For immediate release

29 May 2025

 

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

The Company announces that it has today purchased 47,500 of its own shares ("Ordinary Shares") at a price of 906.37 pence per Ordinary Share. Such shares will be held in treasury by the Company.

 

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 80,780,471; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 144,210,832.

 

The figure of 144,210,832 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

 

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

 

FINSBURY GROWTH & INCOME TRUST PLC

LEI: 213800NN4ZKX2LGIGQ40

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 28 May 2025 was 983.59p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

29 May 2025

Legal Entity Identifier:  213800NN42KX2LG1GQ40

29 May 2025

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

Finsbury Growth & Income Trust PLC

Unaudited Half Year Results For The Six Months Ended

31 March 2025

 

This Announcement is not the Company’s Half Year Report & Accounts. It is an abridged version of the Company’s full Half Year Report & Accounts for the six months ended 31 March 2025. The full Half Year Report & Accounts, together with a copy of this announcement, will shortly be available on the Company’s website at www.finsburygt.com where up to date information on the Company, including daily NAV, share prices and fact sheets, can also be found.

 

The Company's Half Year Report & Accounts for the six months ended 31 March 2025 has been submitted to the UK Listing Authority, and will shortly be available for inspection on the National Storage Mechanism (NSM): https://data.fca.org.uk/#/nsm/nationalstoragemechanism

COMPANY PERFORMANCE

AS AT 31 MARCH 2025

KEY FACTS

 

 

952.4p

2.1%

4.2%

Net Asset Value Per Share† 30 September 2024: 943.4p

(change 1.0%)

Net Asset value per share total

return*^

30 September 2024: 8.2%

Share price total return*^

30 September 2024: 3.4%

886.0p

£1.383bn

8.8p

Share price

30 September 2024: 861.0p

(change 2.9%)

Shareholders’ funds†

30 September 2024: £1.582 bn

(change (12.6%))

First interim dividend per share 2024: 8.8p

(change 0%)

7.0%

0.6%

3.2%

Discount of share price to net

asset value per share^ 30 September 2024: 8.7%

Ongoing charges p.a.^

30 September 2024: 0.6%

Net cash^

30 September 2024: (0.7% geared)

12.7p

84.4%

145,224,192

Return per share†

31 March 2024: 45.6p

Active Share^*

30 September 2024: 84.1%

Number of shares in issue

(excluding 79,767,111 shares held in Treasury) 30 September 2024: 167,717,668 (excluding 57,273,635 shares held in Treasury)

(change (13.4%))

^ Alternative Performance Measure (see glossary)

† UK GAAP Measure

* Source – Morningstar

** Source – FTSE International Limited (“FTSE”) © FTSE 2025* (See glossary)

COMPANY SUMMARY

Finsbury Growth & Income Trust PLC is a listed investment company; its shares traded on the main market of the London Stock Exchange. The Company is a member of the Association of Investment Companies (“AIC”).

INVESTMENT OBJECTIVE AND PERFORMANCE MEASUREMENT

The Company aims to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index (the Company’s benchmark).

INVESTMENT POLICY

The Company’s investment policy is to invest principally in the securities of companies either listed in the UK or otherwise incorporated, domiciled or having significant business operations within the UK. Up to a maximum of 20% of the Company’s portfolio, at the time of acquisition, can be invested in companies not meeting these criteria.

The portfolio will normally comprise up to 30 investments. This level of concentration is likely to lead to an investment return which is materially different from the Company’s benchmark index and is likely to be more volatile and carry more risk*

Unless driven by market movements, securities in FTSE 100 companies and comparable companies listed on an overseas stock exchange will normally represent between 50% and 100% of the portfolio; securities in FTSE 350 companies and comparable companies listed on overseas stock exchanges will normally represent at least 70% of the portfolio.

The Company will not invest more than 15% of the Company’s net assets, at the time of acquisition, in the securities of any single issuer. For the purposes of this limit only, net assets shall exclude the value of the Company’s investment in Frostrow Capital LLP.

The Company does not and will not invest more than 15%, in aggregate, of the value of the gross assets of the Company in other listed closed ended investment companies. Further, the Company does not and will not invest more than 10%, in aggregate, of the value of its gross assets in other listed closed ended investment companies except where the investment companies themselves have stated investment policies to invest no more than 15% of their gross assets in other listed closed ended investment companies.

The Company has the ability to invest up to 25% of its gross assets in preference shares, bonds and other debt instruments, although no more than 10% of any one issue may be held.

In addition, a maximum of 10% of the Company’s gross assets can be held in cash, where the Portfolio Manager believes market or economic conditions make equity investment unattractive or while seeking appropriate investment opportunities or to maintain liquidity.

The Company’s gearing policy is that gearing will not exceed 25% of the Company’s net assets.

No investment will be made in any fund or investment company managed by Lindsell Train Limited without the prior approval of the Board.

In accordance with the UK Listing Rules of the Financial Conduct Authority (“FCA”), the Company can only make a material change to its investment policy with the approval of its Shareholders and HMRC.

* The Company publishes its Active Share scores in its monthly fact sheet for investors and in both the annual and half-yearly reports to highlight how different the portfolio is from the Company’s benchmark index.

PERFORMANCE

Whilst performance is measured against the FTSE All-Share Index, the Company’s portfolio is constructed and managed without reference to a stock market index with the Portfolio Manager selecting investments based on their assessment of their long-term value.

The Company’s net assets as at 31 March 2025 were £1,383 million (30 September 2024: £1,582 million) and the market capitalisation was £1,286.7 million (30 September 2024: £1,444.0 million).

MANAGEMENT

Frostrow Capital LLP (“Frostrow”) is the appointed Alternative Investment Fund Manager (“AIFM”) and provides company management, company secretarial, administrative and marketing services. Lindsell Train Limited (“Lindsell Train”) is the appointed Portfolio Manager.

DIVIDENDS

An interim dividend of 8.8p per share (2024: 8.8p) was paid on 16 May 2025 to Shareholders who were registered at the close of business on 4 April 2025. The associated ex-dividend date was 3 April 2025.

It is expected that a second interim dividend will be declared and paid in the Autumn.

DIVIDEND POLICY

The Company’s aim is to increase or at least maintain the total dividend each year. A first interim dividend is typically paid in May and a second interim in November in lieu of a final dividend.

The level of dividend growth is dependent upon the growth and performance of the companies within the investment portfolio. The decision as to the level of dividend paid takes into account the income forecasts maintained by the Company’s AIFM and Portfolio Manager as well as the level of revenue reserves. These forecasts consider dividends earned from the portfolio together with predicted future earnings and are regularly reviewed by the Board.

All dividends have been distributed from current year income and revenue reserves.

CAPITAL STRUCTURE

At 31 March 2025 the Company had 145,224,192 shares of 25p each in issue (excluding 79,767,111 shares held in Treasury) (30 September 2024: 167,717,668; excluding 57,273,635 shares held in Treasury). During the six months under review 22,493,476 shares were bought back to be held in Treasury. Since the end of the half year to 27 May 2025, being the latest practicable date, a further 965,860 shares were bought back to be held in Treasury.

GEARING

As at the half year end the Company was in the third year of its three-year secured fixed term revolving credit facility (the “facility”) of £60 million with Scotiabank Europe PLC (“Scotiabank”) and there is an additional £40 million facility available if required. As at 31 March 2025 £29.2 million has been drawn down from this facility.

REVIEWS

Chairman’s Statement

I am delighted to have been appointed as Chairman of Finsbury Growth & Income Trust PLC. It is a privilege to lead a company with such a strong heritage in its centenary year.

During the period, Simon Hayes retired from the Board, having joined the Board in June 2015 and served as Chairman since February 2021. We extend our heartfelt gratitude to Simon for his exceptional stewardship and significant contributions to the Company during his tenure as Chairman and we wish him the very best for the future.

PERFORMANCE

In the six months to 31 March 2025 the Company delivered a net asset value per share total return^ of 2.1% and a share price total return^ of 4.2%. The Company’s benchmark, the FTSE All-Share Index, which, measured on a total return basis, rose by 4.1% over the same period.

Although the Company’s portfolio has slightly underperformed its benchmark in the period, discount shrinkage, which saw the discount tighten from 8.7% to 7.0%, supported by the Company’s continued share buy-back activity, means the share price return was marginally ahead of benchmark.

The performance of the portfolio remains the paramount concern of your Board. For much of the period under review, the portfolio delivered strong relative and absolute returns only to give up ground as the period end approached, in response to rising concerns over the impact of US tariff reforms which were announced in early April.

Whilst the Board acknowledges that the performance of the Company in recent years has been disappointing there are encouraging signs of recovery in a number of companies within the portfolio and in prospects for the UK market as a whole. The high quality companies and appealing valuations available in the UK market are reflected in the portfolio, which ended the period 100% invested in UK listed or UK focused companies.

During these periods of heightened volatility, the Board has been supportive of the Portfolio Manager’s approach, which has been to stick to its approach of buying attractively priced, high quality businesses with hard-to-replicate data assets or brands, rather than attempting to create value by timing the purchase or sale of holdings in fast moving markets.

The Board notes the increasing risk faced by some companies within the portfolio as a result of the threat of global tariffs and evermore economic uncertainty and will continue to monitor these closely.

Further information on the Company’s portfolio can be found in our Portfolio Manager’s Review.

CONTINUATION OF THE COMPANY

We are grateful for Shareholders continued support but do not take it for granted. As stated in the Annual Report, and as part of broader shareholder engagement, your Board will hold a continuation vote at the Company’s Annual General Meeting in January 2026. This will offer all Shareholders, in particular our retail shareholders who represent a significant proportion of our register, an opportunity to express their support, or otherwise, for the continuation of the Company with its current investment strategy. The Board looks forward to engaging with major shareholders in the months ahead.

SHARE CAPITAL

The Board continues to keep the Company’s discount under close review and is committed to buying back its own shares when the discount approaches or exceeds the 5% level. While share buy-backs will not necessarily prevent the discount from widening beyond this level, the Board believes that buybacks enhance the net asset value per share for remaining shareholders, provide some additional liquidity and help to mitigate discount volatility which can damage the return earned by shareholders when compared with the Company’s NAV return.

During the six months under review the Company has bought back a total of 22,493,476 shares into Treasury at a cost of approximately £200 million. As at 31 March 2025 the discount was 7.0% and at the time of writing (at the close of the UK market on 27 May 2025), the discount was 7.6%. Over the six months the discount averaged 7.5%, compared with 7.4% over the course of the previous financial year.

Since 1 April 2025 to the date of this report, a further 965,860 shares were bought back into Treasury at a cost of £8.5 million. As at 27 May 2024, the Company had 144,258,332 shares in issue (excluding 80,732,971 shares held in Treasury).

DIVIDEND

The Board declared a first interim dividend of 8.8p per share (2024: 8.8p) with respect to the year ending 30 September 2025. The dividend was paid on Friday, 16 May 2025 to shareholders who were on the register on Friday, 4 April 2025. The associated ex-dividend date was Thursday, 3 April 2025.

The Board expects to declare the second interim dividend for the year ending 30 September 2025 in the Autumn.

 

OUTLOOK

Your Company continues to own what we and the Portfolio Manager believe to be a portfolio of high-quality companies, with durable and market-leading franchises or data assets which offer the potential for significant long-term returns.

The Board believes this combination of a portfolio of world-class companies held for the long term and attractively priced offers real grounds for optimism and the capacity to generate significant returns for shareholders.

Pars Purewal

Chairman

28 May 2025

^ Alternative Performance Measure (see glossary).

 

PORTFOLIO MANAGER’S REVIEW

In recent reports I have emphasised the material shift in the composition of your portfolio since 2020. One way of conveying the implications of that shift is to note the marked increase in exposure to UK companies that sell software services or data-analytics tools to professionals and businesses around the world.

That shift has not yet produced the sustained improvement in investment performance that all FGT Shareholders want to see. However, I am sure that relatively speaking it has meant your portfolio is better prepared to withstand the effects of tariffs and possible trade wars than it otherwise would have been. It is not clear that tariffs matter at all for major portfolio holdings, such as RELX, London Stock Exchange Group or Experian, because their products are digital, not physical. Moreover, the subscription-type revenues earned by that trio and other important holdings, such as Rightmove and Sage, are reassuringly predictable. The portfolio exposure to such businesses, and I include here the holdings in the two asset management companies, that also charge recurring fees for the provision of services and advice, is getting on for 70%.

Of the remainder of the portfolio there are two big investments in companies that do make products sold globally. These are by position size, Unilever and Diageo; combined over 20% of the whole. In fact, Unilever has recently been able to reassure investors that its exposure to any permanent US-imposed tariffs is relatively modest. Only 20% of Unilever’s revenues are derived from the US and a proportion of those are manufactured there and therefore not subject to tariffs. Moreover, Unilever’s brand portfolio, of staple products regularly replenished by consumers all around the world, is likely to prove resilient if times do indeed get tougher. For Diageo, the situation is, ostensibly, less reassuring. At the heart of the investment debate about Diageo is the fact the company derives half of its profits from the US and it has the misfortune that two of its most important and popular products there are Mexican tequila and Canadian whiskey, both now at risk of tariff imposition. Nonetheless, we have maintained the weighting to Diageo shares and continue to look for opportunities to add to them. There are two reasons for this. First, the company has global scale and unarguably world-class brands.

Tariffs will eventually be repealed or their effects weaken and throughout we expect Diageo to gain share and get stronger, while weaker competitors struggle. Second, tariffs are only one part of President Trump’s economic policy. In addition, he has promised big tax cuts for US citizens and the prospect of a booming domestic economy. If such conditions eventuate, we’d hope Diageo’s exposure to US consumers would be seen as a strength, not, as currently, a weakness.

The recent market weakness in reaction to tariff concerns, coupled with the timely receipt of the proceeds of the Hargreaves Lansdown sale to private equity in April, has given us an opportunity to initiate and add to new holdings. Two of these, holdings, Clarkson and Intertek, share a number of features in common. They are both service, not manufacturing, companies – in ship-broking and testing and assurance. Both are the best or amongst the best at what they do in the world. In other words, they contradict the narrative that the London stock market lacks world-class companies. Both, too, have been very rewarding investments so far in the 21st century, as they have capitalized on their long-term growth opportunities. Nonetheless, the CEOs of both have recently told us they believe the relevance of their services is becoming ever more vital to their customers as we get deeper into the third decade of the century and therefore the opportunities for business and share price gains are better than ever. Finally, a variety of factors has depressed the shares of both over the last 12 months, not least the threat of a trade war, and this has enabled us to build the holdings at attractive prices, we believe.

I look at FGT’s portfolio and I think – here is a collection of outstanding, predominantly global, companies, with obvious growth opportunities. Then I look at our NAV performance and wonder why it isn’t better. Then I think to myself I should probably buy some more FGT shares for myself. I do hope all Shareholders will be rewarded for their patience, including me.

Nick Train

Lindsell Train Limited

Portfolio Manager

28 May 2025

INVESTMENTS AS AT 31 MARCH 2025

SECTOR

INVESTMENTS

FAIR VALUE

1 OCTOBER

2024

£’000

NET

INVESTMENTS

£’000

CAPITAL

APPRECIATION/

(DEPRECIATION)

£’000

FAIR VALUE

31 MARCH

2025

£’000

% OF

INVESTMENTS

·

CD

RELX

195,714

(33,653)

19,389

181,450

13.6

·

F

London Stock Exchange

207,057

(52,644)

23,598

178,011

13.3

·

I

Experian Group

215,320

(25,247)

(18,042)

172,031

12.8

·

T

Sage Group

161,981

(23,938)

30,378

168,421

12.6

·

CS

Unilever

185,755

(15,175)

(8,954)

161,626

12.1

·

CS

Diageo

174,284

1,831

(39,566)

FINSBURY GROWTH & INCOME TRUST PLC

LEI: 213800NN4ZKX2LGIGQ40

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 27 May 2025 was 993.84p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

28 May 2025

FINSBURY GROWTH & INCOME TRUST PLC

LEI: 213800NN4ZKX2LGIGQ40

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 23 May 2025 was 988.09p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

27 May 2025

FINSBURY GROWTH & INCOME TRUST PLC

LEI: 213800NN4ZKX2LGIGQ40

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 22 May 2025 was 992.49p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

23 May 2025

FINSBURY GROWTH & INCOME TRUST PLC

LEI: 213800NN4ZKX2LGIGQ40

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 21 May 2025 was 1003.46p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

22 May 2025

For immediate release

21 May 2025

 

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

The Company announces that it has today purchased 50,000 of its own shares ("Ordinary Shares") at a price of 931.91 pence per Ordinary Share. Such shares will be held in treasury by the Company.

 

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 80,732,971; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 144,258,332.

 

The figure of 144,258,332 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

 

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

 

FINSBURY GROWTH & INCOME TRUST PLC

LEI: 213800NN4ZKX2LGIGQ40

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 20 May 2025 was 1005.21p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

21 May 2025

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Pars Purewal

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Non-executive Director

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Finsbury Growth & Income Trust PLC

b)

 

LEI

 

 

213800NN4ZKX2LG1GQ40

 

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

 

Identification code

 

 

Ordinary 25p shares

 

 

GB0007816068

 

b)

 

Nature of the transaction

 

 

Acquisition of shares (dividend reinvestment) by Non-executive Director and spouse Sally Cosgrove

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

930.80 pence per share

 

169

 

 

d)

 

Aggregated information

 

- Aggregated volume

- Price

 

 

169 ordinary 25p shares

930.80 pence per share

e)

 

Date of the transaction

 

 

20 May 2025

f)

 

Place of the transaction

 

 

London Stock Exchange (XLON)

 

Name of authorised official of issuer responsible for making notification:

 

Victoria Hale, for and on behalf of Frostrow Capital LLP

Company Secretary to FINSBURY GROWTH & INCOME TRUST PLC