Final Results

Brunner Investment Trust PLC
31 January 2006



For immediate release                                            31 January 2006



THE BRUNNER INVESTMENT TRUST PLC

ANNOUNCEMENT OF PRELIMINARY RESULTS
For the year ended 30 November 2005


Highlights


  • Net asset per share up 22.6% compared with benchmark return of 19.2%.

  • Share price up by  26.2%.

  • Net dividends of 8.80p (2004: 8.10p), an increase of 8.6%


Net Asset Value

The net asset value per Ordinary Share at 30 November 2005 was 446.5p compared
with 364.1p at 30 November 2004, an increase of 22.6%. Over the same period the
benchmark index (60% FTSE All-Share Index, and 40% FTSE World Index, ex-UK in
sterling) increased by 19.2%.


Dividend

The Board recommends a final distribution of 5.20p to be payable on 24 March
2006 to shareholders on the register at the close of business on 24 February
2006, making a total distribution of 8.80p per share for the year ended 30
November 2005, an increase of 8.6%.


Review

I am pleased to be able to report another year of strong returns. Not only have
markets rallied significantly, but our fund managers have outperformed the
benchmark index by 3.4% and our discount has narrowed. Over the year your
Trust's share price has increased by 26.2%.

Markets were strong despite some major negatives, which might ordinarily have
been expected to dampen investor enthusiasm - among them further strength in oil
prices, successive interest rate hikes in the United States and continuing
lacklustre growth in continental Europe. However, the feared slowdown in China
failed to materialise and equity markets have been buoyed by higher earnings -
as companies have restructured to improve margins - and strong mergers and
acquisitions activity.  Very strong returns from the resources sector, as demand
from China in particular has pushed metal and oil prices to multi year highs,
have also played their part.

The key factors behind a good performance from our UK equity portfolio included
maintaining an overweight position in the resources sectors, avoiding those
retail stocks heavily exposed to the UK consumer and maintaining our emphasis on
higher quality growth companies.  Unlike some previous take-over cycles,
acquisition targets have tended to be in well- financed, high quality companies
with strong products. Over the year we benefited from the takeovers of Allied
Domecq and BPB by the larger French companies Pernod Ricard and Saint-Gobain,
respectively.

Reducing the number of holdings has  been one contributor to the strong
performance of our overseas portfolio.  This portfolio is constructed in the
first instance by identifying companies which are attractive on a global basis,
and not by allocating investment according to geographic regions.  We found
fewer companies that met our criteria in the United States this year and many
more in Japan where the prospects for a wider range of Japanese companies now
appear significantly better as economic reform and the long awaited recovery
finally look as though they will materialise.

Looking ahead, the economic outlook appears to be mixed. In the United States,
consumer expenditure remains vulnerable to a faltering housing market and the
end of the extremely low interest rate environment we have seen in recent years.
In the Far East, on the other hand, momentum behind Japanese economic recovery
now looks well established, and, despite a number of problems, it seems unlikely
that China will suffer a major slowdown in the near future. The ability of the
global economy to withstand a significant slowdown in US consumer expenditure,
if one materialises, remains untested however.

In general, even if growth slows, companies world-wide seem well positioned to
deliver further growth in profits, albeit at lower rates than in previous years.
In the absence of any major external shocks to the world economy, equity
markets should make further progress this year.


Share Buy Backs

Your Board continues actively to monitor the discount to net asset value and
during the period under review we therefore purchased 2,443,578 shares, or 4.6%
of the Trust's issued share capital at the start of the financial year, for
cancellation.  This policy has had the benefit of enhancing our net asset value
over the year.  It is also pleasing to note that the discount, valuing our long
term debt at its market rate, has narrowed and, at the time of writing, is 10.6%
on this basis.

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.


Annual General Meeting

The Annual General Meeting of the Company will be held on Thursday 23 March 2006
at 12.00 noon.


Keith Percy
Chairman


155 Bishopsgate
London, EC2M 3AD




Unaudited preliminary results for the year ended 30 November 2005 were approved
for immediate release as undernoted:

RESULTS
STATEMENT OF TOTAL RETURN
for the year ended 30 November 2005
                                                                             2005
                                                          £'000s            £'000s                  £'000s
                                                         Revenue            Capital                 Total
                                                         (Note 3)
Net gains on investments                                         -             43,599                43,599
Investment income                                             6,566                 -                 6,566
Other income                                                    799                 -                   799
Investment management fee                                     (410)             (956)               (1,366)
Expenses of administration                                    (301)              (16)                 (317)

Net return before finance costs and taxation                  6,654            42,627                49,281
Finance costs of borrowings                                 (1,396)           (3,203)               (4,599)

Return on ordinary activities before taxation                 5,258            39,424                44,682

Taxation
Overseas taxation                                             (217)                 -                 (217)
UK taxation                                                   (289)               289                     -
                                                              (506)               289                 (217)

Return on ordinary activities after taxation for the          4,752            39,713                44,465
financial year

Dividends on Preference Stock                                  (22)                 -                  (22)

Return attributable to ordinary shareholders                  4,730            39,713                44,443
Dividends on Ordinary Shares
Prior year over accrual                                           5                 -                     5
First Interim paid                  3.60p                   (1,815)                 -               (1,815)
Final proposed                      5.20p                   (2,598)                 -               (2,598)
                                    8.80p                   (4,408)                 -               (4,408)
           

Transfer to reserves                                            322            39,713                40,035

Return per Ordinary Share (Note 1)                            9.21p            77.36p                86.57p




NET ASSET STATEMENT
as at 30 November 2005
                                                                             2005                2005
                                                                           £'000s              £'000s
Fixed Asset Investments                                                                       260,383
Net Current Assets                                                                             14,865
Total Assets less Current Liabilities                                                         275,248
Creditors : Amounts falling due after more than one year                                     (51,697)
Total Net Assets                                                                              223,551

Called up Share Capital                 -  Ordinary                        12,491
                                        -  Preference                         450

                                                                                               12,941
Capital Redemption Reserve                                                                      3,509
Capital Reserves                        -  Realised                       164,055
                                        -  Unrealised                      35,226

                                                                                              199,281
Revenue Reserve                                                                                 7,820
Shareholders' Funds                                                                           223,551
Net asset value per Ordinary Share (Note 2)                                                    446.5p




Unaudited preliminary results for the year ended 30 November 2004 were approved
for release as undernoted:

RESULTS
STATEMENT OF TOTAL RETURN
for the year ended 30 November 2004
                                                                             2004
                                                          £'000s            £'000s                  £'000s
                                                         Revenue            Capital                 Total
                                                         (Note 3)
Net gains on investments                                         -             12,433                12,433
Investment income                                             6,117                 -                 6,117
Other income                                                  1,046                 -
                                                                                                      1,046
Investment management fee                                     (384)             (896)               (1,280)
Expenses of administration                                    (275)                 -                 (275)

Net return before finance costs and taxation                  6,504            11,537                18,041
Finance costs of borrowings                                 (1,379)           (3,208)               (4,587)

Return on ordinary activities before taxation                 5,125             8,329                13,454

Taxation
Overseas taxation                                             (176)                 -                 (176)
UK taxation                                                   (382)               382                     -
                                                              (558)               382                 (176)

Return on ordinary activities after taxation for the          4,567             8,711                13,278
financial year

Dividends on Preference Stock                                  (22)                 -                  (22)

Return attributable to ordinary shareholders                  4,545             8,711                13,256
Dividends on Ordinary Shares
Prior year over accrual                                          34                 -                    34
First Interim paid                        3.50p             (1,876)                 -               (1,876)
Final proposed                            4.60p             (2,411)                 -               (2,411)
                                          8.10p             (4,253)                 -               (4,253)
           

Transfer to reserves                                            292             8,711                 9,003             
  
Return per Ordinary Share (Note 1)                            8.43p            16.16p                24.59p




NET ASSET STATEMENT
as at 30 November 2004
                                                                             2004                2004
                                                                           £'000s              £'000s
Fixed Asset Investments                                                                       228,345
Net Current Assets                                                                             14,683
Total Assets less Current Liabilities                                                         243,028
Creditors : Amounts falling due after more than one year                                     (51,761)
Total Net Assets                                                                              191,267

Called up Share Capital                 -  Ordinary                        13,102
                                        -  Preference                         450

                                                                                               13,552
Capital Redemption Reserve                                                                      2,898
Capital Reserves                        -  Realised                       159,387
                                        -  Unrealised                       7,931

                                                                                              167,318
Revenue Reserve                                                                                 7,499
Shareholders' Funds                                                                           191,267
Net asset value per Ordinary Share (Note 2)                                                    364.1p




CASH FLOW STATEMENT
For the years ended 30 November 2004 and 30 November 2005

                                                          2005         2005          2004
                                                        £'000s       £'000s        £'000s

Net cash inflow from operating activities                             6,037         5,801

Servicing of Finance
Interest paid                                          (4,664)                    (4,652)
Dividends paid on preference stock                        (22)                       (22)
Net cash outflow on servicing of finance                            (4,686)       (4,674)



Financial Investment
Purchase of fixed asset investments                  (181,836)                  (179,061)
Sale of fixed asset investments                        189,667                    183,148
Net cash inflow                                                       7,831         4,087
from financial investment

Equity dividends paid                                               (4,221)       (4,268)

Net cash inflow before financing                                      4,961           946

Financing
Purchase of Ordinary Shares for cancellation                        (7,750)       (7,392)

Decrease in cash                                                    (2,789)       (6,446)




Note 1

The Returns per Ordinary Share have been calculated using a weighted average
number of shares in issue during the year of 51,334,348 shares (2004 -
53,900,208).

Note 2

The net asset value is based on 49,962,838 Ordinary Shares of 25p in issue at
the year end (2004 - 52,406,416).

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 and no operations were discontinued during 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 2005 or 30th
November 2004.  The financial information for the year ended 30 November 2004
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 2005 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 Company's benchmark index of 19.2% over the year to 30
November 2005 is composed as follows:

60% FTSE All-Share Index 10.1%
40% FTSE World Index, ex-UK in sterling 9.1%



For further information, please contact:

RCM (UK) Limited
Simon White
Head of Investment Trusts
Tel: [phone]


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