Final Results

Brunner Investment Trust PLC
1 February 2001



For immediate release     1st February 2001


                       THE BRUNNER INVESTMENT TRUST PLC

                     ANNOUNCEMENT OF PRELIMINARY RESULTS

                    For the year ended 30th November 2000

RESULTS

The Board is pleased to announce the results for the year ended 30th November
2000.

The net asset value per Ordinary Share at 30th November 2000 was 540.2p
compared with 560.7p at 30th November 1999, a decrease of 3.7%. This compares
with an increase over the same period of 0.41% in the benchmark index (60%
FTSE All-Share Index, and 40% FT/S&P Actuaries World Index, ex UK in
sterling).

DIVIDEND

The Board recommends a final distribution of 4.00p payable on 3rd April 2001
to shareholders on the register at the close of business on 2nd March 2001,
making a total distribution of 7.10p per share for the year ended 30th
November 2000, an increase of 2.9%.

ANNUAL GENERAL MEETING

The seventy-third Annual General Meeting of the Company will be held at 20
Fenchurch Street, London, EC3P 3DB on Wednesday 28th March 2001 at 12.45pm.

SHARE BUY BACK

The Board will recommend to shareholders that the Company take renewed powers
to buy back its Ordinary Shares. Full details will be sent to shareholders
with the forthcoming Annual Report and Accounts.

                                                                          
By Order of the Board

10 Fenchurch Street     K J Salt

London, EC3M 3LB     Company Secretary


                                    - 2 -

Unaudited preliminary results for the year ended 30th November 2000 were
approved for immediate release as undernoted:

RESULTS

STATEMENT OF TOTAL RETURN

for the year ended 30th November 2000
                                                               2000
                                                     (£)       (£)       (£)
                                                 Revenue   Capital    Total
                                                 (Note 3)
Net losses on investments                              - (9,465,055) (9,465,055)
Exchange rate differences on borrowings                -         -            -
Investment Income                              6,615,849         -    6,615,849
Other Income                                     638,014         -      638,014
Investment management fee                       (504,939)(1,178,191) (1,683,130)
Marketing and administration                    (252,358)         -    (252,358)

Net return before finance costs and taxation   6,496,566(10,643,246) (4,146,680)
Finance costs of borrowings                   (1,263,243)(2,913,969) (4,177,212)

Return on ordinary activities before taxation  5,233,323(13,557,215) (8,323,892)

Taxation
Overseas taxation                               (119,100)         -    (119,100)
UK taxation                                     (235,122)   235,122           -
                                                (354,222)   235,122    (119,100)

Return on ordinary activities after taxation   4,879,101(13,322,093) (8,442,992)
for  
the financial year

Dividends on Preference Stock                    (22,500)         -     (22,500)

Total Return attributable to Ordinary 
Shareholders                                   4,856,601(13,322,093) (8,465,492)
Dividends on Ordinary Shares
Interim 3.10p                                 (1,880,460)         - (1,880,460)
Final Proposed 4.00p                          (2,411,337)         - (2,411,337)
                                              (4,291,797)         - (4,291,797)

Transfer to (from) reserves                     564,804(13,322,093)(12,757,289)

Return per Ordinary Share (Note 1)                8.01p    (21.98p)    (13.97p)


NET ASSET STATEMENT

as at 30th November 2000
                                                                           2000

                                                                            (£)
Valuation of investments                                            357,895,841
Net Current Assets                                                   20,222,159
Total Assets less Current Liabilities                               378,118,000
Amounts falling due after more than one year                       (52,015,817)
Total Net Assets                                                    326,102,183

Called up Share Capital:     Ordinary                                15,070,854
               Preference                                               450,000
Capital Redemption Reserve                                              929,146
Other Capital Reserves                                              303,908,272
Revenue Reserve                                                       5,743,911
Shareholders' Funds                                                 326,102,183

Net asset value per Ordinary Share (Note 2)                              540.2p



                                    - 3 -

RESULTS

STATEMENT OF TOTAL RETURN

for the year ended 30th November 1999
                                                               1999
                                                    (£)        (£)      (£)
                                                Revenue     Capital   Total
                                                (Note 4)
Net gains on investments                              - 106,157,374 106,157,374
Exchange rate differences on borrowings               -           -        -
Investment Income                             6,074,425           -   6,074,425
Other Income                                    604,640           -     604,640
Investment management fee                      (433,107) (1,010,583) (1,443,690)
Marketing and administration                   (125,595)          -    (125,595)

Net return before finance costs and taxation  6,120,363 105,146,791 111,267,154
Finance costs of borrowings                  (1,309,299) (3,026,663) (4,335,962)

Return on ordinary activities before taxation 4,811,064 102,120,128 106,931,192

Taxation
Overseas taxation                              (121,334)          -    (121,334)
UK taxation                                    (271,910)    299,419      27,509
                                               (393,244)    299,419      93,825

Return on ordinary activities after 
taxation for                                  4,417,820 102,419,547 106,837,367
the financial year

Dividends on Preference Stock                   (22,500)          -    (22,500)

Total Return attributable to Ordinary 
Shareholders                                  4,395,320 102,419,547 106,814,867
Dividends on Ordinary Shares
Interim 3.10p                                (1,976,467)          - (1,976,467)
Final 3.80p                                  (2,315,891)          - (2,315,891)
                                             (4,292,358)          - (4,292,358)

Transfer to reserves                            102,962 102,419,547 102,522,509

Return per Ordinary Share (Note 2)                6.91p     160.96p    167.87p


NET ASSET STATEMENT

as at 30th November 1999
                                                                           1999

                                                                            (£)
Valuation of investments                                            378,067,808
Net Current Assets                                                   16,156,994
Total Assets less Current Liabilities                               394,224,802
Amounts falling due after more than one year                       (52,076,609)
Total Net Assets                                                    342,148,193

Called up Share Capital:     Ordinary                                15,236,125
               Preference                                               450,000
Capital Redemption Reserve                                              763,875
Other Capital Reserves                                              320,529,897
Revenue Reserve                                                       5,168,296
Shareholders' Funds                                                 342,148,193

Net asset value per Ordinary Share (Note 3)                              560.7p



                                    - 4 -

CASH FLOW STATEMENT

For the year ended 30th November 2000
                                                  2000        2000         1999
                                                   (£)         (£)          (£)

Net cash inflow from operating activities                5,072,292    5,220,957

Servicing of Finance
Interest paid                              (4,405,275)              (4,228,975)
Dividends paid on preference stock            (22,500)                 (19,125)
Net cash outflow on servicing of finance               (4,427,775)  (4,248,100)

Taxation
ACT repaid (paid)                                1,175                 (10,388)
Taxation credits repaid                              -                   87,261
UK income tax repaid                           103,106                   28,385
Net tax repaid                                             104,281      105,258

Financial Investment
Purchase of fixed asset investments       (379,158,755)            (390,035,400)
Sale of investments                        394,676,719              398,670,137
Net cash inflow from financial activities               15,517,964    8,634,737

Equity dividends paid                                  (4,185,540)  (4,344,467)

Net cash inflow before financing                        12,081,222    5,368,385

Financing
Purchase of Ordinary Shares for            (3,265,262)             (12,610,453)
cancellation
Expenses associated with share buy backs      (34,270)                 (70,996)
(Increase) decrease in short term loan         973,280                (437,800)
Net cash outflow from financing                        (2,326,252) (13,119,249)

Increase (decrease) in cash                             9,754,970   (7,750,864)





                                    - 5 -

Note 1


The Returns per Ordinary Share have been calculated using a weighted average
number of shares in issue during the year of 60,611,585 shares (1999 -
63,631,492).


Note 2


The net asset value is based on 60,283,416 Ordinary Shares of 25p in issue at
the year end (1999 - 60,944,500).


Note 3


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 year.


Note 4


The financial information set out in this announcement does not constitute the
Company's statutory accounts for the years ended 30 November 2000 or 30
November 1999. The financial information for the year ended 30 November 1999
has been extracted from the statutory accounts for that year which have been
delivered to the Registrar of Companies. The auditors report on those accounts
was unqualified and did not contain a statement under either Section 237(2) or
Section 237(3) of the Companies Act 1985. The statutory accounts for the year
ended 30 November 2000 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.


Note 5


The increase in the Trust's benchmark index of 0.41% over the year to 30th
November 2000 is composed as follows:


60% FTSE All-Share Index -4.59%

40% FT/S&P Actuaries Index, ex UK in Sterling +8.22%


For further information, please contact:


Dresdner RCM Global Investors (UK) Limited

Simon White

Tel: [phone]

or

Lansons Communications

Henrietta Guthrie or Amy Fisher

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