Annual Results 2000

Investment Company PLC
26 May 2000


Results for the year ended 31 March 2000
                                                       Year to       Year to
                                                      31-Mar-00     31-Mar-99
                                                          £             £
Total income                                          1,546,100     1,462,358
Expenses                                                345,681       348,933
Net revenue, before taxation                          1,200,419     1,113,425
Taxation recoverable                                     79,714       174,607
Net revenue, after taxation                           1,280,133     1,288,032

Dividends Participating Pref.                           858,407       831,156
          Ordinary                                      237,880       153,921
Transfer to reserves                                    183,846       302,955


Earnings per ordinary share after
preference dividend                                       15.07p        16.33p

NAV per ordinary share                                   342.46p       335.80p


Statement of total recognised gains and losses

Distributable profits:-
Net revenue, after taxation                            1,280,133    1,288,032

Non-distributable profits:-
Net profit on disposal of investments                  1,267,128    1,520,239
Tax on capital gains                                    (204,002)    (161,033)
Mvt on unrealised appreciation of investments         (1,060,442)     165,107
                                                           2,684    1,524,313

Total recognised gains                                 1,282,817    2,812,345


The Directors of The Investment Company plc announce Net Revenue after
Taxation for the year ended 31 March 2000 of £1,280,133 (£1,288,032). 
Dividends paid and proposed in respect of the year total £1,096,287 (£985,077)
leaving retained earnings transferred to Reserves of £183,846 (£302,955).

The Directors are recommending a Final Dividend on the Ordinary Shares of 6.0p
(3.5p) making a total for the year of 8.5p (5.5p).   It is intended that the
Final Dividend will be paid on 17 August 2000 to Ordinary shareholders on the
register on 21 July 2000.

Arising from the increased Ordinary dividend, the Participating Preference
shareholders will be entitled to a total participation of 1.625p per share
payable on 1 October 2000 with the basic half-yearly dividend of 3.5p per
share.  This will make a total annual payment of 8.625p per Participating
Preference Share (7.875p).

The Net Asset Value per Ordinary share at 31 March 2000 was 342.46p, compared
with 335.80p at 31 March 1999.

Registered Office:
18th Floor  Royex House
Aldermanbury Square                                     P F SIMMS
London EC2V 7HR                                          Chairman

Registered No. 4205 England                           26 May 2000