Interim Results

Piccadilly Growth Trust Plc
14 December 2001


PICCADILLY GROWTH TRUST PLC

PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS

The Directors announce the unaudited statement of results for the period ended
31 October 2001 as follows:

CONSOLIDATED STATEMENT OF TOTAL RETURN
(*incorporating the revenue account)
                                             1 May 2001             1 May 2000
                                     to 31 October 2001     to 31 October 2000
                                 Revenue Capital  Total  Revenue Capital Total

                                  £'000   £'000   £'000   £'000  £'000   £'000


Losses on investments                 -  (3,694) (3,694)      -     (97)   (97)
Exchange loss on capital items        -      (8)     (8)      -     (58)   (58)
Income
Dividends and interest              139       -     139     130       -    130
Other income                         12       -      12      40       -     40
Investment management fee             -     (37)    (37)      -     (83)   (83)
Other expenses                      (47)      -     (47)    (43)      -    (43)

Net return on ordinary              104  (3,739) (3,635)    127    (238)  (111)
activities before finance costs
and taxation

Interest payable and similar          -     (37)    (37)     (2)    (70)   (72)
charges

Return on ordinary activities       104  (3,776) (3,672)    125    (308)  (183)
before taxation

Taxation on ordinary activities      (5)      -      (5)    (14)      -    (14)

Return on ordinary activities        99  (3,776) (3,677)    111    (308)  (197)
after tax for the period

Dividends in respect of equity     (107)      -    (107)    (82)      -    (82)
shares

Transfer (from)/to reserves          (8) (3,776) (3,784)     29    (308)  (279)

Return per ordinary share          0.95p (36.04)p(35.09)p  1.35p (3.74)p (2.39)p
                                             


*The revenue column of this statement is the consolidated revenue account of
the Group. These accounts have been prepared using the accounting standards
and policies adopted at the previous year-end.

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


SUMMARISED BALANCE SHEET
                                                         As at   As at    As at
                                                            31      30       31
                                                       October   April  October
                                                          2001    2001     2000
                                                         £'000   £'000    £'000

Fixed assets
 Investments                                            11,497  13,016   14,491

Net current liabilities                                 (1,260) (2,148)  (2,363)


Net assets attributable to ordinary                     10,237  10,868   12,128
shareholders

Current period deficit/ (revenue)                            8       -     (29)
                                                             


Total net assets for the purpose of                     10,245  10,868   12,099
calculating the Net asset value per ordinary
share

Net asset value per ordinary share:                     95.31p  131.83p  146.75p



SUMMARISED STATEMENT OF CASH FLOWS 
                                                       1 May 2001   1 May 2000
                                                               to           to
                                                        31 October  31 October
                                                              2001        2000
                                                             £'000       £'000

Net cash inflow from operating activities                       80          20

Servicing of finance
 Loan interest paid                                            (40)        (73)
Net cash outflow from servicing                                (40)        (73)
of finance

Taxation recovered                                              17            -

Capital expenditure and financial investment
Purchases of listed investments                             (4,389)      (1,371)
Sales of listed investments                                  2,230        1,122

Net cash outflow from capital expenditure and               (2,159)        (249)
financial investment


Equity dividends paid                                          (82)         (82)

Financing
Amounts repaid under revolving credit facility              (1,050)         300
Issue of ordinary shares                                     3,154            -
Net cash inflow from financing                               2,104          300
Decrease in cash                                               (80)         (84)


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 2001. Those financial statements,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.




CHAIRMAN'S STATEMENT

The six-month period to 31 October 2001 has been difficult with the Piccadilly
portfolio under-performing the benchmark. The asset value of your trust
declined by 27.7% compared to a decrease of 19.4% in the benchmark FTSE
World-Europe (£) Index. It is disappointing to have to record a further
under-performance since my last report.

Your Directors are pleased to declare an interim dividend of 1.0p net (2000:
1.0p) and in the absence of unforeseen circumstances expect to recommend a
final dividend of 1.0p net (2000: 1.0p). These dividends will be paid at the
end of February and August 2002 respectively.

The reasons for our underperformance were partly to do with our investment
style, which is biased towards growth stocks, and partly due to gearing. More
details of the trust portfolio and changes made over the period were given in
the manager's quarterly reports, which were circulated soon after the end of
the period. The reports contain details of the largest investments together
with country and sector analyses. If you would like a copy, please contact our
manager, Malcolm King at J.O. Hambro Capital Management on 020 7747 5678.

Gearing was reduced soon after the start of the period and has been gradually
increased from July onwards. Having cut back the authorised level, the Board
has recently agreed an increase in the managers borrowing limit from £1.2m to
£1.6m. This gives maximum gearing of about 14% at present, which remains well
within the 25% limit required under the borrowing agreement.

The share price has been trading at a reasonably stable and low discount.
Information on this and other details can be found on our factsheet which can
be accessed through the manager's web site www.johcm.co.uk

In November the net asset value rose by 7.5%, outperforming the benchmark FTSE
World- Europe (sterling based) Index which was up 5.6%. We do tend to
outperform in rising markets and, given a return to more stable markets, hope
that this will continue through the rest of the financial year.



Peter Metcalfe
Chairman


14 December 2001