Final Results

Chelverton Growth Trust PLC
6 November 2001


CHELVERTON GROWTH TRUST PLC

PRELIMINARY ANNOUNCEMENT OF RESULTS


The Directors announce the audited statement of results for the period 1
January 2001 to 31 August 2001 as follows:-



SUMMARISED CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account) of the Group

                      Period to 31 August 2001        Year to 31 December 2000
                Revenue   Capital        Total   Revenue    Capital      Total
                      £         £            £         £          £          £

  Losses on           -  (754,925)   (754,925)         -  (352,478)  (352,478)
  investments

  Income         20,109         -       20,109    30,104          -     30,104

  Investment   (12,047)  (10,127)     (22,174)         -          -          -
  management                                                                  
  fee                                                                         

  Other        (183,401) (145,428)   (328,829)  (82,864)          -   (82,864)
  expenses 

  Net return                                                                  
  before finance
  costs and    (175,339) (910,480) (1,085,819)  (52,760)  (352,478)  (405,238)
  taxation

  Interest      (1,183)   (3,549)      (4,732)         -          -          -
  payable and 
  similar charges

  Return on                                                                   
  ordinary                                                                    
  activities                                                                  
  before       (176,522) (914,029) (1,090,551)  (52,760)  (352,478)  (405,238)
  taxation 

  Taxation            -         -            -         -          -          -
  on ordinary
  activities

  Return on                                                                   
  ordinary                                                                    
  activities                                                                  
  after                                                                       
  taxation     (176,522) (914,029) (1,090,551)  (52,760)  (352,478)  (405,238)
  for the
  financial 
  period 

  Minority         (37)   (1,643)      (1,680)         -          -          -
  interests                                                                   

  Return                                                                      
  attributable
  to members of
  the parent   (176,485) (912,386) (1,088,871)  (52,760)  (352,478)  (405,238)
  company 

  Dividends           -         -            -         -          -          -
  in respect 
  of equity  
  shares 

  Transfer     (176,485) (912,386) (1,088,871)  (52,760)  (352,478)  (405,238)
  from 
  reserves

                Revenue   Capital        Total   Revenue    Capital      Total
                  Pence     Pence        Pence     Pence      Pence      Pence

  Return per     (1.53)    (7.88)       (9.41)    (0.47)     (3.16)     (3.63)
  Ordinary share

*The revenue column of this statement is the revenue account of the Group.
 All revenue and capital items in the above statement derive from continuing
 operations.


CONSOLIDATED BALANCE SHEET
As at 31 August 2001                      31 August 2001   31 December 2000
                                                       £                  £
    Fixed assets                                                           
    Investments                                7,752,580          4,489,172

    Current assets                                                         
    Debtors                                        2,008                  -
    Cash at bank                                  27,041            358,100

                                                  29,049            358,100
    Creditors - Amounts falling due                                        
    within one year                                                        
    Creditors                                  1,481,387             18,402

    Net current (liabilities)/assets         (1,452,338)            339,698

    Net assets                                 6,300,242          4,828,870

    Share capital and reserves                                             
    Called up share capital                      182,007            111,674
    Share premium account                      2,437,737                  -
    Capital reserve                          (1,110,612)          (198,226)
    Revenue reserve                            4,738,937          4,915,422

    Shareholders' funds                        6,248,069          4,828,870
    Minority interests                            52,173                  -

                                               6,300,242          4,828,870

                                                   Pence              Pence

    Net Asset Value per ordinary share             34.33              43.24


SUMMARISED CONSOLIDATED STATEMENT OF CASHFLOWS
For the period ended 31 August 2001

                              Period to 31 August 2001  Year to 31 December 2000
                                                     £                       £
  Operating activities                                                        
  Investment income received                    10,420                       -
  Deposit interest received                      7,681                  30,104
  Investment management fees paid               (7,832)                       -
  Secretarial fees paid                        (2,103)                       -
  Other cash payments                        (124,712)                (65,643)

  Net cash outflow from
  operating activities                       (116,546)                (35,539)

  Servicing of finance                                                        
  Interest paid                                (1,062)                       -

  Net cash outflow from                        (1,062)                       -
  servicing of finance 

  Capital expenditure and 
  financial investment
  Purchases of investments                   (200,000)               (787,500)
  Sales of investments                          15,920                       -
  Purchase of subsidiary undertaking         (921,542)                       -
  Acquisition costs                           (15,203)                       -

  Net cash outflow from capital
  expenditure and financial investment     (1,120,825)               (787,500)

  Net cash outflow                         (1,238,433)               (823,039)

  Decrease in cash                         (1,238,433)               (823,039)


NOTE

The above financial information for the period ended 31 August 2001 and the
year ended 31 December 2000 does not constitute statutory accounts as defined
in Section 240 of the Companies Act 1985.  The comparative financial
information is based on the statutory financial statements for the year ended
31 December 2000.  The auditors have reported on those accounts; their reports
were unqualified and did not contain a statement under section 237 (2) or (3)
of the Companies Act 1985.  The December 2000 accounts have been delivered to
the Registrar of Companies.  The financial statements for the period ended 31
August 2001 have been prepared on the basis of the accounting policies set out
in the Placing document, which has been delivered to the Registrar of
Companies.


CHAIRMAN'S STATEMENT

The Company's original accounting year end was 31 December.  However,
following the offer for The Micro Quoted Growth Trust plc ('MQGT'), which was
declared unconditional on 2 August 2001, the accounting period end has been
changed to 31 August, which allows the Company to seek approval as an
investment trust for the full year ended 31 August 2002.  This report
therefore is for the period from 1 January 2001 to 31 August 2001.

The period under review has been one of substantial development for your
company:

-     We are now fully listed on the London Stock Exchange.

-     We have merged our assets with MQGT by way of acquiring the 52% of MQGT's 
      share capital which we did not already own.

-     We have changed our investment policy to permit investment in quoted and 
      unquoted companies with a market capitalisation of up to £50 million.

-     We have changed our name better to reflect our emphasis on growth.

The result of these developments is a company much better placed to take
advantage of investment opportunities than either the Company or MQGT on their
own, with greater critical mass, increased liquidity and reduced overheads.

In connection with the restructuring outlined above, the Board of the Company
has changed: Jeremy C Browne, Alex J R Mackay, Ian P Martin and Ruth D Naylor
have stepped down and Sir Terence Harrison, Bryan N Lenygon and Pratt
Thompson, directors of MQGT, have joined the Board.  Kevin J Allen continues
on the board.  We would like to thank the former directors for their excellent
contributions to the Company and, in particular, Jeremy under whose
Chairmanship the Company has progressed from its beginnings in 1995 to the
merger described above.  We would also like to thank Sir Alan Thomas, former
Chairman of MQGT, for his valuable contributions in steering that company from
inception in April 1998 to the successful merger just realised.  Sir Alan
remains Chairman of Chelverton Asset Management Ltd ('CAM'), in which the
Company has a minority interest.

I am pleased to say that CAM, who had been acting for both the Company and
MQGT, will remain the Company's Investment Manager.  Sinclair Henderson Ltd,
who had been acting for MQGT, has been appointed Company Secretary.

The investment world is in a period of great uncertainty due to the 11
September atrocities in the United States, on the one hand, and to the general
downturn in the worldwide economy, on the other.  The Company's performance
has inescapably been affected by these events.  The net asset value of the
Company as at 31 August 2001 was 34.3p.  If the two companies had been merged
at 31 December 2000 the pro forma net asset value would have been 48.2p.
Therefore, over the period, on this basis the net asset value per share
declined by 28.9% against a 13.2% decline in the Company's benchmark, the FTSE
All Share.  On a pro forma basis from the inception of MQGT, the principal
element of the Company, the net asset value per share would have declined by
14.02% compared to a decline of 8.32% in the benchmark index.

It is difficult to predict results in today's environment. While our
commitment to growth remains very much in place, we are also focussing
carefully on balance sheet, cash flow and overhead matters in the companies in
which we invest.  We are confident that a combination of prudent management
with a keen eye for opportunities will position the Company well during the
year just begun.


Pratt Thompson

Chairman