Interim Results - 6 Months to 31 December 1999

Caledonian Trust PLC
19 April 2000



CALEDONIAN TRUST PLC-INTERIM RESULTS TO 31 DECEMBER 1999

Caledonian Trust PLC, the Edinburgh based property investment company, announces
its unaudited Results for the six months to 31 December 1999.

                               Unaudited Consolidated Profit & Loss Account
                                  for the six months to 31 December 1999

                                    6 Months     6 Months     Year to
                                    to 31 Dec    to 31 Dec    30 June
                                        1999          1998       1999
                                    (unaudited)  (unaudited)  (audited)
                                       £'000        £'000       £'000

INCOME-continuing operations
Rental Income                          2,005        1,721       3,340
Property sales                           476           -           -
                                       2,481        1,721       3,340

Property rental outgoings              (103)         (50)        (93)
Cost of property sold                  (398)           -           -
Administrative Expenses                (307)        (292)       (593)
                                       (808)        (342)       (686)

OPERATING PROFIT                       1,673        1,379      2 ,654
Profit on disposal of investment 
property                                   -            -         205
Discount on redemption of 10%      
unsecured loan stock                       -            17         17
Interest receivable                       15            31         43
Interest payable                        (620)         (909)    (1,613)

PROFIT ON ORDINARY ACTIVITIES 
BEFORE TAXATION                        1,068           518      1,306
Taxation                                   -             -          -

PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                         1,068           518      1,306

PROFIT RETAINED                        1,068           518      1,306

Earnings per ordinary share            8.69p         4.22p     10.63p

Diluted earnings per ordinary share    7.78p         3.85p      9.73p



                                   Unaudited Consolidated Balance Sheet
                                         As at 31 December 1999
                                    As at 31     As at 31      As at 30
                                    Dec 1999     Dec 1998      June 1999
                                   (unaudited)   (unaudited)   (audited)
                                     £'000          £'000        £'000

Fixed assets
Investment Properties                26,088        28,405       27,160
Equipment & vehicles                    210           215          202
                                     26,298        28,620       27,362

Current assets
Stock and work in progress              985         1,299          985
Debtors                                 137            81           69
Cash at bank and in hand                290            89          453
                                      1,412         1,469        1,507
Creditors: Amounts falling due
within one year                      (6,616)       (5,354)      (6,233)

Net current liabilities              (5,204)       (3,885)      (4,726)

Total assets less current
liabilities                          21,094        24,735       22,636

Creditors: Amounts falling due
after more than one year             (9,764)      (14,498)     (11,625)

Net assets                           11,330        10,237       11,011

Capital and reserves
Called up share capital               2,458         2,458        2,458
Share premium account                 2,531         2,531        2,531
Revaluation reserve                   1,524         3,148        2,274
Profit and loss account               4,817         2,100        3,748

Shareholders' funds equity           11,330        10,237       11,011

Notes

1  The figures for the six months to 31 December 1999 and 31 December 1998 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 1999 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
1999.

3  The calculation of earnings per ordinary share is based on the reported
profit for the six months to 31 December 1999 and on the weighted average number
of ordinary shares in issue in the period.  The calculation of diluted earnings
per ordinary share is calculated adjusting the profit for the six months to 31
December 1999 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 1999 will be
posted to shareholders on 26 April 2000 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.

Douglas Lowe, Chairman of Caledonian Trust PLC, says:

Pre-tax profit for the six months to 31 December 1999 was £1,068,000 compared
with £518,000 in the previous comparable period.  Reported rental income rose
£284,000 but included a prepayment of £417,000 from a lease surrender.  Property
outgoings increased £53,000 due to increased voids and refurbishment works in
Aberdeen but net interest payable fell £273,000.  The sale of two of our
licensed premises in Balloch and Brechin for £476,000 produced a trading surplus
of £78,000.  The Group's investment portfolio has been devalued by £750,000
resulting in a net increase in shareholders' funds since 30 June 1999 of
£319,000.  The NAV  per share at 31 December 1999 was 92.3p.

In Aberdeen we have re-let the top floor at St Magnus House on a 15 year FRI
lease from 13 March 2000 to the Government's newly established Food Standards
Agency and we are currently negotiating a new 10 year lease for floors 2,3,4 and
5 with a blue chip tenant for entry in November 2000.  The Karting Centre at
Stoneywood re-opened in January 2000 and is reported to be trading well.  There
has been no significant change in our Edinburgh investment portfolio but
development prospects are encouraging.  We have obtained detailed consent for
our development of five houses at Eskbank.  In Belford Road, a few minutes from
Charlotte Square, we have now finalised plans for a most attractive 20,500 ft2
office development for which we expect early approval.  At St Margaret's our
92,000 ft2 office East of the city centre, we are evaluating options at the end
of the current lease or any extension of it including refurbishment with or
without a 50,000 ft2 extension, rebuilding up to 150,000 ft2 and a possible
joint redevelopment of up to 400,000 ft2.

The sale of our trading property at Gateshead was completed in April 2000 for
£1.315m. an increase of £330,000 over book value.  In late December our public
house tenant unilaterally abrogated its contracts and we are now operating two
licensed premises, one in East Edinburgh and another in Alloa, which opened
after refurbishment on 20 March 2000.

Property prospects vary significantly between our two main markets.  In
Aberdeen, where supply is the highest for over 15 years and uptake is below
recent averages, rents have fallen.  However the quality and location of St
Magnus has ensured that subsequent to high-quality refurbishment the property is
proving attractive to occupiers.  In contrast in Edinburgh supply continues to
drop, average take-up is steady and headline office rents are quoted at a new
peak of £28.

This year prospective economic conditions seem likely to favour Property
relative to other asset classes.  In 1999 the IPD Property total return was
14.5% compared with 23.8% for Equities and -3.5% for Gilts (1998 25.0%!) and
5.5% for Cash.  However in 2000 by 14 April the All Share Index had lost 4% and,
given the current high valuation of some markets and some particular sectors,
the likely future interest rate rises and the increase in margin trading and
momentum investing, the probability of further falls in stock values seems high.
 A consequence of recent investment fashion has been a widening of the discount
to NAV on which many property companies' shares trade.  The Group has little
exposure to many of the factors that contribute to high discounts to NAV as we
have little high cost long-term debt and at current valuations there is no
contingent CGT liability.  Indeed, we have large tax losses and there are
development opportunities in the Group, neither of which is reflected in the
NAV.

Trading for the year will be satisfactory as, even if interest rates rise 0.25%
in both May and June, rates will average 0.68% points lower than in the last
reporting year.  However the Group's NAV will depend on the net change in
valuations.

The Unaudited Interim Results will be circularised to all shareholders on 26
April 2000 and copies are available free of charge from the Company's Head
Office at 61 North Castle Street, Edinburgh, EH2 3LJ, and will also be available
free of charge from 19 April until 3 May 2000 in the offices of Noble & Company
Limited, Floor 4, 1 Frederick's Place, LONDON, EC2R 8AB.