Henderson HighIncome - Annual Financial Report
26/03/2026 07:00
RNS Number : 1535Y Henderson High Income Trust PLC 26 March 2026
| LEGAL ENTITY IDENTIFIER:213800OEXAGFSF7Y6G11 | ||
| HENDERSON HIGH INCOME TRUST PLC | ||
| Financial results for the year ended 31 December 2025 | ||
| This announcement contains regulated information | ||
| PERFORMANCE HIGHLIGHTS | ||
| Total return performance to 31 December 2025 | One year % | Five years % |
| Benchmark1 | 20.6 | 55.1 |
| NAV2 | 20.4 | 70.0 |
| Share price3 | 22.6 | 73.5 |
| FINANCIAL HIGHLIGHTS | 2025 | 2024 |
| NAV per share4,7 | 198.77p | 174.72p |
| Mid-market price per share | 187.50p | 162.50p |
| Revenue return per share | 11.28p | 10.74p |
| Net assets | £340.2m | £303.2m |
| Dividend for the year | 10.90p | 10.60p |
| Dividend yield5,7 | 5.8% | 6.5% |
| Ongoing charge for the year6,7 | 0.68% | 0.74% |
| Gearing7 | 17.5% | 21.0% |
| 1 | The benchmark is a composite of 80% of the FTSE All-Share Index (total return) and 20% of the ICE BofA Sterling Non-Gilts Index (total return) rebalanced annually) |
| 2 | Net asset value with debt at fair value per ordinary share total return (including dividends reinvested and excluding transaction costs) |
| 3 | Includes dividends reinvested |
| 4 | Net asset value with debt at fair value as published by the Association of Investment Companies (AIC) |
| 5 | Based on the dividends paid or announced for the year and the share price at the year end |
| 6 | Calculated using the methodology prescribed by the AIC |
| 7 | Alternative Performance Measure, see pages 79 to 80 in the Annual Report |
| Sources:Morningstar Direct, Janus Henderson. All data is either as at 31 December 2025 or for the year ended 31 December 2025. | |
| CHAIRMAN'S STATEMENT Performance 2025 was a positive year of investment performance for Henderson High Income Trust. The Company's Net Asset Value (NAV) total return was +20.4% which was broadly in line with the benchmark return of +20.6%. The share price total return was a little higher at +22.6% as the discount at which the share price traded to underlying NAV narrowed a little during the year, ending the period at 5.7%. The UK equity market was one of the best performing markets globally in 2025, helped by attractive valuations and corporate activity, although smaller and medium sized companies struggled somewhat versus larger stocks. This strong market backdrop helped underpin equity returns despite a year characterised by ongoing volatility in financial markets, a pattern established since the arrival of President Trump in the White House. The threat of tariffs on US trading partners and geopolitical turmoil, offset more positively by the easing of inflation provided a volatile mix but the efforts of global policy makers to start to reduce interest rates helped support equity markets particularly. Strong ongoing corporate profitability stood in sharp contrast to pressure on government finances, especially in the UK where the corporate sector has been in the firing line of increased taxation to help fund higher public spending. Overall, during 2025 the Company's investment performance was broadly in line with the benchmark return. Gearing and asset allocation, with the portfolio continuing to favour equities over bonds, were positive relative influences but this was offset by a negative contribution from equity stock selection in the second half of the year. Dividends The Company's investment objective remains the same, to provide investors with a high dividend income stream while also maintaining the prospect of capital growth. In 2025 company dividends continued to be healthy with quoted companies delivering good levels of ongoing profitability in spite of the uncertain economic backdrop. It was again pleasing to see that the Company's overall earnings during the year were sufficient to cover the full-year dividend enabling a small amount to be added to revenue reserves. During 2025 the Board recommended the payment of dividends totalling 10.9 pence per share, an increase of 2.8% over the payment in 2024. This was the 13th consecutive year of dividend growth from the Company. The Board focuses carefully throughout the year on the revenue projections provided by the Fund Manager and it remains confident that the Company will be able to continue to generate a high level of income for shareholders. Gearing The Company's policy on gearing is provided in the Annual Report. Given increased borrowing costs over the last few years the Board has spent time discussing with the Fund Manager the appropriate level of gearing to reflect this increased cost burden whilst ensuring that the Company's capital structure continues to facilitate sufficient income generation. In early 2025 discussions with the Fund Manager led to its recommendation to effectively maintain the existing level of gearing which proved to be sound advice given the positive returns experienced from financial markets. Gearing did reduce a little over the course of the year, starting at 21% and finishing at 17.5%. The Board, in conjunction with the Fund Manager, will continue to keep the overall level under review. Overall asset allocation within the portfolio saw the Company favour equities over bonds which has been the stance for some time and helpful to relative returns. At the year end the Company had approximately 89% in equities and 11% in bonds (compared with the benchmark of 80% equities/20% bonds). In December 2025 the Company once again renewed its loan facility with BNP Paribas. This facility has a duration of 12 months and the terms on which the facility was renewed remain competitive. Management Fee Arrangements The Board regularly reviews the fee arrangements with the Company's Manager to ensure that they remain competitive, particularly in the context of fees payable by similar UK equity income focused trusts. In this respect the Board announces that it has agreed with the Manager that the fees will, from 1 January 2026, be an amount equal to 0.45% of adjusted net assets (previously 0.45% of adjusted average gross assets) at the relevant quarter end. Share Buybacks The Company continued to purchase its own shares during the year when the Board felt it appropriate to do so, driven by the prevailing level of discount at which the Company's shares were trading relative to the underlying NAV. In 2025 a total of 2,622,692 shares were purchased into treasury, representing 1.52% of the issued share capital. Between 1 January 2026 and 23 March 2026, being the last practicable date prior to the publication of this annual report, no shares were issued or bought back. It is pleasing that the discount to NAV at which the share price has been trading narrowed during the year and as at 31 December 2025 the discount stood at 5.7%. The Board will continue to monitor closely the prevailing discount and will undertake further buybacks where in its opinion it is appropriate to do so in the best interests of shareholders. Responsible Investing Responsible investing relates to how environmental, social and corporate governance (ESG) factors impact a company over the long term. Analysis of the resilience of a business and its profits has always been at the core of the Company's investment strategy, and ESG factors are integrated into the investment processes employed by the Fund Manager. The Board believes that voting the Company's shareholdings at general meetings is essential to good corporate stewardship and is an effective means of expressing its views on the policies and practices of its investee companies. Voting decisions reflect the provisions of Janus Henderson's Responsibility Report which is publicly available at www.janushenderson.com and records the high standards of corporate behaviour that are expected. Ultimately, however, our Fund Manager makes the final decision after consultation with the Board, as necessary. Janus Henderson will actively engage with those companies that fall below such expectations to encourage improvement over time. The final sanction is the divestment of those holdings that fail to make an acceptable transition and adapt sufficiently. The Board monitors the process by reviewing a report on the Company's voting pattern on an annual basis. For an overview on how Janus Henderson engaged with companies in which the Company is invested, please refer to the ESG Section in the Annual Report. AGM We look forward to seeing as many of our shareholders as possible at our AGM which will be held at 12 noon on Tuesday, 12 May 2026 at the offices of Janus Henderson at 201 Bishopsgate, London EC2M 3AE. David Smith, the Company's Fund Manager, will give a presentation on the Company's portfolio and performance, and you will, as usual, have the opportunity to talk to the Board, David and other Janus Henderson representatives. We very much welcome your comments and questions at the AGM and we would encourage those of you who are unable to attend in person to use your proxy votes and to watch the AGM live by logging ontowww.janushenderson.com/hhi-agm. Prospects and Outlook "Markets climb a wall of worry" is an oft-quoted phrase describing how share prices tend to rise over the long term, even when confronted with negative news, geopolitical turmoil and economic uncertainty. Certainly looking back at 2025 this would appear to be true and as we look forward to the remainder of 2026 we can safely assume that there will be continuing volatility within financial markets.The war in Iran has of course resulted ina great deal of uncertainty and instability which will no doubt weigh on global economic activity, particularly due to the surge in energy prices. Another current driver and focus for investors is of course the development of Artificial Intelligence (AI) which is changing the world in which we live. As usual financial markets have recognised its potential and the valuations of companies exposed to such technology have in many cases reached very high levels. One of the key issues in 2026 will be to evaluate whether valuations have become too extended but in any event we can expect volatile movements in share prices. In the UK market there are fewer opportunities to invest in such companies but the impact of AI will still be profound and one of the challenges for our Fund Manager will be to evaluate which companies will be relative winners and losers from further technological development, at the same time as also attempting to decide which companies will be able to do better under a more hostile landscape taxation wise. Overall, whilst of course mindful of such challenges, there are reasons to be positive. The UK equity market has made good upward progress during the course of the last year and still valuations look relatively attractive in a global context. We should focus more on the relatively robust financial health of the quoted corporate sector rather than the parlous state of public finances. In the short term the performance of smaller- and medium-sized companies has lagged, not least due to a tougher UK economic environment, but valuations look relatively cheap against larger peers and the portfolio has good exposure to this area, as well as of course holding a good spread of larger companies which derive their profitability from operations around the globe. Undoubtedly the world in which we live will remain volatile but the objective for Henderson High Income will not change with your Board and Fund Manager continuing to focus on delivering a high level of income for shareholders whilst also attempting to deliver capital growth over the longer term. Jeremy Rigg Chairman 25 March 2026 |
| Fund Manager's Report Market review The UK equity market made its strongest annual return since 2009, with the FTSE All-Share Index up 24.0% on a total return basis. Falling interest rates globally, increased fiscal spending and fading trade tensions post "Liberation Day" in April helped push markets through all-time highs. The Bank of England lowered its benchmark interest rate to 3.75% after announcing four 25 basis point (bps) cuts through the year. Similar to 2024, UK economic growth was better in the first half of the year before slowing as rumours over likely tax increases at the November Budget weighed on sentiment. Unemployment increased towards the end of the year reaching 5.1%, a five year high. Inflation proved stubborn during the year with the Consumer Price Index (CPI) rising from 3.0% in January to 3.8% in July, given wage pressures, before slowing to 3.4% in December. Despite this equity markets made strong gains, led by large multinational companies with the FTSE 100 Index returning 25.8%, materially outperforming the more domestic FTSE 250 Index, up 15.1%. This has been the fourth year in a row that the large cap FTSE 100 has outperformed the FTSE 250, producing a 55.9% total return over that period relative to only 9.0% for mid-caps. Given the strong performance of large cap companies, the UK equity market proved to be very concentrated, with only 31% of companies within the FTSE All-Share Index outperforming over the 12-month period. The best performing sectors included telecommunications, financials (led by banks), basic materials and industrials (led by aerospace & defence), while technology,consumer discretionary, real estate and consumer staplesunderperformed. Within commodities, the oil price fell givenexpectations of oversupply in 2026 after major producersraised output, while the gold price surged to an all-time highdue to global economic and political uncertainty. The copperprice also rallied to a record level near the end of the year, amidfears of a supply shortfall given strong demand from significantinvestments in data centres and energy infrastructure. UK government bonds endured a volatile 2025, with gilt pricesunder pressure as yields moved higher - particularly at the longend of the curve - before stabilising later on. Persistent inflationconcerns, heavy gilt issuance and the Bank of England'songoing quantitative tightening (QT) pushed yields to multidecade highs. The 30-year gilt yield rose to levels last seen inthe late 1990s and the 10-year yield peaked close to 4.9% earlyin the year. As 2025 progressed, however, yields started to fallas inflation came under control, the Bank of England cut policyrates further and slowed its QT program. The November Budgetwas not as bad as feared with bond markets reacting positivelygiven the increase in the Chancellor's fiscal buffer over theforecast period. The 10-year gilt yield finished the year at 4.5%. Performance review The Company's NAV (debt at fair value) returned 20.4% on atotal return basis, performing broadly in line with thebenchmark return of 20.6%. Given the Company's overweightposition to equities relative to bonds against the benchmark,asset allocation had a positive impact on performance due toequities outperforming. Gearing also aided performance giventhe strong market backdrop. Despite the equity portfolio performing well in absolute terms,up 20.0% on a total return basis, it lagged the very strongreturns from the FTSE All-Share Index (+24.0%). Withinbanks, although HSBC is the Company's second largestholding, its underweight relative to the weighting in the FTSEAll-Share Index meant its strong share price performancewas negative to relative performance. Likewise, the Companydoes not own Barclays, which also did well and was onlypartially offset by the good performance of the holdings inNatWest and Lloyds Banking Group. Banks continued toproduce strong earnings and dividend growth through theyear, with the sector further supported by signals from theUK's Prudential Regulation Authority (PRA) that capitalrequirements for banks could be eased. Other underweight positions also detracted from relativereturns, namely Rolls Royce and AstraZeneca. Rolls Royce,which the Company does not own due to the low dividend yieldbut has a large weighting in the FTSE All-Share Index,significantly outperformed in 2025 on strong profit growth.AstraZeneca, which is held by the Company although with alower weighting to the index, performed well in the second halfof the year after it announced they had reached agreement withthe US administration on drug pricing via the Most FavourableNation (MFN) policy. The MFN policy pegs US prescription drugprices to the lowest prices paid in other comparablehigh-incomecountries. In exchange President Trump agreed to drophis tariff threat on non-US manufactured drugs. Elsewhere the portfolio's holdings in Hilton Food Group andSodexo were also detrimental to performance. Meat packingcompany, Hilton Foods, faced a difficult operating environmentduring the second half of the year, in part, due to inflation inwhite fish and beef, causing volume declines in bothcategories. The company was also impacted by an outbreak oflisteria in its Greek salmon processing plant which meant afurther impact on profits. Contract caterer Sodexo's profitswere held back by disappointing performance within its USdivision as it lost a number of key contracts. While thecompany has changed the CEO, it is likely to take time toimplement changes to help stabilise client retention, whileincreased investment could see further earnings downside,hence we exited the holding. On the positive side, the portfolio's positions in BritishAmerican Tobacco and life insurers Phoenix and M&Gbenefitted performance. British American Tobacco performedstrongly in the year from a recovery in its US business, wherecigarette and vaping volume declines eased as the USAdministration strengthen the enforcement of its ban on illicitChinese vapes. The company also benefitted from the stronggrowth in its modern oral (nicotine pouches) products. Phoenixdelivered solid results, with cash generation ahead ofexpectations, while M&G announced a long-term strategicpartnership with Japanese insurer Dai ichi Life that should drive new business flows and includes Dai ichi acquiring a 15%stake in M&G. The portfolio's holding in Chemical companyJohnson Matthey was also positive for performance. Thecompany announced the potential sale of their Catalyst Technologiesdivision to Honeywell for £1.8 billion, materially more thananalysts' estimate of its fair value. The shares were furtherbuoyed by management's commitment to improve operationalefficiencies and cash generation. Within the overseas holdings both Nordic telecommunicationscompany Tele2 and French utility Engie performed well.Tele2 delivered solid results, with early signs that its costtransformation programme is translating into higher profits andcash flow, while Engie's shares rose after it upgraded profitguidance on stronger trading and increased investment in itsenergy infrastructure division.The fixed income portfolio rose 5.6% on a total return basisduringthe year, underperforming the 6.8% return from theICE BofA Sterling Non-Gilts Index. The exposure to USDbonds detracted from relative performance given they laggedthe performance of the GBP benchmark. Holdings in highyield bonds and financials aided returns givenspreads tightenedmore in this area of the market. In addition,holdings in bonds issued by Direct Line and Avivaboth performedwell after the latter acquired the formerwhich strengthenedits capitalposition. Incomereview Whileheadline dividends in the UK market fell during 2025,once special dividends and the impact of sterling strengthare excluded, underlying dividends rose by 3.6% (according tothe ComputershareUK Dividend Monitor). There wasstrong dividendgrowth from financials and defence contractorsbut thiswas somewhat offset by further dividend reductions inthe miningsector. Theincome return for the Company increased 5.0% to 11.28 pence per share in 2025, up from 10.74 pence in 2024. However this was flattered by an increase of £292,000from specialdividends in the period. Excluding specialdividends, theincome return increased 2.2%. Within the equityportfolio therewas good dividend growth from some of thelargest holdingsincluding NatWest (+42.8%), 3i (+21.5%), Lloyds (+14.8%) and Tesco (+14.0%), while both Rio Tinto and AngloAmerican lowered their dividend payments in sterling terms by 16.8% and 66.7%respectively. Duringthe year the Board declared a full year dividend of10.9p which was fully covered by earnings. This wasan increaseof 2.8% over the dividend in 2024 (10.6p)and representsthe 13th consecutive year of dividendgrowth, maintainingthe Company's status as an AIC NextGeneration DividendHero. The dividend has grown at acompound annualgrowth rate of 2.1% over those 13 years.Retained revenuesearned in the year were approximately £680,000,which increased revenue reserves to £11.0 million as at 31 December 2025, providing approximately 60% coverover theCompany's dividend. Portfolio activity The bond allocation finished the year at 10.7% ofgross assets, down from 10.9% as at the end of 2024. Thefall reflectsthe underperformance of bonds relative toequities overthe year. In the fourth quarter, we added approximately £7 million to bonds to lower the underweight positionrelative tothe benchmark. We bought bonds of large, well-capitalised banksand insurers where spreads were appealing.Notable additionsincluded AXA, Barclays, Bupa (UK insurer),ING, andNatWest. These were either new or increasedpositions insubordinated debt of these institutions. We also boughtGBP-denominated corporate bonds in defensive sectorswith strongcash flows and attractive yields. For instance,we addedEntain and Flutter (both gaming companies)bonds, GatwickAirport bonds, Southern Water (infrastructure),and PinewoodStudios. Funding came from a reduction in the equity portfolio,selling holdingsin Coca-Cola Hellenic Bottling Company (CCH) and IGGroup. CCH has been a good performer for the Company overthe long term and has recovered well since the start of theRussian Ukraine war. We believe the valuation has now reacheda level which is not discounting the risk of slowing volumemomentum given the significant price increases seen in recentyears. We sold IG Group, the online trading and spread bettingbusiness which had performed well since purchase, on fearsover potential changes to the tax treatment of remote gamblingby the government. Although a new rate of general betting dutyfor remote gambling was introduced, it excluded spreadbetting, however, this still presents a risk going forward. Elsewhere, within the equity portfolio, we switchedour preferencein overseas banks from BNP Paribas to BancoBilbao Vizcaya Argentaria (BBVA). French bank BNP wassold followinga US court ruling against the bank in a humanrights caserelated to Sudan. Although the damages awardedwere modest, the precedent creates significant financial riskif claimsescalate, while political instability in France could lead to higher banking levies. Spanish listed bank BBVA offers a more attractive alternative, with strong franchises andmarket positionsin Spain, Turkey and Mexico, sector leadingreturns anda discounted valuation. Structural growth in Mexicoand improvingloan growth in Spain should support profitgrowth whilethe company also pays an attractive dividend. Other new additions to the equity portfolio includedFrench insurerAXA and Aberdeen, while we increased ourholding inDiageo, moving to an overweight position. AXA is awell diversifiedEuropean multi-line insurer and has potentialto improveprofits given a good pricing environment incertain insurancelines while claims inflation ismoderating. Aberdeenhas faced significant challenges in itsasset managementbusiness but this has masked thestrong performanceof its retail investment platform,Interactive Investor, which now contributes almost half of thegroup's profit. This should continue to see good growthgiven structuraltailwinds in the direct-to-consumer market andits competitivelypriced offering, while cost savings in theasset managementdivision should support margins. Diageohas strongbrands with market leading positions andalthough tradinghas been difficult in recent years we believe thisis moredue to cyclical headwinds rather than structuralissues. Thevaluation is attractive given the quality of thebrand portfolioand we believe the new CEO can reinvigoratethe businessand drive profit recovery. Finally we sold holdings in SSE, Conduit Re andSabre Insurance. UK utility SSE is due to makesignificant investmentsin renewable energy projects over the nextfew years, however, we are concerned over the level ofreturns giventhe material increase in construction costs inrecent years. Sabre is a UK motor insurance underwriter. Theshares hadperformed well from their lows as margins hadrecovered backto more normalised levels given the strongpremium pricingenvironment over the last couple of years. However,we wereconcerned over the company's recent change instrategy toprioritise volume over price especially now themotor insurancemarket is softening. Conduit Re, the reinsurer,was soldover concerns around their ability to correctlyprice underwritingrisks and also in the quality of their systemsgiven disappointingevent losses last year. Gearing at the end of December was 17.5%, down fromthe endof 2024 (21.0%), however, this was more a reflection ofthe growthin the NAV through the year with the absolute levelof borrowingonly falling modestly. Outlook Despite strong market returns from UK equities in 2025,there wasa lack of aggregate earnings growth for the market asa whole. This was largely due to falling earnings in the oil &gas andmining sectors being offset by strong earningsgrowth withinfinancials, especially banks and insurers. Acontinuation offalling inflation and further interest rates cuts couldhave supportedan inflection in aggregate earnings growth for theUK market this year, however, events in Iran andthe subsequentsurging oil price has now put that atrisk. Theduration of the conflict in the Middle East willhave implicationson western economies through higherinflation andslower economic growth, especially in Europe which is a net importer of energy. A quick resolution or a return ofoil flowingthrough the Strait of Hormuz could lessen theimpact butgeopolitical tensions are likely to remain high.AlthoughUK equity market performed strongly in 2025, therecent pullbackhas left valuations in line with thelong-termaverageand inexpensiverelative to global markets. In the UK, the inflationary impact of rising oil and gasprices willnot flow through to consumer energy bills until thesecond halfof the year given the energy price capmechanism. Howeverfurther interest rate cuts from the Bank ofEngland arenow unlikely in the short term due to increasedinflation uncertainty. It is worth remembering that UKconsumers, businessesand the banking system remain in strongfinancial healthwhich has supported the UK economy throughperiods ofenergy price volatility in recent years. The growth of AI and what it means for society cannotbe underestimated. There are businesses that will win fromAI development, others that will be enhanced by AIdeployment andothers that will suffer from AI disintermediation. Weare alreadyseeing the market try to predict which companiesfit intowhich groups but it is probably too early to becertain. Itwill no doubt continue to be volatile but one needs tobe disciplinedin understanding the strengths of businessmodels andhow the valuation discounts the AI threat or opportunity. As ever the focus remains on finding good qualitybusinesses ata compelling valuation that can pay and grow anattractive dividend. The portfolio is well balanced in terms ofincome generation, with good diversification between sectorsand owningcash generative businesses. David Smith Fund Manager 25 March 2026 |
| Managing risks | ||
| The Board, supported by the Manager, undertakes a robust and regular assessment of the principal and emerging risks facing the Company. The Board seeks assurance that these risks are clearly identified and assessed, and that appropriate systems of risk management and internal control are in place to mitigate them where practicable. The Company's principal risks are those that could threaten its business model, future performance, solvency, liquidity or reputation. To support effective oversight, the Board maintains a detailed risk matrix which sets out the key risks and the controls in place to manage them. The Board may implement safeguarding measures directly, such as establishing a schedule of investment limits and restrictions aligned with the Company's investment objective and policy. The Manager is required to adhere to these parameters and report on compliance on a monthly basis. Additionally, the Board may delegate the design and implementation of certain controls to the Company's third-party service providers, who provide regular updates on the effectiveness of their control environments. Each risk identified in the risk matrix is evaluated using a colour-coded traffic light system, which scores and prioritises risks based on their potential impact on the Company and the likelihood of occurrence. The principal risks identified through this process, along with the mitigating actions taken by the Board, are detailed in the table below. The Board does not consider these principal risks to have changed during the year under review and up to the date of this report. | ||
| Principal Risk | Trend | Mitigating Measures |
| Climate Change Risk Risk that investee companies within the Company's portfolio fail to respond to the pressures associated with climate change and fail to limit their carbon footprint to regulated targets, resulting inreduced investor demand for their shares and falling market values. | ↔ | ESG considerations are a fully integrated component of the investment process. The Fund Manager seeks to understand how a company is managing ESG risks through its policies and processes and where its investments are targeted, to ensure that its business model remains sustainable over the longer term. Please refer to Environmental, Social and Governance Matters in the Annual Report for further details. |
| Investment Risk Risk of long-term underperformance of the Company against the benchmark and/or peer group. This could result in the shares of the Company trading at a persistent discount to net asset value and/or reduced liquidity in the Company's shares. Risk that insufficient income generation could lead to a cut in the dividend. | ↔ | The Manager provides the Board with regular investment performance statistics against the benchmark and the peer group. The implementation of the investment strategy and results of the investment process, for which the Fund Manager is responsible, are discussed with the Manager and reviewed at each Board meeting. The premium/discount to net asset value and the trading volume of the Company's shares are also regularly reviewed, taking account of market conditions. The Board regularly reviews and monitors the investment in marketing activities with the Manager.Both the Manager and the Board maintain close contact with the Company's Broker to understand the supply of and demand for the Company's shares. The Board reviews the Income Statement and revenue forecasts at each meeting and continually monitors the Company's revenue reserves. |
| Market/Financial Risk Risk that market conditions lead to a fall in the value of the portfolio (magnified by any gearing) and/or a reduction of income. Risks associated with interest rates and their impact on the broader financial system. These could result in a loss of capital value for shareholders and/or a cut in the dividend payment. | ↔ | The Board reviews the Company's compliance with its loan covenants (for both the short-term and long-term facilities) on a monthly basis. Additional covenant testing is undertaken in extreme market conditions to give comfort that the Company can meet its financial liabilities. The portfolio is diverse, containing a sufficient range of investments to ensure that no single investment puts undue risk on the sustainability of the income generated by the portfolio or indeed the capital value. Regard is also given to having a broad mix of companies in the portfolio, as well as a spread across a range of economic sectors. The Board reviews the portfolio on a monthly basis. The Manager operates within investment limits and restrictions set by the Board, including limits for gearing and derivatives and confirms compliance with these each month. Any particularly high risks are highlighted and discussed, and appropriate follow up action is taken where necessary. A detailed analysis of the Company's financial risk management policies and procedures can be found in the Financial Risk Management Policies and Procedures note in the Annual Report. The Board reviews the Income Statement and revenue forecasts at each meeting and continually monitors the Company's revenue reserves. |
| Operational Risks including cyber risks, pandemic risks and epidemic risks and risks relating to terrorism and international conflicts Risk of loss through inadequate or failed internal procedures, policies, processes, systems or human error. This includes risk of loss to the Company's third-party service providers. Risk of financial loss, disruption or damage to the reputation of the Company, the Manager and the Company's other key third-party service providers, as a result of failure of information technology systems. Risk of loss as a result of external events outside of the Board's control such as pandemic and/or epidemic risks and risks relating to terrorism and/or international conflicts that disrupt and impact the global economy. This includes the risk of loss to the Company's third-party service providers that are also disrupted and impacted by such events. | ↑ | The Board receives quarterly internal control reports from the Manager to support its oversight of the Company's internal control and risk management framework. These are supplemented by regular updates from the Manager's Internal Audit, Risk, Compliance, Information Security, and Business Continuity teams, providing assurance that robust systems and procedures are in place to maintain operational resilience. The Board also seeks confirmation from the Manager that the portfolio can continue to be managed effectively during periods of disruption. Similar assurances are obtained from the Company's key third-party service providers, who are expected to maintain appropriate business continuity and risk mitigation plans to ensure service continuity in the event of cyber incidents, pandemics, terrorism, or geopolitical events. |
| Tax, Legal and Regulatory Risk Risk that a breach of, or a change in laws and regulations, could materially affect the viability and appeal of the Company, in particular section 1158/9 of the Corporation Tax Act 2010 which exempts capital gains from being taxed within investment trusts. | ↔ | The Manager has been contracted to provide investment, company secretarial, administration and accounting services through qualified professionals. The Board receives internal control reports produced by the Manager on a quarterly basis, which confirm tax, legal and regulatory compliance. |
| Emerging Risks With the help of the Manager's research resources and using its own market intelligence, the Board continually monitors the changing risk landscape and any emerging and increasing threats to the Company's business model. Such emerging risks could cause disruption for the Company if ignored, but if identified could provide business opportunities.Should an emerging risk become sufficiently clear, it may be moved to a principal risk. During the year under review, the Board did not identify any emerging risks which are not already encompassed within the existing principal risks. | ||||||||||||||
| VIABILITY STATEMENT The Company seeks to provide superior income generation and long-term capital growth for its shareholders. The Board aims to achieve this by implementing the Company's business model and strategy through the investment objective and policy. It remains committed to regularly reviewing and adapting the business model and strategy of the Company to ensure its long-term viability in relation to its principal and emerging risks. In assessing viability, the Board also considers:
The Board believes it is appropriate to assess the Company's viability over a five-year period in recognition of its long-term investment horizon and taking account of the Company's current position and the assessment factors detailed above. When assessing the viability of the Company over the next five years, the Directors considered its ability to meet liabilities as they fall due. This included consideration of the duration of the Company's borrowing facilities and how a breach of any loan covenants could impact on the Company's net asset value and share price. The Directors also considered the impact of a global recession, inflation and risks associated with geopolitical conflicts. While these factors contribute to market uncertainty and volatility, they do not threaten the Company's viability. The Board does not envisage any change in strategy or investment objective, nor any events that would prevent the Company from continuing to operate over the next five years. The Company's liquid assets, limited commitments and intention to maintain its investment trust status support this view. In 2025 the Board received feedback from the Fund Manager and the Janus Henderson Investment Trust Sales Team on meetings held with shareholders. The Company's continuation vote took place at the AGM on 13 May 2025 and passed with 99.4% votes in favour. The next continuation vote is due to take place at the AGM in 2030. In light of the above considerations of the Company's viability and going concern, the Board remains confident that shareholders remain supportive of the Company. It takes comfort in the robustness of the Company's position, performance, liquidity and the well-diversified portfolio, as well as the Fund Manager's monitoring of the portfolio. Accordingly, the Board has a reasonable expectation that the Company will continue in operation and meet its liabilities as they fall due up to and including the year ending 31 December 2030. RELATED PARTY TRANSACTIONS The Company's transactions with related parties in the year were with the Directors and the Manager. There have been no material transactions between the Company and its Directors during the year. The only amounts paid to them were in respect of remuneration for which there were no outstanding amounts payable at the year end. Directors' interests in shares are disclosed in the Directors' Remuneration Report in the Annual Report. 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 have been no material transactions with the Manager affecting the financial position or performance of the Company during the year under review. More details on transactions with Janus Henderson and related parties, including amounts outstanding at the year end, are given in Note 21 to the financial statements within the Annual Report. STATEMENT OF DIRECTORS' RESPONSIBILITIES Each of the Directors, whose names and functions are listed in note 14 below, confirms that, to the best of their knowledge:
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| On behalf of the Board Jeremy Rigg Chairman 25 March 2026 |
| Year ended 31 December 2025 | Year ended 31 December 2024 | |||||
| Revenue return £'000 | Capital return £'000 | Total £'000 | Revenue return £'000 | Capital return £'000 | Total £'000 | |
| Gains on investments held at fair value through profit or loss (note 2) | - | 43,613 | 43,613 | - | 11,155 | 11,155 |
| Income from investments held at fair value through profit or loss (note 3) | 21,258 | - | 21,258 | 20,513 | - | 20,513 |
| Other interest receivable and similar income | 258 | - | 258 | 313 | - | 313 |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| Gross revenue and capital gains | 21,516 | 43,613 | 65,129 | 20,826 | 11,155 | 31,981 |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| Expenses | ||||||
| Management fee (note 5) | (639) | (959) | (1,598) | (666) | (999) | (1,665) |
| Other administrative expenses | (617) | - | (617) | (618) | - | (618) |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| Net return before finance costs and taxation | 20,260 | 42,654 | 62,914 | 19,542 | 10,156 | 29,698 |
| Finance costs | (710) | (2,131) | (2,841) | (903) | (2,709) | (3,612) |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| Net return before taxation | 19,550 | 40,523 | 60,073 | 18,639 | 7,447 | 26,086 |
| Taxation on net return | (308) | 261 | (47) | (338) | 229 | (109) |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| Net return after taxation | 19,242 | 40,784 | 60,026 | 18,301 | 7,676 | 25,977 |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| Return per ordinary share(note 6) | 11.28p | 23.90p | 35.18p | 10.74p | 4.50p | 15.24p |
| ======= | ======= | ======= | ======= | ======= | ======= | |
| The total columns of this statement represent the Income Statement of the Company. All capital and revenue items derive from continuing operations. No operations were acquired or discontinued during the period, see note 23 in the Annual Report for further details on the HDIV combination in the prior year. The Company has no other comprehensive income other than those items recognised in the Income Statement. | ||||||
| Year ended 31 December 2025 | Called up share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Other capital reserves £'000 | Revenue reserve £'000 | Total £'000 |
| At 1 January 2025 | 8,607 | 198,629 | 26,302 | 59,483 | 10,186 | 303,207 |
| Net return after taxation | - | - | - | 40,784 | 19,242 | 60,026 |
| Dividends paid (note 9) | - | - | - | - | (18,442) | (18,442) |
| Buyback of shares for treasury (note 7) | - | - | - | (4,598) | - | (4,598) |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| At 31 December 2025 | 8,607 | 198,629 | 26,302 | 95,669 | 10,986 | 340,193 |
| ======= | ======= | ======= | ======= | ======= | ======= | |
| Year ended 31 December 2024 | Called up share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Other capital reserves £'000 | Revenue reserve £'000 | Total £'000 |
| At 1 January 2024 | 6,490 | 128,827 | 26,302 | 51,807 | 8,916 | 222,342 |
| Net return after taxation | - | - | - | 7,676 | 18,301 | 25,977 |
| Dividends paid (note 9) | - | - | - | - | (17,031) | (17,031) |
| Issue of shares on the HDIV combination (note 7) | 2,117 | 69,949 | - | - | - | 72,066 |
| Issue costs of HDIV transaction | - | (3) | - | - | - | (3) |
| Listing fee in respect of the new shares issued following the HDIV combination | - | (144) | - | - | - | (144) |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| At 31 December 2024 | 8,607 | 198,629 | 26,302 | 59,483 | 10,186 | 303,207 |
| ======= | ======= | ======= | ======= | ======= | ======= |
| At 31 December 2025 £'000 | At 31 December 2024 £'000 | ||
| Fixed assets | |||
| Investments held at fair value through profit or loss | 399,867 | 366,790 | |
| -------------- | -------------- | ||
| Current assets | |||
| Debtors | 2,329 | 2,323 | |
| Cash at bank and in hand | 3,746 | 2,493 | |
| -------------- | -------------- | ||
| 6,075 | 4,816 | ||
| -------------- | -------------- | ||
| Creditors: amounts falling due within one year | (45,860) | (48,520) | |
| -------------- | -------------- | ||
| Net current liabilities | (39,785) | (43,704) | |
| Total assets less current liabilities | 360,082 | 323,086 | |
| -------------- | -------------- | ||
| Creditors: amounts falling due after more than one year | (19,889) | (19,879) | |
| -------------- | -------------- | ||
| Net assets | 340,193 | 303,207 | |
| ======== | ======== | ||
| Capital and reserves | |||
| Called up share capital (note 7) | 8,607 | 8,607 | |
| Share premium account | 198,629 | 198,629 | |
| Capital redemption reserve | 26,302 | 26,302 | |
| Other capital reserves | 95,669 | 59,483 | |
| Revenue reserve | 10,986 | 10,186 | |
| -------------- | -------------- | ||
| Total shareholders' funds | 340,193 | 303,207 | |
| ======== | ======== | ||
| Net asset value per ordinary share (note 8) | 200.68p | 176.14p | |
| ======== | ======== | ||
| Year ended 31 December 2025 £'000 | Year ended 31 December 2024 £'000 | |
| Cash flows from operating activities | ||
| Net return before taxation | 60,073 | 26,086 |
| Add back: finance costs | 2,841 | 3,612 |
| Less gains on investments held at fair value through profit or loss | (43,613) | (11,155) |
| Withholding tax on dividends deducted at source | (47) | (109) |
| Increase in debtors | (6) | (231) |
| Increase/(decrease) in creditors | 9 | (282) |
| -------------- | -------------- | |
| Net cash inflow from operating activities1 | 19,257 | 17,921 |
| -------------- | -------------- | |
| Cash flows from investing activities | ||
| Sales of investmentsheldat fair value through profit or loss | 79,649 | 101,287 |
| Purchases of investments held at fair value through profit or loss | (68,895) | (147,956) |
| -------------- | -------------- | |
| Net cash inflow/(outflow) from investing activities | 10,754 | (46,669) |
| -------------- | -------------- | |
| Cash flows from financing activities | ||
| Net cash acquired and received following the HDIV transaction | - | 32,586 |
| Listing fees in respect of the new shares issued following the HDIV transaction | - | (144) |
| Issue costs in respect of the HDIV transaction | - | (3) |
| Share buybacks for treasury | (4,598) | - |
| Equity dividends paid | (18,442) | (17,031) |
| Drawdown of loans | - | 17,932 |
| Repayment of loans | (3,035) | - |
| Interest paid | (2,831) | (3,600) |
| -------------- | -------------- | |
| Net cash (outflow)/inflow from financing activities | (28,906) | 29,740 |
| -------------- | -------------- | |
| Net increase in cash and cash equivalents | 1,105 | 992 |
| Cash and cash equivalents at beginning of year | 2,493 | 1,990 |
| Exchange movements | 148 | (489) |
| -------------- | -------------- | |
| Cash and cash equivalents at end of year | 3,746 | 2,493 |
| Comprising: | -------------- | -------------- |
| Cash at bank | 3,746 | 2,493 |
| ======== | ======== | |
| 1Cash inflow from dividends was £19,173,000 (2024: £18,236,000) and cash inflow from interest was £2,049,000 (2024: £1,904,000) | ||
| NOTES TO THE FINANCIAL STATEMENTS 1a. Accounting policies: basis of accounting The Company is an investment company as defined in section 833 of the Companies Act 2006 and is incorporated in the UK.It operates in England and Wales and is registered at 201 Bishopsgate, London EC2M 3AE.The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland, and with the AIC Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (SORP). The principal accounting policies applied in the presentation of these financial statements are set out in the Annual Report. These policies have been consistently applied to all the years presented. The financial statements have been prepared under the historical cost basis except for the measurement at fair value of investments. In applying FRS 102, financial instruments have been accounted for in accordance with sections 11 and 12 of the Standard. All of the Company's operations are of a continuing nature. 1b. Significant judgments and estimates The decision to allocate special dividends as income or capital is a judgment but not deemed to be material. The allocation of expenses as income or capital is not material but has an impact on distributable reserves. The Directors do not consider these to be significant judgments or estimates and do not believe any accounting judgments or estimates have been applied to this set of financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. 1c. Going concern The Directors have considered the liquidity of the portfolio and concluded that the assets of the Company consists of securities that are readily realisable. The Directors have also assessed the potential impact of risks associated with interest rates on the broader financial system, alongside the implications of ongoing geopolitical conflicts. This assessment included a review of cash flow forecasts, covenant compliance - particularly the headroom available under the most restrictive covenants - and the liquidity profile of the portfolio. They have concluded that the Company is able to meet its financial obligations, including the repayment of the bank loan, as they fall due for a period to 25 March 2027, which is at least 12 months from the date of the approval of the financial statements. The Company's shareholders are asked every five years to vote on the continuation of the Company. An ordinary resolution to this effect was passed by the shareholders at the AGM held on 13 May 2025. Having assessed these factors, the principal risks and other matters discussed in connection with the viability statement, the Board has determined that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements. 2. Gainson Investments Held at Fair Value through Profit or Loss | |||||||
| 2025 £'000 | 2024 £'000 | ||||||
| Gains on the sale of investments based on historical cost | 713 | 5,815 | |||||
| Revaluation losses/(gains) recognised in previous years | 349 | (2,211) | |||||
| ------------ | ------------ | ||||||
| Gains on investments sold in the year based on carrying value at previous Statement of Financial Position date | 1,062 | 3,604 | |||||
| ------------ | ------------ | ||||||
| Net movement on revaluation of investments | 42,908 | 7,046 | |||||
| Effective yield movement | (139) | (16) | |||||
| Exchange (losses)/gains | (218) | 521 | |||||
| ------------ | ------------ | ||||||
| 43,613 | 11,155 | ||||||
| ======= | ======= | ||||||
| 3. Income from Investments Held at Fair Value through Profit or Loss | 2025 £'000 | 2024 £'000 | |||||
| UK dividend income - listed | 15,313 | 14,946 | |||||
| UK dividend income - special dividends | 639 | 189 | |||||
| ---------- | ---------- | ||||||
| 15,952 | 15,135 | ||||||
| ---------- | ---------- | ||||||
| Interest income - listed | 2,091 | 2,058 | |||||
| Overseas and other dividend income - listed | 3,215 | 3,162 | |||||
| Overseas and other dividend income - special dividends | - | 158 | |||||
| ---------- | ---------- | ||||||
| 5,306 | 5,378 | ||||||
| ---------- | ---------- | ||||||
| 21,258 | 20,513 | ||||||
| ====== | ====== | ||||||
| 4. Other Interest Receivable and Similar Income | 2025 £'000 | 2024 £'000 | |||||
| Deposit interest | 71 | 96 | |||||
| Traded option premiums | 160 | 202 | |||||
| Underwriting commission | 7 | 15 | |||||
| Interest on tax reclaims | 4 | - | |||||
| Other income1 | 16 | - | |||||
| ----- | ----- | ||||||
| 258 | 313 | ||||||
| === | === | ||||||
| 1Comprises a voting fee received in relation to the cancellation of General Accident 7.875% preference stock of £16,000 (2024 - £nil) | |||||||
| 5. Management Fee | |||||||
| 2025 | 2024 | ||||||
| Revenue return £'000 | Capital return £'000 | Total £'000 | Revenue return £'000 | Capital return £'000 | Total £'000 | ||
| Management fee | 639 | 959 | 1,598 | 666 | 999 | 1,665 | |
| ===== | ===== | ===== | ===== | ===== | ===== | ||
| A summary of the terms of the Investment Management Agreement is given in the Annual Report. An explanation of the split between revenue and capital is contained in Note 1g to the financial statements in the Annual Report. | |||||||
| 6. Profit for the year Profit attributable per ordinary share figure is based on the return attributable to the ordinary shares of £60,026,000 (2024: £25,977,000) and on the 170,626,901 weighted average number of ordinary shares in issue during the year (2024: 170,406,232). The Company had no securities in issue that could dilute the return per ordinary share. The return per ordinary share can be analysed between revenue and capital as shown below: | |||||||
| 2025 £'000 | 2024 £'000 | ||||||
| Net revenue return | 19,242 | 18,301 | |||||
| Net capital return | 40,784 | 7,676 | |||||
| ------------ | ------------ | ||||||
| Profit for the year | 60,026 | 25,977 | |||||
| ======= | ======= | ||||||
| Weighted average number of ordinary shares | 170,626,901 | 170,406,232 | |||||
| Revenue return per ordinary share | 11.28p | 10.74p | |||||
| Capital return per ordinary share | 23.90p | 4.50p | |||||
| ------------ | ------------ | ||||||
| Profit attributable per ordinary share | 35.18p | 15.24p | |||||
| ======= | ======= | ||||||
| 7. Called Up Share Capital | ||||
| Shares held in treasury | Shares entitled to dividend | Total shares in issue | Nominal value in issue £'000 | |
| Issued ordinary shares of 5p each | ||||
| At 1 January 2025 | - | 172,141,700 | 172,141,700 | 8,607 |
| Buyback of shares in treasury | 2,622,692 | (2,622,692) | - | - |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| At 31 December 2025 | 2,622,692 | 169,519,008 | 172,141,700 | 8,607 |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| Shares held in treasury | Shares entitled to dividend | Total shares in issue | Nominal value in issue £'000 | |
| Issued ordinary shares of 5p each | ||||
| At 1 January 2024 | - | 129,796,278 | 129,796,278 | 6,490 |
| Issued during the year | - | 42,345,422 | 42,345,422 | 2,117 |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| At 31 December 2024 | - | 172,141,700 | 172,141,700 | 8,607 |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| 8. Net Asset Value Per Ordinary Share The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of £340,193,000 (2024: £303,207,000) and on the 169,519,008 ordinary shares in issue at 31 December 2025 (2024: 172,141,700). The movements during the year of the assets attributable to the ordinary shares were as follows: | ||||||||
| 2025 £'000 | 2024 £'000 | |||||||
| Net assets at start of year | 303,207 | 222,342 | ||||||
| Total net return after taxation | 60,026 | 25,977 | ||||||
| Dividends paid in the year | (18,442) | (17,031) | ||||||
| Buyback of shares for treasury | (4,598) | - | ||||||
| Issue of shares on the HDIV combination | - | 72,066 | ||||||
| Issue costs in respect of the HDIV combination | - | (3) | ||||||
| Listing fees in respect of the new shares issued following the HDIV combination | - | (144) | ||||||
| ------------ | ------------ | |||||||
| 340,193 | 303,207 | |||||||
| ------------ | ------------ | |||||||
| 9. Dividends Paid on Ordinary Shares | ||||||||
| Payment date | 2025 £'000 | 2024 £'000 | ||||||
| Fourth interim dividend (2.625p per share) for the year ended 31 December 2023 | 26 January 2024 | - | 3,407 | |||||
| First interim dividend (2.625p per share) for the year ended 31 December 2024 | 26 April 2024 | - | 4,519 | |||||
| Second interim dividend (2.625p per share) for the year ended 31 December 2024 | 26 July 2024 | - | 4,519 | |||||
| Third interim dividend (2.675p per share) for the year ended 31 December 2024 | 25 October 2024 | - | 4,605 | |||||
| Fourth interim dividend (2.675p per share) for the year ended 31 December 2024 | 31 January 2025 | 4,605 | - | |||||
| First interim dividend (2.675p per share) for the year ended 31 December 2025 | 25 April 2025 | 4,571 | - | |||||
| Second interim dividend (2.675p per share) for the year ended 31 December 2025 | 25 July 2025 | 4,566 | - | |||||
| Third interim dividend (2.775p per share) for the year ended 31 December 2025 | 24 October 2025 | 4,720 | - | |||||
| Unclaimed dividends | (20) | (19) | ||||||
| ---------- | ---------- | |||||||
| 18,442 | 17,031 | |||||||
| ====== | ====== | |||||||
| The total dividends payable in respect of the financial year which form the basis of the test under section 1158 of the Corporation Tax Act 2010, which sets out the maximum income that an investment trust can retain in any financial year, are set out below: | ||||||||
| 2025 £'000 | 2024 £'000 | |||||||
| Revenue available for distribution by way of dividend for the year | 19,242 | 18,301 | ||||||
| First interim dividend of 2.675p (2024: 2.625p) | (4,571) | (4,519) | ||||||
| Second interim dividend of 2.675p (2024: 2.625p) | (4,566) | (4,519) | ||||||
| Third interim dividend of 2.775p (2024: 2.675p) | (4,720) | (4,605) | ||||||
| Fourth interim dividend 2.775p (2024: 2.675p) | (4,704) | (4,605) | ||||||
| ---------- | ---------- | |||||||
| Transfer to revenue reserves | 681 | 53 | ||||||
| ====== | ====== | |||||||
| In accordance with FRS 102, interim dividends payable to equity shareholders are recognised in the Statement of Changes in Equity when they have been paid to shareholders. All dividends have been paid out of revenue reserves or current year revenue profits and at no point during the year did the revenue reserve move to a negative position. | ||||||||
| 10. 2025 Financial Information The figures and financial information for the year ended 31 December 2025 are extracted from the Company's Annual Financial Statements for that period and do not constitute statutory financial statements for that period. The Company's Annual Financial Statements for the year ended 31 December 2025 have been audited but have not yet been delivered to the Registrar of Companies. The Independent Auditors' Report on the 2025 Financial Statements was unqualified, did not include a reference to any matter to which the Auditors drew attention without qualifying the report, and did not contain any statements under sections 498(2) and 498(3) of the Companies Act 2006. | ||||||||
| 11. 2024 Financial Information The figures and financial information for the year ended 31 December 2024 are extracted from the Company's Annual Financial Statements for that period and do not constitute statutory financial statements for that period. The Company's Annual Financial Statements for the year ended 31 December 2024 have been audited and delivered to the Registrar of Companies. The Independent Auditors' Report on the 2024 Financial Statements was unqualified, did not include a reference to any matter to which the Auditors drew attention without qualifying the report, and did not contain any statements under sections 498(2) and 498(3) of the Companies Act 2006. | ||||||||
| 12. Annual Report The Company's Annual Report and Financial Statements for the year ended 31 December 2025 ("the Annual Report") includes the Notice of Annual General Meeting and will be published in hard copy format and posted to shareholders in April 2026. Thereafter hard copies will be available from the Corporate Secretary at the Company's registered office, 201 Bishopsgate, London EC2M 3AE. An electronic copy of the Annual Report will shortly be available to view and download from the Company's website:www.hendersonhighincome.com. The Annual Report, including the Notice of Annual General Meeting and together with the form of proxy, will shortly be uploaded to the Financial Conduct Authority's National Storage Mechanism and will be available for inspection at:https://data.fca.org.uk/#/nsm/nationalstoragemechanism. | ||||||||
| 13. Annual General Meeting (AGM) The AGM will be held on Tuesday, 12 May 2026 at 12 noon 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 are available at www.hendersonhighincome.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. | ||||||||
| 14. General Information a) Company Status The Company is a UK domiciled investment trust company with registered number 02422514. SEDOL/ISIN number: 0958057/GB0009580571 London Stock Exchange (TIDM) Code: HHI Global Intermediary Identification Number (GIIN): JBA08I.99999.SL.826 Legal Entity Identifier Number (LEI): 213800OEXAGFSF7Y6G11 b) Directors, Corporate Secretary and Registered Office The Directors of the Company are Jeremy Rigg (Chairman), Jonathan Silver (Chairman of the Audit & Risk Committee), Francesca Ecsery (Senior Independent Director), Richard Cranfield and Preeti Rathi. The Corporate Secretary is Janus Henderson Secretarial Services UK Limited, represented by Samantha McDonald, FCG. The registered office is 201 Bishopsgate, London EC2M 3AE. c) 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.hendersonhighincome.com. | ||||||||
| For further information please contact: | ||||||||
| David Smith Fund Manager Janus Henderson Investors Telephone: 020 7818 4443 | Dan Howe Head of Investment Trusts Janus Henderson Investors Telephone: 020 7818 1818 | |||||||
| 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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