Interim Results

VALUE AND INCOME TRUST PLC PRELIMINARY ANNOUNCEMENT OF THE RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2002 (UNAUDITED) SUMMARY 30 September 30 September 31 March 2002 2002 2001 Net Asset Value per 147.0p 165.2p 185.3p Share Share Price 127.0p 132.5p 152.5p Dividend per Share 2.9p 2.8p 5.6p (interim) (interim) (total) Value and Income Trust invests in higher yielding, less fashionable areas of the UK commercial property and equity markets, particularly in medium and smaller sized companies. It aims for long term real growth in dividends and capital values without undue risk. VIT's defensive, high-yielding portfolio has fallen by less than the equity market as a whole over the past six months. VIT's share price is down by 16.3% and the net asset value by 20.7%, while the FTSE All Share Index is down by 29.6%. VIT's 4.6% net dividend yield is well above average, and it has risen faster than retail prices for sixteen consecutive years. An interim dividend of 2.9p has been declared (+3.6%) and the board expects to recommend a final dividend of 2.9p next May (also +3.6%). The formal results which follow at the end of this Announcement are presented in the format recommended in the AITC's Statement of Recommended Practice for Accounts of Investment Trust companies as utilised in preparing the Annual Report for the year to 31 March 2002. The Interim Report will be posted to shareholders on 6 November 2002. Copies can be obtained from OLIM Limited, Pollen House, 10-12 Cork Street, London W1S 3NP or Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD. Enquiries: Matthew Oakeshott or Angela Lascelles OLIM Limited Tel: 0207 439 4400 / Fax: 0207 734 1445 CONSOLIDATED STATEMENT OF TOTAL RETURN (UNAUDITED) FOR THE HALF YEAR ENDED 30 SEPTEMBER 2002 Six months to Six months to 30 September 2002 30 September 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Income Income from 2,153 - 2,153 2,007 - 2,007 Investments Rental Income 1,563 - 1,563 1,653 - 1,653 Other Income 161 - 161 91 - 91 3,877 - 3,877 3,751 - 3,751 Expenses Investment (209) (209) (418) (194) (194) (388) Management Fee Administrative (163) - (163) (174) - (174) Expenses 3,505 (209) 3,296 3,383 (194) 3,189 Capital Profits/(Losses ) Net realised gains on - 1,699 1,699 - 247 247 Investments Movement in unrealised - (19,365) (19,365) - (5,978) (5,978) Appreciation Net return before finance 3,505 (17,875) (14,370) 3,383 (5,925) (2,542) costs and taxation Interest (1,751) - (1,751) (1,751) - (1,751) payable and similar charges Return on ordinary 1,754 (17,875) (16,121) 1,632 (5,925) (4,293) activities before taxation Taxation - - - - - - Return attributable to 1,754 (17,875) (16,121) 1,632 (5,925) (4,293) Equity shareholders Ordinary (1,321) - (1,321) (1,275) - (1,275) dividends 433 (17,875) (17,442) 357 (5,925) (5,568) Return per 3.85p (39.24p) (35.39p) 3.58p (13.00p) (9.42p) ordinary share SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2002 (UNAUDITED) 30 31 March 30 September 2002 September 2002 £'000 2001 £'000 £'000 Total Investments 99,983 112,139 107,893 Net Current Assets 2,541 7,839 2,955 Total Assets less Current 102,524 119,978 110,848 Liabilities Creditors due after one year (35,575) (35,587) (35,599) Total Net Assets 66,949 84,391 75,249 CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 (UNAUDITED) Six months Six months to to 30 30 September September 2002 2001 £'000 £'000 Operating activities Net cash inflow from operating 2,791 2,780 activities Taxation Tax paid - (172) Returns on investments and servicing of finance Interest paid (1,763) (1,763) Financial investment Purchase of investments (19,152) (10,860) Sale of investments 12,450 12,751 Net cash (outflow)/inflow from (6,702) 1,891 financial investment Equity dividends paid (1,275) (1,230) NET CASH (OUTFLOW)/INFLOW (6,949) 1,506 (DECREASE)/INCREASE IN CASH (6,949) 1,506 Notes: (1) The revenue column of the statement of total return is the income account of the Group. (2) The position as at 31 March 2002 is an abridged version from the full accounts for that year, which received an unqualified audit report and which have been filed with the Registrar of Companies. (3) The interim dividend will be paid on 3 January 2003 to shareholders on the register at close of business on 13 December 2002. The ex- dividend date is 11 December 2002. (4) The Interim Report will be issued on 6 November 2002. Copies may be obtained from OLIM Limited, Pollen House, 10/12 Cork Street, London W1S 3NP or Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/10/25/20021025BIT00920/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/25/20021025BIT00920/wkr0002.pdf