GLASGOW INCOME TRUST-ORD TROY INCOME & GROWTH TRUST PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 2017
The principal objective of Troy Income & Growth Trust is to provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.
Financial Highlights | |||
31 March 2017 | 30 September 2016 | % Change | |
Equity shareholders' funds (£'000) | 225,991 | 215,463 | +4.9 |
Net asset value per share | 78.66p | 76.41 | +2.9 |
Share price (mid-market) | 79.75p | 77.00p | +3.6 |
Premium to net asset value | 1.4% | 0.8% | |
Total Returns* (for the periods to 31 March 2017) | |||||
Six months | One Year | Three Years | Five Years | Seven Years | |
Share price | +5.3% | +13.2% | +37.8% | +74.7% | +112.8% |
Net asset value per share | +4.3% | +12.8% | +37.0% | +73.3% | +108.6% |
FTSE All-Share Index | +8.1% | +22.0% | +24.9% | +58.7% | +74.9% |
* Total return includes reinvesting the net dividend in the month that the share price goes ex-dividend. | |||||
INTERIM BOARD REPORT AS AT 31 MARCH 2017
Performance
The Company delivered a Net Asset Value (NAV) total return of +4.3% over the six months to 31 March 2017. The share price total return of +5.3% reflected a small increase in the premium to NAV, while the FTSE All-Share Index produced a total return of +8.1% over the same period. Over the twelve months to 31 March 2017 the NAV total return of +12.8% lagged that of the FTSE All-Share Index which returned +22.0% in what was a challenging period for Troy Asset Management's investment style. However, the Board is predominately interested in longer-term performance and over the three year period the NAV total return of +37.0% continues to compare favourably to the market return of +24.9%.
The Company increased the aggregate of the first and second interim dividends by +4.17% to 1.25p (a quarterly rate of 0.625p) when compared to the equivalent dividends in the previous year.
Background
Politics were once again the preeminent force influencing markets. Following the landmark election of Donald Trump in early November 2016 securities quickly priced in the victor's promises of a broad fiscal stimulus package funded by government debt as well as the prospect of a 'normalisation' of Federal Reserve monetary policy. The yield on ten-year US Treasury bonds reacted by rising almost 60 basis points and a sharp shift in sentiment precipitated a broad rotation out of defensive, high quality investments into more cyclical and value-oriented equities that lasted well into the new year.
The consumer staples sector, which had fallen out of favour in the second half of 2016, was back in vogue in February and March owing largely to heightened M&A activity in the sector. Reckitt Benckiser agreed a $17.9bn takeover of US infant formula manufacturer Mead Johnson and Kraft-Heinz launched a short-lived £115bn bid for the consumer goods giant Unilever before dropping its pursuit following a frosty reception from both the company and investors. Although investors may from time to time become blasé about the sustainable and robust returns delivered by high quality franchises, such periods provide opportunities for patient investors. The move by Kraft-Heinz underpins the Managers' view that substantial value remains in some of the UK's best companies.
In the US the relationship between Donald Trump and the broader republican congress has had a shaky start. The incompatibility of conservatism and populism was laid bare as the new president and his GOP majority failed to pass the American Health Care Act. Trump's honeymoon with the US equity market has however, fared better with the Dow Jones having pushed through the 20,000 barrier and many other equity indices continuing to make new highs through the first quarter of 2017.
Discount Control Mechanism
In the six months to 31 March 2017, the Company issued a net figure of 5.33 million shares to the market bringing the total shares in issue to 287.3 million. In March the Company demonstrated its commitment to buying back shares when the market is oversupplied, by purchasing 120,000 of its own shares in the market. These shares were reissued ahead of the period end and as such there are currently no shares held in treasury. As the Company has grown, partially due to the Discount Control Mechanism, the ongoing charges figure has steadily declined to less than 1% from 1.39% in 2009.
Gearing
The Company continues to maintain an ungeared balance sheet, though at the period end was in the process of reviewing its borrowing facilities and has since announced a new £20 million facility with ING. A conservative approach to gearing is one contributor to the Company being less volatile than most of its peers and the future use of borrowing would always be tactical rather than structural.
Dividends
The current quarterly dividend rate is 0.625p and the second quarterly dividend was paid on 28 April 2017. As in previous years the Board will consider an uplift to the final quarterly dividend before the year end on 30 September.
Outlook
Despite the European Union having now formally received Theresa May's letter, notifying it of the United Kingdom's intention to leave the bloc, the UK's economic circumstances continue to reflect a 'post-referendum' but 'pre-Brexit' world. Since the referendum, the FTSE All-Share has risen materially. This can partly be explained by sterling's depreciation which has increased the value of the substantial overseas cash flows that are a feature of the UK's global large capitalisation constituents. As negotiations evolve over the next two years, and with a general election announced for the 8 June, there is a material risk that sterling and UK equities become increasingly volatile.
It also remains to be seen whether the recent surge in inflation in the British economy will be transient or sustained. The Bank of England's Monetary Policy Committee faces a delicate balancing act over the coming months to ensure an economy recording solid expansion is not set off course by rising inflationary pressures.
In such an uncertain market environment the Company's emphasis on investing in businesses that can deliver stable and growing dividends, underpinned by strong cash flows and robust business models seems to be ever more important.
David Warnock
Chairman
2 May 2017
Principal Risks and Uncertainties
The principal risks facing the Company relate to the Company's investment activities and include performance and market risk, resource risk and operational risk. Other risks faced by the Company include breach of regulatory rules which could lead to suspension of the Company's Stock Exchange Listing, financial penalties, or a qualified audit report. Breach of Section 1159 of the Corporation Tax Act 2010 could lead to the Company being subject to tax on capital gains.
An explanation of these principal risks and how they are managed is contained in the Strategic Report within the Annual Report and Accounts for the year ended 30 September 2016.
The Company's principal risks and uncertainties have not changed since the date of the Annual Report and are not expected to change for the remaining six months of the Company's financial year.
Going Concern
The Directors believe having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Directors' Responsibility Statement
The Directors are responsible for preparing the half yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:
- the condensed set of interim financial statements contained within the half yearly financial report have been prepared in accordance with International Accounting Standard 34; and,
- the Interim Board Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the financial year and description of principal risks and uncertainties for the remaining six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FCA's Disclosure Guidance and Transparency Rules.
The half yearly financial report for the six months to 31 March 2017 comprises the Interim Board Report, the Directors' Responsibility Statement and a condensed set of financial statements.
For and on behalf of the Board
David Warnock
Chairman
2 May 2017
STATEMENT OF COMPREHENSIVE INCOME | |||||||
Six months ended 31 March 2017 (unaudited) | Six months ended 31 March 2016 (unaudited) | ||||||
Revenue | Capital | Total | Revenue | Capital | Total | ||
Notes | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Profits on investments held at fair value | |||||||
- | 7,262 | 7,262 | - | 8,309 | 8,309 | ||
Currency losses | - | (6) | (6) | - | (6) | (6) | |
Income | 2 | 3,896 | - | 3,896 | 3,614 | - | 3,614 |
Investment management | |||||||
fees | (277) | (515) | (792) | (244) | (454) | (698) | |
Other administrative | |||||||
expenses | (235) | - | (235) | (228) | - | (228) | |
_______ | ______ | _______ | _______ | ______ | _______ | ||
Profit before taxation | 3,384 | 6,741 | 10,125 | 3,142 | 7,849 | 10,991 | |
Taxation | 3 | (55) | - | (55) | (36) | - | (36) |
_______ | ______ | _______ | _______ | ______ | _______ | ||
Profit for the period | 3,329 | 6,741 | 10,070 | 3,106 | 7,849 | 10,955 | |
_______ | ______ | _______ | _______ | ______ | _______ | ||
Earnings per Ordinary | |||||||
share (pence) | 5 | 1.17 | 2.36 | 3.53 | 1.18 | 2.98 | 4.16 |
_______ | ______ | _______ | _______ | ______ | _______ | ||
The 'Profit for the period' is also the Total Comprehensive Income for the period as defined in IAS1 (revised). The total columns of this statement represents the Statement of Comprehensive Income prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. No operations were acquired or discontinued during the period. |
STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) | Year ended 30 September 2016 (audited) | |||
Revenue | Capital | Total | ||
Notes | £'000 | £'000 | £'000 | |
Profits on investments held at fair value | - | 20,740 | 20,740 | |
Currency losses | - | (13) | (13) | |
Income | 2 | 8,008 | - | 8,008 |
Investment management fees | (508) | (943) | (1,451) | |
Other administrative expenses | (437) | - | (437) | |
______ | _______ | ______ | ||
Profit before taxation | 7,063 | 19,784 | 26,847 | |
Taxation | 3 | (101) | - | (101) |
______ | _______ | ______ | ||
Profit for the period | 6,962 | 19,784 | 26,746 | |
______ | _______ | ______ | ||
Earnings per Ordinary share (pence) | 5 | 2.59 | 7.37 | 9.96 |
______ | _______ | ______ | ||
STATEMENT OF FINANCIAL POSITION | ||||
As at 31 March 2017 (unaudited) £'000 | As at 31 March 2016 (unaudited) £'000 | As at 30 September 2016 (audited) £'000 | ||
Notes | ||||
Non-current assets | ||||
Ordinary shares | 222,425 | 181,914 | 206,641 | |
______ | ______ | ______ | ||
Investments held at fair value through profit or loss | 222,425 | 181,914 | 206,641 | |
______ | ______ | ______ | ||
Current assets | ||||
Fair value of forward currency contract | 6 | 76 | 203 | - |
Accrued income and prepayments | 785 | 1,082 | 517 | |
Trade and other receivables | 95 | - | - | |
Cash and cash equivalents | 3,118 | 9,605 | 9,507 | |
______ | ______ | ______ | ||
Total current assets | 4,074 | 10,890 | 10,024 | |
______ | ______ | ______ | ||
Total assets | 226,499 | 192,804 | 216,665 | |
Current liabilities | ||||
Trade and other payables | (508) | (807) | (1,069) | |
Fair value of forward currency contract | _ | _ | (133) | |
______ | ______ | ______ | ||
Total current liabilities | (508) | (807) | (1,202) | |
______ | ______ | ______ | ||
Net assets | 225,991 | 191,997 | 215,463 | |
______ | ______ | ______ | ||
Issued capital and reserves attributable to | ||||
equity holders | ||||
Called-up share capital | 7 | 71,823 | 66,811 | 70,492 |
Share premium account | 21,286 | 11,353 | 18,600 | |
Special reserves | 63,505 | 63,504 | 63,504 | |
Capital reserve | 8 | 65,024 | 46,348 | 58,283 |
Revenue reserve | 4,353 | 3,981 | 4,584 | |
______ | ______ | ______ | ||
Equity shareholders' funds | 225,991 | 191,997 | 215,463 | |
______ | ______ | ______ | ||
Net asset value per Ordinary share (pence) | 5 | 78.66 | 71.84 | 76.41 |
______ | ______ | ______ |
STATEMENT OF CHANGES IN EQUITY | ||||||
Six months ended 31 March 2017 (unaudited) | Share | |||||
Share | premium | Special | Capital | Revenue | ||
capital | account | reserves | reserve | reserve | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 1 October 2016 | 70,492 | 18,600 | 63,504 | 58,283 | 4,584 | 215,463 |
Profit and total comprehensive income for the period | - | - | - | 6,741 | 3,329 | 10,070 |
Equity dividends | - | - | - | - | (3,560) | (3,560) |
Shares bought back into treasury | - | - | (93) | - | - | (93) |
Shares issued from treasury | - | 1 | 94 | - | - | 95 |
Discount control costs | - | (17) | - | - | - | (17) |
New shares issued | 1,331 | 2,702 | - | - | - | 4,033 |
______ | _______ | ______ | ______ | _______ | ______ | |
Balance at 31 March 2017 | 71,823 | 21,286 | 63,505 | 65,024 | 4,353 | 225,991 |
______ | _______ | ______ | ______ | _______ | ______ | |
Six months ended 31 March 2016 (unaudited) | Share | |||||
Share | premium | Special | Capital | Revenue | ||
capital | account | reserves | reserve | reserve | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 1 October 2015 | 64,706 | 7,525 | 63,504 | 38,499 | 4,013 | 178,247 |
Profit and total comprehensive income for the period | - | - | - | 7,849 | 3,106 | 10,955 |
Equity dividends | - | - | - | - | (3,138) | (3,138) |
Discount control costs | - | (17) | - | - | - | (17) |
New shares issued | 2,105 | 3,845 | - | - | - | 5,950 |
______ | _______ | ______ | ______ | _______ | ______ | |
Balance at 31 March 2016 | 66,811 | 11,353 | 63,504 | 46,348 | 3,981 | 191,997 |
______ | _______ | ______ | ______ | _______ | ______ | |
Year ended 30 September 2016 (audited) | Share | |||||
Share | premium | Special | Capital | Revenue | ||
capital | account | reserves | reserve | reserve | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 1 October 2015 | 64,706 | 7,525 | 63,504 | 38,499 | 4,013 | 178,247 |
Profit and total comprehensive income for the year | - | - | - | 19,784 | 6,962 | 26,746 |
Equity dividends | - | - | - | - | (6,391) | (6,391) |
Discount control costs | - | (33) | _ | _ | - | (33) |
New shares issued | 5,786 | 11,108 | _ | - | - | 16,894 |
______ | _______ | ______ | ______ | _______ | ______ | |
Balance at 30 September 2016 | 70,492 | 18,600 | 63,504 | 58,283 | 4,584 | 215,463 |
______ | _______ | ______ | ______ | _______ | ______ | |
CASH FLOW STATEMENT | |||||
Six months ended 31 March 2017 (unaudited) £'000 | Six months ended 31 March 2016 (unaudited) £'000 | Year ended 30 September 2016 (audited) £'000 | |||
Cash flows from operating activities | |||||
Investment income received | 3,622 | 3,032 | 8,097 | ||
Other income received | - | 97 | - | ||
Administrative expenses paid | (973) | (921) | (1,849) | ||
______ | ______ | ______ | |||
Cash generated from operations | 2,649 | 2,208 | 6,248 | ||
Taxation | (55) | (36) | (122) | ||
______ | ______ | ______ | |||
Net cash inflows from operating activities | 2,594 | 2,172 | 6,126 | ||
______ | ______ | ______ | |||
Cash flows from investing activities | |||||
Purchases of investments | (11,613) | (17,699) | (33,987) | ||
Sales of investments | 2,883 | 15,713 | 20,796 | ||
Realised loss on forward currency contracts | (610) | - | (515) | ||
______ | ______ | ______ | |||
Net cash outflow from investing activities | (9,340) | (1,986) | (13,706) | ||
______ | ______ | ______ | |||
Net cash (outflow)/inflow before financing | (6,746) | 186 | (7,580) | ||
______ | ______ | ______ | |||
Financing activities | |||||
Proceeds of issue of shares | 4,033 | 5,950 | 16,894 | ||
Cost of share buybacks | (93) | - | - | ||
Dividends paid | (3,560) | (3,138) | (6,391) | ||
Costs incurred on issue of new shares | (17) | (17) | (33) | ||
______ | ______ | ______ | |||
Net cash inflow from financing activities | 363 | 2,795 | 10,470 | ||
______ | ______ | ______ | |||
Net (decrease)/increase in cash and short term deposits | (6,383) | 2,981 | 2,890 | ||
Cash and short term deposits at the start of the period | 9,507 | 6,630 | 6,630 | ||
Effect of foreign exchange rate changes | (6) | (6) | (13) | ||
______ | ______ | ______ | |||
Cash and short term deposits at the end of the period | 3,118 | 9,605 | 9,507 | ||
______ | ______ | ______ | |||
Reconciliation of operating profit to operating cash flows | |||||
Profit before taxation | 10,125 | 10,991 | 26,847 | ||
Adjustments for: | |||||
Gains on investments | (7,262) | (8,309) | (20,740) | ||
Currency losses | 6 | 6 | 13 | ||
(Increase)/decrease in accrued income and prepayments | (270) | (484) | 87 | ||
Increase in trade and other payables | 50 | 4 | 41 | ||
______ | ______ | ______ | |||
Cash generated from operations | 2,649 | 2,208 | 6,248 | ||
______ | ______ | ______ | |||
Distribution of Assets and Liabilities | |||||||
Valuation at 30 September 2016 | Valuation at 31 March 2017 | ||||||
Purchases | Sales | Appreciation/ (depreciation) | |||||
£'000 | % | £'000 | £'000 | £'000 | £'000 | % | |
Listed investments | |||||||
Ordinary shares | 206,641 | 95.9 | 11,005 | (2,883) | 7,662 | 222,425 | 98.4 |
Current assets | 10,024 | 4.7 | 4,074 | 1.8 | |||
Current liabilities | (1,202) | (0.6) | (508) | (0.2) | |||
______ | _____ | ______ | _____ | ||||
Net assets | 215,463 | 100.0 | 225,991 | 100.0 | |||
______ | _____ | ______ | _____ | ||||
Net asset value per share | 76.41p | 78.66p | |||||
______ | ______ | ||||||
NOTES TO THE ACCOUNTS | ||||
1. | Accounting policies | |||
(a) | Basis of accounting | |||
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 - 'Interim Financial Reporting', as adopted by the International Accounting Standards Board (IASB), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (IFRIC). They have also been prepared using the same accounting policies applied for the year ended 30 September 2016 financial statements. | ||||
(b) | Dividends payable | |||
Dividends are recognised on the ex-dividend date. | ||||
2. | Income | Six months ended 31 March 2017 £'000 | Six months ended 31 March 2016 £'000 | Year ended 30 September 2016 £'000 |
Income from listed investments | ||||
UK dividend income | 3,528 | 3,295 | 7,227 | |
Overseas dividend income | 368 | 239 | 663 | |
______ | ______ | ______ | ||
3,896 | 3,534 | 7,890 | ||
______ | ______ | ______ | ||
Other income from investment activity | ||||
Traded option premiums & other income | - | 80 | 118 | |
______ | ______ | ______ | ||
Total income | 3,896 | 3,614 | 8,008 | |
______ | ______ | ______ |
3. | Taxation | |
The taxation charge for the period represents withholding tax suffered on overseas dividend income. | ||
4. | The following table shows the revenue for each period less the dividends declared in respect of the financial period to which they relate. | ||||
Six months ended 31 March 2017 £'000 | Six months ended 31 March 2016 £'000 | Year ended 30 September 2016 £'000 | |||
Revenue | 3,329 | 3,106 | 6,962 | ||
Dividends declared | (3,587) | (3,192) | (6,605) | ||
______ | ______ | ______ | |||
(258) | (86) | 357 | |||
______ | ______ | ______ | |||
Dividends declared relate to the first two interim dividends (both 0.625p each) declared in respect of the financial year 2016/2017. | |||||
Dividends declared relate to the first two interim dividends (both 0.60p each) declared in respect of the financial year 2015/2016. | |||||
Dividends declared relate to the four interim dividends declared in respect of the financial year 2015/2016 totalling 2.425p. | |||||
Six months ended 31 March 2017 | Six months ended 31 March 2016 | Year ended 30 September 2016 | ||
5. | Return and net asset value per share | p | p | p |
Revenue return | 1.17 | 1.18 | 2.59 | |
Capital return | 2.36 | 2.98 | 7.37 | |
______ | ______ | ______ | ||
Total return | 3.53 | 4.16 | 9.96 | |
______ | ______ | ______ | ||
The figures above are based on the following: | ||||
£'000 | £'000 | £'000 | ||
Revenue return | 3,329 | 3,106 | 6,962 | |
Capital return | 6,741 | 7,849 | 19,784 | |
______ | ______ | ______ | ||
Total return | 10,070 | 10,955 | 26,746 | |
______ | ______ | ______ | ||
Weighted average number of Ordinary shares in issue | ||||
285,483,660 | 262,921,094 | 268,605,520 | ||
__________ | __________ | __________ | ||
The net asset value per share is based on net assets attributable to shareholders of £225,991,000 (31 March 2016 - £191,997,000; 30 September 2016 - £215,463,000) and on 287,294,045 (31 March 2016 - 267,244,045; 30 September 2016 - 281,969,045) Ordinary shares in issue at the period end. | ||||
6. | Financial instruments | ||||
Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | 2017 Total £'000 | ||
Financial assets at fair value through profit or loss as at 31 March 2017 | |||||
Investments | 222,425 | - | - | 222,425 | |
Current assets | - | 76 | - | 76 | |
______ | ______ | ______ | ______ | ||
222,425 | 76 | - | 222,501 | ||
______ | ______ | ______ | ______ |
Level 1 reflects financial instruments quoted in an active market. | ||||
Level 2 reflects financial instruments the fair value of which is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables include only data from observable markets. The Company's forward currency contract has been included in this level as fair value is achieved using the foreign exchange spot rate and forward points which vary depending on the duration of the contract. | ||||
Level 3 reflects financial instruments the fair value of which is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the same instrument and not based on available observable market data. | ||||
There were no transfers of investments between levels during the six months ended 31 March 2017. | ||||
The fair value of the Company's financial assets and liabilities as at 31 March 2017 was not materially different from the carrying value. | ||||
As at 31 March 2017 (unaudited) | As at 31 March 2016 (unaudited) | As at 30 September 2016 (audited) | ||
7. | Ordinary Share Capital | |||
Ordinary Shares of 25p each | No. of shares | No. of shares | No. of shares | |
Allotted, called-up and fully paid | 287,294,045 | 267,244,045 | 281,969,045 | |
During the six months ended 31 March 2017 there were 120,000 Ordinary shares of 25p each repurchased by the Company at a total cost of £93,394 and placed in treasury. During the six months ended 31 March 2016 and the year to 30 September 2016 there were no Ordinary shares of 25p each repurchased by the Company. During the six months ended 31 March 2017 there were 120,000 Ordinary shares re-issued from treasury for proceeds totalling £94,994. During the six months ended 31 March 2016 and the year ended 30 September 2016 there were no Ordinary shares re-issued from treasury. During the six months ended 31 March 2017 there were 5,325,000 new Ordinary shares of 25p each issued by the Company for cash proceeds totalling £4,041,302. During the six months ended 31 March 2016 there were 8,420,000 new Ordinary shares of 25p each issued by the Company for cash proceeds totalling £5,949,553. During the year to 30 September 2016 there were 23,145,000 new Ordinary shares of 25p each issued by the Company for cash proceeds totalling £16,894,000. | ||||
8. | Capital reserve |
The capital reserve shown in the Balance Sheet at 31 March 2017 includes gains of £62,102,000 (31 March 2016 - gains of £42,803,000; 30 September 2016 - gains of £54,584,000) which relate to the revaluation of investments held at the reporting date. |
9. | Transaction costs | ||||||
During the period expenses were incurred in acquiring or disposing of investments classified as held at fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Statement of Comprehensive Income. The total costs were as follows: | |||||||
Six months ended 31 March 2017 £'000 | Six months ended 31 March 2016 £'000 | Year ended 30 September 2016 £'000 | |||||
Purchases | 50 | 39 | 112 | ||||
Sales | 2 | 25 | 28 | ||||
______ | ______ | ______ | |||||
52 | 64 | 140 | |||||
______ | ______ | ______ | |||||
10. | Publication of non-statutory accounts |
The financial information contained in this Half Yearly Financial Report does not constitute statutory accounts as defined in Sections 434-436 of the Companies Act 2006. The financial information for the six months ended 31 March 2017 and 31 March 2016 has not been audited. | |
The information for the year ended 30 September 2016 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006. |
11. | This Half Yearly Financial Report was approved by the Board on 2May 2017. |
.
12. | This Half Yearly Financial Report will shortly be available for viewing on the Company's website (www.tigt.co.uk) and will be posted to shareholders in May 2017. |
For Troy Income & Growth Trust plc Steven Cowie, C.A., Secretary 2 May 2017 Enquiries: 0131 538 6610 |
Troy Income & Growth Trust plc published this content on 03 May 2017 and is solely responsible for the information contained herein.
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