Final Results

Piccadilly Growth Trust Plc
15 June 2001



PICCADILLY GROWTH TRUST PLC


PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS


The Directors announce the audited consolidated statement of results for the
year ended 30 April 2001:


CONSOLIDATED STATEMENT OF TOTAL RETURN
(*incorporating the revenue account)

                                            Year ended                Year ended
                                         30 April 2001             30 April 2000
                                Revenue  Capital Total  Revenue  Capital   Total
                                 £'000   £'000   £'000   £'000   £'000     £'000


(Losses)/gains on investments        -  (1,170) (1,170)      -   3,156     3,156

Exchange losses on capital           -    (60)   (60)      -      (8)       (8)
items
Income
 Dividend and interest             231       -   231     197       -       197
 Subsidiary's dealing profit        42       -    42      86       -        86
Investment management fee            -    (162) (162)      -    (156)     (156)
Other expenses                    (80)       -  (80)     (72)      -       (72)

Net return on ordinary
activities before
finance costs and taxation         193  (1,392) (1,199)    211   2,992     3,203

Interest payable and similar        (3)   (143) (146)     (1)    (82)      (83)
charges

Return on ordinary activities
before taxation                    190  (1,535) (1,345)    210   2,910     3,120
                                   

Taxation on ordinary activities   (30)       -  (30)     (2)       -       (2)

Return on ordinary activities
after taxation for the period      160  (1,535) (1,375)    208   2,910     3,118
                                   

Dividends in respect of equity
shares                            (165)      -  (165)   (157)      -      (157)
                                  

Transfer (from)/to reserves         (5) (1,535) (1,540)     51   2,910     2,961
                                   

Return per ordinary share         1.94p (18.62)p (16.68)p 2.52p  35.30p  37.82p

                                  


The revenue column of this statement is the consolidated revenue account of
the Group.

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



SUMMARISED CONSOLIDATED BALANCE SHEET

                                                            As at       As at
                                                         30 April    30 April
                                                             2001        2000
                                                            £'000       £'000

Fixed assets
 Investments                                               13,016      14,361

Current assets
Debtors                                                       104         194
Cash at bank                                                  103          29
                                                              207         223

Creditors - Amounts falling due within one year            (2,355)     (2,176)

Net current liabilities                                    (2,148)     (1,953)
Net  assets                                                10,868      12,408

Capital and reserves
Called up share capital                                        82          82
Share premium account                                       2,827       2,827
Capital redemption reserve                                      2           2
Capital reserve - realised                                  5,398       5,241
Capital reserve - unrealised                                2,444       4,136
Revenue reserve                                               115         120

Equity shareholders funds                                  10,868      12,408

Net asset value per Ordinary share:                       131.83p     150.51p




SUMMARISED CONSOLIDATED STATEMENT OF CASHFLOWS

                                                             As at       As at
                                                          30 April    30 April
                                                              2001        2000
                                                             £'000       £'000

Operating activities
Investment income received                                     258         256
Deposit interest received                                        2           3
Investment management fees paid                               (181)       (121)
Company secretarial fees paid                                  (12)        (10)
Other cash payments                                            (83)        (57)

Net cash (outflow)/ inflow from operating activities           (16)         71

Servicing of finance
Loan interest paid                                            (146)        (80)
Net cash outflow from servicing
of finance                                                    (146)        (80)

Taxation paid                                                    -         (13)

Capital expenditure and financial investments
Purchases of  listed investments                            (2,035)     (3,700)
Sale of listed investments                                   2,240       2,929

Net cash outflow from capital expenditure
and financial investment                                       205        (771)

Equity dividends paid                                         (165)       (148)

Financing
Amounts drawn under revolving credit facility

                                                               200         950
Net cash inflow from financing                                 200         950
Increase in cash                                                78           9



The above financial information does not constitute statutory financial
statements as defined in Section 240 of the Companies Act 1985.  The
comparative financial information is based on the statutory financial
statements for the period ended 30 April 2000. Those financial statements,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies. Statutory financial statements for the year ended
30 April 2001 will be delivered to the Registrar.



CHAIRMAN'S STATEMENT


Performance and dividend


The performance of Piccadilly Growth Trust last year was somewhat
disappointing both in actual and relative terms. The net asset value fell by
12.4%, underperforming the benchmark FTSE World-Europe Index which fell by
4.4%. There were two main reasons for the underperformance. Firstly, our
Manager has a bias towards growth companies, whilst the market performers last
year were almost exclusively value stocks. Secondly, our gearing helps when
markets are rising but exaggerates the decline in a falling market.



The Company has still performed well since inception in October 1998, since
when the net asset value has risen 43% compared with a 25% rise in the
benchmark index.



We have declared total dividends of 2.0p net per ordinary share, a small
increase over the 1.9p paid last year.



Directors


Christopher Mills resigned as a Director towards the end of the year and
Andrjez Sobczak was appointed. This resolves the issue of independent
Directors outlined in previous statements. I would like to thank Christopher
for his contribution to the Company since its inception as a quoted investment
trust. I would also like to welcome Andrzej who has a wealth of experience in
the financial services area.


Corporate activity


The major event for the Company recently was the Enterprise Capital Trust
reconstruction, where we provided a roll-over option for those shareholders
who wanted a continuing exposure to stock markets or who had CGT problems. As
a result of this deal we have issued 2,505,412 new shares since the year end,
increasing the size of the company by 30.4%. This should further reduce our
expense ratio and help the liquidity of our shares.



We have continued to seek other ways of expanding the size of the company as
we believe this would be of benefit to existing shareholders.



Annual General Meeting


The Annual General meeting contains resolutions that will allow directors to
both issue new shares and to buy in shares. If passed, this gives the Board
the ability to partially control the discount between the share price and
asset value by buying stock in on a wide discount and issuing on a premium.
The Board wishes to prevent undue volatility in the share price and to ensure
the price moves in conjunction with the asset value. I hope you will support
these measures, which when used will be to the benefit of shareholders.



Outlook


The economic slowdown world-wide has been more severe and prolonged than
original projections suggested and as a result equity markets have performed
poorly. We do not know when a recovery will start but share prices have fallen
to attractive levels and we believe that markets will resume their upward
trend sometime before the end of the year.



Peter Metcalfe
Chairman


15 June 2001

Copies of the Company's Annual Report and Accounts for the year ended 30 April
2001 will be sent to shareholders in July and will be available to members of
the public from the Registered Office at 23 Cathedral Yard, Exeter, Devon, EX1
1HB.