HHI — Henderson High Income Trust News Story

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FinancialsConservativeMid Cap

Market Cap
£350.06m
Enterprise Value
£363.40m
Revenue
£65.13m

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Henderson HighIncome - Half-year Report

Henderson High Income Trust

10/09/2025 07:00

RNS Number : 6687Y

Henderson High Income Trust PLC

10 September 2025

 

LEGAL ENTITY IDENTIFIER: 213800OEXAGFSF7Y6G11

 

HENDERSON HIGH INCOME TRUST PLC

Unaudited results for the half-year ended 30 June 2025

This announcement contains regulated information

 

Investment Objective

The Company invests in a prudently diversified selection of both well-known and smaller companies to provide investors with a high dividend income stream while also maintaining the prospect of capital growth.

 

Performance for the six months to 30 June 2025

·   Net asset value (NAV) total return (debt at fair value)1 of 11.9% compared with a total return from the benchmark2 of 8.0%

·   Mid-market share price total return (including dividends reinvested) of 14.4%

 

Financial highlights at 30 June 2025 at 31 December 2024
NAV per share3 190.0p 174.7p
Mid-market price per share 180.3p 162.5p
Net assets £327.2m £303.2m
Dividends paid/payable 5.35p 10.60p
Dividend yield 6.0% 6.5%
Gearing 18.2% 21.0%
(Discount)/premium to NAV (debt at fair value) (5.1%) (7.0%)

 

 

Total return performance(including dividends reinvested and excluding transaction costs)
6 months
% 1 year
% 3 years
% 5 years
% 10 years
%
NAV total return (debt at fair value)1 11.9 14.9 40.4 70.8 90.5
Share price total return4 14.4 22.6 35.8 71.1 79.4
Benchmark2 8.0 10.0 29.7 50.2 78.4
FTSE All-Share Index 9.1 11.2 35.5 67.3 92.7
ICE BofA Sterling Non-Gilts Index 3.4 5.3 7.3 -4.8 24.2
1. Net asset value with debt at fair value per ordinary share total return (including dividends reinvested and excluding transaction costs)
2. 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
3. Net asset value per share with debt at fair value as published by the Association of Investment Companies (AIC)
4. The mid-market share price total return (including dividends reinvested)
Sources: Morningstar Direct and Janus Henderson

 

 

INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
Markets/Performance
The first half of 2025 has seen financial markets deliver positive returns. A global backdrop of easing inflation and lower interest rates, combined with robust corporate results has enabled equity markets to move higher with UK equities also benefitting from a historically low relative valuation.
Against this backdrop the Company has also achieved a positive relative performance versus its benchmark(80% of the FTSE All-Share Index and 20% of the ICE BofA Sterling Non-Gilts Index)with a net asset value total return of 11.9% versus the benchmark return of 8.0%, outperformance of 3.9%. The Company's share price total return was higher still at 14.4% as the discount the share price has traded at relative to the Company's net asset value reduced during the period.
Gearing/Asset Allocation
The Company's asset allocation did not change significantly during the first half of the year with a clear bias towards equities at the expense of fixed interest investments versus the benchmark. During the period the Company had approximately 90% of its assets invested in equities and 10% in bonds. Gearing reduced a little in the period with the Company ending the first half with a gearing level of approximately 18% (versus approximately 21% at the start of 2025).
Dividends
The first interim dividend of 2.675 pence per share was paid on 25 April 2025 and the second interim dividend for the same amount was paid on 25 July 2025. A third interim dividend, to be paid from the Company's revenue account, of 2.775 pence per share was announced on 7 July 2025 and this dividend will be paid on 24 October 2025 to shareholders registered at the close of business on 12 September 2025 (with the shares being quoted ex-dividend on 11 September 2025).
Dividend payouts from UK companies have continued to be positive with overall levels of corporate profitability remaining healthy.In particular the UK banking sector has exhibited very solid dividend growth whilst the UK miners have seen payout levels more constrained.
The Board continues to regularly review prospective income levels from the Company's portfolio and it remains confident in the Company's ability to provide shareholders with a high income return.
Outlook
Whilst markets have made good progress in the first half of the year investors remain focused on the impact of ongoing tariff negotiations between the US and its trading partners and the impact that this may have on economic activity. With global inflationary pressures having eased a little there is some scope for monetary policy to become a little less restrictive although the US Federal Reserve appears reluctant to reduce rates for the moment.In the UK, although inflation has picked up a little, the Bank of England has lowered the UK interest rate to 4 percent due to signs that the labour market is cooling off and evidence that pay settlements at least in the private sector have begun to reduce.
The UK equity market has made good progress in the early part of the year, aided by strong company results and significant share buyback activity. There is a clear divergence between the apparent health of the corporate sector and government finances which remain under significant pressure due to public spending commitments. It is important to remember that a significant proportion of UK company profitability is derived from activities outside the UK and the UK market continues to trade at an attractive valuation relative to other global markets.
As usual, the Company's Fund Manager will continue to focus on delivering the high level of income which our shareholders expect while also mindful of the requirement to target longer term capital growth.
Jeremy Rigg
Chairman
9 September 2025

 

Fund Manager's Report
Markets
The UK equity market made strong returns during the first half of the year with the FTSE All-Share Index up 9.1% on a total return basis. Optimism over looser monetary policy, plans by European countries to boost defence spending and better than expected UK economic growth helped drive the equity markets higher during the first quarter. Global markets, however, experienced a sharp sell-off in early April 2025 after US President Trump announced new tariffs on imports, before quickly recovering after the US administration suspended their imposition for 90 days. The trade uncertainty also caused increased volatility in other asset classes, with the US dollar weakening against sterling, falling 9.4% over the period, and the oil price sinking 9.2% to $66 per barrel as at the end of June 2025.
The Bank of England announced two 25-basis-point (bps) interest rate cuts, reducing its benchmark rate to 4.25%. Annual inflation, however, remained stubbornly above its 2% target, as it accelerated to 3.4% in May from 3.0% in January 2025.The UK 10-year gilt yield ended June at 4.5%, down from 4.6% as at the end of last year, although this masked significant volatility in the period given the tariff uncertainties along with fears over the UK's fiscal deficit position.
Larger cap companies outperformed mid- and small-cap companies with the FTSE 100 Index rising 9.5% versus the FTSE 250 and FTSE Small Cap indices gaining 6.9% and 7.1% respectively. Sectors such as aerospace & defence, life insurance, banks and tobacco outperformed, while beverages, mining and general industrials lagged.
Performance
The Company's NAV (with debt at fair value) rose by 11.9% during the period, outperforming the Company's benchmark return of 8.0%. Within the equity portfolio, holdings in life insurance companies Phoenix and M&G were positive for performance. Phoenix reported good results with cash generation better than expected while M&G announced a long-term strategic partnership with Japanese Insurer Dai-Ichi Life, which is expected to deliver new business flows for M&G while Dai-Ichi will also acquire a 15% stake in the company. Some of the overseas equity holdings also aided performance with Nordic telecommunications company Tele2 and French utility Engie performing strongly. Tele2 released good results with early evidence that their cost transformation plan was leading to higher profits and cash flow. Engie shares reacted positively to its upgraded profit guidance on better trading and increased capital investment plans in energy infrastructure.
Elsewhere, not holding Rolls Royce was a negative to relative performance given its strong share price performance and large weighting in the benchmark. Rolls Royce's full year results significantly beat expectations while the shares were further supported by the proposal by the new German government to materially increase its defence spending. This also led to strong outperformance from holdings in defence contractors BAE and Chemring which helped offset some of the relative performance headwind.
Portfolio Activity
Given geopolitical and economic uncertainties and the strength of equity markets, gearing was modestly reduced during the first half of the year and finished the period at 18.2%.
Within the equity portfolio new holdings were established in overseas companies BNP Paribas and AXA. BNP is a diversified and strongly capitalised bank and is well placed to benefit from any de-regulation of the EU banking sector and capital market reforms. This should help release capital, drive higher growth and improve returns which we believe is not currently discounted in the valuation. AXA is a well-diversified European multi-line insurer with a strong solvency position and attractive dividend. Sales for the period included SSE, Mobico and Sabre Insurance. UK utility SSE is due to make significant investments in renewable energy projects over the next few years, however, we are concerned over the level of returns given the material increase in construction costs in recent years. We exited Mobico at the beginning of the year on fears over the balance sheet and the company's ability to sell assets to reduce leverage. Finally, Sabre was sold after a recovery from its share price lows given margins had recovered back to more normalised levels.
David Smith
Fund Manager
9 September 2025

 



INVESTMENT PORTFOLIO

 

Classification of Investments by Sector

Total
30 June 2025
% Total
31 December 2024
%
FIXED INTEREST 
Preference shares 0.8 1.2
Other fixed interest 8.8 9.7
------ ------
Total Fixed Interest 9.6 10.9
------ ------
EQUITIES 
Energy 
Oil, gas and coal 4.8 4.8
------ ------
Total Energy 4.8 4.8
------ ------
Basic Materials 
Chemicals 1.9 1.7
Industrial metals and mining 3.4 4.3
------ ------
Total Basic Materials 5.3 6.0
------ ------
Industrials 
Aerospace and defence 3.1 1.9
Construction and materials 0.9 0.7
Electronic and electrical equipment - 0.5
General industrials 1.9 1.8
Industrial engineering 0.7 0.8
Industrial support services 1.9 2.1
------ ------
Total Industrials 8.5 7.8
------ ------
Consumer Discretionary 
Consumer services 1.5 1.8
Household goods and home construction 1.1 1.0
Media - 2.7
Retailers 2.4 2.3
Travel and leisure 2.0 2.7
------ ------
Total Consumer Discretionary 7.0 10.5
------ ------
Health Care 
Pharmaceuticals and biotechnology 2.8 3.3
------ ------
Total Health Care 2.8 3.3
------ ------
Consumer Staples 
Beverages 2.1 2.0
Food producers 2.9 2.9
Personal care, drug and grocery stores 6.3 6.9
Tobacco 8.4 8.0
------ ------
Total Consumer Staples 19.7 19.8
------ ------
Utilities 
Electricity - 0.9
Gas, water and multi-utilities 5.5 4.8
------ ------
Total Utilities 5.5 5.7
------ ------
Financials 
Banks 8.9 7.3
Closed end investments 1.5 1.8
Finance and credit services 1.1 0.9
Investment banking and brokerage services 7.9 8.4
Life insurance 5.6 4.5
Non-life insurance 2.7 2.3
------ ------
Total Financials 27.7 25.2
------ ------
Technology 
Software and computer services 3.7 1.0
Technology hardware and equipment 0.8 0.8
------ ------
Total Technology 4.5 1.8
------ ------
Real Estate 
Real estate investment trusts 3.4 3.0
------ ------
Total Real Estate 3.4 3.0
------ ------
Telecommunications 
Fixed Line Telecommunications 1.2 1.2
------ ------
Total Telecommunications 1.2 1.2
-------- --------
Total investments 100.0 100.0
===== =====


           

TWENTY LARGEST INVESTMENTS
Company Sector Fair value
as at
30 June
2025
£'000 %
of portfolio
2025 Fair value
as at
31 December 2024
£'000 %
of portfolio
2024
British American Tobacco Consumer Staples 21,289 5.5 17,709 4.8
HSBC Financials 12,812 3.3 12,546 3.4
Imperial Brands Consumer Staples 11,289 2.9 11,761 3.2
Shell Energy 11,133 2.9 9,569 2.6
RELX (Netherlands) Technology 10,662 2.8 9,798 2.7
Phoenix Financials 10,122 2.6 7,836 2.0
Unilever Consumer Staples 9,340 2.4 10,544 2.9
Aviva Financials 8,842 2.3 6,540 1.7
National Grid Utilities 8,651 2.2 7,449 1.9
Rio Tinto Basic Materials 8,600 2.2 10,542 2.9
NatWest Financials 8,569 2.2 8,112 2.2
Lloyds Banking Group Financials 8,559 2.2 6,114 1.2
Reckitt Benckiser Consumer Staples 8,098 2.1 7,029 1.8
3i Financials 7,405 1.9 8,102 2.2
BP Energy 7,402 1.9 7,953 2.2
M&G Financials 7,223 1.9 6,796 1.8
Severn Trent Utilities 7,213 1.9 6,023 1.6
BAE Systems Industrials 6,929 1.8 4,218 1.1
Tesco Consumer Staples 6,869 1.8 7,535 2.0
Hilton Food Consumer Staples 6,385 1.7 6,023 1.6
Total ------------
187,392
======= ------------
48.5
======= ------------
172,199
======= ------------
45.8
=======
EQUITY PORTFOLIO SECTOR EXPOSURE AS AT 30 JUNE 2025
Equity portfolio weight
% FTSE All-Share Index
% 
Financials 31.3 28.0 
Consumer Staples 21.6 14.3 
Industrials 9.2 13.5 
Consumer Discretionary 7.6 8.0 
Utilities 6.0 4.1 
Basic Materials 5.9 5.0 
Energy 5.3 8.7 
Technology 4.9 4.2 
Real Estate 3.7 2.5 
Health Care 3.1 10.6 
Telecommunications 1.2 1.2 
Total --------
100.0
===== --------
100.0
===== 
Source: Janus Henderson 


 



Principal Risks and Uncertainties
The principal risks associated with the Company's business can be divided into the following main areas:
· Climate change risk
· Investment risk
· Market/financial risk
· Operational risks including cyber risks, pandemic risks and epidemic risks and risks relating to terrorism and international conflicts
· Tax, legal and regulatory risk
Information on these risks and how they are managed is given in the Company's Annual Report for the year-ended 31 December 2024. The Board has completed a thorough review of the principal risks and considers that these risks have not changed over the past six months and are as applicable to the remaining six months of the financial year as they were to the six months under review.
Statement OF Directors' ResponsibilitIES
The Directors (listed in note 12) confirm that, to the best of their knowledge:
a) the condensed set of financial statements has been prepared in accordance with FRS 104 Interim Financial Reporting issued by the Financial Reporting Council;
b) the Interim Management Report and condensed financial statements include a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) the Interim Management Report and condensed financial statements include a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
For and on behalf of the Board
Jeremy Rigg
Chairman
9 September 2025


 

Condensed Statement of Comprehensive Income

Half-year ended
30 June 2025
(Unaudited) Half-year ended
30 June 2024
(Unaudited) Year-ended
31 December 2024
(Audited)
Revenue
return
£'000 Capital
return
£'000 Total
return
£'000 Revenue return
£'000 Capital return £'000 Total
return
£'000 Revenue
return
£'000 Capital return
£'000 Total
return
£'000
Gains on investments held at fair value through profit or loss - 25,536 25,536 - 8,900 8,900 - 11,155 11,155
Income from investments held at fair value through profit or loss 12,551 - 12,551 11,917 - 11,917 20,513 - 20,513
Other interest receivable and similar income 101 - 101 44 - 44 313 - 313
----------- --------- --------- ----------- ----------- ---------- ----------- ----------- -----------
Gross revenue and capital gains 12,652 25,536 38,188 11,961 8,900 20,861 20,826 11,155 31,981
----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- -----------
Expenses 
Management fees (note 2) (322) (482) (804) (327) (490) (817) (666) (999) (1,665)
Other administrative expenses (333) - (333) (307) - (307) (618) - (618)
----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- -----------
Net return before finance costs and taxation 11,997 25,054 37,051 11,327 8,410 19,737 19,542 10,156 29,698
Finance costs (360) (1,080) (1,440) (442) (1,327) (1,769) (903) (2,709) (3,612)
----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- -----------
Net return before taxation 11,637 23,974 35,611 10,885 7,083 17,968 18,639 7,447 26,086
Taxation on net return (268) 240 (28) (179) 94 (85) (338) 229 (109)
----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- -----------
Net return after taxation 11,369 24,214 35,583 10,706 7,177 17,883 18,301 7,676 25,977
----------- ----------- --------- ----------- ----------- ---------- ----------- ----------- -----------
Return per ordinary share (note 3) 6.64p 14.13p 20.77p 6.35p 4.25p 10.60p 10.74p 4.50p 15.24p
======= ====== ===== ======= ====== ===== ======= ====== ======
The total columns of this statement represent the Company's Income Statement, prepared in accordance with FRS 104. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies.
The Company has no other comprehensive income items recognised other than those disclosed in the Income Statement.
All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.
The accompanying notes are an integral part of the condensed financial statements


 

Condensed Statement of Changes in Equity

Half-year ended 30 June 2025 (Unaudited) 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 - - - 24,214 11,369 35,583
Buyback of shares to treasury - - - (2,428) - (2,428)
Fourth interim dividend (2.675p per share) for the year-ended 31 December 2024, paid 31 January 2025 - - - - (4,605) (4,605)
First interim dividend (2.675p per share) for the year-ending 31 December 2025, paid 26 April 2025 - - - - (4,570) (4,570)
Refund of unclaimed dividends - - - - 19 19
------------ ------------ ------------ ------------ ------------ ------------
At 30 June 2025 8,607 198,629 26,302 81,269 12,399 327,206
======= ======= ======= ======= ======= =======
Half-year ended 30 June 2024 (Unaudited) 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 - - - 7,177 10,706 17,883
Issue of shares on the HDIV transaction 2,117 69,949 - - - 72,066
Cost of shares issued in respect of the HDIV transaction - (146) - - - (146)
Fourth interim dividend (2.625p per share) for the year-ended 31 December 2023, paid 26 January 2024 - - - - (3,407) (3,407)
First interim dividend (2.625p per share) for the year-ending 31 December 2024, paid 26 April 2024 - - - - (4,519) (4,519)
Refund of unclaimed dividends - - - - 19 19
------------ ------------ ------------ ------------ ------------ ------------
At 30 June 2024 8,607 198,630 26,302 58,984 11,715 304,238
======= ======= ======= ======= ======= =======
Year-ended 31 December 2024 (Audited) 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
Fourth interim dividend (2.625p per share) for the year-ended 31 December 2023, paid 26 January 2024 - - - - (3,407) (3,407)
First interim dividend (2.625p per share) for the year-ended 31 December 2024, paid 28 April 2024 - - - - (4,519) (4,519)
Second interim dividend (2.625p per share) for the year-ended 31 December 2024, paid 26 July 2024 - - - - (4,519) (4,519)
Third interim dividend (2.625p per share) for the year-ended 31 December 2024, paid 25 October 2024 - - - - (4,605) (4,605)
Issue of shares on the HDIV transaction 2,117 69,949 - - - 72,066
Cost of shares issued in respect of the HDIV transaction - (147) - - - (147)
Refund of unclaimed dividends - - - - 19 19
------------ ------------ ------------ ------------ ------------ ------------
At 31 December 2024 8,607 198,629 26,302 59,483 10,186 303,207
======= ======= ======= ======= ======= =======
The accompanying notes are an integral part of the condensed financial statements.


Condensed STATEMENT OF FINANCIAL POSITION

 

30 June 2025
(Unaudited)
£'000 30 June 2024
(Unaudited)
£'000 31 December 2024
(Audited)
£'000
Non-current assets 
Investments held at fair value through profit or loss (note 4) 386,901 369,785 366,790
------------ ------------ ------------
Current assets 
Debtors 2,942 3,064 2,323
Cash at bank and in hand 4,390 4,047 2,493
------------ ------------ ------------
7,332 7,111 4,816
------------ ------------ ------------
Creditors: amounts falling due within one year (47,143) (52,785) (48,520)
------------ ------------ ------------
Net current liabilities (39,811) (45,674) (43,704)
------------ ------------ ------------
Creditors: amounts falling due after more than one year (19,884) (19,873) (19,879)
------------ ------------ ------------
Net assets 327,206 304,238 303,207
======= ======= =======
Capital and reserves 
Called up share capital (note 6) 8,607 8,607 8,607
Share premium account 198,629 198,630 198,629
Capital redemption reserve 26,302 26,302 26,302
Other capital reserves 81,269 58,984 59,483
Revenue reserve 12,399 11,715 10,186
------------ ------------ ------------
Total shareholders' funds 327,206 304,238 303,207
======= ======= =======
Net asset value per ordinary share(note 5) 191.68p 176.74p 176.14p
======= ======= =======
The accompanying notes are an integral part of the condensed financial statements. 

 

Condensed Statement of Cash Flows

Half-year ended
30 June 2025
(Unaudited)
£'000 Half-year ended
30 June 2024
(Unaudited)
£'000 Year-ended
31 December 2024
(Audited)
£'000
Cash flows from operating activities 
Net return before taxation 35,611 17,968 26,086
Add back: finance costs 1,440 1,769 3,612
Less: (gains) on investments held at fair value through profit or loss (25,536) (8,900) (11,155)
Withholding tax on dividends deducted at source (28) (85) (109)
Increase in debtors (619) (972) (231)
Increase/(decrease) in creditors 172 (235) (282)
-------------- -------------- --------------
Net cash inflow from operating activities 11,040 9,545 17,921
-------------- -------------- --------------
Cash flows from investing activities 
Sales of investments held at fair value through profit or loss 37,799 53,912 101,287
Purchases of investments held at fair value through profit or loss (32,430) (105,535) (147,956)
-------------- -------------- --------------
Net cash inflow/(outflow) from investing activities 5,369 (51,623) (46,669)
-------------- -------------- --------------
Cash flows from financing activities 
Net cash acquired and received following the HDIV transaction - 32,586 32,586
Cost of shares issued in respect of the HDIV transaction - (146) (144)
Issue costs in respect of the HDIV transaction - - (3)
Buyback of ordinary share capital (2,428) - -
Equity dividends paid (net of refund of unclaimed distributions) (9,156) (7,907) (17,031)
(Repayment)/drawdown of loans (1,622) 21,070 17,932
Interest paid (1,435) (1,764) (3,600)
-------------- -------------- --------------
Net cash (outflow)/inflow from financing activities (14,641) 43,839 29,740
-------------- -------------- --------------
Net increase in cash and cash equivalents 1,768 1,761 992
Cash and cash equivalents at beginning of period 2,493 1,990 1,990
Exchange movements 129 296 (489)
-------------- -------------- --------------
Cash and cash equivalents at end of period 4,390 4,047 2,493
Comprising: -------------- -------------- --------------
Cash at bank 4,390 4,047 2,493
======== ======== ========
The accompanying notes are an integral part of the condensed financial statements. 


 



NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Accounting policies: basis of accounting
The Company is a registered investment company as defined by Section 833 of the Companies Act 2006 and operates as an investment trust in accordance with Section 1158 of the Corporation Tax Act 2010.
The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Reporting, FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice for "Financial Statements of Investment Trust Companies and Venture Capital Trusts", which was updated by the Association of Investment Companies in July 2022.
For the period under review the Company's accounting policies have not varied from those described in the Annual Report for the year-ended 31 December 2024. The condensed set of financial statements has been neither audited nor reviewed by the Company's auditor.
2.Management fees
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 2024.
3.Revenue return per ordinary share
The revenue return per ordinary share is based on the following figures: 
Half-year ended
30 June 2025 (Unaudited)
£'000 Half-year ended
30 June 2024 (Unaudited)
£'000 Year-ended
31 December 2024
(Audited)
£'000
Net revenue return 11,369 10,706 18,301
Net capital return 24,214 7,177 7,676
Total return 35,583 17,883 25,977
Weighted average number of ordinary shares 171,308,995 168,651,693 170,406,232
Pence Pence Pence
Revenue return per ordinary share 6.64 6.35 10.74
Capital return per ordinary share 14.13 4.25 4.50
Total return per ordinary share 20.77 10.60 15.24


 

The Company does not have any dilutive securities therefore the basic and diluted returns per share are the same.
4. Fair values of financial assets and financial liabilities
The fair values of the financial assets and liabilities are either carried in the Statement of Financial Position at their fair value (investments and derivatives), or the statement of financial position amount is a reasonable approximation of fair value (due from brokers, dividends, and interest receivable, due to brokers, accruals, cash at bank, bank overdrafts and amounts due under the multi-currency loan facility). The senior unsecured note is held in the Statement of Financial Position at amortised cost in line with the Company's accounting policies.
Categorisation within the fair value hierarchy for those assets and liabilities held at fair value in the Statement of Financial Position has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset:
· Level 1: the unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
· Level 2: valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1.
· Level 3: valued by reference to valuation techniques using inputs that are not based on observable market data. 
Financial assets and financial liabilities at fair value through profit or loss at 30 June 2025 Level 1
£'000 Level 2
£'000 Level 3
£'000 Total
£'000
Equity investments 349,726 - - 349,726
Fixed interest investments: 
- Preference shares 3,269 - - 3,269
- Other 33,906 - - 33,906
- Options - (60) - (60)
Total 386,901 (60) - 386,841
Financial assets and financial liabilities at fair value through profit or loss at 30 June 2024 Level 1
£'000 Level 2
£'000 Level 3
£'000 Total
£'000
Equity investments 327,067 - - 327,067
Fixed interest investments: 
- Preference shares 5,748 - - 5,748
- Other 36,970 - - 36,970
Total 369,785 - 369,785
Financial assets and financial liabilities at fair value through profit or loss at 31 December 2024 Level 1
£'000 Level 2
£'000 Level 3
£'000 Total
£'000
Equity investments 326,939 - - 326,939
Fixed interest investments: 
- Preference shares 4,273 - - 4,273
- Other 35,578 - - 35,578
Total 366,790 - - 366,790


 

The Company's holdings in options are included within Level 2 and are included in creditors amounts falling due within one year in the Statement of Financial Position.
Premiums from written options during the half-year ended 30 June 2025 were £160,000 (half-year ended 30 June 2024: £nil; year-ended 31 December 2024: £202,000).
At 30 June 2025 the fair value of the senior unsecured note has been estimated to be £18,066,000 (30 June 2024: £18,095,000; 31 December 2024: £17,722,000) and would be categorised as Level 3 in the fair value hierarchy.
The current estimated fair value of the senior unsecured note is calculated using a discount rate based on the redemption yield of the relevant existing reference UK Gilt plus a suitable estimated credit spread. The estimated credit spread is based on the spread between the yield of the ICE BofA 5-10 Year A Sterling Non-Gilt Index and the redemption yield of the ICE BofA 5-10 Year UK Gilt Index. The discount rate is calculated and updated at each month end and applied daily to determine the Company's published fair value NAVs. 
5.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 £327,260,000 (half-year ended 30 June 2024: £304,238,000; year ended 31 December 2024: £303,207,000) and on the 170,705,636 ordinary shares in issue (excluding treasury shares) at 30 June 2025 (30 June 2024: 172,141,700; 31 December 2024: 172,141,700). 
6. Share capital 
At 1 January 2025 there were 172,141,700 ordinary shares of 5p nominal value in issue. During the six months under review, 1,436,064 shares were bought back and held in treasury. Accordingly, the number of shares in issue as at 30 June 2025 was 172,141,700, of which 1,436,064 were held in treasury.
Between 1 July and 5 September 2025, being the last practicable date prior to publication, 632,254 shares have been bought back and held in treasury. Accordingly, the number of shares in issue as at 5 September 2025 was 172,141,700, of which 2,068,318 shares were held in Treasury. Therefore, the total voting rights in the Company at that date was 170,073,382. 
7. Dividends 
The Company pays dividends on a quarterly basis. In respect of the year ended 31 December 2024, a fourth interim dividend of 2.675p per share (2023: 2.625p) was paid on 31 January 2025 to shareholders on the register at close of business on 13 December 2024. In respect of the year ending 31 December 2025, a first interim dividend of 2.675p per share (2024: 2.625p) was paid on 25 April 2025 to shareholders on the register at close of business on 4 April 2025. These dividends are reflected in the half-year financial statements.
A second interim dividend of 2.675p per share (2024: 2.625p) for the year ending 31 December 2025 was paid on 25 July 2025 to shareholders on the register at close of business on 13 June 2025. A third interim dividend of 2.775p per share (2024: 2.675p) for the year ending 31 December 2025 will be paid on 24 October 2025 to shareholders on the register at close of business on 12 September 2025. The shares will be quoted ex-dividend on 11 September 2025. In accordance with FRS 102, the second and third interim dividends have not been accrued for in the half-year financial statements as they will be paid after the period end. 
8.Net debt reconciliation 
Cash
 and cash
 equivalents
 £'000 Bank loans repayable within one year
£'000 Other debt repayable after more
than one year
£'000 Total
£'000
Net debt as at 1 January 2025 2,493 (47,561) (19,879) (64,947)
Cash flows 1,768 1,622 - 3,390
Non cash flow: 
Exchange movements 129 159 - 288
Effective interest movements - - (5) (5)
Net debt as at 30 June 2025 4,390 (45,780) (19,884) (61,274)
Cash
 and cash
 equivalents
 £'000 Bank loans repayable within one year
£'000 Other debt repayable
after more
than one year
£'000 Total
£'000
Net debt as at 1 January 2024 1,990 (30,639) (19,867) (48,516)
Cash flows 1,761 (21,070) - (19,309)
Non cash flows: 
Exchange movements 296 (69) - 227
Effective interest movements - - (6) (6)
Net debt as at 30 June 2024 4,047 (51,778) (19,873) (67,604)
Cash
 and cash
 equivalents
 £'000 Bank loans repayable within one year
£'000 Other debt repayable
after more
than one year
£'000 Total
£'000
Net debt as at 1 January 2024 1,990 (30,639) (19,867) (48,516)
Cash flows 992 (17,932) - (16,940)
Non cash flows: 
Exchange movements (489) 1,010 - 521
Effective interest movements - - (12) (12)
Net debt as at 31 December 2024 2,493 (47,561) (19,879) (64,947)
9. Going concern
The Directors have considered the risks associated with global interest rates that continue to remain at higher levels despite recent cuts and the continued 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.
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 13 May 2025. 
10.Related party transactions
The Company's current related parties are its Directors and Janus Henderson. There have been no material transactions between the Company and its Directors during the period and the only amounts paid to them were in respect of expenses and remuneration, for which there were no outstanding amounts payable at the period end.
In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary course of business and thefacilitation of marketing activities with third parties, there have been no material transactions with Janus Henderson affecting the financial position of the Company during the period under review. 
11. Half Year Report
The half-year report is available at www.hendersonhighincome.com or in hard copy from the Corporate Secretary by emailingitsecretariat@janushenderson.com. An abbreviated version of this half-year report, the 'Update', will be circulated to shareholders in September 2025.
12. General information
a) Company Status
The Company is a UK domiciled investment trust company with registered number 02422514.
SEDOL/ISIN number: 0958057
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), Francesca Ecsery (Senior Independent Director), Richard Cranfield and Preeti Rathi. The Corporate Secretary is Janus Henderson Secretarial Services UK Limited. 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
Harriet Hall
PR Director, Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 2919 Dan Howe
Head of Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 1818


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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IR BLGDCGXGDGUC

HHI — Henderson High Income Trust News Story

Henderson HighIncome - Half-year Report

Recent news on Henderson High Income Trust

Brief: Henderson High Income Trust Says Jeremy Rigg To Step Down As Chairman At AGM In 2027

Henderson HighIncome - Half-year Financial Report

Henderson HighIncome - Director/PDMR Shareholding

RCS - Henderson HighIncome - Kepler Trust Intelligence: New Research

Henderson HighIncome - Director/PDMR Shareholding

Financial highlights	at 30 June 2025	at 31 December 2024
NAV per share3	190.0p	174.7p
Mid-market price per share	180.3p	162.5p
Net assets	£327.2m	£303.2m
Dividends paid/payable	5.35p	10.60p
Dividend yield	6.0%	6.5%
Gearing	18.2%	21.0%
(Discount)/premium to NAV (debt at fair value)	(5.1%)	(7.0%)

Total return performance(including dividends reinvested and excluding transaction costs)
	6 months %	1 year %	3 years %	5 years %	10 years %
NAV total return (debt at fair value)1	11.9	14.9	40.4	70.8	90.5
Share price total return4	14.4	22.6	35.8	71.1	79.4
Benchmark2	8.0	10.0	29.7	50.2	78.4
FTSE All-Share Index	9.1	11.2	35.5	67.3	92.7
ICE BofA Sterling Non-Gilts Index	3.4	5.3	7.3	-4.8	24.2

1. Net asset value with debt at fair value per ordinary share total return (including dividends reinvested and excluding transaction costs) 2. 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 3. Net asset value per share with debt at fair value as published by the Association of Investment Companies (AIC) 4. The mid-market share price total return (including dividends reinvested) Sources: Morningstar Direct and Janus Henderson

	Total 30 June 2025 %	Total 31 December 2024 %
FIXED INTEREST
Preference shares	0.8	1.2
Other fixed interest	8.8	9.7
	------	------
Total Fixed Interest	9.6	10.9
	------	------
EQUITIES

Energy
Oil, gas and coal	4.8	4.8
	------	------
Total Energy	4.8	4.8
	------	------
Basic Materials
Chemicals	1.9	1.7
Industrial metals and mining	3.4	4.3
	------	------
Total Basic Materials	5.3	6.0
	------	------
Industrials
Aerospace and defence	3.1	1.9
Construction and materials	0.9	0.7
Electronic and electrical equipment	-	0.5
General industrials	1.9	1.8
Industrial engineering	0.7	0.8
Industrial support services	1.9	2.1
	------	------
Total Industrials	8.5	7.8
	------	------
Consumer Discretionary
Consumer services	1.5	1.8
Household goods and home construction	1.1	1.0
Media	-	2.7
Retailers	2.4	2.3
Travel and leisure	2.0	2.7
	------	------
Total Consumer Discretionary	7.0	10.5
	------	------
Health Care
Pharmaceuticals and biotechnology	2.8	3.3
	------	------
Total Health Care	2.8	3.3
	------	------
Consumer Staples
Beverages	2.1	2.0
Food producers	2.9	2.9
Personal care, drug and grocery stores	6.3	6.9
Tobacco	8.4	8.0
	------	------
Total Consumer Staples	19.7	19.8
	------	------
Utilities
Electricity	-	0.9
Gas, water and multi-utilities	5.5	4.8
	------	------
Total Utilities	5.5	5.7
	------	------
Financials
Banks	8.9	7.3
Closed end investments	1.5	1.8
Finance and credit services	1.1	0.9
Investment banking and brokerage services	7.9	8.4
Life insurance	5.6	4.5
Non-life insurance	2.7	2.3
	------	------
Total Financials	27.7	25.2
	------	------
Technology
Software and computer services	3.7	1.0
Technology hardware and equipment	0.8	0.8
	------	------
Total Technology	4.5	1.8
	------	------
Real Estate
Real estate investment trusts	3.4	3.0
	------	------
Total Real Estate	3.4	3.0
	------	------
Telecommunications
Fixed Line Telecommunications	1.2	1.2
	------	------
Total Telecommunications	1.2	1.2
	--------	--------
Total investments	100.0	100.0
	=====	=====

Principal Risks and Uncertainties The principal risks associated with the Company's business can be divided into the following main areas:
·	Climate change risk
·	Investment risk
·	Market/financial risk
·	Operational risks including cyber risks, pandemic risks and epidemic risks and risks relating to terrorism and international conflicts
·	Tax, legal and regulatory risk

Information on these risks and how they are managed is given in the Company's Annual Report for the year-ended 31 December 2024. The Board has completed a thorough review of the principal risks and considers that these risks have not changed over the past six months and are as applicable to the remaining six months of the financial year as they were to the six months under review. Statement OF Directors' ResponsibilitIES The Directors (listed in note 12) confirm that, to the best of their knowledge:
a)		the condensed set of financial statements has been prepared in accordance with FRS 104 Interim Financial Reporting issued by the Financial Reporting Council;
b)		the Interim Management Report and condensed financial statements include a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c)		the Interim Management Report and condensed financial statements include a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
For and on behalf of the Board Jeremy Rigg Chairman 9 September 2025


	Half-year ended 30 June 2025 (Unaudited)			Half-year ended 30 June 2024 (Unaudited)			Year-ended 31 December 2024 (Audited)
	Revenue return £'000	Capital return £'000	Total return £'000	Revenue return £'000	Capital return £'000	Total return £'000	Revenue return £'000	Capital return £'000	Total return £'000
Gains on investments held at fair value through profit or loss	-	25,536	25,536	-	8,900	8,900	-	11,155	11,155
Income from investments held at fair value through profit or loss	12,551	-	12,551	11,917	-	11,917	20,513	-	20,513
Other interest receivable and similar income	101	-	101	44	-	44	313	-	313
	-----------	---------	---------	-----------	-----------	----------	-----------	-----------	-----------
Gross revenue and capital gains	12,652	25,536	38,188	11,961	8,900	20,861	20,826	11,155	31,981
	-----------	-----------	---------	-----------	-----------	----------	-----------	-----------	-----------
Expenses
Management fees (note 2)	(322)	(482)	(804)	(327)	(490)	(817)	(666)	(999)	(1,665)
Other administrative expenses	(333)	-	(333)	(307)	-	(307)	(618)	-	(618)
	-----------	-----------	---------	-----------	-----------	----------	-----------	-----------	-----------
Net return before finance costs and taxation	11,997	25,054	37,051	11,327	8,410	19,737	19,542	10,156	29,698
Finance costs	(360)	(1,080)	(1,440)	(442)	(1,327)	(1,769)	(903)	(2,709)	(3,612)
	-----------	-----------	---------	-----------	-----------	----------	-----------	-----------	-----------
Net return before taxation	11,637	23,974	35,611	10,885	7,083	17,968	18,639	7,447	26,086

Taxation on net return	(268)	240	(28)	(179)	94	(85)	(338)	229	(109)
	-----------	-----------	---------	-----------	-----------	----------	-----------	-----------	-----------
Net return after taxation	11,369	24,214	35,583	10,706	7,177	17,883	18,301	7,676	25,977
	-----------	-----------	---------	-----------	-----------	----------	-----------	-----------	-----------
Return per ordinary share (note 3)	6.64p	14.13p	20.77p	6.35p	4.25p	10.60p	10.74p	4.50p	15.24p
	=======	======	=====	=======	======	=====	=======	======	======

The total columns of this statement represent the Company's Income Statement, prepared in accordance with FRS 104. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies. The Company has no other comprehensive income items recognised other than those disclosed in the Income Statement. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period. The accompanying notes are an integral part of the condensed financial statements


Half-year ended 30 June 2025 (Unaudited)	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	-	-	-	24,214	11,369	35,583
Buyback of shares to treasury	-	-	-	(2,428)	-	(2,428)
Fourth interim dividend (2.675p per share) for the year-ended 31 December 2024, paid 31 January 2025	-	-	-	-	(4,605)	(4,605)
First interim dividend (2.675p per share) for the year-ending 31 December 2025, paid 26 April 2025	-	-	-	-	(4,570)	(4,570)
Refund of unclaimed dividends	-	-	-	-	19	19
	------------	------------	------------	------------	------------	------------
At 30 June 2025	8,607	198,629	26,302	81,269	12,399	327,206
	=======	=======	=======	=======	=======	=======

Half-year ended 30 June 2024 (Unaudited)	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	-	-	-	7,177	10,706	17,883
Issue of shares on the HDIV transaction	2,117	69,949	-	-	-	72,066
Cost of shares issued in respect of the HDIV transaction	-	(146)	-	-	-	(146)
Fourth interim dividend (2.625p per share) for the year-ended 31 December 2023, paid 26 January 2024	-	-	-	-	(3,407)	(3,407)
First interim dividend (2.625p per share) for the year-ending 31 December 2024, paid 26 April 2024	-	-	-	-	(4,519)	(4,519)
Refund of unclaimed dividends	-	-	-	-	19	19
	------------	------------	------------	------------	------------	------------
At 30 June 2024	8,607	198,630	26,302	58,984	11,715	304,238
	=======	=======	=======	=======	=======	=======

Year-ended 31 December 2024 (Audited)	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
Fourth interim dividend (2.625p per share) for the year-ended 31 December 2023, paid 26 January 2024	-	-	-	-	(3,407)	(3,407)
First interim dividend (2.625p per share) for the year-ended 31 December 2024, paid 28 April 2024	-	-	-	-	(4,519)	(4,519)
Second interim dividend (2.625p per share) for the year-ended 31 December 2024, paid 26 July 2024	-	-	-	-	(4,519)	(4,519)
Third interim dividend (2.625p per share) for the year-ended 31 December 2024, paid 25 October 2024	-	-	-	-	(4,605)	(4,605)
Issue of shares on the HDIV transaction	2,117	69,949	-	-	-	72,066
Cost of shares issued in respect of the HDIV transaction	-	(147)	-	-	-	(147)
Refund of unclaimed dividends	-	-	-	-	19	19
	------------	------------	------------	------------	------------	------------
At 31 December 2024	8,607	198,629	26,302	59,483	10,186	303,207
	=======	=======	=======	=======	=======	=======

The accompanying notes are an integral part of the condensed financial statements.

	30 June 2025 (Unaudited) £'000	30 June 2024 (Unaudited) £'000	31 December 2024 (Audited) £'000
Non-current assets
Investments held at fair value through profit or loss (note 4)	386,901	369,785	366,790
	------------	------------	------------
Current assets
Debtors	2,942	3,064	2,323
Cash at bank and in hand	4,390	4,047	2,493
	------------	------------	------------
	7,332	7,111	4,816
	------------	------------	------------
Creditors: amounts falling due within one year	(47,143)	(52,785)	(48,520)
	------------	------------	------------
Net current liabilities	(39,811)	(45,674)	(43,704)
	------------	------------	------------
Creditors: amounts falling due after more than one year	(19,884)	(19,873)	(19,879)
	------------	------------	------------
Net assets	327,206	304,238	303,207
	=======	=======	=======
Capital and reserves
Called up share capital (note 6)	8,607	8,607	8,607
Share premium account	198,629	198,630	198,629
Capital redemption reserve	26,302	26,302	26,302
Other capital reserves	81,269	58,984	59,483
Revenue reserve	12,399	11,715	10,186
	------------	------------	------------
Total shareholders' funds	327,206	304,238	303,207
	=======	=======	=======
Net asset value per ordinary share(note 5)	191.68p	176.74p	176.14p
	=======	=======	=======

The accompanying notes are an integral part of the condensed financial statements.

	Half-year ended 30 June 2025 (Unaudited) £'000	Half-year ended 30 June 2024 (Unaudited) £'000	Year-ended 31 December 2024 (Audited) £'000
Cash flows from operating activities
Net return before taxation	35,611	17,968	26,086
Add back: finance costs	1,440	1,769	3,612
Less: (gains) on investments held at fair value through profit or loss	(25,536)	(8,900)	(11,155)
Withholding tax on dividends deducted at source	(28)	(85)	(109)
Increase in debtors	(619)	(972)	(231)
Increase/(decrease) in creditors	172	(235)	(282)
	--------------	--------------	--------------
Net cash inflow from operating activities	11,040	9,545	17,921
	--------------	--------------	--------------
Cash flows from investing activities
Sales of investments held at fair value through profit or loss	37,799	53,912	101,287
Purchases of investments held at fair value through profit or loss	(32,430)	(105,535)	(147,956)
	--------------	--------------	--------------
Net cash inflow/(outflow) from investing activities	5,369	(51,623)	(46,669)
	--------------	--------------	--------------
Cash flows from financing activities
Net cash acquired and received following the HDIV transaction	-	32,586	32,586
Cost of shares issued in respect of the HDIV transaction	-	(146)	(144)
Issue costs in respect of the HDIV transaction	-	-	(3)
Buyback of ordinary share capital	(2,428)	-	-
Equity dividends paid (net of refund of unclaimed distributions)	(9,156)	(7,907)	(17,031)
(Repayment)/drawdown of loans	(1,622)	21,070	17,932
Interest paid	(1,435)	(1,764)	(3,600)
	--------------	--------------	--------------
Net cash (outflow)/inflow from financing activities	(14,641)	43,839	29,740
	--------------	--------------	--------------
Net increase in cash and cash equivalents	1,768	1,761	992
Cash and cash equivalents at beginning of period	2,493	1,990	1,990
Exchange movements	129	296	(489)
	--------------	--------------	--------------
Cash and cash equivalents at end of period	4,390	4,047	2,493
Comprising:	--------------	--------------	--------------
Cash at bank	4,390	4,047	2,493
	========	========	========

The accompanying notes are an integral part of the condensed financial statements.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS 1. Accounting policies: basis of accounting The Company is a registered investment company as defined by Section 833 of the Companies Act 2006 and operates as an investment trust in accordance with Section 1158 of the Corporation Tax Act 2010. The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Reporting, FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice for "Financial Statements of Investment Trust Companies and Venture Capital Trusts", which was updated by the Association of Investment Companies in July 2022. For the period under review the Company's accounting policies have not varied from those described in the Annual Report for the year-ended 31 December 2024. The condensed set of financial statements has been neither audited nor reviewed by the Company's auditor. 2.Management fees 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 2024. 3.Revenue return per ordinary share The revenue return per ordinary share is based on the following figures:
	Half-year ended 30 June 2025 (Unaudited) £'000	Half-year ended 30 June 2024 (Unaudited) £'000	Year-ended 31 December 2024 (Audited) £'000
Net revenue return	11,369	10,706	18,301
Net capital return	24,214	7,177	7,676
Total return	35,583	17,883	25,977
Weighted average number of ordinary shares	171,308,995	168,651,693	170,406,232
	Pence	Pence	Pence
Revenue return per ordinary share	6.64	6.35	10.74
Capital return per ordinary share	14.13	4.25	4.50
Total return per ordinary share	20.77	10.60	15.24

The Company does not have any dilutive securities therefore the basic and diluted returns per share are the same. 4. Fair values of financial assets and financial liabilities The fair values of the financial assets and liabilities are either carried in the Statement of Financial Position at their fair value (investments and derivatives), or the statement of financial position amount is a reasonable approximation of fair value (due from brokers, dividends, and interest receivable, due to brokers, accruals, cash at bank, bank overdrafts and amounts due under the multi-currency loan facility). The senior unsecured note is held in the Statement of Financial Position at amortised cost in line with the Company's accounting policies. Categorisation within the fair value hierarchy for those assets and liabilities held at fair value in the Statement of Financial Position has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset: · Level 1: the unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. · Level 2: valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1. · Level 3: valued by reference to valuation techniques using inputs that are not based on observable market data.
Financial assets and financial liabilities at fair value through profit or loss at 30 June 2025	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Equity investments	349,726	-	-	349,726
Fixed interest investments:
- Preference shares	3,269	-	-	3,269
- Other	33,906	-	-	33,906
- Options	-	(60)	-	(60)
Total	386,901	(60)	-	386,841

Financial assets and financial liabilities at fair value through profit or loss at 30 June 2024	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Equity investments	327,067	-	-	327,067
Fixed interest investments:
- Preference shares	5,748	-	-	5,748
- Other	36,970	-	-	36,970
Total	369,785		-	369,785

Financial assets and financial liabilities at fair value through profit or loss at 31 December 2024	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Equity investments	326,939	-	-	326,939
Fixed interest investments:
- Preference shares	4,273	-	-	4,273
- Other	35,578	-	-	35,578
Total	366,790	-	-	366,790

The Company's holdings in options are included within Level 2 and are included in creditors amounts falling due within one year in the Statement of Financial Position. Premiums from written options during the half-year ended 30 June 2025 were £160,000 (half-year ended 30 June 2024: £nil; year-ended 31 December 2024: £202,000). At 30 June 2025 the fair value of the senior unsecured note has been estimated to be £18,066,000 (30 June 2024: £18,095,000; 31 December 2024: £17,722,000) and would be categorised as Level 3 in the fair value hierarchy. The current estimated fair value of the senior unsecured note is calculated using a discount rate based on the redemption yield of the relevant existing reference UK Gilt plus a suitable estimated credit spread. The estimated credit spread is based on the spread between the yield of the ICE BofA 5-10 Year A Sterling Non-Gilt Index and the redemption yield of the ICE BofA 5-10 Year UK Gilt Index. The discount rate is calculated and updated at each month end and applied daily to determine the Company's published fair value NAVs.

5.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 £327,260,000 (half-year ended 30 June 2024: £304,238,000; year ended 31 December 2024: £303,207,000) and on the 170,705,636 ordinary shares in issue (excluding treasury shares) at 30 June 2025 (30 June 2024: 172,141,700; 31 December 2024: 172,141,700).

6. Share capital
At 1 January 2025 there were 172,141,700 ordinary shares of 5p nominal value in issue. During the six months under review, 1,436,064 shares were bought back and held in treasury. Accordingly, the number of shares in issue as at 30 June 2025 was 172,141,700, of which 1,436,064 were held in treasury. Between 1 July and 5 September 2025, being the last practicable date prior to publication, 632,254 shares have been bought back and held in treasury. Accordingly, the number of shares in issue as at 5 September 2025 was 172,141,700, of which 2,068,318 shares were held in Treasury. Therefore, the total voting rights in the Company at that date was 170,073,382.

7. Dividends
The Company pays dividends on a quarterly basis. In respect of the year ended 31 December 2024, a fourth interim dividend of 2.675p per share (2023: 2.625p) was paid on 31 January 2025 to shareholders on the register at close of business on 13 December 2024. In respect of the year ending 31 December 2025, a first interim dividend of 2.675p per share (2024: 2.625p) was paid on 25 April 2025 to shareholders on the register at close of business on 4 April 2025. These dividends are reflected in the half-year financial statements. A second interim dividend of 2.675p per share (2024: 2.625p) for the year ending 31 December 2025 was paid on 25 July 2025 to shareholders on the register at close of business on 13 June 2025. A third interim dividend of 2.775p per share (2024: 2.675p) for the year ending 31 December 2025 will be paid on 24 October 2025 to shareholders on the register at close of business on 12 September 2025. The shares will be quoted ex-dividend on 11 September 2025. In accordance with FRS 102, the second and third interim dividends have not been accrued for in the half-year financial statements as they will be paid after the period end.
8.Net debt reconciliation
	Cash and cash equivalents £'000	Bank loans repayable within one year £'000		Other debt repayable after more than one year £'000	Total £'000
Net debt as at 1 January 2025	2,493	(47,561)		(19,879)	(64,947)
Cash flows	1,768	1,622		-	3,390
Non cash flow:
Exchange movements	129	159		-	288
Effective interest movements	-	-		(5)	(5)
Net debt as at 30 June 2025	4,390	(45,780)		(19,884)	(61,274)

	Cash and cash equivalents £'000	Bank loans repayable within one year £'000		Other debt repayable after more than one year £'000	Total £'000
Net debt as at 1 January 2024	1,990	(30,639)		(19,867)	(48,516)
Cash flows	1,761	(21,070)		-	(19,309)
Non cash flows:
Exchange movements	296	(69)		-	227
Effective interest movements	-	-		(6)	(6)
Net debt as at 30 June 2024	4,047	(51,778)		(19,873)	(67,604)

	Cash and cash equivalents £'000	Bank loans repayable within one year £'000		Other debt repayable after more than one year £'000	Total £'000
Net debt as at 1 January 2024	1,990	(30,639)		(19,867)	(48,516)
Cash flows	992	(17,932)		-	(16,940)
Non cash flows:
Exchange movements	(489)	1,010		-	521
Effective interest movements	-	-		(12)	(12)
Net debt as at 31 December 2024	2,493	(47,561)		(19,879)	(64,947)

9. Going concern The Directors have considered the risks associated with global interest rates that continue to remain at higher levels despite recent cuts and the continued 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. 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 13 May 2025.
10.Related party transactions The Company's current related parties are its Directors and Janus Henderson. There have been no material transactions between the Company and its Directors during the period and the only amounts paid to them were in respect of expenses and remuneration, for which there were no outstanding amounts payable at the period end. In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary course of business and thefacilitation of marketing activities with third parties, there have been no material transactions with Janus Henderson affecting the financial position of the Company during the period under review.
11. Half Year Report The half-year report is available at www.hendersonhighincome.com or in hard copy from the Corporate Secretary by emailingitsecretariat@janushenderson.com. An abbreviated version of this half-year report, the 'Update', will be circulated to shareholders in September 2025. 12. General information a) Company Status The Company is a UK domiciled investment trust company with registered number 02422514. SEDOL/ISIN number: 0958057 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), Francesca Ecsery (Senior Independent Director), Richard Cranfield and Preeti Rathi. The Corporate Secretary is Janus Henderson Secretarial Services UK Limited. 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 Harriet Hall PR Director, Investment Trusts Janus Henderson Investors Telephone: 020 7818 2919			Dan Howe Head of Investment Trusts Janus Henderson Investors Telephone: 020 7818 1818