Interim Results

HIGHCROFT INVESTMENT TRUST PLC
26 August 1999


Highcroft Investment Trust PLC

At  a  Board meeting held today, the following announcement of interim results
(unaudited)  for the half year ended 30 June 1999 and an interim dividend  for
the  year ended 31 December 1999 were respectively approved and declared.  The
interim  report for the half year is to be sent to shareholders and will  also
be  available to the public at the company's registered office, the address of
which is Lamarsh Road, Botley Road, Oxford, OX2 0HZ.


                                           First Half  First Half    Full Year
                                                 1999        1998         1998
                                                 £000        £000         £000
Income from fixed asset investments and                                       
other interest receivable
From properties                                   515         567        1,129
From investments                                  277         212          460
                                                 ----        ----       ------
                                                  792         779        1,589
Administrative expenses                                                       
Purchase of own shares                             34          --           48
Other                                              92          89          162
                                                 ----        ----        -----
Operating profit                                  666         690        1,379
                                                                              
Gains on disposals of assets                      349         228          547
                                                -----       -----        -----
Profit on ordinary activities before                                          
taxation                                        1,015         918        1,926
                                                                              
Taxation                                          431         277          641
                                                 ----        ----        -----
Profit for the financial period                   584         641        1,285
                                                                              
Gains on diposals of assets after                                             
taxation taken to realised capital                                            
reserve                                          (93)       (141)        (300)
                                                -----      ------        -----
Profit available for distribution                 491         500          985
                                                                              
Dividends                                         144         136          386
1998 dividend not paid                           (12)          --           --
                                                -----       -----        -----
                                                                              
Profit retained                                   359         364          599
                                                -----       -----        -----
                                                                              
Earnings per share                                                            
Including gains on disposals of assets          11.1p       11.8p        23.7p
Excluding expenses of purchase of own                                         
shares                                          11.8p       11.8p        24.6p
Excluding gains on disposals of assets           9.3p        9.2p        18.1p


The  Board has declared an interim ordinary dividend of 2.75p per share (1998:
2.5p  per  share) payable on 29 October 1999 to shareholders registered  on  1
October 1999.

Property

In accordance with previous years, no evaluation of the Group's properties was
carried out at the half year.  The Directors consider the portfolio will  show
a  small  increase in capital valuation during the period, on a like for  like
basis.   We  have  continued the sale of less desirable properties,  and  have
nearly  completed  the  construction of a distribution centre  at  Kidlington,
Oxon, for the Post Office which will produce rent from the end of August.   In
July, we purchased an office building in Bristol which will yield a gross rent
of £204,000 per annum.

Investments

Valuations of investments listed on Stock Exchanges have been as follows:

                                                       Cost       Market Value
31 December 1997                                      3,129              9,172
30 June 1998                                          3,281             10,307
31 December 1998                                      3,228              9,786
30 June 1999                                          3,550             10,520


There  has  been  a further satisfactory advance in values, aided  by  buoyant
market  conditions in the first six months.  Some capital has  been  withdrawn
from  investments as a result of the takeover of M&G by Prudential  for  cash.
This is reflected in the gains on disposals and also in the tax charge.




Enquiries:
Jonathan Kingerlee       01865 791700
David Kingerlee          01865 791700