Final Results

British & American Inv Trust PLC
30 April 2001



                    British & American Investment Trust PLC

                    Preliminary Announcement

                    for the year ended 31 December 2000

                    Registered number: 433137

Directors                                            Registered Office
Jonathon C Woolf (Chairman and Managing Director)    214 The Chambers
Dominic G Dreyfus                                    Chelsea Harbour
J Anthony                                            London SW10 0FX
Ronald G. Paterson                                   Telephone: [phone]
V Townsend                                           Registered in England
                                                     No. 433137


30 April 2001




Group revenue return before tax for the year ended 31 December 2000 amounted to
£1,729,000.

At a meeting of the directors it was decided to pay a final dividend of 3p per
£1 ordinary share to shareholders on the register at 11 May 2001. An equivalent
dividend of 1.75p per 3.5% convertible £1 preference share will be paid to
holders of shares on the register at 31 December 2000. These dividends will be
paid on 14 June 2001.

Financial Highlights

For the year ended 31 December 2000


                                     31 December 2000       31 December 1999

                                 Revenue  Capital   Total Revenue Capital Total
                                    £000     £000    £000    £000    £000  £000
Return before taxation             1,729  (3,253) (1,524)   1,880   7,811 9,691
                                 _______  _______ _______ _______ _______ ______
                                                            
Earnings per £1 ordinary share -   5.38p (13.01p) (7.63p)   5.93p  31.25p 37.18p
basic  
                                 _______  _______ _______ _______ _______ ______

                          
Earnings per £1 ordinary share -   4.28p  (9.29p) (4.45p)   5.24p  22.32p 27.56p
diluted
                                 _______  _______ _______ _______ _______ ______

                                   
Net asset value                                   49,416                 53,117
                                              __________              __________
Net assets per ordinary share
- deducting preference shares                       158p                   172p
at par
                                              __________              __________

- diluted                                           141p                   152p
                                              __________              __________

Diluted net asset value per                         138p                   147p
ordinary share at 20 April 2001
(1999: 31 March 2000)                         __________              __________



    I report our results for the year ended 31 December 2000.

    The return on revenue account before tax amounted to £1.7 million (£1.9
    million, adjusted). Gross income amounted to £2.2 million (£2.3 million,
    adjusted), of which £2.0 million (£2.1 million, adjusted) represented
    income from investments and £0.2 million (£0.2 million) film and other
    income. The small decline in income from investments can be partly
    attributed to the effects of the first of the two special dividends paid
    over the year reducing the investment stock by £1.25 million.

    Total return before tax, including realised and unrealised capital
    appreciation, amounted to (£1.5 million) (£9.7 million, adjusted).

    The return on revenue account per ordinary share was 5.4p (5.9p, adjusted)
    on an undiluted basis and 4.8p (5.2p, adjusted) on a diluted basis.

    Group net assets were £49.4 million (£53.1 million), a decrease of 7.0
    percent. This compares to a decrease over the same period of 10.2 percent
    in the FT-SE 100 share index and 8.0 percent in the All Share index. The
    group's relative out-performance of these indices is calculated without
    taking into account the second of the two special dividends paid over the
    year which reduced net assets by £625,000. Adding this back, the decrease
    in net assets would have been 5.8 percent. Our performance over the year
    was helped by our policy of holding larger than normal cash balances and
    equivalents during periods of market uncertainty, as previously indicated,
    together with our holdings in fixed interest securities which performed
    well over the period in line with strength in the UK gilt market.

    The net asset value per ordinary share decreased to 141p (152p) on a
    diluted basis. Deducting prior charges at par, the net asset value per
    ordinary share decreased to 158p (172p).

    We are pleased to recommend a final dividend of 3.0p per ordinary share.
    Together with the interim dividend this makes a total payment for the
    year, excluding special dividends, of 4.675p (1999: 4.275p), representing
    an increase of 9.4 percent over the previous year's dividend. In addition,
    a special dividend of 2.5p per ordinary share was paid on 29th January
    2001. In total, ordinary shareholders will have received 7.175p per share
    of dividends, representing a payment of £1.8 million over the last 12
    months. Over a two year period, some £4.1 million of dividends or 16.4p
    per share have been paid out to ordinary shareholders. This represents
    over 10 percent of average funds attributable to ordinary shareholders and
    a yield on average market price of approximately 7.0 percent per annum. A
    dividend of 1.75p will be paid to preference shareholders resulting in a
    total payment for the year of 3.5p per share.

As reported at the interim stage, equity markets experienced considerable
volatility and substantial declines in the first half of 2000. This pattern
continued in the second half with the result that equities in the US and UK
posted significant nominal declines over the year. The Dow Jones Industrial
Average fell 7.4%, the Nasdaq fell 33% and similar falls were experienced by
the UK indices, as noted above. When calculated against the high points
reached in these indices in March 2000, the declines over the subsequent 9
months were even more severe.

These declines reflected the unwinding of over-valuations which had built up
in the fourth quarter of 1999 and the first quarter of 2000 particularly in '
new economy' stocks. In addition, uncertainty about sustaining the
unprecedented high levels of economic growth in the US in 1999/2000 and to a
lesser extent in the UK served to depress share prices generally in all
sectors. By the end of the year, the first indications of a rapid slowing in
the US economy began to be seen although at that stage the severity of the
downturn as subsequently experienced was not expected and the programme of
monetary stimulation since implemented by the US Federal Reserve was not
commenced until the first quarter of 2001 following a series of earnings
downgrades by leading US companies. In the UK, markets generally tended to
follow developments in the US although the rate of decline in the growth of
the economy has not been as pronounced as in the US.

Nevertheless, given the proportion of the UK indices now represented by 'new
economy' stocks which were most seriously affected by the downturn in
investment and sentiment during the year as well as the extent to which
leading UK companies are exposed to US operations, the declines in market
prices in the UK were of a similar magnitude.

As at 20 April 2001, group net assets had declined to £48.4 million, a
decrease of 2.2 percent since the beginning of the calendar year. This is
equivalent to 153 pence per share (prior charges deducted at par) and 138
pence per share on a diluted basis. Over the same period the FTSE 100 declined
5.8 percent and the All Share Index declined 5.2 percent.

The outlook for the coming year for UK equities is very uncertain. The pattern
of declines experienced in 2000 continued into 2001 and as noted above,
interest rates in the US and the UK have been reduced significantly to offset
severe declines in economic growth rates. In recent weeks, the pattern of
decline has stabilised somewhat in response to this programme of monetary
loosening. In certain cases, valuations have now become more acceptable
although still remain high as prospective earning forecasts have been reduced.
At these levels, selective investment opportunities may become available in
those companies with sound and proven long-term businesses whose shares have
been over-sold in line with the general market declines. However, with the
continued high levels of volatility and sentiment being badly affected by the
uncertain outlook, individual stocks may find it difficult to outperform the
market generally. While the short-term outlook may have improved, performance
in the medium-term is likely to be dependent on indications that the declines
in economic growth will not be extended.



Jonathan C. Woolf

30 April 2001
                                  31 December 2000          31 December 1999

                              Revenue Capital Total       Revenue Capital Total
                                 £000    £000  £000          £000    £000  £000
Income
Dividends                       1,608       - 1,608         1,759       - 1,759
Interest                          411       -   411           367       -   367
Film revenues                     202       -   202           208       -   208
Other income                        1       -     1             8       -     8
(Loss)/gain on investments          - (3,253)(3,253)            -   7,811 7,811
                              _______ _______ ______       _______ ______ ______

                                2,222 (3,253)(1,031)        2,342   7,811 10,153
Expenses                        (408)       -   408)        (376)       -  (376)
Interest payable                 (85)       -   (85)         (85)       -   (85)
                              _______ _______ ______       _______ ______ ______


Return on ordinary activities   1,729 (3,253)(1,524)        1,881   7,811  9,692
before tax
Tax on ordinary activities       (33)       -   (33)         (47)       -   (47)
                             
                              _______ _______ ______       _______ ______ ______



Return on ordinary activities   1,696 (3,253)(1,557)        1,834   7,811  9,645
after tax for the financial
year

Dividends and other 
appropriations in             (2,144)      - (2,144)      (2,669)      - (2,669)
respect of ordinary and preference
shares
                              _______ _______ ______      _______ ______  ______
                                                                          
                                    
Transfer (from) / to reserves   (448) (3,253) (3,701)       (835)  7,811  6,976
                             ________ _______ _______     _______ ______  ______
Return per ordinary share

Basic                           5.38p (13.01p) (7.63p)      5.93p 31.25p 37.18p
                               
                             ________ _______ _______     _______ ______ ______ 



Diluted                         4.84p  (9.29p) (4.45p)      5.24p 22.32p 27.56p
                             ________ _______ _______     _______ ______ ______



All revenue and capital items in the above statement for both years derive
from continuing operations. No operations were acquired in the year.

Comparative figures for the year ended 31 December 1999 have been restated to
show UK franked investment dividend income net of attributable tax credits.

                                                        31 December 31 December
                                                               2000        1999

                                                               £000        £000

Investments                                                  48,901      54,136
Net current assets                                              515     (1,019)
                                                         __________  __________
Total assets less current liabilities                        49,416      53,117
Creditors: amounts falling due after more than                    -           -
one year
                                                         __________  __________
Net assets                                                   49,416      53,117
                                                         __________  __________
Capital and reserves
Called up share capital                                      35,000      35,000
Capital reserve - realised                                   12,127       7,943
Capital reserve - unrealised                                   (16)       7,421
Revenue reserve                                               2,305       2,753
                                                         __________  __________
Total shareholders funds                                     49,416      53,117

Net asset value per ordinary share:                      __________  __________
- Basic                                                        158p        172p
- Diluted                                                      141p        152p



                                                2000    2000    1999    1999
                                                £000    £000    £000    £000
Net cash inflow from operating                         1,799           2,065
activities
Servicing of finance
Interest paid                                   (91)            (86)
Preference dividends paid                      (350)           (437)
                                          __________         __________
Net cash outflow from servicing of                     (441)           (523)
finance
Taxation
UK tax (paid)/recovered                                 (77)              45
Financial investment
Purchases of investments                     (5,502)         (6,380)
Sales of investments                           7,821           7,038
                                          __________         __________
Net cash inflow/(outflow) from capital                 2,319             658
expenditure
and financial investment
Equity dividends paid                                (2,356)         (1,006)
                                                    __________       __________
Cash inflow/(outflow) before
management of
liquid resources and financing                         1,244           1,239
Financing                                            (1,250)               -
                                                    __________       __________
(Decrease)/increase in cash                              (6)           1,239
                                                    __________       __________
Reconciliation of net cash flow to
movement in
net funds
(Decrease)/increase in cash                      (6)           1,239
                                          __________         __________
Change in net funds                                      (6)           1,239
Net funds at 1 January                                 1,970             731
                                                     __________      __________
Net funds at 31 December                               1,964           1,970
                                                     __________      __________



    1. Accounting policies

All figures stated are based on the financial statements prepared under the
historical cost convention as modified by the revaluation of investments and
in accordance with applicable Accounting Standards. The accounting policies
adopted are consistent with those in the most recently published set of annual
financial statements, except that the company has adopted Financial Reporting
Standard 16 'Current Tax' under which UK franked dividend income should be
accounted for net of the attributable tax credit. The comparative figures for
the year ended 31 December 1999 have been restated accordingly. The effect of
this change is that revenue on ordinary activities before taxation is reduced
by £169,000 (1999 - £213,000). There is no effect on the revenue or capital
return per share, or on the net asset value per ordinary share.


    2. Return per ordinary share

                 31 December 2000                     31 December 1999
            Revenue     Capital       Total     Revenue     Capital       Total
                  £           £           £           £           £           £
Group
Basic         5.38p    (13.01p)     (7.63p)       5.93p      31.25p      37.18p
         __________  __________  __________  __________  __________  __________

Diluted       4.84p     (9.29p)     (4.45p)       5.24p      22.32p      27.56p
         __________  __________  __________  __________  __________  __________


Basic revenue return per ordinary share is based on the net revenue on
ordinary activities after taxation and after deduction of dividends in respect
of preference shares of £ 1,346,000 (1999: £1,484,000) and on 25 million
(1999: 25 million) ordinary shares in issue.

Basic capital return per ordinary share is based on capital losses, both
realised and unrealised, for the financial year of £3,253,000 (1999: capital
gains - £7,811,000) and on 25 million (1999: 25 million) ordinary shares in
issue.

The diluted return per share is based on capital losses, both realised and
unrealised, for the financial year of £3,253,000 (1999: capital gains - 
£7,811,000) on 35 million (1999: 35 million) ordinary and convertible
preference shares in issue.

3. Dividends
                                                                2000      1999
                                                                £000      £000
Dividends on ordinary shares:
Interim paid of 1.675p per £1 share (1999: 1.525p per            419       381
share)
Special of 2.5p per £1 share (1999: 5p)                          625     1,250
Final proposed of 3p per £1 share (1999: 2.75p per share)        750       688
                                                           __________ __________
                                                               1,794     2,319
                                                           __________ __________
Dividends on 3.5% convertible preference shares:
1.75p paid                                                       175       175
1.75p proposed                                                   175       175
                                                           __________ __________
                                                                 350       350
                                                           __________ __________


The dividends on ordinary shares are based on 25 million (1999 - 25 million)
ordinary £1 shares in the year to 31 December 2000. Dividends on preference
shares are based on 10 million non-voting 3.5% convertible preference shares
of £1 in the year to 31 December 2000.

The holders of the 3.5% convertible preference shares will be paid a dividend
of £175,000 being 1.75p per share. The payment will be made on the same date
as the dividend to the ordinary shareholders.

1. Diluted net asset value per ordinary £1 share

The diluted net asset value per £1 ordinary shares is based on net assets of 
£49,416,000 (1999: £53,117,000) and 35 million shares in issue.



    5. Reconciliation of operating revenue to net cash inflow from operating
    activities



                                                             2000          1999
                                                             £000          £000
Net revenue before finance costs and taxation               1,814         1,966
Scrip dividends                                               (3)           (2)
(Decrease)/increase in other creditors                       (29)            52
Decrease in debtors                                            17            49
                                                       __________    __________
Net cash inflow from operating activities                   1,799         2,065
                                                       __________    __________




The financial information set out above does not comprise the company's
statutory accounts. Statutory accounts for the previous year ended 31 December
1999 have been delivered to the Registrar of Companies. The auditors' report
on those accounts was unqualified and did not contain any statement under
section 237(2) of the Companies Act 1985.

The auditors have not yet reported on accounts for the year ended 31 December
2000, nor have any such accounts been delivered to the Registrar of Companies.

END