Final Results - Year Ended 31 January 2000

Dunedin Income Growth Inv Tst PLC
15 March 2000



                  DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC
                                       
              PRELIMINARY RESULTS FOR THE YEAR TO 31 JANUARY 2000
                                       

Highlights

DIGIT has consistently performed well against its peer group of UK Income
Growth Investment Trusts.  It is placed 1st over five years, 1st over three
years, and 6th out of 18 investment trusts over 1 year.

Total dividend increased by 2.8% to 6.35p

Total net asset value return to shareholders for the year was 8.4%
     
                                       
For further information, please contact:-


Ewan Brown, Chairman
Dunedin Income Growth Investment Trust PLC 0131 226 7011

Graham Campbell, Fund Manager,
Director, Edinburgh Fund Managers plc      0131 313 1000



Chairman's Review

Higher  yielding  UK equities underperformed the  main  market
during  the  year;  it was therefore not surprising  that  the
Company's assets underperformed the FTSE All Share Index,  our
benchmark.

It  is proposed that the total dividend will increase by 2.8%.
Combining the net asset performance with the dividend produced
a net asset value total return of 8.4% compared with the total
return for the benchmark of 13.0%.

Over the three year period to 31 January 2000, the manager has
beaten  the  benchmark  on  a  total  return  basis.    In   a
particularly volatile investment environment in 1999, this  is
a gratifying performance by Graham Campbell and his investment
management  team. Against our peer group of UK  Income  Growth
Investment Trusts, as defined by the Association of Investment
Trust  Companies  (AITC), the Company's  performance  is  also
good.  Over  one year it is placed 6th out of 18 trusts,  over
three years it is placed 1st out of 17, and over five years it
is placed 1st out of 14.

Dividends
For  the  year  to 31 January 1999 it was more  efficient  for
shareholders to receive two interim dividends because  of  the
change  to Advance Corporation Tax. This year we have reverted
to  our  normal practice of paying one interim and  one  final
dividend.  The  interim  dividend of  2.05p  was  paid  on  30
September 1999. The proposed final dividend of 4.30p  will  be
paid  on 28 April 2000. The total dividend this year is 6.35p,
compared to 6.18p for the whole of last year, a rise of 2.8%.

The board
Two  new  directors were appointed on 25 January 2000. Ruaridh
Budge is deputy group chief executive of Scottish Life, having
previously  been  in  charge of global investment  there.  Max
Ward, a retiring partner of Baillie Gifford, has over 28 years
of  experience investing in the UK equity market and  for  the
last 11 years has managed The Scottish Mortgage and Trust.  My
colleagues  and  I  look  forward  to  benefiting  from  their
extensive experience and knowledge of the industry.

The Earl of Eglinton and Winton has retired from the board. He
had  been a director since 1985.  During his period of service
he  contributed  greatly  to the Company  and  was  especially
helpful to me when I took over the Chairmanship in 1996.

Review of the year
At  the beginning of the year interest rates globally had been
cut  to  stave off the deflationary consequences of the  Asian
and  Russian crises and to stimulate the economies  of  Europe
and  Japan. The prospects for the UK economy were not seen  as
particularly positive and there was uncertainty in  the  stock
markets.

Since then, global economic growth and the performance of  the
UK  economy  has  improved significantly  and  this  has  been
reflected in share prices.  As a result and because of renewed
worries  about inflation, UK interest rates were increased  on
three  separate  occasions  and  the  fixed  interest  markets
consequently have been weak. During the year our  holdings  in
fixed   interest  securities  were  sold  and   the   proceeds
redeployed  into  UK  equities  with  above  average   yields.
However,   despite  apparently  cheap  valuation  levels   and
attractive  dividend  yields, these higher  yielding  equities
have  not  been  favoured by investors. High  growth  and  low
yielding  sectors,  particularly  those  areas  supplying   or
developing new technology, have been the main drivers  in  the
equity markets. Being an investment trust that aims to deliver
growth in income, this has been a testing background. Many  of
the  present  top  performing stocks in the market  are  loss-
making  and pay no dividends and yet there has been a scramble
to invest in them.  As a Company which has been around for 120
years,  we  have  learned to live with  market  anomalies  and
expect  that a dose of reality will help to achieve a  refocus
on fundamentals in the current year.

Allocation of costs between capital and revenue
In  recent  years the Company has placed greater  emphasis  on
producing  total return to shareholders. At the interim  stage
shareholders will recall that the board reviewed  and  revised
the  allocation  of investment  management and  finance  costs
such  that, with effect from 1 February 1999, these  would  be
allocated 70 per cent rather than 50 per cent to capital.

Approval  was  given to the Company to redeem and  cancel  its
preference  stock  in  issue  at last  year's  annual  general
meeting.   The  preference  stock,  which  amounted  to  £0.84
million, was redeemed on 6 September 1999.

Discount
Towards  the  end of 1999 there was a significant widening  of
the  gap  between the Company's share price and the underlying
value  of the equities. Taking borrowings at par, the discount
stood  at 10.1% in January 1999. This narrowed to 7.4%  during
the  year but stood at 16.8% at the year end. This meant  that
despite  the net asset value total return rising by 8.4%,  the
share  price  total return was only 0.7%. The  discount  is  a
function of the demand for the Company's shares in the  market
place.  The  board believes that the recent  narrow  focus  of
investor  interest  as  well  as  institutions  selling   less
favoured areas of the market to enable them to increase  their
weightings  in  a narrow range of index stocks have  been  the
main reasons why the discount has widened.

Addressing the discount
The  board has considered a number of ways to encourage demand
for  the  Company's shares in the longer term. The Company  is
providing financial support to the AITC's its' campaign. This
is  designed to increase the awareness of savers to investment
trusts,  with  the aim also of attracting new  investors.  The
board continues to monitor the effectiveness of this campaign.

In  the meantime we have kept under close review the issue  of
the  Company  being able to buy back its own shares  and  have
concluded  that  it  is  now  appropriate  to  introduce  this
facility.  A  resolution to this effect is to be  put  to  the
annual general meeting.

The Company also contributes to the promotion of the manager's
range  of investment trust savings products. These include  an
ISA, a low cost monthly or lump sum savings facility, and also
a  pension product that invests in investment trusts. I  would
commend these savings schemes to you.

Information  on  Dunedin Income Growth  Investment  Trust  for
potential   and   existing   investors   can   be   found   on
www.itsdigit.com website and also the Edinburgh Fund Managers'
website, www.edfd.com.

Prospects for the year ahead
We  believe  that the stock market should make  further  gains
provided   interest  rates  in  the  UK  are   not   increased
excessively.  Corporate earnings and dividend growth  in  many
sectors   of  industry  are  likely  to  be  healthy.  Certain
traditional  areas of the stock market, typically  with  above
average  dividend  yields, are especially attractively  valued
and  should provide investors with attractive returns  in  the
year ahead to the benefit of shareholders in this Company.

Ewan Brown
Chairman

STATEMENT OF TOTAL RETURN (AUDITED)
For the year ended 31 January

                                 2000                   1999
                        Revenue Capital  Total    Revenue Capital Total

                                                           
                                                                   
                         £000     £000    £000       £000    £000     £000
                                                                   
Realised gains on         -      46,605  46,605       -     27,494  27,494
investments
Unrealised                -     (18,565)(18,565)      -      4,247   4,247
gains/(losses) on                      
investments
                                                                   
TOTAL CAPITAL GAINS       -      28,040   28,040      -     31,741  31,741
  ON  INVESTMENTS

Investment income (1999  11,930     -     11,930   12,054     -     12,054
restated)
Interest receivable         909     -        909    2,187     -      2,187
Other income                 17     -         17       41     -         41
Investment management      (592) (1,381)  (1,973)    (902)   (902)  (1,804)
fee
Other expenses             (635)    (55)    (690)    (412)     -      (412)
                                                                     
NET RETURN BEFORE        11,629  26,604   38,233    12,968  30,839   43,807
FINANCE
COSTS AND TAXATION
                                                                   
Interest payable and     (2,108) (4,883)  (6,991)   (3,494) (3,488)  (6,982)
similar charges                                         
                                                                   
RETURN ON ORDINARY        9,521   21,721  31,242     9,474   27,351  36,825
ACTIVITIES BEFORE
TAXATION
                                                                   
Taxation (1999 restated)   -        -       -        (268)    233     (35)

RETURN ON ORDINARY       9,521   21,721  31,242     9,206   27,584  36,790
ACTIVITIES AFTER
TAXATION
                                                                   
Dividends in respect of    (25)    -        (25)      (29)    -       (29)
non-equity
shares
RETURN ATTRIBUTABLE TO    9,496  21,721  31,217     9,177  27,584  36,761
EQUITY SHAREHOLDERS
                                                                   
Dividends in respect of (10,166)   -    (10,166)   (9,894)    -    (9,894)
equity shares                                 

                           (670) 21,721  21,051      (717)  27,584  26,867
                                                                   
RETURN PER ORDINARY        5.93p 13.57p  19.50p      5.73p  17.23p  22.96p    
 
SHARE                                          

The revenue column of this statement represents the revenue
account of the company
All revenue and capital items in the above statement derive from
continuing operations

BALANCE SHEET (AUDITED)
As at 31 January
                                          2000            1999       
                                          £000            £000       
FIXED ASSETS                                                        
Investments                           452,499           433,161      
                                                                     
CURRENT ASSETS                                                       
Debtors                                10,591             5,095         
UK Treasury bills                           -            13,884        
Cash and short term deposits            7,539             2,420         
                                                                     
                                       18,130            21,399        
CREDITORS: Amounts falling due within  10,961            15,117        
one year
                                                                     
NET CURRENT ASSETS                      7,169             6,282         
                                                                     
TOTAL ASSETS LESS CURRENT LIABILITIES 459,668           439,443       
                                                                     
CREDITORS: Amounts falling due after   69,739            69,725        
one year

                                      389,929           369,718       
                                                                     
                                                                     
CAPITAL AND RESERVES                                                 
Called up share capital - non equity      -                840           
                        - equity      40,025            40,025        

Share premium                          4,543             4,543         
Capital reserve - realised           264,999           224,713       
Capital reserve - unrealised          74,614            93,179        
Revenue reserve                        5,748             6,418         
                                                                     
TOTAL EQUITY SHAREHOLDERS' FUNDS     389,929           368,878       
                                                                     
                                     389,929           369,718       
                                                                     
Net asset value per ordinary
 25p share                           243.39p           230.23p       
                                                                     

CASHFLOW STATEMENT (AUDITED)
For the year ended 31 January
                                    2000    2000          1999      1999
                                    £000    £000          £000      £000
                                                                  
Net cash inflow from operating            10,412                  13,157
activities
                                                                  
Servicing of finance                                              
Interest paid                     (6,977)                (6,968) 
                                   
Preference dividends paid            (40)                   (15)    
                                                                  
Net cash outflow from servicing of         (7,017)                (6,983)
finance                                                       
                                                                  
Taxation                                                          
UK corporation tax recovered/(paid)  978                   (440)   
UK income tax recovered/(paid)       247                   (247)   
                                                                  
Total tax recovered/(paid)                  1,225                  (687)
                                                                  
Financial investment                                              
Purchase of investments         (320,379)               (229,218) 
                                                  
Sales of investments             317,863                 232,428 
                                   
                                                                  
Net cash (outflow)/inflow from              (2,516)                 3,210
financial investment                       
                                                                  
Equity dividends paid                       (9,974)                (9,686)
                                                             
                                                                  
Net cash (outflow)/inflow before                               
use of liquid resources and                 (7,870)                  (989)
financing                                  
                                                                  
Net cash inflow/(outflow)from               13,884                  1,854
management of liquid resources
                                                                  
Financing                                                         
Repayment of preference stock and   (895)                   -       
related expenses
                                                                  
Net cash outflow from financing               (895)                    -
                                                                  
Increase in cash                             5,119                    865

Notes :
1.The  directors recommend that a final dividend of 4.30p (1999  -
 3.73p) per ordinary share be paid, making a total of 6.35p  (1999
 -  6.18p)  for the year. The final dividend will be  paid  on  28
 April 2000 to shareholders on the register at 31 March 2000.  The
 ex-dividend  date is 27  March 2000.
2.  The  accounts  have  been prepared under the  same  accounting
 policies  used  for  the year to 31 January 1999  other  than  in
 relation  to  the adoption of Financial Reporting Standard  16',
 Current   Tax.    The  figures  for  1999  have   been   restated
 accordingly.   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 Discovery Point, Dundee on Wednesday  26  April
 2000 at 12 noon.
3.  The  financial information for the year ended 31 January  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.
4.The   statement  of  total  return   (incorporating  the  revenue
 account),  balance sheet and cash flow statement 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 on 25 March
 2000 and copies will be available at the head office of the
 Secretary - Edinburgh Fund Managers plc, Donaldson House, 97
 Haymarket Terrace, Edinburgh EH12 5HD.

Please  note that past performance is not necessarily a  guide  to
the  future and that the value of investments and the income  from
them  may  fall as well as rise.  Investors may not get  back  the
amount they originally invested.