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Value and Income(VIN)

Sector:

Equity Investment Instruments

Index:

FTSE Small Cap

Market Cap

£70.15m

Change Today

-0.50p

Share Price

154.00p

Final Results

RNS Number : 3875V

Value & Income Trust plc

28 May 2008

VALUE AND INCOME TRUST PLC

PRELIMINARY RESULTS

FOR THE YEAR ENDED 31 MARCH 2008

SUMMARY

	31 March 2008	31 March 2007

Net asset value per share valuing debt at par	251.0p	299.0p
Net asset value per share valuing debt at market value	222.7p	271.1p
Ordinary share price	166.0p	253.0p
Total interim dividend and proposed final dividend per share	7.4p	6.7p
Total assets less current liabilities	£151.8 million	£175.0 million

THE YEAR

VIT's share price total return was -32.2% and 0.8%, compared with the FTSE All-Share Index total return of -7.7% and 31.3% over one year and three years, respectively, to 31 March 2008
VIT's net asset value total return was -13.6% and 26.6% over one year and three years, respectively, to 31 March 2008
Total dividends for the year are 7.4p, up 10.4% on the previous year - the twenty-first consecutive year of increase

DIVIDEND

The Directors are recommending a final dividend of 3.7p per Ordinary Share be paid on 18 July 2008 to shareholders on the register as at 20 June 2008. The ex-dividend date is 18 June 2008.

OUTLOOK

Current UK equity yields look very good value with real dividend growth. High yielding medium-sized and smaller companies are particularly undervalued. Property's high income is also attractive.

For further information, please contact:-

Matthew Oakeshott or Angela Lascelles of OLIM Limited, Manager

www.olim.co.uk

Tel: 020 7439 4400

VALUE AND INCOME TRUST PLC

GROUP INCOME STATEMENT

For the year ended 31 March 2008

	Year ended			Year ended
	31 March 2008 (Unaudited)			31 March 2007 (Audited)
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment income
Dividend income	4,368	-	4,368	4,010	-	4,010
	________	________	________	________	________	________
Rental income	3,284	-	3,284	3,196	-	3,196
Interest income on short-term deposits	205	-	205	174	-	174
	________	________	________	________	________	________
Other operating income	3,489	-	3,489	3,370	-	3,370
	________	________	________	________	________	________
Total revenue	7,857	-	7,857	7,380	-	7,380

Gains and losses on investments
Realised gains on held-at-fair-value investments	-	5,451	5,451	-	9,073	9,073
Unrealised (losses)/gains on investments	-	(28,069)	(28,069)	-	10,363	10,363
	________	________	________	________	________	________
Total income	7,857	(22,618)	(14,761)	7,380	19,436	26,816
	________	________	________	________	________	________
Expenses
Investment management fees	(367)	(855)	(1,222)	(366)	(1,361)	(1,727)
Other operating expenses	(396)	-	(396)	(409)	-	(409)

Finance costs	(3,501)	-	(3,501)	(3,502)	-	(3,502)
	________	________	________	________	________	________
Total expenses	(4,264)	(855)	(5,119)	(4,277)	(1,361)	(5,638)
	________	________	________	________	________	________
(Loss) / profit before tax	3,593	(23,473)	(19,880)	3,103	18,075	21,178

Taxation	-	1,310	1,310	-	(713)	(713)
	________	________	________	________	________	________
(Loss) / profit for the period	3,593	(22,163)	(18,570)	3,103	17,362	20,465
	________	________	________	________	________	________
Earnings per ordinary share (pence)	7.89	(48.66)	(40.77)	6.81	38.12	44.93

The total column of this statement represents the Income Statement of the Group, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of Value and Income Trust PLC, the parent company. There are no minority interests.

VALUE AND INCOME TRUST PLC

COMPANY INCOME STATEMENT

For the year ended 31 March 2008

	Year ended			Year ended
	31 March 2008 (Unaudited)			31 March 2007 (Audited)
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000

Investment income

Dividend income	4,368	-	4,368	4,010	-	4,010
	________	________	________	________	________	________
Rental income	1,191	-	1,191	1,138	-	1,138
Interest income on short-term deposits	162	-	162	135	-	135
	________	________	________	________	________	________
Other operating income	1,353	-	1,353	1,273	-	1,273
	________	________	________	________	________	________
Total revenue	5,721	-	5,721	5,283	-	5,283

Gains and losses on investments
Realised gains on held-at-fair-value nvestments	-	5,451	5,451	-	8,183	8,183
Unrealised (losses)/gains on investments	-	(26,754)	(26,754)	-	10,477	10,477
	________	________	________	________	________	________
Total income	5,721	(21,303)	(15,582)	5,283	18,660	23,943
	________	________	________	________	________	________
Expenses
Investment management fees	(254)	(593)	(847)	(257)	(1,107)	(1,364)
Other operating expenses	(291)	-	(291)	(262)	-	(262)

Finance costs	(1,851)	-	(1,851)	(1,852)	-	(1,852)
	________	________	________	________	________	________
Total expenses	(2,396)	(593)	(2,989)	(2,371)	(1,107)	(3,478)
	________	________	________	________	________	________
(Loss) / profit before tax	3,325	(21,896)	(18,571)	2,912	17,553	20,465

Taxation	1	-	1	-	-	-
	________	________	________	________	________	________
(Loss) / profit for the period	3,326	(21,896)	(18,570)	2,912	17,553	20,465
	________	________	________	________	________	________
Earnings per ordinary share (pence)	7.30	(48.07)	(40.77)	6.39	38.54	44.93

The total column of this statement represents the Income Statement of the Company prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of Value and Income Trust PLC, the parent company. There are no minority interests.

VALUE AND INCOME TRUST PLC

BALANCE SHEET

AT 31 MARCH 2008

	Group (Unaudited)				Company (Audited)
	As at		As at		As at		As at
	31 March 2008		31 March 2007		31 March 2008		31 March 2007

	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
ASSETS
Non current assets
Investments held at fair value through profit or loss		92,063		118,716		110,944		139,206
Investment properties held at fair value through profit or loss		51,000		54,525		18,100		18,800
		_______		_______		_______		_______
		143,063		173,241		129,044		158,006

Current assets
Cash and cash equivalents	9,609		2,266		9,102		1,780
Other receivables	562		1,556		560		1,543
	_______		_______		_______		_______
		10,171		3,822		9,662		3,323

		_______		_______		_______		_______
TOTAL ASSETS		153,234		177,063		138,706		161,329

Current liabilities
Other payables		(1,406)		(2,051)		(3,922)		(4,671)
		_______		_______		_______		_______
		151,828		175,012		134,784		156,658

Non-current liabilities
Debenture stock	(35,444)		(35,468)		(20,444)		(20,468)
Deferred tax	(2,044)		(3,354)		-		-
	_______		_______		_______		_______
		(37,488)		(38,822)		(20,444)		(20,468)
		_______		_______		_______		_______
		114,340		136,190		114,340		136,190
		_______		_______		_______		_______
EQUITY

Called up share capital		4,555		4,555		4,555		4,555
Share premium		18,446		18,446		18,446		18,446
Retained earnings		91,339		113,189		91,339		113,189
		_______		_______		_______		_______
		114,340		136,190		114,340		136,190
		_______		_______		_______		_______

Net Asset Value per ordinary share (pence)		251.02		298.99		251.02		298.99

VALUE AND INCOME TRUST PLC

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR

Group	Year ended 31 March 2008 (Unaudited)				Year ended 31 March 2007 (Audited)
	Share	Share	Retained	Total	Share	Share	Retained	Total
	capital	premium	earnings		capital	premium	earnings
	£000	£000	£000	£000	£000	£000	£000	£000
Net assets at 31 March 2007	4,555	18,446	113,189	136,190	4,555	18,446	95,685	118,686
Net (loss) / profit for the year	-	-	(18,570)	(18,570)	-	-	20,465	20,465
Dividends paid	-	-	(3,280)	(3,280)	-	-	(2,961)	(2,961)
	_________	_________	_______	_______	_______	_______	_______	_______
Net assets at 31 March 2008	4,555	18,446	91,339	114,340	4,555	18,446	113,189	136,190
	_________	_________	_______	_______	_______	_______	_______	_______
Company
	Year ended 31 March 2008 (Unaudited)				Year ended 31 March 2007 (Audited)
	Share	Share	Retained	Total	Share	Share	Retained	Total
	capital	premium	earnings		capital	premium	earnings
	£000	£000	£000	£000	£000	£000	£000