Final Results

British Portfolio Trust PLC 20 December 2004 For Immediate Release 20th December 2004 BRITISH PORTFOLIO TRUST plc ANNOUNCEMENT OF UNAUDITED PRELIMINARY RESULTS For the year to 31st October 2004 CHAIRMAN'S STATEMENT The Board announces the results for the year to 31st October 2004. The net asset value per Ordinary Share at 31st October 2004 was 133.4p compared with 121.0p at 31st October 2003, an increase of 10.2%. Over the same period the benchmark index, the FTSE All-Share Index, increased by 8.1%. A final dividend has been declared of 2.00p per Ordinary Share, which will be payable on 3rd March 2005 to shareholders on the register at the close of business on 4th February 2005, making a total distribution for the year ended 31st October 2004 of 3.55p per Ordinary Share. During the year under review the Company bought back 3,136,703 shares of 1p each for cancellation and a further 300,000 shares since the year end. The Board intends to seek renewed authority from shareholders to buy back up to 15% of the issued share capital of the Company. INVESTMENT MANAGERS' REVIEW It is encouraging to report that the FTSE All-Share Index was up 8.1% over the period. Equity markets have been boosted by economic data from the United States and also strong growth coming from China. Over the period the improving data has led both the UK and US central banks to start raising interest rates. One of the best performing sectors has been Real Estate with real signs of recovery coming through in the West End property market in particular. Also, steady inflows of investment capital to the sector have helped drive prices upward. The Fund has been overweight in this sector over the period via holdings in British Land Company and Quintain Estates & Development. Strong recovery in the Aerospace and Defence sector has also buoyed its performance and the Fund remains a holder of BAE Systems and Rolls Royce Group. Technology has again let investors down in the UK, with few constituents performing well. The Pharmaceuticals sector remains under pressure with patent expiries not being matched by new drug discoveries. The Fund's key stock in the Healthcare arena remains Alliance Unichem, the pan European retailer and distributor. The Mid Cap portion of the market has in particular been a beneficiary of a pick up in merger and acquisition activity. The Fund has benefited from bid activity in Warner Chilcott (pharmaceuticals), Mersey Docks (transport) and NHP (real estate). With interest rates forecast to remain low it is expected that venture capital interest in the quoted market place will remain high. There is growing evidence that the turn in interest rates back in November 2003 is having the desired effect, with the UK housing market, in particular, showing signs of slowing down. The High Street remains as competitive as ever with pre-Christmas sales now the norm rather than the exception. There are definite headwinds going into next year such as rising raw materials and a weaker US dollar but in general UK companies are in a healthy financial state and attractive valuations are supportive looking forward. STATUS The Company operates as an approved investment trust within the meaning of Section 842 of the Income and Corporation Taxes Act 1988. Approval was granted for the year ending 31st October 2003, and is expected to be granted for the year under review. The Company is not a close company. ANNUAL GENERAL MEETING The Annual General Meeting of the Company will be held at 12.30pm on 10th February 2005. 155 Bishopsgate By Order of the Board London EC2M 3AD P W I Ingram 20th December 2004 Company Secretary UNAUDITED STATEMENT OF TOTAL RETURN for the year to 31st October 2004 2004 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 6,518 6,518 Income from investments 2,245 - 2,245 Other income 147 - 147 Investment management fee (259) (601) (860) Administration expenses (153) (2) (155) Net return before finance costs and taxation 1,980 5,915 7,895 Finance costs of borrowings (92) (275) (367) Return on ordinary activities before taxation 1,888 5,640 7,528 Taxation Overseas taxation (2) - (2) Return on ordinary activities after taxation 1,886 5,640 7,526 Dividends on Ordinary Shares: Prior year over accrual 2 - 2 Interim 1.55p (742) - (742) Final 2.00p (944) - (944) 3.55p (1,684) - (1,684) Transfer to reserves 202 5,640 5,842 Return per Ordinary Share (Note 1) 3.88p 11.61p 15.49p UNAUDITED BALANCE SHEET as at 31st October 2004 2004 £'000s Valuation of Investments 64,973 Net current assets 3,958 Total assets less current liabilities 68,931 Amounts falling due after more than one year (6,000) Net Assets 62,931 Ordinary Share Capital 472 Share Premium Account 12,378 Special Reserve 53,456 Capital Reserves : Realised (6,487) : Unrealised 2,788 Capital Redemption Reserve 72 Revenue Reserve 252 Shareholders' Equity Funds 62,931 Net asset value per Ordinary Share 133.4p The net asset value is based on 47,179,502 Ordinary Shares in issue. UNAUDITED STATEMENT OF TOTAL RETURN for the year to 31st October 2003 2003 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 6,822 6,822 Income from investments 1,984 - 1,984 Other income 105 - 105 Investment management fee (233) (522) (755) Administration expenses (154) (2) (156) Net return before finance costs and taxation 1,702 6,298 8,000 Finance costs of borrowings (92) (274) (366) Return on ordinary activities before taxation 1,610 6,024 7,634 Taxation Overseas taxation (2) - (2) Return on ordinary activities after taxation 1,608 6,024 7,632 Dividends on Ordinary Shares: Interim 1.22p (581) - (581) Final 1.85p (872) - (872) Special 0.28p (117) (117) 3.35p (1,570) - (1,570) Transfer to reserves 38 6,024 6,062 Return per Ordinary Share (Note 1) 3.46p 12.96p 16.42p UNAUDITED BALANCE SHEET as at 31st October 2003 2003 £'000s Valuation of Investments 65,302 Net current assets 1,566 Total assets less current liabilities 66,868 Amounts falling due after more than one year (6,000) Net Assets 60,868 Ordinary Share Capital 503 Share Premium Account 12,378 Special Reserve 57,236 Capital Reserves : Realised (6,840) : Unrealised (2,499) Capital Redemption Reserve 41 Revenue Reserve 49 Shareholders' Equity Funds 60,868 Net asset value per Ordinary Share 121.0p The net asset value is based on 50,316,205 Ordinary Shares in issue. UNAUDITED CASH FLOW STATEMENT For the year to 31st October 2004 and comparative period. 2004 2003 £'000s £'000s Net cash inflow from operating activities 1,436 1,165 Servicing of Finance Interest paid (370) (366) Investing Activities Purchase of fixed asset investments (25,706) (25,600) Sale of fixed asset investments 32,640 26,755 Net cash inflow from investing activities 6,934 1,155 Equity dividends paid (1,612) (1,494) Net cash inflow before financing 6,388 460 Financing Cash transferred from Jos Holdings plc - 121 Cash transferred from Dresdner RCM Endowment Policy Trust 2003 plc - 303 Purchase of Ordinary Shares for cancellation (3,779) (2,407) Net cash outflow from financing (3,779) (1,983) Increase (decrease) in cash 2,609 (1,523) BRITISH PORTFOLIO TRUST TOP 20 EQUITY HOLDINGS AS AT 31st October 2004 Valuation % of 31.10.04 Total £'000s Assets* Principal Activities BP Plc 5,610 8.14 Oil and Gas HSBC 4,707 6.83 Banks Vodafone Group 4,514 6.55 Telecommunications Services GlaxoSmithKline 3,477 5.04 Pharmaceuticals Royal Bank of Scotland 2,717 3.94 Banks Shell Transport & Trading 2,264 3.28 Oil and Gas Barclays 2,113 3.07 Banks AstraZeneca 1,695 2.46 Pharmaceuticals NHP 1,388 2.01 Real Estate Lloyds TSB Group 1,293 1.88 Banks HBOS 1,167 1.69 Banks Tesco 1,145 1.66 Food and Drug Retailers Alliance Unichem 1,092 1.58 Health Care Kelda Group 1,023 1.48 Utilities Anglo American 988 1.43 Mining National Grid Transco 966 1.40 Utilities Xstrata 934 1.35 Mining Mulberry Group 908 1.32 Cyclical Consumer Goods Tullow Oil 892 1.29 Oil and Gas BT Group 848 1.23 Telecommunications Services 39,741 57.63 * Total assets include current liabilities. Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the period of 48,570,645 shares (2003: 46,487,485 shares). Note 2 The revenue column of this statement is the profit and loss for the Company. All revenue and capital items derive from continuing operations. No operations were acquired or discontinued in the year. Note 3 The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31st October 2004 or 31st October 2003. The financial information for the year ended 31st October 2003 is derived from the statutory accounts for that period 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 section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31st October 2004 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This announcement has been prepared using the same accounting policies as those adopted in the annual accounts for the year ended 31st October 2003. Note 4 The annual report will be sent to shareholders in late January 2005 and will be available to members of the public from the Company's registered office at 155 Bishopsgate, London EC2M 3AD. For further information, please contact: Simon White, Head of Investment Trusts RCM (UK) Limited Tel: 020 7065 1539 This information is provided by RNS The company news service from the London Stock Exchange

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