector exposures and, therefore, the make-up and weighting of the portfolio may differ materially from the FTSE World Index.
The Manager primarily employs a bottom-up stock picking investment process, across four regional portfolios, to identify suitable opportunities. While each regional portfolio manager employs their own investment style, they all pay particular regard to cash generation and dividend growth over the medium term.
The Company can, but normally does not, invest up to 15% of its gross assets in any other investment companies (including listed investment trusts).
Derivatives
The Company may use financial instruments known as derivatives for the purpose of efficient portfolio management while maintaining a level of risk consistent with the risk profile of the Company.
Gearing
The Company can borrow to make additional investments with the aim of achieving a return that is greater than the cost of the borrowing. The Company can borrow up to 20% of net assets at the time of draw down.
PERFORMANCE HIGHLIGHTS
| 30 April 2026 | 30 April 2025 | |
| Net asset value (‘NAV’) per share1 | 152.0p | 121.5p |
| Share price | 140.2p | 109.6p |
| Revenue return per share | 1.05p | 1.16p |
| Dividends paid or declared in respect of the period2 | 1.414p | 1.372p |
Total return performance to 30 April 2026 (including dividends reinvested and excluding transaction costs)
| 6 months % | 1 year % | 3 years % | 5 years % | 10 years % | |
| NAV3 | 3.7 | 27.6 | 44.2 | 47.8 | 204.4 |
| Share price4 | 6.5 | 30.6 | 49.5 | 37.5 | 199.5 |
| FTSE World Index5 | 5.5 | 31.0 | 64.2 | 79.9 | 239.3 |
1 Net asset value per share with debt at fair value
2 The first interim dividend for 2026 was paid on 29 May 2026; the second interim dividend has been declared and will be paid on 28 August 2026
3 Net asset value total return per share with income reinvested and with debt at fair value. Performance is calculated based on the daily NAV per ordinary share published as at the half year-end date with debt at fair value and this may differ from the NAV per share reported in the financial statements.
4 Share price total return using mid-market closing price
5 For 10 years, the benchmark is a composite of the FTSE World Index and the FTSE All-Share Index
INTERIM MANAGEMENT REPORT
CHAIR’S STATEMENT
Dear shareholder,
Performance
The six months to 30 April 2026 witnessed their fair share of geopolitical events. The on-off nature of US trade tariffs as well as the escalation of the conflict with Iran created volatility in markets. The world feels an uncomfortable place; however, despite the challenges, economies and corporate profits have continued to grow. By historic standards unemployment is low and wage growth continues to support consumer spending despite the higher level of inflation. Bond yields have risen in recent months reflecting worries about stagflation but share prices rebounded in April in the hope of a ceasefire.
Your Company has delivered a net asset value total return over the six months ended 30 April 2026 of +3.7% (2025: -4.0%) and a share price total return of +6.5% (2025: +0.1%), compared with the FTSE World Index benchmark total return of +5.5% (2025: -2.6%) over the same period. The portfolio’s regional allocation has been a positive contributor to performance during the period, especially the overweight allocation to Japan. Sectoral performance has seen a wide dispersion of returns. Energy and materials sectors have outperformed over the period while consumer driven sectors have lagged. The Fund Managers discuss at greater length the key drivers of performance in their report.
Revenue and financial statements
Our net revenue for the six months was £10.0 million (2025: £12.6 million), equivalent to 1.05p per share (2025: 1.16p). The reduction in income has previously been highlighted. It remains our expectation that profit growth over time will ultimately lead to higher dividends. A first interim dividend of 0.707p per share (2025: 0.686p) was paid on 29 May 2026. The Board has declared a second interim dividend of 0.707p (2025: 0.686p) per share, an increase of 3.1%, which will be payable on 28 August 2026 to shareholders on the register on 24 July 2026.
The Board’s current expectation is that the dividend for the full year will be at least 3% above the total dividend paid in 2025. This forecast continues to deliver the Company’s progressive dividend policy of successive annual dividend growth which it has achieved every year over the past 59 years.
Investment approach
Bankers has a 138-year history of adapting to changing markets while remaining true to its core purpose of growing capital and income for shareholders. The trust has evolved over time to reflect how global companies grow, how markets function and, importantly, how opportunities are created. This process of evolution is deliberate: building on a strong heritage, while ensuring the portfolio remains forward-looking and relevant for today’s investors.
Over the past year, the Board has supported several changes to strengthen the Company’s ability to deliver long-term capital growth alongside a growing dividend. Since our last update, the unification of the portfolio has continued, and the number of holdings has been reduced to around 80. The result is a clearer focus on the manager’s highest conviction ideas. As more companies are growing to substantial scale before seeking a stock market listing, there can be opportunities to invest before a public offering. We are currently reviewing whether we seek to extend our investment policy to take advantage of these opportunities in a prudent manner and we will update shareholders in due course.
Specialist regional expertise remains an important input, particularly in areas such as Asia and Japan, but is now applied in support of a more cohesive, globally constructed portfolio. This reflects the most important drivers of change; technological innovation, demographic shifts and the energy transition, which are not confined by geography, but play out across markets and sectors.
The Board believes this approach enhances the Company’s ability to identify and invest in companies that can benefit from these long-term trends. By focusing on individual businesses with strong fundamentals, cash generation and the potential to grow over time, the portfolio is positioned to outperform over the long-term. At the same time, the Company retains the discipline and balance that have underpinned its record of dividend growth, ensuring that income continues to play a supportive role alongside capital growth.
Fund Manager Update
After 23 years as Fund Manager of The Bankers Investment Trust, and 36 years in financial services, Alex Crooke will be retiring from the industry in December 2026. Alex will remain engaged in his current role until his departure, after which Richard Clode will continue as Fund Manager of your Company.
The Board would like to thank Alex for his momentous contribution to Bankers. He and his predecessor, Michael Moule, have managed the Company between them for the past 50 years while Alex has delivered an annualised NAV total return of 11% during his 23 years of service. This exemplifies Bankers’ consistent philosophy of long-term growth and performance. Alex has combined intellect with stature and he commands respect from shareholders, colleagues and competitors alike. We all wish him the very best for a well-deserved retirement.
Both the Board and Alex are delighted to have Richard in place to continue managing the portfolio and have every confidence in his abilities to do so.
Outlook
This time last year, the magnitude of US tariffs worried investors and yet companies found a way to trade through the uncertainty. Currently the concern is the elevated price of oil following the blockade in the Strait of Hormuz. Exposure to resilient companies with the financial resources to invest in innovation can provide a buffer to these macro challenges.
Simon Miller
Chair
23 June 2026