Prelim.Annual Results-Replace

British Empire Sec & Gen Tst PLC
16 November 2001


The issuer has made the following amendment to the Preliminary Annual Results
announcement released today at 12:05 under RNS No 2573N

The third bullet point should have read 'pre tax', not 'post tax'.

All other details remain unchanged.

The full corrected version is shown below.


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED ANNUAL RESULTS
for the year ended 30 September 2001

Highlights

- NAV fell by 7.9% compared to falls of 31.3% for the Datastream benchmark and
28.6% for the MSCI World Index. This was the Company's best ever year relative
to the indices and contributed to an outperformance of 48% and 60% against the
MSCI and the FTSE All-Share over 3 years.

- Significant outperformance of MSCI World and the AITC Global Growth sector
over 16 years since the change of management, and over 10 years, 5 years, 3
years and one year.

- Pre tax profits rose 69% and dividends for the year increased 46%

- Our bearish views on markets dictated extensive profit-taking which
generated high levels of liquidity during the year.  Part of this was invested
in US Treasury Inflation Protected securities (TIPs) realising profits of £4.9
million.

- Stock selection also contributed strongly to performance.  Gains of about
£15 million were realised from holdings within the Lazard, Agnelli and Wendel
groups.

- Liquidity was reduced by over £50 million at the lower market levels in late
September and October with a focus on buying back stocks sold substantially
higher up.

- The Company won a number of awards including: 
first place in Money Observer Best Global Trust Investment Awards 2001 and
first place out of thirty trusts in Standard & Poors UK Investment Trust
Global Growth Sector 2001.

- Mr W G Fossick, Chairman said,
'This was a very satisfactory result for the year maintaining the consistent
long term record of outperformance.  The Board believes that the distinctive
investment philosophy focusing on companies selling on wide discounts will
serve the Company well in the future'.

The Board is also intending to address the rating through more regular share
buy-backs. Subject to the renewal of the share buy-back authority at the
Annual General Meeting, the Directors intend to buy-back shares on a monthly
basis and representing not less than an aggregate of 15 million shares over
the next 12 months, subject to those buy-backs resulting in an increase in net
assets per share and being in the interests of shareholders generally. The
Directors believe that this ongoing demand should contribute to a further
improvement in the rating.

- Mr J C Walton, Managing Director Asset Value Investors Ltd said,
'The combination of stock outperformance, liquidity, gains from US TIPs and a
reduction in discount limited the decline in the share price to 4% in one of
the most difficult years in stock market history.

We have reversed last year's profit-taking by the repurchase of stocks
substantially down from previous levels, consistent with our policy of gradual
reinvestment'.

The unaudited results were:

Consolidated Statement of Total Return 
(incorporating the Revenue Account of the Group*)

                                                       Year ended
                                                    30 September 2001
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -      (31,593)     (31,593)
Realised exchange losses                          -         (736)        (736)
Depreciation of Index stock                       -        2,756        2,756
Income                                       12,716           44       12,760
Investment management fee
 (incl. irrecoverable VAT)                   (1,715)      (1,715)      (3,430)
Other expenses (incl. irrecoverable VAT)       (603)           -         (603)
                                            ________     ________     ________
Net return before finance costs and 
taxation                                     10,398      (31,244)     (20,846)
Finance costs                                (2,730)          (7)      (2,737)
                                            ________     ________     ________
Return on ordinary activities
 before taxation                              7,668      (31,251)     (23,583)
Taxation on ordinary activities              (1,726)         514       (1,212)
                                            ________     ________     ________
Return attributable to equity shareholders    5,942      (30,737)     (24,795)
Dividends in respect of equity shares        (3,331)           -       (3,331)
                                            ________     ________     ________
Transfer to / (from) reserves                 2,611      (30,737)     (28,126)
                                            ========     ========     ========
Return per ordinary share :                                   
Basic                                         3.37p      (17.45p)     (14.08p)
                                            ========     ========     ========

 
                                                       Year ended
                                                    30 September 2000
                                                       (audited)
                                                      (restated)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Gains on investments                              -       72,733       72,733
Realised exchange gains                           -          318          318
Appreciation of loan stock                        -         (883)        (883)
Income                                        9,883        1,405       11,288
Investment management fee
 (incl. irrecoverable VAT)                   (1,529)        (765)      (2,294)
Other expenses
 (incl. irrecoverable VAT)                   (1,006)           -       (1,006)
                                            ________     ________     ________
Net return before finance costs and 
taxation                                      7,348       72,808       80,156
Finance costs                                (2,806)          (7)      (2,813)
                                            ________     ________     ________
Return on ordinary activities
 before taxation                              4,542       72,801       77,343
Taxation on ordinary activities                (660)          33        (627)
                                            ________     ________     ________
Return attributable to equity shareholders    3,882       72,834       76,716
Dividends in respect of equity shares        (2,280)           -       (2,280)
                                            ________     ________     ________
Transfer to reserves                          1,602       72,834       74,436
                                            ========     ========     ========
Return per ordinary share :                                          
Basic                                         2.15p       40.31p       42.46p
                                            ========     ========     ========


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

The Statements of Total Return presented above are in accordance with the
Statement of Recommended Practice for 'Financial Statements of Investment
Trust Companies'.

 
Balance Sheet
                                                 Company           Group 
                                               30 September      30 September
                                              2001     2000     2001     2000
                                               (unaudited)        (audited)
                                             £'000    £'000    £'000    £'000
Fixed assets                            
Investments - Securities                   340,843  313,730  333,347  312,823
            - Property                           -        -    7,300    6,900
                                           ________ ________ ________ ________
                                           340,843  313,730  340,647  319,723
Current assets                            
Investments held by dealing subsidiary           -        -        9       20
Debtors                                     27,593   35,782    2,281    2,195
Cash at bank and on deposit                  1,602   46,718   28,407   79,596
                                           ________ ________ ________ ________
                                            29,195   82,500   30,697   81,811
Creditors: amounts falling due within 
one year                                    (9,012)  (5,194)  (9,681)  (5,356)
                                           ________ ________ ________ ________
Net current assets                          20,183   77,306   21,016   76,455
                                           ________ ________ ________ ________
Total assets less current liabilities      361,026  391,036  361,663  396,178
Creditors: amounts falling 
due after more than one year               (35,056) (39,235) (35,056) (39,235)
Provision for liabilities and charges            -        -     (637)    (606)
                                           ________ ________ ________ ________
                                           325,970  351,801  325,970  356,337
                                           ======== ======== ======== ========
Capital and reserve                            
Called-up share capital:                            
Ordinary shares                             17,508   17,630   17,508   17,630
Reserves:                            
Capital redemption reserve                   1,427    1,305    1,427    1,305
Share premium                               28,078   28,078   28,078   28,078
Capital reserve - realised                 252,503  234,864  255,086  237,447
                - unrealised               (21,790)  22,638  (27,799)  22,818
Merger reserve                              41,406   41,406   41,406   41,406
Revenue reserve                              6,838    5,880   10,264    7,653
                                           ________ ________ ________ ________
Equity shareholders' funds                 325,970  351,801  325,970  356,337
                                           ======== ======== ======== ========

Net asset value per share                  186.18p  199.54p  186.18p  202.11p 
                                           ======== ======== ======== ========
 
Consolidated Cash Flow Statement
                                                Year ended        Year ended
                                          30 September 2001  30 September 2000
                                               (unaudited)        (audited)
                                                                 (restated)
                                             £'000    £'000    £'000    £'000
Net cash inflow from operating activities             8,526             6,807

Servicing of finance                            
Interest paid                               (3,009)           (2,483)
                                           ________          ________
Net cash outflow from returns on 
investment and servicing of finance                  (3,009)           (2,483)
Taxation                            
UK tax paid less recovered                     (539)                -       
WHT paid                                         (4)             (135)       
                                           ________          ________
Tax paid                                               (543)             (135)
Capital expenditure 
and financial investment                            
Purchase of investments                   (272,723)         (214,754)       
Sale of investments                        223,391           228,190       
Capital dividends                               44             1,807       
                                           ________          ________
Net cash (outflow)/inflow 
from investing activities                           (49,288)           15,243
Equity dividends paid                                (2,468)           (2,163)
                                                    ________          ________
Net cash (outflow)/inflow before financing          (46,782)           17,269
Financing                            
Share buybacks                              (2,241)          (16,844)       
Buy back of index loan stock                (1,430)             (669)       
                                           ________          ________
Net cash outflow from financing                      (3,671)          (17,513)
                                                    ________          ________
Decrease in cash                                    (50,453)             (244)
                                                    ========          ========
Reconciliation of net cash 
flow to movements in net debt                            
Decrease in cash as above                           (50,453)             (244)
Buyback of index loan stock                           1,430               602
                                                    ________          ________
Changes in net (debt)/funds resulting from 
cash flows                                          (49,023)              358
Currency (losses)/gains                                (736)              318
Amortisation of debenture issue expenses                 (7)               (7)
Decrease/(increase) in value of Index loan stock      2,756              (885)
                                                    ________          ________
Movement in net debt in year                        (47,010)             (216)
Net funds at 1 October                                40,361            40,577
                                                    ________          ________
Net (debt)/funds at 30 September                     (6,649)           40,361
                                                    ========          ========
 
Notes:-

1. The Board has declared a maintained final dividend of 1p per ordinary share
and a special dividend of 0.5p per ordinary share.  Both dividends will be
paid on 9 January 2002 to shareholders on the register on the record date of
30 November 2001.

2. Basic revenue return per ordinary share is based on Group revenue after
taxation of £5,942,000 (2000: £3,882,000) and on 176,171,390 (2000:
180,672,548) ordinary shares, being the weighted average number of ordinary
shares in issue during the year.

3. Basic capital return per ordinary share is based on net losses for the
financial year of £30,737,000 (2000: net profit of £72,834,000) and on
176,171,390 (2000: 180,672,548) ordinary shares, being the weighted average
number of ordinary shares in issue during the year.

4.
                                         2001      2000
                                        £'000     £'000
                                                (Restated)
Income from investments                                                       
                            
Listed investments                      7,737     6,743
Unlisted investments                        -       145
                                       _______   _______
                                        7,737     6,888
                                       _______   _______
Other income                                                                  
                 
Deposit interest                        4,335     2,298
(Loss)/profit from dealing 
activities of subsidiaries                (11)        6
Rental income                             655       661
Other income                                -        30
                                       _______   _______
                                        4,979     2,995
                                       _______   _______
Total income                           12,716     9,883
                                       =======   =======

5. Basic net asset value per ordinary share is based on net assets and on
175,080,089 (2000: 176,305,089) ordinary shares, being the number of ordinary
shares  in issue at the year end. 

At the year end the net assets value per share adjusted to include the
Debenture Stocks at market value rather than par was 182.51p (2000:198.38p).

6. The figures presented do not constitute full accounts.  Full accounts for
the year ended 30 September 2000, on which the auditors gave an unqualified
report, have been delivered to the Registrar of Companies.

7. Dividend income is recognised in the revenue account when declared
'ex-dividend' as appropriate. In accordance with FRS16, dividend income is now
shown excluding any associated tax credit with a consequent reduction in the
amount of the tax charge. Following the introduction of FRS16, Avoir Fiscal is
treated as a tax credit and not withholding tax. As a result, dividend income
is shown net of Avoir Fiscal where appropriate and Avoir Fiscal is shown as a
deduction from the Tax charge. Prior year comparatives have been restated
accordingly. Income from fixed interest securities is dealt with on an
accruals basis. Enhanced scrip dividend income is accounted for by recognising
the 'cash' element in the revenue account and the 'bonus' element in the
capital reserve account.

8. Copies of 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.  The Annual General Meeting will be
held on Monday, 17 December 2001.

Aberdeen Asset Management PLC 
Secretaries
16 November 2001