Interim Results

Dunedin Enterprise Inv Trust PLC
14 December 2000


Date and Time :                 0730 hrs, Thursday 14 December, 2000

Contact :                       Ross Marshall      Tel:   [phone]

                Dunedin Enterprise Investment Trust Announces

                     Six Month Results to 31 October 2000


New investment activity lays the foundations for solid growth in the years
ahead


Dunedin Enterprise Investment Trust PLC today announced its interim results
for the six months ended 31 October 2000.  With new investments totalling £
29.8 million, this signifies the most active period in the company's history.

Dunedin Enterprise Investment Trust PLC ('Dunedin Enterprise') specialises in
the provision of equity finance for management buy-outs, management buy-ins
and growing businesses. The company's primary objective is to achieve
substantial long-term growth in its assets through capital gains from its
investments.


                       Highlights of six month results

*     New investment totalling £29.8 million signals most active period in 
      company's history

*     Six new investments in Ehrmanns Holdings Limited, OSS Group Limited, 
      Davenham Group Holdings Limited, Blaze Signs International Limited, Letts 
      Holdings Limited and CRT Displays Group Limited

*     Realisations of £10.8 million

*     Net assets increased by 1.3% from £99.0 million at 30 April 2000 (414.3p 
      per share) to £100.3 million at 31 October 2000 (419.6p per share).

*     Total return over five years of 122.3% compared to 95.8% for the benchmark

      index over the same period.

*     Interim dividend increased by 9.6% from 2.6p to 2.85p.

*     Share price increased by 11.9%.


MANAGER'S REVIEW


Results

During the six months to 31 October 2000, the net asset value per share
increased by 1.3% from 414.3p to 419.6p.  During the same period, the FTSE
Small Cap Index (excluding investment companies) increased by 3.2%. Over a
five year period, the total return has been 122.3% compared to 95.8% for the
index.

During the period, the share price increased from 320.5p to 358.5p, an
increase of 11.9%.

The past six months have been the most active period in the Company's history.
New investment totalled £29.8 million of which £25.8 million was investment
in new companies and £4.0 million in existing companies.  It was also an
active period for realisations, which totalled  £10.8 million.

The changes in net asset value during the period are summarised as follows:-


                                                                          £m
Net assets at 30 April 2000                                               99.0
Realised profit over opening valuation                                     2.3
Unrealised value increases                                                 5.4
Unrealised value decreases                                                (6.4)
Net assets at 31 October 2000                                            100.3


Your Company realised profits of £2.3 million over opening valuations in the
period.  The main element of this was the result of a very successful exit
from the investment in Golden Wonder Holdings Limited, the snack and crisp
manufacturer.  In 1996, your Company invested £2 million in Golden Wonder.  It
was sold in July 2000 and Dunedin Enterprise received £7.4 million, a profit
of £5.4 million over its original investment and an increase of £1.9 million
over its valuation at 30 April 2000.

During the period, a number of investments increased in value by £5.4 million.
The value of your Company's investments in Latchways plc, John Wood Group
PLC, and AIM Holdings Limited all rose during the period reflecting an
increase in the earnings of those companies.  Conversely, the value of your
Company's investments in a small number of companies were reduced in total, by
£6.4 million during the period.

Blacks Leisure Group plc, a quoted company, has suffered from the lower rating
being applied to retailers despite increasing sales and profits.  The value of
your Company's investment has fallen by £1.4 million since April.  You may be
aware that Daewoo, the joint venture partner of LDV Limited, has applied for
receivership in Korea.  As a precaution, the value of LDV Limited was reduced
further from £2.0 million to £1.0 million.  UniPoly S.A. has suffered as a
result of the weakness of the Euro relative to Sterling as it is a substantial
UK manufacturer selling into the European marketplace.  The value of your
Company's investment has been reduced by £1.4 million.  Tally GmbH has been
reduced in value by £1.0 million reflecting a poor trading performance.  The
value of Prism Group Limited was written down at 30 April 2000 from £5.2
million to £4.2 million.  A further provision of £1.2 million has been made
against this investment taking the value down to £3 million.  This company is
incurring losses as it builds its business.  Your managers believe this
investment will be rewarded but felt it would be prudent to make a further
provision at this stage.

Valuations are reviewed following receipt of audited results and as the
majority of companies have March or December year ends, re-valuation takes
place at the end of your Company's financial year.  Accordingly your managers
would expect to see some movement at the year end.


New Investments

Total investments during the period amounted to £29.8 million.  Since 30 April
2000 there have been six significant investments in new companies.  Your
managers led each of these transactions.

In May, your Company invested £4.9 million to support the £15 million
management buyin/buyout of Ehrmanns Holdings Limited.  Ehrmanns is one of
Britain's leading importers of wines and beers and it will celebrate 125 years
of wine trading this year.  From its head office in London, it now specialises
in importing and distributing wine and beer for the major supermarkets.  In
1999, the company had sales of £43 million, an operating profit of £1.8
million and employed 46 people in the UK and Spain.

Also in May, Dunedin Enterprise invested £5.2 million in OSS Group Limited to
support its acquisition of Greenway Holdings plc in a £15 million transaction
to create the UK's largest waste oil collection and recycling business.  In
the year ended 31 December 1999, the company had a turnover of £11.4 million
with profit before tax and non-recurring directors' bonuses of £585,000.
Leeds-based Greenway was the largest player in the collection and recycling of
waste oils and operates the UK's only functioning waste oil-refining plant.
In March 1999, Greenway reported a turnover of £20.1 million and pre-tax
profit of £180,000.

In June, Dunedin Enterprise invested £5.0 million to support the £60 million
management buyout of Davenham Group Holdings Limited, in one of the largest
private equity transactions led by a Scottish company this year.  Davenham is
a provider of niche, short-term lending products to growing businesses
throughout the UK.  It has particular expertise in trade finance, short-term
property lending, leasing of specialised equipment and debt factoring.  In the
year to 30 June 2000, Davenham had sales of £6.2 million, operating profit of
£2 million and employed 39 people at its offices in Manchester.

In July, Dunedin Enterprise supported the £14 million management buyout of
Blaze Signs International Limited with a £3.8 million investment.  Founded in
1981, it manufacturers, distributes and installs signs for blue chip retailers
including Halfords, Virgin, Warner Village, HSBC, Halifax, Yamaha and Arcadia.
  Last year the company had a turnover of £13 million and an operating profit
of £1.5 million.  It employs 190 staff at its factories in Broadstairs and
Birmingham.

In August, Dunedin Enterprise invested £3.1 million to support the £17.3
million management buyout of Letts Holdings Limited.  Letts supplies desk and
pocket diaries to retailers, wholesalers and a wide range of corporate
customers, including the Financial Times.  New product development includes
the launch of the Letts eCalendar Companion, a CD ROM which allows users of
electronic organisers to download a wide range of important dates such as bank
holidays, national events and sporting fixtures.  Letts has sales of £25
million and employs 400 staff on the outskirts of Edinburgh.  Around one fifth
of its sales come from overseas, with exports to over 75 countries.

In October, Dunedin Enterprise invested £3.8 million to support the £12.5
million management buyout of CRT Displays Group Limited.  CRT is one of the
UK's leading distributors of computer-compatible projectors and audiovisual
equipment and is the fastest growing distributor in the display systems
marketplace.  CRT distributes a range of computer projectors manufactured by
three brand leaders; Epson, Sony and Sharp.  The company has recently obtained
distribution rights to sell Fujitsu Plasma Display units, the brand leaders in
a market expected to double in size in the next twelve months.  In the year to
31 January 2000, the company had sales of £14.7 million, operating profit of £
1.2 million and employed 37 staff in its offices in Glasgow and Bramley,
Surrey.

In addition to the above, a further £3.1 million was invested in four
portfolio companies.  The most significant investment, of £2.6 million, was to
support John Wood Group PLC's $112 million acquisition of Houston-based
Mustang Oil Inc.  In the year to 31 December 1999, the Wood Group had sales of
£601 million and operating profit of £30 million.

Your chairman, in his statement in the last Annual Report, referred to
investment in technology companies.  Whilst the froth has come off some of the
more unsustainable valuations in the sector, your board consider that a modest
exposure to this high-growth part of the economy is appropriate and may
provide opportunities for attractive investments in the future.  Consequently,
commitments have been made to four specialist technology funds.

In April, a £2 million commitment was made to the First Cambridge Gateway Fund
which will invest in companies, principally in the East Anglian region, in the
communications, information technology and life sciences sectors.

In June, a Euro5 million commitment was made to Add One L.P., based in London,
which will invest in high growth companies in the information technology and
communications sectors.  The fund has a pan-European focus with particular
emphasis on the UK, Germany, France and Scandinavia.

In October, a Euro3 million commitment was made to London-based Alta Berkeley
VI C.V. which will invest in companies in the communications, information
technology, media and healthcare sectors across Europe.

Also in October, a £2 million commitment was made to the London-based Advent
Private Equity Fund III.  This will invest in the information technology,
communications and healthcare sectors, principally in the UK.

Your Company's commitment to these funds totalled £8.1 million at 31 October,
equating to a potential commitment of 8.1% of net asset value.  At that date,
only £0.9 million had been drawn down, representing 0.9% of net asset value.


Realisations

During the period, realisations amounted to £10.8 million.  The major
realisation during the period was the sale of Golden Wonder Holdings Limited,
as described above.  There was also a reduction in our holding in Latchways
plc which realised £2.0 million, was valued at £1.7 million at 30 April 2000
and which cost £34,000.  There were a further eight small realisations
totalling £1.4 million.



Interim Dividend

The directors have declared a 9.6% increase in the interim dividend to 2.85p
per ordinary share (1999 -2.6p) at a cost of £681,008.  The interim dividend
will be paid on 26 January 2001 to shareholders on the register at close of
business on 3 January 2001.  The ex dividend date is 27 December 2000.


Outlook

The increase in net asset value, principally due to the gain on sale of the
investment in Golden Wonder Holdings Limited, the Latchways plc share price
increase and the trading performance of John Wood Group PLC, has been
mitigated by reductions in valuations in a small number of investments.
However, the vast majority of the companies in the portfolio are performing to
expectations and the early trading results of the new investments are good.

An investment portfolio can only perform if it is invested.  The new
investment activity which has taken place over the past six months will lay
the foundations for solid growth in the years ahead.  Since 31 October 2000, a
further investment of £5.9 million has been made and others are in the
pipeline.

At 31 October 2000, your Company had cash and undrawn facilities totalling £29
million.  This, together with realisations, will enable continued investment
maintaining the momentum built up over the past six months.


Dunedin Capital Partners Limited
13 December 2000



DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 2000

GROUP STATEMENT OF TOTAL RETURN


                          Half year to 31 October     Half year to 31 October
                          2000                      1999

                       Revenue  Capital   Total   Revenue   Capital   Total
                             £        £       £         £         £        £

Gains on investments        - 1,301,358 1,301,358       -  1,648,212  1,648,212
Income from 
investments         1,607,512        - 1,607,512 1,795,114       -    1,795,114
Deposit interest      529,539        -   529,539     4,396       -        4,396
Arrangement fees      552,850        -   552,850         -       -            -
Investment management 
fee                  (521,952)(782,928)(1,304,880)(446,814)(670,222) (1,117,036)
Other expenses       (168,225)       -   (168,225)(187,684)       -    (187,684)
                    ________  ________  ________  ________  ________    ________
Net return before 
finance             1,999,724  518,430  2,518,154 1,165,012 977,990   2,143,002
costs and tax
Interest payable 
and similar         (234,035) (351,052) (585,087) (22,933) (34,399)    (57,332)
charges
                    ________ ________ ________ ________ ________  ________
Net return on
ordinary           1,765,689   167,378 1,933,067 1,142,079 943,591    2,085,670
activities 
before tax
Tax on ordinary 
activities                -         -         -         -        -            -
                  ________    ________   ________ ________  ________   ________
Revenue 
attributable to  1,765,689     167,378  1,933,067 1,142,079  943,591  2,085,670
equity shareholders            
Dividends         (681,008)          -  (681,008) (621,270)        -   (621,270)
                                              
                  ________    ________  ________  ________  ________    ________
Revenue reserve 
transfer         1,084,681     167,378 1,252,059  520,809   943,591    1,464,400
                  ________    ________  ________  ________  ________    ________

Return per 
ordinary share       7.4p         0.7p       8.1p     4.8p      3.9p       8.7p




DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 2000

GROUP BALANCE SHEET                              31 OCTOBER           30 APRIL  
                                                       2000               2000
                                            £         £          £         £

Fixed Assets
Listed Investments                                16,582,519          16,281,397
Unlisted Investments                                                  64,235,599
                                                  84,309,200
                                                 100,891,719          80,516,996

Current Assets
Debtors                                  1,032,506            921,007
Cash at bank                             14,050,108           34,782,906
                                         15,082,614           35,703,913

Creditors: amounts falling due within
one year
                                                            (2,218,935)
                                         (720,300)

Net current assets                                14,362,314          33,484,978

Creditors: amounts falling due after              (15,000,000)      (15,000,000)
more than one year
                                                  __________          __________
Total equity shareholders' funds                  100,254,033
                                                                     99,001,974

Net asset value per share                            419.6p             414.3p




DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 2000


GROUP CASH FLOW STATEMENT
                                                Six months to  Twelve months to
                                              31 October 2000     30 April 2000
                                                            £                 £
Net revenue before finance costs and taxation       1,999,724         3,138,837
(Increase)/decrease in accrued income               (238,540)           121,606
Decrease/(increase) in debtors                         14,421          (27,312)
(Decrease)/increase in creditors                     (29,086)             3,713
Tax on investment income included within             (84,654)         (201,181)
income from UK companies
Expenses charged to capital                         (782,928)       (1,350,783)
Net cash inflow from operating activities             878,937         1,684,880
Servicing of finance                                (585,087)          (59,296)
Taxation recovered                                    197,270                -
Purchase of investments                          (29,839,264)       (1,145,735)
Sale of investments                                10,765,897        23,975,343
Equity dividends paid                             (2,150,551)       (2,652,346)
Net inflow from financing                                            15,000,000
                                                          -
(Decrease)/increase in cash                      (20,732,798)        36,802,846


Notes :


1.     The above summary of results for the six months ended 31 October 2000 
       does not constitute statutory financial statements within the meaning of 
       Section 240 of the Companies Act 1985 and has not been delivered to
       the Registrar of Companies.  The results for the year ended 30 April 2000

       have been extracted from the financial statements for that year, which 
       have been delivered to the Registrar of Companies; the auditors' report 
       on those financial statements under Section 235 of the Companies Act 1985

       was unqualified and did not contain a statement under Section 237(2) or  
       (3) of the Companies Act 1985.


2.     The directors recommend an interim dividend of 2.85p per share for the 
       six months to 31 October 2000.  The dividend will be paid on 26
       January 2001 to shareholders on the register at close of business on 3 
       January 2001.  The ex-dividend date is 27 December 2000.

3.     The interim report will be sent to shareholders in December 2000 and will

       also be available to members of the public at the company's Registered 
       Office, Napier House, 27 Thistle Street, Edinburgh, EH2 1BT.


TEN LARGEST INVESTMENTS

The ten largest investments account for 59.2% of the total net assets of
Dunedin Enterprise as listed below :


Company name                      * Approx    Cost of Directors'  Percentage of
                                percentage investment  Valuation      total net
                                 of equity                               assets
                                                                   at valuation
                                         %       £000       £000            % 

Latchways plc                         19.1        180     11,550           11.5
John Wood Group PLC                    1.1      3,793      6,616            6.6
DeMure Limited                        38.6      3,000      6,411            6.4
C.G.I. International Limited          49.4      2,565      6,027            6.0
OSS Group Limited                     27.9      5,168      5,168            5.2
Motherwell Bridge Holdings            13.3      1,826      5,005            5.0
Limited
Davenham Group Holdings Limited       49.8      4,960      4,960            4.9
Ehrmanns Holdings Limited             44.3      4,940      4,940            4.9
UniPoly S.A.                           2.0      5,998      4,618            4.6
Travel & General Holdings             25.9        365      4,074            4.1
Limited
                                               ______     ______           ____
                                               32,795     59,369           59.2
                                               ______     ______           ____


* 'Approx. percentage of equity' relates to the ordinary share capital of the
relevant company and assumes full exercise of outstanding options, warrants
and conversion rights.


NOTES TO EDITORS

1.    Dunedin Enterprise Investment Trust floated in 1987 as Melville
      Street Investments



2.    On 2 July 1996, Dunedin Capital Partners Limited (formerly Dunedin
      Ventures Limited) was purchased by its management team in a management 
      buy-out for a consideration of £1.272 million.  The buy-out was supported 
      by Legal & General Ventures Limited which has taken a minority stake in 
      the management company.