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WORLDWIDE HEALTHCARE TRUST PLC - Half-yearly Report

Date : 11/21/2012 @ 11:53PM
Source : PR Newswire (US)
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WORLDWIDE HEALTHCARE TRUST PLC - Half-yearly Report

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WORLDWIDE HEALTHCARE TRUST PLC - Half-yearly Report

NEWS RELEASE

21 November 2012

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Worldwide Healthcare Trust PLC today announces its half year results for the six months ended 30 September 2012.

Performance

                                      Six months One year
                                           to 30    to 31
                                       September    March
                                            2012     2012
Share price (total
return)#                                  +10.7%   +18.2%
Net asset value per share
(total return)#                            +9.3%   +14.4%
Benchmark index (total
return)*                                   +7.4%   +13.4%

                                   30                 Six
                            September   31 March months %
                                 2012       2012   Change
Shareholders' funds           £422.0m    £391.8m     +7.7
Net asset value per share
- diluted (dilution for
subscription shares)           919.0p     871.0p     +5.5
Share price                    860.5p     795.0p     +8.2
Subscription share price       179.0p     133.5p    +34.1
Discount of share price to
diluted net asset value
per share                        6.4%       8.7%        -
Benchmark index*                96.80      90.14     +7.4
Gearing (net basis)              3.0%      16.4%        -
Ongoing charges (including
performance fees
crystalised during the
period)                          1.1%       1.3%        -

#Source - Morningstar. (Net asset value diluted for subscription shares and treasury shares).

*With effect from 1 October 2010, the performance of the Company is measured against the MSCI World Health Care Index on a net total return, sterling adjusted basis. Prior to this date, performance was measured against the Datastream World Pharmaceutical & Biotechnology Index (total return, sterling adjusted). Historic data therefore consists of a blended figure containing both indices.

Attached:

Chairman's Statement

Review of Investments

Contribution by Investment - Excluding Options

Income Statement

Reconciliation of Movements in Shareholders' Funds

Balance Sheet

Cash Flow Statement

Notes to the Financial Statements

For further information please contact:

Martin Smith, Worldwide Healthcare Trust PLC 020 3 008 4913

Mark Pope, Frostrow Capital LLP 020 3 008 4913

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Chairman's Statement

Performance


I am pleased to report that the Company's net asset value total
return of +9.3% comfortably outperformed the benchmark with the Company's
share price performing even better, with a total return of +10.7%, over the
same period. Healthcare stocks again demonstrated their defensive qualities
during the period with the sector significantly outperforming the wider
market. The MSCI World Index (measured in sterling terms on a total return
basis) rose by 0.6% compared to a rise of 7.4% in the Company's benchmark, the
MSCI World Healthcare Index (measured in sterling terms on a total return
basis). The average discount of the Company's share price to the diluted net
asset value per share during the period was 6.6%, broadly in line with the
Board's stated target.

Further information on investment performance and the outlook for the Company is given in the Review of Investments.

Capital


The Board continues to maintain its discount policy where it seeks
to ensure the discount to the net asset value per share at which the Company's
shares are quoted on the London Stock Exchange is no greater than 6% over the
long-term, subject to adverse market conditions. In line with this policy
2,411,340 shares were repurchased for treasury during the period and to the
date of this report, at a cost of £19.2m (including expenses).

On 18 July 2012, a total of 2,941,518 shares held in treasury were cancelled. The Board has confirmed that any shares held in treasury will be cancelled on or as soon as practicable following the Annual General Meeting each year.


During the period and to the date of this report a total of
4,671,640 subscription shares were exercised at an exercise price of 638p per
share and 9,946 at an exercise price of 699p per share raising a total of
c.£29.9m of additional funds for the Company. The next subscription date will
be 31 January 2013 at a subscription price of 699p per share. The subscription
shares will expire on 31 July 2014.

Revenue and Dividends

The revenue return for the period was £3,784,000 (six months ended 30 September 2011: return of £3,314,000).


As mentioned in my statement at the year­end, the Board has decided that the
Company will now declare two interim dividends per year rather than one. I am
therefore pleased to report that a first interim dividend of 7.0p per share,
for the year to 31 March 2013, has been declared which will be payable on 11
January 2013 to ordinary shareholders on the register of members on 14
December 2012. The associated ex-dividend date will be 12 December 2012.

The Board reminds shareholders that it remains the Company's policy
to pursue capital growth for shareholders and to pay dividends to the extent
required to maintain investment trust status. The second interim dividend for
the year to 31 March 2013 is expected to be announced in March 2013.

The Board

I am delighted to welcome Doug McCutcheon to the Board. Based in Canada, and a former head of UBS Healthcare Investment Banking for Europe, the Middle East and Africa, he has over 25 years' experience as an investment banker, 16 of which were spent specialising in the healthcare sector.

Outlook


At a time when there are concerns regarding the outlook for world
stock markets, including the loss of economic momentum in the U.S., the
continued eurozone debt crisis and the risk of a continuing slow-down within
the Chinese economy, the attributes of the healthcare sector, which include
high quality, defensive, and in some cases dividend yielding stocks, continue
to offer particular appeal to investors.

Our Investment Manager maintains its belief that the outlook for
the healthcare sector is positive due to the underlying demographics of the
sector combined with continued levels of merger and acquisition activity and
new product development in an industry-friendly regulatory environment in the
U.S.

Your Board believes that we are well positioned to take advantage of this encouraging outlook for healthcare and that the long term investor in our sector will continue to be well rewarded.

Martin Smith Chairman

21 November 2012



WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Review of Investments

Performance


For the period of 1 April to 30 September 2012, global equity
markets demonstrated polarised behaviour with a significant and sharp downward
move in April and in particular May, before rebounding in the second half of
the period. This resulted in a return for the period of 0.6% as measured by
the MSCI World Index (in sterling terms on a total return basis).

Healthcare stocks showed their defensive qualities early in the
period as their initial decline was more modest than the broader markets.
Interestingly, despite a bounce in the markets, the second half of the period
showed superior gains for healthcare stocks, a testament to the positive
fundamentals of the group. The Company's benchmark, the MSCI World Healthcare
Index (measured in sterling terms on a total return basis) posted a total
return of +7.4% in the six month period ended 30 September 2012.

The Company outperformed both the broader market and the healthcare
specific index, with a share price total return of +10.7% and a net asset
value total return of +9.3%. Key to outperformance in the period was primarily
stock picking, as many sub-sectors advanced in the six months. Important
contributions came from (in descending order) biotechnology, large
capitalisation pharmaceuticals, global generic drug makers, Japanese
pharmaceuticals, and healthcare service providers. Medical device stocks, life
science tool stocks, and holdings in the emerging markets did not meaningfully
contribute. Two sub-sectors were notable detractors, health maintenance
organisations (HMO's) and specialty pharmaceuticals.

Four of the top five contributors in the six month period have
something in common: increasing expectations for new drug approval emanating
from positive clinical data or affirmative regulatory action. Onyx
Pharmaceuticals, a biotechnology company based in San Francisco, California,
was the top contributor in the period. The company received two drug approvals
to help bolster their oncology franchise. The first was Kyprolis (carfilzomib)
for multiple myeloma. Because the U.S. Food and Drug Administration (FDA) had
previously expressed reluctance to consider the drug due to the design of the
clinical trials, the positive FDA advisory panel vote and the ultimate
approval came as a surprise to the market. We expect Kyprolis to have a strong
launch into the refractory myeloma market, with positive clinical trial data
in earlier line use coming next year. Additionally, the company, with partner
Bayer AG, received approval for Stivarga (regorafenib), a drug for refractory
metastatic colorectal cancer. With the company's flagship product Nexavar
(sorafenib) continuing to grow in approved indications (hepatocellular
carcinoma and renal cell carcinoma), Kyprolis as a fully owned asset, and a
royalty interest in Stivarga, we believe Onyx is also an attractive
acquisition target.

Gilead Sciences, was another top contributor in the period. The
company has positioned itself as a global category leader in two infectious
disease areas: human immunodeficiency virus (HIV) and hepatitis C virus (HCV).
The latter commenced with their acquisition of Pharmasset in January 2012 and
was confirmed with positive clinical results in HCV that exceeded
expectations. Competition in the treatment of HCV diminished when a
competitor's product was discontinued due to toxicity. We expect Gilead to
come to market with a next wave of HCV therapies based on an all-oral regimen
of drugs that for most patients will be a cure. In HIV, the company received
approval for Stribild (elvitegravir, cobicistat, emtricitabine, and
tenofovir), the company's novel "quad" pill. We expect the drug to be a
dominant player in maintenance therapy for HIV. We continue to hold the stock
because we believe the Stribild launch will go well and additional HCV data in
November will be strong.

Global pharmaceutical giant Merck posted strong gains this period.
In part, the stock rose due to its laggard status in 2011 in which the company
suffered a setback in its pipeline. However, enthusiasm over Merck's late
stage pipeline was rekindled in 2012. With targets in osteoporosis, insomnia,
cardiovascular, oncology, diabetes, and vaccines, the company is entering a
new product phase that it has not seen in over a decade. Current revenues and
earnings growth are underpinned by the mega-blockbuster diabetes treatment,
Januvia (sitagliptin), a drug approaching

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Review of Investments (continued)

U.S.$6 billion in global sales, still growing double digits, and likely to be the next U.S.$10 billion seller.


Express Scripts is a full service pharmacy benefits management
(PBM) and managed care company based in St. Louis, Missouri. The shares
rebounded in the period for a host of reasons, perhaps most importantly was
closing the acquisition of Medco Health Solutions (a rival PBM) with its
attendant U.S.$1 billion plus of operating synergies. Express Scripts also
experienced a strong selling season for 2013 contracts, in addition it
resolved its dispute with Walgreens, one of largest dispensing pharmacy chains
in the United States. The potential increase in generic usage in 2013, in
particular multisource generics (which favourably impact margins), also
created a tailwind for the stock. There could be potentially greater upside in
earnings per share if management chooses to start buying back shares in 2013.

Another new product story rounded out the top contributors this
period. The share price of Swiss based bio-pharmaceutical company, Actelion
increased due to positive phase III data for macitentan for pulmonary arterial
hypertension (PAH) which has reinvigorated the company. Actelion's stock had
previously declined due to concerns about the upcoming patent expiry of
Tracleer (bosentan), the company's first generation drug for PAH. The success
of macitentan extends the company's PAH franchise for another decade. We
expect the positive momentum to continue.

Detractors in the six month period were characterised two-fold:
stock selection and a sub-sector that performed poorly. Dendreon was the
single largest negative contributor. The launch of their novel immunotherapy
treatment for prostate cancer, Provenge (sipuleucel-T), has disappointed and
the company revised down guidance multiples. Adding to the woes, was the
earlier (and better than expected) data for a competing product, Zytiga
(abiraterone), from Johnson & Johnson. The market capitalisation of the
company was cut by more than 50% during the period.

The largest collective loss in the period came from the Company's
exposure to HMO's. Despite extremely low valuations, the sub-sector fell as
earnings came under unexpected pressure due to greater pricing competition and
a cost trend that suddenly was no longer decelerating. Shares were also
volatile into and out of the Supreme Court decision that upheld healthcare
reform. Uncertainty over this event was high and some expected a moderation of
some of its tenets. A "sell on the news" phenomenon impacted the sector.
Overall, share prices of HMO's held by the Company, including Aetna,
Wellpoint, and Humana, all fell in excess of 20% in the period.

Another stock specific issue that negatively impacted performance
was the specialty pharmaceutical company, Questcor Pharmaceuticals. In
September, a broker's "short report" highlighting a reimbursement policy
change at an insurance carrier for its key product Acthar (adrenocorticotropin
), triggered a sharp sell-off. The move was exacerbated only days later with
the company's disclosure of a government investigation into marketing
practices for Acthar. The share price dropped more than 60% altogether.
Although a sell-off of this magnitude seems unwarranted, we have exited our
Questcor position as the stock no longer trades on fundamentals.

Sector Developments


Politics continued to play a major theme in 2012. In June, the
Supreme Court upheld the constitutionality of President Obama's Affordable
Healthcare Act (ACA). Readers may recall that some ACA pundits argued that
fining individuals for failing to buy insurance was not within the scope of
Congress's taxing powers and thus unconstitutional. The narrow court decision
upheld the law. While we believe this to be the ultimate outcome, there was a
clear lack of consensus heading into the decision. This was an important
overhang for healthcare sector that was removed.

The focus in November clearly swung to the U.S. Presidential
election. Despite a late run in the polls by Governor Mitt Romney, President
Barack Obama was re-elected. While the popular vote was extremely close -
within 2% - President Obama ran away with the electoral votes by a wide margin
- nearly 20%. Importantly, the Republican Party maintained control of the
House of Representatives while the Democrats maintained control of the Senate,
actually increasing their number of seats. The net result was status quo, and
we expect its impact to be minor for both the biotechnology

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Review of Investments (continued)

and pharmaceutical industries. As for managed care, with ACA now a certainty, we look forward to the implementation details to be released in 2013. With near term uncertainty, the sector could be volatile.


For the past two years, concerns over drug pricing in Europe has
been on the rise. Undoubtedly, the economic crises across that continent have
negatively impacted revenues and earnings for pharmaceutical companies exposed
to the region. However, investor expectations were appropriately set and the
impact has been in-line or better than expected. Thus, with only a few
exceptions, global and European pharmaceutical company share prices have not
suffered in response. Of course, our exposure to U.S. biotechnology companies
is mostly immune to this risk.

Specifically on the FDA and regulatory activities, we believe the
recent trend continues to be industry-friendly. While difficult to paint with
a broad brush, evidence of this observation outweighs the contrary. Cases in
point include Onyx (Kyprolis and Stivarga), Medivation (Xtandi), and Novartis
(Affinitor) who all received approval for their drugs much earlier than
expected in each case. We would not expect this to change materially post the
election. Thus, we expect this important tailwind to continue into the
foreseeable future.

Additional statistics on FDA approvals are positive. For the first 9 months of 2012, the FDA has approved 24 small molecule new chemical entities. This number already equals the number of approvals for all of 2011. A similar number of biologics have been approved year-to-date (3 vs. 4).

Strategy Review


A recurring theme in healthcare is certainly merger & acquisition
(M&A) activity. The six month period bore witness to over 40 transactions
across the global healthcare sector. Many were noteworthy, such as the joint
acquisition of Amylin Pharmaceuticals by Bristol-Myers Squibb and AstraZeneca,
two companies already partnered in the treatment of diabetes. AstraZeneca also
conducted a bolt-on acquisition, Ardea Biosciences, obtaining a late stage
compound for the treatment of gout. Fellow U.K. based large capitalisation
pharmaceutical company, GlaxoSmithKline, acquired its biotechnology partner,
Human Genome Sciences. One newly emergent theme is the pick-up in emerging
market acquisitions, in particular South America. We have increased our
research efforts in that geography.

Of course, the Company's investment mandate remains widespread and includes all areas of healthcare, from pharmaceuticals to biotechnology and from medical devices to healthcare services. We believe this expanded mandate has demonstrated less volatility and additional opportunities to generate excess returns.


A critical focus for 2012 has been the significant acceleration of
clinical trial data read-outs across many therapeutic categories. Obesity,
Alzheimer's, cardiovascular, hepatitis C, oncology, diabetes, rheumatology,
and multiple sclerosis have all born witness to important advances in data or
regulatory activity. While the conclusion may seem elementary, there is no
more important fundamental underpinning value creation than new drugs in the
biotechnology and pharmaceutical sectors. We expect this to continue into the
second half of the Company's financial year.

2012 has represented an inflection point for the large
capitalisation pharmaceutical group as growth beyond this year should
accelerate, owing to the passing of the patent cliff and new product flow
across the industry. Valuations have increased but remain undemanding in a
historical context. Multiples could potentially expand appreciably in the near
term. Nevertheless, we look to remain selective with stock picking within the
group. Our focus remains on late stage pipeline catalysts and new product
flow.

In the specialty pharmaceutical sub-sector, we seek to buy high-growth names with attractive, growth-adjusted valuations. Alternatively, we seek to buy quality names with attractive valuations.


For large capitalisation companies, we look for those that strive
to maintain above average growth profiles and strong fundamentals yet
reasonable valuations. For small and mid-capitalisation stocks, we are
focusing on "hot" therapeutic classes (HCV, 2012 has largely been a peak year
for U.S. based generic companies, so diversification could become increasingly
important for growth

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Review of Investments (continued)


in 2013 and beyond. Thus, in the U.S, the focus is on
small/mid-sized generic players with emerging branded franchises. In Japan,
the generic market continues its robust growth and secular long opportunities
remain. In India, potentially attractive companies with geographic and product
diversification are preferred.

The medical device industry has historically underperformed due to multi-year headwinds. Innovation has been incremental, preventing the ability to command price increases. Weak utilisation trends have limited volumes. Thus, we remain cautious on the outlook here.

We also remain cautious on managed care at the moment. Fundamentals and valuations remain attractive and the Supreme Court ruling has removed a critical overhang. Post the election, the focus will shift to long term themes like the post-reform environment, health insurance exchanges, Medicaid expansion, and dual eligible opportunities.


The life sciences tools and diagnostics sectors are also exposed to
the U.S. Presidential election and the ensuing legislative outcomes. The
re-election of President Obama will likely be read positively by life sciences
tools investors as expectation for a rollback of sequestration, specifically
as it relates to the pending budget cuts in the NIH (National Institute of
Health), would likely expand valuation multiples for the sector. Nonetheless,
both parties have recently shown signs to resolve legislative differences in
order to repeal the pending sequestration in 2013.

Diagnostics remain a sector driven by new product cycles and
catalysts and is less exposed to the concerning macroeconomic outlook of both
U.S. and Europe. Outside of catalysts and product cycles, we expect 2013 to be
a buoyant year for M&A in the diagnostics sector as larger conglomerates
continue to be acquisitive in this fast growing sector.

Samuel D. Isaly

OrbiMed Capital LLC Investment Manager

21 November 2012

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Contribution by Investment - Excluding Derivatives

Top five contributors to and detractors from net asset value performance over 6 months to 30 September 2012


                            Contribution for    Contribution
                           the six months to             per
                           30 September 2012           share
                                                        (p)*
Top Five Contributors                  £'000
Onyx Pharmaceuticals                   7,259           16.40
Gilead Sciences                        4,621           10.44
Merck & Co                             3,363            7.60
Express Scripts                        2,598            5.87
Actelion                               2,423            5.48
                                      20,264           45.79
Top Five Detractors
Dendreon (Including
Dendreon 4.75% convertible
bond)                                (3,201)          (7.23)
Wellpoint                            (2,323)          (5.25)
Aetna                                (1,918)          (4.33)
Humana                               (1,843)          (4.16)
Questcor                             (1,750)          (3.96)
                                    (11,035)         (24.93)

*based on the weighted average number of shares in issue during the six months ended 30 September 2012 (44,257,027)


Portfolio

as at 30 September 2012

                                     Market        % of
Investments             Country value £'000 investments
Roche               Switzerland      37,911         8.4
Merck & Co.                 USA      23,623         5.2
Pfizer                      USA      20,074         4.4
Sanofi-Aventis           France      18,502         4.1
Gilead Sciences             USA      18,071         4.0
Abbott Laboratories         USA      17,912         4.0
Mitsubishi Tanabe         Japan      16,648         3.7
Pharma
Onyx                        USA      11,512         2.5
Pharmaceuticals
Express Scripts             USA      10,433         2.3
Bristol-Myers               USA       9,919         2.2
Squibb
Top 10 Investments                  184,605        40.8
HCA                         USA       9,807         2.2
GlaxoSmithKline              UK       9,778         2.2
Life Technologies           USA       9,075         2.0
Watson                      USA       8,332         1.8
Pharmaceuticals
Biogen Idec                 USA       8,130         1.8
Astellas Pharma           Japan       8,028         1.8
Novartis            Switzerland       7,964         1.8
Incyte Corp+                USA       7,803         1.7
Sawai                     Japan       7,572         1.7
Pharmaceutical
Towa Pharmaceutical       Japan       7,465         1.7
Top 20 Investments                  268,559        59.5
Ono Pharmaceutical        Japan       7,463         1.7
Wellpoint                   USA       7,273         1.6
Illumina                    USA       7,165         1.6
Warner Chilcott         Ireland       6,271         1.4
Actelion            Switzerland       6,242         1.4
Shandong Weigao           China       6,163         1.4
Group
Nichi-Iko                 Japan       6,052         1.3
Pharmaceutical
UnitedHealth                USA       5,941         1.3
Zimmer                      USA       5,441         1.2
Aetna                       USA       4,894         1.1
Top 30 Investments                  331,464        73.5

+ includes Incyte 4.75% 01/10/15 (Conv) equating to 1.5% of investments

Λ includes Dendreon 2.875% 15/01/16 (Conv) equating to 0.6% of investments # includes Volcano 2.875% 01/09/15 (Conv) equating to 0.2% of investments

Portfolio (continued)

as at 30 September 2012
 
                                       Market        % of
Investments Country               value £'000 investments
Orasure Technologies USA                4,885         1.1
Fluidigm USA                            4,666         1.0
Affymax USA                             4,565         1.0
Biosensors International                4,541         1.0
Singapore
Humana USA                              4,501         1.0
Allergan USA                            4,480         1.0
Dendreon Λ USA                         4,393         1.0
Volcano # USA                           4,393         1.0
Baxter International USA                4,328         1.0
Exact Sciences USA                      4,258         0.9
Top 40 Investments                    376,474        83.5
BioMarin Pharmaceutical USA             4,192         0.9
Impax Laboratories USA                  4,178         0.9
VIVUS USA                               4,009         0.9
NPS Pharmaceuticals USA                 3,426         0.8
China Shineway Pharmaceutical           2,966         0.7
China
3SBio China                             2,927         0.6
Elan 8.75% 15/10/16 Ireland             2,688         0.6
Affymetrix 4% 01/07/19 USA              2,482         0.5
Sequenom USA                            2,372         0.5
Mako USA                                2,331         0.5
Top 50 Investments                    408,045        90.4
Given Imaging Israel                    2,029         0.4
Medivation USA                          1,942         0.4
Neurocrine Biosciences USA              1,937         0.4

Lyrica Royalty 11% 01/05/19 USA 1,849 0.4 Thermo Fisher Scientific USA

            1,745         0.4
Immunogen USA                           1,716         0.4
IHH Healthcare Malaysia                   405         0.1

Total equities and fixed interest 419,668 92.9 investments Options -(Put & Call)

                     416         0.1
Derivatives - (OTC Swaps)              31,720         7.0
Total investments                     451,804       100.0

+ includes Incyte 4.75% 01/10/15 (Conv) equating to 1.5% of investments

Λ includes Dendreon 2.875% 15/01/16 (Conv) equating to 0.6% of investments # includes Volcano 2.875% 01/09/15 (Conv) equating to 0.2% of investments

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Income Statement

for the six months ended 30 September 2012

                           (Unaudited)              (Unaudited)               (Audited)
                      Six months ended         Six months ended              Year ended
                     30 September 2012        30 September 2011           31 March 2012
                                                          
               Revenue Capital         Revenue  Capital         Revenue 

Capital

                Return  Return   Total  Return   Return   Total  Return  Return   Total
                 £'000   £'000   £'000   £'000    £'000   £'000   £'000   £'000   £'000
Gains/(losses)
on investments
held at fair
value through
profit or loss       -  25,817  25,817       -  (6,980) (6,980)       -  52,193  52,193
Exchange
losses on
currency
balances             -   (587)   (587)       -  (2,164) (2,164)       -   (535)   (535)
Income from
investments
held at fair
value through
profit or loss
(note 2)         4,696       -   4,696   4,274        -   4,274  11,653       -  11,653
Investment
management,
management and
performance
fees (note 3)     (90) (1,568) (1,658)    (78)  (2,398) (2,476)   (162) (5,953) (6,115)
Other expenses   (312)       -   (312)   (262)        -   (262)   (548)       -   (548)
Net
return/(loss)
before finance
charges and
taxation         4,294  23,662  27,956   3,934 (11,542) (7,608)  10,943  45,705  56,648
Finance
charges            (7)   (130)   (137)     (9)    (166)   (175)    (14)   (272)   (286)
Net
return/(loss)
before
taxation         4,287  23,532  27,819   3,925 (11,708) (7,783)  10,929  45,433  56,362
Taxation on
ordinary
activities       (503)      47   (456)   (611)      235   (376) (1,456)     406 (1,050)
Net
return/(loss)
after taxation   3,784  23,579  27,363   3,314 (11,473) (8,159)   9,473  45,839  55,312
Return/(loss)
per share -
basic (note 4)    8.6p   53.3p   61.9p    7.7p  (26.6)p (18.9)p   21.8p  105.7p  127.5p
Return/(loss)
per share -
diluted (note
4)                8.5p   52.9p   61.4p    7.5p  (25.9)p (18.4)p   21.4p  

103.7p 125.1p


The "Total" column of this statement is the Income Statement of the Company.
The "Revenue" and "Capital" columns are supplementary to this and are prepared
under guidance published by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

The Company has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.

No operations were acquired or discontinued during the period.

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Reconciliation of Movements in Shareholders' Funds



(Unaudited)     Ordinary Subscription   Share  Capital    Capital Revenue
Six months         share        share premium  reserve redemption reserve    Total
ended 30         capital      capital account             reserve
September 2012     £'000        £'000   £'000    £'000      £'000   £'000    £'000

At 31 March       10,997           71 186,300  174,230      7,068  13,131  391,797
2012
Net return from
ordinary
activities
after taxation         -            -       -   23,579          -   3,784   27,363
Dividend paid
in respect of
year ended 31
March 2012             -            -       -        -          - (7,705)  (7,705)
Subscription
shares
exercised for
ordinary shares    1,168         (47)  28,637       47          -       -   29,805
Shares
purchased to be
held in
treasury and
treasury shares
cancelled          (735)            -       - (19,238)        735       - (19,238)
At 30 September   11,430           24 214,937  178,618      7,803   9,210  422,022
2012

(Unaudited)     Ordinary Subscription   Share  Capital    Capital Revenue
Six months         share        share premium  reserve redemption reserve   Total
ended 30         capital      capital account             reserve
September 2011     £'000        £'000   £'000    £'000      £'000   £'000   £'000

At 31 March       10,875           82 181,395  135,319      6,978  10,132 344,781
2011
Net
(loss)/return
from ordinary
activities
after taxation         -            -       - (11,473)          -   3,314 (8,159)
Dividend paid
in respect of
year ended 31
March 2011             -            -       -        -          - (6,473) (6,473)
Subscription
shares
exercised for
ordinary shares       93          (4)   2,267        4          -       -   2,360
Shares
purchased to be
held in
treasury and
treasury shares
cancelled           (90)            -       -    (174)         90       -   (174)
At 30 September   10,878           78 183,662  123,676      7,068   6,973 332,335
2011
 
                          Ordinary Subscription          Share    Capital     Capital   Revenue
(Audited)                    share        share        premium    reserve  redemption   reserve    Total
Six months ended 30        capital      capital        account                reserve
September 2011               £'000        £'000          £'000      £'000       £'000     £'000    £'000

At 31 March 2011            10,875           82        181,395    135,319       6,978    10,132   344,781
Net return from
ordinary
activities after
taxation                         -            -              -     45,839           -     9,473    55,312
Dividend paid in
respect of ended
31 March 2011 year               -            -              -          -           -   (6,474)   (6,474)
Subscription
shares exercised
for ordinary
shares                         212          (9)          5,199          9           -         -     5,411
Shares purchased
to be held in
treasury and
treasury shares
cancelled                     (90)            -              -    (6,939)          90         -   (6,939)
Subscription                                (2)          (294)          2           -         -     (294)
shares repurchased
for cancellation                 -
At 31 March 2012            10,997           71        186,300    174,230   

7,068 13,131 391,797

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012


Balance Sheet

as at 30 September 2012

                                                   
                           (Unaudited) (Unaudited) (Audited)
                                    30          30        31 
                             September   September     March
                                  2012        2011      2012
                                 £'000       £'000     £'000
Fixed assets
 
Investments held at fair
value through profit or
loss                           419,668     380,978   454,301
 
Derivative - OTC swaps          31,720       7,141    13,691
                               451,388     388,119   467,992
Current assets
Debtors                          3,587       6,041     2,512
Derivative - financial             416           -       940
instruments
                                 4,003       6,041     3,452
Current liabilities
Creditors: amounts falling    (20,845)    (10,231)  (15,288)
due within one year
Derivative - financial               -       (424)         -
instruments
Bank overdraft                (12,524)    (51,170)  (64,359)
                              (33,369)    (61,825)  (79,647)
Net current liabilities       (29,366)    (55,784)  (76,195)
Total net assets               422,022     332,335   391,797
Capital and reserves
Ordinary share capital          11,430      10,878    10,997
Subscription share capital          24          78        71
Share premium account          214,937     183,662   186,300
Capital reserve                178,618     123,676   174,230
Capital redemption reserve       7,803       7,068     7,068
Revenue reserve                  9,210       6,973    13,131
Total shareholders' funds      422,022     332,335   391,797
Net asset value per share       930.8p      764.2p    909.4p
- basic (note 5)
Net asset value per share
- diluted for subscription
shares (note 5)                 919.0p      745.0p    871.0p
Net asset value per share
- fully diluted for
subscription shares and
treasury shares (note 5)        918.5p      745.0p    869.7p


WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Cash Flow Statement

for the six months ended 30 September 2012


                           (Unaudited) (Unaudited) (Audited)
                            Six months  Six months      Year
                              ended 30    ended 30  ended 31
                             September   September     March
                                  2012        2011      2012
                                 £'000       £'000     £'000
Net cash inflow/(outflow)
from operating activities        1,628       (654)     4,112
Servicing of finance
Interest paid                    (137)       (175)     (286)
Taxation
Taxation suffered                    -        (69)     (422)
Financial investment
Purchases of investments     (169,977)   (171,355) (301,803)
and derivatives
Sales of investments and       218,046     173,419   288,756
derivatives
Net cash inflow/(outflow)
from financial investment       48,069       2,064  (13,047)
Equity dividends paid          (7,705)     (6,473)   (6,474)
Net cash inflow/(outflow)       41,855     (5,307)  (16,117)
before financing
Financing
Repurchase of own shares      (19,238)       (174)   (7,233)
Subscription shares             29,805       2,360     5,411
exercised for ordinary
shares
Net cash inflow/(outflow)       10,567       2,186   (1,822)
from financing
Increase/(decrease) in          52,422     (3,121)  (17,939)
cash
Reconciliation of net cash
flow movements to net debt
Increase/(decrease) in net
debt resulting from cash
flows                           52,422     (3,121)  (17,939)
Exchange movements               (587)     (2,164)     (535)
Movement in net debt in         51,835     (5,285)  (18,474)
the period
Net debt at beginning of      (64,359)    (45,885)  (45,885)
period
Net debt at period end        (12,524)    (51,170)  (64,359)

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Notes to the Financial Statements

1. ACCOUNTING POLICIES


The condensed financial statements have been prepared under the
historical cost convention, modified to include the valuation of investments
at fair value and in accordance with United Kingdom Generally Accepted
Accounting Practice and with the Statement of Recommended Practice `Financial
Statements of Investment Trust Companies and Venture Capital Trusts' dated
January 2009. All of the Company's operations are of a continuing nature.

The same accounting policies used for the year ended 31 March 2012 have been
applied.

2. INCOME

                    (Unaudited)  (Unaudited)  (Audited)
                     Six months   Six months
                          ended        ended Year ended
                   30 September 30 September   31 March
                           2012         2011       2012
                          £'000        £'000      £'000
Investment income         4,694        4,273     11,651
Interest
receivable                    2            1          2
Total                     4,696        4,274     11,653

3. INVESTMENT MANAGEMENT, MANAGEMENT AND PERFORMANCE FEES


                    (Unaudited)           (Unaudited)            (Audited)
                                                                 
                 Six months ended      Six months ended         Year ended
                 30 September 2012     30 September 2011       31 March 2012
               Revenue Capital Total Revenue Capital Total Revenue Capital Total
                 £'000   £'000 £'000   £'000   £'000 £'000   £'000   £'000 £'000
Investment
management fee      66   1,267 1,333      57   1,081 1,138     119   2,251 2,370
Management fee      24     450   474      21     408   429 43          817   860
Performance
fee (written
back)/charged
in the
period/year*         -   (149) (149)       -     909   909       -   2,885 2,885
                    90   1,568 1,658      78   2,398 2,476     162   5,953 6,115

*In accordance with the performance fee arrangements described on page 21 of the 2012 annual report, a performance fee of £1,452,000 was accrued at 30 September 2012 (2011: £nil).

During the period, £375,000 was paid which related to a performance fee which crystallised and became payable at 30 June 2012.

4.RETURN/(LOSS) PER SHARE


                        (Unaudited)  (Unaudited)  (Audited) 
                         Six months   Six months  
                              ended        ended Year ended
                       30 September 30 September   31 March  
                               2012         2011       2012
                              £'000        £'000      £'000
The return/(loss) per
share is based on the
following figures:
 
Revenue return                3,784        3,314      9,473
Capital return/(loss)        23,579     (11,473)     45,839
Total return/(loss)          27,363      (8,159)     55,312
Weighted average
number of shares in
issue for the period -
basic                    44,257,027   43,265,414 43,362,962
Revenue return per             8.6p         7.7p      21.8p
share
Capital return/(loss)         53.3p      (26.6)p     105.7p
per share
Total return/(loss)           61.9p      (18.9)p     127.5p
per share
Weighted average
number of shares in
issue for the period -
diluted                  44,585,606   44,253,028 44,223,263
Revenue return per             8.5p         7.5p      21.4p
share
Capital return/(loss)         52.9p      (25.9)p     103.7p
per share
Total return/(loss)           61.4p      (18.4)p     125.1p
per share - diluted

WORLDWIDE HEALTHCARE TRUST PLC

Unaudited Results for the six months ended 30 September 2012

Notes to the Financial Statements (continued)

5. NET ASSET VALUE PER SHARE


The net asset value per share is based on the assets attributable
to equity shareholders of £422,022,000 (30 September 2011: £332,335,000: 31
March 2012: £391,797,000) and on the number of shares in issue at the period
end of 45,341,464 (excluding 378,408 shares held in treasury) (30 September
2011: 43,486,450: 31 March 2012: 43,081,164).

The diluted net asset value per share assumes that the 2,433,208
Subscription shares were exercised at 699p resulting in assets attributable to
ordinary shareholders of £439,030,000 and on 47,774,672 shares (30 September
2011: £382,235,000 and 51,307,723 shares: 31 March 2012: £437,126,000 and
50,186,012 shares).

The fully diluted net asset value per share for subscription shares and treasury shares assumes that 2,433,208 subscription shares were exercised at 699p and 378,408 treasury shares were sold back to the market at 860.5p (the prevailing share price as at 30 September 2012) resulting in assets attributable to ordinary shareholders of £442,286,000 (30 September 2011: £382,408,000: 31 March 2012: £444,349,000) and on 48,153,080 shares (30 September 2011: 51,332,723 shares: 31 March 2012: 51,094,598 shares).

6. TRANSACTION COSTS

Purchase transaction costs for the six months ended 30 September 2012 were £463,000 (six months ended 30 September 2011: £282,000; year ended 31 March 2012: £575,000).

Sales transaction costs for the six months ended 30 September 2012 were £406,000 (six months ended 30 September 2011: £291,000; year ended 31 March 2012: £504,000).

These costs comprise mainly commission.

7. SUBSCRIPTION SHARES


During the period ended 30 September 2012 a total of 4,671,640
subscription shares were exercised for a total consideration of £29,805,000.
At the period end the Company's share capital included 2,433,208 subscription
shares, which are currently exercisable at 699p per share.

8. PUBLICATION OF NON STATUTORY ACCOUNTS

The financial information contained in this half year report does not constitute statutory accounts as defined in sections 434-436 of the Companies Act 2006. The financial information for the half years ended 30 September 2012 and 30 September 2011 has not been audited, or reviewed by the auditors.


The information for the year ended 31 March 2012 has been extracted
from the latest published audited financial statements. The audited financial
statements for the year ended 31 March 2012 have been filed with the Registrar
of Companies. The report of the auditors on those accounts was unqualified,
did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying the report, and did not
contain statements under section 498 of the Companies Act 2006.

Earnings for the first six months should not be taken as a guide to the results for the full year.

Interim Management Report

PRINCIPAL RISKS AND UNCERTAINTIES The Company’s principal risks are as follows and are described in more detail under the heading Principal Risks and their Mitigation in the Company’s Annual Report for the year ended 31 March 2012: Investment Activity and Strategy; Shareholder Relations and Corporate Governance; Operational; Financial; and Accounting, Legal and Regulatory. The Company's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remaining six months of the Company's financial year.

RELATED PARTY TRANSACTIONS During the first six months of the current financial year no material transactions with related parties have taken place which have affected the financial position or the performance of the Company during the period.

DIRECTORS’ RESPONSIBILITIES The Board of Directors confirms that, to the bestof its knowledge: (i)

	the condensed set of financial statements contained within the Half 

Year Report has been prepared in accordance with applicable accounting standards; and (ii)

	the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority and Transparency Rules.
The Half Year Report has not been reviewed or audited by the Company’s auditors
The Half Year Report was approved by the Board on 21 November 2012 and the above responsibility statement was signed on its behalf by:  

Martin Smith Chairman


Frostrow Capital LLP

Company Secretary

21 November 2012

Copyright r 21 PR Newswire



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