Interim Results

British & American Inv Trust PLC
5 October 2000


British & American Investment Trust PLC
=======================================

Interim Results to  30 June 2000
================================


-      The return on revenue account before tax amounted to £901,000          
       (1999: £1.1 million).  

-      Group net assets were £51.2 million, compared to £53.1 million at the  
       end of the last financial year, after a special dividend payment of    
       £1.25 million.

-      The interim dividend is increased by 9.8 percent to 1.675 pence per    
       share (1999: 1.525 pence)

-      As at 29th September 2000, net assets were £51.3 million, equivalent to
       165.1 pence per share (prior charges deducted at par) and 146.5 pence  
       fully diluted.


Enquiries:

British & American Investment Trust                     0171 376 3791
  Jonathan C. Woolf (Chairman)
  David Humphrey    (Company Secretary)



Chairman's Statement
--------------------

I report our results for the 6 months to 30th June 2000.

The return on revenue account before tax amounted to £901,000 (£1.1 million). 
This decline reflected the reorganisation of our investment in First Leisure
and the payment of the special Millennium dividend during the period.  Total
return before tax, which includes both realised and unrealised capital
appreciation, recorded a deficit of £2.2 million (£3.4 million gain),
reflecting the decline in equity valuations over the period, noted below.  

The return on revenue account per ordinary share was 2.75 pence on an
undiluted basis (3.59 pence) and 2.47p on a fully diluted basis (3.06 pence). 


Group net assets were £51.2 million (£53.1 million at 31st December 1999), a
decrease of 3.6 percent.  Compensating for the special dividend payment of
£1.25 million in January, the decrease in group net assets would be reduced to
1.2 percent. This compares to a decrease over the same six month period of
10.0 percent in the FT-SE 100 share index and a fall of 7.6 percent in the
FTSE All Share index. The net asset value per £1 ordinary share (prior charges
deducted at par) was 165 pence, equivalent to 146 pence per share on a fully
diluted basis.
       
We intend to pay an interim dividend of 1.675p per ordinary share on 16th
November 2000 to shareholders on the register at 20th October 2000.  This
represents an increase of 9.8 percent over last year's interim dividend.  A
preference dividend of 1.75p will be paid to preference shareholders on the
same date.

The UK equity market declined significantly over the period as the unusual and
unsustainable gains which had been posted at the end of 1999 and in the early
months of the year in 'new economy' stocks finally reversed in the second
quarter of the year. For a short period in March and April renewed interest
was shown in leading 'old economy' stocks as investment revolved out of high
technology and communications companies into cyclical and large capitalisation
stocks. However, despite the benign economic background enjoyed in both the
USA and the UK in terms of interest rates, growth and inflation over the
period, significant declines were registered in all the leading indices over
the period and particularly in the high technology indices with the NASDAQ
falling 21 percent and the Techmark falling 39 percent from their highs. 
       
As at 29th September 2000, group net assets were £51.3 million, an increase of
1.0 percent since 30th June.  This compares to an increase of 1.0 percent in
the FTSE All Share index over the same period and is equivalent to 165.1 pence
per share (prior charges deducted at par) and 146.5 pence per share on a fully
diluted basis.  

For the time being, the outlook for investment appears somewhat uncertain. 
Weakness of the Euro and consequent pressures on earnings in both the UK and
USA together with high current oil prices and the possibility of moderate
interest rises in the developed economies in the short term have served to
focus attention on continued high equity valuations on an earnings basis. 
Although economic growth remains strong in the UK and USA, a somewhat less
stable economic environment over the next few months may not provide the
certainty which normally accompanies longer term growth in markets.

As announced in December 1999, following the reorganisation of First Leisure
PLC in January 2000, a further special dividend of 5 pence per ordinary share
will be paid.  A further announcement will be made before the end of the year
on the timing of this payment.  


Jonathan C Woolf                                              5 October 2000



Financial Highlights
--------------------

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     2000              1999              1999
                                     £000              £000              £000

Return before taxation                901             1,097             1,881
                               __________        __________        __________
Earnings per £1 ordinary share
    - basic                         2.75p             3.59p             5.93p
                               __________        __________        __________
Earnings per £1 ordinary share
   - fully diluted                  2.47p             3.06p             5.24p
                               __________        __________        __________
Investments at valuation 
 and cash at bank                  53,134            51,175            56,106
                               __________        __________        __________
Net assets per ordinary share
   - deducting preference 
      shares at par                 £1.65             £1.60             £1.72
                               __________        __________        __________

   -  fully diluted                 £1.46             £1.43             £1.52
                               __________        __________        __________
Fully diluted net assets 
   per ordinary share at
   29th September 2000              £1.46
                               __________




Group Balance Sheet
-------------------
                                 30 June            30 June       31 December
                                    2000               1999              1999
                                    £000               £000              £000

FIXED ASSETS
Investments                       48,652             49,319            54,136

NET CURRENT ASSETS                 2,563              1,965            (1,019)
                              __________         __________        __________
Total assets less 
 current liabilities              51,215             51,284            53,117
Creditors: amounts falling 
  due after more than one 
  year                                 -             (1,250)                -
                              __________         __________        __________

Net assets                        51,215             50,034            53,117
                              __________         __________        __________
CAPITAL AND RESERVES (Note 5)     51,215             50,034            53,117
                              __________         __________        __________



Group Investment Portfolio at 30 June 2000
------------------------------------------

Company                Nature of Business         Valuation        Percentage
                                                       £000      of portfolio

Prudential                 Life Assurance             7,747             15.92
Esporta                           Leisure             4,051              8.33
Liberty International            Property             3,758              7.73
Electra                  Investment Trust             2,700              5.55
Securities Trust of 
 Scotland                Investment Trust             2,594              5.33
Alliance Trust           Investment Trust             2,522              5.18
British Assets Trust     Investment Trust             2,280              4.69
Dunedin Income Growth    Investment Trust             2,280              4.69
RIT Capital Partners     Investment Trust             1,608              3.31
Aberdeen Preferred
 - loan stock            Investment Trust             1,299              2.67
St James Place           Unit Trust                   1,173              2.41
Aberdeen Preferred
 - ordinary              Investment Trust             1,100              2.26
Murray International     Investment Trust             1,077              2.21
Scottish American        Investment Trust             1,024              2.11
Shires Income            Investment Trust               808              1.66
BFS Absolute Return      Investment Trust               795              1.63
Geared Income            Investment Trust               768              1.58
Invesco Leveraged
   High Yield            Investment Trust               530              1.09
Witan                    Investment Trust               527              1.08
Invesco Convertible      Investment Trust               512              1.05
                                                   --------          --------
20 Largest investments                               39,153             80.48
Other investments                                     9,499             19.52
                                                   --------          --------
Total investments                                    48,652            100.00
                                                   ________          ________



Consolidated Statement of Total Return
--------------------------------------

                        6 months to 30 June 2000     6 months to 30 June 1999
                        Revenue  Capital   Total     Revenue  Capital   Total
                           £000     £000    £000        £000     £000    £000

Income (note 2)           1,160        -   1,160       1,335        -   1,335
Realised gains 
 on investments               -    3,696   3,696           -    1,892   1,892
Increase/(decrease) in 
 unrealised appreciation      -   (5,867) (5,867)          -    1,483   1,483
Other expenses             (213)       -    (213)       (195)       -    (195)
                         ______   ______ _______      _______  ______  ______
Net return before finance
 costs and taxation         947   (2,171) (1,224)       1,140   3,375   4,515
Interest payable and 
 similar charges            (46)       -     (46)         (43)      -     (43)
                         ______   ______ _______      _______  ______  ______

Return before taxation      901   (2,171) (1,270)       1,097   3,375   4,472
Taxation                    (38)       -     (38)         (25)      -     (25)
                         ______   ______  _______      _______  _____  ______
Return on ordinary 
 activities after tax       863   (2,171) (1,308)       1,072   3,375   4,447

Dividend and other 
 appropriations in respect 
 of preference shares      (175)       -    (175)        (175)      -    (175)
                          ______   ______   _____       ______   _____  _____
Return attributable to 
 ordinary shareholders      688    (2,171) (1,483)         897   3,375  4,272
Dividend in respect 
 of ordinary shares        (419)        -    (419)        (381)      -   (381)
                          ______   ______   ______      ______   _____  _____
Transfer to reserves 
 after dividends paid
 and proposed               269    (2,171) (1,902)         516   3,375  3,891
                          ______   ______   ______      ______   _____  _____
Return per ordinary share
 Basic                    2.75p    (8.68)p (5.93)p        3.59p  13.50p 17.09p
 Fully diluted (Note 4)   2.47p    (6.20)p (3.73)p        3.06p   9.65p 12.71p
 


                     Year ended 31 December 1999
                        Revenue  Capital   Total
                           £000     £000    £000

Income (note 2)           2,342        -   2,342
Realised gains 
 on investments               -    3,288   3,288
Increase/(decrease) in 
 unrealised appreciation      -    4,523   4,523
Other expenses             (376)       -    (376)
                         ______   ______ _______ 
Net return before finance
 costs and taxation       1,966    7,811   9,777 
Interest payable and 
 similar charges            (85)       -     (85)
                         ______   ______ _______ 
Return before taxation    1,881    7,811   9,692 
Taxation                    (47)       -     (47)
                         ______   ______  _______
Return on ordinary 
 activities after tax     1,834    7,811    9,645

Dividend and other 
 appropriations in respect 
 of preference shares      (350)       -     (350)
                          ______   ______   ______
Return attributable to 
 ordinary shareholders    1,484    7,811    9,295
Dividend in respect 
 of ordinary shares      (2,319)        -  (2,319)
                          ______   ______   ______    
Transfer to reserves 
 after dividends paid
 and proposed              (835)    7,811    6,976    
                          ______   ______    ______    
Return per ordinary share
 Basic                    5.93p    31.25P    37.18p 
 Fully diluted (Note 4)   5.24p    22.32p    27.56p



Notes to the Group Results
--------------------------

1 Accounting policies
The results are based on unaudited Group consolidated accounts prepared under
the historical cost convention as modified by the revaluation of investments. 
The results have been prepared in accordance with applicable Accounting
Standards and with the Statement of Recommended Practice, 'Financial 
Statements of Investment Trust Companies'.

The Group has adopted Financial Reporting Standard (FRS) 16 'Current Tax'
under which UK franked dividend income should be accounted for net of the
attributable tax credits.  The comparative figures for the half year ended 30
June 1999 and 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 £67,000 (1999: £133,000) for the six months to 30 June
2000 and reduced by £213,000 for the year ended 31 December 1999.  There is no
effect on the revenue or capital return per share, nor on the net asset value
per ordinary share.



2 Total income

                            6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     2000              1999              1999
                                     £000              £000              £000

Turnover - film revenue                81                94               208
Income from investments               965             1,178             1,759
Interest receivable                   102                51               344
Other income                           12                12                31
                               __________        __________        __________
                                    1,160             1,335             2,342
                               __________        __________        __________

3 Dividends

                         6 months to 30 June 2000    6 months to 30 June 1999
                         Pence per                   Pence per
                             share              £        share              £
Ordinary shares
 - interim                   1.675        418,750        1.525        381,250

Preference shares
 - paid                       1.75        175,000        1.75         175,000
                                         ________                    ________
                                          593,750                     556,250
                                         ________                    ________


The dividends on ordinary shares are based on 25,000,000 ordinary £1 shares. 
Dividends on preference shares are based on 10,000,000 non-voting 3.5%
convertible preference shares of £1. 

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



4 Return per ordinary share

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     2000              1999              1999
                  
Standard earnings per share

Calculated on the basis of:

Return after taxation 
 and preference dividends        £688,000          £897,000        £1,484,000
                               __________        __________        __________
Ordinary shares in issue       25,000,000        25,000,000        25,000,000
                               __________        __________        __________


Fully diluted earnings per share

Calculated on the basis of:

Return after taxation            £863,000        £1,072,000        £1,834,000
                               __________        __________        __________
Ordinary and preference 
 shares in issue               35,000,000        35,000,000        35,000,000
                               __________        __________        __________


5 Capital and reserves

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     2000              1999              1999
                                     £000              £000              £000
   

Called up share capital
 - ordinary                        25,000            25,000            25,000
 - preference                      10,000            10,000            10,000
Capital reserve - realised         11,639             6,547             7,943
Capital reserve - unrealised        1,554             4,380             7,421
Profit and loss account             3,022             4,107             2,753
                               __________        __________         _________
                                   51,215            50,034            53,117
                               __________        __________         _________


6 Net asset value attributable to each share

Basic net asset value attributable to each share has been calculated by
reference to 25,000,000 ordinary shares, and net assets attributable to
shareholders as follows:

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     2000              1999              1999
                                     £000              £000              £000

Total net assets                   51,215            50,034            53,117
Less preference shares and 
 dividend equalisation reserve    (10,000)          (10,000)          (10,000)
                               __________        __________        __________
Net assets attributable 
 to ordinary shareholders          41,215            40,034            43,117
                               __________        __________        __________


Fully diluted net asset value attributable to each share has been calculated
by reference to total net assets and 35,000,000 ordinary and preference
shares. 

In both cases the effective net assets of the group have been calculated
taking investments at their market value and after making certain other
adjustments.


7       The financial information set out above is unaudited and does not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.  Statutory accounts for the year ended 31 December 
1999 which received an unqualified auditors report, have been filed with the
Registrar of Companies.


8       A copy of this statement has been sent today to the company's
shareholders, and members of the public may obtain a copy on application to
the company's registered office.