Preliminary Results

Dunedin Enterprise Inv Trust PLC
8 June 2000

Contact:       Ross Marshall                 Tel: [phone] (business)


                    DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
             PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2000


Dunedin  Enterprise  Investment Trust 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
                                       
                                       
Chairman Edward Dawnay said :

'Net assets rose to a record £99 million and, with the pace of investment
increasing, I anticipate the company will be fully invested by the end of the
current year.'
                                       
                                       
-    Net  assets  at a record level of £99.0 million (1999: £89.9  million)  a
     10.1 % increase

-    Total net dividend up 5.5% to 11.6 pence (1999: 11.0 pence)

-    Portfolio highlights:

     -    The Outdoor Group Limited sold realising £12.4 million

     -    Scottish Highland Hotels plc sold realising £4.6 million

     -    Commitment of 10% of assets to technology sector

-    Strong dealflow:

     -    Two investments made post year end totalling £10.1 million

     -    Number of other transactions in due diligence

     -    Intention to be fully invested by end of year

-    Per share comparisons in year to end April 2000.

       -     Assets  per share increased by 10.1% from 376.2p to 414.3p  (FTSE
       Small Cap Index excluding investment companies 23.6%).

       -     Total  return  per  ordinary share 13.3% (FTSE  Small  Cap  Index
       excluding investment companies 27.0%).

-    Per share comparisons over the five years to end April 2000.

     -     Assets per share increased by 99.7% (FTSE Small Cap Index excluding
       investment companies 79.5%)

     - Total  return per ordinary share 131.8% (FTSE Small Cap Index excluding
       investment companies 109.5%)
     

Chairman's Statement

Your  board reports further progress with net assets increasing by 10.1%  from
£89.9 million to £99.0 million, an increase of 38.1p per share.  This combined
with  a dividend of 11.6p per share, represents a total return to shareholders
of  13.3%.   It was an active year for realisations at attractive  prices  but
less  so  for new investment.  There has been something of a catch-up  on  new
investment in the new financial year.  With good opportunities available, this
pace  of  investment  is  expected to increase and it is  intended  that  your
company  will  be fully invested by the end of the year.  This  will  lay  the
foundations for future growth.  I shall expand on this below.

Results

The  total  return to shareholders for the year was 13.3% and over five  years
was  131.8%.  In the year to 30 April 2000, net assets grew to a record  level
of £99.0 million, equivalent to 414.3p per share.  This represents an increase
over  1999  of  10.1% and over five years the increase equates to  99.7%.  The
increase  in  net assets would have been 15.0% had it not been for write-downs
of £4.4 million, the bulk of which was represented by two investments.

Realisations

The  year has been a particularly active one in relation to realisations.  The
largest  investment in the portfolio, The Outdoor Group Limited, was  acquired
during  the  year  by  Blacks Leisure Group plc.  The  transaction,  including
Blacks Leisure Group plc shares held at 30 April 2000, valued our interest  at
£12.4  million, an uplift of 285% on the original investment of £3.2  million.
The  other major realisation was the sale of Scottish Highland Hotels  plc  to
Paramount  Hotels Investments Limited.  Our investment, which  cost  £459,000,
realised £4.6 million, an uplift of 908%.
Cawoods  of  Northern Ireland Limited and The Medwyn Partnership Limited  were
also  disposed  of.  All these transactions are referred to in detail  in  the
Manager's Review.

New Investments

Investments of £1.15 million were made during the year in existing  companies.
No  new  companies were added to the portfolio.  This was due to a  number  of
factors.  Firstly, your managers believed that price expectations for unquoted
companies   were  high  and  consequently,  they  concentrated  on   realising
investments  rather  than  making  new investments.  A  number  of  successful
realisations  have  been  referred to earlier.   Secondly,  there  was  an  8%
reduction in buy-out activity generally in 1999 and consequently, the  quality
of  investment  opportunities  were  not  of  a  sufficiently  high  standard.
However,  a significant number of investments were initiated during  the  year
and  two  of these, Ehrmanns Holdings Limited and OSS Group Limited, completed
after the year end.  Ehrmanns Holdings Limited is one of the UK's five largest
independent  wine  importers and distributors.  Your company contributed  £4.9
million  to  the  £12 million management buy-in/buy-out.   OSS  Group  Limited
collects  and  recycles  waste oil.  This is a  sector  which  is  subject  to
increasing environmental legislation and the enlarged OSS Group Limited is now
the  UK market leader.  Your company provided £5.2 million out of a total  £15
million  to  acquire a publicly listed competitor, Greenway Holdings  plc.   A
number of other transactions of similar size are at an advanced stage and  are
expected to close in the near future.

Investment in Technology Companies

You  will be aware of the increasing importance of technology companies in the
UK and global economies and in all the major stock market indices.  Your board
believes  that  your company should have an appropriate level of  exposure  to
this  high growth sector of the economy.  The focus of our managers  has  been
the  MBO/MBI  market  in  the  UK.  In this regard,  the  managers  have  been
successful in giving shareholders a very satisfactory return over a number  of
years.   The main focus of your company will not change but the board felt  it
was  appropriate to have a part of your company's resources committed  to  the
technology  sector.  Consequently, up to 10% of the fund will be  invested  in
technology companies.  This is an extremely fast moving sector and your  board
felt  that  the  most  appropriate way to invest  in  this  area  was  through
technology   funds   which  possess  the  specialist   technology   expertise,
fundamental to making successful investments in this sector.  Commitments have
now  been or are about to be made to three funds that specialise in this area.
This will give your company a broad spread in what is considered a higher risk
and potentially higher reward sector, where specialist technical knowledge  is
essential.

Shareholders

My  predecessor noted with some disappointment last year that the share  price
had  barely moved during the year to 30 April 1999.  I am pleased to say  that
there  has  been some improvement this year with the share price  moving  from
277 1/2p to 320 1/2p at the year end, an increase of 15.5%.

I  am delighted to say that during the year your company entered the FTSE  All
Share Index.  This is a reflection of the growth in the value of the company.

It  was  noted last year that we had decided to participate in The Association
of  Investment  Trust Companies Campaign which is aimed at  providing  greater
awareness  of  investment trusts as an investment vehicle.   We  believe  this
campaign  has been successful and will continue to support it in  the  current
year.

At the Annual General Meeting last year the company took power to purchase its
own  shares in the market.  These powers were not utilised in the year as  the
demand  for  shares was sufficient to meet supply available.  The board,  will
however, keep this matter under close review.

Income and Dividends

Profit  after  taxation  increased from £2.73 million  to  £2.99  million,  an
increase  of  9.4%.   Your  board declared an interim  dividend  of  2.6p  per
ordinary share in December 1999 and a final dividend payment of 9.0p per share
is  proposed, giving a total of 11.6p for the year.  This compares to a  total
payment  of  11.0p for last year and represents an increase of 5.5%  over  the
year.

The  dividend has increased every year since 1993 and the increase  over  this
period has been 190%.  My predecessor consistently warned that, as a result of
the  nature  of the investments we make, income can fluctuate and  the  recent
dividend  record should not be taken as a guide for the future.   However,  on
current evidence, the dividend does not look under threat in the current year.

Borrowings

At  30  April  1999 the company was fully invested.  Following the substantial
realisations  during the year referred to above and the modest amount  of  new
investment, there was substantial cash on deposit at the year end.  Your board
was  aware  that  the  flow  of potential investment opportunities  had  risen
markedly in the first quarter of 2000 and a number of transactions had closed,
and  were  due  to  close, in the second quarter.  In order  to  finance  this
investment activity, your company has drawn down a £15 million, ten year  term
loan  facility  with Bank of Scotland.  At 30 April 2000, this  provided  cash
resources  of  £34.8  million  to  meet fresh  investment  opportunities.   As
previously identified, £10.1 million of this has already been invested in  two
new  companies.   Further  investments are at an  advanced  stage  and  it  is
intended that, as far as practical, the company will be fully invested at  the
year end.

It  will  be  noted that additionally the company has a £15 million  overdraft
facility.

Outlook

In  my  first year as chairman I am delighted to have presided over a  further
year  of growth.  I believe the portfolio is in a healthy state and expect  to
see  further  growth  in net assets during the year.  New investment  activity
after  the year-end should lay the foundations of further asset growth in  the
future.


Edward Dawnay, Chairman
7 June 2000


Manager's Review

In the year to 30 April 2000, net assets increased by 10.1% from £89.9 million
to  £99.0  million.   There  were useful gains throughout  the  portfolio  but
provisions were also made against investments which have not performed  up  to
expectations.  The major feature of the year was the substantial  cash  inflow
from  disposals  amounting  to  £24.0 million while  on  the  other  hand  new
investment  was a modest £1.15 million.  The latter consisted of additions  to
existing  investments  and  no new investments  were  made  during  the  year.
However,  a  number  of  transactions which were  initiated  during  the  year
completed after the year-end and there are others at an advanced stage.

Realisations

There  were  a  number  of major realisations during the  year  including  the
following:

Company                    Valuation  Proceeds     Uplift/reduct
                    Cost     at 30    Received     Over   Over
                           April 1999              value  value
                    £'000    £'000   £'000         £'000  £'000
The  Outdoor  Group 3,224   9,681    12,423*       2,742  9,199
Limited                              
Scottish   Highland   459   2,973    4,628         1,655  4,169
Hotels plc
Cawoods Group 
Limited               164   1,028    1,144           116    980
The Medwyn 
Partnership Limited 3,100   2,000    2,000             - (1,100)                
   
   
                                                    
                    6,947   15,682   20,195       4,513  13,248

*    The 'proceeds received' includes Blacks Leisure Group plc shares held  at
     30 April 2000 valued at £4.58 million and cash received of £7.84 million.

The  major  realisation  was of the investment in The Outdoor  Group  Limited,
which  was the largest investment by value in the portfolio at 30 April  1999.
The  company was acquired by Blacks Leisure Group plc in December 1999.   Your
company received cash of £7.84 million and shares in Blacks Leisure Group  plc
which  had  a  value  at  30  April  2000 of  £4.58  million  giving  a  total
consideration  of £12.42 million compared to a valuation at 30 April  1999  of
£9.68 million.  This represented an uplift of 285% over cost and 28% over  the
valuation at 30 April 1999.

Another important realisation was the sale of Scottish Highland Hotels plc  to
Paramount  Hotels Investment Limited.  Your company received cash proceeds  of
£4.63  million compared to a valuation at 30 April 1999 of £2.97  million  and
original  cost of £0.46 million.  This represents an uplift of 908% over  cost
and 56% over April 1999 valuation.

Cawoods  of  Northern  Ireland  Limited, which was  a  management  buy-out  in
November  1995,  was sold realising £1.14 million, to give an uplift  of  598%
over  cost  and 11% over April 1999 valuation.  The investment in  The  Medwyn
Partnership  Limited was also realised at a loss to its original  cost.   Your
company had already provided against the value of this investment at 30  April
1999  reflecting  difficult trading.  The £2 million  cash  proceeds  received
equated to the revised valuation.

There  was  also  some  corporate activity within  the  investment  portfolio.
Motherwell  Bridge  Holdings Limited sold one of its businesses  and  received
cash  consideration, part of which was passed on to investors.   Your  company
received  a  consideration of £3.13 million.  Another portfolio  company,  CPL
Industries Limited, underwent a substantial reorganisation and the majority of
your  company's  investment,  £2.84  million,  was  repaid  leaving  a  modest
investment.

The  remaining  realisation  proceeds consisted of redemptions  of  preference
shares  and loan stock by six portfolio companies totalling £1.86 million  and
sale proceeds from a further four portfolio companies totalling £0.53 million.

New Investments

New  investment of £1.15 million were made during the year which is well  down
on recent years.  No new investments were made during the period.  As outlined
in the Chairman's Statement, this was due to a number of factors.

The  market for buy-outs and buy-ins remained very competitive during the year
and  your managers were not prepared to pay the premium prices required to win
auctions  run  by vendors advisers.  Consequently, a great deal  of  time  was
invested in research to identify potential sources of investment opportunities
which  would not be subject to the auction process.  We are pleased to  report
that  this  has resulted in a strong dealflow and a number of new  investments
being completed after the year end.

Another factor which affected new investment activity during the year was  the
reduction in the number of buy-outs and buy-ins completed in our target market
of £5 million to £25 million transaction size.  This fell by 8% from a peak of
159 in 1998 to 146 in 1999.

We  are  pleased  to  report that the research carried out  during  the  year,
together  with the growth in the size of the management team with the addition
of  two  executives, has led to an increased dealflow in the first quarter  of
2000.   This  has  resulted in the completion of a number of  new  investments
since the year end and these are commented on in more detail below.

A  number  of follow-on investments were made to existing portfolio  companies
including a £0.37 million additional investment in Bluecrest Seafood  Limited.
This followed the merging of Bluecrest with the seafood business of Youngs,  a
subsidiary  of United Biscuits plc, to form Youngs Bluecrest Seafood  Limited.
This  created a substantial company with a combined turnover of £300  million.
Progress to date is pleasing.

Asset Value Growth

The changes in asset value over the year are summarised in the table below.

                                              £m
                                             
Net assets at 30 April 1999                  89.9
                                             
Realised profit over opening valuation        3.4
Unrealised value increases                   11.3
Unrealised value decreases                   (4.4)
Unrealised currency movements                (0.2)
Management  fee, borrowing  costs  and  tax  
charged to capital less retained profit      (1.0)
                                             
Net assets at 30 April 2000                  99.0

In  addition  to  the  increases in asset value  resulting  from  realisations
discussed above, a number of other investments were written up in value.   The
major  increase was in C.G.I. International Limited, a specialist manufacturer
and  distributor of fire resistant glass, an investment made in December 1998.
This  management buy-out has performed ahead of expectations and the value  of
the  investment has increased by £3.5 million during the year.  Your company's
largest  investment is now Latchways plc, a listed company where the value  of
your  company's  investment increased by £1.8 million during  the  year.   The
revaluation  change reflects a movement in the share price.  The valuation  of
Travel  &  General  Holdings Limited has been increased  by  £1.2  million  to
reflect  strong trading.  The valuation increases at Clee Hill Plant  Holdings
Limited  of £0.7 million and AIM Holdings Limited of £0.9 million also reflect
improved  trading.   Blacks Leisure Group plc and a  further  seven  portfolio
companies contributed valuation increases totalling £3.2 million.

There were two major reductions in valuation.  At 31 October, the valuation of
LDV  Limited  was  reduced from £4.0 million to £3.0 million  to  reflect  the
uncertainty  surrounding  Daewoo, LDV Limited's joint  venture  partner.   The
valuation  has been further reduced to £2.0 million at the year  end  as  this
uncertainty  continues.  The valuation of Motherwell Bridge  Holdings  Limited
has  been  reduced from £9.1 million at 30 April 1999 to £5.0  million  at  30
April  2000.   £3.1 million of this reduction reflects cash paid back  by  the
company  following  the sale of one of its businesses, Motherwell  Information
Systems  Holdings Limited.  The remaining businesses within Motherwell  Bridge
Holdings  Limited  are  comparatively new and we have  valued  the  businesses
prudently  resulting in a reduction in valuation of just under £1 million.   A
further nine portfolio companies were decreased in valuation by £1.4 million.

New Investments made since the year end

The  managers  have been extremely active during the year.   Although  no  new
investments  were  made  during the financial year, a number  of  transactions
which  have  been  actively worked on have now closed or are about  to  close.
These  are all transactions which the managers have led and are in our  target
market of MBO's and MBI's in medium sized companies in the UK.

There  have  been two investments made since 30 April 2000.  Your company  has
invested £4.9 million in the £12 million management buy-in/buy-out of Ehrmanns
Holdings Limited.  Ehrmanns Holdings Limited, which is based in London, is one
of the UK's leading independent wine importers and distributors.  It has sales
of £43 million and employs 49 people in London and Spain.

OSS  Group  Limited, which is based in Liverpool, is the UK market  leader  in
large  volume  waste  oils collection, recycling and complementary  industrial
services.  Your company has provided £5.2 million, out of total funding of £15
million,  to  acquire  Greenway Holdings plc a  listed  company  in  the  same
business.  The enlarged OSS Group Limited has sales of £31 million and employs
250 people around the UK.

Borrowing Facilities

At  the year end it will be noted that the company had cash resources of £34.8
million  compared with a net borrowings position at the same time  last  year.
The  £34.8  million arose from realisations during the year augmented  by  the
drawdown  of a £15 million term loan at the year end.  The managers anticipate
substantial  new  investment  going forward and felt  it  was  important  that
resources were put in place to finance this investment.

Outlook

The  past  year  has been a busy one for realisations in the  portfolio.   The
current  financial  year has started with a number of substantial  investments
being  made and further investments are anticipated in the short term.   These
investments  will  be financed from the cash resources of your  company.  Your
managers  believe  the portfolio of investments have good  prospects  and  are
confident of further growth going forward.




Dunedin Capital Partners Limited

7 June 2000
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2000

CONSOLIDATED BALANCE SHEET

                                2000           1999
                                 £              £
                                          
Investments                80,516,996     93,190,556
Net current assets/  
(liabilities)              33,484,978     (3,303,417)

                                          
Total  assets less
current liabilities       114,001,974     89,887,139
liabilities
                                          
Creditors  due after  more   
than one year             (15,000,000)             -               
                                          
Net assets                 99,001,974     89,887,139
                                          
Net asset value per     
ordinary share                 414.3p         376.2p


CONSOLIDATED STATEMENT OF TOTAL RETURN

                        2000                            1999
                £       £          £          £          £           £
              Revenue   Capital    Total      Revenue    Capital    Total
                                                               
Gains on          -     10,156,048 10,156,048    -       10,950,898 10,950,898
investments                
                                                               
Income       4,457,659        -     4,457,659  4,130,589     -       4,130,589
                  
                                                               
Investment  (883,722) (1,325,583) (2,209,305)(764,521)   (1,146,781)(1,911,302)
Management Fee    
                                                               
Other expenses(435,100)  (25,200)  (460,300)  (386,996)        -     (386,996)
    
                                                               
Net return       
before finance    
costs and tax 3,138,837 8,805,265 11,944,102 2,979,072   9,804,117 12,783,189
                                                               
Interest payable                                               
and similar       
charges        (22,979)   (34,467) (57,446)       -         -           -     
     
                                                               
Return on         
ordinary          
activities
before tax    3,115,858  8,770,798 11,886,656  2,979,072  9,804,117 12,783,189

                                                               
Taxation       (129,643)  129,643        -     (248,332)    234,393   (13,939)
                                                                              
Return        2,986,215  8,900,441  11,886,656 2,730,740 10,038,510 12,769,250
attributable to   
equity
shareholders
                                                               
Dividends    (2,771,821)      -     (2,771,821)(2,628,451)    -    (2,628,451)
                  
                                                               
Transfer to                
reserves        214,394   8,900,441  9,114,835  102,289  10,038,510 10,140,799

                                                               
Return per        12.5p       37.2p     49.7p    11.4p       42.0p       53.4p
ordinary share

Notes

1.   The  directors recommend a final dividend of 9.0p per share net  for  the
     year to 30 April 2000.  If approved, the dividend will be paid on 25    
     August 2000 to shareholders on the register at close of business on 28
     July 2000. The ex-dividend date is 24 July 2000.

2.   The  financial  information for the year ended 30  April  1999  has  been
     extracted from the annual report and accounts of the company which has
     been filed with the Registrar of Companies and on which the auditors'
     report was unqualified.  The accounts have been prepared under the same 
     accounting policies used for the year to 30 April 1999 other than in
     relation to the adoption of Financial Reporting Standard 16 'Current  
     Tax'.  The figures for 1999 have been restated accordingly.

3.   The  statutory accounts for 2000 contain an unqualified audit report  and
     will be delivered to the Registrar of Companies following the company's
     Annual General Meeting which will be held at the offices of Dundas &
     Wilson  CS, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN on
     Wednesday 23 August 2000 at 12.30 pm.

4.   The  statement  of total return (incorporating the revenue  account)  and
     balance sheet set out above do not represent full accounts in accordance
     with Section 240 of the Companies Act 1985.  The accounts have been 
     prepared in accordance with the Statement of Recommended Practice
     'Financial Statements of Investment Trust Companies'.

5.   The  annual report will be posted to shareholders in July 2000 and copies
     will 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 69.3% of  the  total  portfolio  of
Dunedin Enterprise as listed below:


                         Approx.                         Percentage of
                       percentage Cost of    Directors'  total portfolio
                       of equity  investment valuation   at valuation
    Company name           %        £000        £000       %
                                                       
Latchways plc            22.8        214      10,507      13.0
DeMure Limited           38.6      3,000       6,411       8.0
C.G.I.    International  49.4      2,565       6,027       7.5
Limited
UniPoly S.A.              2.0      5,998       5,998       7.4
Golden  Wonder Holdings   6.9      1,995       5,499       6.8
Limited
Motherwell Bridge        13.3      1,826       5,005       6.2
Holdings Limited
Blacks  Leisure   Group   3.5         99       4,578       5.7
plc
Prism Group Limited      49.4      5,167       4,167       5.2
Travel & General         25.9        365       4,074       5.1
Holdings Limited
Thomson Brothers         44.6      3,535       3,535       4.4
Limited
                                  24,764      55,801      69.3

'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 floated in 1987 as Melville  Street
  Investments.

2.Dunedin  Enterprise  Investment  Trust PLC is  managed  by  Dunedin  Capital
  Partners  Limited.  On 2 July 1996, the management team of  Dunedin  Capital
  Partners  Limited  bought  out the company for  a  consideration  of  £1.272
  million  from  Edinburgh Fund Managers Group plc with minority support  from
  Legal  &  General  Ventures Limited.  The company specialises  in  providing
  equity  finance for IBO's, MBO's, MBI's and acquisitions with a  transaction
  size of £5 million and more throughout the UK.

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