REG - Bankers Investment - Half-year Report
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RNS Number : 2373O Bankers Investment Trust PLC 25 June 2025
LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST PLC
('the Company')
Unaudited results for the half-year ended 30 April 2025
This announcement contains regulated information
INVESTMENT OBJECTIVE
Over the long term, the Company aims to achieve capital growth in excess of
the FTSE World Index and dividend growth greater than inflation, as measured
by the UK Consumer Price Index ('CPI'), by investing in companies listed
throughout the world.
INVESTMENT POLICY
The following investment ranges apply:
· Equities: 80% to 100%
· Debt securities and cash investments: 0% to 20%
· Investment trusts, collective funds and derivatives: 0% to 15%
To achieve an appropriate spread of investment risk the portfolio is broadly
diversified by geography, sector and company. The Manager ('Janus Henderson')
has the flexibility to invest in any geographic region and any sector with no
set limits on individual country or sector exposures and, therefore, the
make-up and weighting of the portfolio may differ materially from the FTSE
World Index.
The Manager primarily employs a bottom-up stock picking investment process,
across four regional portfolios, to identify suitable opportunities. While
each regional portfolio manager employs their own investment style, they all
pay particular regard to cash generation and dividend growth over the medium
term.
The Company can, but normally does not, invest up to 15% of its gross assets
in any other investment companies (including listed investment trusts).
Derivatives
The Company may use financial instruments known as derivatives for the purpose
of efficient portfolio management while maintaining a level of risk consistent
with the risk profile of the Company.
Gearing
The Company can borrow to make additional investments with the aim of
achieving a return that is greater than the cost of the borrowing. The Company
can borrow up to 20% of net assets at the time of draw down.
PERFORMANCE HIGHLIGHTS
30 April 2025 30 April 2024
Net asset value ('NAV') per share(1) 121.5p 125.5p
Share price 109.6p 112.2p
Revenue return per share 1.16p 1.31p
Dividends paid or declared in respect of the period(2) 1.372p 1.344p
Total return performance to 30 April 2025 (including dividends reinvested and
excluding transaction costs)
6 months 1 year 3 years 5 years 10 years
% % % % %
NAV(1) -4.0 -1.1 14.8 49.3 129.2
Share price(3) 0.1 0.0 11.5 35.7 118.1
FTSE World Index(4) -2.6 5.3 29.5 83.9 144.4
1 Net asset value total return per share with income reinvested and with debt
at fair value, see Note 6 in the Notes to the Condensed Financial Statements
2 The first interim dividend for 2025 was paid on 30 May 2025; the second
interim dividend has been declared and will be paid on 29 August 2025
3 Share price total return using mid-market closing price
4 For 10 years, the benchmark is a composite of the FTSE World Index and the
FTSE All-Share Index
Sources: Janus Henderson, Morningstar Direct and LSEG Datastream
INTERIM MANAGEMENT REPORT
CHAIR'S STATEMENT
Dear shareholder,
Performance
The first half of the year has been dominated by the impact on markets of
Donald Trump's election. The positive market enthusiasm which accompanied
Trump's victory in November had evaporated by early April when he announced a
swathe of much higher-than-expected tariffs on all US trading partners. My
last statement highlighted that the greatest uncertainty this year would be
the outcome of US tariffs. Share prices fell from their peak in February, as
the new administration started discussing plans for trade tariffs on imported
goods to the US market. Markets do not like uncertainty and investors sold
both bonds and equities, forcing down the value of the US dollar. Performance
was positive in Europe and Japan where governments are finally tackling slower
growth with more reforms and increased spending plans.
Your Company has delivered a net asset value total return over the six months
ended 30 April 2025 of -4.0% (six months to 30 April 2024: +17.5%) and a share
price total return of +0.1% (2024: +21.5%), compared with the FTSE World Index
benchmark total return of -2.6% (2024: +16.6%) over the same period. Most of
the underperformance in the portfolio happened in November, following a sharp
rise in US stocks associated with the new administration's policies. Over the
remainder of the period, the portfolio outperformed its benchmark, and this
outperformance continued through May. The Fund Manager discusses the key
drivers of performance in his report.
Revenue and financial statements
Our net revenue for the six months was £12.6 million (2024: £15.9 million),
equivalent to 1.16p per share (2024: 1.31p). We expected the reduction in
revenue as a result of increasing investment into growth stocks. Companies in
the Technology and Healthcare sectors have significant growth opportunities
and are prioritising investment spending over dividends. The expectation is
that profits will accelerate over time and ultimately lead to higher
dividends. In the short term, drawing down on our revenue reserves will allow
maintenance of a progressive dividend.
A first interim dividend of 0.686p per share (2024: 0.672p) was paid on 30 May
2025. The Board has declared a second interim dividend of 0.686p (2024:
0.672p) per share, an increase of 2.1%, which will be payable on 29 August
2025 to shareholders on the register on 25 July 2025.
The Board's current expectation is that the dividend for the full year will be
at least 2% above the total dividend paid in 2024. This modest forecast
reflects the current uncertainty in the market's forecasts for corporate
profits and therefore dividends. However, it will continue to deliver the
Company's progressive dividend policy of successive annual dividend growth
which it has achieved every year over the past 58 years.
Discount management
The Company's share price has continued to trade at a discount to its net
asset value and we have taken advantage of this opportunity to buy back shares
from the market. This activity is beneficial to ongoing shareholders, as
shares are only purchased when they are trading at a discount, thereby
enhancing shareholder value.
A total of 82,700,048 shares were bought back at an average discount of 10.2%
to the net asset value in the six months ended 30 April 2025 (2024: 49,748,991
shares bought back at an average discount of 12.3%) for a total consideration
of £97.1 million (2024: £53.4 million). The discount at 30 April 2025 was
9.8% (2024: 10.6%).
Outlook
The hope is that the US will agree a reasonable level of tariffs with key
trading partners. However, if the ongoing uncertainty extends through the
summer, this will impact growth and ultimately profits. It would be premature
to write off the US stock market at this point, given further reforms could
well support growth in the economy.
Simon Miller
Chair
24 June 2025
FUND MANAGER'S
REPORT
Market Review
The six months to the end of April 2025 was a particularly volatile period for
both bond and share prices, encompassing the presidential win by Donald Trump
and the subsequent slew of new presidential orders. The US stock market rose
by 5% in November, on the back of optimism that Trump would be business
friendly, delivering tax cuts and policies to promote growth. This honeymoon
period did not last long into the new year before worries started to arise.
Markets peaked in February, then fell sharply on concerns about trade tariffs
disrupting corporates and creating price inflation for consumers. The
unveiling of specific country tariff rates on Liberation Day, in early April,
shocked investors and was compounded by the face-off with China with their
tariffs rising above 100%. Since then, markets have recaptured much of the
fall, with hopes that pragmatism will prevail.
The US has called on other nations to raise their defence spending, which has
spurred Germany to significantly raise investment spending on defence and
energy. The promise of higher spending in Europe has supported their stock
markets, although the real effect on GDP growth will be a few years into the
future. Japan also performed well, as the currency strengthened and interest
rates increased, supporting large sectors of the market like banks.
The policy uncertainty has driven a fear of recession, but corporate results
delivered broadly in line with forecasts. While estimates for this year's
growth have been reduced, most commentators are still predicting economic and
corporate profit growth for all regions.
Performance
The portfolio underperformed the benchmark during November due to lower
exposure to the US market than the index and underperformance of stock
selection in the US market. Since November, the asset allocation has been more
favourable and stock selection has improved, although we were unable to make
up all the underperformance. The best regions in absolute terms have been
Europe and Japan: both rose by 5.5% in Sterling terms during the period. The
Japanese stocks outperformed their benchmark index by 3%, driven predominantly
by financials but Sony also put in a good performance, driven by high
expectations on the gaming side of the business.
Financials generally were the largest positive contributor to relative
performance. Banks have performed well as earnings are supported by interest
rate hedging and expanding loan books, while cost pressure is easing through
new digital offerings. Technology also performed well, driven by ongoing AI
optimism although performance faded in the technology hardware sector on
worries about tariffs. Healthcare and retail sectors held back performance.
Valuations in the healthcare sector fell on concerns about pricing, tariffs
and drug patent expiries. In the consumer sectors, rising prices have caused
shoppers to prioritise their spending and to favour better value offerings,
hitting margins.
Portfolio
The portfolio's allocation to the US market was increased following the US
presidential election as the market friendly Republican party claimed the
victory. Even with the allocation to the US market peaking at 63%, it remained
below the benchmark's US allocation. Over the remaining months we have used
the US market as a source of cash to fund the share buybacks, reducing the
allocation to 60% by the period end. Gearing has been maintained at around 5%
during the period, as we made sure that we were positioned for a bounce in
markets. The portfolio is overweight Europe and Japan relative to the
benchmark, as we feel valuations are more appealing, combined with less
exposure to the challenges of rising trade tariffs.
Outlook
It is notable that share prices have recovered most of their fall this year
despite any real certainty on trade negotiations between the US and their
trading partners. Bringing manufacturing back to the US is likely to be
impractical in some key sectors like textiles and is certain to depress
margins in sectors like pharmaceuticals and technology. If tariffs end up in
the 10% to 20% range, then the market is likely to move its focus to the more
business friendly policies in the US, such as tax reforms and deregulation.
Elsewhere in the world, economic growth is recovering from last year's
slowdown and interest rate cuts are supporting easier monetary conditions.
Valuations are lower than the US and may improve as confidence in growth
increases.
Alex Crooke
Fund Manager
24 June 2025
MANAGING OUR RISKS
The principal and emerging risks and uncertainties associated with the
Company's business are divided into the following main areas:
· Investment Activity and Performance Risks
· Portfolio and Market Risks
· Tax, Legal, Regulatory and Governance Risks
· Financial Risks
· Operational and Cyber Risks
· Risks associated with Climate Change
Information on these risks and uncertainties and how they are managed are
given in the Annual Report for the year ended 31 October 2024. Following a
recent review, the Board has amended Tax, Legal and Regulatory Risk to include
Governance. All other principal and emerging risks at the year-end remain and
are as applicable to the remaining six months of the financial year as they
were to the six months under review.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors (listed in note 14) confirm that, to the best of their
knowledge:
(a) the unaudited condensed set of financial statements has been prepared in
accordance with IAS 34 - Interim Financial Reporting ('IAS 34') and gives a
true and fair view of the assets, liabilities, financial position and profit
or loss of the Company as required by Disclosure Guidance and Transparency
Rule 4.2.4R;
(b) the interim management report includes a fair review of the information
required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of
important events during the first six months and description of principal
risks and uncertainties for the remaining six months of the year); and
(c) the interim management report includes a fair review of the information
required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or the performance of the Company during the period; and any changes
in related party transactions described in the latest annual report that could
have an impact in the first six months of the current financial year).
On behalf of the Board
Simon Miller
Chair
24 June 2025
For further information contact:
Alex Crooke Simon Miller
Fund Manager Chair
The Bankers Investment Trust PLC The Bankers Investment Trust PLC
Telephone: 020 7818 4447 Telephone: 020 7818 1818
Dan Howe Harriet Hall
Head of Investment Trusts PR Director, Investment Trusts
Janus Henderson Investors Janus Henderson Investors
Telephone: 020 7818 1818 Telephone: 020 7818 2636
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
30 April 2025 30 April 2024 31 October 2024
Revenue return £'000 Capital return £'000 Revenue return £'000 Capital return £'000 Revenue return £'000 Capital return £'000
Total £'000 Total £'000 Total
£'000
(Losses)/gains on investments held at fair value through profit or loss - (70,740) (70,740) - 177,057 177,057 - 205,394 205,394
Investment income 16,080 - 16,080 19,107 - 19,107 37,652 - 37,652
Other operating income 536 - 536 567 - 567 1,003 - 1,003
--------- ----------- --------- --------- ----------- --------- ----------- ----------- -----------
Gross revenue and capital (losses)/gains 16,616 (70,740) (54,124) 19,674 177,057 196,731 38,655 205,394 244,049
---------- ------------ ----------- ---------- ----------- ----------- ----------- ----------- -----------
Expenses
Management fees (note 2) (900) (2,099) (2,999) (910) (2,123) (3,033) (1,856) (4,334) (6,190)
Other expenses (777) - (777) (642) - (642) (1,329) - (1,329)
--------- ----------- --------- --------- ----------- --------- --------- --------- ---------
Profit/(loss) before finance costs and taxation 14,939 (72,839) (57,900) 18,122 174,934 193,056 35,470 201,060 236,530
Finance costs (491) (1,145) (1,636) (519) (1,151) (1,670) (998) (2,329) (3,327)
--------- ----------- --------- --------- ----------- --------- --------- ----------- -----------
Profit/(loss) before taxation 14,448 (73,984) (59,536) 17,603 173,783 191,386 34,472 198,731 233,203
--------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
Taxation (1,859) (133) (1,992) (1,662) (59) (1,721) (3,194) (59) (3,253)
--------- ----------- --------- --------- ----------- --------- --------- ---------- ---------
Profit/(loss) for the period 12,589 (74,117) (61,528) 15,941 173,724 189,665 31,278 198,672 229,950
===== ====== ====== ===== ====== ====== ====== ====== ======
Earnings/(loss) per ordinary share (note 3) 1.16p (6.83p) (5.67p) 1.31p 14.31p 15.62p 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.
All income is attributable to the equity shareholders of The Bankers
Investment Trust PLC.
The accompanying condensed notes are an integral part of the financial
statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up Share premium Capital redemption Other capital reserves
share capital account reserve £'000 Revenue reserve
Half-year ended 30 April 2025 (Unaudited) £'000 £'000 £'000 £'000 Total
£'000
Total equity at 1 November 2024 32,878 159,797 12,489 1,186,189 42,793 1,434,146
Total comprehensive income:
- Loss for the period - - - (74,117) 12,589 (61,528)
Transactions with owners, recorded
directly to equity:
- Buy-back of shares to treasury (note 5) - - - (97,117) - (97,117)
- Ordinary dividends paid (note 11) - - - - (15,203) (15,203)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 32,878 159,797 12,489 1,014,955 40,179 1,260,298
30 April 2025
====== ====== ====== ======== ====== ========
Called up Share Capital redemption Other capital
share capital premium reserve reserves Revenue reserve
Half-year ended 30 April 2024 (Unaudited) £'000 account £'000 £'000 £'000 Total
£'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 period - - - 173,724 15,941 189,665
Transactions with owners, recorded
directly to equity:
- Buy-back of shares to treasury (note 5) - - - (53,389) - (53,389)
- Ordinary dividends paid (note 11) - - - - (16,205) (16,205)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 30 April 2024 32,878 159,797 12,489 1,205,183 43,247 1,453,594
====== ====== ====== ======== ====== ========
Called up Share premium Capital redemption Other capital
share capital account reserve £'000 reserves Revenue reserve Total
Year ended 31 October 2024 (Audited) £'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:
- Buy-back of shares to treasury (note 5) - - - (97,331) (97,331)
- Ordinary dividends paid (note 11) - - - - (31,996) (31,996)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 31 October 2024 32,878 159,797 12,489 1,186,189 42,793 1,434,146
====== ====== ====== ======== ====== ========
The accompanying condensed notes are an integral part of the financial
statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
As at 30 April As at 30 April As at 31 October
2025 2024 2024
£'000 £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 1,320,427 1,530,994 1,455,333
------------- ------------- -------------
Current assets
Investments held at fair value through profit or loss (note 4) 23,962 21,509 33,549
Other receivables 4,658 7,128 4,646
Cash and cash equivalents 39,175 28,726 66,689
-------------- -------------- --------------
67,795 57,363 104,884
-------------- -------------- --------------
Total assets 1,388,222 1,588,357 1,560,217
-------------- -------------- --------------
Current liabilities
Other payables (3,867) (10,604) (2,315)
-------------- -------------- --------------
(3,867) (10,604) (2,315)
-------------- -------------- --------------
Total assets less current liabilities 1,384,355 1,577,753 1,557,902
-------------- -------------- --------------
Non-current liabilities
Unsecured loan notes (124,057) (124,159) (123,756)
-------------- -------------- --------------
Net assets 1,260,298 1,453,594 1,434,146
======== ======== ========
Equity attributable to equity shareholders
Share capital (note 5) 32,878 32,878 32,878
Share premium account 159,797 159,797 159,797
Capital redemption reserve 12,489 12,489 12,489
Retained earnings:
Other capital reserves 1,014,955 1,205,183 1,186,189
Revenue reserve 40,179 43,247 42,793
-------------- -------------- --------------
Total equity 1,260,298 1,453,594 1,434,146
======== ======== ========
Net asset value per ordinary share (note 6) 118.5p 122.7p 125.2p
====== ====== ======
The accompanying condensed notes are an integral part of the financial
statements.
CONDENSED CASH FLOW STATEMENT
(Unaudited) (Unaudited) Restated(1) (Audited)
Half-year ended Half-year ended Year ended
30 April 30 April 31 October
Reconciliation of profit before taxation to net cash flow 2025 2024 2024
from operating activities £'000 £'000 £'000
Operating activities
(Loss)/profit before taxation (59,536) 191,386 233,203
Less: loss/(gain) on investments held at fair value through profit or loss 70,740 (177,057) (205,394)
Purchases of investments (458,000) (353,778) (1,013,738)
Sales of investments 524,303 428,187 1,191,430
Purchases of current asset investments (93,533) (49,907) (117,393)
Sales of current asset investments 103,120 41,514 96,959
Increase/(decrease) in securities purchased for future settlement 632 13,540 (13,721)
(Increase)/decrease in securities sold for future settlement - (6,271) 13,559
(Increase)/decrease in other receivables (30) (32) 32
Increase/(decrease) in other payables 73 (104) (94)
Decrease/(increase) in accrued income 65 (1,651) 502
Add back interest payable ('finance costs') 1,636 1,670 3,327
------------ ------------ ------------
Net cash inflow from operating activities 89,470 87,497 188,672
before interest and taxation
Interest paid (1,664) (2,438) (3,359)
Taxation paid (2,038) (1,706) (2,932)
------------ ------------ ------------
Net cash inflow from operating activities 85,768 83,353 182,381
======= ======= =======
Financing activities
Equity dividends paid (15,203) (16,205) (31,996)
Share buy-backs (96,244) (53,389) (98,207)
------------ ------------ ------------
Net cash outflow from financing activities (111,447) (69,594) (130,203)
======= ======= =======
(Decrease)/increase in cash (25,679) 13,759 52,178
Cash and cash equivalents at the start of the period 66,689 14,525 14,525
Exchange movements (1,835) 442 (14)
----------- ----------- ------------
Cash and cash equivalents at the end of the period 39,175 28,726 66,689
======= ======= =======
(1)Prior year comparatives have been restated as explained further in note 1.
The accompanying condensed notes are an integral part of the financial
statements.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS:
1. Accounting policies
The Bankers Investment Trust PLC ('the Company') is a company incorporated and
domiciled in the United Kingdom under the Companies Act 2006.
These condensed financial statements comprise the unaudited results of the
Company for the half-year ended 30 April 2025. They have been prepared on a
going concern basis and in accordance with UK adopted international accounting
standards and with the Statement of Recommended Practice for Investment Trusts
('SORP') dated July 2022, where the SORP is consistent with the requirements
of UK adopted international accounting standards.
For the period under review, the Company's accounting policies have not varied
in any material way from those described in the Annual Report for the year
ended 31 October 2024.
These financial statements have not been either audited or reviewed by the
Company's Auditor.
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 previously reported As restated Impact on line
£'000 £'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. Management fees
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
30 April 2025 30 April 2024 31 October 2024
Revenue return Capital return Total Revenue Capital return Total Revenue return Capital return Total
£'000 £'000 £'000 return £'000 £'000 £'000 £'000 £'000
£'000
Investment management 900 2,099 2,999 910 2,123 3,033 1,856 4,334 6,190
===== ===== ===== ===== ===== ===== ===== ===== =====
3. Earnings per ordinary share
The earnings per ordinary share figure is based on the net loss for the
half-year of £61,528,000 (30 April 2024: net profit of £189,665,000; 31
October 2024: net profit of £229,950,000) and on 1,085,471,866 (30 April
2024: 1,214,507,013; 31 October 2024: 1,189,599,929) ordinary shares, being
the weighted average number of ordinary shares in issue excluding treasury
shares during the period.
The return per share detailed above can be further analysed between revenue
and capital, as below.
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
30 April 2025 30 April 2024 31 October 2024
£'000 £'000 £'000
Revenue profit 12,589 15,941 31,278
Capital (loss)/profit (74,117) 173,724 198,672
------------ ------------ -----------
Total (loss)/profit (61,528) 189,665 229,950
======= ======= =======
Weighted average number of ordinary shares 1,085,471,866 1,214,507,013 1,189,599,929
in issue during each period
Revenue earnings per ordinary share 1.16p 1.31p 2.63p
Capital (loss)/earnings per ordinary share (6.83p) 14.31p 16.70p
------------ ------------ -----------
Total (loss)/earnings per ordinary share (5.67p) 15.62p 19.33p
======= ======= =======
2.
Management fees
(Unaudited)
(Unaudited)
(Audited)
Half-year ended
30 April 2025
Half-year ended
30 April 2024
Year ended
31 October 2024
Revenue return
£'000
Capital return
£'000
Total
£'000
Revenue
return
£'000
Capital return
£'000
Total
£'000
Revenue return
£'000
Capital return
£'000
Total
£'000
Investment management
900
2,099
2,999
910
2,123
3,033
1,856
4,334
6,190
=====
=====
=====
=====
=====
=====
=====
=====
=====
3.
Earnings per ordinary share
The earnings per ordinary share figure is based on the net loss for the
half-year of £61,528,000 (30 April 2024: net profit of £189,665,000; 31
October 2024: net profit of £229,950,000) and on 1,085,471,866 (30 April
2024: 1,214,507,013; 31 October 2024: 1,189,599,929) ordinary shares, being
the weighted average number of ordinary shares in issue excluding treasury
shares during the period.
The return per share detailed above can be further analysed between revenue
and capital, as below.
(Unaudited)
Half-year ended
30 April 2025
£'000
(Unaudited)
Half-year ended
30 April 2024
£'000
(Audited)
Year ended
31 October 2024
£'000
Revenue profit
12,589
15,941
31,278
Capital (loss)/profit
(74,117)
173,724
198,672
------------
------------
-----------
Total (loss)/profit
(61,528)
189,665
229,950
=======
=======
=======
Weighted average number of ordinary shares
in issue during each period
1,085,471,866
1,214,507,013
1,189,599,929
Revenue earnings per ordinary share
1.16p
1.31p
2.63p
Capital (loss)/earnings per ordinary share
(6.83p)
14.31p
16.70p
------------
------------
-----------
Total (loss)/earnings per ordinary share
(5.67p)
15.62p
19.33p
=======
=======
=======
4. Current asset investment
The Company has a holding in the Deutsche Bank Global Liquidity Series Fund, a
money market fund which is viewed as a readily disposable store of value and
which is used to invest cash balances that would otherwise be placed on
short-term deposit. At 30 April 2025 this holding had a value of £23,962,000
(30 April 2024: £21,509,000; 31 October 2024: £33,549,000).
5. Share capital
At 30 April 2025 there were 1,315,102,830 ordinary shares of 2.5p each in
issue of which 251,912,008 were held in treasury (with no voting rights) (30
April 2024: 1,315,102,830 of which 130,619,544 were held in treasury; 31
October 2024: 1,315,102,830 of which 169,211,960 were held in treasury).
During the half-year ended 30 April 2025, 82,700,048 shares were bought back
into treasury at a total cost of £97,117,000 (half year to 30 April 2024:
49,748,991 shares were bought back into treasury at a total cost of
£53,389,000; year to 31 October 2024: 88,341,407 shares were bought back in
to treasury for a total cost of £97,331,000). Since the period end to 24 June
2025, the Company has bought back 16,648,525 shares for treasury for a total
cost of £19,467,000.
6. Net asset value per ordinary share
The net asset value per ordinary share is based on the net assets attributable
to equity shareholders of £1,260,298,000 (30 April 2024: £1,453,594,000; 31
October 2024: £1,434,146,000) and on 1,063,190,822 (30 April 2024:
1,184,483,286; 31 October 2024: 1,145,890,870) ordinary shares, being the
number of ordinary shares in issue with voting rights at the period end.
The following table reconciles from the NAV with debt at par to the NAV with
debt at fair value.
Net asset value ("NAV") with debt at par and at fair value
30 April 2025 30 April 2024 31 Oct 2024
£'000 £'000 £'000
NAV with debt at par (A) 1,260,298 1,453,594 1,434,146
Add back par value of loan notes 124,057 124,159 123,756
Less fair value of loan notes (92,324) (91,757) (92,618)
NAV with debt at fair value (B) 1,292,031 1,485,996 1,465,284
Ordinary shares in issue (C) 1,063,190,822 1,184,483,286 1,145,890,870
NAV per ordinary share with debt at par 118.5 122.7 125.2
(A/C x 100) (pence)
NAV per ordinary share with debt at fair value (B/C x 100) (pence) 121.5 125.5 127.9
7. Related party transactions
The Company's transactions with related parties during the period were with
its Directors and Janus Henderson. There have been no material transactions
between the Company and its Directors during the period other than the amounts
paid to them in respect of Directors' remuneration for which there were no
outstanding amounts payable at the period end.
In relation to the provision of services by Janus Henderson, other than fees
payable by the Company in the ordinary course of business and the provision of
marketing services, there have been no transactions with Janus Henderson
affecting the financial position or performance of the Company during the
period under review.
8. Financial instruments
At the period end the carrying value of financial assets approximates their
fair value.
Financial instruments carried at fair value
Fair value hierarchy
The unsecured loan notes are valued at par in the Statement of Financial
Position.
The fair value of the loan notes at 30 April 2025 has been estimated to be
£92,324,000 (30 April 2024: £91,757,000; 31 October 2024: £92,618,000) and
is categorised as level 3 in the fair value hierarchy as described below. This
has been reflected in the daily NAV announcements since January 2024.
Previously the unsecured loan notes were valued at amortised cost in the fair
value NAV.
The following table analyses recurring fair value measurements for financial
assets. These fair value measurements are categorised into different levels in
the fair value hierarchy based on the inputs to valuation techniques used.
Financial assets at fair value through profit or loss at 30 April 2025 Level 1 Level 2 Level 3 Total
(Unaudited)
£'000 £'000 £'000 £'000
Investments including derivatives:
- Equity investments 1,320,427 - - 1,320,427
- Fixed interest investments - - - -
- Current asset investments 23,962 - - 23,962
-------------- --------- -------- --------------
Total financial assets carried at fair value 1,344,389 - - 1,344,389
======== ===== ===== ========
Financial assets at fair value through profit or loss at 30 April 2024 Level 1 Level 2 Level 3 Total
(Unaudited)
£'000 £'000 £'000 £'000
Investments including derivatives:
- Equity investments 1,530,994 - - 1,530,994
- Fixed interest investments - - - -
- Current asset investments 21,509 - - 21,509
-------------- --------- -------- --------------
Total financial assets carried at fair value 1,552,503 - - 1,552,503
======== ===== ==== ========
Financial assets at fair value through profit or loss at 31 October 2024 Level 1 Level 2 Level 3 Total
(Unaudited)
£'000 £'000 £'000 £'000
Investments including derivatives:
- Equity investments 1,455,333 - - 1,455,333
- Fixed interest investments - - - -
- Current asset investments 33,549 - - 33,549
-------------- --------- -------- --------------
Total financial assets carried at fair value 1,488,882 - - 1,488,882
======== ===== ==== ========
9. Reconciliation of liabilities arising from financing activities
Non-cash changes
At
1 November Cash Amortisation Foreign At 30 April
2024 flows of issue costs exchange 2025
£'000 £'000 £'000 £'000 £'000
Financing activities
Financing liabilities 123,756 - 10 291 124,057
Closing liabilities from financing activities ----------- ----------- ----------- ----------- -----------
123,756 - 10 291 124,057
====== ====== ====== ====== ======
Non-cash changes
At Cash Foreign At 30 April
1 November flows Amortisation exchange 2024
2023 £'000 of issue costs £'000 £'000
£'000 £'000
Financing activities
Financing liabilities 124,900 - 14 (755) 124,159
Closing liabilities from financing activities ---------- --------- --------- --------- ----------
124,900 - 14 (755) 124,159
====== ====== ====== ====== ======
Non-cash changes
At Cash Foreign At 31 October
1 November flows Amortisation exchange 2024
2023 £'000 of issue costs £'000 £'000
£'000 £'000
Financing activities
Financing liabilities 124,900 - 26 (1,170) 123,756
Closing liabilities from financing activities ----------- --------- ----------- ----------- -----------
124,900 - 26 (1,170) 123,756
====== ====== ====== ====== ======
10. Going concern
In assessing the Company's 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 and an assessment of the
liquidity of the portfolio and the impact of the war in Ukraine and Israel and
changes in the international political landscape. 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. Accordingly, the
Directors continue to adopt the going concern basis in preparing the financial
statements.
11. Dividends
A first interim dividend of 0.686p (2024: 0.672p) per ordinary share, was paid
on 30 May 2025 to shareholders registered on 25 April 2025. The shares were
quoted ex-dividend on 24 April 2025. Based on the number of ordinary shares in
issue at 25 April 2025 (excluding shares held in treasury) of 1,064,854,738
the cost of this dividend was £7,305,000.
The Directors have declared a second interim dividend of 0.686p (2024: 0.672p)
per ordinary share which will be payable on 29 August 2025 to shareholders on
the register on 25 July 2025. The shares will be quoted ex-dividend on 24 July
2025. Based on the number of shares in issue, excluding shares held in
treasury, at 24 June 2025 of 1,046,542,297 the cost of this dividend will be
£7,179,000.
12. Comparative information
The financial information contained in this half-year report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The financial information for the half-years ended 30 April 2025 and
2024 have not been audited or reviewed by the Auditor.
The figures and financial information for the year ended 31 October 2024 have
been extracted from the latest published financial statements of the Company.
These financial statements have been delivered to the Registrar of Companies
and included the report of the Auditor which was unqualified and did not
contain a statement under either section 498(2) or 498(3) of the Companies Act
2006. A glossary of terms and details of alternative performance measures can
be found in the Annual Report for the year ended 31 October 2024.
13. Half-year report
The half-year report will be available on the Company's website
(www.bankersinvestmenttrust.com) or in hard copy from the Company's registered
office. An abbreviated version of this half-year report, the 'Update', will be
circulated to shareholders in early July 2025.
14. General information
Company status
The Company is a UK domiciled investment trust company.
London Stock Exchange Daily Official List (SEDOL): BN4NDR3 / ISIN number:
GB00BN4NDR39
London Stock Exchange (TIDM) Code: BNKR
New Zealand Stock Exchange Code: BIT
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
The Directors of the Company are Simon Miller (Chair), Richard West (Senior
Independent Director), Ankush Nandra (Audit & Risk Assurance Committee
Chair), Hannah Philp (Marketing Committee Chair) and Charlotte Valeur.
Corporate Secretary
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) .
50 Largest Investments
At 30 April 2025
Rank Rank Company Country Valuation Purchases Sales proceeds Appreciation/ Valuation
31 Oct
(depreciation)
30 Apr
30 Apr 2025 31 Oct 2024
£'000 £'000
2024 £'000 2025
£'000 £'000
1 1 Microsoft US 65,307 16,451 (9,586) (6,377) 65,795
2 5 Alphabet US 27,066 19,084 (1,683) (5,821) 38,646
3 4 Broadcom US 28,032 9,158 (1,463) 2,867 38,594
4 3 Amazon US 35,436 10,568 (6,413) (2,614) 36,977
5 2 Apple US 46,595 12,592 (18,723) (4,842) 35,622
6 11 Meta US 23,260 12,931 (3,585) (2,946) 29,660
7 29 Eli Lilly US 17,064 10,956 (1,080) 1,234 28,174
8 6 KLA Corp US 26,961 5,667 (5,792) 522 27,358
9 8 Visa US 25,759 6,978 (9,773) 3,869 26,833
10 10 American Express US 23,729 6,701 (2,086) (2,227) 26,117
11 40 Philip Morris International US 14,707 7,396 (1,316) 5,243 26,030
12 21 Morgan Stanley US 19,775 7,561 (1,333) (1,408) 24,595
13 43 Amphenol US 14,164 6,470 (765) 1,499 21,368
14 # JPMorgan Chase US - 23,520 (945) (1,626) 20,949
15 12 Chevron US 22,799 6,182 (5,958) (2,866) 20,157
16 # Intuit US 9,968 11,354 (894) (712) 19,716
17 14 Siemens Germany 22,118 - (5,308) 2,794 19,604
18 36 Johnson & Johnson US 15,622 5,551 (1,026) (1,083) 19,064
19 24 Deutsche Boerse Germany 18,149 - (4,180) 4,772 18,741
20 27 Prologis US 17,850 4,585 (1,187) (2,903) 18,345
21 7 CME US 26,908 7,276 (20,132) 3,569 17,621
22 41 Verizon Communications US 14,696 6,587 (3,455) (221) 17,607
23 18 National Grid UK 20,462 - (4,595) 1,736 17,603
24 44 Raytheon Technologies US 13,998 3,878 (682) 80 17,274
25 31 NatWest UK 16,742 - (4,181) 4,321 16,882
26 34 Marriott International US 16,018 5,862 (2,950) (2,849) 16,081
27 39 Stryker US 14,718 2,376 (1,465) 34 15,663
28 # Booz Allen Hamilton US 10,756 11,323 (603) (5,944) 15,532
29 28 Accenture US 17,249 7,620 (7,179) (2,310) 15,380
Rank Rank Company Country Valuation Purchases Sales proceeds Appreciation/ Valuation
31 Oct
(depreciation)
30 Apr
30 Apr 2025 31 Oct 2024
£'000 £'000
2024 £'000 2025
£'000 £'000
30 # Walt Disney US - 20,126 (601) (4,197) 15,328
31 # Progressive US - 14,450 (635) 1,366 15,181
32 # Eaton US 10,586 7,810 (435) (2,792) 15,169
33 22 UniCredit Italy 18,904 - (7,181) 3,176 14,899
34 # Dell Technologies US 7,303 14,634 (580) (6,597) 14,760
35 25 Oracle US 18,142 5,593 (4,679) (4,328) 14,728
36 33 Roche Switzerland 16,287 1,890 (3,453) (86) 14,638
37 19 SGS Switzerland 20,297 - (3,818) (1,983) 14,496
38 9 UnitedHealth US 25,474 3,887 (7,972) (6,919) 14,470
39 15 Compass UK 21,843 - (8,503) 791 14,131
40 # Salesforce US - 18,037 (643) (3,558) 13,836
41 20 TotalEnergies France 19,844 - (4,148) (1,871) 13,825
42 # Trane Technologies US 9,275 5,518 (532) (500) 13,761
43 26 Hermès France 18,123 - (7,482) 3,003 13,644
44 # Union Pacific US - 16,698 (531) (2,942) 13,225
45 42 Safran France 14,233 - (3,429) 1,631 12,435
46 35 Sanofi France 15,978 - (3,342) (301) 12,335
47 # Vertex Pharmaceuticals US 11,013 4,571 (3,897) 515 12,202
48 # Sony Japan 11,814 439 (4,681) 4,538 12,110
49 32 Informa UK 16,585 - (3,896) (1,129) 11,560
50 48 SAP Germany 12,324 - (3,039) 2,184 11,469
893,933 342,280 (201,815) (34,208) 1,000,190
All securities are equity investments
# Not in top 50 at 31 October 2024
Convertibles and all classes of equity in any one company are treated as one
investment
Revenue Generated
30 April 2025 30 April 2024
£million £million
North America 7.6 5.6
Pan Europe 4.4 7.9
Pan Asia 2.2 3.1
Japan 1.9 2.2
Emerging Markets - 0.3
--------- ---------
16.1 19.1
===== =====
Comparatives for 30 April 2024 have been restated for the change in portfolio
sleeve. UK has been included in Pan Europe and China has been included in Pan
Asia.
Source: Janus Henderson
Regional Breakdown Valuation of investments
Equities excluding cash held
30 April 2025 31 October 2024
% %
North America 59.9 49.6
Pan Europe 21.0 25.6
Japan 11.5 13.5
Pan Asia 7.6 11.3
--------- ---------
100.0 100.0
===== =====
Source: Janus Henderson
Sector Breakdown
As a percentage of the investment portfolio excluding cash
30 April 2025 31 October 2024
% %
Technology 29.7 27.0
Industrials 18.0 16.4
Financials 16.1 15.0
Consumer Discretionary 12.3 12.4
Healthcare 9.9 13.1
Consumer Staples 4.8 5.1
Energy 3.0 3.4
Real Estate 2.3 2.4
Utilities 1.7 3.1
Telecommunications 1.3 1.3
Basic Materials 0.9 0.8
--------- ---------
100.0 100.0
===== =====
Source: Janus Henderson
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 forms part of, this announcement.
*********************************
Source: Janus Henderson
Regional Breakdown
Equities excluding cash held
Valuation of investments
30 April 2025
%
31 October 2024
%
North America
59.9
49.6
Pan Europe
21.0
25.6
Japan
11.5
13.5
Pan Asia
7.6
11.3
---------
---------
100.0
100.0
=====
=====
Source: Janus Henderson
Sector Breakdown
As a percentage of the investment portfolio excluding cash
30 April 2025
%
31 October 2024
%
Technology
29.7
27.0
Industrials
18.0
16.4
Financials
16.1
15.0
Consumer Discretionary
12.3
12.4
Healthcare
9.9
13.1
Consumer Staples
4.8
5.1
Energy
3.0
3.4
Real Estate
2.3
2.4
Utilities
1.7
3.1
Telecommunications
1.3
1.3
Basic Materials
0.9
0.8
---------
---------
100.0
100.0
=====
=====
Source: Janus Henderson
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 forms part of, this announcement.
*********************************
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