GARTMORE IRISH GROWTH FUND PLC
REPORT FOR THE SIX MONTHS TO 30 SEPTEMBER 2007
THE COMPANY
Investment Objective
The Company seeks to provide shareholders with long-term capital growth through
investment in quoted companies which are either incorporated in the Republic of
Ireland or Northern Ireland or, if elsewhere, derive the majority of their
turnover or profits from the Republic of Ireland or Northern Ireland.
Investment Policy
It is believed that the Company, through the securities in which it invests,
offers an attractive and relatively direct means of investing in Ireland,
thereby giving exposure to:
* a relatively high-growth economic environment; and
* a low corporate taxation economy in the Republic of Ireland which is
attractive to investors into the region.
Performance
Performance is compared with the Davy Mid-Cap Index, the ISEQ Index, the Hoare
Govett Smaller Companies Index (ex Investment Companies), the FTSE All-Share
Index and the FTSE Europe ex UK Index.
Directors
H P Sheridan (Chairman)
R A M Baillie
G R Caldwell
W R Cotter
S P Fitzpatrick
R A Milliken
Manager
Gartmore Investment Limited
Gartmore House
8 Fenchurch Place
London EC3M 4PB
Telephone: 020 7782 2000
Authorised and regulated by the Financial Services Authority
Secretary And Registered Office
Capita Sinclair Henderson Limited
Beaufort House
51 New North Road
Exeter
Devon EX4 4EP
Telephone: 01392 412122
Overview for the six months to 30 September 2007
* Net asset value per Ordinary share fell by 12.4%.
* The Irish equity market fell more sharply than many others in the period.
Ireland has a small weighting in many European portfolios, and many investors
decided to take the substantial profits on their holdings at a time when the
Irish housing market was cooling.
* The Company was defensively positioned in the period. A significant portion
of the portfolio was held in cash and there was little exposure to financials.
CHAIRMAN'S STATEMENT FOR THE SIX MONTHS TO 30 SEPTEMBER 2007
Through a challenging period, the Company's portfolio fell back with the Irish
market. The net asset value (`NAV') declined by 12.4% to 887.35p in the six
months to 30 September 2007. This compares with falls of 13.5% in the ISEQ
Index and 13.7% in the Davy Mid-Cap Index. In contrast, the UK market held up
better, the FTSE All-Share Index gaining 1.0%, although the FTSE Small Cap
(excluding Investment Companies) Index fell by 10.1%.
The portfolio has been positioned cautiously for much of the six-month period,
with significant cash balances and little exposure to financial stocks.
The capital loss per share for the half year was 126.34p. The Company held a
reduced number of equities during the period, so dividend income was lower.
This was offset, in part, by the interest income from cash balances. All costs
are charged against revenue, resulting in a revenue loss for the period of
0.57p per share. The total loss per share for the half-year amounted therefore
to 126.91p.
At 30 September 2007, the share price stood at 799p, representing a discount to
NAV of 9.96%. Having narrowed appreciably during the previous year, the
discount widened over the period: the NAV fell by 12.4% while the share price
declined by 19.8%. The Company repurchased 511,000 of its shares during the
period and, since 30 September 2007, a further 193,000 shares have been
repurchased. All shares repurchased have now been cancelled. Shares are bought
back with the objective of reducing the share price discount to NAV whilst
enhancing the NAV per share, and the Company intends to make further purchases
when stock becomes available at attractive prices.
The GNP growth rate in Ireland for 2007 is now expected to be lower than in the
recent past, due primarily to a weak housing market. The reduced rate of
growth, widely forecast at around 4.8%, is still very healthy when compared
with the growth rates in Eurozone countries. The Republic of Ireland's
Government finances continue to be strong and it is anticipated that there will
be significant investment in infrastructure over the coming seven years. Irish
equities appear to be oversold at present and the portfolio is now relatively
fully invested in order to benefit from an expected improvement in market
sentiment.
Harry Sheridan
Chairman
30 November 2007
MANAGERS' REVIEW FOR THE SIX MONTHS TO 30 SEPTEMBER 2007
Equity Market Background
The period was dominated by heightened volatility as an immediate consequence
of the sub-prime mortgage crisis in the US. By May, there were some signs that
the Irish economy was slowing, after a long period of rapid growth. During the
first half of the period under review, there was a modest fall in Ireland's
house price index and a slight pick up in unemployment.
Ireland's Economic and Social Research Institute has said that, while such
issues may highlight caution in several sectors, there is no major cause for
concern as the Irish economy moves into a period of more sustainable growth,
following the economic boom over the past decade. Nevertheless, the Institute
has revised downwards Irish growth projections for 2008, and concerns remain
about the outlook for house building and slower levels of consumption growth.
Some European equity markets recovered quite strongly during September after
falls in July and August, but the Irish stock market has yet to follow suit.
While growth is slowing after a long period of sustained high growth, we
anticipate room for some recovery in Irish equities as credit conditions
stabilise.
Portfolio
We held onto our long-term holding in ICON over the six-month period, as we
believe that the large number of compounds in pre-clinical studies set to
progress to human trials underpins a positive medium-term outlook. During
April, the company reported strong quarterly results and raised its revenue
guidance for 2007, and its shares responded very positively. In July, the
shares rose further as the company reported a 43% increase in second-quarter
profits. This can be attributed to the clinical research provider winning
record levels of new business.
Glanbia, primarily a dairy and consumer foods company, is also a significant
holding and has performed well over the past six months. During May, a trading
statement in which the dairy-foods and food-ingredients group said it was
confident of achieving double-digit growth in the first half of the current
financial year, lifted the shares. Shortages of milk and cheese are also
helping the stock. Glanbia shares advanced further in August following reports
of strong first-half profits, and, as a result, the company has raised its
full-year guidance. In September, the company announced that it had acquired
the Canadian producer of food ingredients, Pizzey Millings. This will bolster
Glanbia's nutritional business.
As part of our strategy, we sold out of financials generally during the period,
because of our concerns about future loan demand. Recently, however, we have
initiated holdings in some of the major banks after falls.
We exited our position in the low-cost airline, Ryanair. Following a period of
strong growth in the first quarter of the year, the company saw increased
competition and significantly higher passenger taxes make a negative impact on
sales demand, especially in the UK. As ticket prices are cut in an attempt to
grow passenger volumes, profit growth looks set to slow further in the second
half of the year. The major part of our holding in C&C Group was also sold.
Shares in the makers of Magners cider fell back following a difficult summer,
during which record rainfall affected sales. It was also reported in August
that the company may halt its expansion into Europe following disappointing
trials.
Contribution to Relative Performance
The portfolio was defensively positioned in the period. The Company held
significant cash balances for the period and, in addition, had little exposure
to the financial sector. Some stocks continued to perform well in absolute
terms in spite of the market falls. Three holdings were particularly notable in
this regard: ICON, Glanbia and Paddy Power all rose in the six months, and the
sizeable holdings in each was of benefit to the portfolio. However, the
portfolio did not hold Elan which was the single best contributor to the ISEQ
Index in the period.
These positions were offset to a degree by falls elsewhere. The most costly in
terms of contribution to the portfolio return was C&C, which, although we sold
our holding in the period, was still the most expensive in relative
contribution terms. We have retained our holdings in Aer Lingus, DCC and CRH,
which have fallen back in the period, as we believe their prospects are rather
better than their share prices suggest.
Risk
Investment in securities carries risk. But that risk and uncertainty has
probably been increased over the coming year by the well-publicised problems in
American and European banking and financial markets.
Over a number of years world economic growth has been good. This has been at a
time when interest rates have been at the lower end of the historic range. Some
confident assumptions of risk taken by the financial markets over recent years
have been, and will continue to be, tested in the coming periods.
As losses from funding to the US mortgage market have started to appear, it has
been impossible to determine where the major exposures lie because of the ways
in which the credit risk has been carved up and distributed. This uncertainty
has led to the liquidity crises in the inter-bank markets.
Bank credit has therefore become much tighter as funding for major transactions
and for expansion plans has become more difficult to obtain. Some of the
effects have already become evident in bank and equity markets, and the
prospect of a major slow-down or a recession in the United States exacerbates
the uncertainty.
Investor Relations
As Managers, we see promotion of the Company as an important part of our
activities. For this reason, there is an intensive sales and marketing
programme in place to promote the Company and generate interest from
stockbrokers, private-client fund managers, funds of funds and institutions.
During the six months to the Company's half-year end, this programme included:
* regular one-to-one meetings with regional stockbrokers, IFAs and private
client fund managers;
* road shows to reach regional stockbrokers and major IFAs;
* one-to-one update meetings with investment trust analysts with the aim of
producing recommendation notes;
* ad-hoc update e-mails to a significant range of investment trust buyers and
trade journalists;
* interviews with trade and retail journalists; and
* the maintenance of close working links with the Association of Investment
Companies.
This sales and marketing programme has ensured that the Company has become one
of the highest-profile funds in the Investment Trust sector.
Prospects
There are two key drivers of the premium growth in the Irish economy. Many
school children and graduates are projected to enter the workforce for the
first time in the coming years. In addition, Ireland has seen significant
immigration from other EU countries. Secondly the low corporate tax rate
remains competitive when compared to others. It is for these reasons that we
believe that the foundations of the Irish growth story remain in place.
The growth of the Irish economy could be expected to persist at a rapid rate
but for the fact that the housing market has fallen back significantly. That
said, we still believe that Ireland will continue to grow at higher rates than
elsewhere in Europe in 2008.
We anticipate that the equity markets are likely to remain volatile in the
coming period due to the changes in credit conditions. After the sharp fall, we
believe that the Irish market has scope to bounce from its present depressed
levels.
Our bottom-up stock selection continues to identify a significant number of
promising investment opportunities that should deliver attractive returns over
time. Some financial holdings have been introduced, and the Company is
relatively fully invested for a market rally, when it comes.
Gervais Williams
Gartmore Investment Limited
30 November 2007
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that, to the best of their knowledge, the condensed set
of financial statements for the six months to 30 September 2007, which has been
prepared in accordance with IAS 34 as adopted by the European Union, gives a
true and fair view of the assets, liabilities and financial position of the
Company.
The Directors further confirm that the Chairman's Statement, Manager's Review
and the condensed financial statements include a fair review of the information
required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for
the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during the period, and any changes in the
related party transactions described in the last annual report that could
do so.
By order of the Board
Harry Sheridan
Chairman
30 November 2007
FINANCIAL SUMMARY
At At 31 March Increase/
30 September 2007 (decrease)
2007 %
Net assets attributable to Ordinary �121.932m �144.296m (15.50)
shares
Net asset value per Ordinary share 887.35p 1,012.46p (12.36)
ISEQ Index * 5,503.05 6,362.82 (13.51)
FTSE All-Share Index 3,316.89 3,283.21 1.03
Davy Mid-Cap Index * 2,703.57 3,133.92 (13.73)
Hoare Govett Smaller Companies Index 4,269.26 4,670.12 (8.58)
(ex Investment Companies)
Mid-market price per Ordinary share 799.0p 996.5p (19.82)
* Sterling adjusted
Six months to Year to Six months to
30 September 31 March 2007 30 September
2007 2006
pence pence pence
Capital return per Ordinary (126.34) 223.30 23.47
share
Revenue return per Ordinary (0.57) (2.74) (0.83)
share
Total return per Ordinary (126.91) 220.56 22.64
share
This financial information has been prepared in accordance with International
Financial Reporting Standards ("IFRS").
CONSOLIDATED INCOME STATEMENT (Unaudited)
to 30 September 2007
Six months to 30 September 2007
Revenue Capital Total
�'000 �'000 �'000
Losses on investments at fair value - (17,477) (17,477)
Exchange gains - 375 375
Net investment result - (17,102) (17,102)
Total income 887 - 887
Expenses
Investment management fee * (776) - (776)
Costs of investment transactions - (648) (648)
Other expenses (178) - (178)
Total expenses (954) (648) (1,602)
Net loss before finance costs and (67) (17,750) (17,817)
taxation
Finance costs (13) - (13)
Net loss before taxation (80) (17,750) (17,830)
Taxation - - -
Net loss after taxation for the period (80) (17,750) (17,830)
pence pence pence
Basic and diluted loss per Ordinary (0.57) (126.34) (126.91)
share:
The Total column of this statement represents the Income Statement of the Group
prepared in accordance with IFRS. The Revenue and Capital return columns are
both prepared under guidance published by the Association of Investment
Companies.
All items in the above statement derive from continuing operations.
These accounts are unaudited and are not the Group's statutory accounts.
* Includes the associated VAT cost.
CONSOLIDATED INCOME STATEMENT (Audited)
to 31 March 2007
Year to 31 March 2007
Revenue Capital Total
�'000 �'000 �'000
Gains on investments at fair value - 32,851 32,851
Exchange gains - 153 153
Net investment result - 33,004 33,004
Total income 1,492 - 1,492
Expenses
Investment management fee * (1,431) - (1,431)
Costs of investment transactions - (1,143) (1,143)
Other expenses (367) - (367)
Total expenses (1,798) (1,143) (2,941)
Net (loss)/return before finance costs (306) 31,861 31,555
and taxation
Finance costs (138) - (138)
Net (loss)/return before taxation (444) 31,861 31,417
Taxation 53 (33) 20
Net (loss)/return after taxation for the (391) 31,828 31,437
period
pence pence pence
Basic and diluted (loss)/return per (2.74) 223.30 220.56
Ordinary share:
The Total column of this statement represents the Income Statement of the Group
prepared in accordance with IFRS. The Revenue and Capital return columns are
both prepared under guidance published by the Association of Investment
Companies.
All items in the above statement derive from continuing operations.
* Includes the associated VAT cost.
CONSOLIDATED INCOME STATEMENT (Unaudited)
to 30 September 2006
Six months to 30 September 2006
Revenue Capital Total
�'000 �'000 �'000
Gains on investments at fair value - 3,798 3,798
Exchange losses - (136) (136)
Net investment result - 3,662 3,662
Total income 712 - 712
Expenses
Investment management fee * (652) - (652)
Costs of investment transactions - (309) (309)
Other expenses (180) - (180)
Total expenses (832) (309) (1,141)
Net (loss)/return before finance costs (120) 3,353 3,233
and taxation
Finance costs (25) - (25)
Net (loss)/return before taxation (145) 3,353 3,208
Taxation 27 (8) 19
Net (loss)/return after taxation for the (118) 3,345 3,227
period
pence pence pence
Basic and diluted (loss)/return per (0.83) 23.47 22.64
Ordinary share:
The Total column of this statement represents the Income Statement of the Group
prepared in accordance with IFRS. The Revenue and Capital return columns are
both prepared under guidance published by the Association of Investment
Companies.
All items in the above statement derive from continuing operations.
These accounts are unaudited and are not the Group's statutory accounts.
* Includes the associated VAT cost.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited)
for the six months to 30 September 2007
Share Share Special Capital Capital Own Retained Total
capital premium reserve redemption reserve shares earnings
account reserve held
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Six months to
30 September
2007
31 March 2007 3,753 1,101 16,645 2,025 123,038 (3,241) 975 144,296
Net loss after - - - - (17,750) - (80) (17,830)
taxation for the
period
Dividends paid - - - - - - (124) (124)
Shares purchased - - - - - (4,410) - (4,410)
for Treasury
30 September 3,753 1,101 16,645 2,025 105,288 (7,651) 771 (121,932)
2007
Year to
31 March 2007
31 March 2006 3,753 1,101 16,645 2,025 91,210 (3,169) 1,473 113,038
Net return/ - - - - 31,828 - (391) 31,437
(loss) after
taxation for the
period
Dividends paid - - - - - - (107) (107)
Shares purchased - - - - - (72) - (72)
for Treasury
31 March 2007 3,753 1,101 16,645 2,025 123,038 (3,241) 975 144,296
Six months to
30 September 200
6
31 March 2006 3,753 1,101 16,645 2,025 91,210 (3,169) 1,473 113,038
Net return/ - - - - 3,345 - (118) 3,227
(loss) after
taxation for the
period
Dividends paid - - - - - - (107) (107)
Commission paid - - - - (3) - - (3)
on options
Shares purchased - - - - - (71) - (71)
for Treasury
30 September 3,753 1,101 16,645 2,025 94,552 (3,240) 1,248 116,084
2006
These accounts have been prepared under IFRS.
CONSOLIDATED BALANCE SHEET (Unaudited)
as at 30 September 2007
30 31 March 30 September
September 2007 2006
2007 (audited)
�'000 �'000 �'000
Non-current assets
Investments at fair value 106,291 124,685 120,812
Current assets
Investments held for trading - - 626
Trade and other receivables 274 2,277 446
Cash and cash equivalents 19,681 17,855 2,594
19,955 20,132 3,666
Total assets 126,246 144,817 124,478
Current liabilities
Trade and other payables (4,314) (521) (8,394)
(4,314) (521) (8,394)
Total assets less current 121,932 144,296 116,084
liabilities
Non-current liabilities
Deferred tax liabilities - - -
Total liabilities (4,314) (521) (8,394)
Net assets 121,932 144,296 116,084
Represented by:
Share capital 3,753 3,753 3,753
Share premium account 1,101 1,101 1,101
Special reserve 16,645 16,645 16,645
Capital redemption reserve 2,025 2,025 2,025
Capital reserve 105,288 123,038 94,552
Own shares held (7,651) (3,241) (3,240)
Retained earnings 771 975 1,248
Total equity 121,932 144,296 116,084
Net asset value per Ordinary 887.35p 1,012.46p 814.51p
share
CONSOLIDATED CASH FLOW STATEMENT (Unaudited)
for the six months to 30 September 2007
Six months Year to Six months
to 30 31 March to 30
September 2007 September
2007 (audited) 2006
�'000 �'000 �'000
Cash flows from operating
activities
Consolidated net (loss)/return (17,830) 31,417 3,208
before tax
Adjustments to reconcile net
(loss)/return before tax to net
cash flows from operating
activities:
Less: losses/(gains) on 17,477 (32,851) (3,798)
investments
Plus: exchange (gains)/losses (375) (153) 136
Plus: cost of investment 648 1,143 309
transactions
Plus: finance costs 13 138 25
Decrease in trade and other 254 16 100
receivables
(Decrease)/increase in trade and (166) 174 (150)
other payables
Cash generated from/(used in) 21 (116) (170)
operations
Tax recovered - - -
Net cash flows from/(used in) 21 (116) (170)
operating activities
Cash flows from investing
activities
Purchases of investments (45,764) (76,377) (19,254)
Sales of investments 51,749 97,235 24,950
Revaluation of foreign currency 376 159 12
balances
Net cash flows from investing 6,361 21,017 5,708
activities
Cash flows from financing
activities
Equity dividends paid (124) (107) (107)
Cost of share repurchases (4,410) (72) (71)
Repayment of bank loan - (3,837) (3,837)
Commissions paid on options - - (3)
Interest on bank loan (22) (133) (29)
Net cash used in financing (4,556) (4,149) (4,047)
activities
Increase in cash and cash 1,826 16,752 1,491
equivalents
Cash and cash equivalents at start 17,855 1,103 1,103
of period
Cash and cash equivalents at end 19,681 17,855 2,594
of period
ANALYSIS OF NET ASSETS BY LOCATION OF INCORPORATION
Valuation at Net Depreciation Valuation at
31 March 2007 Transactions 30 September 2007
�'000 % �'000 �'000 �'000 %
Equities
Great Britain 6,937 4.8 291 (1,398) 5,830 4.8
and Northern
Ireland
Republic of 117,748 81.6 4,622 (21,909) 100,461 82.4
Ireland
Total 124,685 86.4 4,913 (23,307) 106,291 87.2
investments
Net current 19,611 13.6 (3,970) - 15,641 12.8
assets
Net assets 144,296 100.0 943 (23,307) 121,932 100.0
NOTES TO THE ACCOUNTS
1. Accounting policies
The consolidated financial statements comprise the unaudited results of the
Company and its subsidiary, Gartmore Irish Smaller Companies Investment
Limited, for the six months to 30 September 2007, and do not constitute
statutory accounts under the Companies Act 1985. The financial information for
the six months ended 30 September 2007 and 30 September 2006 has not been
audited nor reviewed by the Company's Auditor. Full statutory accounts for the
year to 31 March 2007 included an unqualified audit report and did not contain
a statement required under section 237(2) or (3) of the Companies Act 1985 were
filed with the Registrar of Companies on 14 September 2007.
The consolidated financial statements have been prepared on a going concern
basis and on the basis of the accounting policies set out in the statutory
accounts for the year ended 31 March 2007, in accordance with International
Financial Reporting Standards ("IFRS") set by the International Accounting
Standards Board. The information is presented in pounds sterling, the currency
of the Group's domicile.
2. Taxation
Period to Year to
30 September 2007 31 March 2007
Revenue Capital Total Revenue Capital Total
return return return return
�'000 �'000 �'000 �'000 �'000 �'000
a) Analysis of charge
in year:
Corporation tax - - - (33) 33 -
(credit)/charge
Total current tax - - - (33) 33 -
(credit)/charge for
year
Deferred tax - - - (20) - (20)
Total deferred tax for - - - (20) - (20)
year
Total tax (credit)/ - - - (53) 33 (20)
charge for year
Period to
30 September 2006
Revenue Capital Total
return return
�'000 �'000 �'000
a) Analysis of charge in
year:
Corporation tax (credit)/ (7) 8 1
charge
Total current tax (credit) (7) 8 1
/charge for year
Deferred tax (20) - (20)
Total deferred tax for (20) - (20)
year
Total tax (credit)/charge (27) 8 (19)
for year
b) Factors affecting current taxation charge:
The tax assessed on the net return of the period is lower than the rate of
corporation tax of 30%. The differences are explained below:
Period to Year to Period to
30 September 31 March 30 September
2007 2007 2006
�'000 �'000 �'000
Net return before taxation (17,830) 31,417 3,208
Corporation tax 30% (5,349) 9,425 962
Effects of:
Non-taxable UK dividends (14) (59) (30)
Expenses not deductible for tax - 6 -
purposes
Accrued income taxable on receipt - 4 -
Current period excess expenses 38 165 61
Small companies relief - (16) -
Non-taxable items in capital 5,325 (9,525) (993)
Current tax credit for the year - - -
Due to the Company's status as an investment trust, and the intention to
continue meeting the conditions required to obtain approval to retain that
status in the foreseeable future, the Company has not provided deferred tax on
any capital gains and losses arising on the revaluation or disposal of
investments.
3. Related Party Transactions
Under the terms of an agreement dated 8 July 2002, the Company has appointed
Gartmore Investment Limited to be the Manager. The investment management fee
payable to the Manager is calculated at 1.0% per annum of the gross asset value
(less current liabilities) of the Group held at each month end. The total fees
payable under this agreement are shown in the Income Statement.
At 30 September 2007 an amount of �238,000 (31 March 2007: �407,000, 30
September 2006: �114,000), inclusive of VAT, was outstanding and due to
Gartmore Investment Limited.
In addition to the fees paid under the management agreement, the Company also
pays Gartmore Investment Limited up to a maximum of �20,000 per annum for the
services provided in respect of Gartmore SAVEit and Gartmore ISAit. The fees
included in the accounts for the six months ended 30 September 2007 were �6,000
(31 March 2007: �20,000, 30 September 2006: �12,000), of which �4,000 (31 March
2007: �7,000, 30 September 2006: �1,000) was outstanding.
PRINCIPAL EQUITY INVESTMENTS
Valuation at 30 September 2007
Ranking Company Sector Classification Valuation � % of
'000 Shareholders'
Funds
ICON Healthcare, Equipment & 9,978 8.2
Services
Glanbia Food Producers 9,640 7.9
CRH Construction & Materials 9,282 7.6
Aer Lingus Group Travel & Leisure 7,278 5.9
DCC Support Services 6,812 5.6
Kerry Group Food Producers 6,140 5.0
Allied Irish Banks Banks 5,517 4.5
Paddy Power Travel & Leisure 4,846 4.0
Total Produce Food & Drug Retailers 4,832 4.0
Fyffes Food Producers 3,977 3.3
UTV Media 3,648 3.0
Datalex Software & Computer Services 3,223 2.6
Kenmare Resources Mining 3,195 2.6
Iona Technologies Software & Computer Services 3,032 2.5
AGI Therapeutics Pharmaceuticals & 2,908 2.4
Biotechnology
Island Oil & Gas Oil & Gas Producers 2,566 2.1
Newcourt Group Support Services 2,513 2.1
Grafton Group Support Services 2,333 1.9
Andor Technology Electronic & Electrical 2,035 1.7
Equipment
Horizon Technology Software & Computer Services 1,884 1.5
The twenty principal investments listed represented 78.4% of Shareholders'
Funds at 30 September 2007.
The twenty principal investments at 30 September 2006 and 31 March 2007
represented 85.9% and 74.8% respectively of Shareholders' Funds.
HALF-YEARLY REPORT
The foregoing represents the full text of the Half-Yearly Report for the six
months to 30 September 2007, which will be posted to shareholders shortly. The
Report will also be available for download from the Company's website
(www.gartmoreirishgrowthfund.co.uk) or on request from the Company Secretary.
Capita Sinclair Henderson Limited
30 November 2007
END
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