Final Results

British Assets Trust PLC
15 November 2000




Unaudited Results for the year ended 30 September 2000

Highlights

 * Net Asset value total return of 20.8 per cent, outperforming the benchmark
   index by 7.7 percentage points.
 * Ordinary share price total return of 21.3 per cent.
 * Total dividends increased by 3.4 per cent.
 * Revenue reserves further strengthened


Performance 
The Company performed very strongly in the year ended 30 September 2000,
outperforming its benchmark by 7.7 percentage points.  Net asset value total
return was 20.8% compared with the total return for the composite benchmark of
13.1% (75% FTSE All-Share Index and 25% FTSE World (ex UK) Index) and the
ordinary share price total return was 21.3%. 

The following table provides a breakdown of the contribution to the
outperformance:

Attribution of return                 Percentage points
Benchmark/market return                      13.1
Asset allocation                             +1.1
Gearing                                      +0.4
Stock picking:
        UK equities                          +2.4
        Overseas equities                    +0.3
Narrowing of the discount on ICT             +2.8
Share buy-back programme                     +1.0
Impact of the strength of the Yen against
Sterling on the Yen loan                     -0.3
British Asset Trust's total return           20.8

Investors Capital Trust (ICT) is the Company's largest holding representing
31.6% of its total assets.  In the year to 30 September 2000, the Company's
holding in ICT produced a total return of 21.8%.

Earnings and Dividend 
The Company's earnings were 5.85p per ordinary share in respect of the year
ended 30 September 2000.  The Board has proposed a final dividend of 1.43225p
per ordinary share payable on 8 January 2001 to ordinary shareholders on the
register on 8 December 2000.  This brings total dividends for the financial
year to 5.216p, an increase of 3.4% compared with an increase in the Retail
Prices Index of 3.3%.  The ordinary dividend has been increased over the past
six years by 19.1% compared with a rise of 18.4% in the Retail Price Index,
representing real growth in dividends over this period.

Revenue Reserves  
Another significant transfer has been made to revenue reserves, while still
meeting the dividend objective.  Revenue reserves at 30 September 2000
amounted to 6.21p per ordinary share, representing dividend cover of 119%.


Buy Backs  
During the last financial year the Company bought back 11,528,788 ordinary
shares (3.6% of those in issue following the reorganisation in 1994) and
4,708,570 growth shares (7.7% of those originally in issue) for a total
consideration of £22.7m.  These buy backs enhanced the fully diluted net asset
value by approximately 1.5p per share.

Since the year end, the Company has bought back an additional 2,621,212
ordinary shares.

Marketing  
The Company has increased its marketing spend and continues to support the
'its' campaign of the AITC which seeks to increase public awareness of the
significant attractions of investment trusts.  The Company had over 24,000
shareholders at 30 September 2000, with some 60% of the ordinary shares owned
by private investors.

The Board will continue to place emphasis on marketing the Company's shares to
IFA clients and direct to private investors.  There has been a good initial
response to the Zero Charge ISA and the Company intends to market this more
aggressively in 2001.

2001  
On 30 September 2001, the Company's capital structure simplifies.  Only
ordinary shares will be in issue.  Growth shares will have converted into
ordinary shares on a one for one basis and the warrants will have been
exercised into ordinary shares between 1 July 2001 and 30 September 2001 at a
subscription price of 101p.  

Shareholder value will remain at the forefront of the Board's thinking and the
programme of share buy-backs and retail initiatives will continue.  

The Board welcomes the restated intention of ICT's board to bring forward
proposals for growth shareholders before 30 September 2001.

Outlook  
In the light of the uncertainty in the currency markets and the risk of a
further rise in the price of oil, it is likely that equity markets will be
volatile over the next few months.  However, taking a longer term view,
economic growth is still strong and inflationary pressures remain subdued. 
Corporate earnings are set for another year of healthy growth, albeit not
quite as good as this year's, and the interest rate cycle looks to be at or
near to its peak.  Once the short term uncertainties are resolved the backdrop
should again favour equity markets.

For further information please contact:
John Stubbs: 0207 506 1100

Gordon Humphries : 0131 465 1000
Friends Ivory and Sime plc 

Unaudited Statement of Total Return (Incorporating the revenue account)
for the Year ended 30 September 2000

                                       Notes  2000       2000       2000
                                              Revenue    Capital    Total
                                              Pds '000   Pds '000   Pds '000
                            
                            
Gains on investments                             -       96,643       96,643
Warrants purchased for cancellation               -      (4,251)      (4,251)
Realised exchange differences                     -      (2,407)      (2,407)
Net movement in Loan Stock liability     3        -      (1,902)      (1,902)
Income                                         23,499         -       23,499
Investment management fee                        (851)   (1,702)      (2,553)
Other expenses                                   (929)       -          (929)
                                               ------    -------     --------
Net revenue before finance 
costs & taxation                               21,719       86,381    108,100
                            
Finance costs                                  (2,262)      (2,546)    (4,808)
                                               -------      -------    -------
Return on ordinary activities before tax        19,457      83,835     103,292
                            
Tax on ordinary activities                      (1,249)        881       (368)
                                               -------       -----      ------
Return on ordinary activities 
after tax for the financial year                18,208       84,716    102,924
                            
Dividends in respect of non-equity shares           -            -         -
                                               ------        ------   -------
Return attributable to equity shareholders     18,208        84,716   102,924
                            
Dividends in respect of equity shares     2   (16,035)           -    (16,035)
                                               -----        ------     ------
Transfer to reserves                            2,173        84,716    86,889
                                               ------        ------    ------
                            
                            
Return per ordinary share                 1                     
                            
Basic                                            5.85p        23.12p   28.97p
                            
Diluted (FRS 14)                                 5.78p        22.90p   28.68p
                            
Return per growth share                            
                            
Basic                                               -         23.12p   23.12p
                            
Diluted (FRS 14)                                    -         22.90p   22.90p
                            
                            

Unaudited Statement of Total Return (Incorporating the revenue account)
for the Year ended 30 September 1999

                                     Notes       1999       1999       1999
                                                 Revenue    Capital    Total
                                                (restated)          (restated)
                                                 Pds '000   Pds '000  Pds '000
                            
                            
Gains on investments                               -        78,716    78,716
Warrants purchased for cancellation                -          (481)     (481)
Realised exchange differences                      -            56       56
Net movement in Loan Stock liability       3       -        (5,535)   (5,535)
Income                                          24,369         336    24,705
Investment management fee                         (785)     (1,210)   (1,995)
Other expenses                                    (581)       (182)     (763)
                                                 ______       _____     ______
Net return before finance costs & taxation       23,003      71,700    94,703
                            
Finance costs                                    (2,509)     (2,488)   (4,997)
                                                 ______       ______   ______
                                   
Return on ordinary activities before tax         20,494       69,212    89,706
                            
Tax on ordinary activities                       (1,291)         977     (314)
                                                 ______       _____     _____
                            
Return on ordinary activities 
after tax for the financial year                 19,203       70,189    89,392
                            
Dividends in respect of non-equity shares           (88)       -          (88)
                                                  ______       ____     _____
Return attributable to equity shareholders        19,115     70,189    89,304
                            
Dividends in respect of equity shares    2       (16,194)       -     (16,194)
                                                  ______       _____   ______
Transfer to reserves                               2,921      70,189   73,110
                                                  ______       _____    _____
                            
Return per ordinary share       1                     
                            
Basic                                          5.93p       18.42p       24.35p
                            
Diluted (FRS 14)                               5.86p       18.21p       24.07p
                            
Return per growth share                            
                            
Basic                                             -       18.42p       18.42p
                            
Diluted (FRS 14)                                  -       18.21p       18.21p
                            

 

Unaudited Balance Sheet as at 30 September       2000       1999
                                                 Pds'000    Pds '000
              
Fixed assets              
              
Investments                                      739,558       663,210
              
Current assets              
              
Debtors                                            3,191       12,659
Cash at bank and on deposit                       18,971        5,590
                                                ________       _______
                                                  22,162       18,249
              
Creditors: amounts falling 
due within one year                             (14,857)       (12,456)
                                                ________       _______
Net current assets                                7,305         5,793
                                                ________       _______
Total assets less current liabilities            746,863       669,003
                                                ________       _______
Creditors: amounts falling due after 
more than one year                              (104,631)      (90,946)
                                                 ________       _______
                                                  642,232       578,057
                                                 ________       _______
Capital and reserves              
Called-up share capital                            90,059       94,119
Share premium account                               3,630       3,630
Other reserves -              
Capital reserve - realised                        252,875       232,930
Capital reserve - unrealised                      270,676       228,619
Capital redemption reserve                          5,941         1,881
Revenue reserve                                    19,051        16,878
                                                  _______       _______
Total shareholders' funds                         642,232       578,057
                                                  _______       _______
Equity shareholders' funds                        642,232       578,057
                                                  _______       _______
Net asset value per share              
              
Ordinary and growth              
- Basic                       178.3p       153.5p
- Fully diluted               176.8p       151.4p
- Diluted (FRS 14)            177.0p       151.9p

 Notes

1.       Basic revenue return per ordinary share is based on a weighted
average of 311,287,948 (1999: 322,179,959) ordinary shares in issue.  Diluted
return per ordinary and growth share has been calculated in accordance with
FRS 14 (Earnings per share).

2.       The final dividend, if approved by shareholders, will be paid on 8
January  2001 to ordinary shareholders on the register at close of business on
8 December 2000.

       For the year to 30 September 2001, the first three interim dividends
will each be paid at the rate of 1.304p per ordinary share, being 25 per cent
of the total dividends payable in respect of the year ended 30 September 2000.
 It is intended that a fourth interim dividend will be paid at a rate
consistent with the objective of providing real growth in income for ordinary
shareholders.

3.       The Company bought in 5,031,989 units of Equities Index Unsecured
Loan Stock during the year ended 30 September 2000 at a cost of £14,881,000
(1999 - 300,000 units at a cost of £876,000).  As at 30 September 2000 there
were 6,107,903 units in issue.  The capital movement for the EIULS units
during the year ended 30 September 2000 reflects the net movement in the EIULS
liability.

4.       The Company had the following equity or equity related securities in
issue as at 30 September 2000:

307,021,212       Ordinary Shares.  During the year to 30 September 2000 the
Company bought in 11,528,788 ordinary shares for cancellation at a cost of
£16,341,000.

       53,216,726              Growth Shares.  During the year to 30 September
2000 the Company bought in 4,708,570 growth shares for cancellation at a cost
of £6,373,000.

       7,188,143       Warrants to subscribe for ordinary shares at 101 pence
during the period commencing 1 July 2001 and ending on 30 September 2001. 
During the year to 30 September 2000 the Company bought in 8,848,212 warrants
for cancellation at a cost of £4,251,000.

              Growth Shares rank pari passu with the ordinary shares, except
that they are not entitled to receive any dividends.  Growth Shares
automatically convert back to ordinary shares on 30 September 2001.  Net Asset
Value per Share is based on 360,237,938 (1999: 376,475,296) Shares in issue,
being the total number of ordinary shares and growth shares in issue.  Fully
diluted net asset value assumes the exercise of the warrants outstanding.

The diluted net asset values are calculated in accordance with FRS 14.

 
5.       In accordance with FRS16, franked investment income is now shown
excluding any associated tax credit with a subsequent reduction in the amount
of the tax charge.  The figures for the period to 30 September 1999 have
accordingly been restated.  The effect of this change in policy is to decrease
franked investment income and the tax charge by £677,000 (1999: £2,168,000).

6.       These are not full statutory accounts in terms of Section 240 of the
Companies Act 1985.  The full audited accounts for the year to 30 September
1999, which were unqualified, have been lodged with the Registrar of
Companies.  The 2000 annual report will be sent to shareholders later this
month and will be available for inspection at One Charlotte Square, Edinburgh,
the registered office of the Company.

7.       The Company's geographic exposure as a percentage of ordinary
shareholders' funds at 30 September 2000 was as follows (comparative figures
are for 30 September 1999).

                                    2000       1999

UK (less Equities Index Unsecured 
       Loan Stock)                  79.3       77.5
              
Europe                              10.1       10.7
              
North America                       12.7       13.6
              
Japan                                3.3        3.0
              
Pacific (ex Japan)                   1.7       2.0
              
Liquidity (less prior capital)      (7.1)     (6.8)
                                    _____     _____
                                   100.0     100.0
                                   _____      _____