Final Results

PICCADILLY GROWTH TRUST PLC

PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS

The Directors announce the unaudited consolidated statement of results for the
year ended 30 April 2003:

CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account)

                                                                               
                                                                               
                                       Year ended                   Year ended 
                                                                               
                                    30 April 2003                30 April 2002 
                                                                               
                     Revenue    Capital     Total   Revenue   Capital    Total 
                                                                               
                       £'000      £'000     £'000     £'000   £'000       £'000
                                                                               
                                                                               
                                                                               
Losses on                  -     (3,903)   (3,903)        -    (2,801)  (2,801)
investments                                                                    
                                                                               
Exchange losses on         -        (14)      (14)        -       (12)     (12)
capital items                                                                  
                                                                               
Dividends and            405          -       405       247         -      247 
interest                                                                       
                                                                               
Underwriting               4          -         4         -         -        - 
commission                                                                     
                                                                               
Subsidiary's             (19)         -       (19)       25         -       25 
dealing (loss)/                                                                
profit                                                                         
                                                                               
Investment               (14)      (127)     (141)        -      (107)    (107)
management fee                                                                 
                                                                               
Other expenses          (126)         -      (126)      (93)        -      (93)
                                                                               
                                                                               
                                                                               
Net return on                                                                  
ordinary activities                                                            
before                                                                         
                                                                               
finance costs and        250     (4,044)   (3,794)      179    (2,920)  (2,741)
taxation                                                                       
                                                                               
                                                                               
                                                                               
Interest payable          (7)       (66)      (73)        -       (77)     (77)
and similar charges                                                            
                                                                               
                                                                               
                                                                               
Return on ordinary       243     (4,110)   (3,867)      179    (2,997)  (2,818)
activities before                                                              
taxation                                                                       
                                                                               
Taxation on              (21)         -       (21)       (9)        -       (9)
ordinary activities                                                            
                                                                               
Return on ordinary       222     (4,110)   (3,888)      170    (2,997)  (2,827)
activities after                                                               
taxation for the                                                               
period                                                                         
                                                                               
Dividends in            (261)         -      (261)     (215)        -     (215)
respect of equity                                                              
shares                                                                         
                                                                               
Transfer from            (39)    (4,110)   (4,149)      (45)   (2,997)  (3,042)
reserves                                                                       
                                                                               
Return per ordinary     1.70p   (31.49)p  (29.79)p     1.59p  (27.99)p (26.40)p
share                                                                          
                                                                               
                                                                               

The revenue column of this statement is the consolidated revenue account of the
Group.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.

CONSOLIDATED BALANCE SHEET

                                               As at                     As at 
                                                                               
                                            30 April                  30 April 
                                                                               
                                                2003                      2002 
                                                                               
                                               £'000                     £'000 
                                                                               
Fixed assets                                   8,102                    14,813 
                                                                               
Investments                                                                    
                                                                               
                                                                               
                                                                               
Current assets                                                                 
                                                                               
Investments                                        -                        45 
                                                                               
Debtors                                          682                       715 
                                                                               
Cash at bank                                     999                         - 
                                                                               
                                               1,681                       760 
                                                                               
Creditors - Amounts falling due                 (677)                   (2,318)
within one year                                                                
                                                                               
                                                                               
                                                                               
Net current assets/(liabilities)               1,004                    (1,558)
                                                                               
Net assets                                     9,106                    13,255 
                                                                               
                                                                               
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                          130                       130 
                                                                               
Share premium account                          8,208                     8,208 
                                                                               
Capital redemption reserve                         2                         2 
                                                                               
Capital reserve - realised                     1,577                     5,000 
                                                                               
Capital reserve - unrealised                    (842)                     (155)
                                                                               
Revenue reserve                                   31                        70 
                                                                               
Equity shareholders' funds                     9,106                    13,255 
                                                                               
Net asset value per ordinary                   69.78p                   101.57p
share:                                                                         

 

                                                                               
                                                                               
CONSOLIDATED STATEMENT OF CASHFLOWS                                            
                                                                               
                                           Year ended                Year ended
                                                                               
                                            30 April                  30 April 
                                                                               
                                                2003                      2002 
                                                                               
                                               £'000                     £'000 
                                                                               
                                                                               
                                                                               
Operating activities                                                           
                                                                               
Investment income received                       315                       240 
                                                                               
Deposit interest received                          3                         4 
                                                                               
Underwriting commission                            4                         - 
received                                                                       
                                                                               
Investment management fees                      (155)                      (80)
paid                                                                           
                                                                               
Company secretarial fees paid                    (13)                      (12)
                                                                               
Other cash payments                             (114)                      (82)
                                                                               
Income tax recovered                              20                         21
                                                                               
Net cash inflow from                              60                        91 
operating activities                                                           
                                                                               
Servicing of finance                                                           
                                                                               
Loan interest paid and other                     (75)                      (80)
finance costs                                                                  
                                                                               
Net cash outflow from                            (75)                      (80)
servicing                                                                      
                                                                               
of finance                                                                     
                                                                               
                                                                               
                                                                               
Taxation                                                                       
                                                                               
Corporation tax paid                               -                       (12)
                                                                               
Net cash outflow from                              -                       (12)
taxation                                                                       
                                                                               
Capital expenditure and                                                        
financial investments                                                          
                                                                               
Purchases of listed                           (4,148)                   (3,680)
investments                                                                    
                                                                               
Sales of listed investments                    6,455                     2,795 
                                                                               
                                                                               
                                                                               
Net cash inflow/(outflow)                                                      
from capital expenditure and                                                   
                                                                               
financial investment                           2,307                      (885)
                                                                               
                                                                               
                                                                               
Equity dividends paid                           (238)                     (190)
                                                                               
                                                                               
                                                                               
Financing                                                                      
                                                                               
Amounts repaid under                            (925)                     (825)
revolving credit facility                                                      
                                                                               
Issue of shares                                  385                     1,492 
                                                                               
Expenses of share issue                          (38)                     (171)
                                                                               
Net cash (outflow)/inflow                       (578)                      496 
from financing                                                                 
                                                                               
Increase/(decrease) in cash                    1,476                      (580)
                                                                               

These accounts have been prepared using the accounting standards and policies
adopted at the previous year-end. As stated in the Annual Report for the year
ended 30 April 2002, with effect from 1 May 2002 the Company has allocated its
management fees and finance costs in the ratio 90:10 to the capital reserve and
revenue account respectively in line with the Directors' expectations of the
ratio of relative returns in the form of capital gains and income. Previously,
such expenses were fully charged to capital reserve. All other expenses have
been charged in full to the revenue account. This is not considered a change in
accounting policy and therefore the comparative figures have not been restated.

The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2002 or 2003. Statutory
accounts for 2002 have been delivered to the Registrar of Companies and
received an audit report which was unqualified and did not contain a statement
under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts
for the year ended 30 April 2003 have not yet been approved, audited or
delivered to the Registrar of Companies.

Post Year-end Events

The Company announced on 23 May 2003 a change in investment policy and the
appointment of Artemis Investment Management Limited ('Artemis') as manager of
the Company. Following their appointment on 1 June 2003, Artemis have managed
the portfolio under a new investment objective, being to achieve above average
rates of total return over the longer term and to achieve a growing dividend
stream and have undertaken to realign the portfolio accordingly.

Following the realignment, the Company's portfolio will comprise mainly UK and
selected international equities, with the potential for investment in hedge
funds, cash and bonds, unquoted investments, derivatives and other investments
and securities as appropriate. It is intended that the Company will be
positioned in the UK Growth sector rather then its existing European peer
group.

The results announced today therefore represent the Company's performance under
the previous investment policy up to 30 April 2003. They should not be seen as
an indication of future performance.

Further details of the changes will be included in the Company's Annual Report
and Accounts for the year ended 30 April 2003.

Dividend

The Directors propose the payment of a final dividend of 1p per share (net).
Subject to shareholder approval, the dividend will be paid on 5 September 2003
to shareholders on the register on 8 August 2003. The ex-dividend date will be
6 August 2003. The payment of this dividend will maintain the level of dividend
of 2p per share paid to shareholders in respect of the year ended 30 April
2002.

The Directors, Piccadilly Growth Trust PLC

13 June 2003

Copies of the Company's Annual Report and Accounts for the year ended 30 April
2003 will be sent to shareholders in July and will be available to members of
the public from the Registered Office at 23 Cathedral Yard, Exeter, Devon, EX1
1HB.