Interim Results

CHELVERTON GROWTH TRUST PLC

PRELIMINARY ANNOUNCEMENT OF RESULTS

The Directors announce the unaudited statement of results for the period 1
September 2003 to 29 February 2004 as follows:-

SUMMARISED CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account) of the Group

                                 Six months to              Six months to      
                                                                               
                               29 February 2004           28 February 2003     
                                                                               
                           Revenue  Capital     Total Revenue  Capital    Total
                                                                               
                             £'000    £'000     £'000   £'000    £'000    £'000
                                                                               
Gains /(losses) on              -    1,343     1,343       -   (1,076)  (1,076)
investments                                                                    
                                                                               
Income                          17       -        17      20        -       20 
                                                                               
Investment management fee     (21)     (64)      (85)    (15)     (45)     (60)
                                                                               
Other expenses               (108)       -      (108)   (104)       -     (104)
                                                                               
Net return on ordinary                                                         
activities                                                                     
                                                                               
before finance costs and     (112)   1,279     1,167     (99)  (1,121)  (1,220)
taxation                                                                       
                                                                               
Interest payable and           (5)     (14)      (19)     (5)     (15)     (20)
similar charges                                                                
                                                                               
Transfer (from)/to           (117)   1,265     1,148    (104)  (1,136)  (1,240)
reserves                                                                       
                                                                               
                           Revenue  Capital     Total Revenue  Capital    Total
                                                                               
                             Pence    Pence     Pence   Pence    Pence    Pence
                                                                               
Return per Ordinary share   (0.64)    6.87      6.23   (0.55)   (6.02)   (6.57)
                                                                               
*The revenue column of this statement is the revenue account of the Group.     
                                                                               
All revenue and capital items in the above statement derive from continuing    
operations.                                                                    

CONSOLIDATED BALANCE SHEET

As at 29 February 2004                       As at         As at          As at
                                                                               
                                  29 February 2004     31 August    28 February
                                                            2003           2003
                                                                               
                                             £'000         £'000          £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments                                 7,337         6,958          4,649 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                        11            14              9 
                                                                               
Cash at bank                                   28           130             79 
                                                                               
                                               39           144             88 
                                                                               
Creditors - amounts falling due                                                
                                                                               
within one year                                                                
                                                                               
Bank overdraft                                181           912            791 
                                                                               
Creditors                                      44            54             36 
                                                                               
                                              225           966            827 
                                                                               
Net current liabilities                      (186)         (822)          (739)
                                                                               
Net assets                                  7,151         6,136          3,910 
                                                                               
Share capital and reserves                                                     
                                                                               
Share capital (Note1)                         182           189            189 
                                                                               
Share premium account                       2,674         2,674          2,674 
                                                                               
Capital reserve                                20        (1,112)        (3,421)
                                                                               
Capital redemption reserve                      7             -              - 
(Note1)                                                                        
                                                                               
Revenue reserve                             4,268         4,385          4,468 
                                                                               
Total shareholders' funds                    7,151        6,136          3,910 
                                                                               
                                             Pence         Pence          Pence
                                                                               
Net Asset Value per Ordinary                 39.37        32.49          20.71 
Share                                                                          
                                                                               
(including current period                                                      
revenue)                                                                       
                                                                               
Ordinary shares in issue at             18,163,814    18,883,045    18,883,045 
period end                                                                     
                                                                               
Weighted average number of              18,398,294    18,883,045    18,883,045 
ordinary shares in issue during                                                
the period                                                                     

Note 1.

During this period the Company has acquired 719,231 shares for cancellation,
for a total consideration of £133,000.

SUMMARISED CONSOLIDATED STATEMENT OF CASHFLOWS

For the six months to 29                                                       
February 2004                                                                  
                                                                               
                                        Six months to             Six months to
                                                                               
                                     29 February 2004          28 February 2003
                                                                               
                                                £'000                     £'000
                                                                               
Net cash outflow from                                                          
                                                                               
operating activities                            (185)                     (164)
                                                                               
Servicing of finance                                                           
                                                                               
Interest paid                                    (17)                      (21)
                                                                               
Net cash outflow from servicing                  (17)                      (21)
of finance                                                                     
                                                                               
Capital expenditure and                                                        
financial investment                                                           
                                                                               
Purchases of investments                        (742)                     (439)
                                                                               
Sales of investments                           1,706                       468 
                                                                               
Net cash inflow from capital                                                   
                                                                               
expenditure and financial                        964                        29 
investment                                                                     
                                                                               
Financing share repurchase                      (133)                        - 
                                                                               
Net cash inflow/(outflow)                        629                      (156)
                                                                               
Increase/(decrease) in cash                      629                      (156)
                                                                               

NOTE

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The statutory financial
statements for the Group for the year to 31 August 2003, which contained an
unqualified auditors' report, have been lodged with the Registrar of Companies
and did not contain a statement required under Section 237(2) or (3) of the
Companies Act 1985.

These financial statements have been prepared and are consistent with the
accounting standards and policies as stated at the previous year end, save that
the Company has adopted the 2003 Statement of Recommended Practice regarding
the Financial Statements of Investment Trust Companies.

Chairman's Statement

This last six months has been characterised by generally positive results from
our investee companies, in a period when investor interest in the smaller
companies sector has been more positive than for a number of years.

At the beginning of this six-month period your Company's net asset value per
share stood at 32.49p. At 29 February 2004 the net asset value stood at 39.37p,
an increase of 21.18%. The performance of the benchmark, the FTSE All-Share,
increased over this period by 8.65%.

As at 29 February 2004 your Company held 28 investment positions.

Debt has been reduced from £912,000 at 31 August 2003 to £181,000 at the end of
February. This situation arose as the entire shareholding in Pipex
Communications (formerly GX Networks) was realised as the price rose from 2p to
over 11p.

During this period, the Company also acquired 719,231 shares for cancellation,
699,231 at a price of 18.1p and 20,000 at 25p. The discount had narrowed to
22.5% at 29 February 2004, and the Board will consider additional buy-backs to
further reduce the discount.

After several months of over-priced companies seeking additional funds, the
Manager has identified some interesting opportunities, which have been sensibly
priced, and we would therefore expect an element of gearing to be
re-introduced.

Pratt Thompson

Chairman

13 April 2004