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Murray Income Trust PLC- Half Yearly Financial Report 2020

This content has been sourced from: https://www.investegate.co.uk/murray-inc-trust-plc...

Performance Highlights

 

 

Net asset value total return{A}

Share price total return{A}

Benchmark total return

Ongoing charges {A,B}

Six months ended 31 December 2020

+9.2%

Six months ended 31
December 2020

+11.6%

Six months ended 31 December 2020

+9.3%

Six months ended 31 December 2020

0.46%

 

 

 

 

 

 

 

 

 

 

Year ended 30 June 2020

-5.3%

Year ended 30 June 2020

-5.8%

Year ended 30 June 2020

-13.0% 

Year ended 30 June 2020

0.64%

 

Earnings per share

 

Dividend per Ordinary share

 

Dividend yield{A}

 

Discount to net asset value{A}

Six months ended 31 December 2020

13.5p

Year ended 30 June 2020

34.25p

As at 31 December 2020

4.1%

As at 31 December 2020

-3.0%

 

 

 

 

 

 

 

 

Six months ended 31 December 2019

15.4p

Year ended 30 June 2019

34.00p

As at 30 June 2020

4.5%

As at 30 June 2020

-5.0%

                   

 

 

31 December 2020

30 June 2020

Equity shareholders' funds (£'000)

1,003,997

534,361

Net asset value per Ordinary share - debt at par

857.8p

808.3p

Share price of Ordinary share (mid-market)

832.0p

768.0p

 

{A} Considered to be an Alternative Performance Measure.

{B} Lower than would normally be expected due to a management fee waiver in respect of net assets transferred from Perpetual Income and Growth Investment Trust plc in November 2020.

 

Dividends

 

Rate

XD date

Record date

Payment date

First interim

12.55p

29 Oct 2020

30 Oct 2020

17 Dec 2020

Second interim

3.95p

18 Feb 2021

19 Feb 2021

18 Mar 2021

Third interim

8.25p

20 May 2021

21 May 2021

17 Jun 2021

 

Financial Calendar

 

 

Payment dates of quarterly dividends

December, March, June, September

 

Financial year end

30 June

 

 

Expected announcement date of annual results

September

 

 

Annual General Meeting (London)

November

 

 

CHAIRMAN'S STATEMENT

 

First I would like to reiterate my warm welcome to all our new shareholders and to thank them and our existing shareholders for their strong support during the merger with Perpetual Income and Growth Investment Trust ("PLI"). The merger was completed successfully on 17 November 2020 with 80% of PLI and net assets of £427m joining us, representing 43.5% of the enlarged Company. Some of the results can be seen already. Net assets are now over £1bn, trading volumes are higher, and we have seen an approximate halving of the bid-offer spread when trading. Your Company has also been included in the FTSE 250 Index. Once the Manager's six-month management fee subsidy has expired, the Company's blended management fee rate will be 0.36% p.a. as compared to the pre-merger rate of 0.48% p.a.

 

Performance

After an exceptional run of outperformance for nine quarters in a row, we ran into some performance headwinds in the final quarter of 2020 which our Manager Charles Luke explains in more detail in his report. Over the six months ended 31 December 2020, the Company's net asset value ("NAV") per share rose 9.2% in total return terms, slightly behind the FTSE All-Share Index (the "Index") return of 9.3%. The share price total return was 11.6% with the discount narrowing from 5.0% to 3.0%.

 

Looking over longer periods to 31 December 2020, as set out in the table below, performance is significantly ahead of the Index over one, three, five and ten years.

 

At the same time we continue to grow our dividend, with a dividend increase chalked up in every one of the past forty-seven years. This puts us into the top ten (as measured by the number of years of dividend growth) in the AIC's 'Dividend Heroes' list of investment trusts with 20 years or more of consecutive annual dividend growth.

 

 

Performance (total return)

Year ended

3 years ended

5 years ended

10 years ended

 

 

31 December 2020

31 December 2020

31 December 2020

31 December 2020

Net Asset Value per Ordinary share (par){A}

-5.1%

11.5%

44.7%

103.1%

 

Share price per Ordinary share{A}

-2.4%

19.5%

55.1%

105.5%

 

FTSE All-Share Index

-9.8%

-2.7%

28.5%

71.9%