Interim Results

British Portfolio Trust PLC
19 June 2003


For Immediate Release                              19th June 2003


                          BRITISH PORTFOLIO TRUST plc

                   ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS

            For the period from 1st November 2002 to 30th April 2003


Net Asset Value

A summary of the results for the period from 1st November 2002 to 30th April
2003 is set out overleaf. The Net Asset Value (NAV) per Ordinary Share as at
30th April 2003 was 106.7p. This represents a decrease of 3.2% over the NAV as
at 31st October 2002. Over the same period the Company's benchmark index, the
FTSE All-Share Index, fell by 2.4%. However, since the period under review, the
Company's NAV increased by 5.5% during May, (versus FTSE All-Share Index +4.1%),
resulting in an increase in the NAV for the seven months to 31st May 2003 of
+2.0% (FTSE All-Share Index +1.6%).


Interim Dividend

The Board has declared an interim dividend of 1.22p per Ordinary Share which
will absorb £589,092 and is payable on 2nd September 2003 to all holders of
Ordinary Shares on the Register of Members at the close of business on 1st
August 2003.


Share Buybacks


During the period under review 1,192,986 Ordinary Shares were purchased for
cancellation at a cost of £1.1m and at an average discount of 4.9%. In the
period from 1st May 2003 until 19th June 2003 a further 216,700 Ordinary Shares
have been repurchased for cancellation at a cost of £0.2m.


Jos Holdings plc Reconstruction


On 31st January 2003 investments and cash amounting to £7.1m and £0.1m
respectively were transferred into the Company following the liquidation of Jos
Holdings plc, and 7,573,707 new Ordinary Shares were issued. A special dividend
of 0.28p per Ordinary Share was paid to shareholders on the register before the
new shares were issued.


Outlook


The six month period under review has certainly been a volatile time for
equities, with the FTSE All-Share Index peaking at 2,000, then falling as low as
1,593 just prior to the conflict in Iraq, eventually closing down just 2.4% over
the period.


Volatility was caused by the uncertainty over events in the Middle East but also
by concerns about the state of the US economy. A short conflict in Iraq led to a
relief rally in equity markets and it is encouraging to see that economic
statistics have slightly improved in the US and the UK since the end of March.
In the UK, low interest rates are providing attractive borrowing opportunities
for consumers who are maintaining their spending at healthy levels and also
ensuring that the housing market, especially outside the South East, remains
resilient. The outlook for manufacturing remains tough but sterling weakness
will provide some support near term.


With geopolitical risks receding investors can return to focusing on company
fundamentals. We believe that the equity markets can hold on to its gains and,
with valuations looking supportive, provide a level from which to advance
further. Accordingly the fund is now positively weighted towards the media,
telecoms and financial sectors, which should benefit from an improving
investment environment. These changes have been financed by taking profits in
the more defensive sectors.






155 Bishopsgate               By Order of the Board

London EC2M 3AD               P W I Ingram

19th June 2003                Secretary


SUMMARY OF RESULTS

STATEMENT OF TOTAL RETURN
Six months ended 30th April 2003

                                                                      Revenue          Capital                Total
                                                                       £'000s           £'000s               £'000s
                                                                     (Note 1)

Net losses on investments                                                   -            (424)           (424)
Income from fixed asset investments                                     1,017                -                1,017
Investment management fee                                               (111)            (246)                (357)
Administration expenses                                                  (76)                -                 (76)
Return before finance costs and taxation                                  830            (670)                  160
Finance costs of borrowings                                              (46)            (136)                (182)
Return on ordinary activities before taxation                             784            (806)                 (22)
Taxation                                                                    -                -                    -
Return after taxation attributable to Ordinary                            784            (806)                 (22)
Shareholders

Dividends on Ordinary Shares
Special 0.28p                                                           (117)                -                (117)
Interim 1.22p                                                           (589)                -                (589)
                                                                        (706)                -                (706)

Transfer to (from) reserves                                                78            (806)                (728)

Return per Ordinary Share (Note 2)                                      1.74p           (1.79)p             (0.05)p





NET ASSET STATEMENT

As at 30th April 2003
                                                                                                               £'000s

Fixed Asset Investments                                                                                        52,740
Net Current Assets                                                                                              4,790
Total Assets less Current Liabilities                                                                          57,530
Creditors - Amounts falling due after one year                                                                (6,000)
Total Net Assets                                                                                               51,530

Called up Share Capital                                                                                           483
Share Premium Account                                                                                           8,588
Special Reserve                                                                                                58,509
Capital Reserves - Realised                                                                                   (7,253)
Unrealised                                                                                                    (8,915)
Capital Redemption Reserve                                                                                         29
Revenue Reserve                                                                                                    89
Shareholders' Funds                                                                                            51,530
Net Asset Value per Ordinary Share                                                                             106.7p

The net asset value is based on 48,286,242 Ordinary Shares in issue.







SUMMARY OF RESULTS

STATEMENT OF TOTAL RETURN

for the period 13th December 2001 to 30th April 2002
                                                                        Revenue                Capital             Total
                                                                         £'000s                 £'000s            £'000s
                                                                       (Note 1)

Net gains on investments                                                      -                    172               172
Income from fixed asset investments                                         837                      -               837
Investment management fee                                                  (83)                  (251)             (334)
Administration expenses                                                   (110)                      -             (110)
Return before finance costs and taxation                                    644                   (79)               565
Finance costs of borrowings                                                (35)                  (102)             (137)
Return on ordinary activities before taxation                               609                  (181)               428
Taxation                                                                      -                      -                 -
Return after taxation                                                       609                  (181)               428
Dividends on Ordinary Shares                                              (478)                      -             (478)
Transfer from reserves                                                      131                  (181)              (50)
Return per Ordinary Share (Note 2)                                        1.40p                (0.42)p           (0.98)p
                                                                          


NET ASSET STATEMENT
As at 30th April 2002
                                                                                                                  £'000s

Fixed Asset Investments                                                                                           66,302
Net Current Assets                                                                                                 2,047
Total Assets less Current Liabilities                                                                             68,349
Creditors- Amounts falling due after one year                                                                    (6,000)
Total Net Assets                                                                                                  62,349

Called up Share Capital                                                                                              434
Share Premium Account                                                                                             62,734
Capital Reserves - Realised                                                                                      (1,380)
Unrealised                                                                                                           443
Capital Redemption Reserve                                                                                             2
Revenue Reserve                                                                                                      116
Shareholders' Funds                                                                                               62,349

Net Asset Value per Ordinary Share                                                                                143.6p

The net asset value is based on 43,411,405 Ordinary Shares in issue.


SUMMARY OF RESULTS

STATEMENT OF TOTAL RETURN

for the period 13th December 2001 to 31st October 2002
                                                                        Revenue                Capital             Total
                                                                         £'000s                 £'000s            £'000s
                                                                       (Note 1)

Net losses on investments                                                     -               (13,889)          (13,889)
Income from fixed asset investments                                       1,763                      -             1,763
Investment management fee                                                 (211)                  (476)             (687)
Administration expenses                                                   (172)                      -             (172)
Return before finance costs and taxation                                  1,380               (14,365)          (12,985)
Finance costs of borrowings                                                (81)                  (242)             (323)
Return on ordinary activities before taxation                             1,299               (14,607)          (13,308)
Taxation                                                                      -                      -                 -
Return after taxation                                                     1,299               (14,607)          (13,308)
Dividends on Ordinary Shares                                            (1,273)                      -           (1,273)
Transfer to (from) reserves                                                  26               (14,607)          (14,581)
Return per Ordinary Share (Note 2)                                        3.02p               (33.99)p          (30.97)p
                                                                          



NET ASSET STATEMENT

As at 31st October 2002
                                                                                                                  £'000s
Fixed Asset Investments                                                                                           48,926
Net Current Assets                                                                                                 3,245
Total Assets less Current Liabilities                                                                             52,171
Creditors- Amounts falling due after one year                                                                    (6,000)
Total Net Assets                                                                                                  46,171

Called up Share Capital                                                                                              419
Share Premium Account                                                                                              1,445
Special Reserve                                                                                                   59,642
Capital Reserves - Realised                                                                                      (3,446)
Unrealised                                                                                                      (11,917)
Capital Redemption Reserve                                                                                            17
Revenue Reserve                                                                                                       11
Shareholders' Funds                                                                                               46,171

Net Asset Value per Ordinary Share                                                                                110.2p

The net asset value is based on 41,905,521 Ordinary Shares in issue.









SUMMARY OF RESULTS
CASH FLOW STATEMENT
                                                                  Six Months to           Period to            Period to
                                                                     30th April     30th April 2002         31st October
                                                                           2003                                     2002
                                                                         £'000s              £'000s               £'000s

Net cash inflow (outflow) from operating activities                         173               (220)                  986

Servicing of finance
Interest paid                                                             (181)                (89)                (274)
Net cash outflow on servicing of finance                                  (181)                (89)                (274)

Financing
Issue of Ordinary Shares                                                      -               1,455                1,455
Repurchase of Ordinary Shares for cancellation                          (1,133)               (294)              (1,939)
Payment of issue costs                                                        -             (1,904)              (1,913)
Cash transferred from Jos Holdings plc                                      121                   -                    -
Net cash outflow on financing                                           (1,012)               (743)              (2,397)


Investing activities
Acquisition of fixed asset investments                                  (9,670)            (73,924)             (83,910)
Disposal of fixed asset investments                                      12,750               7,855               20,160
Net cash inflow (outflow) from financial investment                       3,080            (66,069)             (63,750)

Dividends paid                                                            (913)                   -                (476)

Increase (decrease) in cash                                               1,147            (67,121)             (65,911)



TWENTY LARGEST EQUITY HOLDINGS

                                                                                            As at 30th April 2003


Sector                                                     Valuation          % of Total Assets*
                                                               £000s

Vodafone Group                                                   4,440               7.7
BP                                                               3,301               5.7
GlaxoSmithKline                                                  3,226               5.6
Royal Bank of Scotland                                           3,172               5.5
HSBC                                                             3,130               5.4
Shell Transport & Trading                                        2,253               3.9
AstraZeneca                                                      1,985               3.5
Barclays                                                         1,717               3.0
HBOS                                                             1,448               2.5
ICAP                                                             1,227               2.1
Tate & Lyle                                                      1,078               1.9
Anglo American                                                   1,048               1.8
Unilever                                                           969               1.7
Geest                                                              957               1.7
Lloyds TSB Group                                                   938               1.6
BG Group                                                           890               1.5
Aviva                                                              838               1.5
Kelda                                                              818               1.4
British Sky Broadcasting                                           784               1.4
BT Group                                                           723               1.3
                                                                34,942              60.7



PORTFOLIO ANALYSIS

As at 30th April 2003

Sector                                                     Valuation         % of Total Assets*
                                                               £000s

Cyclical Services                                              7,632                13.3
Financials                                                    16,445                28.6
Non Cyclical Services                                          5,929                10.3
Non Cyclical Consumer Goods                                    9,803                17.1
Resources                                                      8,420                14.6
Information Technology                                           940                 1.6
Utilities                                                      2,287                 4.0
Basic Industries                                                 968                 1.7
General Industrials                                              316                 0.5
Net Current Assets                                             4,790                 8.3
                                                              57,530                 100





* Total Assets include current liabilities.



Note 1

The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items derive from continuing operations. No operations
were acquired or discontinued in the period, other than the investments and cash
totalling £7.2m transferred following the reconstruction of Jos Holdings plc.



Note 2

The return per Ordinary Share is based on a weighted average number of shares in
issue of 45,121,021 (30th April 2002: 42,981,078; 31st October 2002:
43,349,360).



Note 3

The Statement of Total Return for the period from 13th December 2001 to 31st
October 2002 has been extracted from the published accounts of the Company at
that date which have been delivered to the Registrar of Companies. The Auditors'
opinion on those accounts was unqualified and did not contain a statement under
Section 237 (2) or (3) of the Companies Act 1985.


The Interim Report will be sent to Shareholders shortly and made available to
the public at the Registered Office of the Company, 155 Bishopsgate, London EC2M
3AD.






For further information, please contact:-

Allianz Dresdner Asset Management (UK) Ltd

Simon White

Tel: [phone]


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