REG - Bankers Investment - Annual Financial Report
15/01/2026 07:00
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RNS Number : 9601O Bankers Investment Trust PLC 15 January 2026
LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST PLC
Financial results for the year ended 31 October 2025
This announcement contains regulated information
PERFORMANCE HIGHLIGHTS(1)
31 October 2025 31 October 2024
Net asset value (NAV) per share total return(2,7) 18.1% 21.1%
Share price at year end(3) 133.0p 110.8p
NAV per ordinary share with debt at fair value(2) 147.9p 127.9p
Dividend per share for year(4) 2.744p 2.688p
Dividend growth for the year(5) 2.1% 5.0%
Discount with debt at fair value at year end(2) 10.1% 13.4%
Net gearing at year end(6) 5.6% 1.5%
Ongoing charge for the year 0.51% 0.51%
Total return performance for 15 years to 31 October 2025
1 year 3 years 5 years 10 years 15 years
% % % % %
Total Return(7)
NAV(2) 18.1 50.4 68.6 194.5 370.9
Share price(2) 22.8 48.0 51.9 170.6 406.4
FTSE World Index(8) 21.0 61.2 107.2 221.8 354.2
( )
(1) A glossary of terms can be found in the Annual Report
(2) The alternative performance measures can be found in the Annual Report
(3) Share price is the mid-market closing price
(4) Comprising 3 interim dividends paid in May, August and November 2025 and a
recommended final dividend of 0.686p due for payment on 2 March 2026
(5) This represents the 4 ordinary dividends paid or recommended for the year to
31 October 2025 as compared to the previous year
(6) Net gearing calculated in accordance with the gearing definition in the
alternative performance measures in the
Annual Report
(7) Total return assumes dividends reinvested and debt at fair value
(8) FTSE World Index in Sterling terms. A composite benchmark is used for longer
periods comprising the FTSE All-Share Index for the period to 31 October 2017
and the FTSE World Index from 1 November 2017 to 31 October 2025
Sources: Morningstar Direct, Janus Henderson, LSEG Datastream
CHAIR'S STATEMENT
Dear Shareholder,
We are very grateful for your ongoing support and investment in The Bankers
Investment Trust. Alongside our investment manager, Janus Henderson Investors,
we continue to strive to make improvements in how Bankers is invested and the
outcomes for shareholders. In the past 18 months, the portfolio has been
concentrated, reducing the number of holdings and regions, whilst allocating
more capital to those investments with the managers' greatest conviction. We
have also strengthened the investment team by announcing Richard Clode as
Co-Fund Manager, alongside our long-standing manager, Alex Crooke. The
revolution in technology is affecting companies in all sectors, and we believe
Richard's knowledge and experience can help Bankers to make the right tactical
decisions for many years to come.
Performance
This has been another strong year for returns, with a second year of
double-digit growth in both net asset value and share price. It is
particularly good news that the share price total return of 22.8% (2024:
21.4%) has outperformed the benchmark, FTSE World Index of 21.0% (2024:
26.1%). The net asset value total return of 18.1% (2024: 21.1%) was slightly
behind the index as a result of underperformance in the month of November
following the US presidential elections in 2024. In the 12 months since 1
January 2025 the portfolio is broadly in line with the index. Our managers
have done well to focus on the key trends at a time when the share price of
some competitors has barely grown.
The markets largely shrugged off the worry that US trade tariffs would result
in higher price inflation, thus forcing US interest rates upwards and causing
a global recession. In fact, the US Federal Reserve cut interest rates in the
second half of the year and is expected to cut further in the coming twelve
months, a move that traditionally supported equity markets. We have raised the
investment allocation in the US as we expect companies there to increase
capital investment and profit forecasts next year. Richard Clode has a strong
record of investing in US growth stocks and has now taken over management of
the US portfolio. Alex Crooke and Richard Clode now directly manage 80% of the
portfolio and we expect there will be further progress unifying decision
making across the whole portfolio.
Dividends
The Board announces the 59th consecutive annual increase in dividends to
shareholders and recommends a final quarterly dividend of 0.686p per share,
resulting in total dividends per share for the year of 2.744p (2024: 2.688p),
an increase over last year of 2.1%. The final dividend will be paid on 2 March
2026 to shareholders on the register of members at the close of business on 23
January 2026.
As I indicated last year, revenue reserves will be used to support dividend
growth this year. These reserves have been built up in the good years and
allow us the flexibility to own lower yielding equities which have greater
potential for share price appreciation. Our Co-Fund Managers' investment
process is designed to seek out companies that generate high levels of free
cash generation. We therefore expect over time that dividends from our
investments will grow quicker than UK inflation and ultimately restore a
surplus in income. In the meantime, revenue reserves are a unique aspect of
the investment trust capital structure and provide a helpful tool to preserve
our long-term objective of increasing dividends in real terms.
For the current financial year, the Board expects to recommend dividend growth
of at least 3%, which equates to a full year dividend of 2.826p per share.
Governance
The Board, in line with other investment trusts, is developing the way in
which we operate. Aside from the planned schedule of board and committee
meetings, the Directors increasingly meet informally with the Manager to
discuss a variety of issues during the year. Matters we have allocated
additional time to this year include economic and market deep dives,
performance, succession planning, marketing and corporate governance. Greater
interaction between the Board and Manager has resulted in both increased
challenge and closer engagement from the team supporting Bankers at the
Manager. An independent review of the Board's effectiveness was carried out in
2025 and its recommendations have been adopted.
Discount management
Buying back shares is an increasingly common exercise for many companies in
our portfolio, and this is the case for most UK investment trusts. This
provides liquidity in the market and, when buying at a discount, provides a
small but beneficial impact to the net asset value. We increased the scale of
our buyback this year as we felt the discount was persistently too wide and we
are currently targeting a single digit discount. Wealth advisors, who have
historically been the largest investors in the sector, are withdrawing their
support and retail investors trading on self-select platforms are replacing
them. We believe that our low fees, exposure to the foremost companies,
combined with a market-leading record of dividend growth, create the ideal
investment vehicle for individuals saving for the long term.
In the coming year …
Although valuations are high in the US, our primary market, lower interest
rates combined with steady economic progress are supportive of share prices. I
believe the portfolio is well positioned to take advantage of opportunities
that may arise during the next year.
I look forward to welcoming shareholders to the Company's AGM, scheduled to
take place at 12 noon on Wednesday, 25 February 2026 at the offices of Janus
Henderson Investors at 201 Bishopsgate, London EC2M 3AE. Light refreshments
will be served. All voting will be on a poll and therefore we would ask that
you submit your proxy votes in advance of the meeting. Details on attendance
are provided in the Notice of Annual General Meeting in the Annual Report.
If you are unable to attend in person, you can visit
www.janushenderson.com/bnkr-agm (http://www.janushenderson.com/bnkr-agm) to
watch the meeting live on the internet. If you have any questions about the
Annual Report, the Company's performance over the year, the investment
portfolio or any other matter relevant to the Company, please write to us via
email at itsecretariat@janushenderson.com
(mailto:itsecretariat@janushenderson.com) in advance of the AGM.
I do hope that many of you will join us. We will give you a warm welcome.
Simon Miller
Chair
14 January 2026
CO-Fund Managers' Report
Market Review
This year there have been few weeks without excitement due to some significant
policy announcements by President Trump. The zenith of the drama was
Liberation Day in April when he announced tariffs on US trading partners that
ranged from 10% to over 50% which shocked long-term allies and lacked a clear
logic. Stock markets fell sharply following the press conference as investors
worried about economic stasis and companies pulled forecasts. Global economic
growth has been weaker and more volatile quarter-to-quarter as sales were
brought forward to avoid rising tariffs. However, throughout the summer an
increasing number of trade deals were struck at far more reasonable tariff
levels and markets began to price in recovery and improving sentiment.
The stock markets across the world have posted strong gains over the year,
driven by several themes, most notably Artificial Intelligence (AI).
Investment in data centres has accelerated over the year, helping to support
share prices for those companies that benefit from this infrastructure
spending. However, there has been a more careful inspection of business models
compared to last year, with investors starting to question several companies
in the software sector, where their future growth is in doubt in an
increasingly AI-centric world. On a positive note, companies across a wide
number of sectors are starting to showcase examples of productivity
improvements through adoption of AI technologies.
The US dollar weakened from February to June during the uncertainty over US
trade tariffs, which impacted our returns in Sterling from the US stock
market. Other markets such as Europe and Japan were less affected, and their
returns were higher during this period but have since moved back in step with
the US market in Sterling terms. Europe has its own trade tensions,
particularly with Chinese imports displacing domestic production in key
industries like autos. Germany has signalled a significant investment
programme to lift productivity and growth, but the benefits will not be
immediately apparent. Japan was the highest-returning market, where share
prices have responded well to ongoing improvements in corporate governance,
higher inflation and wages leading to better consumer spending.
Performance
The portfolio was slimmed down last year to focus on our highest conviction
positions and reduce the number of holdings to approximately 100. The first
month of the year proved very challenging as the US market responded to
President Trump's election in November 2024 by rewarding companies closely
aligned towards Republican party affiliation and policies. The portfolio lost
2.6% relative to the index in November 2024, as we held few of the best
performing stocks. Since then, we have repositioned the portfolio to benefit
more from positive news from companies, raising the portfolio beta, and
performance has largely been in line with the benchmark. We reduced exposure
to defensive, lower growing sectors such as healthcare, real estate and
consumer staples and raised the exposure to selected technology companies.
Through the year we have also increased the US allocation in the portfolio
from 50% at the start of the year to 65% by the year end.
The US regional performance mirrored the portfolio's performance, losing
relative to the US benchmark index in November 2024 but then outperforming the
market in the period since, driven by strong returns from companies such as
Broadcom, Alphabet and Microsoft. These and the other major US tech companies
continued to produce results that exceeded market forecasts and are deploying
the cash they generate to support future investments in AI infrastructure.
Capital expenditure, as a percentage of cash flow, in the Technology sector is
forecast to be 40% in 2025, roughly half the level at the height of the last
dot com boom in 1999. The fact that capex is largely funded by cash generation
rather than debt supports our view that we are still some way from the peak
level of investment. While the US market was dominated by the AI theme,
markets outside the US were driven by defensive sectors rather than growth
ones. Domestically focused sectors such as financials, utilities and
telecommunications were the best performing. In contrast, stocks with US
exposure derated on worries about the trade tariff impact, losing out to US
competitors and downgrades to forecasts due to the weaker US dollar. The
non-US regional portfolios struggled against their local benchmarks because of
the under representation of these domestically exposed companies. Performance
has been better in recent months and into the new year, as investors are less
concerned with the impact of tariffs on global trade.
Gearing and Income
As our view on markets improved, we raised gearing from 1.5% at the start of
the period, to 5.6% at the end of the year. We no longer have a short-term
borrowing facility due to the high cost of borrowing short term and have
retained a degree of cash in the portfolio to support the share buyback and
take advantage of market opportunities.
As we have indicated before, with an increased investment in both technology
and the US market, the portfolio's income was expected to decline this year.
We have spent many years steadily building revenue reserves for just these
occasions when we wish to be more dynamic in terms of investing for capital
growth rather than income.
Outlook
The dominant investment theme of recent years has been the advancements in
processing power, supporting the development towards Artificial Intelligence.
There are concerns that the adoption of AI and the investment in its
infrastructure is about to fade. We believe that the investment phase is still
in its early stages and that the adoption of AI will significantly improve
productivity and economic growth across the globe. The market's valuation of
the largest tech companies remains significantly lower than at previous market
peaks and the companies themselves operate highly cash generative business
models that are hard to disrupt.
We have already observed that markets are broadening out in terms of the
number of companies outperforming the benchmark indices. This is a positive
development and to be expected as interest rate cuts benefit consumers through
lower borrowing costs and improve market sentiment. Economic activity should
pick up as the uncertainty regarding US trade eases, allowing greater
investment spending from companies. The recovery in consumer related sectors
will take longer as new job creation has been impacted by higher taxes in many
parts of the world. Our largest sector exposures relative to the benchmark are
technology, financials and industrials, all areas we expect to perform well in
the coming year.
Alex Crooke and Richard Clode
Co-Fund Managers
14 January 2026
MANAGING RISKS
The Board, with the assistance of Janus Henderson, has carried out a robust
assessment of the principal risks and uncertainties facing the Company
(including emerging risks) that would threaten its business model, future
performance, solvency, liquidity or reputation. The Board regularly considers
the principal risks facing the Company and has drawn up a register of these
risks. The Board has a schedule of investment limits and restrictions,
appropriate to the Company's investment objective and policy, in order to
mitigate these risks as far as practicable. The Board monitors the Manager,
its other service providers and the internal and external environments in
which the Company operates to identify new and emerging risks.
Any new or emerging risks that are identified and considered to be of
significance are included in the Company's risk register together with any
mitigating actions required. The Board's policy on risk management has not
materially changed during the course of the reporting period and up to the
date of this report.
Risk Trend Mitigation
Investment activity and performance risks
An inappropriate investment strategy (for example, in terms of asset ↔ The Board monitors investment performance at each Board meeting
allocation or the level of gearing) may result in underperformance against the
Company's benchmark index and the companies in its peer group. and regularly reviews the extent of the
Company's borrowings.
Investment performance, over an extended period of time, may be impacted by
either external (political, financial shock, pandemic, climate change) or
internal factors (poor stock selection), leading to shareholders voting to The Board receives regular updates on professional and retail investor
wind up the Company. activity from the Manager and its brokers to inform themselves of investor
sentiment and how the Company is perceived in the market.
Portfolio and market risks
Although the Company invests almost entirely in securities that are listed on ↔ The Fund Manager seeks to maintain a diversified portfolio to mitigate
recognised markets, share prices may move rapidly. The companies in which against this risk. The Board regularly reviews the portfolio, investment
investments are made may operate unsuccessfully or fail entirely. A fall in activity and
the market value of the Company's portfolio would have an adverse effect on
shareholders' funds. The risks associated with a global pandemic and other performance.
health emergencies are considered within portfolio and market risks, a
grouping which also covers risks relating to heightened political and military
tensions and inflationary pressures. This is likely to impact share prices of
investments in the portfolio, to the extent not already factored into current Resolutions requiring shareholder approval and the explanation of those
prices. resolutions are posted to shareholders and are also made available on the
Company's website. The Board encourages all shareholders to vote, as they do
themselves in respect of their own shareholdings.
Lack of voting by shareholders may result in a change of control of the
Company which is not in shareholders' interests.
Tax, legal, regulatory and governance risks
A breach of section 1158/9 of the Corporation Tax Act 2010 could lead to the ↔ The Manager has been contracted to provide investment, company secretarial,
loss of investment trust status, resulting in capital gains realised within administration and accounting services through qualified professionals.
the portfolio being subject to corporation tax.
The Board receives internal control reports produced by Janus Henderson on a
A breach of the FCA's Rules could result in suspension of the Company's quarterly basis, which confirm tax, legal and regulatory compliance both in
shares, while a breach of the Companies Act could lead to criminal the UK and New Zealand.
proceedings. All breaches could result in financial or reputational damage.
The Company must also ensure compliance with the Listing Rules of the New
Zealand Stock Exchange.
Financial risks
By its nature as an investment trust, the Company's ↔ The Company has a diversified portfolio which comprises mainly investments in
large and medium-sized companies and mitigates the Company's exposure to
business activities are exposed to market risk (including liquidity risk.
market price risk, currency risk and interest rate risk),
liquidity risk and credit and counterparty risk. The Company minimises the credit risk of a counterparty failing to deliver
securities or cash by dealing through organisations that have undergone
rigorous due diligence by Janus Henderson. Further information on the
mitigation of financial risks is included in note 16 in the Annual Report.
Operational and cyber risks
Disruption to, or failure of, Janus Henderson's accounting, dealing or payment ↑ The Board monitors the services provided by Janus Henderson, the Depositary
systems or the Depositary's records could prevent the accurate reporting and and its other service providers and receives reports on the key elements in
monitoring of the Company's financial position. The Company is also exposed place including cyber attacks and information security, to provide effective
to the operational and cyber risks that one or more of its service providers internal control.
may not provide the required level of service or that AI has been used to hack
into business systems.
Risks associated with climate change Please refer to Investment activity and performance risks above and the
Environmental, Social and Governance Matters section in the Annual Report for
Risk that investee companies within the Company's portfolio fail to respond to ↔ further details.
the pressures of the growing climate emergency and fail to limit their carbon
footprint to regulated targets, resulting in reduced investor demand for their
shares and falling market values.
↑ Increase ↔ No change ↓ Decrease
Emerging risks and future developments
In addition to the principal risks, the Board also regularly considers
potential emerging risks, which are defined as potential trends, sudden events
or changing risks which are characterised by a high degree of uncertainty in
terms of the probability of them happening and the possible effects on the
Company. Should an emerging risk become sufficiently clear, it may be moved to
a significant risk. While the future performance of the Company is mainly
dependent on the performance of global financial markets which are subject to
various external factors, the Board's intention is that the Company continues
to pursue its stated investment objective and policy.
THE COMPANY'S VIABILITY
The UK Corporate Governance Code and the AIC Code of Corporate Governance
require the Board to assess the future prospects for the Company, and to
report on the assessment within the Annual Report.The Board considers that
certain characteristics of the Company's business model and strategy are
relevant to this assessment:
· The Company's investment objective, strategy and policy, which are subject to
regular Board monitoring, mean that the Company is normally invested in
readily realisable, listed securities and that the level of borrowings is
restricted.
· The Company is a closed-end investment company and therefore does not suffer
from the liquidity issues arising from unexpected redemptions. Without
pressure to sell, the Co-Fund Managers have been able to rebalance tactically
the portfolio to take advantage of recovering markets.
Also relevant were a number of aspects of the Company's operational
agreements:
· The Company retains title to all assets held by the Custodian under the terms
of formal agreements with the Custodian and Depositary.
· Long-term borrowing is in place, being the £50 million 3.68% loan notes 2035,
£37 million 2.28% loan notes 2045 and €44 million 1.67% loan notes 2041,
which are also subject to formal agreements, including financial covenants
with which the Company complied in full during the year. The value of
long-term borrowing is relatively small in comparison to the value of net
assets, being 8.7% (2024: 8.6%).
· Revenue and expenditure forecasts are reviewed by the Directors at each Board
meeting.
· The Company's ongoing charge is amongst the lowest of actively managed
equities funds.
· Cash is held with approved banks.
In addition, the Directors carried out a robust assessment of the principal
risks and uncertainties which could threaten the Company's business model,
including future performance, liquidity and solvency. These risks, including
their mitigations and processes for monitoring them, are set out above.
The principal risks identified as relevant to the viability assessment were
those relating to investment portfolio performance and its effect on the net
asset value, share price and dividends, and threats to security over the
Company's assets. The Board took into account the liquidity of the Company's
portfolio, the existence of the long-term fixed rate borrowings, the effects
of any significant future falls in investment values and income receipts on
the ability to repay and re-negotiate borrowings, growing dividend payments,
the desire to retain investors and the potential need for share buybacks. The
Directors assess viability over five year rolling periods, taking account of
foreseeable severe but plausible scenarios, having reviewed a five-year
cash-flow forecast and sensitivity analysis, reflecting the potential impact
of the principal risks as a whole, to support its deliberations. The Directors
believe that a rolling five-year period best balances the Company's long-term
objective, its financial flexibility and scope with the difficulty in
forecasting economic conditions affecting the Company and its shareholders.
In coming to this conclusion, the Directors considered the impact on income
and the Company's ability to meet its investment objective. They also
considered changes in the international political landscape and geopolitical
conflicts. The Board does not believe that these will have a long-term impact
on the viability of the Company and its ability to continue in operation,
notwithstanding the short-term uncertainty it has caused in the markets.
Based on their assessment, and in the context of the Company's business model,
strategy and operational arrangements set out above, the Directors have a
reasonable expectation that the Company is able to continue in operation and
meet its liabilities as they fall due over the five-year period to 31 October
2030.
The Directors have also concluded that the Company has adequate resources to
continue in operational existence for at least 12 months from the date of
approval of these financial statements (to 31 January 2027), and it is
therefore appropriate to prepare these financial statements on a going concern
basis.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with its
Directors and Janus Henderson. There were no material transactions between the
Company and its Directors during the year other than the amounts paid to them
in respect of Directors' remuneration for which there were no outstanding
amounts payable at the year end. In relation to the provision of services by
the Manager, other than fees payable by the Company in the ordinary course of
business and the provision of marketing services, there were no transactions
with the Manager affecting the financial position of the Company during the
year. More details on transactions with the Manager, including amounts
outstanding at the year end, are given in note 23 in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DISCLOSURE GUIDANCE AND
TRANSPARENCY RULE 4.1.12
Each of the Directors, who are listed below, confirms that, to the best of his
or her knowledge:
· the financial statements, which have been prepared in accordance with
UK-adopted International Accounting Standards on a going concern basis, give a
true and fair view of the assets, liabilities, financial position and profit
of the Company; and
· the Strategic Report in the Annual Report and financial statements include a
fair review of the development and performance of the business and the
position of the Company, together with a description of the principal risks
and uncertainties that it faces.
On behalf of the Board
Simon Miller
Chair
14 January 2026
Also relevant were a number of aspects of the Company's operational
agreements:
· The Company retains title to all assets held by the Custodian under the terms
of formal agreements with the Custodian and Depositary.
· Long-term borrowing is in place, being the £50 million 3.68% loan notes 2035,
£37 million 2.28% loan notes 2045 and €44 million 1.67% loan notes 2041,
which are also subject to formal agreements, including financial covenants
with which the Company complied in full during the year. The value of
long-term borrowing is relatively small in comparison to the value of net
assets, being 8.7% (2024: 8.6%).
· Revenue and expenditure forecasts are reviewed by the Directors at each Board
meeting.
· The Company's ongoing charge is amongst the lowest of actively managed
equities funds.
· Cash is held with approved banks.
In addition, the Directors carried out a robust assessment of the principal
risks and uncertainties which could threaten the Company's business model,
including future performance, liquidity and solvency. These risks, including
their mitigations and processes for monitoring them, are set out above.
The principal risks identified as relevant to the viability assessment were
those relating to investment portfolio performance and its effect on the net
asset value, share price and dividends, and threats to security over the
Company's assets. The Board took into account the liquidity of the Company's
portfolio, the existence of the long-term fixed rate borrowings, the effects
of any significant future falls in investment values and income receipts on
the ability to repay and re-negotiate borrowings, growing dividend payments,
the desire to retain investors and the potential need for share buybacks. The
Directors assess viability over five year rolling periods, taking account of
foreseeable severe but plausible scenarios, having reviewed a five-year
cash-flow forecast and sensitivity analysis, reflecting the potential impact
of the principal risks as a whole, to support its deliberations. The Directors
believe that a rolling five-year period best balances the Company's long-term
objective, its financial flexibility and scope with the difficulty in
forecasting economic conditions affecting the Company and its shareholders.
In coming to this conclusion, the Directors considered the impact on income
and the Company's ability to meet its investment objective. They also
considered changes in the international political landscape and geopolitical
conflicts. The Board does not believe that these will have a long-term impact
on the viability of the Company and its ability to continue in operation,
notwithstanding the short-term uncertainty it has caused in the markets.
Based on their assessment, and in the context of the Company's business model,
strategy and operational arrangements set out above, the Directors have a
reasonable expectation that the Company is able to continue in operation and
meet its liabilities as they fall due over the five-year period to 31 October
2030.
The Directors have also concluded that the Company has adequate resources to
continue in operational existence for at least 12 months from the date of
approval of these financial statements (to 31 January 2027), and it is
therefore appropriate to prepare these financial statements on a going concern
basis.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with its
Directors and Janus Henderson. There were no material transactions between the
Company and its Directors during the year other than the amounts paid to them
in respect of Directors' remuneration for which there were no outstanding
amounts payable at the year end. In relation to the provision of services by
the Manager, other than fees payable by the Company in the ordinary course of
business and the provision of marketing services, there were no transactions
with the Manager affecting the financial position of the Company during the
year. More details on transactions with the Manager, including amounts
outstanding at the year end, are given in note 23 in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DISCLOSURE GUIDANCE AND
TRANSPARENCY RULE 4.1.12
Each of the Directors, who are listed below, confirms that, to the best of his
or her knowledge:
·
the financial statements, which have been prepared in accordance with
UK-adopted International Accounting Standards on a going concern basis, give a
true and fair view of the assets, liabilities, financial position and profit
of the Company; and
·
the Strategic Report in the Annual Report and financial statements include a
fair review of the development and performance of the business and the
position of the Company, together with a description of the principal risks
and uncertainties that it faces.
On behalf of the Board
Simon Miller
Chair
14 January 2026
STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
31 October 2025 31 October 2024
Revenue Capital Total Revenue Capital Total
return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000
Gains on investments held at fair value through profit or loss - 199,242 199,242 - 205,394 205,394
Investment income (note 2) 31,177 - 31,177 37,652 - 37,652
Other operating income 298 - 298 1,003 - 1,003
(note 3)
----------- ------------ ------------ ----------- ------------ ------------
Total income 31,475 199,242 230,717 38,655 205,394 244,049
----------- ------------ ------------ ----------- ------------ ------------
Expenses
Management fees (note 4) (1,762) (4,112) (5,874) (1,856) (4,334) (6,190)
Other expenses (note 5) (1,435) - (1,435) (1,329) - (1,329)
--------- --------- --------- --------- --------- ---------
Profit before finance costs and taxation
28,278 195,130 223,408 35,470 201,060 236,530
Finance costs (note 6) (1,002) (2,338) (3,340) (998) (2,329) (3,327)
--------- ------------ ------------ --------- ------------ ------------
Profit before taxation 27,276 192,792 220,068 34,472 198,731 233,203
--------- ---------- ----------- --------- ---------- -----------
Taxation (note 7) (3,164) (213) (3,377) (3,194) (59) (3,253)
--------- ---------- ----------- --------- ---------- -----------
Profit for the year and total comprehensive income 24,112 192,579 216,691 31,278 198,672 229,950
====== ======= ======= ====== ======= =======
Earnings per ordinary share (note 8) 2.25p 18.00p 20.25p 2.63p 16.70p 19.33p
====== ======= ======= ====== ======= =======
The total columns of this statement represent the Statement of Comprehensive
Income, prepared in accordance with UK-adopted International Accounting
Standards. The revenue return and capital return columns are supplementary to
this and are prepared under guidance published by the Association of
Investment Companies. The Company had no recognised gains or losses other than
those disclosed in the Statement of Comprehensive Income.
Statement of CHANGES IN EQUITY
Year ended 31 October 2025
Called-up Share premium Capital redemption Other capital Revenue reserve Total
share capital account reserve reserves £'000 £'000
£'000 £'000 £'000 £'000
Total equity at 1 November 2024 32,878 159,797 12,489 1,186,189 42,793 1,434,146
Total comprehensive income:
- Profit for the year - - - 192,579 24,112 216,691
Transactions with owners, recorded directly to equity:
- Buyback of shares to treasury (note 9) - - - (185,540) - (185,540)
Ordinary dividends paid - - - - (29,611) (29,611)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 31 October 2025 32,878 159,797 12,489 1,193,228 37,294 1,435,686
====== ====== ====== ======== ====== ========
Year ended 31 October 2024
Called-up Share premium Capital redemption Other capital Revenue reserve Total
share capital account reserve reserves £'000 £'000
£'000 £'000 £'000 £'000
Total equity at 1 November 2023 32,878 159,797 12,489 1,084,848 43,511 1,333,523
Total comprehensive income:
- Profit for the year - - - 198,672 31,278 229,950
Transactions with owners, recorded directly to equity:
- Buyback of shares to treasury - - - (97,331) - (97,331)
(note 9)
Ordinary dividends paid - - - - (31,996) (31,996)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 31 October 2024 32,878 159,797 12,489 1,186,189 42,793 1,434,146
====== ====== ====== ======== ====== ========
STATEMENT OF FINANCIAL POSITION
At 31 October 2025 At 31 October 2024
£'000 £'000
Non-current assets
Investments held at fair value through profit or loss 1,516,260 1,455,333
-------------- --------------
Current assets
Investments held at fair value through profit or loss 7,545 33,549
Other receivables 4,582 4,646
Cash and cash equivalents 37,093 66,689
-------------- --------------
49,220 104,884
-------------- --------------
Total assets 1,565,480 1,560,217
-------------- --------------
Current liabilities
Other payables (4,522) (2,315)
-------------- --------------
(4,522) (2,315)
-------------- --------------
Total assets less current liabilities 1,560,958 1,557,902
-------------- --------------
Non-current liabilities
Unsecured loan notes (125,272) (123,756)
-------------- --------------
(125,272) (123,756)
-------------- --------------
Net assets 1,435,686 1,434,146
======== ========
Equity attributable to equity shareholders
Share capital (note 9) 32,878 32,878
Share premium account 159,797 159,797
Capital redemption reserve 12,489 12,489
Retained earnings:
Other capital reserves 1,193,228 1,186,189
Revenue reserves 37,294 42,793
-------------- --------------
Total equity 1,435,686 1,434,146
======== ========
Net asset value per ordinary share (note 10) 144.7p 125.2p
======== ========
Cash Flow STATEMENT
Reconciliation of profit before taxation to net cash flow from operating Year ended Restated(1)
activities
31 October Year ended
2025 31 October
£'000 2024
£'000
Operating activities
Profit before taxation 220,068 233,203
Less: gain on investments held at fair value through profit or loss (199,242) (205,394)
Purchases of investments (672,008) (1,013,738)
Sales of investments 812,508 1,191,430
Purchases of current asset investments (164,107) (117,393)
Sales of current asset investments 190,111 96,959
Decrease in securities purchased for future settlement - (13,721)
Decrease in securities sold for future settlement - 13,559
(Increase)/decrease in other receivables (112) 32
Increase/(decrease) in other payables 55 (94)
Decrease in accrued income 291 502
Add back interest payable ('finance costs') 3,340 3,327
----------- -----------
Net cash inflow from operating activities before interest and taxation 190,904 188,672
----------- -----------
Interest paid (3,322) (3,359)
Taxation paid (3,493) (2,932)
----------- -----------
Net cash inflow from operating activities 184,089 182,381
----------- -----------
Financing activities
Equity dividends paid (net of refund of unclaimed distributions) (29,611) (31,996)
Share buybacks (183,388) (98,207)
------------- -------------
Net cash outflow from financing activities (212,999) (130,203)
------------- -------------
(Decrease)/increase in cash (28,910) 52,178
Cash and cash equivalents at the start of the year 66,689 14,525
Exchange movements (686) (14)
------------- -------------
Cash and cash equivalents at the end of the year 37,093 66,689
======= =======
(1) Prior year comparatives have been restated as explained further in note 1.
In accordance with IAS 7.31 cash inflow from dividends was £26,984,000 (2024:
£33,624,000) and cash inflows from interest was £1,194,000 (2024:
£1,767,000).
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The Bankers Investment Trust PLC is a company incorporated and domiciled in
the United Kingdom under the Companies Act 2006. The financial statements of
the Company for the year ended 31 October 2025 have been prepared in
accordance with UK-adopted International Accounting Standards.
The financial statements have been prepared on a going concern basis and on
the historical cost basis, except for the revaluation of certain financial
instruments held at fair value through profit or loss. The principal
accounting policies adopted are set out in the Annual Report. These policies
have been applied consistently throughout the year. Where presentational
guidance set out in the Statement of Recommended Practice ('the SORP') for
investment companies issued by the Association of Investment Companies ('AIC')
amended in July 2022 is consistent with the requirements of UK-adopted
International Accounting Standards, the Directors have sought to prepare the
financial statements on a basis consistent with the recommendations of the
SORP.
Going concern
In reviewing viability and going concern, the Directors have considered, among
other things, cash flow forecasts, a review of covenant compliance including
the headroom above the most restrictive covenants, an assessment of the
liquidity of the portfolio, and changes in the international political
landscape and macroeconomic uncertainties. The assets of the Company consist
mainly of securities that are listed and readily realisable.
Thus, after making due enquiry, the Directors believe that the Company has
adequate financial resources to meet its financial obligations, including the
repayment of any borrowings, and to continue in operational existence for at
least 12 months from the date of approval of the financial statements to 31
January 2027. Accordingly, the Directors continue to adopt the going concern
basis in preparing the financial statements.
Restatement of Cash Flow Statement
Following publication of the annual financial statements for the year ended 31
October 2024, an error was identified in the Cash Flow Statement whereby the
cash balance did not agree to the Statement of Financial Position. This error
was primarily due to an omission of a line item in the Cash Flow Statement
relating to the movement in 'securities sold for future settlement' and
additionally a classification error in relation to 'interest paid'. These
matters resulted in the value of the 'Cash and cash equivalents at the end of
the year' being incorrect. The error did not impact the Statement of
Comprehensive Income, Statement of Changes in Equity or the Statement of
Financial Position, where the correct cash position was presented, nor did it
impact earnings per share or the net asset value per share.
The comparative figures in the Cash Flow Statement for the year ended 31
October 2024 have therefore been restated to correct these errors and the
following corrections have been made, which include corrections to a number of
the sub-totals within the statement:
Cash flow line item As As restated Impact on
previously £'000 line
reported £'000
£'000
(Increase)/decrease in securities sold for future settlement - 13,559 13,559
Net cash inflow from operating activities before interest and taxation 175,113 188,672 13,559
(sub-total)
Interest paid (4,506) (3,359) 1,147
Net cash flow from operating activities (sub-total) 167,675 182,381 14,706
(Decrease)/increase in cash (sub-total) 37,472 52,178 14,706
Cash and cash equivalents 51,983 66,689 14,706
2. Investment income 2025 2024
£'000 £'000
UK dividend income - listed 3,783 8,341
Overseas dividend income - listed 26,050 28,241
Overseas dividend income - special dividends 1,344 829
Property income distributions - 241
----------- -----------
31,177 37,652
====== ======
Analysis of investment income by geographical region:
Pan Europe 9,956 15,443
North America 13,649 10,478
Japan 3,455 4,073
Pan Asia 4,117 7,658
----------- -----------
31,177 37,652
====== ======
( )
Special dividends received in the year amounted to £1,344,000 (2024:
£974,000), of which £1,344,000 were classified as revenue (2024: £829,000)
and £nil (2024: £145,000) classified as capital.
( )
3. Other operating income 2025 2024
£'000 £'000
Bank interest 288 990
Other income 10 13
-------- --------
298 1,003
===== =====
2025 2024
4. Management fees Revenue Capital Total Revenue Capital Total
return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000
Investment management 1,762 4,112 5,874 1,856 4,334 6,190
-------- -------- -------- -------- -------- --------
1,762 4,112 5,874 1,856 4,334 6,190
===== ===== ===== ===== ===== =====
A summary of the terms of the management agreement is given in the Business
Model and note 23 in the Annual Report.
5. Other expenses 2025 2024
£'000 £'000
Directors' fees and expenses (see Annual Report) 209 213
Auditors' remuneration - for audit services 56 55
Expenses payable to Janus Henderson (relating to marketing services) 355 182
Bank/custody charges 223 259
Depositary fees 54 60
Registrar fees 92 78
Broker fees 70 70
AIC subscriptions 23 21
Printing expenses 24 30
Legal fees 40 15
Listing fees 133 142
Irrecoverable VAT 15 15
Loan arrangement & non-utilisation fees(1) - 25
Other expenses 141 164
----------- -----------
1,435 1,329
====== ======
(1) The Company's multi-currency facility with SMBC Bank International plc
expired on 1 March 2024 and has not been renewed.
The compensation payable to key management personnel in respect of short-term
employment benefits was £209,000 (2024: £213,000) which relates wholly to
the fees and expenses payable to the Directors in respect of the year.
2. Investment income
2025
£'000
2024
£'000
UK dividend income - listed
3,783
8,341
Overseas dividend income - listed
26,050
28,241
Overseas dividend income - special dividends
1,344
829
Property income distributions
-
241
-----------
-----------
31,177
37,652
======
======
Analysis of investment income by geographical region:
Pan Europe
9,956
15,443
North America
13,649
10,478
Japan
3,455
4,073
Pan Asia
4,117
7,658
-----------
-----------
31,177
======
37,652
======
( )
Special dividends received in the year amounted to £1,344,000 (2024:
£974,000), of which £1,344,000 were classified as revenue (2024: £829,000)
and £nil (2024: £145,000) classified as capital.
( )
3. Other operating income
2025
£'000
2024
£'000
Bank interest
288
990
Other income
10
13
--------
--------
298
1,003
=====
=====
2025
2024
4. Management fees
Revenue
return
£'000
Capital
return
£'000
Total
return
£'000
Revenue
return
£'000
Capital
return
£'000
Total
return
£'000
Investment management
1,762
4,112
5,874
1,856
4,334
6,190
--------
--------
--------
--------
--------
--------
1,762
4,112
5,874
1,856
4,334
6,190
=====
=====
=====
=====
=====
=====
A summary of the terms of the management agreement is given in the Business
Model and note 23 in the Annual Report.
5. Other expenses
2025
£'000
2024
£'000
Directors' fees and expenses (see Annual Report)
209
213
Auditors' remuneration - for audit services
56
55
Expenses payable to Janus Henderson (relating to marketing services)
355
182
Bank/custody charges
223
259
Depositary fees
54
60
Registrar fees
92
78
Broker fees
70
70
AIC subscriptions
23
21
Printing expenses
24
30
Legal fees
40
15
Listing fees
133
142
Irrecoverable VAT
15
15
Loan arrangement & non-utilisation fees(1)
-
25
Other expenses
141
164
-----------
-----------
1,435
1,329
======
======
(1) The Company's multi-currency facility with SMBC Bank International plc
expired on 1 March 2024 and has not been renewed.
The compensation payable to key management personnel in respect of short-term
employment benefits was £209,000 (2024: £213,000) which relates wholly to
the fees and expenses payable to the Directors in respect of the year.
2025 2024
6. Finance Costs Revenue Capital Total Revenue return Capital Total return
return return return £'000 return £'000
£'000 £'000 £'000 £'000
Interest on bank overdrafts 1 3 4 - 1 1
Interest on unsecured loan notes repayable:
- after five years(1) 1,001 2,335 3,336 998 2,328 3,326
--------- --------- --------- --------- --------- ---------
1,002 2,338 3,340 998 2,329 3,327
===== ===== ===== ===== ===== =====
(1) Includes amortisation of issue costs and will therefore vary from year to
year.
7. Taxation
a) Analysis of the tax charge for the year
2025 2024
Revenue return Capital Total Revenue return Capital Total
£'000 return return £'000 return return
£'000 £'000 £'000 £'000
Overseas tax suffered 3,574 - 3,574 3,857 - 3,857
Corporation tax prior year adjustment 49 - 49 - - -
Indian capital gains tax charge on sales - 213 213 - 59 59
Overseas tax reclaimable (459) - (459) (663) - (663)
-------- -------- -------- -------- -------- --------
Total tax charge for the year 3,164 213 3,377 3,194 59 3,253
===== ===== ===== ===== ===== =====
b) Factors affecting the tax charge for the year
The differences are explained below:
2025 2024
Revenue return Capital Total return Revenue return Capital Total
£'000 return £'000 £'000 return return
£'000 £'000 £'000
Profit before taxation 27,276 192,792 220,068 34,472 198,731 233,203
Corporation tax for the year at 25% (2024: 25%) 6,819 48,198 55,017 8,618 49,683 58,301
Non-taxable UK dividends (810) - (810) (1,823) - (1,823)
Overseas income and non-taxable scrip dividends (6,705) - (6,705) (7,197) - (7,197)
Other non-taxable income - (5) (5) - - -
Overseas withholding tax suffered 3,115 - 3,115 3,194 - 3,194
Indian capital gains tax charge on sales - 213 213 - 59 59
Corporation tax prior year adjustment 49 - 49 - - -
Excess management expenses and loan relationships 607 1,523 2,130 402 1,665 2,067
Expenses not deductible for tax purposes 51 - 51 - - -
Corporate interest restriction 38 89 127 - - -
Capital gains not subject to tax - (49,805) (49,805) - (51,348) (51,348)
----------- ----------- ----------- ----------- ----------- -----------
3,164 213 3,377 3,194 59 3,253
======= ======= ======= ======= ======= =======
c) Provision for deferred taxation
No provision for deferred taxation has been made in the current year or in the
prior year.
The Company has not provided for deferred tax on capital gains or losses
arising on the revaluation or disposal of investments as it is exempt from tax
on these items because of its status as an investment trust, which it intends
to maintain for the foreseeable future.
d) Factors that may affect future tax charges
The Company can offset management fees, other administrative expenses and
interest costs against taxable income to eliminate any tax charge on such
income. The tax legislation refers to these as management expenses (management
fees and other administrative expenses) and non-trade loan relationship
deficits (interest costs) and these are captured together under the heading
'Excess management expenses and loan relationships' in the table above. Where
these are not fully utilised, they can be carried forward to future years. As
the Company is unlikely to generate future taxable profits to utilise these
amounts, the Company cannot recognise an asset to reflect them, but must still
disclose the deferred tax amount carried forward arising from any unutilised
amounts.
Consequently, the Company has not recognised a deferred tax asset totalling
£25,916,000 (2024: £23,763,000) arising as a result of having unutilised
management expenses and unutilised non-trade loan relationship deficits
totalling £103,664,000 (2024: £95,053,000) and based on the prospective tax
rate of 25% (2024: 25%).
8. Earnings per ordinary share
The total earnings per ordinary share is based on the net profit attributable
to the ordinary shares of £216,691,000 (2024: profit of £229,950,000) and on
1,069,953,981 ordinary shares (2024: 1,189,599,929), being the weighted
average number of shares in issue, excluding shares held in treasury, during
the year.
The total earnings can be further analysed as follows:
2025 2024
£'000 £'000
Revenue profit 24,112 31,278
Capital profit 192,579 198,672
------------------- -------------------
Profit for the year 216,691 229,950
------------------- -------------------
Weighted average number of ordinary shares 1,069,953,981 1,189,599,929
Revenue earnings per ordinary share 2.25p 2.63p
Capital earnings per ordinary share 18.00p 16.70p
------------------ ------------------
Earnings per ordinary share 20.25p 19.33p
========== ==========
The Company does not have any dilutive securities therefore basic and diluted
earnings per share are the same.
9. Called up share capital
Number of Number of Total number Nominal value
shares held in treasury shares entitled of shares of shares
to dividend in issue
£'000
Ordinary shares
At 1 November 2024 169,211,960 1,145,890,870 1,315,102,830 32,878
Buyback of ordinary shares 153,556,389 (153,556,389) - -
----------------- ------------------- ------------------- -----------
At 31 October 2025 322,768,349 992,334,481 1,315,102,830 32,878
========== =========== =========== ======
During the year, no new shares were issued and 153,556,389 shares were bought
back into treasury for a net payment of £185,540.000.
Number of Number of Total number Nominal value
shares held in treasury shares entitled of shares of shares in issue
to dividend £'000
Ordinary shares
At 1 November 2023 80,870,553 1,234,232,277 1,315,102,830 32,878
Buyback of ordinary shares 88,341,407 (88,341,407) - -
----------------- -------------------- -------------------- -----------
At 31 October 2024 169,211,960 1,145,890,870 1,315,102,830 32,878
----------------- -------------------- -------------------- -----------
In the year ended 31 October 2024, no new shares were issued and 88,341,407
shares were bought back into treasury for a net payment of £97,331,000.
10. Net asset value per ordinary share
The net asset value per ordinary share is based on net assets attributable to
ordinary shares of £1,435,686,000 (2024: £1,434,146,000) and on 992,334,481
ordinary shares in issue at 31 October 2025 (2024: 1,145,890,870), excluding
shares held in treasury. The Company has no securities in issue that could
dilute the net asset value per ordinary share.
The movements during the year in net assets attributable to the ordinary
shares were as follows:
2025 2024
£'000 £'000
Net assets attributable to ordinary shares at start of year 1,434,146 1,333,523
Total net profit on ordinary activities after taxation 216,691 229,950
Buyback of ordinary shares (185,540) (97,331)
Dividends paid (29,611) (31,996)
------------- -------------
Net assets attributable to ordinary shares at end of year 1,435,686 1,434,146
======== ========
11. Dividend
A final dividend of 0.686p per share (2024: 0.672p), if approved by
shareholders at the Annual General Meeting, will be paid on 2 March 2026 to
shareholders on the register on 23 January 2026. The shares will trade
ex-dividend on 22 January 2026. This final dividend, together with the three
interim dividends already paid brings the total dividend for the year to
2.744p (2024: 2.688p) per share.
12. 2025 Financial Information
The figures and financial information for the year ended 31 October 2025 are
extracted from the Company's annual financial statements for that year and do
not constitute statutory accounts. The Company's annual financial statements
for the year to 31 October 2025 have been audited but have not yet been
delivered to the Registrar of Companies. The Auditor's report on the 2025
annual financial statements was unqualified, did not include a reference to
any matter to which the Auditor drew attention without qualifying the report,
and did not contain any statements under Section 498 of the Companies Act
2006.
13. 2024 Financial Information
The figures and financial information for the year ended 31 October 2024 are
compiled from an extract of the published accounts for that year and do not
constitute statutory accounts. Those accounts have been delivered to the
Registrar of Companies and included the report of the Auditor which was
unqualified, did not include a reference to any matter to which the Auditor
drew attention without qualifying the report, and did not contain a statement
under Sections 498(2) or 498(3) of the Companies Act 2006.
14. Annual Report
The Annual Report will be posted to shareholders in January 2026 and will be
available at www.bankersinvestmenttrust.com
(http://www.bankersinvestmenttrust.com) or in hard copy from the Corporate
Secretary at the Company's registered office, 201 Bishopsgate, London, EC2M
3AE.
15. Annual General Meeting (AGM)
The AGM will be held at 12 noon on Wednesday, 25 February 2026 at the
Company's registered office,
201 Bishopsgate, London, EC2M 3AE. Instructions on attending the meeting in
person or virtually, and details of resolutions to be put to the AGM, are
included in the Notice of AGM in the Annual Report and will be available at
www.bankersinvestmenttrust.com (http://www.bankersinvestmenttrust.com) . If
shareholders would like to submit any questions in advance of the AGM, they
are welcome to send these to the corporate secretary at
itsecretariat@janushenderson.com.
16. General information
Company Status
The Company is a UK domiciled investment trust company.
SEDOL/ISIN number: BN4NDR3/GB00BN4NDR39
London Stock Exchange (TIDM) Code: BNKR
Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69
Registered Office
201 Bishopsgate, London, EC2M 3AE.
Company Registration Number
UK: 00026351
NZ: 645360
Directors and Corporate Secretary
The Directors of the Company are Simon Miller (Chair), Richard West (Senior
Independent Director), Ankush Nandra (Audit and Risk Assurance Committee
Chair), Charlotte Valeur and Hannah Philp (Marketing Committee Chair). The
Corporate Secretary is Janus Henderson Secretarial Services UK Limited.
Website
Details of the Company's share price and net asset value, together with
general information about the Company, monthly factsheets and data, copies of
announcements, reports and details of general meetings can be found at
www.bankersinvestmenttrust.com (http://www.bankersinvestmenttrust.com) .
For further information please contact:
Harriet Hall
PR Director, Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 2919
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) are
incorporated into, or form part of, this announcement.
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