Annual Results 2001

Investment Company PLC
8 June 2001


The Investment Company plc

Results for the year ended 31 March 2001

                                                       Year to       Year to
                                                      31-Mar-01     31-Mar-00
                                                          £             £
Total income                                          1,303,145     1,546,100
Expenses                                                408,878       345,681
Net revenue, before taxation                            894,267     1,200,419
Taxation recoverable                                     45,890        79,714
Net revenue, after taxation                             940,157     1,280,133

Dividends Participating Pref.                           604,596       858,407
          Ordinary                                      279,859       237,880
Transfer to reserves                                     55,702       183,846

Earnings per ordinary share after
preference dividend                                       11.99p        15.07p

NAV per ordinary share                                   302.57p       342.46p


Statement of total recognised gains and losses

Distributable profits:-
Net revenue, after taxation                              940,157    1,280,133

Non-distributable profits:-
Net profit on disposal of investments                    659,892    1,267,128
Tax on capital gains                                    (102,291)    (204,002)
Mvt on unrealised appreciation of investments         (1,710,293)  (1,060,442)
                                                      (1,152,692)       2,684

Total recognised gains                                  (212,535)    1,282,817


The Directors of The Investment Company plc announce Net Revenue after
Taxation for the year ended 31 March 2001 of £940,157 (£1,280,133).  Dividends
paid and proposed in respect of the year total £884,455 (£1,096,287) leaving
retained earnings transferred to Reserves of £55,702 (£183,846).

The Directors are recommending a Final Dividend on the Ordinary Shares of 6.0p
(6.0p) making a total for the year of 10p (8.5p).   It is intended that the
Final Dividend will be paid on 10 August 2001 to Ordinary shareholders on the
register on 13 July 2001.

Arising from the increased Ordinary dividend, the Participating Preference
shareholders will be entitled to a total participation of 2p per share payable
on 1 October 2001 with the basic half-yearly dividend of 3.5p per share.  This
will make a total annual payment of 9p per Participating Preference Share
(8.625p).

The Net Asset Value per Ordinary share at 31 March 2001 was 302.57p, compared
with 342.46p at 31 March 2000.

The Board comments that the buy-in of 3,890,602 of the Company's participating
preference shares in April 2000 has inevitably resulted in lower income from
the smaller portfolio of investments, but has at the same time permitted a
further increase in the dividend payable on the ordinary shares.  The decline
in earnings per ordinary share also results from the absence of any deemed
income distributions such as had been enjoyed in all recent previous periods. 
However the annual dividend is still comfortably covered by earnings.

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

Registered No. 4205 England                           8 June 2001