Interim Results

Deutsche Equity Income Trust PLC
19 May 2005





                        DEUTSCHE EQUITY INCOME TRUST PLC

                      PRELIMINARY ANNOUNCEMENT OF RESULTS
                     FOR THE HALF YEAR ENDED 31 MARCH 2005



Extract from the Chairman's Statement

I am pleased to be able to report a positive first six months of the financial
year with the net asset value per ordinary share rising by 9.3%. This has
outperformed our benchmark, the FTSE All-Share Index, which rose 8.2% over the
same period. Our share price, however, improved by only 0.9% as discounts
widened in the income segment of the market.



Earnings per ordinary share over the six months to 31 March 2005 were 4.34p, an
increase of 27.3% over the equivalent period last year. As a result of this
improvement in earnings, the Board has decided to pay an increased interim
dividend of 2.60p per ordinary share, 4% higher than last year. The interim
dividend will be paid on 24 June 2005 to those shareholders on the register at
the close of business on 27 May 2005. The Board will consider the level of
distribution for the full year at a Board meeting to be held in October.



Since the beginning of our financial year, the discount of our share price to
net asset value has widened from 1.7% to 9.3% at the half-year end which is
clearly disappointing. The Board has powers to buy back ordinary shares if
discounts become too wide and has used these, since the end of the period under
review, to buy back 25,000 shares for cancellation. The Board and its advisers
will continue to monitor the discount position closely.



Tony Mitchard
Chairman







The financial information for the year ended 30 September 2004 is derived from
the statutory accounts for 2004 which have been delivered to the Registrar of
Companies. The Auditors have reported on the 2004 accounts; their report was
unqualified and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985.



The half-yearly report will be sent to shareholders and will also be made
available to the public at the Company's registered office.





By order of the Board
M Pope
Secretary



Registered Office:
One Appold Street
London EC2A 2UU



19 May 2005



For further information please contact:


John Murray at Deutsche Asset Management
Tel: [phone]







STATEMENT OF TOTAL RETURN
(incorporating the revenue account*)

                                   Six months to 31 March     Year to 30 September 2004   Six months to 31 March 2004
                                   2005
                                   Revenue  Capital   Total    Revenue  Capital   Total    Revenue   Capital     Total
                                     £'000    £'000   £'000      £'000    £'000   £'000      £'000     £'000     £'000

Gains on investments                     -    8,269   8,269          -    9,718   9,718          -     7,303     7,303

Income                               2,161        -   2,161      3,688        -   3,688      1,728         -     1,728
Investment management fee            (223)    (223)   (446)      (418)    (418)   (836)      (210)     (210)     (420)
Other expenses                       (149)        -   (149)      (261)        -   (261)      (142)         -     (142)

Net return before finance            1,789    8,046   9,835      3,009    9,300  12,309      1,376     7,093     8,469
costs and taxation
Interest payable                      (62)     (62)   (124)       (83)     (83)   (166)       (21)      (21)      (42)

Return on ordinary activities        1,727    7,984   9,711      2,926    9,217  12,143      1,355     7,072     8,427
before tax
Tax on ordinary activities               -        -       -          -        -       -          -         -         -

Return on ordinary activities
after tax  for the financial
year
attributable to equity
shareholders                         1,727    7,984   9,711      2,926    9,217  12,143      1,355     7,072     8,427
Dividends in respect of equity     (1,034)        - (1,034)    (3,261)        - (3,261)      (994)         -     (994)
shares
Transfer to reserves after
interim
dividend of 2.60p (2004 -              693    7,984   8,677      (335)    9,217   8,882        361     7,072     7,433
2.50p)


Return per ordinary share            4.34p   20.08p  24.42p      7.36p   23.18p  30.54p      3.41p    17.78p    21.19p


*The revenue column of this statement is the profit and loss account
of the Company.

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

The statement of total return, balance sheet and cash flow statement are
unaudited.  The figures in respect of the year to 30 September 2004 are derived
from the full accounts which have been delivered to the Registrar of Companies
and which contain an unqualified audit report.




BALANCE SHEET
                                                    as at 31                 as at 30                 as at 31
                                                  March 2005           September 2004               March 2004
                                                       £'000                    £'000                    £'000
Fixed assets
Investments                                          105,057                  100,438                   96,078

Current assets
Debtors                                                2,088                    2,496                    1,442
Cash                                                   1,276                      965                      604
                                                       3,364                    3,461                    2,046

Creditors: amounts falling due within                (6,249)                 (10,404)                  (6,078)
one year

Net current liabilities                              (2,885)                  (6,943)                  (4,032)

Total assets less current liabilities                102,172                   93,495                   92,046


Capital and reserves
Called-up share capital                                9,941                    9,941                    9,941
Share premium account                                 20,373                   20,373                   20,373

Other reserves
Capital redemption reserve                            12,609                   12,609                   12,609
Capital reserve - realised                            52,305                   49,549                   48,543
Capital reserve -                                      5,985                      757                    (382)
unrealised
Revenue reserve                                          959                      266                      962

Total equity shareholders' funds                     102,172                   93,495                   92,046

Net asset value per ordinary share                    257.0p                   235.1p                   231.5p

Mid-market quotation of ordinary                      233.0p                   231.0p                   230.0p
shares




                                                  Six months to                   Year ended          Six months to
                                                       31 March            30 September 2004               31 March
                                                           2005                        £'000                   2004
                                                          £'000                                               £'000

Operating activities

Cash received from investments                            1,809                        3,651                  1,344
Interest received                                            22                           26                     11
Cash received from stocklending                               2                            4                      3
Investment management fees paid                           (408)                        (823)                  (422)
Cash paid to and on behalf of directors                    (43)                         (74)                   (33)
Other cash payments                                       (128)                        (171)                   (74)

Net cash inflow from operating activities                 1,254                        2,613                    829

Servicing of finance
Interest paid                                             (106)                        (128)                   (21)

Net cash outflow from servicing of finance                (106)                        (128)                   (21)

Financial investment
Purchase of investments                                (50,333)                     (72,021)               (36,543)
Sale of investments                                      51,763                       68,903                 33,747

Net cash inflow/(outflow) from financial                  1,430                      (3,118)                (2,796)
investment

Equity dividends paid                                   (2,267)                      (3,181)                (2,187)

Drawdown of loan facility                                   -                          4,500                  4,500

Increase in cash                                            311                          686                    325






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