Interim Results

Govett Asian Recovery Trust PLC
19 December 2001


GOVETT ASIAN RECOVERY TRUST PLC

Preliminary announcement of Unaudited Results for the half year ended 30th
September 2001



Chairman's Statement

The first half of the Trust's year saw stockmarket weakness around the world,
culminating in a dramatic plunge in global investor confidence in the wake of
the terrorist attacks in the United States on 11th September. In Asia, all
major markets fell sharply during this period, with the most significant
declines witnessed in those stocks with a high level of exposure to global
export demand. In the six months to the end of September, the Trust's Net
Asset Value fell by 20.81% compared with a fall of 21.39% in the MSCI AC Asia
Pacific index.

The Trust's performance was adversely affected by our holdings in export
orientated companies and by our overweighting of technology companies. This
was offset by our decision to remain underweight in Japan and other South East
Asian markets and by good stock selection in Japan, Australia and South Korea.

Since the end of the period, the Trust's investment portfolio has been
realigned to increase exposure to companies which the Manager believes have
over-discounted the likely impact of slowing global demand, as a result of
panic-selling. This has resulted in an increase in our holdings in stocks such
as Nissan, Nintendo and Sony in Japan, Hyundai Motor and Humax in Korea and
United Micro Electronics in Taiwan. Our cash balances, which had risen to
8.19% of the value of the Trust at the end of September, were reinvested and
the Trust is now approximately 3% geared.

In the short-term, this strategy has resulted in a significant improvement in
the Trust's performance. In the two-month period after the end of September,
the Trust's Net Asset Value rose by 18.91% compared with an increase in the
benchmark of 5.11%. While it is too early to judge whether Asian markets have
bottomed and are now looking ahead to a recovery in the global economy, the
region's combination of attractive valuations and low interest rates is
beginning to attract the interest of global investors.

The markets are likely to be volatile in the months ahead. It remains to be
seen when and how sharply the global - and particularly the U.S. - economy
recovers. Asian markets will almost certainly see continued earnings
disappointments in some areas. The lack of progress in restructuring Japan's
economy remains a major source of concern and not only to investors in that
market. The Manager has therefore employed a number of equity-linked
derivative instruments to protect the Trust against short term falls, while
maintaining country and sector allocations which reflect our longer-term
optimism about those areas and specific shares in them.





David Price, Chairman

19 December 2001

Govett Asian Recovery Trust

Unaudited Consolidated Statement of Total Return (incorporating the revenue
account)




               Half year ended           Half year ended             Year ended
           30th September 2001       30th September 2000         31st March 2001
        Revenue  Capital Total  Revenue  Capital Total   Revenue  Capital Total
         £000s    £000s  £000s   £000s    £000s   £000s   £000s    £000s   £000s
Realised &  -  (10,704)(10,704)     - (16,498) (16,498)     -   (29,541)(29,541)
unrealised
losses on
investments

Net foreign -     (429)   (429)     -   2,206    2,206      -    2,032    2,032
currency
exchange
differences

Income from 579    -      579     509       -      509     908       -      908
investments

Deposit      36    -       36      80       -       80     325       -      325
interest

Investment (201)   -    (201)   (281)       -    (281)   (527)       -    (527)
management
fee

Other      (172)   7    (165)   (135)      17    (118)   (315)       97    (218)
(expenses)
/ income

Net return 242 (11,126) (10,884) 173 (14,275) (14,102)    391 (27,412) (27,021)
before
finance
costs and
taxation

Interest  (26)       -    (26)  (158)      -    (158)   (209)        -    (209)
payable

Return on 216 (11,126) (10,910)    15 (14,275) (14,260)   182 (27,412) (27,230)
ordinary
activities
before
taxation

Tax on    (36)      -     (36)   (101)      -    (101)    (86)    (103)    (189)
ordinary
activities

Return on 180 (11,126) (10,946)   (86) (14,275) (14,361)   96 (27,515) (27,419)
ordinary
activities
after
taxation

Return 
per    0.50p (30.73)p (30.23)p (0.24)p (39.04)p (39.28)p  0.26p(75.52)p (75.26)p
Ordinary
share
(pence)

Weighted        36,202,077                36,565,246                36,431,766
number of
shares in
issue



All the revenue and capital items in the above statement derive from
continuing activities.

Return per ordinary share is based on the weighted average number of ordinary
shares in issue during each period.






Govett Asian Recovery Trust

Unaudited Balance Sheet
                                       As at 30th        As at 30th  As at 31st
                                   September 2001    September 2000       March
                                             £000              £000       2001
                                                                          £000
Fixed asset investments

Quoted - UK                                   708             1,097       5,133

Quoted - Overseas                          43,992            68,846      56,608

                                           44,700            69,943      61,741
Current Assets

Debtors                                       362               454         857

Cash at bank                                3,574             5,007       3,615

                                            3,936             5,461       4,472
Creditors: amounts falling due
within one year
                                          (5,032)           (7,137)    (11,663)
Net current liabilities
                                          (1,096)           (1,676)     (7,191)
Provisions for liabilities and
charges                                         -             (386)           -
Total assets less current                  43,604            67,881      54,550
liabilities
Financed by:

Capital and reserves

Called-up share capital                     3,620             3,642       3,620

Capital redemption reserve                    112                40         112

Special capital reserve                    31,881            32,206      31,881

Capital reserve - realised                 14,655            36,673      21,985

Capital reserve - unrealised              (6,505)           (4,159)     (2,709)

Revenue reserve                             (159)             (521)       (339)
Equity shareholders' funds                 43,604            67,881      54,550
Net asset value per share                 120.45p           186.37p     150.68p
Shares in issue                        36,202,077        36,422,077  36,202,077




Govett Asian Recovery Trust

Unaudited Cash flow Statement
                                           Half year     Half year   Year ended
                                             ended         ended     31st March
                                              30th          30th         2001
                                         September     September
                                              2001          2000            
                                              £000          £000         £000
Operating activities:
Investment income received                       677           669         859
Deposit income received                           36            80         325
Investment management and performance          (237)         (529)       (786)
fees paid
Directors' fees paid                            (24)          (22)        (57)
Other cash payments                            (182)         (239)       (152)
Net cash inflow / (outflow) from                 270          (41)         189
operating activities
Return on investments and servicing of
finance:
Interest paid                                   (25)         (158)       (209)
Taxation:

Taxation received / (paid)                        18          (69)       (490)
Capital expenditure and financial
investment:
Purchase of investments                     (31,054)      (34,289)    (86,932)
Sale of investments                           38,120        41,787      87,758
Loss on disposal of hedging                        -             -       (377)
transactions
Capital income                                     7            15          97
Net cash inflow from investment                7,073         7,513         546
activities
Financing:

Shares repurchased                                 -         (759)     (1,034)

Decrease in loans                            (7,280)       (8,738)     (2,682)
Increase / (decrease) in cash                     56       (2,252)     (3,680)



The net asset value per ordinary share is based on the Company's net assets
and on the number of ordinary shares in issue at the period end.

The Summarised Balance Sheet at 31st March 2001, Statement of Total Return and
Cashflow Statement for the period then ended are an abridged version of the
Company's full statutory accounts for the year ended 31st March 2001, which
have been filed with the Registrar of Companies; the auditors' opinion on
those accounts was unqualified.



By order of the Board

Govett Secretaries Limited

Secretary

Shackleton House

4 Battle Bridge Lane

London

SE1 2HR

Registered in England no: 3582911

19 December 2001