Final Results

Govett Asian Recovery Trust PLC
26 June 2002


                        GOVETT ASIAN RECOVERY TRUST PLC

                      PRELIMINARY ANNOUNCEMENT OF RESULTS

                        FOR THE YEAR ENDED 31 MARCH 2002


                             Chairman's Statement.


Against a backdrop of difficult economic and market conditions, Govett Asian
Recovery Trust performed well over the course of the last financial year.
Despite the 10.3% fall in the MSCI AC Asia Pacific Index, the Trust's Net Asset
Value rose by 8.4%. This good result was achieved by a combination of carefully
timed and selected stock purchases and country weightings. The Trust's
cumulative outperformance of the benchmark since launch in September 1998
increased to 18.23%. Gains in the Trust's share price exceeded the rise in the
Net Asset Value, resulting in a contraction in the discount to 17.2% from 22.0%
at the end of the previous year. There were no repurchases of shares during the
year.


This was a year of many surprises, few of them pleasant ones. The first half was
dominated by the gradual realisation that the global economy and, more
particularly, the U.S. economy would not be able to withstand the after-effects
of the bursting of the technology bubble in 2000. In Asia, this produced
recessions which largely reversed economic progress made since the financial
crisis in 1997 and 1998.


Fears that the world was entering its sharpest downturn since the early 1990s
were thrown into sharp focus by the terrorist attacks in New York and Washington
on September 11th. Writing now, more than six months after those events, it is
easy to forget the extent to which the stability of the global economy seemed to
hang in the balance. In retrospect, it is clear that it was only the
unprecedented injections of financial liquidity co-ordinated by the world's
leading Central Banks which prevented the crisis from turning into a disaster.


September 11th also proved to be something of a watershed for the Trust, as the
Manager adopted a significantly more aggressive disposition of its assets in the
belief that the dramatic easing in monetary policy would produce a recovery in
the global economy more quickly than had previously seemed possible. Much of the
outperformance for the year as a whole stems from the decision at that time to
increase weightings in a range of our holdings in the technology sector and,
subsequently, to add holdings in those areas most exposed to an improvement in
the global economic cycle, such as natural resources, petrochemicals, paper and
transportation. This involved an increase in the Trust's gearing levels which,
by the end of the year, stood at 17%.


Asia contains some of the world's most cyclical companies and economies. While
it should not perhaps be surprising that the markets of Korea and, latterly,
Taiwan, Thailand and Singapore should all have responded positively to signs of
an economic upturn, the recent improvement in some areas of Japan's economy has
been an unexpectedly positive factor. It is, however, too early to be sure
whether this improvement marks the beginning of a sustainable upturn and the
Manager has, therefore, retained the derivative option protection on the Trust's
Japanese portfolio.


Stockmarkets in Asia as a whole have run a long way in a short period of time,
albeit from depressed levels. It would be natural to expect some consolidation
in the short term. Since the year-end, the Manager has taken profits in some of
the more cyclical areas of the portfolio, including technology shares, reduced
the level of borrowing to 15% and reinstated derivative protection in selected
markets. While markets are likely to continue to be volatile, the portfolio
remains positioned towards further gains. These are as likely to come from
renewed self-generating growth within the region itself as from improved export
demand from the U.S. and elsewhere.




David Price

Chairman

26 June 2002






Statement of Total Return (incorporating the revenue account*) for the year
ended 31st March 2002

                                                     Year ended                               Year ended
                                                  31st March 2002                           31st March 2001
                                      Revenue        Capital          Total        Revenue     Capital       Total
                                       £000s          £000s           £000s         £000s       £000s        £000s
Realised & unrealised gains/                  -             4,646          4,646           -     (29,155)     (29,155)
(losses) on investments
Net foreign currency exchange
differences                                   -             (159)          (159)           -        1,646        1,646
Income from investments                     886                 -            886         908            -          908
Deposit interest                             47                 -             47         325            -          325
Management fee                            (428)                 -          (428)       (527)            -        (527)
Other (expenses)/income                   (322)                24          (298)       (315)           97        (218)
Net return before finance costs and         183             4,511          4,694         391     (27,412)     (27,021)
taxation                                                    
Interest payable                           (63)                 -           (63)       (209)            -        (209)
Return on ordinary activities               120             4,511          4,631         182     (27,412)     (27,230)
before taxation
Tax on ordinary activities                 (48)               (5)           (53)        (86)        (103)        (189)
Return on ordinary activities after
taxation                                     72             4,506          4,578          96     (27,515)     (27,419)
Return per Ordinary share                 0.20p            12.45p         12.65p       0.26p     (75.52)p     (75.26)p


* The revenue column of this statement represents the revenue account of the
Company.


All items derive from continuing activities.





Govett Asian Recovery Trust

Balance Sheet

                                                   As at 31st March 2002        As at 31st March 2001
                                                            £000                         £000
Fixed asset investments
Quoted - UK                                                               -                          5,133
Quoted - Overseas                                                    68,863                         56,608
                                                                     68,863                         61,741
Current Assets
Debtors                                                                 256                            857
Cash at bank                                                            520                          3,615
                                                                        776                          4,472

Creditors: amounts falling due within one year                     (10,401)                       (11,663)

Net current liabilities                                             (9,625)                        (7,191)
Provisions for liabilities and charges                                (110)                              -


Total assets less current liabilities                                59,128                         54,550

Financed by:
Capital and reserves
Called-up share capital                                               3,620                          3,620
Other reserves
Capital redemption reserve                                              112                            112
Special capital reserve                                              31,881                         31,881
Capital reserve - realised                                           15,255                         21,985
Capital reserve - unrealised                                          8,527                        (2,709)

Total other reserves                                                 55,775                         51,269
Revenue reserve                                                       (267)                          (339)

Equity shareholders' funds                                           59,128                         54,550

Net asset value per share                                           163.33p                        150.68p

Shares in issue                                                  36,202,077                     36,202,077





Govett Asian Recovery Trust

Cash flow Statement
                                                          Year ended                   Year ended
                                                       31st March 2002              31st March 2001

                                                             £000                         £000
Operating activities
Cash received from investments                                           963                            859
Interest received                                                         66                            325
Management fees paid                                                   (424)                          (786)
Directors' fees paid                                                    (49)                           (57)
Other net cash payments                                                (272)                          (152)
Net cash inflow from operating activities                                284                            189
Return on investments and servicing of finance                          (63)                          (209)
                                                                        
Interest paid
Taxation                                                                 (5)                          (490)
                                                                         
Taxation paid
Capital expenditure and financial investment
Purchases of investments                                           (103,043)                       (86,932)
Sale of investments                                                  102,317                         87,758
Loss on closure of hedging transactions                                 (75)                          (377)
Capital income                                                            29                             97
Net cash (outflow)/inflow from investing                               (772)                            546
activities

Financing
Shares repurchased                                                         -                        (1,034)
Decrease in loans                                                    (2,524)                        (2,682)
Decrease in cash                                                     (3,080)                        (3,680)




The Annual General Meeting of the Company will be held at 12 noon on 23rd July
2002 at Shackleton House, 4 Battle Bridge Lane, London SE1 2HR. We look forward
to meeting shareholders at the AGM, which will be followed by a brief
presentation.


The Company's annual report and accounts will be sent to shareholders in June
2002. Copies will be available to the public at the registered office of the
Company, Shackleton House, 4 Battle Bridge Lane, London.


This preliminary statement, which has been agreed with the auditors, was
approved by the Board on 26 June 2002. It is not the Company's statutory
accounts. The statutory accounts for the year ended 31 March 2002 have been
audited but not yet despatched to shareholders or filed. The statutory accounts
for the year ended 31 March 2001 have been delivered to the Registrar of
Companies and received an audit report which was unqualified and did not contain
statements under s237(2) or (3) of the Companies Act 1985.




By order of the Board

Govett Secretaries Limited, Secretary

Shackleton House

4 Battle Bridge Lane

London SE1 2HR

Registered in England no: 3582911


26 June 2002



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