Interim Results

Jupiter European Opps. Trust PLC
31 January 2002


Jupiter European Opportunities Trust PLC Stock Exchange Announcement


Preliminary announcement of unaudited results for the half year to 30th November
2001.


CHAIRMAN'S STATEMENT

Markets continued to slide during the six months to 30th November 2001 and
Europe suffered more than most.  The FTSE World Europe ex-UK index declined by
11.9 per cent, a greater fall than those suffered by the markets of North
America even though the tragic events of 11th September actually took place in
the USA.  Against this background it is pleasing to report that net asset value
per share fell by only 6.9 per cent from 89.29p to 83.10p and that the Company's
share price stayed close to asset value - indeed from time to time a premium has
been seen.

The Manager's Review on page 4 to 5 highlights the principal portfolio changes.
Although overall the list has not changed substantially , value has been added
by reducing holdings when prices have gone up strongly and by buying on
setbacks, notably in the second half of September, when share prices were
particularly depressed.  Borrowing facilities have been drawn down as required,
but gearing has at all times remained within the limits set by your Board.  Net
loss on revenue before interest and tax amounted to £867,000 in the half year.
In accordance with the prospectus, no dividend is recommended.

World markets have fallen for two successive calendar years and the general
expectation is for some recovery in 2002.  However, valuations are higher than
at a similar stage in previous market cycles, so the upside may be limited for
the majority of stocks.  In such conditions, a carefully chosen list of
investments together with a disciplined investment process can prove the worth
of an active approach to portfolio management.


H M Priestley
Chairman
31st January 2002


                                MANAGER'S REVIEW


The economic background continued to deteriorate during the six months under
review.  Whereas, at the start of the year, the German government had forecast
growth of 3 per cent in 2001, by the end of the period this estimate had been
revised downward to 0.7 per cent.  Politicians and forecasters have been quick
to cite the impact of US events as the primary cause of this slowdown, but this
is misleading as the German economy was slowing markedly already.  The slowdown
in Germany was the most obvious example within 'Euroland', but similar
conditions pertained elsewhere in Europe.  The main exception to this was
Ireland where growth has remained impressive.  Overall expectations are for 1.5
per cent growth in 'Euroland' in 2001 to be followed by 1.2 per cent in 2002.
The European Central Bank (ECB) has been criticised for being slow to cut
interest rates thus dampening economic recovery.  Such criticism, however, is
inappropriate as the ECB's sole task is to control inflation.  Europe's central
problem remains supply side rigidities and the poor productivity record that
goes with it.  The euro has firmed in the period under review up by 5.9 per cent
against the US dollar and by 5 per cent against sterling.  These currency moves
had relatively little impact on economic developments or on the way in which
your manager has invested.

Corporate sector profitability in Europe wilted in 2001 under a combination of
slowing GDP growth, an adverse shift in pricing power brought about by greater
transparency, which was itself the result of technology changes, and continuing
wage inflation across much of Europe.  Market estimates are that earnings fell
by 13.9 per cent in Europe in 2001.  The fall in technology, media and
telecommunications (TMT) earnings was the most marked, whereas oil earnings were
much better.  The problem of overcapacity is concentrated largely in the TMT
sectors.  By contrast more traditional sectors have not suffered from
over-investment.  In fact, in some ways corporate Europe has proved itself more
robust than in previous recessions.  Hotels, banks and car manufacturers,
traditionally amongst the sectors most impacted by slowdowns, can claim to have
been more resilient this time.  All these are better capitalised than before.
There are other reasons to be optimistic for the corporate sector.  Although the
erosion of corporate pricing power is harmful in the near term, in the longer
run this should be good for growth generally.  Furthermore, it is quite possible
that the corporate sector will start to enjoy the full benefits of the IT
revolution at the same time that expenditure on IT equipment is falling.
Perversely, the loss of confidence in the TMT sectors has relieved pressure on
the established companies as new entrants have found funding to be increasingly
difficult to obtain.  Finally, the capital gains tax reforms in Germany are good
news.

Europe performed badly, down by 11.9 per cent over the six month period compared
with falls of 11.5 per cent for the FTSE World Index, 9.8 per cent for the FTSE
World United Kingdom and 9.3 per cent for the S&P 500 Composite.  In the equity
markets the TMT sectors continued to perform poorly, but worse were the leisure,
airline and aerospace sectors.  These, along with the insurance sector, suffered
most from the events of 11th September.  Swissair was a notable corporate
failure.  The best performing sectors included property, drinks and other
defensives.  The advent of the single currency and the increasing
internationalisation of business within Europe mean that geographic performance
is becoming less and less important.  Finland's poor performance is almost
wholly explained by its dependence on Nokia.  Italy's equally poor performance
is mainly due to the underperformance of the banks.  Spain and Sweden were
amongst the best performing markets, largely for stock specific reasons.

Against a backdrop of volatile markets, your Company has pursued a consistent
approach to investment.  The fund remains concentrated in mid cap companies
where we can identify the combination of good long term records and
entrepreneurial flair.  Accordingly, despite the volatile markets, there have
been relatively few changes to the portfolio.  We sold our holdings of FMC and
Numico.  Both these companies released poor results, reflecting problems which
appeared to be more fundamental rather than transient.  We also sold a number of
holdings in smaller companies where developments were disappointing.  These
included Roesch, Riber, Tomra and Class Editori.  New positions included
Deutsche Post, the German postal company, Mediaset, the dominant Italian TV
group, and Hartwall, the Finnish brewer, which has a leading position in the
Russian beer market.  The weakness in markets in late September allowed us to
increase positions in a number of stocks notably Novozymes, the Danish enzymes
company, and Techem, the German utility support company.  The largest position
continues to be Neopost, the French mail room systems company.  Our UK weighting
was approximately 10 per cent at the period end.  This comprises AB Ports and
Matalan, both of which have distinctive qualities which cannot be replicated on
the Continent.

Challenges remain in Europe.  The greatest is the reluctance of the political
establishment to tackle the problem of rigid labour markets.  Productivity
improvements lag behind those of North America, and the gap appears to have
widened in recent years.  Fiscal problems and unfunded pension liabilities will
become increasingly acute.  Those who hope that the advent of the euro in
January 2002 will be a panacea for Europe's ills will be disappointed.  On the
contrary, it may itself preclude the resolution of the key problems.
Nevertheless, there will always be great investment opportunities in Europe and
this, rather than any general view of markets, underscores our enthusiasm.  Your
manager's ability to uncover these opportunities is the principal determinant of
the level of gearing and of geographical weightings.


A F C Darwall
Jupiter Asset Management Limited



                     CONSOLIDATED STATEMENT OF TOTAL RETURN
                      (incorporating the revenue account)
                    for the six months to 30th November 2001
                                  (Unaudited)


                                                          Revenue        Capital        Total
                                                          £'000          £'000          £'000

Realised losses on investments                            -              (5,600)        (5,600)
Decrease in unrealised depreciation of fixed              -              2,163          2,163
asset investments
                                                          _______        ________       _______
Total capital losses on investments                       -              (3,437)        (3,437)

Foreign exchange losses                                   -              (529)          (529)
Income                                                    369            -              369
Loss on dealings by subsidiary                            (638)          -              (638)
Investment management fee                                 (352)          -              (352)
Other expenses                                            (246)          -              (246)

                                                          ________       _______        _______
NET LOSS BEFORE FINANCE                                   (867)          (3,966)        (4,833)

COSTS AND TAXATION
Interest payable                                          (269)          -              (269)

                                                          __________     _______        _______
LOSS ON ORDINARY ACTIVITIES                               (1,136)        (3,966)        (5,102)

BEFORE TAX

Tax on ordinary activities                                (26)           -              (26)

                                                          ________       _______        ______
LOSS ON ORDINARY ACTIVITIES                               (1,162)        (3,966)        (5,128)

AFTER TAX FOR THE FINANCIAL                               ======         ======         ======

PERIOD
                                                          _______        _______        _______

TRANSFER FROM RESERVES                                    (1,162)        (3,966)        (5,128)

                                                          ======         ======         ======
LOSS PER ORDINARY                                         (1.40)p        (4.78)p        (6.18)p

SHARE (pence)                                             ======         ======         ======



The revenue column of this statement is the profit and loss account of the
Group.

All revenue and capital items in the above statement derive from continuing
operations.

Jupiter European Opportunities Trust PLC was launched on 20th November 2000 and
therefore there is no comparative period on which to report.



                           CONSOLIDATED BALANCE SHEET
                            as at 30th November 2001


                                                    30th November             31st May
                                                             2001                 2001
                                                      (Unaudited)             (Audited)
                                                           £'000                 £'000
FIXED ASSETS
Investments                                             76,519                  84,329
                                                        ______                  ______
CURRENT ASSETS
Investments                                             3,667                   1,476
Debtors                                                 131                     191
Cash at bank                                            881                     181
                                                        _______                 _______
                                                        4,679                   1,848

CREDITORS: amounts falling due within  one year         (2,227)                 (2,577)

                                                        _______                 ______
NET CURRENT ASSETS /                                    2,452                   (729)

(LIABILITIES)
                                                        _______                 _______
TOTAL ASSETS LESS CURRENT                               78,971                  83,600
LIABILITIES


CREDITORS: amounts falling due after more than one year (10,046)                (9,547)
                                                        _______                 ______
NET ASSETS                                              68,925                  74,053
                                                        ======                  =====

CAPITAL AND RESERVES

Called up share capital                                 829                     829
Share premium                                           77,686                  77,686
Capital reserve-realised                                (6,812)                 (1,290)
Capital reserve - unrealised                            (1,351)                 (2,907)
Revenue reserve                                         (1,427)                 (265)
                                                        ______                  ______
TOTAL SHAREHOLDERS' FUNDS                               68,925                  74,053

                                                        =====                   =====
NET ASSET VALUE PER ORDINARY                            83.10p                  89.29p

SHARE (pence)                                           =====                   =====



                      This information is provided by RNS
            The company news service from the London Stock Exchange