Shires Income : Annual Report to 31 March 2023

Shires Income PLC

Annual Report 31 March 2023

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

2	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

1. 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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