Looking for high-quality investments for a high, regular income
shiresincome.co.uk
"The year to 31 March 2023 proved to be another challenging year on many levels. I am pleased to report, however, that the portfolio continues to produce a high level of income, with the Company's revenue return per share exceeding returns of previous years. "
Robert Talbut, Chairman
"In a period where equity market returns could pause after an unprecedented run since the global financial crisis, the focus on quality companies and the generation of resilient income remains to the fore and becomes more important than ever."
Iain Pyle and Charles Luke, abrdn Investments Limited
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Shires Income PLC
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Contents
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own financial advice from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser.
If you have sold or otherwise transferred all your Ordinary shares in Shires Income PLC, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
Overview
Performance Highlights
3
Financial Calendar and Highlights
4
Strategic Report
Chairman's Statement
8
Overview of Strategy
11
Promoting the Success of the Company
19
Performance
22
Investment Manager's Review
26
Investment Case Studies
33
The Investment Manager's Approach to ESG
35
Portfolio
Ten Largest Investments
42
Investment Portfolio - Equities
43
Investment Portfolio - Other Investments
46
Distribution of Assets and Liabilities
47
Sector Analysis
48
Governance
Board of Directors
52
Directors' Report
54
Directors' Remuneration Report
61
Audit Committee's Report
64
Financial Statements
Statement of Directors' Responsibilities
70
Independent Auditor's Report
71
Statement of Comprehensive Income
79
Balance Sheet
80
Statement of Changes in Equity
81
Cash Flow Statement
82
Notes to the Financial Statements
83
Corporate Information
Information about the Investment Manager
104
Investor Information
107
Glossary of Terms
110
Alternative Performance Measures
112
AIFMD Disclosures (Unaudited)
115
General
Notice of Annual General Meeting
117
Contact Addresses
125
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Shires Income PLC
Performance Highlights
Net asset value per Ordinary share total returnA -2.2%
2022
+11.4%
Benchmark index total return
+2.9%
2022
+13.0%
Dividends per Ordinary share
14.20p
2022
13.80p
Alternative Performance Measure (see pages 112 to 114).
Share price total returnA
-5.5%
2022
+18.4%
Earnings per share (revenue)
14.83p
2022
14.21p
Dividend yieldA
5.7%
2022
4.9%
Net asset value per
Dividends per
Ordinary share
Ordinary share price
Ordinary share
At 31 March - pence
At 31 March - pence
Year ended 31 March - pence
13.20
13.80
14.20
278.3
279.0
13.20
13.20
265.5
262.4
257.9
267.0
248.0
250.0
207.4
200.5
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Shires Income PLC
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Attachments
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Disclaimer
Shires Income plc published this content on 26 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2023 08:51:10 UTC.
Shires Income PLC is a United Kingdom-based closed-end investment company. The Company's investment objective is to provide shareholders with a high level of income, together with the potential for growth of both income and capital, from a diversified portfolio substantially invested in United Kingdom equities but also in preference shares, convertibles and other fixed income securities. The Companyâs policy is to invest principally in the ordinary shares of United Kingdom quoted companies, and in preference shares, convertibles and other fixed income securities with above average yields. The Company also invests in preference shares, primarily to enhance the income generation of the Company. The Company invest in various sectors, including financials, energy, health care, utilities, industrials, consumer staples, basic materials, consumer discretionary, real estate, technology and telecommunications. The Company's alternative investment fund manager is abrdn Fund Managers Limited.