Final Results

British Empire Sec & Gen Tst PLC
13 November 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST plc

Preliminary Announcement of Annual Results for the year ended 30 September 2007

•          Net asset value ('NAV') on a total return basis increases by 17.5%

•          NAV outperforms MSCI World Index by 5.9%

•          Shares are at a discount of 6.5% to NAV at the year end


Chairman's Statement
Your Company has continued to perform well over the past year. Our Net Asset Value (NAV) per share increased by 17.5%
compared with an increase of 15.9% in our benchmark, the Datastream Global Growth Investment Trust Index, 11.6% in the
MSCI World Index and 12.2% in the FTSE All Share Index, all on a total return basis.

Over five years the NAV total return per share has grown by 197%*, making your Company the best performer in our peer
group in the period.

The past year has been challenging in terms of both volatility of markets and the pricing of risk. We have taken
advantage of this volatility to bank profits on investments on which we felt that discounts had narrowed and value had
been recognised in the markets. We have been willing to hold cash until markets weakened allowing us to buy back into
situations we have identified as offering long term value for Shareholders and indeed on occasion back into investments
previously held in our portfolio. As a result we believe that the underlying discount on our portfolio has widened to
around 18% storing up future value for our Shareholders.

Our income levels have remained strong, reflecting long term growth in dividends from our invested companies and income
from our liquid holdings. Consequently we are recommending an increase in the final dividend to 3.6p per share (2006:
3.2p) which, together with the interim dividend of 1.4p per share (2006: 0.8p), brings the total ordinary dividends for
the year to 5.0p against 4.0p last year, more than fulfilling  our obligation to distribute at least 85% of our net
income to Shareholders by way of dividend. With income from our liquid holdings still higher than if we were fully
invested, we are also recommending a special dividend of 0.5p per share (2006:1.0p)

It has been a feature of the past year that investment trust discounts as a class have widened. We have not been immune
to this market move and our shares are at a discount of 6.5% at the year end compared with a premium of 3.5% last year.
The result for our Shareholders is that all the good NAV growth reported here did not work its way through to the share
price. The Board does consider regularly the premium or discount on the shares. We have powers to buy in up to 15% of
our shares although we have not deemed it appropriate to do so this year. The increased flexibility which this brings
has persuaded us to ask Shareholders to renew this authority and to allow us to hold up to 10% of our outstanding share
capital in the form of Treasury shares rather than cancel them on a buy back. As with our current buy back authority we
would only buy in or issue shares if such action enhanced value for all our Shareholders.  I hope you will feel able to
support this resolution at the AGM.

Your Board's primary focus has remained on your Company's investments and investment performance in a period when risks
have increased. We have stuck to our investment philosophy even through periods when value investing has been less
favoured in the markets which has to some extent been the case during the past year. Your Board also regularly reviews
wider areas of risk and our policies on areas such as gearing, hedging, geographical and sectoral distribution of
assets. We also seek to ensure that there are proper control systems in place to safeguard your funds and that the
performance of our service providers meets the necessary standards. There is further detail on both these areas later
in this Report.

John Pennink and the team at Asset Value Investors have had responsibility for managing your Company during my period
as Chairman over the past five years. The record speaks for itself. £1,000 invested then would now be worth £2,969
while your dividends have increased from 1.9p per share to 5.5p In John we have a consistently strong performer with
great market focus and understanding and a long term commitment to our investment philosophy. Consequently we had no
hesitation in renewing our management contract with Asset Value Investors.

In June 2007 the European Court of Justice ruled that investment management fees charged to Investment Trusts should be
exempt from VAT. HM Revenue and Customs accepted this verdict in early November. Your Company has taken appropriate
steps with regard to claiming Back VAT and is in the process of quantifying these claims and the impact they may have
on the management contract between your Company and Asset Value Investors. As of the date of these Accounts we have not
recognised any asset in respect of such claims which we consider are unlikely to have a material impact on our NAV. We
shall update Shareholders when the outcome is clearer.

As Chairman, I believe we have a strong, well diversified Board and that all of its members contribute to the tone and
balance of our meetings incisively and thoughtfully. I have decided to stand down this year after 12 years on the
Board, the last five as Chairman. My fellow directors were unanimous in identifying Strone Macpherson as the best
candidate to take over as Chairman. I am delighted he has accepted the Board's invitation to become Chairman following
completion of the AGM. Given his wealth of international experience in industry and the City I believe he will do an
outstanding job for your Company. John May is up for re-election this year and I strongly support his re-election. My
thanks to all Board members for their efforts and indeed friendship. It has all passed too quickly.

For the future we remain cautious. The drying up of liquidity in the financial markets, as assets are re-priced to
reflect more accurately underlying risk, continues to pose a real threat to our financial system and from there into
the world economy more widely. However, opportunities arise from such dislocations and I am confident British Empire
will continue to recognise such opportunities for you, our investors.

As this will be my last chance to host you at a buffet lunch after our AGM I hope as many as possible will be able to
join us after the AGM. If you would like to attend please reply on the enclosed card.

Finally may I wish British Empire and all its Shareholders continuing prosperity and success.

Iain Samuel Robertson CBE
Chairman
12 November 2007

*Source: JPMorganCazenove





Un-audited Consolidated Income Statement of the Group for the year ended 30
September 2007


Income
                                             2007         2007      2007         2006         2006        2006
                                          Revenue      Capital     Total      Revenue      Capital        Total
                                           return       return                 return       return
                                            £'000        £'000     £'000        £'000        £'000        £'000

Investment income                          17,734            -    17,734       16,626            -       16,626
Gains on investments held at fair               -      116,818   116,818            -       85,053       85,053
value
Losses on Index Stock                           -      (1,281)   (1,281)            -          (7)          (7)
Realised exchange losses                        -           54        54            -      (2,343)      (2,343)
                                           17,734      115,591  133,325        16,626       82,703       99,329
Expenses
Investment  management fee
(including un-recovered VAT)              (2,438)      (3,049)   (5,487)      (2,006)      (3,685)      (5,691)
Other expenses
(including irrecoverable VAT)             (1,124)            -   (1,124)      (1,221)            -      (1,221)
Profits before finance costs and tax       14,172      112,542   126,714       13,399       79,018       92,417
Finance costs                             (2,410)          (7)   (2,417)      (2,391)          (8)      (2,399)
Profit before taxation                     11,762      112,535   124,297       11,008       79,010       90,018
Taxation                                  (2,716)        1,216   (1,500)      (2,488)        1,105      (1,383)
Profit for the period                       9,046      113,751   122,797        8,520       80,115       88,635
Earnings per ordinary share
Basic - ordinary shares (see note 3)        5.65p       71.06p    76.71p        5.32p       50.05p       55.37p


The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS.  The
revenue return and capital return columns are supplementary to this and are prepared under the guidance published by
the Association of Investment Companies.

All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of British Empire Securities and General Trust plc.  There are no
minority interests.


Un-audited Consolidated and Company Statements of Changes in Equity for the year
ended 30 September 2007


                       Ordinary      Capital     Share    Capital      Capital    Merger   Revenue     Total
                          share   redemption   premium    reserve      reserve   reserve   reserve
                        capital      reserve             realised   unrealised
                          £'000        £'000     £'000      £'000        £'000     £'000     £'000    £'000
Group

For the year ended
30 September 2006
Balance as at            16,008        2,927    28,078    351,854      162,416    41,406    16,050  618,739
30 September 2005
Profit for the period         -            -         -    144,369     (64,254)         -     8,520   88,635
Ordinary dividends            -            -         -          -            -         -   (3,842)  (3,842)
paid
Special dividend paid         -            -         -          -            -         -   (2,241)   (2,241)
Balance as at            16,008        2,927    28,078    496,223       98,162    41,406    18,487  701,291
30 September 2006

For the year ended
30 September 2007
Balance as at            16,008        2,927    28,078    496,223       98,162    41,406    18,487   701,291
30 September 2006
Profit for the period         -            -         -     74,011       39,740         -     9,046   122,797
Ordinary dividends            -            -         -          -            -         -   (7,363)   (7,363)
paid
Special dividend paid         -            -         -          -            -         -   (1,601)   (1,601)
Balance as at            16,008        2,927    28,078    570,234      137,902    41,406    18,569   815,124
30 September 2007

 Company
For the year ended
30 September 2006
Balance as at            16,008        2,927    28,078    351,854      164,200    41,406    14,266   618,739
30 September 2005
Profit for the period         -            -         -    144,369     (64,256)         -     8,522    88,635
Ordinary dividends            -            -         -          -            -         -   (3,842)   (3,842)
paid
Special dividend paid         -            -         -          -            -         -   (2,241)   (2,241)
Balance as at            16,008        2,927    28,078    496,223       99,944    41,406    16,075   701,291
30 September 2006

For the year ended
30 September 2006
Balance as at            16,008        2,927    28,078    496,223       99,944    41,406    16,075   701,291
30 September 2006
Profit for the period         -            -         -     74,011       39,740         -     9,046   122,797
Ordinary dividends            -            -         -          -            -         -   (7,363)   (7,363)
paid
Special dividend paid         -            -         -          -            -         -   (1,601)   (1,601)
Balance as at            16,008        2,927    28,078    570,234      139,684    41,406    16,787   815,124
30 September 2007

Un-audited Consolidated and Company Balance Sheets as at 30 September 2007

                                                                   Company                    Group
                                                                  2007         2006         2007          2006
                                                                 £'000        £'000        £'000         £'000
Non-current assets
Investments held at fair value through profit or loss          843,083      733,205      841,051       731,173

Current assets
Investments                                                          -            -            8             5
Sales for future settlement                                      4,036        1,738        4,036         1,738
Other receivables                                                4,285        3,586        4,285         3,586
Cash and cash equivalents                                        3,925        9,242        3,926         9,245
                                                                12,246       14,566       12,255        14,574
Total assets                                                   855,329      747,771      853,306       745,747
Current liabilities
Purchases for future settlement                                (2,922)      (9,423)      (2,922)       (9,423)
Other payables                                                 (5,095)      (5,827)      (3,072)       (3,803)
                                                               (8,017)     (15,250)      (5,994)      (13,226)
Total assets less current liabilities                          847,312      732,521      847,312       732,521
Non-current liabilities
103/8 per cent Debenture Stock 2011                            (8,515)      (8,515)      (8,515)       (8,515)
81/8 per cent Debenture Stock 2023                            (14,886)     (14,879)     (14,886)      (14,879)
Equities Index Stock 2013                                      (8,463)      (7,518)      (8,463)       (7,518)
Provision for deferred tax                                       (324)        (318)        (324)         (318)


Net assets                                                    815,124       701,291      815,124      701,291
Equity attributable to equity Shareholders
Ordinary share capital                                         16,008        16,008       16,008       16,008
Capital redemption reserve                                      2,927         2,927        2,927        2,927
Share premium                                                  28,078        28,078       28,078       28,078
Capital reserve realised                                      570,234       496,223      570,234      496,223
Capital reserve unrealised                                    139,684        99,944      137,902       98,162
Merger reserve                                                 41,406        41,406       41,406       41,406
Revenue reserve                                                16,787        16,705       18,569       18,487
Total equity                                                  815,124       701,291      815,124      701,291
Net asset value per Ordinary Share - basic                     509.19       438.08p       509.19      438.08p
Number of shares in issue                                 160,080,089   160,080,089  160,080,089  160,080,089


Un-audited Consolidated and Company Cash Flow Statements for the year ended 30
September 2007
                                                                     Company                    Group
                                                                    2007         2006         2007         2006
                                                                   £'000        £'000        £'000        £'000
Net cash inflow from operating activities (see below)              3,929       15,455        3,927       15,452
Financing activities
Dividends paid                                                   (8,964)      (6,083)      (8,964)      (6,083)
Buyback of Equity Index Stock                                      (336)        (191)        (336)        (191)
Cash outflow from financing activities                           (9,300)      (6,274)      (9,300)      (6,274)
Increase in cash and cash equivalents                            (5,371)       9,181       (5,373)        9,178
Exchange movements                                                    54      (2,343)           54      (2,343)
Change in cash and cash equivalents                              (5,317)        6,838      (5,319)        6,835
Cash and cash equivalents at beginning of year                     9,242        2,404        9,245        2,410
Cash and cash equivalents at end of year                           3,925        9,242        3,926       9,245
(see note 5)



Reconciliation of profit before taxation to net cash inflow from operating
activities
Profit before taxation                                           124,297       90,018      124,297       90,018
Losses on Equities  Index Stock 2013 held at fair value            1,281            7        1,281            7
(Gains)/losses on exchange movements                                (54)        2,343         (54)        2,343
Gains on investments held at fair value through profit or      (116,818)     (85,051)    (116,818)     (85,053)
loss
Purchases of investments                                       (495,697)    (553,088)    (495,697)    (553,088)
Sales of investments                                             493,838      562,549      493,838      562,549
Increase in other receivables                                      (658)        (590)        (658)        (590)
(Decrease) / increase in creditors                               (1,132)           13      (1,131)           12
Taxation                                                         (1,135)        (754)      (1,135)        (754)
Amortisation of Debenture issue expenses                               7            8            7            8
(Increase)/decrease in value on investments - current                  -            -          (3)            1
assets
Purchase of investments - current assets                                           -            -           (1)
Net cash inflow from operating activities                          3,929       15,455        3,927       15,452


Notes to the preliminary announcement

General

The financial information set out in this announcement does not constitute the Company's statutory accounts for the
years ended 30 September 2007 or 2006.  The financial information for the year ended 30 September 2006 is derived from
the statutory accounts for that year which have been delivered to the Registrar of Companies.  The auditors reported on
those accounts; their report was unqualified and did not contain a statement under s237 (2) or (3) of the Companies Act
1985.

The statutory accounts for the year ended 30 September 2007 will be finalised on the basis of the financial information
presented by the Directors in this preliminary announcement, will be audited and delivered to the Registrar of
Companies in due course.  This preliminary announcement has been prepared on the same basis as set out in the previous
year's annual accounts.

Income

Investment income comprises:
                                                                          2007             2006
Dividends                                                               11,461           11,132
Interest                                                                 6,270            5,495
Other income                                                                 3              (1)
Total                                                                   17,734           16,626



Earnings per Share

The total basic earnings per Ordinary Share is based on Group net gains for the financial year of £122,797,000 (2006:
£88,635,000) and on 160,080,089 (2006: 160,080,089) Ordinary Shares, being the weighted average number of Ordinary
Shares in issue during the year.

The total basic earnings per Ordinary Share figures detailed above can be further analysed between revenue and capital,
as below.

The basic revenue earnings per Ordinary Share is based on Group revenue after taxation for the financial year of
£9,046,000 (2006: £8,520,000) and on 160,080,089 (2006: 160,080,089) Ordinary Shares, being the weighted average number
of Ordinary Shares in issue during the year.

The basic capital earnings per Ordinary Share is based on Group net gains for the financial year of £113,751,000 (2006:
£80,115,000) and on 160,080,089 (2006: 160,080,089) Ordinary Shares, being the weighted average number of Ordinary
Shares in issue during the year.

Dividends

The Directors have proposed a final ordinary dividend in an amount of 3.60p per Ordinary Share and a special dividend
in an amount of 0.50p per Ordinary Share.  If approved by shareholders at the Annual General Meeting on 18 December
2007, these dividends will be payable on 4 January 2008 to holders on the register as at 7 December 2007 (ex-dividend 5
December 2007).

This preliminary announcement was approved by the Board of Directors on 12 November 2007.

Copies of the Annual Report & Accounts will be posted to shareholders in due course and further copies may be obtained
from either the Registered Office of the Company at Bennet House, 54 St James's Street, London SW1A 1JT or the office
of the Company Secretary, Phoenix Administration Services Limited, Springfield Lodge, Colchester Road, Chelmsford,
Essex CM2 5PW  (tel: [phone]).


The Annual General Meeting of the Company will be held at 12 noon on Tuesday 18 December 2007.
Phoenix Administration Services Limited
Company Secretary
12 November 2007




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