Final Results

British Empire Sec & Gen Tst PLC
8 November 2000



UNAUDITED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2000

* Net asset value per share rose 26.7% to 202.1p compared with gains for the
MSCI World, FTSE All-Share and Datastream indices of 19.3%, 7.2% and 24.0%
respectively.  Net asset value at year end was £356 million.

* Since the major Rights Issue in 1985 net asset value per share has increased
by 608% compared to a gain for the MSCI World (£) of 437%.

* The share price rose by 28.3%, making a two year gain of 90%.  The discount
to net asset value narrowed to 13.5% (11.9% taking debentures at market
value).

* Revenue increased by 44% to £10.1 million and e.p.s. by 99%.

* Dividends for the year total 1.30p, an increase of 15%.

* 10,750,000 ordinary shares costing £16.5 million were bought back at an
average discount of 17.6% enhancing value for shareholders by 2p per share.

* We held firm to our policy of buying undervalued assets and this paid off
handsomely in the past two years with n.a.v. per share growth of 74%.

* This year significant gains have been realised in European property (£3.9
million - Unione Immobiliare and Beni Stabili); closed-end funds specialising
in biotech (£12.3 million - Finsbury Pharmaceutical and Biotechnology
Investments); UK smaller companies (£6.7 million - Gartmore Fledgling).

* Our major area of interest, European Investment Holding Companies, has been
enlivened by news of an intended restructuring in the Lazard group.  This is a
landmark event for a sector which represents about 30% of British Empire's
portfolio.

* Our sale last year to Vincent Bollore of our £46 million stake in Rue
Imperiale has been followed by strong gains in our two on-going Lazard
holdings, Eurafrance and Immobiliere Marseillaise, which have a combined value
of £35 million (9% of our assets).

* We have also seen a strong performance in the Agnelli group company, IFI, up
50% in local currency on rumours of a flotation of Juventus.

* Following sustained profit-taking where expected values have been realised,
liquidity increased to £96 million, including some profitable US
inflation-linked securities valued at £20 million.

 William Fossick, Chairman said:

'Our continuing focus on undervalued assets has paid off with a share price
gain over two years of 90% maintaining the momentum of previous years. 
Against a background of high valuations, our 'growth at a discount' philosophy
aims to tilt the balance towards reward and away from risk'.

John Walton, Investment Manager said:

'Markets have become brittle recently.  History suggests relatively poor
performance when the starting point is based on a pattern of high p/e's and
almost invisible dividend yields.  It is common in bull markets to substitute
one valuation tool for another, if the former (the p/e) appears implausible. 
Multiples of sales are now frequently used.  When these also seem outrageous
it is time to be worried.

We do not mimic indices.  Closet indexation, a trend to investor socialism, is
not for us.  After an eighteen year bull market risks in the major indices
must be increasing sharply relative to rewards.  The challenge is to find
values that are not heavily correlated with the averages.

Against this background we intend to maintain our distinctive policy of buying
companies owning growth assets at a considerable discount.  Discounts in the
portfolio remain very wide and we intend to be alert to new opportunities'.

The Group's Statement of Total Return and Balance Sheet (unaudited) follow:



For further information, please contact:

William Fossick
Chairman, British Empire Securities and General Trust p.l.c.
Tel:  [phone]

John Walton
Managing Director, Ivory & Sime Asset Management
Tel: [phone]
 British Empire Securities and General Trust p.l.c.

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


                                                 Year to 30 September 2000

                                            Revenue       Capital       Total
                                              £'000         £'000       £'000
                            
Gains on investments                              -        72,733      72,733
Realised exchange differences                     -           318         318
Appreciation of loan stock                        -         (883)       (883)
Income                                       10,148         1,405      11,553
Investment management fee
(including VAT)                             (1,529)         (765)     (2,294)
Other expenses (including VAT)              (1,006)             -     (1,006)

Net return before finance                     7,613        72,808      80,421
costs and taxation

Finance costs                               (2,806)           (7)     (2,813)
                            
Return on ordinary activities                 4,807        72,801      77,608
before tax                            
                            
Tax on ordinary activities                    (925)            33       (892)
                            
Return attributable to                        3,882        72,834      76,716
equity shareholders                            
                            
Dividends in respect of equity shares       (2,280)             -     (2,280)
                            
Transfer to reserves                          1,602        72,834      74,436
                            
                            
                            
                            
Return per ordinary share                     2.15p        40.31p      42.46p
                            


 British Empire Securities and General Trust p.l.c.

Statement of Total Return (incorporating the revenue account) of the Group


                            
                                       Year to 30 September 1999
                            
                                            Revenue       Capital       Total
                                         (Restated)                (Restated)
                                              £'000         £'000       £'000
                            
Gains on investments                              -        81,343      81,343
Realised exchange differences                     -         (506)       (506)
Appreciation of loan stock                        -       (2,223)     (2,223)
Income                                        6,608         3,499      10,107
Investment management fee (including VAT)   (1,172)         (878)     (2,050)
Other expenses (including VAT)                (477)             -       (477)
                            
Net return before finance                     4,959        81,235      86,194
costs and taxation                            
                            
Finance costs                               (2,812)           (7)     (2,819)
                            
Return on ordinary activities                 2,147        81,228      83,375
before tax                            
                            
Tax on ordinary activities                    (109)            65        (44)
                            
Return attributable to                        2,038        81,293      83,331
equity shareholders                            
                            
Dividends in respect of equity shares       (2,119)             -     (2,119)
                            
Transfer (from)/to reserves                    (81)        81,293      81,212
                            
                            
                            
Return per ordinary share                     1.08p        42.99p      44.07p
                            


 British Empire Securities and General Trust p.l.c.

Unaudited Group Balance Sheet


                                                     As at              As at
                                              30 September       30 September
                                                      2000               1999
                                                     £'000              £'000
                            
                            
Investments                                        312,823            250,985
Freehold investment properties                       6,900              7,300
Net current assets                                  76,455             79,626
                            
                                                   _______            _______
Total assets less current liabilities              396,178            337,911
                            
Financed   by   :                            
                            
Equities index unsecured loan stock 2013            12,516             12,233
10.375  per cent debenture stock  2011              11,883             11,883
8.125  per cent debenture stock 2023                14,836             14,829
Provision for liabilities and charges                  606                565
Ordinary Shareholders' funds                       356,337            298,401
                            
                                                   _______            _______
                                                   396,178            337,911
                            
Net Asset Value per ordinary share                 202.11p            159.53p
                            
                            
Number of shares in issue   176,305,089 (1999:  187,055,089)
 British Empire Securities and General Trust p.l.c.


Notes :

1.   During the year, 10,750,000 ordinary shares were bought back by the
Company for cancellation, at an average price of 152.31p per share.  The
Company now has 176,305,089 ordinary shares in issue.

2.   The Company bought back for cancellation 197,000 units of Equities Index
Unsecured Loan Stock during the year at prices between 298p and 313p. The
Company now has 4,131,530 units in issue.

3.   In accordance with FRS16, franked investment income is now shown
excluding any associated tax credit with a consequent reduction in the amount
of the tax charge.  The figures for the period to 30 September 1999 have
accordingly been restated.  The effect of this change in policy is to decrease
franked investment income and the tax charge by £252,000 (1999: £354,000).

4.  The Group suffered United Kingdom taxation of £661,000 (1999 - £42,000)
and overseas taxation of £231,000 (1999 - £2,000).  

5.  The final proposed dividend of 1.00p (1999 : 0.88p)per share will be paid
on 10 January 2001 to Ordinary Shareholders on the Register on 24 November
2000.  The interim dividend of 0.30p (1999 : 0.25p) was paid on 11 June 2000.

6.  These are not full statutory accounts in terms of section 240 of the
Companies Act 1985.  The full audited accounts for the year to 30 September
1999, which were unqualified, have been lodged with the Registrar of
Companies. The annual report will be sent to shareholders in November 2000 and
will be available for inspection at the registered office of the Company, 7
Princes Street , London EC2R 8AQ.

7.  The Annual General Meeting will be held at Saddlers' Hall, Gutter Lane,
Cheapside, London on 14 December 2000 at 12 noon.