Interim Results

Caledonian Trust PLC
6 March 2002



CALEDONIAN TRUST PLC

INTERIM RESULTS FOR THE PERIOD FOR THE SIX MONTHS TO 31ST DECEMBER 2001


CHAIRMAN'S STATEMENT

The Group made a record £2.607million pre-tax profit in the six months to 31
December 2001 compared with a £137,000 loss in the comparable period last year
and a £88,000 profit for the year ended 30 June 2001. The sale of Stoneywood
Business Centre in September 2001 to BP Properties Limited, a wholly owned
subsidiary of BP Plc, accounted for £2.052million of these profits. Undiluted
earnings per share have risen to 17.40p compared with a loss of 1.12p for the
comparable period last year and a gain of 0.72p for the year. On 31 December
2001 the undiluted NAV per share was 148.35p compared with 138.62p at the year
end, and the January 2002 share buy back equates to an NAV of 150.55p. Excluding
the Stoneywood sale, pre-tax profits rose to £555,000 compared with a loss of
£137,000 and a profit of £88,000 for the year.   Rental income rose £320,000 and
property outgoings and net interest payable fell £367,000 and £99,000
respectively. These improvements were largely due to the completion of works at
St Magnus House, Aberdeen, to that building being fully let and to the fall in
interest rates.  An interim dividend of 0.5p will be paid on 8 April 2002.

The valuation of our properties is unchanged but the structure of the balance
sheet has changed.   Although the sale of Stoneywood was affected in September
2001, the first tranche of £7.0million was paid in January 2002 with the balance
of £2.05million due in November 2002 and these sums are included under Debtors.
On completing the St Magnus refurbishment programme we refinanced a short-term
facility with a long-term loan requiring very limited amortisation. We have
repaid the £340,000 short-term unsecured loan and agreed at the Annual General
Meeting a three year extension of the CULS at a lower interest rate of 71/2 per
cent and a higher conversion price of 125p.  Short-term debt and interest costs
and potential dilution have been significantly reduced.  In January 2002 we
repaid borrowings secured on Stoneywood and so reduced gearing to under 90 per
cent.

We continue to progress our development programme. At Eskbank our registered
housebuilding company has let the construction contract with an autumn
completion.   An adjacent development is selling very well. At Wallyford we are
awaiting the approval of a nearby development to secure a more favourable
consent. At Cockburnspath we have purchased the adjoining seven acre community
woodlands and are continuing negotiations to extend our ownership. In Baylis
Road, SE1, we agreed a new three-year lease from September 2001 with the
existing tenants.   Market conditions for both office and residential use are
likely to be better in three or four years' time.   In Belford Road, Edinburgh,
and St Margaret's House, London Road, Edinburgh, we continue to consider a
variety of proposals.   For St Margaret's we are undertaking detailed studies of
its use as a business centre offering open plan space on flexible terms, with or
without other services, near the city centre at competitive rents.   The
existing building and layout appear very suitable for this purpose.

The US recession may have ended.  In November 2001 the Economist's poll of
forecasters expected that the US would recover from the current recession and
experience a small 0.5 per cent upturn in 2002, but following signs that the
recession may have ended average expectations of growth have been revised
upwards to 1.2 per cent.  UK growth dropped to 0.25 per cent in the last quarter
and to zero in December 2001 but the Economist's panel have revised their
expected 2002 growth up from 1.8 per cent to 1.9 per cent.   UK economic
prospects seem recently to be much improved.

The CB Hillier Property indices to Q4 2001 continue to deteriorate and the All
Property Yield has risen for the seventh consecutive quarter by 0.1 percentage
point to 7.4 per cent, an historically very high 2.7 percentage points higher
than gilts.   Rental growth has fallen in this period to a nominal 0.1per cent
with some office sectors, notably in the SE, falling.

However, Property was still the best performing asset in the twelve months ended
January 2002 with total returns of 7.0 per cent compared with - 15.6 per cent
for Equities and 4.6 per cent for Gilts. The expected recovery in the economy, a
reported increase in property investors, and prospective returns from gilts and
equities seem likely to reverse the recent rise in property yields.

Trading until June 2002 should continue to be satisfactory.  The Group's
development portfolio offers attractive opportunities and we will continue to
expand it and to seek out and exploit other property and corporate
opportunities.   A transition is completing in the Group's financial structure
which should facilitate continuing profitable growth.


I D Lowe        Chairman                                         6 March 2002



                    Unaudited Consolidated Profit & Loss Account
                       for the six months to 31 December 2001


                                                6 Months to 31          6 Months to 31           Year to 30 
                                                      Dec 2001                Dec 2000            June 2001 
                                                   (unaudited)             (unaudited)            (audited)
                                                         £'000                   £'000               £'000
INCOME-continuing operations
Rental Income                                            1,546                   1,226              2,669
Other trading sales                                        163                     211                398
                                                         1,709                   1,437              3,067

Property rental outgoings                                 (23)                   (390)              (540)
Cost of other sales                                      (197)                   (215)              (398)
Administrative Expenses                                  (437)                   (397)              (864)

                                                         (657)                 (1,002)            (1,802)

OPERATING PROFIT                                         1,052                     435              1,265
Profit on disposal of investment
property                                                 2,052                       -                  -
Gain on sale of investments                                  -                      24                 24
Interest receivable                                         33                      26                 62
Interest payable                                         (530)                   (622)            (1,263)

PROFIT/(LOSS) ON ORDINARY ACTIVITIES
BEFORE TAXATION                                          2,607                   (137)                 88


Taxation                                                 (516)                       -                  -

PROFIT/(LOSS) ON ORDINARY ACTIVITIES
AFTER TAXATION                                           2,091                   (137)                 88


DIVIDENDS                                                 (60)                       -               (60)
PROFIT/(LOSS) RETAINED                                   2,031                   (137)                 28

Earnings per ordinary share                             17.40p                 (1.12p)              0.72p

Diluted earnings per ordinary share                     14.47p                 (0.32p)              1.79p

                                                        

                     Unaudited Consolidated Balance Sheet
                             As at 31 December 2001


                                                     As at 31 Dec 2001     As at 31 Dec    As at 30 June
                                                                                   2000             2001
                                                           (unaudited)      (unaudited)        (audited)
                                                                 £'000            £'000            £'000
Fixed assets

Investment Properties                                           26,188           31,807           32,274
Equipment & vehicles                                                 6              164              160
                                                                26,194           31,971           32,434
Current assets

Debtors                                                          9,803            1,710              749
Cash at bank and in hand                                           934              842            1,370
                                                                10,737            2,552            2,119
Creditors: Amounts falling due within
one year                                                        (7,626)          (7,058)         (15,378)
                                                              
Net current assets/(liabilities)                                 3,111           (4,506)         (13,259)
                                                                 
Total assets less current liabilities                           29,305           27,465           19,175

Creditors: Amounts falling due   after
more than one year                                             (11,477)         (11,102)          (2,516)
                                                               

Net assets                                                      17,828           16,363           16,659


Capital and reserves

Called up share capital                                          2,404            2,445            2,404
Share premium account                                            2,531            2,531            2,531
Capital redemption reserve                                          54               12               54
Revaluation reserve                                              3,809            6,816            7,091
Profit and loss account                                          9,030            4,559            4,579

Shareholders' funds equity                                      17,828           16,363           16,659



Notes


1    The figures for the six months to 31 December 2001 and 31 December 2000
     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 2001 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 2001.

3    The calculation of earnings per ordinary share is based on the reported 
     profit for the six months to 31 December 2001 and on the weighted average 
     number of ordinary shares in issue in the period being 12,017,769. The 
     calculation of diluted earnings per ordinary share is calculated adjusting 
     the profit for the six months to 31 December 2001 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    An interim dividend of 0.5p per share will be paid on 8 April 2002 to 
     shareholders on the register on 15 March 2002.

5    Copies of the Interim Results for the six months to 31 December 2001 will 
     be posted to shareholders on or before 14 March 2002 and will be available 
     from the company's Nominated Advisor, Noble & Company Limited, 1 
     Frederick's Place, London EC2R 8AB, for a period of 14 days from the date 
     thereof.


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