Henderson HighIncome - Annual Financial Report
28/03/2024 07:00
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RNS Number : 5925I Henderson High Income Trust PLC 28 March 2024
LEGAL ENTITY IDENTIFIER: 213800OEXAGFSF7Y6G11
HENDERSON HIGH INCOME TRUST PLC
Financial results for the year ended 31 December 2023
This announcement contains regulated information
PERFORMANCE HIGHLIGHTS
Total return performance to 31 December One year % Five years %
Benchmark(1) 8.1 31.0
NAV(2) 9.8 43.6
Share price(3) 0.9 33.6
FINANCIAL HIGHLIGHTS
2023 2022
NAV per share(4) 169.58p 164.24p
Mid-market price per share 156.50p 165.25p
Revenue return per share 10.39p 10.37p
Net assets £222.3m £214.3m
Dividend for the year 10.35p 10.15p
Dividend yield(5) 6.6% 6.1%
Ongoing charge for the year(6) 0.86% 0.84%
Gearing 21.4% 21.4%
(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
Sources: Morningstar Direct, Janus Henderson Investors.
All data is either as at 31 December 2023 or for the year-ended 31 December
2023.
CHAIRMAN'S STATEMENT
Performance
2023 was generally a positive year for investment returns. The Company's Net
Asset Value (NAV) Total Return was +9.8% compared with the benchmark return of
+8.1%, an outperformance of +1.7%. The Company's share price total return was
less impressive at +0.9%, with the share price ending the year at a discount
to NAV of 7.7% (having started 2023 at a small premium of +0.6%), compared
with the average discount for the UK equity income sector of 5.7% at the end
of 2023.
The year was characterised by considerable volatility within financial
markets. Centre stage were elevated inflation levels and correspondingly
higher interest rates as policy makers around the globe focused on trying to
tame pricing pressure and strong wage settlements. As the year unfolded it
became clear that inflation may have peaked and investors began to focus on
the likelihood that interest rates could start to fall during 2024.
The backdrop of rising geopolitical tensions also contributed to the
volatility in markets, not least due to the impact of continuing energy price
pressure and firmer global shipping costs. However as 2023 progressed energy
prices started to fall significantly which helped inflation forecasts to
soften. Against this volatile backdrop, returns from equities were generally
superior to fixed interest investments as company profits and dividend payouts
remained robust and investors were focused more on the ability of equities to
provide greater protection against the impact of inflation.
The Company's outperformance during the year of +1.7% versus the benchmark
(80% FTSE All-Share Index, 20% ICE BofA Sterling Non-Gilts Index) was mainly
due to good equity stock selection and a positive contribution from gearing.
Dividends
The Company's investment objective is to provide investors with a high
dividend income stream while also maintaining the prospect of capital growth.
As highlighted in my statement in 2022, a period of higher inflation makes
this objective even more important for shareholders. The relatively resilient
performance of UK companies, which continue to represent the large majority of
the Company's investments, in 2023 and their ability to pay out healthy
dividends ensured that the Company was able to provide a high level of income
to shareholders during the year whilst also enabling a small amount to be
added to reserves. At the end of 2023, the Company held approximately £8.9
million in revenue reserves which equates to 6 months of cover over the full
year dividend on the enlarged shareholder base (following the combination with
Henderson Diversified Income Trust plc, the details of which are below).
During 2023 the Board recommended the payment of dividends totalling 10.35
pence per share, an increase of 2.0% over the payment in 2022. This increase
represented the 11th consecutive year of dividend growth from the Company. The
Board spends a considerable amount of time throughout the year focusing on the
prospects for future income levels and the impact on dividends, based on
detailed forecasts which the Company's Fund Manager regularly updates. The
Board remains confident that the Company can continue to deliver a high level
of income to shareholders.
Gearing
The Company's policy on gearing is provided in the Annual Report. With the
cost of borrowing increasing sharply in 2023, the Board regularly reviewed the
level of gearing with the Fund Manager during the course of the year to
evaluate whether it remained appropriate and at a level commensurate with
achieving targeted income levels.
During 2023 overall borrowings and gearing remained consistent with 2022. As a
percentage of net assets, gearing finished the year at 21.4%, in line with the
level at the start of the year. Overall asset allocation changed little during
the year with the Company continuing to favour equities over fixed interest
investments. Compared with its benchmark of 80% equities/20% bonds, the
Company had a weighting of around 89% in equities and 11% in bonds at the year
end.
In December 2023 the Company renewed its bank borrowings, agreeing a committed
loan facility of £45 million with BNP Paribas, London Branch. This facility
included the option to increase borrowings by a further £25 million, up to
£70 million, of which an extra £15 million was utilised in January 2024
following the combination with Henderson Diversified Income Trust plc. The
facility has a duration of 12 months and the terms on which the facility was
agreed were competitive.
Combination with Henderson Diversified Income Trust plc
In October the Board announced that it had agreed terms with the Board of
Henderson Diversified Income Trust plc (HDIV) in respect of a proposed
combination of HDIV with the Company, which if approved by each company's
shareholders, would be effected by way of a Scheme of reconstruction and
winding up of HDIV under Section 110 of the Insolvency Act 1986.
I am very pleased to say that the combination was approved by both companies'
shareholders and as a result investors representing approximately 55% of
HDIV's shares became shareholders in the Company in January 2024. This meant
that the Company was able to issue some £72 million of new shares which will
improve the liquidity and marketability in the Company's shares and also help
to spread the Company's fixed costs across a larger shareholder base which is
in the interests of all our shareholders.
On behalf of the Board, I would like to extend a warm welcome to new
shareholders.
Responsible Investment
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 fully 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 ESG Corporate
Statement and ESG Investment Principles which are publicly available at
www.janushenderson.com (http://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, 14 May 2024 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 onto
www.janushenderson.com/trustslive (http://www.janushenderson.com/trustslive) .
Prospects and Outlook
The key drivers for investment markets in 2024 will be the path of global
interest rates in response to the level of inflation and the outlook for
corporate profits as companies respond to rising costs. Generally, global
economic activity remains relatively robust against the backdrop of higher
borrowing costs, with overall levels of corporate profitability and consumer
demand resilient, albeit China's recovery from the pandemic continues to
disappoint. Investors believe that inflation will soften appreciably by the
middle part of the year, driven not least by lower energy costs, enabling
policy makers to begin reducing interest rates and helping to achieve a
relatively soft landing for global economies. Policy makers are, however,
continuing to caution against a rapid reduction in interest rates as service
sector inflation remains too high in the West, and increasing geopolitical
tensions may lead to persistently higher shipping costs. In addition, there
are upcoming electoral issues to be mindful of, particularly in the US and of
course the UK.
Your Company holds the large majority of its investments in UK companies. The
relative valuation of the UK equity market continues to look attractive when
set against other global equity markets and both international and domestic
investors have by historic standards a very low exposure to UK assets with the
scope for that weighting to increase. Within the portfolio, there is a good
balance between larger companies with more international exposure and
attractively valued smaller and medium sized UK companies which stand to
benefit if the outlook for UK activity starts to improve. As ever the Board
and the Fund Manager remain focused on the Company's primary investment
objective of continuing to deliver a high level of income for shareholders
while also targeting longer term capital growth.
Jeremy Rigg
Chairman
27 March 2024
Fund Manager's Report
Market review
The UK equity market produced positive returns during the year, with the FTSE
All-Share Index up by 7.9% on a total return basis. Falling inflation and a
pause in interest rate hikes by central banks, especially the US, UK and
Europe, were the main driving forces for equity returns in 2023. Inflation in
the UK (as measured by CPI), which started the year at 9.2%, fell to 4.2% by
December, benefitting from lower energy prices, the loosening of supply chains
and fading food price inflation. The Bank of England increased interest rates
five times in the year to reach 5.25% by August, before pausing. The UK
economy weakened during the year and slipped into a technical recession in the
fourth quarter, albeit GDP growth was only modestly negative.
The UK market performance was fairly broad based with the mid-cap FTSE 250
(+8.0%) marginally outperforming the larger-cap FTSE 100 (+7.9%). However, the
vast majority of performance from medium sized companies came in the fourth
quarter as markets reacted positively to inflation falling more than expected
in October. Despite the recent rebound in that area of the market, it has
still significantly underperformed mega cap companies (the largest 20
companies in the UK) over the past two years. Cyclical sectors performed best
over the year with financials, industrials and consumer discretionary
outperforming, while defensive sectors such as health care, consumer staples
and telecommunications lagged. Despite the fall in the oil price during the
year, due to concerns over Chinese demand given its weakening economy, the oil
& gas sector outperformed. The mining sector underperformed in contrast,
despite iron ore and copper prices rising, as production issues and cost
inflation weighed on sector profits.
Bonds were volatile during the year with yields initially rising in the first
half of the year to reflect stubbornly high inflation and increased interest
rates. The UK 10-year gilt yield rose from 3.7% at the start of the year to
reach a peak of 4.7% in August. Despite the hawkish narrative from central
bankers globally, bond yields fell dramatically in the fourth quarter as the
market started to price in rate cuts in early 2024 given that inflation began
to decline below expectations, particularly in North America. The 10-year gilt
yield finished the year at 3.5%, albeit it has since risen as markets have had
to reassess their estimates of when the first rate cut may come. Both
government and corporate bonds produced positive returns for the year after
negative returns in the previous two years.
Performance review
The Company's NAV (debt at fair value) returned 9.8% on a total return basis,
outperforming the benchmark's gain of 8.1%. Good stock selection within the
equity portfolio drove the outperformance, while gearing also contributed
positively.
The equity portfolio gained 10.4% on a total return basis during the year,
outperforming the FTSE All-Share Index return of 7.9%. The portfolio's
holdings in financials 3i and Intermediate Capital were positive for
performance. Private equity group 3i benefitted from its portfolio holding in
Action, the European discount retailer, which delivered strong profit growth
underpinned by its value proposition and its store roll out strategy. Despite
a more difficult macro environment, alternative asset manager Intermediate
Capital continued to attract inflows with the company delivering its 4-year
fundraising target a year ahead of expectations.
The portfolio's positions in other consumer stocks that offer value to
customers also performed well. B&M European Value Retail saw good growth
in volumes benefitting from more cost-conscious consumers given the "cost of
living" crisis. Tesco also outperformed with the company's drive to become the
cheapest full line grocer producing market share gains, good profit growth and
attractive cash flow. Elsewhere, holdings in Hilton Food Group and RELX also
aided performance. Hilton Food Group reported resilient trading in its core
meat division, while management action to improve its troubled seafood
business showed progress with the business back in profit by the end of the
year. RELX announced strong organic growth ahead of its historic average,
benefitting from its continued investment in technology tools and analytics.
On the negative side the portfolio's holdings in British American Tobacco,
Anglo American and NatWest detracted from returns. British American Tobacco
announced a payout of $635 million to resolve investigations by the US
Department of Justice into the company's historical business activities in
North Korea. It also disappointed the market with weaker trading, the
suspension of the share buyback and a non-cash impairment charge of £25
billion relating to the Reynolds acquisition in 2017. Anglo American shares
were impacted by falling PGM (Platinum Group Metals) prices, while the
announced reduction in production guidance towards the end of the year also
disappointed investors. Despite higher interest rates, NatWest reported weaker
margins given increased competition in savings and mortgage products.
The fixed income portfolio rose 4.6% on a total return basis during the year,
but this lagged the 8.6% return from the ICE BofA Sterling Non-Gilts Index.
The portfolio's exposure to short duration government bonds was detrimental to
relative performance given the underperformance of gilts relative to UK
corporate bonds. The weakness in the US dollar also created a headwind to
relative performance for the US bond holdings. Holdings in high yield bonds,
such as Direct Line, Bupa, CenterParcs and Virgin Media, were positive for
performance given the more resilient UK economy saw credit spreads tighten
during the year.
Income review
On a headline basis UK market dividends fell 3.7% (according to the
Computershare UK Dividend Monitor), however, this was driven by a decline in
special dividends versus 2022, and the strength of sterling during the year
given the number of large companies that declare their dividends in dollars.
On an underlying dividend basis (ex special dividends), aggregate UK market
dividends grew 5.4% at constant currency. This was primarily due to good
growth in dividends from banks and oil & gas companies.
The income return for the Company in 2023 marginally increased to 10.39p per
share, from 10.37p in 2022. Despite income from underlying dividends in the
equity portfolio growing 6.8% in the year, there were a number of headwinds
which offset this. Special dividends were significantly down from the prior
year with only £241,000 earned by the Company versus £1.1 million in 2022.
Given the rise in interest rates during the period, the Company's interest
costs charged to income from its revolving credit facility also increased,
although income from the bond portfolio also rose given the higher yields
available which helped dampen this impact.
During the year the Board declared a full year dividend of 10.35p which was
fully covered by earnings with £128,000 being added to revenue reserves. This
was an increase of 2.0% over the dividend in 2022 (10.15p) and represents the
eleventh consecutive year of dividend growth, maintaining the Company's status
as an AIC Next Generation Dividend Hero. The dividend has grown at a compound
annual growth rate of 2.0% over those 11 years. Revenue reserves as at 31
December 2023 were £8.9 million.
Portfolio Activity
As at the end of the year gearing was 21.4%, in line with the level as at the
end of 2022. A net £4.4 million was added to the bond portfolio taking
advantage of the move higher in yields. New positions were initiated in both
investment grade and high yield bonds but in typically higher quality,
non-cyclical businesses such as Électricité de France (EDF) (European
utility), Allwyn Entertainment (European lottery operator) and Banijay
Entertainment (TV content creator). In the middle of the year, some of the
lowest yielding investment grade bonds in the portfolio were sold, where
credit spreads were particularly tight, and reinvested in short dated
government bonds, both a UK gilt and a US treasury bond. The bond portfolio
represented 12.3% and 14.9% of gross and net assets respectively as at the end
of December.
New positions initiated in the equity portfolio included DCC, Conduit Re and
Engie. DCC is an international sales, marketing and distribution company
operating in the LPG, oil, technology and health care sectors. It is a
resilient business with strong free cash flow, high returns and a robust
balance sheet which should support further accretive bolt on acquisitions.
Engie is a French integrated utility and is a diversified business involved in
the generation, distribution and supply of energy in Europe and Latin America.
The company has a credible business plan with the build out of its renewable
energy project pipeline likely to lead to good earnings growth. Conduit Re is
a specialist property and casualty reinsurer with a diversified portfolio of
reinsurance risks. Given the capacity that has come out of the reinsurance
market after a number of years of large losses, the market is entering a
period of strong premium rate rises which should underpin high returns over
the medium term. The valuation is attractive with the company trading at a
discount to its net asset value.
In the second half of the year we started to position the equity portfolio for
a cyclical recovery, taking advantage of attractive valuations in more
domestic and cyclical businesses on the assumption that interest rates were
near peak levels for this cycle. New holdings were initiated in Genuit, Taylor
Wimpey and British Land.
Genuit is the UK's leading provider of plastic piping systems for residential,
commercial and infrastructure sectors. The company is exposed to a number of
structural tailwinds enforced by government regulation while new management
are restructuring the business to drive cost efficiencies and higher margins
over the longer term. Although the outlook for the UK housing market is
uncertain, we believed this was already discounted with Taylor Wimpey's share
trading at a discount to its book value. The company has a very strong balance
sheet and with mortgage rates starting to fall, transaction volumes should
start to recover. British Land is a diversified UK commercial real estate
company with exposure to London office campuses and wider UK retail exposure.
After a number of years of falling prices, we believe that property values
have now troughed, especially in retail, while the company is also
experiencing a return of rental growth. The valuation is attractive with the
shares trading at a significant discount to its net asset value.
During the year there was a general trend to lower the Company's exposure to
overseas stocks, recognising the relative attractiveness of valuations in the
UK market. Holdings in McDonalds and Deutsche Post were sold after a period of
outperformance and where we believed the valuations had reached a full level.
Also the position in Scandinavian bank Nordea was exited given the fears we
had over the health of economies in the region and its exposure to commercial
real estate.
Elsewhere the holdings in Sage Group, United Utilities and Vistry were also
sold. Accounting software company Sage Group had performed well, with the
valuation fully discounting a continuation of the company's strong organic
growth, which could come under pressure from a slowing macro-economic
environment. We believe the next regulatory review period could be difficult
for United Utilities given the significant investment needed in waste water
infrastructure at a time when there is increased scrutiny on consumer bills,
debt levels and dividend payments by the sector, especially with a general
election likely this year, which could weigh on the share price. The Company
sold its holding in housebuilder Vistry after a change in strategy and capital
allocation policy. While we agreed with the change in strategy to focus solely
on its Partnership division, which builds affordable housing on a contracted
basis, we disagreed with the company's decision to suspend the dividend in
favour of buying back shares.
Outlook
Over the past two years, global market returns, both equity and bonds, have
been shaped by inflation and the sharp rise in interest rates. Now that
inflation is falling, the pressure on central banks to keep monetary policy
tight is easing which suggests rates could be cut over the next 12 months.
While the impact of the significant rise in interest rates on economic growth
needs to be carefully watched, consumer borrowings are historically low,
corporate balance sheets are robust and the banking sector is well
capitalised. With wage growth also likely to outstrip inflation this year, the
outlook for the UK economy could be better than current low expectations,
albeit still below trend.
Similar to the UK, global economic growth is likely to be better this year
than expectations a year ago, given that the US economy has proved more
resilient. Offsetting this has been China, where economic growth has
disappointed despite the government introducing stimulus measures. The US
economy should avoid recession this year given manufacturing lead indicators
are now recovering and unemployment, albeit rising, is still at low levels.
While a more subdued economic environment, along with higher interest rates
and higher costs, is likely to be a headwind for earnings growth, equity
valuations in the UK are attractive both versus their own history and relative
to global equity markets and we have continued to see overseas buyers make
approaches to quoted UK companies. Although one has to be mindful of
geopolitical risks, we remain cautiously optimistic that equities can make
positive progress over the medium term. As ever the focus remains on finding
good quality businesses at a compelling valuation that can pay and grow an
attractive dividend.
David Smith
Fund Manager
27 March 2024
PRINCIPAL RISKS
Principal Risk Mitigating Measures
Climate Change Risk ESG considerations are a fully integrated component of the investment process.
The Fund Manager seeks to understand how a company is managing ESG risks
Risk that investee companies within the Company's portfolio fail to respond to through its policies and processes and where its investments are targeted, to
the pressures of the growing climate emergency and fail to limit their carbon ensure that its business model remains sustainable over the longer term.
footprint to regulated targets, resulting in reduced investor demand for their
shares and falling market values.
Please refer to Environmental, Social and Governance Matters in the Annual
Report for further details.
Investment Risk The Manager provides the Board with regular investment performance statistics
against the benchmark and the peer group.
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. 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.
Risk that insufficient income generation could lead to a cut in the dividend.
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
shares.
The Board reviews the Income Statement and revenue forecasts at each meeting
and continually monitors the Company's revenue reserves.
Market/Financial Risk The Board reviews the Company's compliance with its loan covenants (for both
the short-term and long-term facilities) on a monthly basis and additional
Risk that market conditions lead to a fall in the value of the portfolio covenant testing is undertaken in extreme market conditions to give comfort
(magnified by any gearing) and/or a reduction of income. that the Company can meet its financial liabilities.
Risks associated with rising interest rates and their impact on the broader The portfolio is diverse, containing a sufficient range of investments to
financial system. 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
These could result in a loss of capital value for shareholders and/or a cut in monthly basis.
the dividend payment.
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 The Board receives a quarterly internal control report from the Manager to
risks relating to terrorism and international conflicts assist with the ongoing review and monitoring of the internal control and risk
management systems it has in place.
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.
The Board regularly receives reports from the Manager's Internal Audit, Risk,
Compliance, Information Security and Business Resilience teams. This provides
assurance that the Manager has appropriate policies and procedures in place to
Risk of financial loss, disruption or damage to the reputation of the be able to continue in operation and maintain stability in times of such
Company, the Manager and the Company's other key third-party service risks. In particular, the Board asks the Manager to confirm that the Fund
providers, as a result of failure of information technology systems. Manager can continue to manage the portfolio in these circumstances.
Risk of loss as a result of external events outside of the Board's control The Board makes similar enquiries of its other key third-party service
such as pandemic and/or epidemic risks and risks relating to terrorism and/or providers to gain assurance that they too have appropriate policies and
international conflicts that disrupt and impact the global economy. This procedures in place to be able to continue in operation and maintain stability
includes the risk of loss to the Company's third-party service providers that in times of such risks.
are also disrupted and impacted by such events.
Please refer to the Internal Control and Risk Management section in the Annual
Report for further details.
Tax, Legal and Regulatory Risk The Manager has been contracted to provide investment, company secretarial,
administration and accounting services through qualified professionals.
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
Corporation Tax Act 2010 which exempts capital gains from being taxed within
investment trusts. 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.
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. The Board will continue to consider and assess how it can adapt the
business model and strategy of the Company to ensure its long-term viability
in relation to its principal and emerging risks.
The Board also considers:
· the prospects for the Company including the liquidity of the portfolio (which
is mainly invested in readily realisable listed securities);
· the level of borrowings (which are restricted);
· the closed-end nature as an investment company (therefore there are no issues
arising from unexpected redemptions);
· a low ongoing charge 0.86% for the year-ended 31 December 2023 (2022: 0.84%));
and
· long-term borrowings in place in the form of the 3.67% senior unsecured loan
note which matures in July 2034 (the value of this long-term borrowing is at
8.9% of net assets as at 31 December 2023, relatively small in comparison to
the value of total net assets).
Furthermore, the Company retains title to all assets held by the Custodian
(under the terms of the formal agreement with the Depositary), cash is held
with approved banks and revenue and expenditure forecasts are reviewed at each
Board meeting. The Fund Manager provides revenue scenario analysis at each
Board meeting, modelling revenue forecasts over a five-year time horizon under
pessimistic, conservative and optimistic scenarios. This assists the Board in
assessing the impact of any dividend decision over the short, medium and long
term in various different scenarios. The Company's revenue reserves remain
strong with approximately £8.9 million in revenue reserves as at 31 December
2023 providing additional comfort for any difficult years that may arise in
the future.
The Board believes it is appropriate to assess the Company's viability over a
five-year period in recognition of its long-term 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, rising inflation and risks associated with geopolitical conflicts.
Whilst these currently present uncertainty and volatility in financial
markets, they do not threaten the Company's viability.
The Board does not envisage any change in strategy or investment objective, or
any events that would prevent the Company from continuing to operate over the
next five years as the Company's assets are liquid, its commitments are
limited, and the Company intends to continue to operate as an investment
trust. The Board notes the Company's next continuation vote is due to take
place at the AGM in 2025.
In 2023 the Board received feedback from the Fund Manager and the Janus
Henderson Investment Trust Sales Team on meetings held with shareholders. The
feedback suggested that the shareholders were supportive of the Company
continuing in operation. The Board remains confident that shareholders remain
supportive of the Company.
The Board 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 and therefore 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
2028.
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 IN RESPECT OF THE FINANCIAL
STATEMENTS
Each of the Directors, whose names and functions are listed in the Board of
Directors section within the Annual Report confirm that, to the best of their
knowledge:
· the Company's financial statements, which have been prepared in accordance
with United Kingdom Accounting Standards, comprising FRS 102, give a true and
fair view of the assets, liabilities, financial position and profit of the
Company; and
· the Strategic Report includes a fair review of the development and performance
of the business and the position of the Company, together with a description
of the principal risks and uncertainties that it faces.
For and on behalf of the Board
Jeremy Rigg
Chairman
27 March 2024
Furthermore, the Company retains title to all assets held by the Custodian
(under the terms of the formal agreement with the Depositary), cash is held
with approved banks and revenue and expenditure forecasts are reviewed at each
Board meeting. The Fund Manager provides revenue scenario analysis at each
Board meeting, modelling revenue forecasts over a five-year time horizon under
pessimistic, conservative and optimistic scenarios. This assists the Board in
assessing the impact of any dividend decision over the short, medium and long
term in various different scenarios. The Company's revenue reserves remain
strong with approximately £8.9 million in revenue reserves as at 31 December
2023 providing additional comfort for any difficult years that may arise in
the future.
The Board believes it is appropriate to assess the Company's viability over a
five-year period in recognition of its long-term 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, rising inflation and risks associated with geopolitical conflicts.
Whilst these currently present uncertainty and volatility in financial
markets, they do not threaten the Company's viability.
The Board does not envisage any change in strategy or investment objective, or
any events that would prevent the Company from continuing to operate over the
next five years as the Company's assets are liquid, its commitments are
limited, and the Company intends to continue to operate as an investment
trust. The Board notes the Company's next continuation vote is due to take
place at the AGM in 2025.
In 2023 the Board received feedback from the Fund Manager and the Janus
Henderson Investment Trust Sales Team on meetings held with shareholders. The
feedback suggested that the shareholders were supportive of the Company
continuing in operation. The Board remains confident that shareholders remain
supportive of the Company.
The Board 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 and therefore 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
2028.
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 IN RESPECT OF THE FINANCIAL
STATEMENTS
Each of the Directors, whose names and functions are listed in the Board of
Directors section within the Annual Report confirm that, to the best of their
knowledge:
· the Company's financial statements, which have been prepared in accordance
with United Kingdom Accounting Standards, comprising FRS 102, give a true and
fair view of the assets, liabilities, financial position and profit of the
Company; and
· the Strategic Report includes a fair review of the development and performance
of the business and the position of the Company, together with a description
of the principal risks and uncertainties that it faces.
For and on behalf of the Board
Jeremy Rigg
Chairman
27 March 2024
AUDITED INCOME STATEMENT
Year-ended Year-ended
31 December 2023 31 December 2022
Revenue Capital Total Revenue Capital Total
return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value through profit or loss (note - 10,620 10,620 - (22,469) (22,469)
2)
Income from investments held at fair value through profit or loss (note 3) 14,859 - 14,859 14,632 - 14,632
Other interest receivable and similar income 538 - 538 307 - 307
----------- ----------- ----------- ----------- ----------- -----------
Gross revenue and capital gains/(losses) 15,397 10,620 26,017 14,939 (22,469) (7,530)
----------- ----------- ----------- ----------- ----------- -----------
Expenses
Management fee (565) (846) (1,411) (557) (836) (1,393)
(note 5)
Other administrative expenses (456) - (456) (498) - (498)
----------- ----------- ----------- ----------- ----------- -----------
Net return before finance costs and taxation 14,376 9,774 24,150 13,884 (23,305) (9,421)
Finance costs (646) (1,938) (2,584) (380) (1,140) (1,520)
----------- ----------- ----------- ----------- ----------- -----------
Net return before taxation 13,730 7,836 21,566 13,504 (24,445) (10,941)
Taxation on net return (247) 101 (146) (81) - (81)
----------- ----------- ----------- ----------- ----------- -----------
Net return after taxation 13,483 7,937 21,420 13,423 (24,445) (11,022)
----------- ----------- ----------- ----------- ----------- -----------
Return/(loss) per ordinary share (note 6) 10.39p 6.11p 16.50p 10.37p (18.89p) (8.52p)
======= ======= ======= ======= ======= =======
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 year. The Company has no
other comprehensive income other than those items recognised in the Income
Statement.
AUDITED Statement of CHANGES IN EQUITY
Year-ended Called up Share Capital Other Revenue Total
31 December 2023 share premium redemption capital reserve £'000
capital account reserve reserves £'000
£'000 £'000 £'000 £'000
At 1 January 2023 6,490 128,827 26,302 43,870 8,788 214,277
Net return after taxation - - - 7,937 13,483 21,420
Dividends paid (note 9) - - - - (13,355) (13,355)
-------- ----------- --------- --------- ----------- ----------
At 31 December 2023 6,490 128,827 26,302 51,807 8,916 222,342
===== ====== ====== ===== ===== ======
Year-ended Called up Share Capital Other Revenue Total
31 December 2022 share premium redemption capital reserve £'000
capital account reserve reserves £'000
£'000 £'000 £'000 £'000
At 1 January 2022 6,430 126,783 26,302 68,315 8,404 236,234
Net return after taxation - - - (24,445) 13,423 (11,022)
Issue of new shares 60 2,044 - - - 2,104
(note 7)
Dividends paid (note 9) - - - - (13,039) (13,039)
-------- ----------- --------- --------- --------- ----------
At 31 December 2022 6,490 128,827 26,302 43,870 8,788 214,277
===== ====== ====== ===== ===== ======
AUDITED STATEMENT OF FINANCIAL POSITION
At 31 December 2023 At 31 December 2022
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 270,007 260,053
-------------- --------------
Current assets
Debtors 2,092 1,928
Cash at bank and in hand 1,990 2,873
-------------- --------------
4,082 4,801
-------------- --------------
Creditors: amounts falling due within one year (31,880) (30,719)
-------------- --------------
Net current liabilities (27,798) (25,918)
Total assets less current liabilities 242,209 234,135
-------------- --------------
Creditors: amounts falling due after more than one year (19,867) (19,858)
-------------- --------------
Net assets 222,342 214,277
======== ========
Capital and reserves
Called up share capital (note 7) 6,490 6,490
Share premium account 128,827 128,827
Capital redemption reserve 26,302 26,302
Other capital reserves 51,807 43,870
Revenue reserve 8,916 8,788
-------------- --------------
Total shareholders' funds 222,342 214,277
======== ========
Net asset value per ordinary share (basic and diluted) (note 8) 171.30p 165.09p
======== ========
AUDITED Statement of Cash Flows
Year-ended Year-ended
31 December 2023 31 December 2022
£'000 £'000
Cash flows from operating activities
Net return before taxation 21,566 (10,941)
Add back: finance costs 2,584 1,520
(Less)/add: (gains)/losses on investments held at fair value through profit or (10,620) 22,469
loss
Withholding tax on dividends deducted at source (146) (81)
(Increase)/decrease in debtors (164) 6
(Decrease)/increase in creditors (337) 287
-------------- --------------
Net cash inflow from operating activities(1) 12,883 13,260
-------------- --------------
Cash flows from investing activities
Sales of investments held at fair value through profit or loss 66,925 60,179
Purchases of investments held at fair value through profit or loss (67,282) (51,435)
-------------- --------------
Net cash (outflow)/inflow from investing activities (357) 8,744
-------------- --------------
Cash flows from financing activities
Issue of ordinary share capital - 2,104
Equity dividends paid (13,355) (13,039)
Drawdown/(repayment) of loans 1,649 (11,330)
Interest paid (2,575) (1,512)
-------------- --------------
Net cash outflow from financing activities (14,281) (23,777)
-------------- --------------
Net decrease in cash and cash equivalents (1,755) (1,773)
Cash and cash equivalents at beginning of year 2,873 3,942
Exchange movements 872 704
-------------- --------------
Cash and cash equivalents at end of year 1,990 2,873
Comprising: -------------- --------------
Cash at bank and in hand 1,990 2,873
======== ========
(1) Cash inflow from dividends was £13,528,000 (2022: £13,729,000) and cash
inflow from interest was £1,395,000 (2022: £1,093,000).
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 below. 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
that 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 assets of the Company consist of securities that are readily realisable
and, accordingly, the Directors believe that the Company has adequate
resources to continue in operational existence for at least twelve months from
the date of approval of the financial statements.
The Company's shareholders are asked every five years to vote for the
continuation of the Company. An ordinary resolution to this effect was passed
by the shareholders at the annual general meeting held on 23 June 2020.
The Directors have considered the risks associated with rising interest rates
and its impact on the broader financial system, as well as the risks arising
from the wider ramifications of geopolitical conflicts, including cash flow
forecasting, a review of covenant compliance including the headroom above the
most restrictive covenants and an assessment of the liquidity of the
portfolio. They have concluded that they are able to meet their financial
obligations, including the repayment of the bank loan, as they fall due for a
period of at least twelve months from the date of issuance. 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
for the financial statements to be prepared on a going concern basis.
2. Gains/(losses) on Investments Held at Fair Value through Profit or Loss
Management fees are charged in accordance with the terms of the management
agreement which are set out in the Company's Annual Report for the year-ended
31 December 2023.
2023 2022
£'000 £'000
Gains on the sale of investments based on historical cost 4,360 1,102
Revaluation gains recognised in previous years (2,523) (3,655)
------------ ------------
Gains/(losses) on investments sold in the year based on carrying value at 1,837 (2,553)
previous Statement of Financial Position date
------------ ------------
Net movement on revaluation of investments 7,722 (17,748)
Effective yield movement 38 6
Exchange gains/(losses) 1,023 (2,174)
------------ ------------
10,620 (22,469)
======= =======
3. Income from Investments Held at Fair Value through Profit or Loss 2023 2022
£'000 £'000
UK dividend income - listed 10,612 10,198
UK dividend income - special dividends 119 1,016
---------- ----------
10,731 11,214
---------- ----------
Interest income - listed 1,328 1,082
Overseas and other dividend income - listed 2,678 2,245
Overseas and other dividend income - special dividends 122 91
---------- ----------
4,128 3,418
---------- ----------
14,859 14,632
====== ======
4. Other Interest Receivable and Similar Income 2023 2022
£'000 £'000
Deposit interest 84 18
Traded option premiums 454 289
----- -----
538 307
=== ===
5. Management Fee
2023 2022
Revenue return Capital Total Revenue return Capital Total
£'000 return £'000 £'000 return £'000
£'000 £'000
Management fee 565 846 1,411 557 836 1,393
===== ===== ===== ===== ===== =====
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/(loss) for the year
Profit/(loss) attributable per ordinary share figure is based on the return
attributable to the ordinary shares of £21,420,000 (2022 loss: £11,022,000)
and on the 129,796,278 weighted average number of ordinary shares in issue
during the year (2022: 129,401,141).
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:
2023 2022
£'000 £'000
Net revenue return 13,483 13,423
Net capital return/(loss) 7,937 (24,445)
------------ ------------
Profit/(loss) for the year 21,420 (11,022)
======= =======
Weighted average number of ordinary shares 129,796,278 129,401,141
Revenue return per ordinary share 10.39p 10.37p
Capital return/(loss) per ordinary share 6.11p (18.89p)
------------ ------------
Profit/(loss) attributable per ordinary share 16.50p (8.52p)
======= =======
7. Called Up Share Capital
Shares entitled Total shares Nominal value
to dividend in issue in issue
£'000
Issued ordinary shares of 5p each 129,796,278 129,796,278 6,490
At 1 January 2023
--------------- ---------------- --------
At 31 December 2023 129,796,278 129,796,278 6,490
--------------- ---------------- --------
Shares entitled Total shares Nominal value
to dividend in issue in issue
£'000
Issued ordinary shares of 5p each 128,596,278 128,596,278 6,430
At 1 January 2022
Issued during the year 1,200,000 1,200,000 60
--------------- ---------------- --------
At 31 December 2022 129,796,278 129,796,278 6,490
--------------- ---------------- --------
During the year the Company issued nil shares (2022: 1,200,000 shares) for net
proceeds of £nil (2022: £2,104,000).
On 16 January 2024 the Company issued 42,345,422 new shares to Henderson
Diversified Income Trust plc (HDIV) shareholders in consideration of the
£72.1 million of net assets acquired from HDIV in accordance with the scheme
of reconstruction and winding up of HDIV under section 110 of the Insolvency
Act 1986. Between 18 January and 27 March 2024, no further shares have been
issued. Accordingly, the number of shares in issue with voting rights as at 27
March 2024 was 172,141,700.
8. Net Asset Value Per Ordinary Share (Basic and Diluted)
The net asset value per ordinary share is based on the net assets attributable
to the ordinary shares of £222,342,000 (2022: £214,277,000) and on the
129,796,278 ordinary shares in issue at 31 December 2023 (2022: 129,796,278).
The movements during the year of the assets attributable to the ordinary
shares were as follows:
2023 2022
£'000 £'000
Net assets at start of year 214,277 236,234
Total net return/(loss) after taxation 21,420 (11,022)
Dividends paid in the year (13,355) (13,039)
Issue of ordinary shares less issue costs - 2,104
------------ ------------
222,342 214,277
======= =======
9. Dividends Paid on Ordinary Shares
Payment date 2023 2022
£'000 £'000
Fourth interim dividend (2.525p per share) for the year-ended 28 January 2022 - 3,247
31 December 2021
First interim dividend (2.525p per share) for the year-ended 29 April 2022 - 3,255
31 December 2022
Second interim dividend (2.525p per share) for the year-ended 31 December 2022 29 July 2022 - 3,275
Third interim dividend (2.525p per share) for the year-ended 28 October 2022 - 3,277
31 December 2022
Fourth interim dividend (2.575p per share) for the year-ended 27 January 2023 3,342 -
31 December 2022
First interim dividend (2.575p per share) for the year-ended 28 April 2023 3,342 -
31 December 2023
Second interim dividend (2.575p per share) for the year-ended 31 December 2023 28 July 2023 3,342 -
Third interim dividend (2.575p per share) for the year-ended 27 October 2023 3,342 -
31 December 2023
Unclaimed dividends (13) (15)
---------- ----------
13,355 13,039
====== ======
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 are set
out below:
2023 2022
£'000 £'000
Revenue available for distribution by way of dividend for the year 13,483 13,423
First interim dividend of 2.575p (2022: 2.525p) (3,342) (3,255)
Second interim dividend of 2.575p (2022: 2.525p) (3,342) (3,275)
Third interim dividend of 2.575p (2022: 2.525p) (3,342) (3,277)
Fourth interim dividend 2.625p (2022: 2.575p) (3,407) (3,342)
---------- ----------
50 274
====== ======
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. 2023 Financial Information
The figures and financial information for the year-ended 31 December 2023 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 2023 have
been audited but have not yet been delivered to the Registrar of Companies.
The Independent Auditors' Report on the 2023 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. 2022 Financial Information
The figures and financial information for the year-ended 31 December 2022 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 2022
have been audited and delivered to the Registrar of Companies. The Independent
Auditors' Report on the 2022 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 Annual Report will be posted to shareholders in April 2024 and will be
available at www.hendersonhighincome.com or in hard copy from the Corporate
Secretary at the Company's registered office, 201 Bishopsgate, London EC2M
3AE.
13. Annual General Meeting (AGM)
The AGM will be held on Tuesday, 14 May 2024 at 12 noon at the Company's
registered office, 201 Bishopsgate, London EC2M 3AE. The Notice of Meeting
will be posted to shareholders with the Annual Report.
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 (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), Zoe King (Senior Independent
Director), Richard Cranfield and Francesca Ecsery. The Corporate Secretary is
Janus Henderson Secretarial Services UK Limited, represented by Samantha
McDonald, ACG. 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 4458
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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