Interim Results

Dunedin Enterprise Inv Trust PLC
5 December 2001



                                                               5 December 2001



                     DUNEDIN ENTERPRISE INVESTMENT TRUST

           INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2001



Dunedin Enterprise Investment Trust PLC specialises in the provision of equity
finance for management buyouts, management buyins and growing businesses. The
Trust is managed by Dunedin Capital Partners Limited, the independent UK
private equity house.


  * Share price down 11.3% to 284p (320p at 30 April 2001) against a fall of
    24.0% by the FTSE Small Cap Index (excluding investment companies)

  * Net asset value per share down 10.2% to 325.3p (362.2p at 30 April 2001)

  * Interim dividend maintained at 2.85p per ordinary share

  * Two investments in first half of year:

     £1.6 million support of secondary buyout of AIM Holdings

     £2.1 million support of £17.0 million acquisition of Filofax Group by
     Letts Holdings Limited

  * Sale of investment in Blacks Leisure Group plc for £2.7 million,
    realising a profit of £7.2 million in total

  * Integration of Group Trust PLC on track

  * Appointment of David Gamble to the Board





For further information please contact:

Ross Marshall                                              Tel:  [phone]




MANAGER'S REVIEW


Results



During the six months to 31 October 2001, net asset value per share fell by
10.2% from 362.2p to 325.3p, whilst the share price fell from 320p to 284p.
During the same period your company's benchmark, the FTSE Small Cap Index
(excluding investment companies), fell by 24.0%.  Over a five year period, the
total return has been 38.8% compared to 22.4% for the index.



In the Annual Report, your Chairman reported on the poor trading environment
in the six months to 30 April 2001.  These difficult trading conditions have
continued into the current year accentuated by the events in New York on
September 11.  Many of the companies in the portfolio have been affected and a
number are forecasting reduced profits in the current year as a result.  Your
managers have written down the value of your investment in these companies to
reflect current trading conditions.



The acquisition of Group Trust PLC was completed on 8 June.  Net assets of £
38.0 million were acquired, satisfied by the issue of 7,751,858 ordinary
shares and £7,500,000 cash.  The process of integrating the Group Trust PLC
investments is well underway.  Your managers are confident that Group Trust
PLC will be asset enhancing to your company.



New Investments



Management buyout activity in the United Kingdom has slowed during 2001.  This
is in part a reflection of vendors reluctance to sell when profits are turning
down and the outlook is unclear.  Willing vendors tend to base expectations on
historic information and are reluctant to take account of the more difficult
climate ahead.



Your managers formed the view, early in 2001, that an economic slowdown in the
UK was highly likely.  Consequently, they declined to invest in a number of
opportunities where they felt the price was too high or the sector would be
adversely affected by a downturn.



However, two further investments were made to support portfolio companies.  In
July, your company invested £1.6 million to support a secondary buyout of AIM
Holdings Limited, the legal software house.  Dunedin Enterprise first backed
AIM in 1987 when it financed the original MBO and then went on to invest a
second tranche of development funding in 1992.  The secondary buyout will
allow the company to grow organically and by acquisition.



In the same month, your company invested £2.1 million to support the £17
million acquisition of Filofax Group by Letts Holdings Limited.  Letts is an
existing Dunedin Enterprise portfolio company having been supported in August
2000 with a £3.1 million investment to support its £17.3 million management
buyout.  Letts is the business best known for manufacture and global sale of
desk and pocket diaries, whilst Filofax Group produces the world famous
personal organiser.  The combined Letts Filofax Group creates a substantial
company with a £55 million annual turnover.



You will also be aware that your company made commitments to specialist
technology funds over the past 18 months.  The drawdown by these funds to date
has been a modest £1.8 million compared to your fund's commitment to these
funds totalling £8.1 million.  These funds have also been cautious investors
in the current climate.



Realisations



The only significant realisation of note during the period was the sale of our
holding in Blacks Leisure Group plc giving proceeds of £2.7 million compared
to a valuation at 30 April 2001 of £2.3 million.  This holding was acquired as
part consideration following the sale of Millets in December 1999.  Your
company invested £3.2 million in Millets in December 1996 and received, in
total £10.4 million, realising a profit of £7.2 million on its investment.



Movement in Portfolio Asset Values



The value of your company's portfolio has increased by £22.3 million, from £
96.6 million to £118.9 million, over the past six months.  The major
components of this increase were:




                                                £m                    £m

Value of portfolio at 30 April 2001                                 96.6

Acquisition of Group Trust portfolio          39.5

New investments                                7.4

Disposals                                   (12.4)

Revaluation of portfolio                    (12.2)

                                                                    22.3

Value of portfolio at 31 October 2001                              118.9



The decrease in the value of a number of portfolio companies is disappointing
but reflects the difficulties that the smaller company sector in the UK is
facing generally due to the toughening economic conditions.



A number of your portfolio companies are reporting lower profit figures than
budgeted and a number are forecasting lower profits than last year.  Those
companies not directly affected by the appalling events of September 11 are
nevertheless experiencing the effects of a slowdown in demand caused by
greater economic uncertainty.



Where portfolio companies are forecasting lower profits than last year, your
managers have reduced valuations to reflect this.  Similarly, we have reduced
the price earnings ratios used in valuing the portfolio in line with the
market.  Both of these factors have contributed to a decline in valuations but
are believed to appropriately reflect current market conditions.



In addition, the relative youth of the buyout companies in the portfolio means
that debt in these companies has not yet been paid down to any significant
extent.  A combination of reduced profits, lower price earnings ratios and
high debt has had an adverse effect on the valuation of a number of companies
in the portfolio and your managers have reduced valuations accordingly.



The portfolio is only valued twice per annum and represents a value at a point
in time and is not necessarily indicative of likely exit values.  Typically
investments are realised three to five years after initial investment.



Your managers are working actively with companies in the portfolio to ensure
they are adequately financed to survive the economic downturn and are properly
positioned to benefit from the recovery when it occurs.



Appointment of Director



David Gamble joined the Dunedin Enterprise Investment Trust board on 4
December 2001.  He is a senior investment professional with over 30 years
experience in financial services in both the United Kingdom and the United
States and is currently Chief Executive of British Airways Pension Investment
Management Limited.



Interim Dividend



The interim dividend has been maintained at 2.85p per ordinary share at a cost
of £891,853.  The interim dividend will be paid on 25 January 2002 to
shareholders on the register at close of business on 4 January 2002.  The ex
dividend date is 2 January 2002.



Outlook



With UK interest rates at their lowest for over 30 years, there is some real
expectation of recovery in the second half of 2002.  Stock markets on both
sides of the Atlantic have strengthened in anticipation.



Your managers believe that the current economic uncertainty will provide
attractive investment opportunities in management buyouts as companies are
forced to undertake restructuring programmes.







Dunedin Capital Partners Limited

4 December 2001


DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 2001

GROUP STATEMENT OF TOTAL RETURN
                                                                          
                                         
                    Half year to 31 October 2001    Half year to 31 October 2000
              
               Revenue      Capital        Total   Revenue   Capital       Total
                     £            £            £         £         £           £
(Losses)/            - (10,121,550) (10,121,550)         - 1,301,358   1,301,358
gains on
investments
Income from  2,642,499            -    2,642,499 1,607,512         -   1,607,512
investments
Deposit        175,496            -      175,496   529,539         -     529,539
interest
Arrangement     90,000            -       90,000   552,850         -     552,850
fees
Investment   (383,006)  (1,149,020)  (1,532,026) (521,952) (782,928) (1,304,880)
management
fee
Other        (164,724)            -    (164,724) (168,225)         -   (168,225)
expenses
              ________     ________     ________  ________  ________    ________
Net return   2,360,265 (11,270,570)  (8,910,305) 1,999,724   518,430   2,518,154
before
finance
costs and
tax
Interest     (180,202)    (540,606)    (720,808) (234,035) (351,052)   (585,087)
payable and
similar
charges
              ________     ________     ________  ________  ________    ________
Net return   2,180,063 (11,811,176)  (9,631,113) 1,765,689   167,378   1,933,067
on ordinary
activities
before tax
Tax on       (271,379)      271,379            -         -         -           -
ordinary
activities
              ________     ________     ________  ________  ________    ________
Revenue      1,908,684 (11,539,797)  (9,631,113) 1,765,689   167,378   1,933,067
attributable
to equity
shareholders
Dividends    (885,853)            -    (885,853) (681,008)         -   (681,008)
              ________     ________     ________  ________  ________    ________
Revenue      1,022,831 (11,539,797) (10,516,966) 1,084,681   167,378   1,252,059
reserve
transfer
              ________     ________     ________  ________  ________    ________

Return per        6.4p      (38.7p)      (32.3p)      7.4p      0.7p        8.1p
ordinary
share



Basic return per share is based on 29,814,698 ordinary shares, being the
weighted average number of ordinary shares in issue during the half year.


DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 2001




GROUP BALANCE SHEET                         31 OCTOBER                 30 APRIL
                                                  2001                     2001
                                        £            £           £            £

Fixed Assets
Listed Investments                           9,278,865               11,265,342
Unlisted Investments                       109,614,904               85,324,145
                                           118,893,769               96,589,487

Current Assets
Debtors                         3,021,964                  826,679
Cash at bank                    5,117,880                6,546,619
                                8,139,844                7,373,298

Creditors: amounts falling
due within one year
                              (2,306,088)              (2,488,393)

Net current assets                           5,833,756                4,884,905

Creditors: amounts falling                (22,915,593)             (15,000,000)
due after more than one year
                                            __________               __________
Total equity shareholders'                 101,811,932               86,474,392
funds

Net asset value per share                       325.3p                   362.2p






DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 2001


GROUP CASH FLOW STATEMENT
                                                       Six months       Twelve
                                                               to    months to
                                                       31 October     30 April
                                                             2001         2001
                                                                £            £

Net revenue before finance costs and taxation           2,360,265    3,730,931

(Increase)/decrease in accrued income                   (592,198)      154,609
Decrease in other debtors                                   4,811       25,445
(Decrease)/increase in creditors                        (434,261)       32,760
Tax on investment income included within income from     (11,011)    (283,000)
UK companies
Management fees charged to capital                    (1,149,020)  (1,546,330)

Net cash inflow from operating activities                 178,586    2,114,415

Servicing of finance                                    (720,808)  (1,132,003)

Taxation recovered                                          -          197,274

Financial Investment
Purchase of investments                               (7,382,340) (38,058,446)
Sale of investments                                    12,388,215   11,545,338

Acquisitions
Purchase of Group Trust                              (36,989,211)      -
Cash and short term deposits assumed on purchase of     6,317,219      -
Group Trust

Equity dividends paid                                 (2,381,249)  (2,831,559)

Financing
Issue of ordinary shares                               28,077,230      -
Purchase of ordinary shares                             (916,381)     (71,306)

Decrease in cash                                      (1,428,739) (28,236,287)



Notes



1.              The directors recommend an interim dividend of 2.85p per share
for six months to 31 October 2001.  The dividend will be paid on 25 January
2002 to shareholders on the register at close of business on 4 January 2002.
The ex-dividend date is 2 January 2002.



2.       The above summary of results for the six months ended 31 October 2001
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 2001 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.



3.              The interim report will be sent to shareholders in December
2001 and copies will be available to members of the public at the Company's
Registered Office, 27 Thistle Street, Edinburgh EH2 1BT.






                           TEN LARGEST INVESTMENTS



The ten largest investments account for 61.9% of the total portfolio of
Dunedin Enterprise as listed below:




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

Davenham Group Holdings Limited  40.1       4,960      8,744      8.6
Youngs Bluecrest Seafood         14.1       4,928      8,675      8.5
Holdings Limited
John Wood Group PLC              1.1        3,793      7,626      7.5
OSS Environmental Holdings       27.9       5,168      6,985      6.9
Limited
Latchways plc                    19.1       180        6,825      6.7
DeMure Limited                   38.6       3,000      5,434      5.3
Bourne Leisure Limited           0.4        3,550      4,821      4.7
C.G.I. International Limited     46.5       2,565      4,816      4.7
Interdean Group Limited          3.9        5,996      4,566      4.5
Goals Soccer Centres Limited     40.3       4,528      4,528      4.5
                                            38,668     63,020     61.9



'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 PLC is managed by Dunedin Capital
Partners Limited. Dunedin Capital Partners Limited is an independent private
equity company owned by its directors.  The company specialises in providing
equity finance for management buyouts, management buyins and growing
businesses with a transaction size of £10 - 25 million. It operates throughout
the United Kingdom from its headquarters in Edinburgh and offices in London.



Dunedin Capital Partners is itself the result of a management buyout which
took place in 1996.  The team has recently doubled in size after an active
year in 2000.  In May 2001, Dunedin Capital Partners announced it was raising
a £75 million buyout fund.



2.  Dunedin Enterprise Investment Trust PLC specialises in the provision of
development capital and management buyout finance to growing companies.  The
principal objective is the achievement of long term growth in its assets
through capital gains from its investments.