REG - Henderson HighIncome - Annual Financial Report
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RNS Number : 1535Y Henderson High Income Trust PLC 26 March 2026
LEGAL ENTITY IDENTIFIER: 213800OEXAGFSF7Y6G11
HENDERSON HIGH INCOME TRUST PLC
Financial results for the year ended 31 December 2025
This announcement contains regulated information
PERFORMANCE HIGHLIGHTS
Total return performance to 31 December 2025 One year % Five years %
Benchmark(1) 20.6 55.1
NAV(2) 20.4 70.0
Share price(3) 22.6 73.5
FINANCIAL HIGHLIGHTS
2025 2024
NAV per share(4,7) 198.77p 174.72p
Mid-market price per share 187.50p 162.50p
Revenue return per share 11.28p 10.74p
Net assets £340.2m £303.2m
Dividend for the year 10.90p 10.60p
Dividend yield(5,7) 5.8% 6.5%
Ongoing charge for the year(6,7) 0.68% 0.74%
Gearing(7) 17.5% 21.0%
(1) The benchmark is a composite of 80% of the FTSE All-Share Index (total return)
and 20% of the ICE BofA Sterling Non-Gilts Index (total return) rebalanced
annually)
(2) Net asset value with debt at fair value per ordinary share total return
(including dividends reinvested and excluding transaction costs)
(3) Includes dividends reinvested
(4) Net asset value with debt at fair value as published by the Association of
Investment Companies (AIC)
(5) Based on the dividends paid or announced for the year and the share price at
the year end
(6) Calculated using the methodology prescribed by the AIC
(7) Alternative Performance Measure, see pages 79 to 80 in the Annual Report
Sources: Morningstar Direct, Janus Henderson. All data is either as at 31
December 2025 or for the year ended 31 December 2025.
CHAIRMAN'S STATEMENT
Performance
2025 was a positive year of investment performance for Henderson High Income
Trust. The Company's Net Asset Value (NAV) total return was +20.4% which was
broadly in line with the benchmark return of +20.6%. The share price total
return was a little higher at +22.6% as the discount at which the share price
traded to underlying NAV narrowed a little during the year, ending the period
at 5.7%.
The UK equity market was one of the best performing markets globally in 2025,
helped by attractive valuations and corporate activity, although smaller and
medium sized companies struggled somewhat versus larger stocks. This strong
market backdrop helped underpin equity returns despite a year characterised by
ongoing volatility in financial markets, a pattern established since the
arrival of President Trump in the White House. The threat of tariffs on US
trading partners and geopolitical turmoil, offset more positively by the
easing of inflation provided a volatile mix but the efforts of global policy
makers to start to reduce interest rates helped support equity markets
particularly. Strong ongoing corporate profitability stood in sharp contrast
to pressure on government finances, especially in the UK where the corporate
sector has been in the firing line of increased taxation to help fund higher
public spending.
Overall, during 2025 the Company's investment performance was broadly in line
with the benchmark return. Gearing and asset allocation, with the portfolio
continuing to favour equities over bonds, were positive relative influences
but this was offset by a negative contribution from equity stock selection in
the second half of the year.
Dividends
The Company's investment objective remains the same, to provide investors with
a high dividend income stream while also maintaining the prospect of capital
growth. In 2025 company dividends continued to be healthy with quoted
companies delivering good levels of ongoing profitability in spite of the
uncertain economic backdrop. It was again pleasing to see that the Company's
overall earnings during the year were sufficient to cover the full-year
dividend enabling a small amount to be added to revenue reserves.
During 2025 the Board recommended the payment of dividends totalling 10.9
pence per share, an increase of 2.8% over the payment in 2024. This was the
13th consecutive year of dividend growth from the Company. The Board focuses
carefully throughout the year on the revenue projections provided by the Fund
Manager and it remains confident that the Company will be able to continue to
generate a high level of income for shareholders.
Gearing
The Company's policy on gearing is provided in the Annual Report. Given
increased borrowing costs over the last few years the Board has spent time
discussing with the Fund Manager the appropriate level of gearing to reflect
this increased cost burden whilst ensuring that the Company's capital
structure continues to facilitate sufficient income generation. In early 2025
discussions with the Fund Manager led to its recommendation to effectively
maintain the existing level of gearing which proved to be sound advice given
the positive returns experienced from financial markets. Gearing did reduce a
little over the course of the year, starting at 21% and finishing at 17.5%.
The Board, in conjunction with the Fund Manager, will continue to keep the
overall level under review.
Overall asset allocation within the portfolio saw the Company favour equities
over bonds which has been the stance for some time and helpful to relative
returns. At the year end the Company had approximately 89% in equities and 11%
in bonds (compared with the benchmark of 80% equities/20% bonds).
In December 2025 the Company once again renewed its loan facility with BNP
Paribas. This facility has a duration of 12 months and the terms on which the
facility was renewed remain competitive.
Management Fee Arrangements
The Board regularly reviews the fee arrangements with the Company's Manager to
ensure that they remain competitive, particularly in the context of fees
payable by similar UK equity income focused trusts.
In this respect the Board announces that it has agreed with the Manager that
the fees will, from 1 January 2026, be an amount equal to 0.45% of adjusted
net assets (previously 0.45% of adjusted average gross assets) at the relevant
quarter end.
Share Buybacks
The Company continued to purchase its own shares during the year when the
Board felt it appropriate to do so, driven by the prevailing level of discount
at which the Company's shares were trading relative to the underlying NAV. In
2025 a total of 2,622,692 shares were purchased into treasury, representing
1.52% of the issued share capital. Between 1 January 2026 and 23 March 2026,
being the last practicable date prior to the publication of this annual
report, no shares were issued or bought back.
It is pleasing that the discount to NAV at which the share price has been
trading narrowed during the year and as at 31 December 2025 the discount stood
at 5.7%. The Board will continue to monitor closely the prevailing discount
and will undertake further buybacks where in its opinion it is appropriate to
do so in the best interests of shareholders.
Responsible Investing
Responsible investing relates to how environmental, social and corporate
governance (ESG) factors impact a company over the long term. Analysis of the
resilience of a business and its profits has always been at the core of the
Company's investment strategy, and ESG factors are integrated into the
investment processes employed by the Fund Manager. The Board believes that
voting the Company's shareholdings at general meetings is essential to good
corporate stewardship and is an effective means of expressing its views on the
policies and practices of its investee companies. Voting decisions reflect the
provisions of Janus Henderson's Responsibility Report which is publicly
available at www.janushenderson.com and records the high standards of
corporate behaviour that are expected. Ultimately, however, our Fund Manager
makes the final decision after consultation with the Board, as necessary.
Janus Henderson will actively engage with those companies that fall below such
expectations to encourage improvement over time. The final sanction is the
divestment of those holdings that fail to make an acceptable transition and
adapt sufficiently. The Board monitors the process by reviewing a report on
the Company's voting pattern on an annual basis. For an overview on how Janus
Henderson engaged with companies in which the Company is invested, please
refer to the ESG Section in the Annual Report.
AGM
We look forward to seeing as many of our shareholders as possible at our AGM
which will be held at 12 noon on Tuesday, 12 May 2026 at the offices of Janus
Henderson at 201 Bishopsgate, London EC2M 3AE.
David Smith, the Company's Fund Manager, will give a presentation on the
Company's portfolio and performance, and you will, as usual, have the
opportunity to talk to the Board, David and other Janus Henderson
representatives. We very much welcome your comments and questions at the AGM
and we would encourage those of you who are unable to attend in person to use
your proxy votes and to watch the AGM live by logging onto
www.janushenderson.com/hhi-agm (http://www.janushenderson.com/hhi-agm) .
Prospects and Outlook
"Markets climb a wall of worry" is an oft-quoted phrase describing how share
prices tend to rise over the long term, even when confronted with negative
news, geopolitical turmoil and economic uncertainty. Certainly looking back at
2025 this would appear to be true and as we look forward to the remainder of
2026 we can safely assume that there will be continuing volatility within
financial markets. The war in Iran has of course resulted in a great deal of
uncertainty and instability which will no doubt weigh on global economic
activity, particularly due to the surge in energy prices.
Another current driver and focus for investors is of course the development of
Artificial Intelligence (AI) which is changing the world in which we live. As
usual financial markets have recognised its potential and the valuations of
companies exposed to such technology have in many cases reached very high
levels. One of the key issues in 2026 will be to evaluate whether valuations
have become too extended but in any event we can expect volatile movements in
share prices. In the UK market there are fewer opportunities to invest in such
companies but the impact of AI will still be profound and one of the
challenges for our Fund Manager will be to evaluate which companies will be
relative winners and losers from further technological development, at the
same time as also attempting to decide which companies will be able to do
better under a more hostile landscape taxation wise.
Overall, whilst of course mindful of such challenges, there are reasons to be
positive. The UK equity market has made good upward progress during the course
of the last year and still valuations look relatively attractive in a global
context. We should focus more on the relatively robust financial health of the
quoted corporate sector rather than the parlous state of public finances. In
the short term the performance of smaller- and medium-sized companies has
lagged, not least due to a tougher UK economic environment, but valuations
look relatively cheap against larger peers and the portfolio has good exposure
to this area, as well as of course holding a good spread of larger companies
which derive their profitability from operations around the globe.
Undoubtedly the world in which we live will remain volatile but the objective
for Henderson High Income will not change with your Board and Fund Manager
continuing to focus on delivering a high level of income for shareholders
whilst also attempting to deliver capital growth over the longer term.
Jeremy Rigg
Chairman
25 March 2026
Fund Manager's Report
Market review
The UK equity market made its strongest annual return since 2009, with the
FTSE All-Share Index up 24.0% on a total return basis. Falling interest rates
globally, increased fiscal spending and fading trade tensions post "Liberation
Day" in April helped push markets through all-time highs. The Bank of England
lowered its benchmark interest rate to 3.75% after announcing four 25 basis
point (bps) cuts through the year.
Similar to 2024, UK economic growth was better in the first half of the year
before slowing as rumours over likely tax increases at the November Budget
weighed on sentiment. Unemployment increased towards the end of the year
reaching 5.1%, a five year high. Inflation proved stubborn during the year
with the Consumer Price Index (CPI) rising from 3.0% in January to 3.8% in
July, given wage pressures, before slowing to 3.4% in December. Despite this
equity markets made strong gains, led by large multinational companies with
the FTSE 100 Index returning 25.8%, materially outperforming the more domestic
FTSE 250 Index, up 15.1%. This has been the fourth year in a row that the
large cap FTSE 100 has outperformed the FTSE 250, producing a 55.9% total
return over that period relative to only 9.0% for mid-caps.
Given the strong performance of large cap companies, the UK equity market
proved to be very concentrated, with only 31% of companies within the FTSE
All-Share Index outperforming over the 12-month period. The best performing
sectors included telecommunications, financials (led by banks), basic
materials and industrials (led by aerospace & defence), while technology,
consumer discretionary, real estate and consumer staples underperformed.
Within commodities, the oil price fell given expectations of oversupply in
2026 after major producers raised output, while the gold price surged to an
all-time high due to global economic and political uncertainty. The copper
price also rallied to a record level near the end of the year, amid fears of a
supply shortfall given strong demand from significant investments in data
centres and energy infrastructure.
UK government bonds endured a volatile 2025, with gilt prices under pressure
as yields moved higher - particularly at the long end of the curve - before
stabilising later on. Persistent inflation concerns, heavy gilt issuance and
the Bank of England's ongoing quantitative tightening (QT) pushed yields to
multi decade highs. The 30-year gilt yield rose to levels last seen in the
late 1990s and the 10-year yield peaked close to 4.9% early in the year. As
2025 progressed, however, yields started to fall as inflation came under
control, the Bank of England cut policy rates further and slowed its QT
program. The November Budget was not as bad as feared with bond markets
reacting positively given the increase in the Chancellor's fiscal buffer over
the forecast period. The 10-year gilt yield finished the year at 4.5%.
Performance review
The Company's NAV (debt at fair value) returned 20.4% on a total return basis,
performing broadly in line with the benchmark return of 20.6%. Given the
Company's overweight position to equities relative to bonds against the
benchmark, asset allocation had a positive impact on performance due to
equities outperforming. Gearing also aided performance given the strong market
backdrop.
Despite the equity portfolio performing well in absolute terms, up 20.0% on a
total return basis, it lagged the very strong returns from the FTSE All-Share
Index (+24.0%). Within banks, although HSBC is the Company's second largest
holding, its underweight relative to the weighting in the FTSE All-Share Index
meant its strong share price performance was negative to relative performance.
Likewise, the Company does not own Barclays, which also did well and was only
partially offset by the good performance of the holdings in NatWest and Lloyds
Banking Group. Banks continued to produce strong earnings and dividend growth
through the year, with the sector further supported by signals from the UK's
Prudential Regulation Authority (PRA) that capital requirements for banks
could be eased.
Other underweight positions also detracted from relative returns, namely Rolls
Royce and AstraZeneca. Rolls Royce, which the Company does not own due to the
low dividend yield but has a large weighting in the FTSE All-Share Index,
significantly outperformed in 2025 on strong profit growth. AstraZeneca, which
is held by the Company although with a lower weighting to the index, performed
well in the second half of the year after it announced they had reached
agreement with the US administration on drug pricing via the Most Favourable
Nation (MFN) policy. The MFN policy pegs US prescription drug prices to the
lowest prices paid in other comparable high-income countries. In exchange
President Trump agreed to drop his tariff threat on non-US manufactured drugs.
Elsewhere the portfolio's holdings in Hilton Food Group and Sodexo were also
detrimental to performance. Meat packing company, Hilton Foods, faced a
difficult operating environment during the second half of the year, in part,
due to inflation in white fish and beef, causing volume declines in both
categories. The company was also impacted by an outbreak of listeria in its
Greek salmon processing plant which meant a further impact on profits.
Contract caterer Sodexo's profits were held back by disappointing performance
within its US division as it lost a number of key contracts. While the company
has changed the CEO, it is likely to take time to implement changes to help
stabilise client retention, while increased investment could see further
earnings downside, hence we exited the holding.
On the positive side, the portfolio's positions in British American Tobacco
and life insurers Phoenix and M&G benefitted performance. British American
Tobacco performed strongly in the year from a recovery in its US business,
where cigarette and vaping volume declines eased as the US Administration
strengthen the enforcement of its ban on illicit Chinese vapes. The company
also benefitted from the strong growth in its modern oral (nicotine pouches)
products. Phoenix delivered solid results, with cash generation ahead of
expectations, while M&G announced a long-term strategic partnership with
Japanese insurer Dai ichi Life that should drive new business flows and
includes Dai ichi acquiring a 15% stake in M&G. The portfolio's holding in
Chemical company Johnson Matthey was also positive for performance. The
company announced the potential sale of their Catalyst Technologies division
to Honeywell for
£1.8 billion, materially more than analysts' estimate of its fair value. The
shares were further buoyed by management's commitment to improve operational
efficiencies and cash generation.
Within the overseas holdings both Nordic telecommunications company Tele2 and
French utility Engie performed well. Tele2 delivered solid results, with early
signs that its cost transformation programme is translating into higher
profits and cash flow, while Engie's shares rose after it upgraded profit
guidance on stronger trading and increased investment in its energy
infrastructure division. The fixed income portfolio rose 5.6% on a total
return basis during the year, underperforming the 6.8% return from the ICE
BofA Sterling Non-Gilts Index. The exposure to USD bonds detracted from
relative performance given they lagged the performance of the GBP benchmark.
Holdings in high yield bonds and financials aided returns given spreads
tightened more in this area of the market. In addition, holdings in bonds
issued by Direct Line and Aviva both performed well after the latter acquired
the former which strengthened its capital position.
Income review
While headline dividends in the UK market fell during 2025, once special
dividends and the impact of sterling strength are excluded, underlying
dividends rose by 3.6% (according to the Computershare UK Dividend Monitor).
There was strong dividend growth from financials and defence contractors but
this was somewhat offset by further dividend reductions in the mining sector.
The income return for the Company increased 5.0% to 11.28 pence per share in
2025, up from 10.74 pence in 2024. However this was flattered by an increase
of £292,000 from special dividends in the period. Excluding special
dividends, the income return increased 2.2%. Within the equity portfolio there
was good dividend growth from some of the largest holdings including NatWest
(+42.8%), 3i (+21.5%), Lloyds (+14.8%) and Tesco (+14.0%), while both Rio
Tinto and Anglo American lowered their dividend payments in sterling terms by
16.8% and 66.7% respectively.
During the year the Board declared a full year dividend of 10.9p which was
fully covered by earnings. This was an increase of 2.8% over the dividend in
2024 (10.6p) and represents the 13th consecutive year of dividend growth,
maintaining the Company's status as an AIC Next Generation Dividend Hero. The
dividend has grown at a compound annual growth rate of 2.1% over those 13
years. Retained revenues earned in the year were approximately £680,000,
which increased revenue reserves to £11.0 million as at 31 December 2025,
providing approximately 60% cover over the Company's dividend.
Portfolio activity
The bond allocation finished the year at 10.7% of gross assets, down from
10.9% as at the end of 2024. The fall reflects the underperformance of bonds
relative to equities over the year. In the fourth quarter, we added
approximately £7 million to bonds to lower the underweight position relative
to the benchmark. We bought bonds of large, well-capitalised banks and
insurers where spreads were appealing. Notable additions included AXA,
Barclays, Bupa (UK insurer), ING, and NatWest. These were either new or
increased positions in subordinated debt of these institutions. We also bought
GBP-denominated corporate bonds in defensive sectors with strong cash flows
and attractive yields. For instance, we added Entain and Flutter (both gaming
companies) bonds, Gatwick Airport bonds, Southern Water (infrastructure), and
Pinewood Studios.
Funding came from a reduction in the equity portfolio, selling holdings in
Coca-Cola Hellenic Bottling Company (CCH) and IG Group. CCH has been a good
performer for the Company over the long term and has recovered well since the
start of the Russian Ukraine war. We believe the valuation has now reached a
level which is not discounting the risk of slowing volume momentum given the
significant price increases seen in recent years. We sold IG Group, the online
trading and spread betting business which had performed well since purchase,
on fears over potential changes to the tax treatment of remote gambling by the
government. Although a new rate of general betting duty for remote gambling
was introduced, it excluded spread betting, however, this still presents a
risk going forward.
Elsewhere, within the equity portfolio, we switched our preference in overseas
banks from BNP Paribas to Banco Bilbao Vizcaya Argentaria (BBVA). French bank
BNP was sold following a US court ruling against the bank in a human rights
case related to Sudan. Although the damages awarded were modest, the precedent
creates significant financial risk if claims escalate, while political
instability in France could lead to higher banking levies. Spanish listed bank
BBVA offers a more attractive alternative, with strong franchises and market
positions in Spain, Turkey and Mexico, sector leading returns and a discounted
valuation. Structural growth in Mexico and improving loan growth in Spain
should support profit growth while the company also pays an attractive
dividend.
Other new additions to the equity portfolio included French insurer AXA and
Aberdeen, while we increased our holding in Diageo, moving to an overweight
position. AXA is a well diversified European multi-line insurer and has
potential to improve profits given a good pricing environment in certain
insurance lines while claims inflation is moderating. Aberdeen has faced
significant challenges in its asset management business but this has masked
the strong performance of its retail investment platform, Interactive
Investor, which now contributes almost half of the group's profit. This should
continue to see good growth given structural tailwinds in the
direct-to-consumer market and its competitively priced offering, while cost
savings in the asset management division should support margins. Diageo has
strong brands with market leading positions and although trading has been
difficult in recent years we believe this is more due to cyclical headwinds
rather than structural issues. The valuation is attractive given the quality
of the brand portfolio and we believe the new CEO can reinvigorate the
business and drive profit recovery.
Finally we sold holdings in SSE, Conduit Re and Sabre Insurance. UK utility
SSE is due to make significant investments in renewable energy projects over
the next few years, however, we are concerned over the level of returns given
the material increase in construction costs in recent years. Sabre is a UK
motor insurance underwriter. The shares had performed well from their lows as
margins had recovered back to more normalised levels given the strong premium
pricing environment over the last couple of years. However, we were concerned
over the company's recent change in strategy to prioritise volume over price
especially now the motor insurance market is softening. Conduit Re, the
reinsurer, was sold over concerns around their ability to correctly price
underwriting risks and also in the quality of their systems given
disappointing event losses last year.
Gearing at the end of December was 17.5%, down from the end of 2024 (21.0%),
however, this was more a reflection of the growth in the NAV through the year
with the absolute level of borrowing only falling modestly.
Outlook
Despite strong market returns from UK equities in 2025, there was a lack of
aggregate earnings growth for the market as a whole. This was largely due to
falling earnings in the oil & gas and mining sectors being offset by
strong earnings growth within financials, especially banks and insurers. A
continuation of falling inflation and further interest rates cuts could have
supported an inflection in aggregate earnings growth for the UK market this
year, however, events in Iran and the subsequent surging oil price has now put
that at risk. The duration of the conflict in the Middle East will have
implications on western economies through higher inflation and slower economic
growth, especially in Europe which is a net importer of energy. A quick
resolution or a return of oil flowing through the Strait of Hormuz could
lessen the impact but geopolitical tensions are likely to remain high.
Although UK equity market performed strongly in 2025, the recent pullback has
left valuations in line with the long-term average and inexpensive relative to
global markets.
In the UK, the inflationary impact of rising oil and gas prices will not flow
through to consumer energy bills until the second half of the year given the
energy price cap mechanism. However further interest rate cuts from the Bank
of England are now unlikely in the short term due to increased inflation
uncertainty. It is worth remembering that UK consumers, businesses and the
banking system remain in strong financial health which has supported the UK
economy through periods of energy price volatility in recent years.
The growth of AI and what it means for society cannot be underestimated. There
are businesses that will win from AI development, others that will be enhanced
by AI deployment and others that will suffer from AI disintermediation. We are
already seeing the market try to predict which companies fit into which groups
but it is probably too early to be certain. It will no doubt continue to be
volatile but one needs to be disciplined in understanding the strengths of
business models and how the valuation discounts the AI threat or opportunity.
As ever the focus remains on finding good quality businesses at a compelling
valuation that can pay and grow an attractive dividend. The portfolio is well
balanced in terms of income generation, with good diversification between
sectors and owning cash generative businesses.
David Smith
Fund Manager
25 March 2026
Managing risks
The Board, supported by the Manager, undertakes a robust and regular
assessment of the principal and emerging risks facing the Company. The Board
seeks assurance that these risks are clearly identified and assessed, and that
appropriate systems of risk management and internal control are in place to
mitigate them where practicable. The Company's principal risks are those that
could threaten its business model, future performance, solvency, liquidity or
reputation. To support effective oversight, the Board maintains a detailed
risk matrix which sets out the key risks and the controls in place to manage
them.
The Board may implement safeguarding measures directly, such as establishing a
schedule of investment limits and restrictions aligned with the Company's
investment objective and policy. The Manager is required to adhere to these
parameters and report on compliance on a monthly basis. Additionally, the
Board may delegate the design and implementation of certain controls to the
Company's third-party service providers, who provide regular updates on the
effectiveness of their control environments. Each risk identified in the risk
matrix is evaluated using a colour-coded traffic light system, which scores
and prioritises risks based on their potential impact on the Company and the
likelihood of occurrence. The principal risks identified through this process,
along with the mitigating actions taken by the Board, are detailed in the
table below.
The Board does not consider these principal risks to have changed during the
year under review and up to the date of this report.
Principal Risk Trend Mitigating Measures
Climate Change Risk ↔ ESG considerations are a fully integrated component of the investment process.
The Fund Manager seeks to understand how a company is managing ESG risks
Risk that investee companies within the Company's portfolio fail to respond through its policies and processes and where its investments are targeted, to
to the pressures associated with climate change and fail to limit their ensure that its business model remains sustainable over the longer term.
carbon footprint to regulated targets, resulting in reduced investor demand
for their shares and falling market values.
Please refer to Environmental, Social and Governance Matters in the Annual
Report for further details.
Investment Risk ↔ The Manager provides the Board with regular investment performance statistics
against the benchmark and the peer group. The implementation of the investment
Risk of long-term underperformance of the Company against the benchmark and/or strategy and results of the investment process, for which the Fund Manager is
peer group. This could result in the shares of the Company trading at a responsible, are discussed with the Manager and reviewed at each Board
persistent discount to net asset value and/or reduced liquidity in the meeting. The premium/discount to net asset value and the trading volume of the
Company's shares. Company's shares are also regularly reviewed, taking account of market
conditions.
Risk that insufficient income generation could lead to a cut in the dividend.
The Board regularly reviews and monitors the investment in marketing
activities with the Manager. Both the Manager and the Board maintain close
contact with the Company's Broker to understand the supply of and demand for
the Company's shares.
The Board reviews the Income Statement and revenue forecasts at each meeting
and continually monitors the Company's revenue reserves.
Market/Financial Risk ↔ The Board reviews the Company's compliance with its loan covenants (for both
the short-term and long-term facilities) on a monthly basis. Additional
Risk that market conditions lead to a fall in the value of the portfolio covenant testing is undertaken in extreme market conditions to give comfort
(magnified by any gearing) and/or a reduction of income. that the Company can meet its financial liabilities.
Risks associated with interest rates and their impact on the broader financial The portfolio is diverse, containing a sufficient range of investments to
system. ensure that no single investment puts undue risk on the sustainability of the
income generated by the portfolio or indeed the capital value. Regard is also
given to having a broad mix of companies in the portfolio, as well as a spread
across a range of economic sectors. The Board reviews the portfolio on a
These could result in a loss of capital value for shareholders and/or a cut in monthly basis.
the dividend payment.
The Manager operates within investment limits and restrictions set by the
Board, including limits for gearing and derivatives and confirms compliance
with these each month. Any particularly high risks are highlighted and
discussed, and appropriate follow up action is taken where necessary.
A detailed analysis of the Company's financial risk management policies and
procedures can be found in the Financial Risk Management Policies and
Procedures note in the Annual Report.
The Board reviews the Income Statement and revenue forecasts at each meeting
and continually monitors the Company's revenue reserves.
Operational Risks including cyber risks, pandemic risks and epidemic risks and ↑ The Board receives quarterly internal control reports from the Manager to
risks relating to terrorism and international conflicts support its oversight of the Company's internal control and risk management
framework. These are supplemented by regular updates from the Manager's
Risk of loss through inadequate or failed internal procedures, policies, Internal Audit, Risk, Compliance, Information Security, and Business
processes, systems or human error. This includes risk of loss to the Company's Continuity teams, providing assurance that robust systems and procedures are
third-party service providers. in place to maintain operational resilience.
Risk of financial loss, disruption or damage to the reputation of the The Board also seeks confirmation from the Manager that the portfolio can
Company, the Manager and the Company's other key third-party service continue to be managed effectively during periods of disruption. Similar
providers, as a result of failure of information technology systems. assurances are obtained from the Company's key third-party service providers,
who are expected to maintain appropriate business continuity and risk
mitigation plans to ensure service continuity in the event of cyber incidents,
pandemics, terrorism, or geopolitical events.
Risk of loss as a result of external events outside of the Board's control
such as pandemic and/or epidemic risks and risks relating to terrorism and/or
international conflicts that disrupt and impact the global economy. This
includes the risk of loss to the Company's third-party service providers that
are also disrupted and impacted by such events.
Tax, Legal and Regulatory Risk ↔ The Manager has been contracted to provide investment, company secretarial,
administration and accounting services through qualified professionals.
Risk that a breach of, or a change in laws and regulations, could materially
affect the viability and appeal of the Company, in particular section 1158/9
of the Corporation Tax Act 2010 which exempts capital gains from being taxed
within investment trusts. The Board receives internal control reports produced by the Manager on a
quarterly basis, which confirm tax, legal and regulatory compliance.
Emerging Risks
With the help of the Manager's research resources and using its own market
intelligence, the Board continually monitors the changing risk landscape and
any emerging and increasing threats to the Company's business model. Such
emerging risks could cause disruption for the Company if ignored, but if
identified could provide business opportunities. Should an emerging risk
become sufficiently clear, it may be moved to a principal risk. During the
year under review, the Board did not identify any emerging risks which are not
already encompassed within the existing principal risks.
VIABILITY STATEMENT
The Company seeks to provide superior income generation and long-term capital
growth for its shareholders. The Board aims to achieve this by implementing
the Company's business model and strategy through the investment objective and
policy. It remains committed to regularly reviewing and adapting the business
model and strategy of the Company to ensure its long-term viability in
relation to its principal and emerging risks. In assessing viability, the
Board also considers:
· the Company's prospects, including the liquidity of the portfolio which is
mainly invested in readily realisable listed securities;
· the level of borrowings, which are subject to restrictions;
· the closed-end nature as an investment company, which mitigates risks
associated with unexpected redemptions;
· the ongoing charge ratio (0.68% for the year ended 31 December 2025; 2024:
0.74%); and
· long-term borrowings in place, specifically the 3.67% senior unsecured loan
note maturing in July 2034, representing 5.8% of net assets as at 31 December
2025 - a relatively modest proportion of total net assets.
The Company retains legal title to all assets held by the custodian (under the
terms of the formal agreement with the depositary). Cash is held with approved
banks and revenue and expenditure forecasts are reviewed at each Board
meeting. Additionally, the Fund Manager provides a conservative stress-tested
revenue forecast at least once a year to assist the Board with its dividend
decision making. The Company's revenue reserves remain strong with
approximately seven months' worth of dividend cover, which gives additional
comfort for any difficult years which may arise in the future.
The Board believes it is appropriate to assess the Company's viability over a
five-year period in recognition of its long-term investment horizon and taking
account of the Company's current position and the assessment factors detailed
above.
When assessing the viability of the Company over the next five years, the
Directors considered its ability to meet liabilities as they fall due. This
included consideration of the duration of the Company's borrowing facilities
and how a breach of any loan covenants could impact on the Company's net asset
value and share price. The Directors also considered the impact of a global
recession, inflation and risks associated with geopolitical conflicts. While
these factors contribute to market uncertainty and volatility, they do not
threaten the Company's viability.
The Board does not envisage any change in strategy or investment objective,
nor any events that would prevent the Company from continuing to operate over
the next five years. The Company's liquid assets, limited commitments and
intention to maintain its investment trust status support this view. In 2025
the Board received feedback from the Fund Manager and the Janus Henderson
Investment Trust Sales Team on meetings held with shareholders.
The Company's continuation vote took place at the AGM on 13 May 2025 and
passed with 99.4% votes in favour. The next continuation vote is due to take
place at the AGM in 2030.
In light of the above considerations of the Company's viability and going
concern, the Board remains confident that shareholders remain supportive of
the Company. It takes comfort in the robustness of the Company's position,
performance, liquidity and the well-diversified portfolio, as well as the Fund
Manager's monitoring of the portfolio. Accordingly, the Board has a reasonable
expectation that the Company will continue in operation and meet its
liabilities as they fall due up to and including the year ending 31 December
2030.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with the
Directors and the Manager. There have been no material transactions between
the Company and its Directors during the year. The only amounts paid to them
were in respect of remuneration for which there were no outstanding amounts
payable at the year end. Directors' interests in shares are disclosed in the
Directors' Remuneration Report in the Annual Report. 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 material transactions with the Manager affecting the
financial position or performance of the Company during the year under review.
More details on transactions with Janus Henderson and related parties,
including amounts outstanding at the year end, are given in Note 21 to the
financial statements within the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
Each of the Directors, whose names and functions are listed in note 14 below,
confirms that, to the best of their knowledge:
· the Company's financial statements, which have been prepared in accordance
with United Kingdom Accounting Standards, comprising FRS 102, give a true and
fair view of the assets, liabilities, financial position and profit of the
Company; and
· the Strategic Report includes 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.
On behalf of the Board
Jeremy Rigg
Chairman
25 March 2026
The Company retains legal title to all assets held by the custodian (under the
terms of the formal agreement with the depositary). Cash is held with approved
banks and revenue and expenditure forecasts are reviewed at each Board
meeting. Additionally, the Fund Manager provides a conservative stress-tested
revenue forecast at least once a year to assist the Board with its dividend
decision making. The Company's revenue reserves remain strong with
approximately seven months' worth of dividend cover, which gives additional
comfort for any difficult years which may arise in the future.
The Board believes it is appropriate to assess the Company's viability over a
five-year period in recognition of its long-term investment horizon and taking
account of the Company's current position and the assessment factors detailed
above.
When assessing the viability of the Company over the next five years, the
Directors considered its ability to meet liabilities as they fall due. This
included consideration of the duration of the Company's borrowing facilities
and how a breach of any loan covenants could impact on the Company's net asset
value and share price. The Directors also considered the impact of a global
recession, inflation and risks associated with geopolitical conflicts. While
these factors contribute to market uncertainty and volatility, they do not
threaten the Company's viability.
The Board does not envisage any change in strategy or investment objective,
nor any events that would prevent the Company from continuing to operate over
the next five years. The Company's liquid assets, limited commitments and
intention to maintain its investment trust status support this view. In 2025
the Board received feedback from the Fund Manager and the Janus Henderson
Investment Trust Sales Team on meetings held with shareholders.
The Company's continuation vote took place at the AGM on 13 May 2025 and
passed with 99.4% votes in favour. The next continuation vote is due to take
place at the AGM in 2030.
In light of the above considerations of the Company's viability and going
concern, the Board remains confident that shareholders remain supportive of
the Company. It takes comfort in the robustness of the Company's position,
performance, liquidity and the well-diversified portfolio, as well as the Fund
Manager's monitoring of the portfolio. Accordingly, the Board has a reasonable
expectation that the Company will continue in operation and meet its
liabilities as they fall due up to and including the year ending 31 December
2030.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with the
Directors and the Manager. There have been no material transactions between
the Company and its Directors during the year. The only amounts paid to them
were in respect of remuneration for which there were no outstanding amounts
payable at the year end. Directors' interests in shares are disclosed in the
Directors' Remuneration Report in the Annual Report. 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 material transactions with the Manager affecting the
financial position or performance of the Company during the year under review.
More details on transactions with Janus Henderson and related parties,
including amounts outstanding at the year end, are given in Note 21 to the
financial statements within the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
Each of the Directors, whose names and functions are listed in note 14 below,
confirms that, to the best of their knowledge:
· the Company's financial statements, which have been prepared in accordance
with United Kingdom Accounting Standards, comprising FRS 102, give a true and
fair view of the assets, liabilities, financial position and profit of the
Company; and
· the Strategic Report includes 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.
On behalf of the Board
Jeremy Rigg
Chairman
25 March 2026
AUDITED INCOME STATEMENT
Year ended Year ended
31 December 2025 31 December 2024
Revenue Capital Total Revenue Capital Total
return return £'000 return return £'000
£'000 £'000 £'000 £'000
Gains on investments held at fair value through profit or loss (note 2) - 43,613 43,613 - 11,155 11,155
Income from investments held at fair value through profit or loss (note 3) 21,258 - 21,258 20,513 - 20,513
Other interest receivable and similar income 258 - 258 313 - 313
----------- ----------- ----------- ----------- ----------- -----------
Gross revenue and capital gains 21,516 43,613 65,129 20,826 11,155 31,981
----------- ----------- ----------- ----------- ----------- -----------
Expenses
Management fee (639) (959) (1,598) (666) (999) (1,665)
(note 5)
Other administrative expenses (617) - (617) (618) - (618)
----------- ----------- ----------- ----------- ----------- -----------
Net return before finance costs and taxation 20,260 42,654 62,914 19,542 10,156 29,698
Finance costs (710) (2,131) (2,841) (903) (2,709) (3,612)
----------- ----------- ----------- ----------- ----------- -----------
Net return before taxation 19,550 40,523 60,073 18,639 7,447 26,086
Taxation on net return (308) 261 (47) (338) 229 (109)
----------- ----------- ----------- ----------- ----------- -----------
Net return after taxation 19,242 40,784 60,026 18,301 7,676 25,977
----------- ----------- ----------- ----------- ----------- -----------
Return per ordinary share (note 6) 11.28p 23.90p 35.18p 10.74p 4.50p 15.24p
======= ======= ======= ======= ======= =======
The total columns of this statement represent the Income Statement of the
Company.
All capital and revenue items derive from continuing operations. No operations
were acquired or discontinued during the period, see note 23 in the Annual
Report for further details on the HDIV combination in the prior year.
The Company has no other comprehensive income other than those items
recognised in the Income Statement.
AUDITED STATEMENT OF CHANGES IN EQUITY
Year ended Called up Share Capital Other Revenue Total
31 December 2025
share premium redemption capital reserve £'000
capital account reserve reserves £'000
£'000 £'000 £'000 £'000
At 1 January 2025 8,607 198,629 26,302 59,483 10,186 303,207
Net return after taxation - - - 40,784 19,242 60,026
Dividends paid (note 9) - - - - (18,442) (18,442)
Buyback of shares for treasury (note 7) - - - (4,598) - (4,598)
----------- ----------- ----------- ----------- ----------- -----------
At 31 December 2025 8,607 198,629 26,302 95,669 10,986 340,193
======= ======= ======= ======= ======= =======
Year ended Called up Share Capital Other Revenue Total
31 December 2024
share premium redemption capital reserve £'000
capital account reserve reserves £'000
£'000 £'000 £'000 £'000
At 1 January 2024 6,490 128,827 26,302 51,807 8,916 222,342
Net return after taxation - - - 7,676 18,301 25,977
Dividends paid (note 9) - - - - (17,031) (17,031)
Issue of shares on the HDIV combination 2,117 69,949 - - - 72,066
(note 7)
Issue costs of HDIV transaction - (3) - - - (3)
Listing fee in respect of the new shares issued following the HDIV combination - (144) - - - (144)
----------- ----------- ----------- ----------- ----------- -----------
At 31 December 2024 8,607 198,629 26,302 59,483 10,186 303,207
======= ======= ======= ======= ======= =======
AUDITED STATEMENT OF FINANCIAL POSITION
At 31 December 2025 At 31 December 2024
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 399,867 366,790
-------------- --------------
Current assets
Debtors 2,329 2,323
Cash at bank and in hand 3,746 2,493
-------------- --------------
6,075 4,816
-------------- --------------
Creditors: amounts falling due within one year (45,860) (48,520)
-------------- --------------
Net current liabilities (39,785) (43,704)
Total assets less current liabilities 360,082 323,086
-------------- --------------
Creditors: amounts falling due after more than one year (19,889) (19,879)
-------------- --------------
Net assets 340,193 303,207
======== ========
Capital and reserves
Called up share capital (note 7) 8,607 8,607
Share premium account 198,629 198,629
Capital redemption reserve 26,302 26,302
Other capital reserves 95,669 59,483
Revenue reserve 10,986 10,186
-------------- --------------
Total shareholders' funds 340,193 303,207
======== ========
Net asset value per ordinary share (note 8) 200.68p 176.14p
======== ========
AUDITED Statement of Cash Flows
Year ended Year ended
31 December 2025 31 December 2024
£'000 £'000
Cash flows from operating activities
Net return before taxation 60,073 26,086
Add back: finance costs 2,841 3,612
Less gains on investments held at fair value through profit or loss (43,613) (11,155)
Withholding tax on dividends deducted at source (47) (109)
Increase in debtors (6) (231)
Increase/(decrease) in creditors 9 (282)
-------------- --------------
Net cash inflow from operating activities(1) 19,257 17,921
-------------- --------------
Cash flows from investing activities
Sales of investments held at fair value through profit or loss 79,649 101,287
Purchases of investments held at fair value through profit or loss (68,895) (147,956)
-------------- --------------
Net cash inflow/(outflow) from investing activities 10,754 (46,669)
-------------- --------------
Cash flows from financing activities
Net cash acquired and received following the HDIV transaction - 32,586
Listing fees in respect of the new shares issued following the HDIV - (144)
transaction
Issue costs in respect of the HDIV transaction - (3)
Share buybacks for treasury (4,598) -
Equity dividends paid (18,442) (17,031)
Drawdown of loans - 17,932
Repayment of loans (3,035) -
Interest paid (2,831) (3,600)
-------------- --------------
Net cash (outflow)/inflow from financing activities (28,906) 29,740
-------------- --------------
Net increase in cash and cash equivalents 1,105 992
Cash and cash equivalents at beginning of year 2,493 1,990
Exchange movements 148 (489)
-------------- --------------
Cash and cash equivalents at end of year 3,746 2,493
Comprising: -------------- --------------
Cash at bank 3,746 2,493
======== ========
(1) Cash inflow from dividends was £19,173,000 (2024: £18,236,000) and cash
inflow from interest was £2,049,000 (2024: £1,904,000)
NOTES TO THE FINANCIAL STATEMENTS
1a. Accounting policies: basis of accounting
The Company is an investment company as defined in section 833 of the
Companies Act 2006 and is incorporated in the UK. It operates in England and
Wales and is registered at 201 Bishopsgate, London EC2M 3AE. The financial
statements have been prepared in accordance with the Companies Act 2006, FRS
102 - The Financial Reporting Standard applicable in the UK and Republic of
Ireland, and with the AIC Statement of Recommended Practice: Financial
Statements of Investment Trust Companies and Venture Capital Trusts (SORP).
The principal accounting policies applied in the presentation of these
financial statements are set out in the Annual Report. These policies have
been consistently applied to all the years presented. The financial statements
have been prepared under the historical cost basis except for the measurement
at fair value of investments. In applying FRS 102, financial instruments have
been accounted for in accordance with sections 11 and 12 of the Standard. All
of the Company's operations are of a continuing nature.
1b. Significant judgments and estimates
The decision to allocate special dividends as income or capital is a judgment
but not deemed to be material. The allocation of expenses as income or capital
is not material but has an impact on distributable reserves. The Directors do
not consider these to be significant judgments or estimates and do not believe
any accounting judgments or estimates have been applied to this set of
financial statements that have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities within the next
financial year.
1c. Going concern
The Directors have considered the liquidity of the portfolio and concluded
that the assets of the Company consists of securities that are readily
realisable. The Directors have also assessed the potential impact of risks
associated with interest rates on the broader financial system, alongside the
implications of ongoing geopolitical conflicts. This assessment included a
review of cash flow forecasts, covenant compliance - particularly the headroom
available under the most restrictive covenants - and the liquidity profile of
the portfolio. They have concluded that the Company is able to meet its
financial obligations, including the repayment of the bank loan, as they fall
due for a period to 25 March 2027, which is at least 12 months from the date
of the approval of the financial statements.
The Company's shareholders are asked every five years to vote on the
continuation of the Company. An ordinary resolution to this effect was passed
by the shareholders at the AGM held on 13 May 2025. Having assessed these
factors, the principal risks and other matters discussed in connection with
the viability statement, the Board has determined that it is appropriate to
adopt the going concern basis of accounting in preparing the financial
statements.
2. Gains on Investments Held at Fair Value through Profit or Loss
2025 2024
£'000 £'000
Gains on the sale of investments based on historical cost 713 5,815
Revaluation losses/(gains) recognised in previous years 349 (2,211)
------------ ------------
Gains on investments sold in the year based on carrying value at previous 1,062 3,604
Statement of Financial Position date
------------ ------------
Net movement on revaluation of investments 42,908 7,046
Effective yield movement (139) (16)
Exchange (losses)/gains (218) 521
------------ ------------
43,613 11,155
======= =======
3. Income from Investments Held at Fair Value through Profit or Loss 2025 2024
£'000 £'000
UK dividend income - listed 15,313 14,946
UK dividend income - special dividends 639 189
---------- ----------
15,952 15,135
---------- ----------
Interest income - listed 2,091 2,058
Overseas and other dividend income - listed 3,215 3,162
Overseas and other dividend income - special dividends - 158
---------- ----------
5,306 5,378
---------- ----------
21,258 20,513
====== ======
4. Other Interest Receivable and Similar Income 2025 2024
£'000 £'000
Deposit interest 71 96
Traded option premiums 160 202
Underwriting commission 7 15
Interest on tax reclaims 4 -
Other income(1) 16 -
----- -----
258 313
=== ===
(1) Comprises a voting fee received in relation to the cancellation of General
Accident 7.875% preference stock of £16,000
(2024 - £nil)
5. Management Fee
2025 2024
Revenue Capital Revenue Capital
return return Total return return Total
£'000 £'000 £'000 £'000 £'000 £'000
Management fee 639 959 1,598 666 999 1,665
===== ===== ===== ===== ===== =====
A summary of the terms of the Investment Management Agreement is given in the
Annual Report. An explanation of the split between revenue and capital is
contained in Note 1g to the financial statements in the Annual Report.
6. Profit for the year
Profit attributable per ordinary share figure is based on the return
attributable to the ordinary shares of £60,026,000 (2024: £25,977,000) and
on the 170,626,901 weighted average number of ordinary shares in issue during
the year
(2024: 170,406,232).
The Company had no securities in issue that could dilute the return per
ordinary share. The return per ordinary share can be analysed between revenue
and capital as shown below:
2025 2024
£'000 £'000
Net revenue return 19,242 18,301
Net capital return 40,784 7,676
------------ ------------
Profit for the year 60,026 25,977
======= =======
Weighted average number of ordinary shares 170,626,901 170,406,232
Revenue return per ordinary share 11.28p 10.74p
Capital return per ordinary share 23.90p 4.50p
------------ ------------
Profit attributable per ordinary share 35.18p 15.24p
======= =======
7. Called Up Share Capital
Shares held in treasury Shares entitled Total shares Nominal value
to dividend in issue in issue
£'000
Issued ordinary shares of 5p each
At 1 January 2025 - 172,141,700 172,141,700 8,607
Buyback of shares in treasury 2,622,692 (2,622,692) - -
---------------- ---------------- ---------------- ----------------
At 31 December 2025 2,622,692 169,519,008 172,141,700 8,607
---------------- ---------------- ---------------- ----------------
Shares held in treasury Shares entitled Total shares Nominal value
to dividend in issue in issue
£'000
Issued ordinary shares of 5p each
At 1 January 2024 - 129,796,278 129,796,278 6,490
Issued during the year - 42,345,422 42,345,422 2,117
---------------- ---------------- ---------------- ----------------
At 31 December 2024 - 172,141,700 172,141,700 8,607
---------------- ---------------- ---------------- ----------------
During the year under review 2,622,692 shares were bought back and held in
treasury (year ended 31 December 2024: no shares). No shares were issued
during the year under review (year ended 31 December 2024: no shares
subsequent to the HDIV combination). At 31 December 2025 there were
172,141,700 ordinary shares of 5p nominal value in issue.
Between 1 January 2026 and 23 March 2026, being the last practicable date
prior to the publication of this annual report, no shares were issued or
bought back. Accordingly, the number of shares in issue as at 23 March 2026
was 172,141,700 of which 2,622,692 were held in treasury. Therefore, the total
voting rights in the Company at that date was 169,519,008.
On 17 January 2024 the Company issued 42,345,422 new shares to Henderson
Diversified Income Trust plc (HDIV) shareholders in consideration of the
£72.1 million of net assets acquired from HDIV in accordance with the scheme
of reconstruction and winding up of HDIV under section 110 of the Insolvency
Act 1986.
8. Net Asset Value Per Ordinary Share
The net asset value per ordinary share is based on the net assets attributable
to the ordinary shares of £340,193,000 (2024: £303,207,000) and on the
169,519,008 ordinary shares in issue at 31 December 2025 (2024: 172,141,700).
The movements during the year of the assets attributable to the ordinary
shares were as follows:
2025 2024
£'000 £'000
Net assets at start of year 303,207 222,342
Total net return after taxation 60,026 25,977
Dividends paid in the year (18,442) (17,031)
Buyback of shares for treasury (4,598) -
Issue of shares on the HDIV combination - 72,066
Issue costs in respect of the HDIV combination - (3)
Listing fees in respect of the new shares issued following the HDIV - (144)
combination
------------ ------------
340,193 303,207
------------ ------------
9. Dividends Paid on Ordinary Shares
Payment date 2025 2024
£'000 £'000
Fourth interim dividend (2.625p per share) for the year ended 31 December 2023 26 January 2024 - 3,407
First interim dividend (2.625p per share) for the year ended 31 December 2024 26 April 2024 - 4,519
Second interim dividend (2.625p per share) for the year ended 31 December 2024 26 July 2024 - 4,519
Third interim dividend (2.675p per share) for the year ended 31 December 2024 25 October 2024 - 4,605
Fourth interim dividend (2.675p per share) for the year ended 31 December 2024 31 January 2025 4,605 -
First interim dividend (2.675p per share) for the year ended 31 December 2025 25 April 2025 4,571 -
Second interim dividend (2.675p per share) for the year ended 31 December 2025 25 July 2025 4,566 -
Third interim dividend (2.775p per share) for the year ended 31 December 2025 24 October 2025 4,720 -
Unclaimed dividends (20) (19)
---------- ----------
18,442 17,031
====== ======
The total dividends payable in respect of the financial year which form the
basis of the test under section 1158 of the Corporation Tax Act 2010, which
sets out the maximum income that an investment trust can retain in any
financial year, are set out below:
2025 2024
£'000 £'000
Revenue available for distribution by way of dividend for the year 19,242 18,301
First interim dividend of 2.675p (2024: 2.625p) (4,571) (4,519)
Second interim dividend of 2.675p (2024: 2.625p) (4,566) (4,519)
Third interim dividend of 2.775p (2024: 2.675p) (4,720) (4,605)
Fourth interim dividend 2.775p (2024: 2.675p) (4,704) (4,605)
---------- ----------
Transfer to revenue reserves 681 53
====== ======
In accordance with FRS 102, interim dividends payable to equity shareholders
are recognised in the Statement of Changes in Equity when they have been paid
to shareholders. All dividends have been paid out of revenue reserves or
current year revenue profits and at no point during the year did the revenue
reserve move to a negative position.
10. 2025 Financial Information
The figures and financial information for the year ended 31 December 2025 are
extracted from the Company's Annual Financial Statements for that period and
do not constitute statutory financial statements for that period. The
Company's Annual Financial Statements for the year ended 31 December 2025 have
been audited but have not yet been delivered to the Registrar of Companies.
The Independent Auditors' Report on the 2025 Financial Statements was
unqualified, did not include a reference to any matter to which the Auditors
drew attention without qualifying the report, and did not contain any
statements under sections 498(2) and 498(3) of the Companies Act 2006.
11. 2024 Financial Information
The figures and financial information for the year ended 31 December 2024 are
extracted from the Company's Annual Financial Statements for that period and
do not constitute statutory financial statements for that period. The
Company's Annual Financial Statements for the year ended 31 December 2024
have been audited and delivered to the Registrar of Companies. The Independent
Auditors' Report on the 2024 Financial Statements was unqualified, did not
include a reference to any matter to which the Auditors drew attention without
qualifying the report, and did not contain any statements under sections
498(2) and 498(3) of the Companies Act 2006.
12. Annual Report
The Company's Annual Report and Financial Statements for the year ended 31
December 2025 ("the Annual Report") includes the Notice of Annual General
Meeting and will be published in hard copy format and posted to shareholders
in April 2026. Thereafter hard copies will be available from the Corporate
Secretary at the Company's registered office, 201 Bishopsgate, London EC2M
3AE. An electronic copy of the Annual Report will shortly be available to view
and download from the Company's website: www.hendersonhighincome.com
(http://www.hendersonhighincome.com) .
The Annual Report, including the Notice of Annual General Meeting and together
with the form of proxy, will shortly be uploaded to the Financial Conduct
Authority's National Storage Mechanism and will be available for inspection
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
13. Annual General Meeting (AGM)
The AGM will be held on Tuesday, 12 May 2026 at 12 noon at the Company's
registered office, 201 Bishopsgate, London EC2M 3AE. Instructions on attending
the meeting in person or virtually, and details of resolutions to be put to
the AGM, are included in the Notice of AGM in the Annual Report and are
available at www.hendersonhighincome.com. If shareholders would like to submit
any questions in advance of the AGM, they are welcome to send these to the
corporate secretary at itsecretariat@janushenderson.com.
14. General Information
a) Company Status
The Company is a UK domiciled investment trust company with registered number
02422514.
SEDOL/ISIN number: 0958057/GB0009580571
London Stock Exchange (TIDM) Code: HHI
Global Intermediary Identification Number (GIIN): JBA08I.99999.SL.826
Legal Entity Identifier Number (LEI): 213800OEXAGFSF7Y6G11
b) Directors, Corporate Secretary and Registered Office
The Directors of the Company are Jeremy Rigg (Chairman), Jonathan Silver
(Chairman of the Audit & Risk Committee), Francesca Ecsery (Senior
Independent Director), Richard Cranfield and Preeti Rathi. The Corporate
Secretary is Janus Henderson Secretarial Services UK Limited, represented by
Samantha McDonald, FCG. The registered office is
201 Bishopsgate, London EC2M 3AE.
c) 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.hendersonhighincome.com.
For further information please contact:
David Smith Dan Howe
Fund Manager Head of Investment Trusts
Janus Henderson Investors Janus Henderson Investors
Telephone: 020 7818 4443 Telephone: 020 7818 1818
Harriet Hall
PR Director, Investment Trusts
Janus Henderson Investors
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Henderson High Income Trust
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