Interim Results

Hansa Trust PLC
25 November 2004

                                 HANSA TRUST PLC
                      Announcement of Interim Results for
                       six months ended 30 September 2004



Hansa Trust PLC today announces its interim results for six months ended 30
September 2004.



Financial Highlights




Financial Highlights                                                   Six months ended         Year ended
                                                                      30 September 2004      31 March 2004
                                                                            (unaudited)          (audited)

Capital return per share                                                          40.8p             156.2p
Revenue return per share - (before dividends)                                      8.3p               6.2p
Total return per share                                                            49.1p             162.4p

Net asset value per share                                                        472.4p             426.8p
Dividend per share for the period                                                  3.5p               6.0p

Total income (£000's)                                                             2,543              2,751
Revenue before taxation (£000's)                                                  1,981              1,489


•        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



Half Year Results: NAV + 11.5% to 475.9p

I am pleased to be able to report that the net asset value rose (before the
payment of the 3.5p interim dividend) by 11.5% to 475.9 per Ordinary and 'A'
Ordinary share during the first half of the current year.  That result compares
with a rise in our benchmark of 3.3% - it being the average three year rolling
rate of return of 5 year Government bond with interest being reinvested
semi-annually plus two percent.  While our goal is to make money for a
shareholder - which is the reason we have a real rate of return benchmark - the
Board of Directors do monitor the performance against that of the market as a
whole (the FTSE All-Share Index) and against our peer group investment trust
companies.



Share Price: Ord + 16.1%; A Ord +17.0%

The share price did even better than the net asset value, rising in the case of
the Ordinary shares by 16.1% to 406.5p and of the 'A' Ordinary shares by 17.0%
to 405.5p.  We have recently embarked upon rather more shareholder and investor
PR in an effort to reduce the discount at which the shares sell to their
underlying net asset value, believing that the long term record - the net asset
value (Total Return) has risen by 55.6% over the last five years - merits a
better rating than we have had in the past.  The discounts have narrowed since
the end of our last year and stood at 13.9% and 14.2% respectively at the end of
September.





Interim Dividend: 3.50p per share; + 94%

The Board of Directors has declared an interim dividend of 3.50p per share which
compares with 1.80p paid this time last year - an increase of 94%.  We have
enjoyed a substantial increase in the dividend income received from the
portfolio of investments, £2,543,000 v £1,578,000, due in part to a general
increase in dividend payments and in part to investing in some higher yielding
securities, notably our holdings in utility companies.





Portfolio Activity:

The review of our investments which John Alexander has written provides a
thorough account of portfolio activity and performance during the period.  The
rise of 49.1p in the net asset value is largely accounted for by our investments
in the oil and energy sectors and in our holding in Glenmorangie.  We made one
new investment of consequence, investing £4 million in the newly formed
Resolution Life Group, thereby bringing the total we have invested in unlisted
securities to 8.2%.  Part of our portfolio strategy is to make investments that
are not readily available for the average investor and thereby make rather
better returns than we otherwise might.





Outlook:

The prospects for the stock market as a whole remain much as they have for some
time - good for the shares of some companies and less so for others.  The UK
economy performs remarkably well given all that is being thrown at it - a
mountain of repressive regulation, stealth taxes, higher interest rates, higher
oil, energy and other input prices, pension problems - the list seems endless.
It is a testament to the strength of the UK corporate sector but it is
concerning because these issues must eventually have a noticeable effect on the
economy in general and on domestic profits in particular.  Much of the profits
of UK listed companies is earned overseas and, although they are subject to the
vagaries of exchange rates, they afford some protection against the margin
pressures at home.



The two drivers of the world economy, which is of great importance to British
companies, are the consumers of America and the manufacturers in China, which
may be slowing a bit but as yet there is no sense that it will have any serious
economic consequences.  The effect of the very large increases in the prices of
oil and other commodities and materials is as yet uncertain - it may be
inflationary (if the central banks allow it to be) or, like tax increases, it
may prove to be deflationary.  Whatever the shorter-term effect, it would seem
that a slowdown must follow. Such an outlook could result in lower P.E. ratings
and would not suggest a return to extended bull markets.



In the longer term, the higher price of oil and other commodities should result
in an increase in their supply and some conservation in their uses -
particularly for oil in the United States.  That would be good for the global
economy, especially given the growing demands from China.  Meanwhile we continue
to look for and find attractive investments to make money for shareholders; it
is not easy and we have to be thorough and careful in selecting investments but
that is what we are here for.



Alex Hammond-Chambers
Chairman
25 November 2004


HANSA TRUST PLC
CONSOLIDATED STATEMENT OF TOTAL RETURN
Incorporating the revenue account for the six months ended 30 September 2004




                                (Unaudited)                   (Unaudited)                       (Audited)
                           Six months ended              Six months ended                      Year ended
                          30 September 2004             30 September 2003                   31 March 2004
                    Revenue   Capital   Total    Revenue   Capital    Total    Revenue    Capital    Total

                     £000       £000     £000     £000      £000      £000       £000      £000       £000

Gains on
investments                 -    9,803    9,803         -    20,971    20,971          -    37,493     37,493
                            
Exchange losses
on currency
balances                    -        -        -         -         -         -          -       (6)        (6)

                            
Income                  2,543        -    2,543     1,578         -     1,578      2,751         -      2,751
Investment
management fees         (350)        -    (350)     (274)         -     (274)      (573)         -      (573)
Other expenses          (208)        -    (208)     (241)         -     (241)      (520)         -      (520)
Net return before
finance costs and
taxation                1,985    9,803   11,788     1,063    20,971    22,034      1,658    37,487     39,145
Interest payable
and similar
charges                   (4)    -          (4)     (130)         -     (130)      (169)         -      (169)

Return on
ordinary
activities before
taxation                1,981    9,803   11,784       933    20,971    21,904      1,489    37,487     38,976
                        
Taxation on
ordinary
activities                  -        -        -         -         -         -          -         -          -
Return on
ordinary
activities after
taxation                1,981    9,803   11,784       933    20,971    21,904      1,489    37,487     38,976
Dividend on
Ordinary and 'A'
Ordinary shares         (840)        -    (840)     (432)         -     (432)    (1,440)         -    (1,440)

Transfer to
reserves                1,141    9,803   10,944       501    20,971    21,472         49    37,487     37,536
                        
Return per
Ordinary and 'A'
Ordinary share
before taxation          8.3p    40.8p    49.1p      3.9p     87.4p     91.3p       6.2p    156.2p     162.4p


                         

HANSA TRUST PLC

CONSOLIDATED BALANCE SHEET
As at 30 September 2004
                                             (Unaudited)                (Unaudited)                 (Audited)
                                            30 September               30 September                  31 March
                                                    2004                       2003                      2004
                                                    £000                       £000                      £000

Fixed assets - investments                       112,347                     92,890                   105,551


Current assets
Debtors                                            3,826                         44                       212
Investments                                           92                        247                       123
Cash at bank                                          32                         87                        57
                                                   3,950                        378                       392

Creditors

Amounts falling due within one year              (2,913)                    (6,892)                   (3,503)

Net current asset /(liabilities)                   1,037                    (6,514)                   (3,111)

Net Assets                                       113,384                     86,376                   102,440


Capital and reserves

Called up share capital                            1,200                      1,200                     1,200
Capital reserve - realised                        90,665                     76,124                    77,342
Capital reserve - unrealised                      18,543                      6,765                    22,063
Revenue reserve                                    2,976                      2,287                     1,835
Total shareholders' funds                        113,384                     86,376                   102,440


Net asset value per Ordinary and 'A'
Ordinary shares                                   472.4p                     359.9p                    426.8p
                                                  



HANSA TRUST PLC

CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 30 September 2004
                                                         (Unaudited)            (Unaudited)         (Audited)
                                                    Six months ended       Six months ended        Year ended
                                                        30 September           30 September          31 March
                                                                2004                   2003              2004
                                                                £000                   £000              £000

Net cash inflow from operating activities                      1,632                  1,012             1,631

Service of finance
Interest paid                                                    (4)                  (131)             (171)

Net cash outflow from servicing of finance                       (4)                  (131)             (171)

Taxation                                                           -                      -                 -
Taxation recovered

Financial investments
Purchases of investments                                    (20,246)               (18,338)          (31,079)
Sales of investments                                          20,076                 20,786            36,121
Net cash (outflow)/inflow from financial                       (170)                  2,448             5,042
investment


Equity dividends paid                                        (1,008)                  (528)             (960)


Financing
Repayments of loans                                            (475)                (2,765)           (5,530)

(Decrease)/increase in cash                                     (25)                     36                12




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 £1,981,000, (six months ended 30 September 2003: £933,000, year
ended 31 March 2004: £1,489,000) by the 24,000,000 shares in issue.

Capital return per share is calculated by dividing the net capital return
available for shareholders of £9,803,000 (six months ended 30 September 2003:
£20,971,000, year ended 31 March 2004: £37,487,000) by the 24,000,000 shares in
issue.



2.        Comparative information

The figures and the financial information for the year ended 31 March 2004 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 2004.


Hansa Capital Limited - Company Secretary
25 November 2004


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