REG - Troy Inc & Gwth Plc - Half-year Report
RNS Number : 3376MTroy Income & Growth Trust Plc11 May 2020
TROY INCOME & GROWTH TRUST PLC
LEI: 213800HLNMQ1R6VBLU75
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 2020
The investment objective of Troy Income & Growth Trust is to provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.
Financial Highlights
31 March 2020
30 September 2019
Change
Equity shareholders' funds
£229,108,000
£245,461,000
-6.7%
Net asset value per share
68.62p
83.50p
-17.8%
Share price (mid-market)
71.00p
84.40p
-15.9%
Premium to net asset value
3.5%
1.1%
Total Return* (for the periods to 31 March 2020)
Six Months
One Year
Three Years
Five Years
Ten Years
Share price
-14.5%
-7.1%
-1.4%
+19.1%
+109.9%
Net asset value per share
-16.0%
-9.1%
-2.9%
+18.0%
+103.4%
FTSE All-Share Index
-22.0%
-18.5%
-12.2%
+2.9%
+53.6%
* Total return includes reinvesting the net dividend in the month that the share price goes ex-dividend.
INTERIM BOARD REPORT AS AT 31 MARCH 2020
Performance
The Company delivered a Net Asset Value (NAV) total return of -16.0% over the six months to 31 March 2020 while over the same period the share price total return was -14.5%. Also, over the same period the FTSE All-Share Index produced a total return of -22.0%. The sharp falls in markets in February and March were caused by the COVID-19 pandemic as the economic implications of a near global shutdown were added to the already devastating social consequences of the virus. Over the twelve months to 31 March 2020 the NAV total return of -9.1% and share price total return of -7.1% were ahead of the FTSE All-Share Index which returned -18.5%. Despite the negative returns the resilience of the Company's portfolio was aided by both good stock selection and the absence of any gearing.
The Board remains predominantly interested in long-term performance and over the three years to 31 March 2020 the NAV total return of -2.9% compares favourably with -12.2% for the FTSE All-Share Index, albeit in negative territory. Over five years the Company's NAV total return of +18.0% outstripped the total return of +2.9% for the FTSE All-Share Index.
The Company paid a quarterly rate of 0.695p for the first and second interim dividends, an unchanged quarterly rate over the previous year's fourth interim dividend, which typically has set the quarterly dividend rate for the following year. The Board's outlook for future dividends is expanded on later in this Report.
Background
For the first four months of the period under review the UK equity market made limited progress in any direction. The Conservative victory in the first December General Election since 1923 provided a clear end to the tortuous Brexit debate and much needed certainty to business, but in January market confidence began to ebb again as earnings expectations began to come under pressure.
The first concerns about the possible spread of COVID-19 beyond China became public in late January and once rapid transmission to Europe and North America became apparent this precipitated the most rapid collapse in markets since 1929. The UK equity market fell by over 30% from mid-February before rallying somewhat in late March to end the quarter down 25%.
The move from a localised epidemic to a global pandemic, requiring what amounts to a global economic lockdown, has taken place with breathtaking speed. The huge stimulus packages announced by multiple governments and central banks reflect the devastating impact of the lockdown on businesses of all sizes. In the UK, the impact of the Chancellor's multi-faceted bailout will have a major impact on the public finances for years to come. Many listed UK companies who have received support such as business rates relief, government-funded furloughing of employees or preferential loans have chosen to suspend or cut their dividends, meaning that dividend income from the UK equity market in 2020 is forecast to be somewhere between one third and a half below that of 2019.
For many companies in the consumer service and retail sectors revenues will be down by over 90% during the lockdown, so whatever government support is available, a strong balance sheet has been the best protection. The Company's portfolio has a natural bias towards well-financed companies and that has provided resilience in the early part of the crisis, but the Managers are fully aware that even well-financed companies will come under significant pressure if the lockdown extends into the summer. Equity issuance in the form of placings and rights issues may become more widespread in those circumstances.
The outlook is therefore exceptionally uncertain. Until COVID-19 infection rates start to abate and governments can be clearer about their plans to restart their economies, the equity market is likely to remain volatile. The Managers do expect that from mid-May there should be the opportunity in the UK to begin this process and it will be possible for the UK government to have learnt from the experiences of other countries which are further along the pandemic curve.
Discount Control Mechanism ('DCM')
The DCM was active during the period with the Company issuing 26.25m shares at a small premium to NAV. No shares were repurchased during the period under review. All transactions are NAV enhancing and provide additional liquidity to Shareholders. The DCM also reduces discount volatility which remains much lower than for the peer group as a whole.
The Company issued a prospectus in October 2019 partly in respect of a merger with Cameron Investors Trust plc. The merger took place in November 2019 and the Company issued 13.65m shares to shareholders of Cameron.
Gearing
The £20 million gearing facility with ING was renewed in April 2019 for a further two years. The facility was not utilised during the period and indeed gearing has not been employed at any time since Troy became Manager in 2009. This reflects Troy's conservative investment style as well as a desire to keep the volatility of returns relatively low. However, the current situation may yet present the sort of unprecedented risk/reward scenario in which both the Board and the Managers would hope to use the Company's gearing facility.
Dividends
The current quarterly dividend rate is 0.695p and the second quarterly dividend was paid on 24 April 2020. As mentioned earlier many listed companies have suspended or cut their dividends and so the outlook is particularly unclear. The Board appreciates Shareholders' wish for visibility and certainty on future dividends but given the current unprecedented situation, it is simply not possible to provide either at this time. As disclosed in the Annual Report, the Managers have been transitioning the portfolio away from higher yield but low-growth, to lower yielding and higher growth investments, with the result that the Company's reserves would have been used to support this year's dividends. This portfolio transition has already benefited performance and it is vital that the portfolio's quality is not compromised in order to produce a particular dividend outcome. The appropriate dividend distribution to Shareholders should be the natural result of a portfolio structured by the Managers to produce the best possible risk adjusted total return, an important element of which should be a growing dividend.
The Board and Managers believe it will be some time before economic conditions allow the current fog surrounding many listed companies' dividends to clear. During this highly uncertain time, it is the Board's intention to maintain the current quarterly dividend rate of 0.695p for this financial year (i.e. the third and fourth interim dividends will, in the absence of unforeseen circumstances, each be 0.695p). However, partly because of the portfolio repositioning but mostly due to the probable results of the present economic disruption, it is almost certain that the Board will reduce the dividend to a sustainable level from which its growth can resume. This is likely to be with effect from the beginning of the next financial year but that will depend on the outlook at that time. Meantime, the Company's significant distributable reserves will be used, in the absence of unforeseen circumstances, to maintain the dividend at its current quarterly rate.
Outlook
It is unlikely that the speed at which the global economy has entered this crisis will be mirrored by the rate of recovery. Governments will be keen to avoid allowing a second wave of the pandemic to take off if restrictions are removed too quickly. So much uncertainty still exists with regard to the nature of the virus and its behaviour, and with the prospect of a vaccine in any volume being available for at least twelve months it would be imprudent to expect a return to pre-COVID-19 normality any time soon. The economic damage will be extensive and the impact on listed companies and their ability to pay dividends will be widespread - only time will tell whether these cuts will be temporary or permanent.
In such a volatile environment, the Company's cautious but concentrated investment approach has thus far mitigated the worst effects of the crisis. The Managers are making changes which will further increase the quality and resilience of the portfolio and generate the longer term, sustainable income growth which will drive future total returns.
David Warnock
Chairman
7 May 2020
Principal Risks and Uncertainties
The principal risks facing the Company relate to the Company's investment activities and include performance and market risk, resource risk and operational risk. Other risks faced by the Company include breach of regulatory rules which could lead to suspension of the Company's Stock Exchange Listing, financial penalties, or a qualified audit report. Breach of Section 1159 of the Corporation Tax Act 2010 could lead to the Company being subject to tax on capital gains.
An explanation of these principal risks and how they are managed is contained in the Strategic Report within the Annual Report and Accounts for the year ended 30 September 2019.
The Company's principal risks and uncertainties have not changed since the date of the Annual Report with the exception of the current unprecedented situation surrounding the COVID-19 pandemic. The Board notes that there are a number of contingent risks stemming from the pandemic that may impact the Company. These include investment risks surrounding the companies in the portfolio such as reduced demand, reduced turnover and supply chain breakdowns. The Managers will continue to review carefully the composition of the Company's portfolio. Operationally, COVID-19 is also affecting the suppliers of services to the Company including the Managers and other key third parties. To date these services have continued to be supplied as normal and the Board will continue to monitor the arrangements.
Going Concern
In assessing the Company's ability to continue as a going concern, the Directors have considered the Company's investment objective, the nature and liquidity of the portfolio, current liabilities, expenditure forecasts and the principle risks of the Company. Based on their assessment, and as the assets of the Company consist mainly of securities which are readily realisable, the Directors believe the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.
Directors' Responsibility Statement
The Directors are responsible for preparing the half yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:
- the condensed set of interim financial statements contained within the half yearly financial report have been prepared in accordance with International Accounting Standard 34; and
- the Interim Board Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the financial year and description of principal risks and uncertainties for the remaining six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FCA's Disclosure Guidance and Transparency Rules.
The half yearly financial report for the six months to 31 March 2020 comprises the Interim Board Report, the Directors' Responsibility Statement and a condensed set of financial statements.
For and on behalf of the Board
David Warnock
Chairman
7 May 2020
STATEMENT OF COMPREHENSIVE INCOME
Six months ended
31 March 2020
(unaudited)
Six months ended
31 March 2019
(unaudited)
Revenue
Capital
Total
Revenue
Capital
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
Loss on investments held at fair value
-
(47,352)
(47,352)
-
(194)
(194)
Currency losses
-
(5)
(5)
-
-
-
Income
2
3,944
-
3,944
3,694
-
3,694
Investment management
fees
(288)
(534)
(822)
(258)
(479)
(737)
Other administrative
expenses
(275)
-
(275)
(250)
-
(250)
Finance costs of borrowing
(9)
(16)
(25)
(9)
(16)
(25)
_______
______
_______
_______
______
_______
Profit/(loss) before taxation
3,372
(47,907)
(44,535)
3,177
(689)
2,488
Taxation
3
(49)
-
(49)
(41)
-
(41)
_______
______
_______
_______
______
_______
Profit/(loss) for the period
3,323
(47,907)
(44,584)
3,136
(689)
2,447
_______
______
_______
_______
______
_______
Earnings per Ordinary
share (pence)
5
1.04
(15.02)
(13.98)
1.11
(0.24)
0.87
_______
______
_______
_______
______
_______
The "Profit for the period" is also the Total Comprehensive Income for the period as defined in IAS1 (revised).
The total columns of this statement represent the Statement of Comprehensive Income prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
No operations were acquired or discontinued during the period.
STATEMENT OF COMPREHENSIVE INCOME
(CONTINUED)
Year ended
30 September 2019
(audited)
Revenue
Capital
Total
Notes
£'000
£'000
£'000
Profits on investments held at fair value
-
14,100
14,100
Currency losses
-
(2)
(2)
Income
2
8,948
-
8,948
Investment management fees
(526)
(977)
(1,503)
Other administrative expenses
(500)
-
(500)
Finance costs of borrowing
(26)
(47)
(73)
______
_______
______
Profit before taxation
7,896
13,074
20,970
Taxation
3
(149)
-
(149)
______
_______
______
Profit for the period
7,747
13,074
20,821
______
_______
______
Earnings per Ordinary share (pence)
5
2.70
4.56
7.26
______
_______
______
STATEMENT OF FINANCIAL POSITION
As at
31 March
2020
(unaudited)
£'000
As at
31 March
2019
(unaudited)
£'000
As at
30 September
2019
(audited)
£'000
Notes
Non-current assets
Ordinary shares
220,971
216,596
241,001
______
______
______
Investments held at fair value through profit or loss
220,971
216,596
241,001
______
______
______
Current assets
Accrued income and prepayments
753
778
810
Trade receivables
2,305
-
-
Cash and cash equivalents
9,115
8,570
4,184
______
______
______
Total current assets
12,173
9,348
4,994
______
______
______
Total assets
233,144
225,944
245,995
Current liabilities
Trade and other payables
(4,036)
(2,213)
(534)
______
______
______
Total current liabilities
(4,036)
(2,213)
(534)
______
______
______
Net assets
229,108
223,731
245,461
______
______
______
Issued capital and reserves attributable to
equity holders
Called-up share capital
7
83,471
72,699
73,495
Share premium account
47,727
23,112
25,166
Special reserves
63,397
58,949
63,397
Capital reserve
8
29,668
63,812
77,575
Revenue reserve
4,845
5,159
5,828
______
______
______
Equity shareholders' funds
229,108
223,731
245,461
______
______
______
Net asset value per Ordinary share (pence)
5
68.62
78.51
83.50
______
______
______
STATEMENT OF CHANGES IN EQUITY
Six months ended 31 March 2020 (unaudited)
Share
Share
premium
Special
Capital
Revenue
capital
account
reserves
reserve
reserve
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 October 2019
73,495
25,166
63,397
77,575
5,828
245,461
(Loss)/profit and total comprehensive income for the period
-
-
-
(47,907)
3,323
(44,584)
Equity dividends
-
-
-
-
(4,306)
(4,306)
New shares issued
9,976
22,643
32,619
Discount control costs
-
(82)
-
-
-
(82)
______
_______
______
______
_______
______
Balance at 31 March 2020
83,471
47,727
63,397
29,668
4,845
229,108
______
_______
______
______
_______
______
Six months ended 31 March 2019 (unaudited)
Share
Share
premium
Special
Capital
Revenue
capital
account
reserves
reserve
reserve
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 October 2018
72,699
23,124
57,831
64,501
5,903
224,058
(Loss)/profit and total comprehensive income for the period
-
-
-
(689)
3,136
2,447
Equity dividends
-
-
-
-
(3,880)
(3,880)
Shares bought back into treasury
-
-
(781)
-
-
(781)
Shares issued from treasury
-
5
1,899
-
-
1,904
Discount control costs
-
(17)
-
-
-
(17)
______
_______
______
______
_______
______
Balance at 31 March 2019
72,699
23,112
58,949
63,812
5,159
223,731
______
_______
______
______
_______
______
Year ended 30 September 2019 (audited)
Share
Share
premium
Special
Capital
Revenue
capital
account
reserves
reserve
reserve
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 October 2018
72,699
23,124
57,831
64,501
5,903
224,058
Profit and total comprehensive income for the year
-
-
-
13,074
7,747
20,821
Equity dividends
-
-
-
-
(7,822)
(7,822)
Shares bought back into treasury
-
-
(893)
-
-
(893)
Shares issued from treasury
-
240
6,459
-
-
6,699
New shares issued
796
1,835
-
-
-
2,631
Discount control costs
-
(33)
-
-
-
(33)
______
______
______
______
______
______
Balance at 30 September 2019
73,495
25,166
63,397
77,575
5,828
245,461
______
_______
______
______
_______
______
CASH FLOW STATEMENT
Six months
ended
31 March
2020
(unaudited)
£'000
Six months
ended
31 March
2019
(unaudited)
£'000
Year
ended
30 September
2019
(audited)
£'000
Cash flows from operating activities
Investment income received
3,975
3,552
8,764
Administrative expenses paid
(1,116)
(1,060)
(1,989)
______
______
______
Cash generated from operations
2,859
2,492
6,775
Finance costs paid
(25)
(25)
(73)
Taxation
(1)
(41)
(149)
______
______
______
Net cash inflows from operating activities
2,833
2,426
6,553
______
______
______
Cash flows from investing activities
Purchases of investments
(41,821)
(11,106)
(37,439)
Sales of investments
26,843
9,815
24,281
______
______
______
Net cash outflow from investing activities
(14,978)
(1,291)
(13,158)
______
______
______
Net cash (outflow)/inflow before financing
(12,145)
1,135
(6,605)
______
______
______
Financing activities
Proceeds of issue of shares
21,469
1,904
9,331
Cost of share buybacks
-
(915)
(1,028)
Dividends paid
(4,306)
(3,880)
(7,822)
Costs incurred on issue of new shares
(82)
(17)
(33)
______
______
______
Net cash inflow/(outflow) from financing activities
17,081
(2,908)
448
______
______
______
Net increase/(decrease) in cash and short term deposits
4,936
(1,773)
(6,157)
Cash and short term deposits at the start of the period
4,184
10,343
10,343
Effect of foreign exchange rate changes
(5)
-
(2)
______
______
______
Cash and short term deposits at the end of the period
9,115
8,570
4,184
______
______
______
Reconciliation of operating profit to operating cash flows
(Loss)/profit before taxation
(44,535)
2,488
20,970
Add interest payable
25
25
73
Adjustments for:
Loss/(gains) on investments
47,352
194
(14,100)
Currency losses
5
-
2
Decrease/(increase) in accrued income and prepayments
11
(135)
(168)
Increase/(decrease) in trade and other payables
1
(80)
(2)
______
______
______
Cash generated from operations
2,859
2,492
6,775
______
______
______
Distribution of Assets and Liabilities
Valuation at
30 September
2019
Valuation at
31 March
2020
Purchases
Sales
Appreciation/
(depreciation)
£'000
%
£'000
£'000
£'000
£'000
%
Listed investments
Ordinary shares
241,001
98.2
59,123
(31,800)
(47,353)
220,971
96.4
Current assets
4,994
2.0
12,173
5.3
Current liabilities
(534)
(0.2)
(4,036)
(1.7)
______
_____
______
_____
Net assets
245,461
100.0
229,108
100.0
______
_____
______
_____
Net asset value per share
83.50p
68.62p
______
______
NOTES TO THE ACCOUNTS
1.
Accounting policies
(a)
Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 - 'Interim Financial Reporting', as adopted by the International Accounting Standards Board (IASB), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (IFRIC). They have also been prepared using the same accounting policies applied for the year ended 30 September 2019 financial statements.
(b)
Dividends payable
Dividends are recognised on the ex-dividend date.
2.
Income
Six months ended
31 March
2020
£'000
Six months ended
31 March
2019
£'000
Year
ended
30 September
2019
£'000
Income from listed investments
UK dividend income
3,615
3,422
8,189
Overseas dividend income
327
270
755
______
______
______
3,942
3,692
8,944
______
______
______
Other income from investment activity
Deposit interest
2
2
4
______
______
______
Total income
3,944
3,694
8,948
______
______
______
3.
Taxation
The taxation charge for the period represents withholding tax suffered on overseas dividend income.
4.
The following table shows the revenue for each period less the dividends declared in respect of the financial period to which they relate.
Six months ended
31 March
2020*
£'000
Six months ended
31 March
2019+
£'000
Year
ended
30 September
2019++
£'000
Revenue
3,323
3,136
7,747
Dividends declared
(4,562)
(3,892)
(7,947)
______
______
______
(1,239)
(756)
(200)
______
______
______
* Dividends declared relate to the first two interim dividends (both 0.695p) declared in respect of the financial year 2019/2020.
+ Dividends declared relate to the first two interim dividends (both 0.685p) declared in respect of the financial year 2018/2019.
++ Dividends declared relate to the four interim dividends declared in respect of the financial year 2018/2019 totalling 2.75p.
Six months ended
31 March 2020
Six months ended
31 March 2019
Year
ended
30 September
2019
5.
Return and net asset value per share
p
p
p
Revenue return
1.04
1.11
2.70
Capital return
(15.02)
(0.24)
4.56
______
______
______
Total return
(13.98)
0.87
7.26
______
______
______
The figures above are based on the following:
£'000
£'000
£'000
Revenue return
3,323
3,136
7,747
Capital return
(47,907)
(689)
13,074
______
______
______
Total return
(44,584)
2,447
20,821
______
______
______
Weighted average number of Ordinary shares in issue
318,942,183
283,525,721
286,744,223
__________
__________
__________
The net asset value per share is based on net assets attributable to shareholders of £229,108,000 (31 March 2019 - £223,731,000; 30 September 2019 - £245,461,000) and on 333,881,987 (31 March 2019 - 284,989,045; 30 September 2019 - 293,979,045) Ordinary shares in issue at the period end.
6.
Financial instruments
Level 1
£'000
Level 2
£'000
Level 3
£'000
2020
Total
£'000
Financial assets at fair value through profit or
loss as at 31 March 2020
Investments
220,971
-
-
220,971
______
______
______
______
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments the fair value of which is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables include only data from observable markets.
Level 3 reflects financial instruments the fair value of which is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the same instrument and not based on available observable market data.
There were no transfers of investments between levels during the six months ended 31 March 2020.
The fair value of the Company's financial assets and liabilities as at 31 March 2020 was not materially different from the carrying value.
As at
31 March 2020
(unaudited)
As at
31 March 2019
(unaudited)
As at
30 September 2019
(audited)
7.
Ordinary share capital
Ordinary shares of 25p each
No. of shares
No. of shares
No. of shares
Allotted, called-up and fully paid
333,881,987
284,989,045
293,979,045
Held in treasury
-
5,805,000
-
____________
____________
___________
333,881,987
290,794,045
293,979,045
____________
____________
____________
During the six months to 31 March 2020 the Company issued 39,902,942 new Ordinary shares for proceeds of £32,619,000. Included in this is 13,647,942 new Ordinary shares issued in respect of the merger with Cameron Investors Trust plc ('CIT'). On 18 November 2019, the effective date of the merger, the Company received assets of £13,956,000 from CIT and, following the cancellation of the Company's own investment in CIT, this resulted in an increase to the Company's net assets of £11,304,000. In the six months to 31 March 2019 no new Ordinary shares were issued and in the year ended 30 September 2019 the Company issued 3,185,000 new Ordinary shares for proceeds of £2,631,000.
During the six months ended 31 March 2020 no Ordinary shares were repurchased by the Company. During the six months ended 31 March 2019 there were 1,050,000 Ordinary shares repurchased by the Company at a total cost of £781,000 and placed in treasury. During the year ended 30 September 2019 there were 1,190,000 Ordinary shares repurchased by the Company at a total cost of £893,000 and placed in treasury.
During the six months ended 31 March 2020 no Ordinary shares were re-issued from treasury. During the six months ended 31 March 2019 there were 2,250,000 Ordinary shares re-issued from treasury for total proceeds of £1,904,000. During the year ended 30 September 2019 there were 8,495,000 Ordinary shares re-issued from treasury for total proceeds of £6,699,000.
During the six months to 31 March 2020, the six months to 31 March 2019 and the year to 30 September 2019, no Ordinary shares were purchased for cancellation.
8.
Capital reserve
The capital reserve shown in the Statement of Financial Position at 31 March 2020 includes gains of £18,059,000 (31 March 2019 - gains of £47,628,000; 30 September 2019 - gains of £60,217,000) which relate to the revaluation of investments held at the reporting date.
9.
Transaction costs
During the period expenses were incurred in acquiring or disposing of investments classified as held at fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Statement of Comprehensive Income. The total costs were as follows:
Six months ended
31 March 2020
£'000
Six months ended
31 March 2019
£'000
Year
ended
30 September 2019
£'000
Purchases
176
63
169
Sales
10
5
8
______
______
______
186
68
177
______
______
______
10.
Publication of non-statutory accounts
The financial information contained in this Half Yearly Financial Report does not constitute statutory accounts as defined in Sections 434-436 of the Companies Act 2006. The financial information for the six months ended 31 March 2020 and 31 March 2019 has not been audited.
The information for the year ended 30 September 2019 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006.
11.
Approval
This Half Yearly Financial Report was approved by the Board on 7 May 2020.
12.
This Half Yearly Financial Report will shortly be available for viewing on the Company's website (www.tigt.co.uk) and will be posted to shareholders in May 2020.
For Troy Income & Growth Trust plc
PATAC Limited, Company Secretary
7 May 2020
Enquiries: 0131 538 1400
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDIR QDLFBBELFBBD
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