Interim Results

MERCURY GROSVENOR TRUST PLC
17 August 1999


                     MERCURY GROSVENOR TRUST plc
                                  
       Interim Results for the six months ended 30th June 1999

- Net asset value per share up 21% in the six months to 30th June
  1999 from 257.8p to 312.6p compared with a rise in the FTSE All-
  Share Index of 10% and in the FTSE SmallCap Index by 28%.
 
- Earnings per share 2.3p compared with 1.9p (restated) for the
  corresponding period last year.
 
- The Company's objective is to provide shareholders with long-
  term capital appreciation from investment in unquoted companies,
  primarily in the UK and Ireland.
 

                     MERCURY GROSVENOR TRUST plc

The Chairman, David Bucks, comments:

'I am pleased to report that following on from the difficult market
conditions reported at the Company's year end, the first six months
of the year have been more successful for the Company, with net
assets per share increasing by 21% from 257.8p to 312.6p.  This
performance compares with an equivalent increase of 10% in the FTSE
All-Share Index for the six months to 30th June 1999.  The FTSE
SmallCap Index rose by 28% over the same period.

'Earnings per share for the period were 2.3p compared with 1.9p for
the comparable period last year.

'To enable your Company to take advantage of investment
opportunities generated by the Investment Manager and to reduce the
need to keep unproductive cash balances, the Board is considering
putting in place a revolving credit facility in the course of the
second half year.

'Further, your Board considered it appropriate to change the
accounting policy of the Company to charge 75% of the management fee
and any interest on indebtedness to capital (which were previously
charged entirely to revenue).'

Commenting upon the outlook for the Company, Ian Armitage of Mercury
Private Equity, the Investment Manager, notes:

'We believe that the prospects for investment in management buy-outs
and fast-growth companies remain good though competition, as always,
is keen.

'We believe that some directors of public companies will
still choose to de-list their shares and go private.  Indeed, during
the first six months of this year there were 13 public-to-private
transactions.  We will continue to participate in this market over
the next year, concentrating on those companies where a change in
strategy can deliver attractive returns.

'We expect to conclude some trade sales, mergers and
recapitalisations over the forthcoming year and, in so doing, to
unlock significant capital gains.'


Consolidated revenue statement for the six months ended 30th June 1999

                             Six months   Six months   Year ended
                             ended 30th   ended 30th         31st
                                   June         June     December
                                   1999         1998         1998
                                  £'000        £'000        £'000
                             (unaudited)  (unaudited)    (audited)
                                           (restated)   (restated)
                           Note

Income                        5   1,056          878        2,495
Investment management fees    6    (169)        (147)        (327)
Other expenses                7    (124)        (102)        (234)
                               --------     --------     --------
Revenue on ordinary activities
 before taxation                    763          629        1,934
Taxation on ordinary activities    (169)        (141)        (575)
                               --------     --------     --------
Revenue on ordinary activities
 after taxation                     594          488        1,359
Dividend                      4       -            -       (1,284)
                               --------     --------     --------

Transfer to revenue reserves        594          488           75
                               ========     ========     ========


Statement of total return per ordinary share

                             Six months   Six months   Year ended
                                  ended        ended         31st
                              30th June    30th June     December
                                   1999         1998         1998
                             (unaudited)  (unaudited)    (audited)
                                           (restated)   (restated)

Earnings per ordinary share        2.29p        1.89p        5.24p

Capital return per ordinary share 52.51p       36.73p       (0.08)p
                                 ------      -------      -------
Total return per ordinary share   54.80p       38.62p        5.16p
                                 ======      =======      =======

Net Asset Value
                                  30th June   30th June   31st December
                                       1999        1998            1998
                                 (unaudited) (unaudited)       (audited)
                                              (restated)      (restated)

Net asset value per ordinary share    312.6p      296.2p          257.8p
                                   ========    ========        ========

Notes on the Interim Results

1. Principal activity

The principal activity of the Company remains that of an investment
company within the meaning of section 266 of the Companies Act 1985.

2. Basis of preparation

The interim financial statements have been prepared on the basis of
the accounting policies set out in the Company's financial
statements at 31st December 1998, subject to Note 3 below.  Income
and operating expenses have been accrued in accordance with the same
principles used in the preparation of the annual financial
statements.

3. Change of accounting policy

For the year ending 31st December 1999 the Company has changed the
basis of charging management fees and finance costs such that 75% of
these expenses are now charged to capital reserves, net of
corporation tax relief, following the Board's consideration of the
expected long-term split of returns between capital gains and
income.  The opening reserves at 1st January 1998 have not been
restated for the prior years' cumulative effect of these changes as,
in the opinion of the directors, it is impractical to do so.

This change has resulted in the revenue return on ordinary
activities after taxation for the six months to 30th June 1999
increasing by £363,000 (1998: £330,000) and for the year ended 31st
December 1998 increasing by £679,000.  Capital reserves have
decreased by corresponding amounts.  Earnings per share for the six
months to 30th June 1998 have been restated from 0.61p to 1.89p and
for the year ended 31st December 1998 from 2.62p to 5.24p.

4. Dividend

It is intended that dividends will be declared and paid annually in
respect of each accounting period.  A dividend of 4.95p per share,
declared as a final dividend, was paid on 30th April 1999 in respect
of the year ended 31st December 1998.

5. Income
                                     Six months   Six months   Year ended
                                          ended        ended         31st
                                      30th June    30th June     December
                                           1999         1998         1998
                                          £'000        £'000        £'000
                                     (unaudited)  (unaudited)    (audited)
                               __________________________________________

Income from investments:
Franked investment income                   316          324          537
UK unfranked investment income            1,283        1,110        2,284
Provision against UK unfranked investment
  income accrued in prior years            (575)      (1,015)      (1,015)
Stock dividend                                -            -           74
Overseas dividends                            -            -           23
Overseas interest                             -           27            -
                                          1,024          446        1,903
_________________________________________________________________________
Other income:
Deposit interest                             17          432          520
Other fees                                   15            -           72
_________________________________________________________________________
                                             32          432          592
_________________________________________________________________________
Total income                              1,056          878        2,495
_________________________________________________________________________

6. Investment management fees
                                                   Revenue
Capital
                 Six        Six                  Six        Six          
              months     months      Year     months     months      Year
               ended      ended     ended      ended      ended     ended
             30.6.99    30.6.98  31.12.98    30.6.99    30.6.98  31.12.98
               £'000      £'000     £'000      £'000      £'000     £'000
          (unaudited)(unaudited) (audited)(unaudited)(unaudited) (audited)
                      (restated)(restated)           (restated) (restated)
Investment                                                            
 management                                                           
 fees            144        125       278        432        375       835
Irrecoverable     25         22        49         76         65       146
 VAT
 thereon   ______________________________________________________________
                 169        147       327        508        440       981
           ______________________________________________________________

7. Other expenses
                             Six months     Six months     Year ended
                             ended 30th          ended  31st December
                              June 1999      30th June           1998
                                  £'000           1998          £'000
                            (unaudited)          £'000      (audited)
                                           (unaudited)
Custodian and                        52             44             77
administration fees
Other administration                 72             58            157
costs                       _________________________________________
                                    124            102            234
                            _________________________________________

8. Publication of non-statutory accounts

The financial information contained in this interim report does
not constitute statutory accounts as defined in section 240 of
the Companies Act 1985.  The financial information for the six
months ended 30th June 1999 and 30th June 1998 has not been
audited.

The information for the year ended 31st December 1998 has been
extracted from the latest published audited financial
statements, which have been filed with the Registrar of
Companies and restated to reflect the change in the accounting
policy.  The report of the auditors on those accounts contained
no qualification or statement under sections 237(2) or (3) of
the Companies Act 1985.

9. Year 2000

The systems which are used by the Company in the operation of
its business are under the control of its Investment Manager,
Mercury Asset Management Ltd ('Mercury'), or its custodian, RBS
Trust Bank Ltd ('RBSTB').  Both of these companies have
projects in place to review and, where necessary, amend their
systems to ensure Year 2000 compliance at their expense, with
no cost attributable to the Company.  The directors of the
Company have been informed that as at 30th June 1999, Year 2000
testing and implementation has been successfully completed for
all Mercury and RBSTB core business systems and infrastructure
on which the Company relies, adopting the British Standards
Institute's DISC PD2000-1 definition of millennium conformity.

The interim report is being posted to shareholders and copies will
be made available to the public at the registered office of the
Company.


17th August 1999
33 King William Street
London EC4R 9AS