Interim Results

Hansa Trust PLC
27 November 2003





                                HANSA TRUST PLC

                      Announcement of Interim Results for

                       six months ended 30 September 2003





Hansa Trust PLC today announces its interim results for six months ended 30
September 2003.


Financial Highlights

                                               (Unaudited)           (Audited)
                                                Six months          Year ended
                                                     ended
                                              30 September            31 March
                                                      2003                2003
                                                     £'000               £'000

Total income                                         1,578               2,366
Return on ordinary activities before                 1,063               1,360
taxation

Net asset value per Ordinary share                   359.9p              270.4p
Net asset value per 'A' Ordinary share               359.9p              270.4p
Capital return per share                              87.4p             (101.1)p
Revenue return per share                               3.9p                4.0p
Dividend per Ordinary and 'A' Ordinary                 1.8p                4.0p
share


The following are attached:
• Chairman's Statement
• Consolidated Statement of
  Total Return
• Consolidated Balance Sheet
• Consolidated Cash Flow
  Statement
• Notes to the interim
  accounts


For further information please contact:

Peter Gardner               Hansa Capital Limited               020 7647 5750
David Haggie                Haggie Financial Limited           020 7417 8989







HANSA TRUST PLC

CHAIRMAN'S STATEMENT


Performance


During the six months of 30 September 2003, the Net Asset Value per share rose
by 33.1% from 270.4p to 359.9p (after providing for an interim dividend) which
when adjusted for dividends re-invested equates to a Total Return for the period
of 33.9% compared to the benchmark of 3.5%.


The comparative figures for the medium to long term for the periods ended 30
September 2003 are as follows;

                                     -----------------               -----------
                                        Total Return               Performance
                                       Net Asset Value               Benchmark
                                                                     -----------
                                     -----------------
One Year                                        26.8%                      7.1%
Three Year                                    -20.8%                      22.1%
Five Year                                       50.9%                     38.5%
Ten Year                                       173.2%                     86.9%


At 30 September 2003 the discount on the Ordinary shares was 18.7% (20.5% as at
31 March 2003) and on the 'A' shares was 18.9% (19.4% as at 31 March 2003).


Results and Dividend


The revenue return for the period on ordinary activities after taxation amounted
to £933,000 of which £432,000 will be distributed to shareholders by way of an
interim dividend, and £501,000 will be transferred to reserves. The profit on
the capital account amounted to 87.4p per share.


The Board has declared an interim dividend of 1.8p per share, payable on 19
December 2003 to both ordinary and 'A' Ordinary shareholders on the register of
members on 5 December 2003.


Regulation


Following my comments in the Annual Report on the Financial Services Authority's
proposed changes to the Listing Rules, I am delighted to report that the
Regulator listened to and heeded the concerns expressed (either directly or
through the AITC) by a great many individuals and companies. The outcome in the
form of the new Listing Rules appears to be perfectly workable for the Company.
In response to one of these rules, your Board has elected not to restrict the
ability of the Manager to invest in other UK listed investment trusts. We
consider the use of other investment trusts for specialist investment mandates
as extremely useful. The Company has historically had significant holdings in
investment trusts, although this position will vary from time to time. There is
no reason for this Trust to have such a restriction in this respect.


Management


As also mentioned in the Annual Report your Board, in conjunction with the
Company's Manager Hansa Capital Limited, has considered how best to effect the
revised investment strategy. It has therefore been decided that Hansa Capital
Limited will from 1 December 2003, cease to delegate to Artemis Investment
Management Limited the day-to-day management of the Company's assets and that
the entirety of the investment process will be carried out by Hansa Capital
Limited.


As a consequence of the new arrangements, Hansa Capital Limited have
strengthened their investment team by recruiting John Alexander, who brings
twenty-two years of experience on managing open and closed ended funds.


We would like to put on record our great thanks to John Dodd and his colleagues
at Artemis for the investment services they have provided to the Company over
the last five years.





In the UK, Government spending has grown by 27% in three years and is running
well ahead of an already rising tax burden and the inflation rate for Government
expenditure is far higher than that of the general economy. The Government does
not have a history of spending wisely or productively, so this does not bode
well for the future. Moreover, any extra spending that consumers have been
indulging in has been financed largely through debt. Unsecured personal debt has
grown by more than 50% since 1997 which, combined with rapidly increasing
mortgage debt, leaves household debt at over £890bn. Rising interest rates and
increased taxation are the likely consequence of Government policy, both of
which could dampen current high levels of domestic demand. In Euroland,
government deficits seem consistently in breach of their Stability Pact, and
this should eventually put pressure on the Euro. America's third-quarter
economic performance was startling with GDP expanding at an annualised rate of
7.2%, the best quarterly figure in two decades, suggesting that the US recovery
from the recession of 2001 is accelerating. This does not sit comfortably with
short-term interest rates of 1%, so US interest rates could rise faster than
expected going forward. Stockmarkets around the world have enjoyed a sharp
recovery over the past six months, resulting in much higher valuations for
companies. Low quality, cyclical stocks have risen strongly as investors have
once again developed a keen appetite for risk.


Going forward there is a need to be very selective and cautious and we believe
that our absolute return benchmark will prove to have been a wise choice for the
future and in shareholders' best interests.


.


Jamie Borwick

Chairman

27 November 2003



HANSA TRUST PLC

CONSOLIDATED STATEMENT OF TOTAL RETURN

Incorporating the revenue account for the six months ended 30 September 2003



                                  (Unaudited)                      (Unaudited)                      (Audited)
                                   Six months                       Six months                     Year ended
                                        ended                            ended
                                 30 September                     30 September                  31 March 2003
                                       2003                               2002
               -------     ------      ------   ------     ------      -------  -------     ------      -------
               Revenue    Capital      Total   Revenue    Capital      Total    Revenue    Capital      Total
                  £000       £000      £000       £000       £000       £000       £000       £000       £000
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Gains/
(losses) on
investments          -     20,971    20,971          -    (20,449)   (20,449)         -    (24,256)   (24,256)
Income           1,578          -     1,578      1,591          -      1,591      2,366          -      2,366
Investment
management
fees              (274)         -      (274)      (300)         -       (300)      (547)         -       (547)
Other             (241)         -      (241)      (220)         -       (220)      (459)         -       (459)
expenses         -------     ------    ------    -------     ------    -------    -------     ------    -------
Net return/
(loss) before
finance costs
and
taxation         1,063     20,971    22,034      1,071    (20,449)   (19,378)     1,360    (24,256)   (22,896)
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Interest
payable and
similar
charges           (130)         -      (130)      (173)         -       (173)      (397)         -       (397)
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Return/(loss)
on ordinary
activities
before
taxation           933     20,971    21,904        898    (20,449)   (19,551)       963    (24,256)   (23,293)
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Taxation on
ordinary
activities           -          -         -          -          -          -          -          -          -
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Return/(loss)
on ordinary
activities
after
taxation           933     20,971    21,904        898    (20,449)   (19,551)       963    (24,256)   (23,293)
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Dividend on
Ordinary and
'A' Ordinary
shares
(equity)          (432)         -      (432)      (432)         -       (432)      (960)         -       (960)
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Transfer to/
(from)
reserves           501    (20,971)   21,472        466    (20,449)   (19,983)         3    (24,256)   (24,253)
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
                 -------     ------    ------    -------     ------    -------    -------     ------    -------
Return/
(deficit) per
Ordinary
share before
taxation           3.9p      87.4p     91.3p       3.7p     (85.2)p    (81.5)p      4.0p    (101.1)p    (97.1)p
                 -------     ------    ------    -------     ------    -------    -------     ------    -------










HANSA TRUST PLC


CONSOLIDATED BALANCE SHEET

As at 30 September 2003


                                           
                                      (Unaudited)     (Unaudited)    (Audited)
                                     30 September    30 September     31 March
                                             2003            2002         2003
                                             £000            £000         £000
                                           --------        --------     --------

Fixed assets - investments                 92,890          76,648       72,466

Current assets
Debtors                                        44             919           92
Investments                                   247             175          126
Cash at bank                                   87             113           51
                                           --------        --------     --------
                                              378           1,207          269

Creditors
Amounts falling due within one             (6,892)         (8,681)      (7,831)
year

Net current liabilities                    (6,514)         (7,474)      (7,562)

                                           --------        --------     --------
Net Assets                                 86,376          69,174       64,904
                                           --------        --------     --------

Capital and reserves
Called up share capital                     1,200           1,200        1,200
Capital reserve - realised                 76,124          82,474       77,725
Capital reserve - unrealised                6,765         (16,749)     (15,807)
Revenue reserve                             2,287           2,249        1,786
                                           --------        --------     --------
Total shareholders' funds                  86,376          69,174       64,904
                                           --------        --------     --------

Net asset value per Ordinary and
'A' Ordinary shares                        359.9p          288.2p       270.4p





HANSA TRUST PLC


CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 September 2003

                                        
                                     (Unaudited)     (Unaudited)     (Audited)
                                      Six months      Six months    Year ended
                                           ended           ended
                                    30 September    30 September      31 March
                                            2003            2002          2003
                                            £000            £000          £000
                                        ----------      ----------      --------

Net cash inflow from operating             1,012             963         1,347
activities                              ----------      ----------      --------

Service of finance

Interest paid                               (131)           (168)         (395)
                                        ----------      ----------      --------

Net cash outflow from servicing of          (131)           (168)         (395)
finance                                 ----------      ----------      --------

Taxation

Taxation recovered                             -              23            23
                                        ----------      ----------      --------

Financial investments

Purchases of investments                 (18,338)        (31,892)      (42,771)
Sales of investments                      20,786          23,517        35,394
                                        ----------      ----------      --------
Net cash inflow/(outflow)) from            2,448          (8,375)       (7,377)
financial investment                    ----------      ----------      --------

Equity dividends paid                       (528)           (768)       (1,200)
                                        ----------      ----------      --------

Financing

(Repayments) /drawdown of loans           (2,765)          7,950         7,165)
                                        ----------      ----------      --------
Increase/(decrease) in cash                   36            (375)         (437)
                                        ----------      ----------      --------


NOTES TO THE INTERIM ACCOUNTS


1.        Return per Ordinary and 'A' Ordinary Share

Revenue return per share is calculated by dividing the net revenue available for
shareholders of £933,000, (six months ended 30 September 2002: £898,000, year
ended 31 March 2003: £963,000) by the 24,000,000 shares in issue.


Capital gain per share is calculated by dividing the net capital gain available
for shareholders of £20,971,000 (six months ended 30 September 2002: loss
£20,449,000, year ended 31 March 2003: loss £24,256,000) by the 24,000,000
shares in issue.


2.        Comparative information

The figures and the financial information for the year ended 31 March 2003 are
an extract from the latest published accounts and do not constitute statutory
accounts for that year as defined by Section 240 of the Companies Act 1985.
Those accounts have been delivered to the Registrar of Companies and include a
report of the Auditors, which was unqualified and did not contain a statement
under either Section 237(2) or 237(3) of the Companies Act 1985.


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


4.        The Interim Report has been prepared using accounting policies that
are consistent with those adopted in the statutory accounts for the year ended
31 March 2003.





Hansa Capital Limited - Company Secretary

27 November 2003






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