Final Results

Aberdeen New Dawn Invest Trust PLC
17 July 2002



ABERDEEN NEW DAWN INVESTMENT TRUST PLC

PRELIMINARY ANNOUNCEMENT OF ANNUAL UNAUDITED RESULTS

for the year ended 30 April 2002


Chairman's Statement

I am pleased to report an excellent year for the Company which has benefited
from a strong recovery in Asian markets. In the 12 months to 30th April 2002 the
Company's net asset value rose by 23.4% against a rise in the benchmark index of
6.4%. The share price rose 25.9% and we are proposing a dividend increase of 13%
to 3p.

The decline in the US Dollar is helpful but more importantly it is the flow of
funds that materially impact smaller equity markets and fund flow has increased
significantly as US investors are diversifying their portfolios out of the US
into emerging markets, favouring Asia over Latin America with its well
publicised problems.

As I mentioned in my interim statement in December, the injection of liquidity
after the events of September in America led to a strong rebound in the 4th
quarter of 2001 but the corporate fraud and accounting issues at Enron, Tyco and
more recently WorldCom are causing distress on Wall Street. Interest in Asian
markets has increased significantly since such problems in the US have made
investors realise that Asian corporate governance and transparency have improved
significantly in the past few years. Valuations are significantly below those of
maturer markets, yields are greater and GDP growth significantly higher.

Individual markets in the past year have shown their usual volatility with rises
of 49.1% in Indonesia, 46% in Korea, 36% in Malaysia and 23.6% in Thailand
whilst China and India have shown declines of 19.6%, 5.1%. Our managers in
Singapore have positioned the Company well in these markets where returns have
been further enhanced by stronger local currencies.

Looking ahead, GDP growth is expected to pick up to over 5% in our current
fiscal year principally driven by the growth of domestic consumption , a change
from the technology led export growth of recent years. This we feel will be more
sustainable and is what led to the high growth rates in the past.

We have always believed the work ethic, demographic structure and above average
GDP growth will drive corporate profitability in the region. Prospects for Asia,
subject to the USA not imploding, look better than for several years and I
believe the Trust is well positioned to capitalise on them.



Richard Clough

Chairman

17 July 2002




Statement of Total Return
                                                                Year ended                        Year ended

                                                              30 April 2002                      30 April 2001

                                                               (unaudited)                         (audited)
                                                         Revenue    Capital      Total      Revenue    Capital     Total
                                                           £'000      £'000      £'000        £'000      £'000     £'000
Gains/(losses) on investments                                  -     11,138     11,138            -    (5,378)   (5,378)
Income                                                     2,035          -      2,035        2,075          -     2,075
Investment management fee                                  (220)      (220)      (440)        (191)      (191)     (382)
Other expenses                                             (342)          -      (342)        (374)          -     (374)
Exchange gains/(losses)                                        4       (23)       (19)         (28)       (53)      (81)
Net return before finance costs and taxation               1,477     10,895     12,372        1,482    (5,622)   (4,140)
Interest payable and similar charges                        (93)       (93)      (186)        (217)      (217)     (434)
Return on ordinary activities before taxation              1,384     10,802     12,186        1,265    (5,839)   (4,574)
Taxation on ordinary activities                            (509)         94      (415)        (402)        123     (279)
Return on ordinary activities after taxation                 875     10,896     11,771          863    (5,716)   (4,853)
Repurchase of Warrants                                         -          -          -            -    (2,429)   (2,429)
Return attributable to equity shareholders                   875     10,896     11,771          863    (8,145)   (7,282)
Dividends in respect of equity shares                      (698)          -      (698)        (617)          -     (617)
Transfer to/(from) reserves                                  177     10,896     11,073          246    (8,145)   (7,899)
Return per Ordinary share (pence):                          3.76      46.83      50.59         3.54    (33.41)   (29.87)



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.

Balance Sheet



                                                                                        As at                    As at

                                                                                30 April 2002            30 April 2001

                                                                                  (unaudited)                (audited)
                                                                                        £'000                    £'000
Fixed assets
Investments                                                                            61,787                   52,055
Current assets
Debtors                                                                                   323                      751
Cash at bank and in hand                                                                  835                      895
                                                                                        1,158                    1,646
Creditors: amounts falling due within one
Year                                                                                  (3,906)                  (5,751)
Net current liabilities                                                               (2,748)                  (4,105)
Total assets less current liabilities                                                  59,039                   47,950
Provision for liabilities and charges                                                    (64)                      (5)
Net assets                                                                             58,975                   47,945
Share capital and reserves
Called-up share capital                                                                 5,817                    5,823
Share premium account                                                                   9,317                    9,317
Special reserve                                                                        14,138                   14,181
Other reserves:
Redemption reserve                                                                     10,207                   10,201
Capital reserve - realised                                                              5,711                    7,768
Capital reserve - unrealised                                                           11,619                  (1,334)
Revenue reserve                                                                         2,166                    1,989
Total equity shareholders' funds                                                       58,975                   47,945
Net asset value per Ordinary share (pence):                                            253.47                   205.84




Cash Flow Statement
                                                                                Year ended                  Year ended

                                                                             30 April 2002               30 April 2001

                                                                               (unaudited)                   (audited)
                                                                      £'000          £'000          £'000        £'000
Net cash inflow from operating activities                                            1,056                         836
Servicing of finance
Bank and loan interest paid                                           (197)                         (449)
Net cash outflow from servicing of finance                                           (197)                       (449)
Taxation
Net tax recovered                                                                       40                         237
Financial investment
Purchases of investments                                           (11,357)                      (19,331)
Sales of investments                                                 13,081                        27,680
Net cash inflow from financial investment                                            1,724                       8,349
Equity dividend paid                                                                 (617)                       (403)
Net cash inflow before financing                                                     2,006                       8,570
Financing
Repurchase of Ordinary shares                                          (43)                       (2,531)
Proceeds from exercise of Warrants                                        -                           173
Repurchase of Warrants                                                    -                       (2,429)
Repayment of loan                                                   (2,000)                       (3,000)
Net cash outflow from financing                                                    (2,043)                     (7,787)
(Decrease)/increase in cash                                                           (37)                         783
Reconciliation of net cash flow to movements in net (debt)/
funds
(Decrease)/increase in cash as above                                                  (37)                         783
Cash outflow from part repayment of loan                                             2,000                       3,000
Exchange movements                                                                    (23)                        (53)
Movement in net debt in the year                                                     1,940                       3,730
Opening net debt                                                                   (4,105)                     (7,835)
Closing net debt                                                                   (2,165)                     (4,105)



Notes to the accounts:

1. The Board have today declared a final dividend in respect of the year ended
30 April 2002 of 3.00p per Ordinary share (2001: 2.65p). The final dividend will
be payable on 23 August 2002 to shareholders on the register on 26 July 2002.

2. The basic revenue return per Ordinary share is based on net revenue on
ordinary activities after taxation of £875,000 (2001 - £863,000) and on
23,269,188 (2001 - 24,379,401) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the year.

The basic capital return per Ordinary share is based on net capital profit for
the year of £10,896,000 (2001 - losses of £8,145,000) and on 23,269,188 (2001 -
24,379,401) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year.



3. The breakdown of income for the year to 30 April 2002 and 30 April 2001 was
as follows:
                                              2002         2001
                                             £'000        £'000
Income
Income from investments
Franked investment income                       61           59
Overseas dividends                           1,946        1,958
                                             2,007        2,017
Other income
Deposit interest                                28           58
Total income                                 2,035        2,075





4. The basic net asset value per Ordinary share is based on net assets and on
23,267,133 (2001 - 23,292,133) Ordinary shares, being the number of Ordinary
shares in issue at the year end.

5. The financial information set out above does not constitute the Company's
statutory accounts for the year ended 30 April 2002 or the year ended 30 April
2001. The financial information for 2001 is derived from the statutory accounts
for 2001, which have been delivered to the Registrar of Companies. The auditors
have reported on the 2001 accounts; their report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985. The
statutory accounts for 2002 will be finalised on the basis of the financial
information presented by the Directors in this preliminary announcement and will
be delivered to the Registrar of Companies in due course.



6. The Annual Report will be posted to shareholders in due course and further
copies may be obtained from the registered office, One Bow Churchyard,
Cheapside, London EC4M 9HH.



Aberdeen Asset Management PLC - Secretaries

17 July 2002



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