Business
Interim Results
Interim Results.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n JUPITER SECOND ENHANCED INCOME TRUST PLC\n\nPreliminary announcement of the unaudited results for the half year to 30th April 2006.\n\nCHAIRMAN'S STATEMENT\n\nI am pleased to confirm that the net asset value of your Company's Geared Income shares rose by 28.1 per cent. from\ntheir restated opening net asset value of 47.58p on 31st October 2005 to 60.97p at 30th April 2006. This compares\nfavourably with the performance of the Company's benchmark, the FTSE All-Share Index, which increased by 15.4 per cent.\n(in capital terms) over the same period. After taking into account the dividends paid to Geared Income shares in\nrespect of the period, their total return has been 31.0 per cent., which compares with a total return on the FTSE\nAll-Share Index of 17.5 per cent. over the same period.\n\nThe Company's Packaged Units (each comprising one Geared Income share and one Zero Dividend Preference share) produced a\nnet asset value return of 14.2 per cent. over the same period (and a total return of 15.4 per cent. after taking into\naccount dividends declared in respect of the period).\n\nRevenues\n\nRevenues after tax for the period amounted to £1,241,000. Quarterly interim dividends of 0.60p (net) and two of 0.75p\n(net) have been declared in respect of the period under review. During 2006 we anticipate that the Company will be in a\nposition to pay an aggregate dividend of the same order as last year (2005: 3.05p).\n\nMarket Review\n\nThe UK stock market continued to make excellent progress during the six months under review. Mid-cap stocks\nout-performed their larger counterparts whilst smaller companies under-performed in relative terms. At the sector level,\nindustrials, general financials and mining were among the best performers with only the healthcare and fixed line\ntelephony sectors losing ground over the period.\n\nEquities made steady progress, helped by healthy corporate earnings along with increasing merger and acquisition\nactivity by large companies and private equity operators. The latter being particularly vigorous in taking advantage of\nlow borrowing costs when set against the strong cash flows of target companies.\n\nNotable purchases made during the period were: Legal & General, one of the stronger life assurance companies offering\nvalue and good yield potential; Davenham, a specialist lender to the UK SM...