Final Results

Govett Asian Recovery Trust PLC
04 June 2003

                        GOVETT ASIAN RECOVERY TRUST PLC

                      PRELIMINARY ANNOUNCEMENT OF RESULTS

                        FOR THE YEAR ENDED 31 MARCH 2003


                              Chairman's Statement




The last year, like the previous two, was difficult and unrewarding for
investors in all equity markets. Asian markets did not escape the sharp falls
witnessed around the world; the MSCI AC Asia Pacific Index, against which the
Trust is benchmarked, fell by 27.2%. Your company's Net Asset Value (NAV) fell
by 33.1% over the same period. The share price fell by 29% as a result of some
closure in the discount to NAV. The company bought back a total of 544,000
shares during this period.


The Trust's underperformance was attributable to stock selection in Korea,
Taiwan and Australia, which offset the impact of good returns in China, Hong
Kong and Thailand. The Japanese portfolio experienced some problems in the first
half of the year but the Trust's focus on mid and small cap holdings paid off in
the second half.


It is now over four and a half years since the launch of the Trust in the
aftermath of the Asian Financial Crisis in 1997/98. The ensuing period has
witnessed unparalleled volatility in global financial markets, of which Asia's
sharp recovery in 1999, the expansion and subsequent bursting of the Internet
bubble in 1999 and 2000, the global recession of 2001 and modest recovery in
2002 and, more recently, the renewed deceleration in global growth have been
only the most obvious milestones.


Economic and financial turbulence in Asia has been matched by political upheaval
- there have been no fewer than 12 changes of political leadership in the
region, in addition to the increased threat of global terrorism following the
September 11th attacks in the U.S. and the night-club bombing in Bali, not to
mention the recent wars in Afghanistan and Iraq. As I write, much of Asia is
gripped by a new crisis in the form of Severe Acute Respiratory Syndrome (SARS).
Confidence has also been shaken by the behaviour of an increasingly bellicose
North Korea. Despite these negative factors, the Trust's NAV has risen by more
than 10% since launch, compared with a gain of 1.1% in the benchmark over the
same period.


Looking ahead, the outlook remains far from clear, and there seems little
likelihood of a significant reduction in market volatility for some time to
come. That said, Asian equities are as cheap as they have ever been, and the
region as a whole, even including some parts of the Japanese corporate sector,
is in better shape than it has been for many years. Your board continue to
believe that Asia is well placed to benefit from a global upturn when it comes.


As you may be aware, Shareholders will have their first opportunity since the
Trust's launch in 1998 to vote on the continuation of the Trust this year. We
shall be writing to you separately to convene an extraordinary general meeting
to be held later in the year for this purpose.


David Price

Chairman

04 June 2003










Govett Asian Recovery Trust PLC

Statement of Total Return (incorporating the revenue account*) for the year
ended 31st March 2003

                                                    Year ended                               Year ended
                                                 31st March 2003                          31st March 2002
                                       Revenue       Capital        Total        Revenue       Capital       Total
                                        £000s         £000s         £000s         £000s         £000s        £000s
Realised & unrealised (losses)/gains            -      (18,723)      (18,723)             -         4,646        4,646
on investments
Net foreign currency exchange
differences                                     -       (1,064)       (1,064)             -         (159)        (159)
Income from investments                       774             -           774           886             -          886
Deposit interest                               63             -            63            47             -           47
Management fee                              (372)             -         (372)         (428)             -        (428)
Other (expenses)/income                     (253)           133         (120)         (322)            24        (298)
Net return/(loss) before finance                                                       
costs and taxation                            212      (19,654)      (19,442)          183          4,511        4,694
Interest payable                            (146)             -         (146)          (63)             -         (63)
Return/(loss) on ordinary activities           66      (19,654)      (19,588)           120         4,511        4,631
before taxation
Taxation on ordinary activities              (68)             -          (68)          (48)           (5)         (53)
(Loss)/return on ordinary activities
after taxation                                (2)      (19,654)      (19,656)            72         4,506        4,578
(Loss)/return per Ordinary share          (0.01)p      (54.46)p      (54.47)p         0.20p        12.45p       12.65p


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


All items derive from continuing activities.





Govett Asian Recovery Trust PLC

Balance Sheet

                                                    As at 31st March 2003        As at 31st March 2002
                                                             £000                        £000
Fixed asset investments
Listed - Overseas                                                     42,068                        68,863
                                                                      42,068                        68,863
Current Assets
Debtors                                                                1,855                           256
Cash at bank                                                             674                           520
                                                                       2,529                           776

Creditors: amounts falling due within one year                       (5,541)                      (10,401)

Net current liabilities                                              (3,012)                       (9,625)
Provisions for liabilities and charges                                 (110)                         (110)

Total assets less current liabilities                                 38,946                        59,128

Financed by:
Capital and reserves
Called-up share capital                                                3,566                         3,620
Other reserves
Capital redemption reserve                                               166                           112
Special capital reserve                                               31,355                        31,881
Capital reserve - realised                                             5,644                        15,255
Capital reserve - unrealised                                         (1,516)                         8,527

Total other reserves                                                  35,649                        55,775
Revenue reserve                                                        (269)                         (267)

Equity shareholders' funds                                            38,946                        59,128

Net asset value per share                                            109.22p                       163.33p

Shares in issue                                                   35,658,077                    36,202,077





Govett Asian Recovery Trust PLC

Cash Flow Statement
                                                                        Year ended           Year ended
                                                                      31st March 2003     31st March 2002

                                                                           £000                 £000
Operating activities
Cash received from investments                                                      626                  963
Interest received                                                                    62                   66
Management fees paid                                                              (418)                (424)
Directors' fees paid                                                               (33)                 (49)
Other net cash payments                                                           (218)                (272)
Net cash inflow from operating activities                                            19                  284
Return on investments and servicing of finance                                    (109)                 (63)
                                                                                  
Interest paid
Taxation                                                                             41                  (5)
                                                                                     
Taxation recovered/(paid)
Capital expenditure and financial investment
Purchases of investments                                                      (126,141)            (103,043)
Sale of investments                                                             132,421              102,317
Loss on closure of hedging transactions                                            (42)                 (75)
Capital income                                                                       94                   29
Net cash inflow/(outflow) from capital expenditure and financial                  6,332                (772)
investment
Net cash inflow/(outflow) before financing                                        6,283                (556)

Financing
Shares repurchased                                                                (436)                    -
Decrease in loans                                                               (5,195)              (2,524)
Net cash outflow from financing                                                 (5,631)              (2,524)
Increase/(decrease) in cash                                                         652              (3,080)




The Annual General Meeting of the Company will be held at 12 noon on 29 July
2003 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.


This preliminary statement, which has been agreed with the auditors, was
approved by the Board on 04 June 2003. It is not the Company's statutory
accounts. The statutory accounts for the year ended 31 March 2003 will be sent
to Shareholders later this month, and will be available to the public at the
registered office of the Company, Shackleton House, 4 Battle Bridge Lane,
London. The statutory accounts for the year ended 31 March 2002 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


04 June 2003


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