Last checked at 
30 May 2019 16:43
Legal Entity Identifier: 213800GS89AL1DK3IN50
HENDERSON EUROPEAN FOCUS TRUST PLC
(the 'Company')
Unaudited results for the half-year ended 31 March 2019
Investment Objective
The Company seeks to maximise total return from a portfolio of stocks listed in Europe.
Performance for the half-year ended 31 March 2019
• Net Asset Value ('NAV') total return1 of -6.5% compared to a total return from the benchmark2 of -3.8%
• Share price3 total return of -7.5%
• Interim dividend of 9.60p per share declared (2018: 9.50p)
Total return performance to 31 March 2019 (including dividends reinvested and excluding costs of reinvestment)
| 6 months % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV1 | -6.5 | 0.3 | 31.4 | 44.2 | 231.2 |
Benchmark2 | -3.8 | 2.6 | 36.7 | 40.8 | 176.1 |
Average sector NAV4 | -6.0 | 2.8 | 37.9 | 49.1 | 254.6 |
Share price3 | -7.5 | -9.0 | 26.7 | 32.2 | 218.3 |
Average sector share price4 | -7.1 | -0.8 | 34.6 | 43.7 | 278.9 |
1 Net asset value ('NAV') total return per ordinary share with income and dividends reinvested
2 FTSE World Europe ex UK Index on a total return basis in Sterling terms
3 Share price total return (including dividends reinvested) using mid-market closing price
4 AIC Europe sector
Sources: Morningstar Direct, Datastream and Janus Henderson
Financial highlights
| At 31 March 2019 | At 30 September 2018 |
Shareholders' funds |
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Net assets (£'000) | 269,835 | 293,790 |
Net asset value ('NAV') per ordinary share | 1,255.15p | 1,366.57p |
Mid-market share price per ordinary share | 1,125.00p | 1,240.00p |
Gearing at period end | 0.7% | 5.5% |
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| Half-year ended 31 March 2019 | Year ended 30 September 2018 |
Total return to equity shareholders |
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Revenue return after taxation (£'000) Capital loss after taxation (£'000) | 1,381 | 6,789 |
(20,714) | (967) | |
Total return | (19,333) | 5,822 |
Total return per ordinary share |
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Revenue | 6.42p | 31.60p |
Capital | (96.35p) | (4.50p) |
Total return | (89.93p) | 27.10p |
INTERIM MANAGEMENT REPORT
Chairman's Statement
Performance
The net asset value ('NAV') per ordinary share total return over the half-year period ended 31 March 2019 was ‑6.5%, with the NAV total return for the benchmark, the FTSE World Europe ex UK Index in Sterling terms, being ‑3.8%. Over the same period, the share price total return was ‑7.5%. The gearing level at the end of the period was 0.7%.
Revenue and dividend
The Board has declared an interim dividend of 9.60p per ordinary share (2018: 9.50p). This is an increase of 1.1% over the interim dividend for the prior year and is intended to maintain an appropriate balance between the interim and final dividends. The dividend will be paid on 28 June 2019 to shareholders on the register on 7 June 2019. The shares will be marked ex-dividend on 6 June 2019.
Outlook
Equity markets have staged a strong rebound from the lows of December 2018. The basis for this has been renewed monetary accommodation by central banks, as the US Federal Reserve, the European Central Bank and the People's Bank of China have sought to reassure markets and/or stimulate their respective economies. This has encouraged the view that a rebound in both economies and corporate earnings will follow in the second half of 2019. Pulling the other way are bond markets, which signify a continuing disinflationary environment and so the tug of war between bonds and equities continues. The European equities market remains deeply out of favour among investors. However, the Company believes there are opportunities in the market and the current negligible portfolio gearing brings the capacity to capitalise on those opportunities should we see a repeat of last year's sell-off.
Rodney Dennis
Chairman
30 May 2019
Fund Manager's Report
The Chairman's statement referenced the sell-off in markets in the latter stages of 2018. During that period, our small-mid-cap positions were particularly harshly punished, perhaps signifying an element of panic-selling among investors. While this contributed much to the portfolio's underperformance versus the Company's benchmark, we remain committed to an overweight stance in this section of the market. There are two main reasons for this: first, there continues to be greater market inefficiency relative to large-cap stocks; second, it is here we are able to identify and commit to entrepreneurial and/or family-backed companies. It is axiomatic yet forever striking how those with skin in the game act as principals rather than agents. Arguably, no sector exemplifies the latter behaviour more than the banking sector, where we continue to see management teams act as agents, often continuing to plod on in highly paid positions, 'leading' sprawling, unwieldy empires, while shareholders are left hoping that these behemoths will one day generate an acceptable return on equity. This is only one reason why we largely avoid this industry. The 'risk' in shunning the sector is, of course, that it remains a large portion of mainstream European equity indices. Thus, any rally in the sector tends to create a headwind for the relative performance of the Company. Our stance is that we simply have to accept that as an occupational hazard and the necessary 'cost' of steering our investors' capital away from industries where we see no long-term opportunity. The difficulty with taking the long-term view is always in dealing with the shorter-term periods where one's stance is 'wrong'. As I've often said to clients, were the banking sector 3% of the index, we wouldn't even talk about it. Perhaps one day it will get there.
Lastly, shareholders should note that we have continued to focus the list of stocks, which has now come below 50 names. This too may well create an element of greater volatility of returns versus a benchmark index. Yet, again, we believe it is the right thing to do if we are to offer our investors a portfolio of ideas differentiated from mainstream indices, which are, of course, so easily accessed by passive vehicles. Just like many of the industries we study, we, too, as active asset managers, are in the crosshairs of disruption. An investment trust structure is, in our view, ideally positioned to take the long view, face that disruption and demonstrate specialism and differentiation.
John Bennett
Fund Manager
30 May 2019
Principal Investments as at 31 March 2019
Company | Sector | Country of listing | Valuation £'000 | % of portfolio |
Nestlé | Food Producers | Switzerland | 13,531 | 5.0 |
Lafargeholcim | Construction & Materials | Switzerland | 12,026 | 4.4 |
Roche | Pharmaceuticals & Biotechnology | Switzerland | 10,493 | 3.9 |
Carlsberg | Beverages | Denmark | 9,739 | 3.6 |
Novartis | Pharmaceuticals & Biotechnology | Switzerland | 8,853 | 3.3 |
Galp Energia | Oil & Gas Producers | Portugal | 8,782 | 3.2 |
ASML | Technology Hardware & Equipment | Netherlands | 8,678 | 3.2 |
Dometic | Leisure Goods | Sweden | 8,415 | 3.1 |
SAP | Software & Computer Services | Germany | 8,263 | 3.0 |
Tessenderlo | Chemicals | Belgium | 7,988 | 2.9 |
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10 largest |
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| 96,768 | 35.6 |
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| ------------ | ------------ |
Deutsche Börse | Financial Services | Germany | 7,116 | 2.6 |
Autoliv | Automobiles & Parts | Sweden | 7,108 | 2.6 |
Merck | Pharmaceuticals & Biotechnology | Germany | 6,852 | 2.5 |
SBM Offshore | Oil Equipment Services & Distribution | Netherlands | 6,745 | 2.5 |
Ericsson | Technology Hardware & Equipment | Sweden | 6,609 | 2.4 |
Nokian Renkaat | Automobiles & Parts | Finland | 6,384 | 2.3 |
Koninklijke Philips | Health Care Equipment & Services | Netherlands | 6,346 | 2.3 |
AKZO Nobel | Chemicals | Netherlands | 6,314 | 2.3 |
Mowi | Food Producers | Norway | 6,171 | 2.3 |
Grifols | Pharmaceuticals & Biotechnology | Spain | 6,012 | 2.2 |
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| ------------ | ------------ |
20 largest |
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| 162,425 | 59.6 |
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| ------------ | ------------ |
TELE2 | Mobile Telecommunications | Sweden | 5,862 | 2.2 |
Trelleborg | Industrial Engineering | Sweden | 5,350 | 2.0 |
LVMH | Personal Goods | France | 5,245 | 1.9 |
Novo-Nordisk | Pharmaceuticals & Biotechnology | Denmark | 5,030 | 1.9 |
Rheinmetall | Automobiles & Parts | Germany | 4,736 | 1.8 |
Safran | Aerospace & Defense | France | 4,627 | 1.7 |
UPM-Kymmene | Forestry & Paper | Finland | 4,536 | 1.7 |
TI Fluid Systems | Automobiles & Parts | United Kingdom | 4,503 | 1.7 |
Bankinter | Banks | Spain | 4,355 | 1.6 |
Allianz | Nonlife Insurance | Germany | 4,173 | 1.5 |
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30 largest |
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| 210,842 | 77.6 |
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| ------------ | ------------ |
Other listed investments (19 stocks) |
| 60,995 | 22.4 | |
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Total investments at fair value |
| 271,837 | 100.0 | |
Geographical exposure (as a percentage of the portfolio excluding cash)
| 31 March 2019 % | 31 March 2018 % |
Switzerland | 18.1 | 8.4 |
Germany | 16.6 | 16.7 |
Sweden | 12.3 | 11.9 |
Netherlands | 11.4 | 10.8 |
Finland | 7.7 | 5.2 |
France | 7.6 | 7.7 |
United Kingdom | 6.1 | 4.7 |
Denmark | 5.4 | 7.0 |
Spain | 3.8 | 3.3 |
Portugal | 3.2 | 3.6 |
Belgium | 3.0 | 5.1 |
Italy | 2.5 | 5.4 |
Norway | 2.3 | 3.7 |
Ireland | - | 6.5 |
| 100.0 | 100.0 |
Sector exposure (as a percentage of the portfolio excluding cash)
| 31 March 2019 % | 31 March 2018 % |
Consumer goods | 28.2 | 20.9 |
Health care | 20.5 | 10.9 |
Industrials | 15.1 | 21.8 |
Technology | 9.8 | 7.7 |
Basic materials | 8.6 | 6.3 |
Financials | 7.2 | 24.0 |
Oil & gas | 6.9 | 4.7 |
Telecommunications | 2.2 | - |
Consumer services | 1.5 | 3.7 |
| 100.0 | 100.0 |
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:
· Market risk
· Gearing
· Other financial risks
· Operational and regulatory risks
· Key man risk
Information on these risks and how they are managed is given in the Annual Report to 30 September 2018. In the view of the Board, these principal risks and uncertainties were unchanged over the last six months and are as applicable to the remaining six months of the financial year as they were to the six months under review.
Related Party Transactions
The Company's transactions with related parties in the period were with the directors and Janus Henderson (the 'Manager'). There have been no material transactions between the Company and its directors during the period other than amounts paid to them in respect of expenses and remuneration for which there were no outstanding amounts payable at the period end. In relation to the provision of services by the Manager, other than fees payable by the Company in the ordinary course of business and the provision of marketing services, there have been no transactions with the Manager affecting the financial position of the Company during the period under review.
Statement of Directors' Responsibilities
The directors confirm that, to the best of their knowledge:
(a) the set of financial statements for the half-year to 31 March 2019 has been prepared in accordance with 'FRS 104 Interim Financial Reporting', and gives a true and fair view of the assets, liabilities, financial position and profit or loss;
(b) the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) the Interim Management Report includes a fair review of the information required by the Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related-party transactions and changes therein).
For and on behalf of the Board
Rodney Dennis
Chairman
30 May 2019
CONDENSED Income Statement
| (Unaudited) Half-year ended 31 March 2019 | (Unaudited) Half-year ended 31 March 2018 | (Audited) Year ended 30 September 2018 | |||||||
| Revenue return £'000 | Capital return £'000 | Total £'000 | Revenue return £'000 | Capital return £'000 | Total £'000 | Revenue return £'000 | Capital return £'000 | Total £'000 | |
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Losses on investments held at fair value through profit or loss | - | (20,217) | (20,217) | - | (15,711) | (15,711) | - | (68) | (68) | |
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Exchange gains on currency transactions | - | 324 | 324 | - | 397 | 397 | - | 1,075 | 1,075 | |
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Income from investments (note 2) | 2,122 | - | 2,122 | 2,642 | - | 2,642 | 8,705 | - | 8,705 | |
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Other income | 2 | - | 2 | 1 | - | 1 | 1 | - | 1 | |
Gross revenue and capital (losses)/gains | 2,124 | (19,893) | (17,769) | 2,643 | (15,314) | (12,671) | 8,706 | 1,007 | 9,713 | |
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Management and performance fees (note 6) | (213) | (640) | (853) | (230) | (691) | (921) | (466) | (1,398) | (1,864) | |
Other fees and expenses | (279) | - | (279) | (285) | - | (285) | (573) | - | (573) | |
Net return/(loss) before finance costs and taxation | 1,632 | (20,533) | (18,901) | 2,128 | (16,005) | (13,877) | 7,667 | (391) | 7,276 | |
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Finance costs | (60) | (181) | (241) | (86) | (265) | (351) | (192) | (576) | (768) | |
Net return/(loss) before taxation | 1,572 | (20,714) | (19,142) | 2,042 | (16,270) | (14,228) | 7,475 | (967) | 6,508 | |
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Taxation on net return | (191) | - | (191) | (206) | - | (206) | (686) | - | (686) | |
Net return/(loss) after taxation | 1,381 | (20,714) | (19,333) | 1,836 | (16,270) | (14,434) | 6,789 | (967) | 5,822 | |
Return/(loss) per ordinary share (note 3) | 6.42p | (96.35p) | (89.93p) | 8.55p | (75.76p) | (67.21p) | 31.60p | (4.50p) | 27.10p | |
The total columns of this statement represent the Income Statement of the Company prepared in accordance with FRS 104.
The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations. The Company had no recognised gains or losses other than those disclosed in the Income Statement and the Statement of Changes in Equity.
The accompanying notes are an integral part of the condensed financial statements.
CONDENSED Statement of Changes in Equity
| Half-year ended 31 March 2019(Unaudited) | Called-upshare capital £'000 | Special distributable reserve £'000 | Share premium account £'000 | Merger reserve £'000 | Capital redemption reserve £'000 | Capital reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 30 September 2018 | 10,819 | 25,846 | 41,995 | 61,344 | 9,421 | 131,874 | 12,491 | 293,790 |
| Net (loss)/return after taxation | - | - | - | - | - | (20,714) | 1,381 | (19,333) |
| Ordinary dividend paid | - | - | - | - | - | - | (4,622) | (4,622) |
| At 31 March 2019 | 10,819 | 25,846 | 41,995 | 61,344 | 9,421 | 111,160 | 9,250 | 269,835 |
Half-year ended 31 March 2018(Unaudited) | Called-upshare capital £'000 | Special distributable reserve £'000 | Share premium account £'000 | Merger reserve £'000 | Capital redemption reserve £'000 | Capital reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 30 September 2017 | 10,737 | 25,846 | 39,757 | 61,344 | 9,421 | 132,841 | 12,452 | 292,398 |
| Net (loss)/return after taxation | - | - | - | - | - | (16,270) | 1,836 | (14,434) |
| Shares issued | 83 | - | 2,238 | - | - | - | - | 2,321 |
| Ordinary dividend paid | - | - | - | - | - | - | (4,708) | (4,708) |
| At 31 March 2018 | 10,820 | 25,846 | 41,995 | 61,344 | 9,421 | 116,571 | 9,580 | 275,577 |
| Year ended 30 September 2018(Audited) | Called-upshare capital £'000 | Special distributable reserve £'000 | Share premium account £'000 | Merger reserve £'000 | Capital redemption reserve £'000 | Capital reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 30 September 2017 | 10,737 | 25,846 | 39,757 | 61,344 | 9,421 | 132,841 | 12,452 | 292,398 |
| Net (loss)/return after taxation | - | - | - | - | - | (967) | 6,789 | 5,822 |
| Shares issued | 82 | - | 2,238 | - | - | - | - | 2,320 |
| Ordinary dividend paid | - | - | - | - | - | - | (6,750) | (6,750) |
| At 30 September 2018 | 10,819 | 25,846 | 41,995 | 61,344 | 9,421 | 131,874 | 12,491 | 293,790 |
The accompanying notes are an integral part of the condensed financial statements.
CONDENSED Statement of Financial Position
| (Unaudited) 31 March 2019 £'000 | (Unaudited) 31 March 2018 £'000 | (Audited) 30 September 2018 £'000 |
Fixed assets |
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Investments held at fair value through profit or loss | 271,837 | 282,207 | 309,954 |
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Current assets |
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Debtors | 5,335 | 3,648 | 1,165 |
Cash at bank | 20,090 | 34,427 | 34,242 |
| 25,425 | 38,075 | 35,407 |
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Creditors: amounts falling due within one year | (27,427) | (44,705) | (51,571) |
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Net current liabilities | (2,002) | (6,630) | (16,164) |
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Net assets | 269,835 | 275,577 | 293,790 |
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Capital and reserves |
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Called-up share capital | 10,819 | 10,820 | 10,819 |
Special distributable reserve | 25,846 | 25,846 | 25,846 |
Share premium account | 41,995 | 41,995 | 41,995 |
Merger reserve | 61,344 | 61,344 | 61,344 |
Capital redemption reserve | 9,421 | 9,421 | 9,421 |
Capital reserve | 111,160 | 116,571 | 131,874 |
Revenue reserve | 9,250 | 9,580 | 12,491 |
Shareholders' funds | 269,835 | 275,577 | 293,790 |
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Net asset value per ordinary share (note 5) | 1,255.15p | 1,281.86p | 1,366.57p |
The accompanying notes are an integral part of the condensed financial statements.
CONDENSED Cash Flow Statement
| (Unaudited) Half-year ended 31 March 2019 £'000 |
(Unaudited) Half-year ended 31 March 2018 £'000 |
(Audited) Year ended 30 September 2018 £'000 | |
Cash flows from operating activities |
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Net (loss)/return before taxation | (19,142) | (14,228) | 6,508 | |
Add back: finance costs | 241 | 351 | 768 | |
Add back: losses on investments held at fair value through profit or loss | 20,217 | 15,711 | 68 | |
Gains on foreign exchange | (324) | (397) | (1,075) | |
Taxation paid | (316) | (278) | (952) | |
Increase in debtors | (291) | (97) | (36) | |
Increase/(decrease) in creditors | 400 | (159) | (94) | |
Net cash inflow from operating activities | 785 | 903 | 5,187 | |
Cash flows from investing activities |
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Sales of investments held at fair value through profit or loss | 109,347 | 141,899 | 257,387 | |
Purchases of investments held at fair value through profit or loss | (89,741) | (125,319) | (247,683) | |
Net cash inflow from investing activities | 19,606 | 16,580 | 9,704 | |
Cash flows from financing activities |
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Issue of new ordinary shares | - | 2,321 | 2,320 | |
Equity dividends paid | (4,622) | (4,708) | (6,750) | |
(Repayment)/drawdown of bank overdraft | (29,978) | (1,866) | 2,337 | |
Interest paid | (267) | (562) | (993) | |
Net cash outflow from financing activities | (34,867) | (4,815) | (3,086) | |
Net (decrease)/increase in cash and cash equivalents | (14,476) | 12,668 | 11,805 | |
Cash and cash equivalents at beginning of period | 34,242 | 21,362 | 21,362 | |
Effect of foreign exchange rates | 324 | 397 | 1,075 | |
Cash and cash equivalents at end of period | 20,090 | 34,427 | 34,242 | |
Comprising: |
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Cash at bank | 20,090 | 34,427 | 34,242 | |
The accompanying notes are an integral part of these financial statements
Notes to the condensed financial statements
1. | Accounting policies | ||||||||||||||||||||||||||||||||||||||||||||||||||
| The condensed set of financial statements has been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 104 Interim Financial Reporting; and the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts, which was updated by the Association of Investment Companies in February 2018 with consequential amendments.
For the period under review, the Company's accounting policies have not varied from those described in the annual report for the year ended 30 September 2018. The condensed set of financial statements has been neither audited nor reviewed by the Company's auditor. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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2. | Income from investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
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3. | Return per ordinary share | ||||||||||||||||||||||||||||||||||||||||||||||||||
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The Company does not have any securities in issue that could dilute the return per ordinary share. Therefore, the basic and diluted returns per share are the same. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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4. | Called-up share capital | ||||||||||||||||||||||||||||||||||||||||||||||||||
| No shares were issued during the half-year period ended 31 March 2019 (half-year ended 31 March 2018 and year ended 30 September 2018: 165,000 ordinary shares issued for total proceeds of £2,320,000).
As at 31 March 2019 the Company held 140,730 ordinary shares in treasury (31 March 2018 and 30 September 2018: 140,730). | ||||||||||||||||||||||||||||||||||||||||||||||||||
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5. | Net asset value per ordinary share | ||||||||||||||||||||||||||||||||||||||||||||||||||
| The net asset value per ordinary share is based on the 21,498,261 ordinary shares in issue at 31 March 2019 (half-year ended 31 March 2018 and year ended 30 September 2018: 21,498,261). | ||||||||||||||||||||||||||||||||||||||||||||||||||
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6. | Management and performance fees | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Henderson Investment Funds Limited ('HIFL') is appointed to act as the Company's Alternative Investment Fund Manager. HIFL delegates investment management services to Henderson Global Investors Limited. References to Janus Henderson or the Manager within these results refer to the services provided by both entities.
With effect from 1 October 2018 the Board agreed a revised fee structure. The Manager now receives a fee of 0.65% per annum on the value of the Company's net assets up to £300m and 0.55% on any net assets above £300m calculated quarterly in arrears (31 March 2018 and 30 September 2018, base management fee of 0.65% per annum quarterly in arrears on Company's net assets). In determining the net assets on which the management fee is calculated, the value of any securities held by the Company in collective investment schemes managed by Janus Henderson are excluded.
The Board also agreed that the performance fee would be removed altogether from 1 October 2018 (31 March 2018 and 30 September 2018: £nil). Management fees and finance costs are allocated 25% to revenue and 75% to capital in the Condensed Income Statement. The performance fee (when payable) was allocated 100% to capital. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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7. | Investments held at fair value through profit of loss | ||||||||||||||||||||||||||||||||||||||||||||||||||
| The table below analyses fair value measurements for investments held at fair value through profit or loss. These fair value measurements are categorised into different levels in the fair value hierarchy based on the valuation techniques used and are defined as follows under FRS 102:
Level 1: Valued using quoted prices in active markets for identical assets Level 2: Valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1 Level 3: Valued by reference to valuation techniques using inputs that are not based on observable market data
There have been no transfers between levels of fair value hierarchy during the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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8. | Borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As at 31 March 2019, the Company's bank overdraft included in 'Creditors: amounts falling due within one year' was £17,838,000 (31 March 2018: £43,614,000; 30 September 2018: £47,816,000). | ||||||||||||||||||||||||||||||||||||||||||||||||||
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9. | Going concern | ||||||||||||||||||||||||||||||||||||||||||||||||||
| The assets of the Company consist of securities that are readily realisable and, accordingly, the directors believe that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. Having assessed these factors and the principal risks, the Board has determined that it is appropriate for the financial statements to be prepared on a going concern basis. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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10. | Dividends | ||||||||||||||||||||||||||||||||||||||||||||||||||
| The directors have declared an interim dividend of 9.60p per ordinary share (2018: 9.50p), payable on 28 June 2019 to shareholders on the register on 7 June 2019. The shares will be quoted ex-dividend on 6 June 2019. Based on the 21,498,261 ordinary shares in issue as at 30 May 2019, the cost of this dividend will be £2,064,000 (cost of 2018 interim dividend: £2,042,000). | ||||||||||||||||||||||||||||||||||||||||||||||||||
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11. | Comparative information | ||||||||||||||||||||||||||||||||||||||||||||||||||
| The financial information contained in this half-year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half-years ended 31 March 2019 and 31 March 2018 has not been audited or reviewed by the Company's auditor. The figures and financial information for the year ended 30 September 2018 are an extract based on the latest published accounts and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Independent Auditor's Report which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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12. | General information | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Company status Henderson European Focus Trust plc is registered in England and Wales (no. 427958), has its registered office at 201 Bishopsgate, London EC2M 3AE and is listed on the London Stock Exchange.
SEDOL/ISIN: 0526885/GB0005268858 London Stock Exchange (TIDM) code: HEFT Global Intermediary Identification Number (GIIN): THMNPN.99999.SL.826 Legal Entity Identifier (LEI) number: 213800GS89AL1DK3IN50
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| Directors and secretary The directors of the Company are Rodney Dennis (Chairman), Alexander Comba (Senior Independent Director), Eliza Dungworth (Chairman of the Audit Committee), Alain Dromer, Robin Archibald and Victoria Hastings. The corporate secretary is Henderson Secretarial Services Limited.
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| 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.hendersoneuropeanfocus.com. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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13. | Half-year report | ||||||||||||||||||||||||||||||||||||||||||||||||||
| An abbreviated version of the half year report, the 'Update', will be posted to shareholders in June 2019. The Update will also be posted on the Company's website, and hard copies will be available from the Company's registered office. |
For further information, please contact:
James de Sausmarez Director and Head of Investment Trusts Henderson Investment Funds Limited Tel: 020 7818 3349 |
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Laura Thomas
Investment Trust PR Manager
Janus Henderson Investors
Tel: 020 7818 2636
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.