Interim Results

Caledonian Trust PLC
23 March 2001


INTERIM STATEMENT

For the Half Year to 31 December 2000


CHAIRMAN'S STATEMENT


I am pleased to report that the undiluted NAV per share has increased by about
1p to 134p in spite of poor operating results due to extensive works at St
Magnus House, Aberdeen.



In the six months to December 2000 the Group incurred a loss of £137,000
compared to a profit of £1,068,000 in the previous comparable period and a
profit of £1,139,000 for the year to 30 June 2000.  Reported rental income
this year fell by £362,000 after allowing for a lease surrender payment last
year of £417,000, administrative expenses rose by £90,000, and property
outgoings rose by £287,000.  There were no property sales this year whereas
last year there was a trading surplus of £78,000 from the sale of two of our
licensed premises.  The Group's investment portfolio has been revalued by £
250,000 resulting in a net increase in shareholders' funds since 30 June 2000
of £112,000.



In November 2000 we completed our £5.5m contract at St Magnus, Aberdeen and
Enterprise Oil PLC took occupation under a 15 year lease of floors 2-5
inclusive (55,352ft(2)).  Included in this five month contract were
Enterprise's fit out at about £1.6m, refurbishment to incorporate the
provision of raised floors and comfort cooling, upgrading the main electricity
supply and the replacement of the defective curtain walling system for
approximately £2.25m of which a substantial amount is recoverable from the
tenants.  This very considerable upgrading, together with the exceptional
quality of the fit out, the leases to blue chip tenants and St Magnus' central
location confirm its outstanding investment quality.  However, in order to
achieve this we have incurred considerable costs, which are reflected in these
poor operating results.  The vacancies at St Magnus and the rent-free periods
have reduced rental income by almost £200,000 compared with last year, the
Group's share of repairs increased property outgoings to £390,000 and one-off
letting and other professional fees were responsible for the increase in
administrative expenses.  At present we are upgrading the remaining vacant
4800 ft(2) for marketing after Easter.   The Food Standards Agency's rent-free
period expired on 13 December 2000 and Enterprise's rent free expires on 24
April 2001.



In Stoneywood Business Centre we have recently taken a surrender of the lease
on Unit 1 and already have a noted interest in it.  As I reported in my last
statement, four small industrial units were let in the autumn and, apart from
Unit 1, the industrial units continue fully let.  Since the year-end we have
negotiated lease break clauses with several other tenants to bring their
leases into line with others on the property and to give us more management
flexibility.



In Edinburgh the ten year lease on 57 North Castle Street determined in
November 2000 and we are currently refurbishing the property for marketing
shortly.   I expect good interest in the property although at lower rentals
than the £23.50 achieved previously.  In South Charlotte Street we have agreed
terms with a substantial themed restaurant operator for a 25-year lease
subject to Historic Scotland and licensing consents.



The improving nature of the Aberdeen market is evidenced by the success of
both our industrial and our office lettings there and this improvement seems
likely to continue.  Since the $10 low in November 1998 OPEC supply controls
have kept prices over $20, and the cartel has just announced another 1m b/d
reduction in supply in keeping with its objective of maintaining prices above
$25.  Higher current and prospective oil prices continue to encourage
investment in the North Sea where BP announced late last year a £2.75billion
programme over the next 31/2 years, part of which should open up a new oil
province west of Shetland.  Recent exploratory and technical successes have
resulted in oil output continuing to grow and confounding several predictions
of earlier peaks.  BP expect their St Magnus field will produce for a least
another 15 years, possibly 25 years.



The Edinburgh and London office markets are very strong and seem likely to
continue unless the economic contraction in the USA, which has led to the
significant falls in equity values in all main markets, is the precursor to a
long recession.  I consider this unlikely, and expect market conditions to be
favorable for our long-term development proposals which we continue to
progress.



In contrast to equity investment, property continues to perform well.  IDP
reports total property returns, which peaked at 15% early in 2000, were 10% in
the 12 months to February 2001, the reduction being due to increased yields
resulting primarily from reduced rental growth, in contrast to equities which
returned -2%.  Gilts, which have benefited from reduced yields, have also
returned 10%.  The recent further equity falls will have reinforced the good
relative performance of property.  Provided UK growth is not significantly
reduced, the prospect of poor equity returns and low and falling interest
rates should benefit investment property prices significantly.



Trading for this year will continue to be overshadowed by the costs associated
with St Magnus, but all these costs will have been met by the end of this
financial year.  However, the prospective further fall in interest rates
should reinforce the relative attraction of property as an investment which,
together with the continuing strength of the markets in which we are invested,
and the prospects for development profits inherent throughout our portfolio
should allow long-term growth in our NAV.



I D Lowe, Chairman
23 March 2001

CALEDONIAN TRUST PLC



Unaudited Consolidated Profit & Loss Account
for the six months to 31 December 2000

                                                                              
                             6 Months to 31     6 Months to 31       Year to  
                                  Dec 2000           Dec 1999    30 June 2000 
                               (unaudited)        (unaudited)       (audited) 
                                      £'000              £'000           £'000
  INCOME-continuing                                                           
  operations                                                                  
  Rental Income                       1,226              2,005           3,346
  Property sales                          -                476           1,791
  Other trading sales                   211                  -             137
                                      1,437              2,481           5,274

  Property rental                     (390)              (103)           (847)
  outgoings                                                                   
  Cost of property sold                   -              (398)         (1,405)
  Cost of other sales                 (215)                  -           (134)
  Administrative                      (397)              (307)           (719) 
  Expenses                                                                    
                                    (1,002)              (808)         (3,105) 

  OPERATING PROFIT                      435              1,673           2,169
  Profit on disposal of                   -                  -             126
  investment property                                                         
  Gain on sale of                        24                  -               -
  investments                                                                 
  Interest receivable                    26                 15              56
  Interest payable                    (622)              (620)         (1,212)

  (LOSS)/PROFIT ON                    (137)              1,068           1,139
  ORDINARY ACTIVITIES                                                         
  BEFORE TAXATION                                                             

  Taxation                                -                  -               -

  (LOSS)/PROFIT ON                    (137)              1,068           1,139
  ORDINARY ACTIVITIES                                                         
  AFTER TAXATION                                                              

  DIVIDENDS                               -                  -            (61)
  (LOSS)/PROFIT RETAINED              (137)              1,068           1,078

  (Loss)/Earnings per               (1.12p)              8.69p           9.27p
  ordinary share                                                              

  Diluted                           (0.32p)              7.78p           8.85p
  (loss)/earnings per                                                         
  ordinary share                                                              
 


CALEDONIAN TRUST PLC

Unaudited Consolidated Balance Sheet
As at 31 December 2000


                                     As at 31 Dec   As at 31 Dec  As at 30 June
                                             2000           1999           2000
                                      (unaudited)    (unaudited)      (audited)
                                            £'000          £'000          £'000
Fixed assets
Investment Properties                      31,807         26,088         30,626
Equipment & vehicles                          164            210            193
                                           31,971         26,298         30,819
Investments                                     -              -             34

                                           31,971         26,298         30,853

Current assets
Stock and work in progress                      -            985              -
Debtors                                     1,711            137            908
Cash at bank and in hand                      842            290          2,037
                                            2,553          1,412          2,945
Creditors: Amounts
falling due within one
year                                      (7,058)        (6,616)       (10,368)

Net current liabilities                   (4,505)        (5,204)        (7,423)

Total assets less current                  27,466         21,094         23,430
liabilities

Creditors: Amounts
falling due after more
than one year                            (11,102)        (9,764)        (7,178)

Net assets                                 16,364         11,330         16,252



Capital and reserves
Called up share capital                     2,445          2,458          2,446
Share premium account                       2,531          2,531          2,531
Capital redemption reserve                     12              -             12
Revaluation reserve                         6,816          1,524          6,566
Profit and loss account                     4,560          4,817          4,697

Shareholders' funds equity                 16,364         11,330         16,252



CALEDONIAN TRUST PLC


Notes



1          The figures for the six months to 31 December 2000 and 31 December
1999 do not constitute the company's statutory accounts within the meaning of
Section 240 of the Companies Act 1985 (as amended) and are unaudited.  The
figures for the year to 30 June 2000 do not constitute full accounts. The
audited accounts for that year were unqualified and have been delivered to the
Registrar of Companies.



2          The interim statement has been prepared in accordance with the
accounting policies set out in the group's statutory accounts for the year
ended 30 June 2000.



3          The calculation of earnings per ordinary share is based on the
reported (loss)/profit for the six months to 31 December 2000 and on the
weighted average number of ordinary shares in issue in the period being
12,228,354. The calculation of diluted earnings per ordinary share is
calculated adjusting the (loss)/profit for the six months to 31 December 2000
in respect of interest on loan stock deemed to have been converted. The
weighted average number of shares has been adjusted for deemed conversion of
loan stock and deemed exercise of share options outstanding.



4         The Directors do not intend to pay a dividend at this time.



5          Copies of the Interim Results for the six months to 31 December
2000 will be posted to shareholders on 30 March 2001 and will be available
free of charge from the company's Nominated Advisor, Noble & Company Limited,
1 Frederick's Place, London EC2R 8AB, for one month from the date thereof.



23 March 2001



END