Interim Results

British Portfolio Trust PLC
17 June 2004


For Immediate Release                                             17th June 2004


                          BRITISH PORTFOLIO TRUST plc

                   ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
            For the period from 1st November 2003 to 30th April 2004


Net Asset Value

A summary of the results for the period from 1st November 2003 to 30th April
2004 is set out overleaf. The Net Asset Value (NAV) per Ordinary Share as at
30th April 2004 was 128.5p.  This represents an increase of 6.2% over the NAV as
at 31st October 2003.  Over the same period the Company's benchmark index, the
FTSE All-Share Index, rose by 5.3%.

Interim Dividend

The Board has declared an interim dividend of 1.55p per Ordinary Share (compared
to 1.22p and a special dividend of 0.28p last year), which will absorb £747,388
and is payable on 2nd September 2004 to all holders of Ordinary Shares on the
Register of Members at the close of business on 6th August 2004.

Share Buybacks

During the period under review 2,097,644 Ordinary Shares were purchased for
cancellation at a cost of £2.5m and at an average discount of 5.1%.  In the
period from 1st May 2004 until 17th June 2004 a further 80,000 Ordinary Shares
have been purchased for cancellation at a cost of £0.1m.

Outlook

Currently two issues are weighing on the UK market - the oil price and US
interest rate movements.  First, there has been a sharp rise in the oil price
which must have some impact on inflation and corporate profitability.  Secondly,
recent strong US economic data has raised the probability that interest rates in
the USA may increase earlier than previously  expected and Wall Street has a
major influence on other financial markets.  However, as we have seen in the UK
some upward move in interest rates is not necessarily bad news for financial
markets when, overall, the economic news is positive.  We are concerned about
the high levels of consumer, business and government debt.  The UK economy is
growing steadily, unemployment remains low and corporate profits are improving,
which should provide a favourable background for the UK stock market.


155 Bishopsgate                                   By Order of the Board
London EC2M 3AD                                   P W I Ingram
17th June 2004                                    Secretary


SUMMARY OF RESULTS
STATEMENT OF TOTAL RETURN
Six months ended 30th April 2004

                                                                 Revenue        Capital            Total
                                                                  £'000s         £'000s           £'000s
                                                                (Note 1)
Net gains on investments                                               -          3,866            3,866
Income                                                             1,177              -            1,177
Investment management fee                                          (130)          (302)            (432)
Administration expenses                                             (67)            (2)             (69)
Return before finance costs and taxation                             980          3,562            4,542
Finance costs of borrowings                                         (46)          (136)            (182)
Return on ordinary activities before taxation                        934          3,426            4,360
Taxation                                                             (1)              -              (1)
Return after taxation attributable to Ordinary                       933          3,426            4,359
Shareholders

Dividends on Ordinary Shares
      Prior year over accrual                                          3              -                3
      Interim proposed    1.55p                                    (747)              -            (747)
                                                                   (744)              -            (744)

Transfer to reserves                                                 189          3,426            3,615

Return per Ordinary Share  (Note 2)                                1.89p          6.93p            8.82p


NET ASSET STATEMENT
As at 30th April 2004
                                                                                                        £'000s
Fixed Asset Investments                                                                                 67,137
Net Current Assets                                                                                         814
Total Assets less Current Liabilities                                                                   67,951
Creditors - Amounts falling due after one year                                                         (6,000)
Total Net Assets                                                                                        61,951

Called up Share Capital                                                                                    482
Share Premium Account                                                                                   12,378
Special Reserve                                                                                         54,705
Capital Reserves - Realised                                                                            (5,730)
                   Unrealised                                                                            (184)
Capital Redemption Reserve                                                                                  62
Revenue Reserve                                                                                            238
Shareholders' Funds                                                                                     61,951


Net Asset Value per Ordinary Share                                                                       128.5p

The net asset value is based on 48,218,561 Ordinary Shares in issue.



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                                                        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
                  Interim     1.22p                                    (589)                  -          (589)
                  Special    0.28p                                     (117)                  -          (117)
                                                                       (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 year to 31st October 2003
                                                                       Revenue            Capital         Total
                                                                        £'000s             £'000s        £'000s
                                                                      (Note 1)
             Net gains on investments                                        -              6,823         6,823
             Income                                                      2,089                  -         2,089
             Investment management fee                                   (233)              (522)         (755)
             Administration expenses                                     (154)                (2)         (156)
             Return before finance costs and taxation                    1,702              6,299         8,001
             Finance costs of borrowings                                  (92)              (274)         (366)
             Return on ordinary activities before taxation               1,610              6,025         7,635
             Taxation                                                      (2)                  -           (2)
             Return after taxation attributable to Ordinary              1,608              6,025         7,633
             Shareholders
             Dividends on Ordinary Shares :
                      Prior year over accrual                                1                  -             1
                      Interim         1.22p                              (581)                  -         (581)
                      Final           1.85p                              (873)                  -         (873)
                      Special         0.28p                              (117)                  -         (117)
                                                                       (1,570)                  -       (1,570)

             Transfer to reserves                                           38              6,025         6,063


             Return per Ordinary Share (Note 2)                          3.46p             12.96p        16.42p



NET ASSET STATEMENT
As at 31st October 2003
                                                                                                         £'000s
Fixed Asset Investments                                                                                  65,302
Net Current Assets                                                                                        1,566
Total Assets less Current Liabilities                                                                    66,867
Creditors- Amounts falling due after one year                                                           (6,000)
Total Net Assets                                                                                         60,867

Called up Share Capital                                                                                     503
Share Premium Account                                                                                    12,378
Special Reserve                                                                                          57,235
Capital Reserves - Realised                                                                             (6,840)
                                Unrealised                                                              (2,499)
Capital Redemption Reserve                                                                                   41
Revenue Reserve                                                                                              49
Shareholders' Funds                                                                                      60,867

Net Asset Value per Ordinary Share                                                                       121.0p

The net asset value is based on 50,316,205 Ordinary Shares in issue.


SUMMARY OF RESULTS
CASH FLOW STATEMENT

                                                           Six Months to       Six Months to            Year to
                                                              30th April          30th April       31st October 
                                                                    2004                2003               2003         
                                                                  £'000s              £'000s             £'000s

Net cash inflow from operating activities                            247                 173             1,165

Servicing of finance
Interest paid                                                      (183)               (181)             (366)
Net cash inflow (outflow) on servicing of finance                     64               (181)             (366)

Financing
Repurchase of Ordinary Shares for cancellation                   (2,531)             (1,133)           (2,407)
Cash transferred from Jos Holdings plc                                 -                 121               121
Cash transferred from Dresdner RCM Endowment                           -                   -               303
         Policy Trust 2003 plc
Net cash outflow on financing                                    (2,531)             (1,012)           (1,983)

Investing activities
Acquisition of fixed asset investments                          (13,063)             (9,670)          (25,600)
Disposal of fixed asset investments                               14,169              12,750            26,755
Net cash inflow from financial investment                          1,106               3,080             1,155

Dividends paid                                                     (869)               (913)           (1,494)

Increase (decrease) in cash                                        2,230               1,147           (1,523)


TWENTY LARGEST EQUITY HOLDINGS

                                                                  As at 30th April 2004

Sector                                                        Valuation         % of Total 
                                                                  £000s            Assets*

Vodafone Group                                                    5,588               8.22
BP                                                                5,405               7.95
HSBC                                                              3,689               5.43
GlaxoSmithKline                                                   3,538               5.21
Royal Bank of Scotland                                            2,866               4.22
Shell Transport & Trading                                         2,054               3.02
Barclays                                                          2,019               2.97
AstraZeneca                                                       2,003               2.95
Lloyds TSB                                                        1,264               1.86
HBOS                                                              1,169               1.72
Kelda                                                             1,103               1.62
Aviva                                                             1,049               1.54
National Grid Transco                                             1,044               1.54
ICAP                                                                964               1.42
Mersey Docks & Harbour                                              953               1.40
Rank Group                                                          887               1.31
NHP                                                                 860               1.26
Tesco                                                               843               1.24
British American Tobacco                                            818               1.20
Anglo American                                                      799               1.18
                                                                 38,915              57.26


PORTFOLIO ANALYSIS

                                                                        As at 30th April 2004


Sector                                                            Valuation            % of Total 
                                                                      £000s               Assets*

Cyclical Consumer Goods                                                 459                  0.68
Cyclical Services                                                    10,216                 15.03
Financials                                                           18,834                 27.72
Non Cyclical Services                                                 7,643                 11.25
Non Cyclical Consumer Goods                                          10,535                 15.50
Resources                                                            10,926                 16.08
Information Technology                                                  902                  1.33
Utilities                                                             4,426                  6.51
Basic Industries                                                      1,817                  2.67
General Industrials                                                   1,379                  2.03
Net Current Assets                                                      814                  1.20
                                                                     67,951                100.00


* Total Assets are stated net of 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.

Note 2

The return per Ordinary Share is based on a weighted average number of shares in
issue of 49,430,377 (30th April 2003: 45,121,021; 31st October 2003:
46,487,475).


Note 3

The Statement of Total Return, Net Asset Statement and Cash Flow Statement for
the year to 31st October 2003 have 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:-

Simon White
RCM (UK) Limited
Tel: [phone]


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