Final Results

AIM Distribution Trust PLC (The)
29 June 2005


THE AIM DISTRIBUTION TRUST PLC

PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 31 MARCH 2005

The statement to shareholders by the Chairman, Sir Aubrey Brocklebank, includes
the following comments:

Introduction

The year to 31 March 2005 was more buoyant  for the AIM market than for some
time, particularly over the second half of the period.  Although a significant
proportion of the companies quoted on AIM are not VCT qualifying companies, the
market has generally been more liquid, allowing the disposal of some existing
investments, as well as a stronger flow of IPOs and secondary issues providing
new investment opportunities.

Net Asset Value

At 31 March 2005, the Net Asset Value per share ('NAV') stood at 68.0p.  After
adding back the interim dividend of 2p per share paid in January 2005, this
represents an increase of 2.9p or 4.3% since the previous year-end.

Results and Dividend

The profit on ordinary activities after taxation was £73,000 (2004:  £669,000).

Since its launch the Company has made a significant level of realised gains,
some of which were distributed to Shareholders by way of capital dividends.  The
Company paid an interim dividend of 2p per share in January 2005 from these
undistributed gains.  The Directors are not proposing to pay a further
distribution for the year under review, however the Board intends to maintain an
annual dividend.

VCT Qualifying investments

When Rathbones were appointed as Investment Manager to the Company in October
2003, it was agreed that the investment portfolio was over-exposed to early
stage technology investments.  The year under review has seen the Investment
Manager continuing to take suitable exit opportunities from investments in this
area and also making new investments in potentially less risky sectors.

During the year the Company disposed of 13 investments and made further
significant partial disposals of a further 8 investments.  These gave rise to
total net gains of £156,000.

The Company also made eight new VCT qualifying investments at a total cost of
£1.2 million and seven follow on qualifying investments totalling £337,000.

VCT qualifying status

Qualifying investments now represent 77% of total investments (including cash)
thereby continuing to comfortably exceed the Venture Capital Trust qualifying
criteria of a minimum of 70%.  The Board, with the assistance of
PricewaterhouseCoopers LLP, continues to monitor the Company's compliance with
the VCT legislation.

Share issue

In order to give investors the opportunity to take advantage of the 40% income
tax relief on new investments into VCTs, the Company launched a small top-up
share offer during the year.  Under the offer, on 5 April 2005, the Company
allotted 793,532 ordinary at a price of 73.5p per share.  A further 48,052
ordinary shares were allotted on 15 April 2005 also at 73.5p per share.   This
provides the Company with additional liquid resources, which can be invested in
suitable new opportunities.

Share repurchases

The Board is conscious that the Company's share price is affected by the
illiquidity of its shares in the market.  In line with accepted practice with
VCTs, the Company has a policy of purchasing its own shares.  During the year
the Directors used this power to acquire 312,140 shares at an average price of
56.5p per share.  Since the year end the Company acquired a further 150,000
shares at a price of 59.5p per share.  A Special Resolution to continue with
this policy is proposed for the forthcoming AGM.

Annual General Meeting

The Annual General Meeting of the Company will be held at 159 New Bond Street,
London W1S 2UD at 11:15am on 1 September 2005.

Three items of Special Business are proposed:
     
(i)  to authorise the Directors to allot shares other than pro-rata to 
     existing shareholders;

(ii) to authorise the Directors to disapply pre-emption rights; and

(iii)to renew the Company's authority to purchase up to 2,539,927 ordinary 
     shares in the market, representing approximately 14.99% of the current
     issued shares.

Outlook

As a result of the investment disposals during the year and the proceeds of the
fundraising, the Company now has a significant level of funds available for new
investment.  The relatively high level of corporate activity that has been seen
recently is providing the Investment Manager with a large number of potential
investment opportunities.  As is often the case when investor confidence is
high, the quality of such opportunities is variable and careful investment
selection is the key to success.

Assuming opportunities are available which meet the Investment Manager's key
criteria, the Board expects the current period to be an active one, as the
exercise of re-balancing the portfolio to a lower risk profile is completed.

BALANCE SHEET
at 31 March 2005


                                                                    2005                            2004
                                                  £'000            £'000             £'000         £'000

Fixed Assets

Investments                                                        9,142                           9,646

Current Assets
Debtors                                                  94                             76
Cash at bank and in hand                              2,237                          1,618
                                                      2,331                          1,694

Creditors: amounts falling due within one             (427)                          (222)
year

Net current assets                                                 1,904                           1,472

Net assets                                                        11,046                          11,118


Capital and reserves
Called up share capital                                            4,063                           4,141
Capital redemption reserve                                           138                              60
Special reserve                                                    1,607                           8,397
Revaluation reserve                                                (901)                         (2,285)
Profit and loss account                                            6,139                             805

Equity shareholders' funds                                        11,046                          11,118

Net asset value per share                                          68.0p                           67.1p


Net asset value per ordinary share is based on net assets at the year-end, and
on 16,252,561 ordinary shares (2004: 16,564,701), being the number of ordinary
shares in issue at the year-end.


PROFIT AND LOSS ACCOUNT
For the year ended 31 March 2005

                                                               Year ended                      Year ended
                                                            31 March 2005                   31 March 2004
                                                                £'000                           £'000


Investment income                                                     209                             206

Investment management fees                                          (109)                           (144)

Other expenses                                                      (183)                           (184)

Operating loss                                                       (83)                           (122)

Profit on realisation of investments                                  156                             791

Profit on ordinary activities before                                   73                             669
taxation

Tax on ordinary activities                                              -                               -

Profit on ordinary activities after                                    73                             669
taxation

Distributions                                                       (328)                               -

Retained (loss)/profit for the year                                 (255)                             669

Basic and diluted earnings per share                                 0.4p                            4.0p

Basic and diluted earnings per share is based on the profit on ordinary
activities after taxation of £73,000 (2004: £669,000), but before deduction of
distributions of £328,000 (2004: £Nil), in respect of 16,446,318 ordinary shares
(2004: 16,610,398), being the weighted average number of ordinary shares in
issue during the year.

There is no difference between basic and diluted earnings per share because the
Company has no potentially dilutive shares in issue.


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 March 2005
                                                                   Year ended                     Year ended
                                                                31 March 2005                  31 March 2004
                                           Notes                    £'000                          £'000


Profit on ordinary activities after taxation                               73                            669

Unrealised gains on revaluation of                                        360                          2,879
investments

Total recognised profit for the year                                      433                          3,548



NOTE OF HISTORICAL COST PROFITS AND LOSSES
for the year ended 31 March 2005
                                                                     Year ended                    Year ended
                                                                  31 March 2005                 31 March 2004
                                                                      £'000                         £'000

Profit on ordinary activities after taxation                                 73                           669

Realisation of revaluations from previous                               (1,024)                       (3,216)
years

Historical cost loss on ordinary activities after                         (951)                       (2,547)
taxation

Distributions                                                             (328)                             -

Retained historical cost loss for the year                              (1,279)                       (2,547)


CASHFLOW STATEMENT
for year ended 31 March 2005


                                                           Year ended                        Year ended
                                                         31 March 2005                     31 March 2004
                                                    £'000             £'000              £'000         £'000



Net cash outflow from operating                                       (107)                             (120)
activities

Capital expenditure
Purchase of investments                               (3,070)                          (1,058)
Sale of investments                                     3,970                            2,682

Net cash inflow from capital expenditure                                900                             1,624

Equity distributions paid                                             (328)                                 -

Net cash inflow before financing                                        465                             1,504

Financing
Applications for share issue                              340                                -
Share issue costs                                        (31)                                -
Purchase of own shares                                  (155)                             (28)
Net cash inflow/(outflow) from financing                                154                              (28)

Increase in cash in the year                                            619                             1,476


Reconciliation of net cash flow to movement in net funds
                                                                       2005                              2004
                                                                      £'000                             £'000

Increase in cash during the year                                        619                             1,476
Net funds at 1 April 2004                                             1,618                               142

Net funds at 31 March 2005                                            2,237                             1,618


Announcement based on draft accounts (unqualified audit report)

The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 31 March 2005 or 31 March 2004.
The statutory accounts for the year ended 31 March 2005 will be finalised on the
basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

The financial information for the year ended 31 March 2004 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies.  The auditors reported on those accounts; this report was unqualified
and did not contain a statement under section 237(2) or (3) of the Companies Act
1985. The financial information has been prepared on the basis of the accounting
policies set out in the Company's financial statements for the year ended 31
March 2004.

A copy of the full annual report and financial statements for the year ended 31
March 2005 will be printed and posted to shareholders. Copies will also be
available to the public at the registered office of the Company at 69 Eccleston
Square, London SW1V 1PJ.


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