Final Results

CHELVERTON GROWTH TRUST PLC

PRELIMINARY ANNOUNCEMENT OF RESULTS

The Directors announce the unaudited statement of results for the year ended 31
August 2002 as follows:-

SUMMARISED CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account) of the Group

                                   1 September 2001                   ** Period
                                                                               
                                  to 31 August 2002           to 31 August 2001
                                                                               
                        Revenue   Capital     Total  Revenue  Capital     Total
                                                                               
                         £'000     £'000     £'000    £'000    £'000     £'000 
                                                                               
Losses on investments        -    (1,017)   (1,017)       -     (755)     (755)
                                                                               
Dividends and interest      85         -        85       20        -        20 
                                                                               
Investment management      (32)      (95)     (127)     (12)     (10)      (22)
fee                                                                            
                                                                               
Other expenses            (200)       (4)     (204)    (184)    (145)     (329)
                                                                               
Net return before                                                              
finance                                                                        
                                                                               
costs and taxation        (147)   (1,116)   (1,263)    (176)    (910)   (1,086)
                                                                               
Interest payable and       (19)      (58)      (77)      (1)      (4)       (5)
similar charges                                                                
                                                                               
Return on ordinary                                                             
activities                                                                     
                                                                               
before taxation           (166)   (1,174) (1,340)      (177)    (914)   (1,091)
                                                                               
Taxation on ordinary         -         -         -        -        -         - 
activities                                                                     
                                                                               
Return on ordinary        (166)   (1,174)   (1,340)    (177)    (914)   (1,091)
activities                                                                     
                                                                               
after taxation for the                                                         
                                                                               
financial period                                                               
                                                                               
Minority interests           -         -         -        -       (2)       (2)
                                                                               
Return attributable to    (166)   (1,174)   (1,340)    (177)    (912)   (1,089)
members                                                                        
                                                                               
of the parent company                                                          
                                                                               
Dividends in respect         -         -         -        -        -         - 
of equity                                                                      
                                                                               
shares                                                                         
                                                                               
Transfer from reserves    (166)   (1,174)   (1,340)    (177)    (912)   (1,089)
                                                                               
                        Revenue   Capital     Total  Revenue  Capital     Total
                                                                               
                          Pence     Pence     Pence    Pence    Pence     Pence
                                                                               
Return per Ordinary      (0.88)    (6.24)    (7.12)   (1.53)   (7.88)    (9.41)
share                                                                          
                                                                               
* The revenue column of this statement is the revenue account of the Group.    
                                                                               
** The comparative figures are for the period 1 January 2001 to 31 August 2001 
and include figures of the Company's subsidiary, Micro Quoted Growth Trust plc,
from 2 August 2001 onwards.                                                    
                                                                               
All revenue and capital items in the above statement derive from continuing    
operations.                                                                    

CONSOLIDATED BALANCE SHEET

As at 31 August 2002

                                       31 August 2002            31 August 2001
                                                                               
                                               £'000                     £'000 
                                                                               
Fixed assets                                                                   
                                                                               
Investments                                    5,755                     7,753 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                           14                         2 
                                                                               
Cash at bank                                     113                        27 
                                                                               
                                                 127                        29 
                                                                               
Creditors - Amounts falling due                                                
                                                                               
within one year                                                                
                                                                               
Creditors                                        731                     1,482 
                                                                               
Net current liabilities                         (604)                   (1,453)
                                                                               
Net assets                                     5,151                     6,300 
                                                                               
Share capital and reserves                                                     
                                                                               
Called up share capital                          189                       182 
                                                                               
Share premium account                          2,674                     2,438 
                                                                               
Capital reserve                               (2,285)                   (1,111)
                                                                               
Revenue reserve                                4,573                     4,739 
                                                                               
Shareholders' funds                            5,151                     6,248 
                                                                               
Minority interests                                 -                        52 
                                                                               
                                               5,151                     6,300 
                                                                               
                                                Pence                     Pence
                                                                               
Net Asset Value per Ordinary                   27.28                     34.33 
share                                                                          
                                                                               

SUMMARISED CONSOLIDATED STATEMENT OF CASHFLOWS

For the year ended 31 August                                                   
2002                                                                           
                                                                               
                                     1 September 2001                    Period
                                                                               
                                    to 31 August 2002         to 31 August 2001
                                                                               
                                               £'000                     £'000 
                                                                               
Operating activities                                                           
                                                                               
Investment income received                        76                        10 
                                                                               
 Deposit interest received                         5                         8 
                                                                               
Investment management fees paid                 (117)                       (8)
                                                                               
Secretarial fees paid                            (44)                       (2)
                                                                               
Other cash payments                             (226)                     (124)
                                                                               
Net cash outflow from operating                 (306)                     (116)
activities                                                                     
                                                                               
Servicing of finance                                                           
                                                                               
Interest paid                                    (78)                       (1)
                                                                               
Net cash outflow from servicing                  (78)                       (1)
of finance                                                                     
                                                                               
Capital expenditure and                                                        
financial investment                                                           
                                                                               
Purchases of investments                        (768)                     (200)
                                                                               
Sales of investments                           1,750                        16 
                                                                               
Purchase of subsidiary                             -                      (922)
undertaking                                                                    
                                                                               
Acquisition costs                               (274)                      (15)
                                                                               
Net cash inflow/(outflow) from                                                 
capital                                                                        
                                                                               
expenditure and financial                        708                    (1,121)
investment                                                                     
                                                                               
Net cash inflow/(outflow)                        324                    (1,238)
                                                                               
Increase/(decrease) in cash                      324                    (1,238)
                                                                               

NOTE

The above financial information for the year ended 31 August 2002 and the
period ended 31 August 2001 does not constitute statutory accounts as defined
in Section 240 of the Companies Act 1985. The comparative financial information
is based on the statutory financial statements for the period ended 31 August
2001. The auditors have reported on those accounts; their reports were
unqualified and did not contain a statement under section 237 (2) or (3) of the
Companies Act 1985. The August 2001 accounts have been delivered to the
Registrar of Companies.

CHAIRMAN'S STATEMENT

The state of investment markets around the world has been widely covered.
Clearly, your Company has been hit by the prevailing gloom: our net asset value
at the end of the year was 27.28p, down from 34.33p at the beginning of the
year, a decline of 20.54%. Our benchmark index, the FTSE All- Share, declined
during the same period by 21.00%.

Your Board remains convinced that this environment will change. We can have no
idea of precisely when that will happen, but our policy remains to seek
opportunities and to vacate positions which our Manager no longer considers
attractive.

We have also focused on the matters which we can directly control. Our balance
sheet has been strengthened with net bank debt reducing by 37% over the year.
Through the reduction in board members from eight to four occasioned by last
year's merger, the year on year reduction in Directors' remuneration is 46%.

The wide discount of the share price to the net asset value per share has been
of concern to the Board. In an attempt to ameliorate the position, authority is
to be sought at the forthcoming Annual General Meeting for the purchase by the
Company of up to 14.99% of the issued share capital. Any purchase under this
authority will only be made at a price below the prevailing net asset value.

During the year the Directors purchased a total of 221,917 shares in the
company and David Horner, the Executive Director of Chelverton Asset Management
Limited, the Company's Investment Manager, increased his holding to 641,368
shares.

It is more difficult than ever to forecast the timing of a recovery in
investment markets. We believe, however, that our portfolio contains some very
promising companies, and that when the markets turn, which they inevitably
will, our portfolio will be well placed to participate in the rise that will
occur.

We believe that the current environment will yield new investment opportunities
as company valuations start to look attractive. We are well positioned to take
advantage of such opportunities as and when they arise, and continue to
carefully monitor a number of potential investments.

Pratt Thompson

Chairman

4 November 2002