Interim Results

Liontrust Asset Management PLC
22 October 2003

Embargoed until 0700 hours, 22nd October 2003


                         LIONTRUST ASSET MANAGEMENT PLC

           Interim results for the six months to 30th September 2003

Half year core profits rose by 75% to £3.544 million whilst funds under
management rose by 59% to £4.083 billion with a further £579 million in
transition.

•      Core pre tax operating profits (excluding performance fees) increased by
       75% to £3.544 million from £2.031 million.
•      Core earnings per share up 92% at 9.66p.
•      Total pre tax operating profits rose by 31% to £3.56 million.
•      Total earnings per share improved by 50% to 9.70p.
•      Interim dividend of 1.5p per share (1p per share first half last year).

•      10 new institutional mandates won worth £751 million.
•      Net unit trust sales £210 million.
•      Funds under management (including £579 million in transition) rose by 42%
       since 31 March 2003 to £4.662 billion from £3.274 billion (including £705
       million in transition). The market rose by 17% over the period.  Actual 
       funds under management have risen 119% since 30 September 2002.

•      Funds under management on 21 October were £4.505 billion, with a further
       £508 million in transition.

Nigel Legge, Joint Chief Executive, commenting on these results, said

             'We have made steady progress again by concentrating on UK
equities, investment process, client relationships and our people.  The core
cost: income ratio falling to 65.6% from 68.8% last year reflects the benefits,
too, of controlling costs.

            We believe we can continue to make headway in what are generally
regarded as fast changing and difficult times for the fund management sector.'

Enquiries:

Nigel Legge, Joint Chief Executive  Liontrust Asset Management PLC 020 7412 1700

Richard Locke, Cazenove & Co. Ltd   020 7155 4706



Note to Editors

Figures for funds in transition relate to mandates that the Company has been
notified that it has been awarded, subject to contract.


LIONTRUST ASSET MANAGEMENT PLC

Chairman's Interim Statement

Thanks to a combination of strong inflows of new business and the 17% rise in
the FTSE All-Share Index, our funds under management increased by 59% to
£4.083bn from £2.569bn in the six months to 30 September 2003.  In addition we
had £579m of funds in transition at the end of the period compared with £705m at
the end of March.   On 21 October our funds under management stood at £4.505bn
with a further £508m in transition.  The average level of funds under management
over the period was £3.48bn compared to £1.93bn for the 6 months to September
2002.

As we have explained previously, our budgets and internal forecasts are based on
'core' profits, that is those excluding any contribution from performance
related fees which, by their nature, are likely to be erratic and unpredictable.
In the six months to 30 September core profits rose by 75% to £3.544m,
compared with £2.031m for the same period a year ago. Total operating profits,
that is those including profits from performance related fees, were £3.560m for
the period under review, up 31% from £2.709m last year.

Most of our performance related contracts fall due for calculation and payment
(if earned) in the second half of our financial year.  Relative performance of
our four investment processes has been varied. The Small Cap. and Value
investment processes have outperformed their benchmarks during 2003 while the
Large Cap. and Growth investment processes, as represented by the Large Cap. and
First Growth unit trusts, have underperformed theirs by 0.8% and 0.7%
respectively to the end of September.

Core earnings per share at 9.66p are up 92% on a year ago and total earnings per
share (including the contribution from performance related fees earned in the
period) rose 50% to 9.70p per share. These increases in earnings per share are
higher than the corresponding increases in pre-tax profits as a result of tax
reliefs that became due during the period. Core operating profits were
maintained at an annualised 0.20% of average funds under management in the
period.

Once again we have kept a tight control on our costs and as a result the cost:
income ratio on our core business has fallen to 65.6% from 68.8% at the same
time last year. Total compensation costs as a percentage of pre-compensation
profit are targeted to remain around 55% for this full year.

Your board has decided to declare an interim dividend of 1.5p per share compared
with 1.0p a year ago.  The dividend will be paid on 20 November to shareholders
on the register on 7 November.  Any special dividend based on performance
related earnings will be paid with the final dividend when the results for the
full year are available.

We have won ten institutional accounts during the period worth £751m. Net sales
of proprietary unit trusts have also been strong at £210m. The First Income unit
trust, based on our Value Dynamic investment process, has grown to over £500m.
Sales for our Intellectual Capital unit trust are also rising.

Once again, our recent experience has supported our view that the combination of
a simple business model, built around clearly articulated investment processes,
with few but able motivated people is a powerful formula for adding value.

We remain enthusiastic about our prospects.

Ellen Winser
Chairman
22 October 2003

LIONTRUST ASSET MANAGEMENT PLC

Consolidated Profit and Loss Account
Six months to 30th September 2003


                                                          6 months          6 months         12 months
                                                        to 30.9.03        to 30.9.02        to 31.3.03
                                                       (unaudited)       (unaudited)         (audited)
                                                Note         £'000             £'000             £'000

Turnover (Gross profit)                                     10,948             7,625            22,402
Staff costs                                                (4,966)           (3,191)          (10,390)
Exceptional staff costs                            2         (272)               174               121
Total staff costs                                          (5,238)           (3,017)          (10,269)
Other operating charges                                    (2,150)           (1,899)           (3,893)
Operating profit                                             3,560             2,709             8,240
Interest receivable                                            200               173               345
Profit on ordinary activities before                         3,760             2,882             8,585
taxation
Tax on profit on ordinary activities               3         (564)             (750)           (2,506)
Profit on ordinary activities after                          3,196             2,132             6,079
taxation
Dividends paid and proposed                                  (685)             (323)           (3,961)
Profit for the period transferred to                         2,511             1,809             2,118
reserves

                                                             pence             pence             pence
Basic earnings per share                           4          9.70              6.47             18.86
Basic earnings per share (adjusted)                4         10.40              6.10             18.59
Basic earnings per share (core)                    4          9.66              5.03             10.20
Diluted earnings per share                         4          9.40              6.21             18.16
Diluted earnings per share (adjusted)              4         10.08              5.35             17.91
Diluted earnings per share (core)                  4          9.35              4.83              9.82


                                                             6 months           6 months          12 months
                                                           to 30.9.03         to 30.9.02         to 31.3.03
                                                          (unaudited)        (unaudited)          (audited)
                                                                £'000              £'000              £'000

Core earnings                                                   3,544              2,031              4,254
Performance related earnings                                      288                504              3,865

                                                                3,832              2,535              8,119

Exceptional staff costs                                         (272)                174                121
Operating profit                                                3,560              2,709              8,240



LIONTRUST ASSET MANAGEMENT PLC

Consolidated Balance Sheet

At 30th September 2003


                                                      30.9.03                30.9.02             31.3.03
                                                  (unaudited)            (unaudited)           (audited)
                                                        £'000                  £'000               £'000

Fixed assets                                              329                    292                 286
Own shares held by the Liontrust Asset
Management Employee Trust                               5,034                  3,454               3,454
                                                        
                                                        5,363                  3,746               3,740
Current assets
    Short term investments                                183                     99                 174
    Debtors                                            15,827                  9,260              32,006
    Cash at bank and in hand                           11,595                  7,784               9,915
                                                       27,605                 17,143              42,095

Creditors - amounts falling due within one           (19,218)               (11,680)            (36,270)
year
Net current assets                                      8,387                  5,463               5,825
Total assets less current liabilities                  13,750                  9,209               9,565

Capital and reserves
Called up ordinary share capital                          349                    335                 335
Share premium account                                   8,373                  2,731               2,777
Profit and loss account                                 5,028                  6,143               6,453
Shareholders' funds (all equity interests)             13,750                  9,209               9,565




LIONTRUST ASSET MANAGEMENT PLC

Consolidated Cash Flow Statement

Six months to 30th September 2003


                                                           6 months           6 months          12 months
                                                         to 30.9.03         to 30.9.02         to 31.3.03
                                                        (unaudited)        (unaudited)          (audited)
                                                              £'000              £'000              £'000

Operating profit                                              3,560              2,709              8,240
Depreciation charges                                             49                 52                104
(Increase)/ decrease in short term investments                  (9)                 15               (60)
Decrease/ (increase) in debtors                              16,179              5,679           (17,067)
(Decrease)/ increase in creditors                          (13,173)            (4,344)             16,527
Net cash inflow from operating activities                     6,606              4,111              7,744

Net cash inflow from operating activities                     6,606              4,111              7,744
Returns on investment and servicing of finance                  200                173                345
Taxation                                                    (1,329)              (502)            (1,854)
Capital expenditure and financial investment                (1,672)            (3,488)            (3,534)
Equity dividends paid                                       (3,799)            (2,328)            (2,651)
                                                                  6            (2,034)                 50
Financing                                                     1,674                258                305
Increase/ (decrease) in cash                                  1,680            (1,776)                355




LIONTRUST ASSET MANAGEMENT PLC

Notes to the Financial Statements

1.                   Basis of preparation

The unaudited interim financial information, which has been approved by the
Board of Directors, has been prepared on the basis of the accounting policies
set out in the Group's accounts for the year ended 31st March 2003. The
financial information for the year ended 31st March 2003 has been abridged from
the financial statements which received an unqualified audit report and which
have been filed with the Registrar of Companies.

2.                  Exceptional staff costs

Exceptional staff costs are accrued in respect of the potential employer's
National Insurance liability on unapproved share options.

Exceptional staff costs:

                                                    30.9.03             30.9.02             31.3.03
                                                      £'000               £'000               £'000

Provision /(write back) for National
Insurance on unapproved share options                   272               (174)               (121)
                                                        
                                                        272               (174)               (121)

3.                  Taxation

The interim tax charge has been calculated at the estimated full year effective
corporation tax rate of 15% (2002: 30%).  This rate has been calculated taking
into account the corporation tax rate of 30% and relief arising from gains on
exercised share options.

LIONTRUST ASSET MANAGEMENT PLC

4.                  Earnings per share

The calculation of basic earnings per share is based on profit after taxation
and the weighted number of ordinary shares in issue for each period, excluding
the shares held by the Liontrust Asset Management Employee Trust. The weighted
average number of ordinary shares was 32,948,794 for the six months ended 30th
September 2003, 32,969,515 for the six months ended 30th September 2002 and
32,237,093 for the year ended 31st March 2003.

In accordance with the methodology set out in the Annual Report & Accounts we
have stated two further measures of basic earnings per share. The adjusted
figure is calculated after removing the exceptional item and associated tax
charge/ credit. The core figure is calculated after removing the exceptional
item, the performance related fees and costs and related tax charges. For the
six months to 30th September 2003 these are reconciled to the basic earnings per
share as follows:

                                                                       Earnings                  EPS
                                                                          £'000                pence

Basic earnings                                                            3,196                 9.70

Exceptional item less tax charge                                            231

Adjusted earnings                                                         3,427                10.40

Performance related fees and costs less tax charge                        (245)

Core earnings                                                             3,182                 9.66


The calculation of diluted earnings per share is based on profit after taxation
and the weighted average number of ordinary shares in issue for each period, as
above, adjusted for the effect of options to subscribe for shares that were in
existence at 30th September 2003. The adjusted weighted average number of
ordinary shares so calculated was 34,014,808 for the six months ended 30th
September 2003, 34,333,617 for the six months ended 30th September 2002 and
33,475,251 for the year ended 31st March 2003.

5.                  Dividends

The directors propose to pay an interim dividend in respect of the current
period of 1.5 pence per share (2002: 1.0 pence) payable on 20 November 2003 to
shareholders on the register at the close of business on 7 November 2003.




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