TIDMBNKR
RNS Number : 0709A
Bankers Investment Trust PLC
18 January 2024
LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST PLC
Financial results for the year ended 31 October 2023
This announcement contains regulated information
PERFORMANCE HIGHLIGHTS (1, 2)
31 October 2023 31 October 2022
--------------------------------- ---------------- ----------------
Net Asset Value per ordinary
share
- With debt at par 108.0p 105.1p
- With debt at fair value 111.0p 105.0p
Share price at year end (3) 93.5p 96.6p
Dividend per share for year (4) 2.56p 2.328p
Dividend growth 10.0% 7.0%
(Discount)/premium at year end
(5) (13.4%) (8.1%)
Net (gearing)/cash at year end
(6) (7.1%) (5.4%)
Ongoing Charge for year 0.50% 0.50%
LONG TERM TRACK RECORD TO 31 OCTOBER 2023
1 year 3 years 5 years 10 years 15 years
% % % % %
------------------- ------- -------- -------- --------- ---------
Capital return
(7)
Net asset value
(8) 2.8 10.9 25.2 85.6 215.2
Share price -3.2 -4.6 12.0 61.2 206.6
FTSE World Index
(9) 3.3 27.5 41.7 66.3 173.1
------------------- ------- -------- -------- --------- ---------
Total Return
(10)
Net Asset Value
(8) 5.2 17.9 39.2 132.7 354.9
Share price -0.7 1.9 25.1 103.7 352.5
FTSE World Index
(9) 5.7 35.8 58.4 119.5 331.9
------------------- ------- -------- -------- --------- ---------
Dividend increase 10.0 18.8 29.8 81.2 131.5
Consumer Price
Index 4.6 21.1 23.7 33.2 53.6
------------------- ------- -------- -------- --------- ---------
(1) A glossary of terms can be found in the Annual Report
(2) The alternative performance measures can be found in the Annual Report
(3) Share price is the mid-market closing price
(4) This represents the four ordinary dividends recommended or paid for the year (see the Annual
Report for more details)
(5) Based on the mid-market closing price with debt at par
(6) Net (gearing)/cash calculated in accordance with the gearing definition in the alternative
performance measures in the Annual
Report
(7) Capital return excludes all dividends
(8) The net asset values shown for the periods up to 15 years include debt at fair value, whereas
for 15 years it is shown with debt
at par value
(9) For the 5, 10 and 15 years, this is a composite of the FTSE World Index and the FTSE All-Share
Index
(10) Total return assumes dividends reinvested
Sources: Morningstar Direct, Janus Henderson, LSEG Datastream
CHAIR'S STATEMENT
Dear shareholder
Performance
Throughout the year economists worldwide have predicted a recession in
the western world caused principally by sharply rising interest rates.
The real data have shown a more robust picture with employment remaining
near historic highs, inflation falling and, particularly in the US, healthy
economic activity. The arrival this year of ChatGPT bringing to the fore
generative Artificial Intelligence ('AI') was a seminal moment in the
free usage of AI.
Your Company has delivered a net asset value total return over the year
ended 31 October 2023 of 5.2% (2022: -11.3%) just narrowly underperforming
the FTSE World Index total return of 5.7% (2022: -2.8%) and a share price
total return of -0.7% (2022: -13.4%). Over the year, performance relative
to the AIC Global peer group placed Bankers at eight position on share
price total return performance out of 13 comparable trusts and similarly
sixth position out of 13 on net asset value total return.
The principal reason for poor performance against the benchmark over three
years was on account of our comparatively low exposure (40% vs 68% in
the benchmark) to the US market and in particular the largest technology
companies which now dominate the US market. Often called the 'Magnificent
Seven' (Microsoft, Apple, Amazon, Alphabet, Meta, Nvidia and Tesla), these
stocks collectively increased in value by 64% during the twelve months
to the end of October 2023. This was in stark comparison to the performance
of the remaining 493 stocks in the US S&P 500 index, which barely moved,
combined only increasing in value by +0.5% in the year.
The Asian and Chinese portfolios underperformed partially due to the late
lifting of Covid restrictions and in China in particular due to the continued
weakness in the property market impacting consumer sentiment. European
and Japanese portfolios performed well and the UK portfolio made a modest
contribution.
The Board has long set a twin objective to grow capital and dividends.
The US market is increasingly dominated by zero yielding stocks, which
is causing problems for income investors, with five of the Magnificent
Seven not paying a dividend. We therefore only own two of these seven
companies. Other funds and in particular some in our peer group hold all
seven and this is reflected in their performance this year. Our investment
style has long focussed on those growth stocks that pay dividends. The
size and scale of these companies that probably have little prospect of
paying a dividend now means we need to be more flexible with revenue reserves
to enable a broader investment pool. However, history has taught us we
must be careful of not being blind to valuation, that the technology space
is disruptive and has previously been vulnerable to over-exuberance.
The Fund Managers' report contains more detailed information regarding
performance, together with market commentary.
Borrowings
The GBP15 million 8% Debenture Stock matured on 31 October 2023 and was
repaid in full. The Company continues to have longer term debt in the
form of the loan notes which were issued in 2015 and 2021 at lower interest
rates than the debenture stock. Following repayment of the debenture,
the Company's overall cost of borrowing has fallen to 2.7%, in line with
the dividend yield on the portfolio. The Company has historically only
fair valued the debenture in the published daily net asset value but having
reviewed best practice and that of our peer group, daily fair value net
asset values will be published incorporating a revaluation of the loan
notes based on equivalent dated government bond yields plus a margin.
Revenue, dividends and share buybacks
Revenue earnings per share of 2.72p (2022: 2.34p) exceeded expectations
for the year and has enabled a greater increase in the dividend than the
Board had forecast this time last year. One of the Company's key objectives
is to achieve long-term dividend growth in excess of inflation, measured
by the UK Consumer Price Index ('CPI'). This objective has been challenging
in recent years but inflation has now started to moderate and CPI rose
by 4.6% for the year to 31 October 2023 (2022: 11.1%).
The Board is therefore recommending a final quarterly dividend of 0.66p
per share, resulting in total dividends per share for the year of 2.56p
(2022: 2.328p), an increase over last year of 10%. The final dividend
will be paid on 29 February 2024 to shareholders on the register of members
at the close of business on 26 January 2024. This will be the Company's
57th successive year of annual dividend growth.
For the current financial year, the Board expects to recommend dividend
growth of at least 5%, which would equate to a full year dividend of 2.69p
per share.
In common with the investment trust sector, the Company's shares have
traded at a wide discount to net asset value but we have taken advantage
of this opportunity to buyback shares from the market. This activity is
beneficial to ongoing shareholders, as shares are only purchased when
the Company's shares are trading at a discount thereby enhancing shareholder
value; in this last year increasing the net asset value by 0.5%. A total
of 60,618,929 shares were bought back in the year ended 31 October 2023
(2022: 18,219,870 shares were repurchased). The Company will continue
to buyback shares to be held in treasury as appropriate.
The Board and Manager
Ankush Nandra, joined the Board on 1 September 2023 and is Chair of the
renamed Audit and Risk Assurance Committee. His appointment increases
the diversity and skill set of the Board. Ankush is a qualified accountant
with extensive financial management and accounting experience gained through
several roles in industry. He has over 20 years' experience mainly in
the pharmaceutical industry. He is currently Vice President Finance and
Chief Financial Officer (CFO) International Region and Enabling Units
at AstraZeneca.
Julian Chillingworth, our Senior Independent Director, who joined the
Board in 2015 is to retire at the conclusion of the 2024 Annual General
Meeting when he will have served for nine years. I would like to take
this opportunity to thank Julian for his outstanding contribution and
commitment to Bankers and his wise counsel during his long association
with the Company.
To ensure a greater focus on marketing the Company, the Board has established
a Marketing Committee, which is chaired by Hannah Philp. The role of the
Committee will be to support and scrutinise the increased marketing efforts
of the Manager.
Recently our Deputy Fund Manager, Mike Kerley, has indicated he will be
retiring in 2024 and in due course a replacement will be announced. The
Board would like to thank Mike for his contribution to the Company since
taking on the Asian Pacific portfolio in 2006. Sat Duhra, who has worked
alongside Mike for the past eleven years, will be taking over the portfolio
management of the Asian Pacific portfolio.
Annual General Meeting ('AGM')
The Company's AGM is scheduled to take place at 12 noon on Thursday, 22
February 2024 at the offices of Janus Henderson Investors at 201 Bishopsgate,
London EC2M 3AE and I very much look forward to welcoming you. Light refreshments
will be served. All voting will be on a poll and therefore we would ask
that you submit your proxy votes in advance of the meeting.
If you are unable to attend in person, you can watch the meeting live
on the internet by visiting www.janushenderson.com/trustslive . If you
have any questions about the Annual Report, the Company's performance
over the year, the investment portfolio or any other matter relevant to
the Company, please write to us via email at ITSecretariat@janushenderson.com
in advance of the AGM.
Outlook
A key element will be to attract new investors who have yet to learn the
benefits of long-term investing in a Company such as Bankers Investment
Trust, with an established record of dividend and capital growth over
generations of shareholders. This will be achieved by greater focus on
potential retail investors through a variety of channels including advertisements
in publications and an enhanced website.
The Fund Manager is currently reviewing portfolio construction in the
light of the low exposure in particular to US non-yielding stocks. This
includes assessing how the Company's revenue reserves and the investment
trust structure can better serve the ability to pay a progressive dividend
and yet invest in a wider range of stocks.
Now that inflation is moderating, there is an expectation that interest
rates in western markets will be cut in 2024. It remains to be seen whether
central banks can engineer a soft landing, not impacting growth while
reducing inflation.
Equity markets have been driven higher by a small set of companies supported
by investors' enthusiasm for the transformative power of generative AI.
In the rush to invest in the US and these few leaders, the vast bulk of
quoted companies are trading on undemanding valuations and look attractively
priced for patient investors, like ourselves.
Simon Miller
Chair
17 January 2024
Fund Manager's Report
This year has seen a titanic battle between rising interest rates and,
at least initially, stubbornly high inflation. Central banks have few
tools to reduce inflation other than by raising interest rates, which
drains cash from the economy through the higher cost of mortgages and
loans. A major challenge is that not all consumers or companies are affected
in the same way. Pensioners with cash deposits have benefitted from higher
rates, whilst younger mortgagees on variable rates faced a sharp rise
in payments. There is also a one to two-year lag as fixed term lending
gradually rolls over. It is difficult to tell whether the recent moderation
in inflation is simply down to supply bottlenecks easing rather than higher
rates reducing demand. For the past year G7 economies in general have
worn higher interest rates rather well since there has not been much economic
growth but neither has there been a recession nor a significant increase
in unemployment. The reasons behind this perfect slowdown are down to
increased government spending, propping up investment into reshoring supply
chains. In addition, consumers have benefitted from high demand for workers
driving wage growth while they also are dipping into their savings, which
were boosted by Covid payments, all helping to maintain their confidence
and ability to spend. The former can keep going as long as investors support
record government debt issuance but spending savings is finite.
The global bond markets have experienced a bear market as yields have
increased to reflect the increase in interest rates and their initially
modest impact on inflation. Meanwhile equity markets recovered from the
lows in 2022 when many investors worried about a recession which never
materialised. However, on more careful examination of the global indices,
it is clear that relatively few stocks are driving forward the level of
the indices. These key companies, now named the Magnificent Seven, rather
than FAANG, comprise the largest technology companies listed in the US
(Microsoft, Apple, Amazon, Meta, Nvidia, Alphabet and Tesla). Since the
launch of the launch of ChatGPT in November 2022, they have caught the
imagination of investors. The advent of computer systems so powerful that
they can replicate human thought through generative Artificial Intelligence
('AI') lit the touchpaper on the share price of any companies involved
in AI.
These seven companies now comprise over 30% of the US market valuation
and nearly 20% of our benchmark the FTSE World Index. Our belief in the
long-term attractiveness of companies that pay a dividend is being tested
by the continued performance of these seven companies, only two of which
pay shareholders a dividend. The valuation of the Magnificent Seven is
high, an average of 32x price to earnings ratio (P/E), compared to a P/E
of 19x for the rest of the US market. Cutting costs and raising margins
through charging higher prices supported the earnings this year for these
companies but their revenues will need to increase rapidly on the back
of selling AI. We are still at an early point in the adoption of AI and
there remains a large degree of uncertainty in terms of evaluating the
risks, opportunities and even potential regulation of the technology.
The contribution to performance from asset allocation was positive this
year despite having a lower percentage of assets in North America compared
to the index. Japan has been a standout performer with corporate profits
surprising positively and improving corporate governance leading to greater
returns for shareholders. Although the Japanese Yen weakened, this helped
many of the exporters and local returns more than offset the translation
reduction into sterling. The allocation to Europe also benefitted performance
as share prices bounced from an oversold position in 2022 and the anticipated
recession was narrowly avoided. Stock selection was more challenging in
the year, principally in North America where we only owned 2 of the Magnificent
Seven companies referenced above. The impact of not owning Nvidia has
alone reduced performance of the total portfolio by 1.50% relative to
the benchmark. Stock selection was positive in Europe, UK and Japan as
quality and defensively positioned businesses performed better than the
market. In the Pacific and China, consumer orientated companies, which
comprise the bulk of our investments in these regions, performed very
well at the start of the year as China reopened from Covid restrictions.
However, the positive effects of freedom to move around soon gave way
to fears of a property market crash which dampened consumer spending.
The Company's net asset value total return was 0.5% behind the benchmark
over the year, as the benefits of Japan, Europe and the UK just failed
to offset the disappointing Chinese equity market and limited exposure
to the highly valued US technology sector.
I have rarely seen markets so narrowly focussed on a few winners where
the decision to own one or two stocks has meant the difference in under
or outperforming the index. The last time this occurred was at the height
of the (technology-media-telecoms) bubble, led by Vodafone in the UK,
which did not end well for them and now they trade nearly 80% down from
their peak in 2000. In the last decade the proportion of our benchmark
represented by zero yielding stocks has risen from under 10% to 20%. This
year we have seen performance impacted by not owning zero dividend yielding
stocks and we are reviewing how to deliver progressive dividend growth
while allowing greater investment into zero yielding companies. Outside
the large technology stocks, it is apparent that investor demand for equities
is weak. Market flows have been impacted by the opportunity cost to investors
of owning cash, yielding a risk free 5%. This opportunity cost is impacting
demand for equities generally across the world and is likely to remain
a negative until interest rates are meaningfully cut from their current
levels.
Environmental, social and governance factors
As mentioned in previous reports, we do not exclude sectors or stocks
purely for environmental, social and governance ('ESG') reasons, as we
feel ultimately that excluding them will not lead to improvements in their
behaviour. Our preferred strategy is through engagement with company management
to encourage change and invest in safer or more environmentally sustainable
processes. A sample of some of the engagement that Janus Henderson conducted
on our behalf last year is listed in the Annual Report.
Our favoured measure of the environmental impact of the portfolio is its
Carbon Intensity, which calculates the absolute carbon emissions divided
by the revenues generated by the companies. We consider this measure useful
in comparing companies, as it is less volatile than others and should
reduce if companies find ways to be more efficient in how they produce
goods or operate. At the year-end we had a carbon intensity 37% lower
than the benchmark. This is principally due to a lower exposure to utilities,
materials and energy compared to the benchmark. However, the exposure
to energy has increased in the year as there are now clearer and more
realistic investment plans from the oil majors, however we remain below
the benchmark weight due to uncertainty over the future demand for oil.
The collection of data relating to ESG factors has clearly improved in
recent years, although understanding the assumptions behind various figures
can be challenging. Companies continue advancing the quality and scope
of this data which now gives us the confidence to publish a TCFD report
in 2024, giving greater detail of the portfolio company's environmental
impact and expanding on other governance and social factors.
Income
The level of investment income from the portfolio increased by 7% over
the year, driven by a continuation of special dividends and underlying
growing dividends. Inflation has had a positive impact on some companies
who can pass on higher prices and grow their margins. The US portfolio
grew its dividends by 57% year on year through an increased allocation
of the total portfolio and stock selection favouring strongly growing
dividend payers. Europe and the Pacific were negatively impacted by a
lower proportion of financials and the lack of economic growth. China
also saw a decrease in dividends as we sought out more defensively orientated
companies in healthcare and alternative energy providers which yield less
than the market.
The outlook for income is largely dependent on economic growth improving,
which might be challenging in the coming year unless interest rates are
materially reduced. We are endeavouring to favour companies that have
the scope to raise the proportion of profits they pay out and are well
positioned compared to their competitors. The repayment of the 2023 debenture
also saves the Company GBP1.2m annually in interest costs which should
allow more of the investment income to be distributed to shareholders.
Gearing
The Company's GBP15 million 8% debenture was repaid at the end of the
financial year, which will reduce the Company's overall average borrowing
cost to 2.7%; the next loan stock is not due for repayment until 2035.
The current outstanding loan stock issuance results in a maximum gross
gearing of 9.3% at the year-end. If the cash balances are netted off,
then net gearing at the year-end was 7.1%. We view our default geared
position as being close to the maximum gross gearing with a small cash
balance to manage transitioning between trades. To determine whether we
fully gear the Company, or hold tactical cash, we have a number of statistics
such as excess money supply, the rate of corporate profit growth and valuations
relative to historical levels that we review. We have maintained a fairly
full level of gearing this year, which has been beneficial, but in the
latter part of the year have started to raise cash, reducing net gearing.
The key indicator of global excess money supply has turned negative, impacted
by rising interest rates and increased bond sales from central banks.
Outlook
Leading indicators for the global economy continue to point to fading
growth, and in particular a contraction in Europe where money supply is
negative and the highest interest rates starting to bite. The more positive
news is that the valuation of most stocks appears to be now factoring
in a mild recession. Forecasts for profit growth are modest with the exception
of the companies associated with the Artificial Intelligence boom, where
the bubble continues to inflate. The declining inflation numbers are also
good news but it is hard to judge when central banks will start cutting
rates as inflation approaches or subsides below their 2% targets. We feel
that inflation could surprise on the downside as China is now in outright
deflation and, barring an energy crisis, most goods and services are in
surplus.
As we look forward, employment is key to the direction of both the economy
and, importantly, sentiment. So far into this interest rate cycle employment
has held up very well, as many companies remember recent times when labour
was hard to find so are consequently reluctant to shed labour as the economy
slows. The market consensus view has swung towards a soft landing scenario
led by the US, in which interest rates are cut in the early summer of
2024 and provide the stimulus to offset fading demand. We are a little
more cautious as this type of soft landing has rarely been engineered
successfully by central banks and we expect some overshoot to the downside.
US companies increasingly see share buybacks as their preferred method
to return cash to investors and less companies in the US now pay dividends.
We have undoubtedly missed some opportunities in the US market through
our preference for dividend paying companies. We intend to widen our focus
in the coming year although we will maintain our preference for cash generative
companies with well defended market positions. Our stock selection seeks
to avoid the overvalued and under invested companies, prioritising higher
quality and lower geared companies, offering earnings resilience. Now
that the cost of capital and debt is no longer close to zero, companies
need to generate proper returns to justify their valuations, and our investment
process aims to seek out these opportunities.
Alex Crooke
Fund Manager
17 January 2024
MANAGING OUR RISKS
The Board, with the assistance of Janus Henderson, has carried out a robust
assessment of the principal risks and uncertainties including emerging
risks facing the Company that would threaten its business model, future
performance, solvency, liquidity or reputation.
The Board regularly considers the principal risks facing the Company and
has drawn up a register of these risks. The Board has put in place a schedule
of investment limits and restrictions, appropriate to the Company's investment
objective and policy, in order to mitigate these risks as far as practicable.
The Board monitors the Manager, its other service providers and the internal
and external environments in which the Company operates to identify new
and emerging risks. Any new or emerging risks that are identi ed and that
are considered to be of signi cance are included in the Company's risk
register together with any mitigating actions required.
The Board pro-actively monitors all of these factors and has a strong focus
on continuing to educate itself about any relevant issues. Details of how
the Board monitors the services provided by Janus Henderson and its other
suppliers, and the key elements designed to provide effective internal
control, are explained further in the internal controls section of the
Corporate Governance Statement in the Annual Report. Further details of
the Company's exposure to market risk (including market price risk, currency
risk and interest rate risk), liquidity risk and credit and counterparty
risk and how they are managed are contained in the Annual Report.
The Board's policy on risk management has not materially changed during
the course of the reporting period and up to the date of the Annual Report.
The principal risks which have been identified and the steps taken by the
Board to mitigate these are as follows:
Risk Trend Mitigation
Investment activity and performance
risks The Board monitors investment
An inappropriate investment strategy performance at each Board
(for example, in terms of asset allocation meeting
or the level of gearing) may result and regularly reviews the
in underperformance against the Company's extent of the
benchmark index and the companies Company's borrowings.
in its peer group.
The Board receives regular
Investment performance, over an extended updates on professional and
period of time, may be impacted by retail investor activity
either external (political, financial from the Manager and its
shock, pandemic, climate change) brokers to inform themselves
or internal factors (poor stock selection), of investor sentiment and
leading to shareholders voting to how the Company is perceived
wind up the Company. in the market.
------ ----------------------------------------
Portfolio and market risks The Fund Manager seeks to
Although the Company invests almost maintain a diversi ed portfolio
entirely in securities that are listed to mitigate against this
on recognised markets, share prices risk. The Board regularly
may move rapidly. The companies in reviews the portfolio, investment
which investments are made may operate activity and
unsuccessfully or fail entirely. performance.
A fall in the market value of the
Company's portfolio would have an
adverse effect on shareholders' funds.
The risks associated with a global
pandemic and other health emergencies
are considered within portfolio and
market risks, a grouping which has
been extended to cover risks relating
to heightened political and military
tensions and inflationary pressures.
This is likely to impact share prices
of investments in the portfolio,
to the extent not already factored
into current prices.
------ ----------------------------------------
Tax, legal and regulatory risks Janus Henderson has been
A breach of section 1158/9 of the contracted to provide investment,
Corporation Tax Act 2010 could lead company secretarial, administration
to the loss of investment trust status, and accounting services through
resulting in capital gains realised quali ed professionals.
within the portfolio being subject
to corporation tax. A breach of the The Board receives internal
FCA's Rules could result in suspension control reports produced
of the Company's shares, while a by Janus Henderson on a quarterly
breach of the Companies Act could basis, which con rm tax,
lead to criminal proceedings. All legal and regulatory compliance
breaches could result in nancial both in the UK and New Zealand.
or reputational damage. The Company
must also ensure compliance with
the Listing Rules of the New Zealand
Stock Exchange.
------ ----------------------------------------
Financial risks The Company has a diversi
By its nature as an investment trust, ed portfolio which comprises
the Company's business activities mainly investments in large
are exposed to market risk (including and medium-sized companies
market price risk, currency risk and mitigates the Company's
and interest rate risk), liquidity exposure to liquidity risk.
risk and credit and counterparty
risk. The Company minimises the
risk of a counterparty failing
to deliver securities or
cash by dealing through organisations
that have undergone rigorous
due diligence by Janus Henderson.
Further information on the
mitigation of nancial risks
is included in note 16 in
the Annual Report.
------ ----------------------------------------
Operational and cyber risks The Board monitors the services
Disruption to, or failure of, Janus provided by Janus Henderson,
Henderson's accounting, dealing or the Depositary and its other
payment systems or the Depositary's service providers and receives
records could prevent the accurate reports on the key elements
reporting and monitoring of the Company's in place, including cyber
nancial position. The Company is attacks and information security,
also exposed to the operational and to provide effective internal
cyber risks that one or more of its control.
service providers may not provide
the required level of service or
that Artificial Intelligence
------ ----------------------------------------
Risks associated with climate change
Risk that investee companies within
the Company's portfolio fail to respond Please refer to Investment
to the pressures of the growing climate activity and performance
emergency and fail to limit their risks above and the Environmental,
carbon footprint to regulated targets, Social and Governance Matters
resulting in reduced investor demand section in the Annual Report
for their shares and falling fair for further details.
values.
------ ----------------------------------------
THE COMPANY'S VIABILITY
The UK Corporate Governance Code requires the Board to assess the future
prospects for the Company, and to report on the assessment within the
Annual Report.
The Board considered that certain characteristics of the Company's business
model and strategy were relevant to this assessment:
-- The Company's investment objective, strategy and policy, which are
subject to regular Board monitoring, mean that the Company is normally
invested in readily realisable, listed securities and that the level
of borrowings is restricted.
-- The Company is a closed-end investment company and therefore does
not suffer from the liquidity issues arising from unexpected redemptions.
Without pressure to sell, the Fund Manager has been able to rebalance
tactically the portfolio to take advantage of recovering markets.
Also relevant were a number of aspects of the Company's operational arrangements:
-- The Company retains title to all assets held by the Custodian under
the terms of formal agreements with the Custodian and Depositary.
-- Long-term borrowing is in place, being the GBP50 million 3.68% loan
notes 2035, GBP37 million 2.28% loan notes 2045 and EUR44 million
1.67% loan notes 2041, which are also subject to formal agreements,
including nancial covenants with which the Company complied in full
during the year. The value of long-term borrowing is relatively
small in comparison to the value of net assets, being 9.4% (2022:
10.2%).
-- Short-term borrowing of GBP20 million with SMBC Bank International
plc. The facility was not drawn down at the year-end and expires
in February 2024.
-- Revenue and expenditure forecasts are reviewed by the Directors
at each Board meeting.
-- The Company's ongoing charge is amongst the lowest of actively managed
equities funds.
-- Cash is held with approved banks.
In addition, the Directors carried out a robust assessment of the principal
risks and uncertainties which could threaten the Company's business model,
including future performance, liquidity and solvency. These risks, including
their mitigations and processes for monitoring them, are set out in the
Annual Report.
The principal risks identi ed as relevant to the viability assessment
were those relating to investment portfolio performance and its effect
on the net asset value, share price and dividends, and threats to security
over the Company's assets. The Board took into account the liquidity of
the Company's portfolio, the existence of the long-term xed rate borrowings,
the effects of any signi cant future falls in investment values and income
receipts on the ability to repay and re-negotiate borrowings, growing
dividend payments, the desire to retain investors and the potential need
for share buy-backs. The Directors assess viability over five year rolling
periods, taking account of foreseeable severe but plausible scenarios
having reviewed a five-year cash-flow forecast and sensitivity analysis,
reflecting the potential impact of the principal risks as a whole, to
support its deliberations. The Directors believe that a rolling five-year
period best balances the Company's long-term objective, its nancial exibility
and scope with the dif culty in forecasting economic conditions affecting
the Company and its shareholders.
Based on their assessment, and in the context of the Company's business
model, strategy and operational arrangements set out above, the Directors
have a reasonable expectation that the Company is able to continue in
operation and meet its liabilities as they fall due over the five-year
period to 31 October 2028.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with
its Directors and Janus Henderson. There were no material transactions
between the Company and its Directors during the year other than the amounts
paid to them in respect of Directors' remuneration for which there were
no outstanding amounts payable at the year end. In relation to the provision
of services by the Manager, other than fees payable by the Company in
the ordinary course of business and the provision of marketing services,
there were no transactions with the Manager affecting the financial position
of the Company during the year. More details on transactions with the
Manager, including amounts outstanding at the year end, are given in note
24 in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DISCLOSURE GUIDANCE AND
TRANSPARENCY RULE 4.1.12
Each of the Directors, who are listed in the Annual Report, confirms that,
to the best of his or her knowledge:
-- the financial statements, which have been prepared in accordance with
UK-adopted International Accounting Standards on a going concern basis,
give a true and fair view of the assets, liabilities, financial position
and profit of the Company; and
-- the Strategic Report in the Annual Report and financial statements include
a fair review of the development and performance of the business and
the position of the Company, together with a description of the principal
risks and uncertainties that it faces.
For and on behalf of the Board
Simon Miller
Chair
17 January 2024
STATEMENT OF COMPREHENSIVE INCOME
Year-ended Year-ended
31 October 2023 31 October 2022
(Audited) (Audited)
Revenue Capital Total Revenue Capital Total
return return return return return return
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ------------- -------------- -------------- ----------- -------------- ----------------
Gains/(losses) on
investments held
at
fair value
through
profit and loss - 37,376 37,376 - (202,031) (202,031)
Investment income
(note 2) 40,439 - 40,439 37,814 - 37,814
Other operating
income
(note 3) 1,326 - 1,326 394 - 394
----------- ------------ ------------ --------- ------------ --------------
41,765 37,376 79,141 38,208 (202,031) (163,823)
Total income ----------- ------------ ------------ --------- ------------ --------------
Expenses
Management fees
(note 4) (1,790) (4,176) (5,966) (1,905) (4,446) (6,351)
Other expenses
(note
5) (970) - (970) (1,364) - (1,364)
--------- --------- --------- --------- --------- ---------
Profit/(loss)
before
finance costs and
taxation 39,005 33,200 72,205 34,939 (206,477) (171,538)
Finance costs
(note
6) (1,376) (3,211) (4,587) (1,346) (3,141) (4,487)
--------- ------------ ------------ --------- ------------ ------------
Profit/(loss)
before
taxation 37,629 29,989 67,618 33,593 (209,618) (176,025)
--------- ---------- --------- --------- ---------- ----------
Taxation (note 7) (3,061) - (3,061) (3,001) (145) (3,146)
--------- ---------- --------- --------- ---------- ----------
Profit/(loss) for
the year and
total
comprehensive
income 34,568 29,989 64,557 30,592 (209,763) (179,171)
====== ======= ======= ====== ======= =======
Earnings per
ordinary
share - basic and
diluted (note 8) 2.72p 2.35p 5.07p 2.34p (16.04p) (13.70p)
====== ======= ======= ====== ======= =======
The total columns of this statement represent the Statement of Comprehensive
Income, prepared in accordance with UK-adopted International Accounting
Standards. The revenue return and capital return columns are supplementary
to this and are prepared under guidance published by the Association
of Investment Companies.
Statement of CHANGES IN EQUITY
Year ended 31 October 2023
Called-up Share Capital
share premium redemption Other capital Revenue
capital account reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ----------- ------------ ------------ --------------------- -------------- --------------
Total equity at
1 November 2022 32,878 159,797 12,489 1,115,343 40,159 1,360,666
Total comprehensive
income:
- Profit for the
year - - - 29,989 34,568 64,557
Transactions with
owners,
recorded directly to
equity:
- Buyback of shares
to
treasury (note 9) - - - (60,484) - (60,484)
Ordinary dividends
paid
(note 11) - - - - (31,216) (31,216)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at
31 October 2023 32,878 159,797 12,489 1,084,848 43,511 1,333,523
====== ====== ====== ======= ====== ========
Year ended 31 October 2022
Called-up Share Capital
share premium redemption Other capital Revenue
capital account reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------------ ----------- ------------ -------------- --------------- --------------------
Total equity at
1 November 2021 32,827 159,797 12,540 1,343,631 38,589 1,587,384
Total comprehensive
income:
- (Loss)/profit for
the
year - - - (209,763) 30,592 (179,171)
Transactions with
owners,
recorded directly to
equity:
- Buyback of shares
to
treasury (note 9) 51 - (51) (18,525) - (18,525)
Ordinary dividends
paid
(note 11) - - - - (29,022) (29,022)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at
31 October 2022 32,878 159,797 12,489 1,115,343 40,159 1,360,666
====== ====== ====== ======== ====== =======
STATEMENT OF FINANCIAL POSITION
At 31 October At 31 October
2023 2022
GBP'000 GBP'000
-------------------------------------------- --------------- ---------------
Non-current assets
Investments held at fair value through
profit or loss 1,428,787 1,433,728
-------------- --------------
Current assets
Investments held at fair value through
profit or loss 13,116 1
Other receivables 19,001 4,497
Cash and cash equivalents 14,525 65,871
-------------- --------------
46,642 70,369
-------------- --------------
Total assets 1,475,429 1,504,097
-------------- --------------
Current liabilities
Other payables (17,006) (4,151)
Debenture stock - (15,000)
-------------- --------------
(17,006) (19,151)
-------------- --------------
Total assets less current liabilities 1,458,423 1,484,946
-------------- --------------
Non-current liabilities
Unsecured loan notes (124,900) (124,280)
-------------- ------------
(124,900) (124,280)
-------------- -------------
Net assets 1,333,523 1,360,666
======== ========
Equity attributable to equity shareholders
Share capital (note 9) 32,878 32,878
Share premium account 159,797 159,797
Capital redemption reserve 12,489 12,489
Retained earnings:
Other capital reserves 1,084,848 1,115,343
Revenue reserve 43,511 40,159
-------------- --------------
Total equity 1,333,523 1,360,666
======== ========
Net asset value per ordinary share (note 108.0p 105.1p
10) ======== ========
The financial statements in the Annual Report were approved by the Board
of Directors on 17 January 2024.
Cash Flow STATEMENT
Year ended Year ended
31 October 31 October
Reconciliation of profit before taxation to 2023 2022
net cash flow from operating activities GBP'000 GBP'000
----------------------------------------------------- -------------- --------------
Operating activities
Profit/(loss) before taxation 67,618 (176,025)
Less: (gain)/loss on investments held at fair
value through profit or loss (37,376) 202,031
Purchases of investments (830,071) (419,661)
Sales of investments 872,865 476,954
Purchases of current asset investments (80,700) (17,498)
Sales of current asset investments 67,585 26,095
Increase in securities purchased for future
settlement 12,119 1,602
(Increase)/decrease in other receivables (58) 1
Decrease in other payables (169) (1,479)
Increase in accrued income (14,217) (257)
Add back interest payable ('finance costs') 4,587 4,487
----------- -----------
Net cash inflow from operating activities before
interest and taxation 62,183 96,250
----------- -----------
Interest paid (4,525) (4,503)
Taxation on investment income (3,290) (3,766)
----------- -----------
Net cash inflow from operating activities 54,368 87,981
----------- -----------
Financing activities
Equity dividends paid (net of refund of unclaimed
distributions) (31,216) (29,022)
Redemption of debenture (15,000) -
Share buybacks (59,579) (18,207)
------------- -------------
Net cash (outflow)/inflow from financing activities (105,795) (47,229)
------------- -------------
(Decrease)/increase in cash (51,427) 40,752
Cash and cash equivalents at the start of the
year 65,871 25,429
Exchange movements 81 (310)
------------- -------------
Cash and cash equivalents at the end of the
year 14,525 65,871
======= =======
In accordance with IAS 7.31 cash inflow from dividends was GBP36,225,000
(2022: GBP34,030,000) and cash inflows from interest was GBP1,349,000
(2022: GBP245,000).
NOTES TO THE FINANCIAL STATEMENTS
1a. Accounting policies
The Bankers Investment Trust PLC is a company incorporated and domiciled
in the United Kingdom under the Companies Act 2006. The financial statements
of the Company for the year ended 31 October 2023 have been prepared in
accordance with UK-adopted International Accounting Standards.
The nancial statements have been prepared on a going concern basis and
on the historical cost basis, except for the revaluation of certain nancial
instruments held at fair value through pro t or loss. The principal accounting
policies adopted are set out in the Annual Report. These policies have
been applied consistently throughout the year. Where presentational guidance
set out in the Statement of Recommended Practice ('the SORP') for investment
companies issued by the Association of Investment Companies ('the AIC')
amended in July 2022 is consistent with the requirements of UK-adopted
International Accounting Standards, the Directors have sought to prepare
the financial statements on a basis consistent with the recommendations
of the SORP.
In line with UK-adopted International Accounting Standards, investments
are valued at fair value which are quoted prices in active markets and
therefore reflect participants' view of climate change risk.
1b. Going concern
In reviewing viability (see Annual Report) and going concern, the Directors
have considered, among other things, cash flow forecasts, a review of
covenant compliance including the headroom above the most restrictive
covenants and an assessment of the liquidity of the portfolio and the
impact of the war in Ukraine and Gaza-Israel conflict. The assets of the
Company consist mainly of securities that are listed and readily realisable.
Thus, after making due enquiry, the Directors believe that the Company
has adequate financial resources to meet its financial obligations, including
the repayment of any borrowings, and to continue in operational existence
for at least 12 months from the date of approval of the financial statements.
Accordingly, the Directors continue to adopt the going concern basis in
preparing the financial statements.
2023 2022
2. Investment income GBP'000 GBP'000
---------------------------------------------------------------------------------- ----------------- ------------
UK dividend income - listed 9,308 10,349
UK dividend income - special dividends - 288
Overseas dividend income - listed 30,205 26,291
Overseas dividend income - special dividends 702 659
Property income distributions 224 227
----------- -----------
40,439 37,814
====== ======
Analysis of investment income by geographical region:
UK 9,780 9,402
Europe (ex UK) 6,915 7,735
North America 10,866 6,909
Japan 4,275 3,723
Pacific (ex Japan and China) 6,805 7,362
China 1,798 2,683
----------- -----------
40,439 37,814
====== ======
2023 2022
3. Other operating income GBP'000 GBP'000
---------------------------------------------------------------------------------- ----------------- ------------
Bank interest 1,311 344
Stock lending revenue - 48
Other income 15 2
-------- --------
1,326 394
===== =====
2023 2022
Revenue Capital Total Revenue Capital Total
return return return return return return
4. Management fees GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- -------------------- ------------ ----------- ------------------- ---------- ------------
Investment
Management 1,790 4,176 5,966 1,905 4,446 6,351
-------- -------- -------- ------- -------- --------
1,790 4,176 5,966 1,905 4,446 6,351
===== ===== ===== ==== ===== =====
A summary of the terms of the management agreement is given in the Business
Model in the Annual Report.
2023 2022
5. Other expenses GBP'000 GBP'000
--------------------------------------------------------------------------- ------------------------ ---------------
Directors' fees and expenses (see Annual Report) 206 141
Auditors' remuneration - for audit services 52 45
Auditors' remuneration - for non-audit services
(1) - 3
Expenses payable to Janus Henderson (relating to
marketing services) 68 138
Bank/custody charges 259 287
Depositary fees 53 54
Registrar fees 64 72
AIC subscriptions 21 21
Printing expenses 60 36
Legal fees (2) (175) 184
Listing fees 109 119
Irrecoverable VAT 14 19
Loan arrangement & non-utilisation fees 80 76
Other expenses 159 169
----------- -----------
970 1,364
====== ======
The compensation payable to key management personnel in respect of short
term employment benefits was GBP206,000 (2022: GBP141,000) which relates
wholly to the fees and expenses payable to the Directors in respect of
the year.
1 Non-audit services relate to the provision of a debenture covenant
compliant certificate. The debenture was repaid on 31 October 2023
2 Following the judgment of the supreme court hearing in November 2021,
which was in favour of HMRC, the Company withdrew its claims in respect
of Manufactured Overseas Dividends. The Company expected to incur legal
costs to close this case at an estimate of GBP150,000 and this was included
in the prior year expenses. Subsequently, the legal fees did not crystalise
and have been written back to the account.
2023 2022
Revenue Capital Total Revenue Capital Total
return return return return return return
6. Finance Costs GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- --------------- ------------ ------------- ------------ ---------- ---------------
Interest on bank overdrafts - 1 1 - 1 1
Interest on debenture
repayable:
- less than one year 360 840 1,200 360 840 1,200
Interest on unsecured
loan notes repayable:
- after five years (1) 1,016 2,370 3,386 986 2,300 3,286
--------- --------- --------- --------- --------- ---------
1,376 3,211 4,587 1,346 3,141 4,487
===== ===== ===== ===== ===== =====
(1) Includes amortisation of issue costs and will therefore vary from
year to year
2023 2022
Revenue Capital Total Revenue Capital Total
return return return return return return
7. Taxation GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- -------------- ---------------- --------------- ----------------- ------------ ------------
a) Analysis of the tax
charge for the year
Overseas tax suffered 3,322 - 3,322 3,637 145 3,782
Overseas tax
reclaimable (261) - (261) (636) - (636)
-------- -------- -------- -------- -------- --------
Total tax charge for
the
year 3,061 - 3,061 3,001 145 3,146
===== ===== ===== ===== ===== =====
b) Factors affecting the tax charge for the year
The differences are explained below:
2023 2022
Revenue Capital Total Revenue Capital Total
return return return return return return
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- -------------- ---------------- --------------- ----------------- ------------ ------------
Profit/(loss) before
taxation 37,629 29,989 67,618 33,593 (209,618) (176,025)
----------------------- -------------- ---------------- --------------- ----------------- ------------ ------------
Corporation tax for
the
year at 22.50% (1)
(2022:
19.00%) 8,467 6,747 15,214 6,383 (39,827) (33,444)
Non-taxable UK
dividends (1,972) - (1,972) (2,020) - (2,020)
Overseas income and
non-taxable
scrip dividends (6,717) - (6,717) (4,869) - (4,869)
Overseas withholding
tax
suffered 3,061 - 3,061 3,001 145 3,146
Excess management
expenses
and loan
relationships 182 1,572 1,754 374 1,152 1,526
Interest capping
restriction 40 90 130 132 290 422
Capital gains not
subject
to tax - (8,409) (8,409) - 38,385 38,385
-------- -------- -------- -------- -------- --------
3,061 - 3,061 3,001 145 3,146
===== ===== ===== ===== ===== =====
(1) Seven months at the new rate of 25% and five months at previous
rate of 19%
c) Provision for deferred taxation
No provision for deferred taxation has been made in the current year or
in the prior year.
The Company has not provided for deferred tax on capital gains or losses
arising on the revaluation or disposal of investments as it is exempt
from tax on these items because of its status as an investment trust,
which it intends to maintain for the foreseeable future.
d) Factors that may affect future tax charges
The Company can offset management fees, other administrative expenses
and interest costs against taxable income to eliminate any tax charge
on such income. The tax legislation refers to these as management expenses
(management fees and other administrative expenses) and non-trade loan
relationship deficits (interest costs) and these are captured together
under the heading 'Excess management expenses and loan relationships'
in the table above. Where these are not fully utilised, they can be carried
forward to future years. As the Company is unlikely to generate future
taxable profits to utilise these amounts, the Company cannot recognise
an asset to reflect them, but must still disclose the deferred tax amount
carried forward arising from any unutilised amounts.
Consequently, the Company has not recognised a deferred tax asset totalling
GBP21,687,000 (2022: GBP19,730,000) arising as a result of having unutilised
management expenses and unutilised non-trade loan relationship deficits
totalling GBP86,749,000 (2022: GBP78,749,000) and based on the prospective
tax rate of 25% (2022: 25%).
8. Earnings/(loss) per ordinary share
The total earnings per ordinary share is based on the net profit attributable
to the ordinary shares of GBP64,557,000 (2022: loss of GBP179,171,000)
and on 1,272,116,196 ordinary shares (2022: 1,307,589,615), being the
weighted average number of shares in issue, excluding shares held in treasury,
during the year.
The total earnings can be further analysed as follows:
2023 2022
GBP'000 GBP'000
--------------------------------------- ---------------------------------------------- --------------------------------
Revenue profit 34,568 30,592
Capital profit/(loss) 29,989 (209,763)
------------------- -------------------
Profit/(loss) for the year 64,557 (179,171)
------------------- -------------------
Weighted average number of ordinary
shares 1,272,116,196 1,307,589,615
------------------- -------------------
Revenue earnings per ordinary
share 2.72p 2.34p
Capital earnings/(loss) per ordinary
share 2.35p (16.04p)
------------------ ------------------
Earnings/(loss) per ordinary
share 5.07p (13.70p)
========== ==========
The Company does not have any dilutive securities therefore basic and
diluted earnings are the same.
9. Called up share
capital
Nominal
value
Number of Number of of shares
shares held shares entitled Total number in issue
in treasury to dividend of shares GBP'000
----------------------- ---------------------- ------------------------- ------------------------- ------------------
Ordinary shares
At 1 November 2022 20,251,624 1,294,851,206 1,315,102,830 32,878
Buyback of ordinary
shares 60,618,929 (60,618,929) - -
--------------- ------------------- ------------------- -----------
At 31 October 2023 80,870,553 1,234,232,277 1,315,102,830 32,878
========= =========== =========== ======
During the year no new shares were issued and 60,618,929 shares were bought
back into treasury for a net payment of GBP 60,484,000.
Nominal value
Number of Number of of shares
shares held shares entitled Total number in issue
in treasury to dividend of shares GBP'000
----------------------- ---------------------- ------------------------- ------------------------- ------------------
Ordinary shares
At 1 November 2021 2,031,754 1,313,071,076 1,315,102,830 32,827
Buyback of ordinary
shares
at
31 October 2022 18,219,870 (18,219,870) - 51 (1)
----------------- -------------------- -------------------- -----------
20,251,624 1,294,851,206 1,315,102,830 32,878
--------------- -------------------- -------------------- -----------
(1) The nominal value of the share buybacks which were held in treasury
during the year to 31 October 2021 was transferred to the capital redemption
reserve but should have remained in share capital. This transfer of GBP51,000
has been reversed in the prior period.
In the year ended 31 October 2022, no new shares were issued and 18,219,870
shares were bought back into treasury for a net payment of GBP18,525,000.
Since the year end, the Company has not issued any shares, and 13,225,970
shares have been bought back into treasury for a net payment of GBP13,238,307.
10. Net asset value per ordinary share
The net asset value per ordinary share is based on net assets attributable
to ordinary shares of GBP1,333,523,000 (2022: GBP1,360,666,000) and on
1,234,232,277 ordinary shares in issue at 31 October 2023 (2022: 1 ,294,851,206
), excluding shares held in treasury. The Company has no securities in
issue that could dilute the net asset value per ordinary share.
The movements during the year in net assets attributable to the ordinary
shares were as follows:
2023 2022
GBP'000 GBP'000
--------------------------------------------------------- ---------------------------------- --------------------------
Net assets attributable to ordinary shares
at start of year 1,360,666 1,587,384
Total net profit/(loss) on ordinary activities
after taxation 64,557 (179,171)
Buyback of ordinary shares (60,484) (18,525)
Dividends paid (31,216) (29,022)
------------- -------------
Net assets attributable to ordinary
shares at end of year 1,333,523 1,360,666
======== ========
11. Dividend
A final dividend of 0.66p per share (2022: 0.60p), if approved by shareholders
at the Annual General Meeting, will be paid on 29 February 2024 to shareholders
on the register on 26 January 2024. The shares go ex-dividend on 25 January
2024. This final dividend, together with the three interim dividends already
paid brings the total dividend for the year to 2.56p (2022: 2.328p) per
share.
12. 2023 Financial Information
The figures and financial information for the year ended 31 October 2023
are extracted from the Company's annual financial statements for that
year and do not constitute statutory accounts. The Company's annual financial
statements for the year to 31 October 2023 have been audited but have
not yet been delivered to the Registrar of Companies. The Auditor's report
on the 2023 annual financial statements was unqualified, did not include
a reference to any matter to which the Auditor drew attention without
qualifying the report, and did not contain any statements under Section
498 of the Companies Act 2006.
13. 2022 Financial Information
The figures and financial information for the year ended 31 October 2022
are compiled from an extract of the published accounts for that year and
do not constitute statutory accounts. Those accounts have been delivered
to the Registrar of Companies and included the report of the Auditor which
was unqualified and did not contain a statement under Sections 498(2)
or 498(3) of the Companies Act 2006.
14. Annual Report
The Annual Report will be posted to shareholders in January 2024 and will
be available at www.bankersinvestmenttrust.com or in hard copy from the
Corporate Secretary at the Company's registered office, 201 Bishopsgate,
London, EC2M 3AE.
15. Annual General Meeting ('AGM')
The AGM will be held at 12 noon on Thursday, 22 February 2024 at the Company's
registered office, 201 Bishopsgate, London, EC2M 3AE. The Notice of Meeting
will be sent to shareholders with the Annual Report.
16. General information
Company Status
The Company is a UK domiciled investment trust company with registered
number 00026351.
SEDOL/ISIN number: BN4NDR3/GB00BN4NDR39
London Stock Exchange (TIDM) Code: BNKR
Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69
Registered Office
201 Bishopsgate, London, EC2M 3AE.
Company Registration Number
UK: 00026351
NZ: 645360
Directors
The Directors of the Company are Simon Miller (Chair), Julian Chillingworth
(Senior Independent Director), Ankush Nandra (Audit and Risk Assurance
Committee Chair), Richard West, Charlotte Valeur and Hannah Philp (Marketing
Committee Chair).
Corporate Secretary
Janus Henderson Secretarial Services UK Limited, represented by Wendy
King, FCG.
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.bankersinvestmenttrust.com .
For further information please contact:
Alex Crooke Simon Miller
Fund Manager Chair
Janus Henderson Investors The Bankers Investment Trust PLC
Telephone: 020 7818 4447 Telephone: 020 7818 4233
Dan Howe Harriet Hall
Head of Investment Trusts Investment Trust PR Director
Janus Henderson Investors Janus Henderson Investors
Telephone: 020 7818 4458 Telephone: 020 7818 2919
Neither the contents of the Company's website nor the contents of any
website accessible from hyperlinks on the Company's website (or any other
website) are incorporated into, or form part of, this announcement.
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END
FR UBVWRSAUAAAR
(END) Dow Jones Newswires
January 18, 2024 02:00 ET (07:00 GMT)
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