Interim Results

Majedie Investments PLC
20 May 2002



MAJEDIE INVESTMENTS PLC
20 May 2002



                                INTERIM RESULTS
                     for the six months ended 31 March 2002



Financial Highlights

- net assets per share increased by  12.4% to 349.3p
- earnings per share increased by  30.6% to 4.48p
- interim dividend increased by  3.2% to 3.2p


Performance

- net asset value total return of  13.8%
- share price total return of  19.8%
- benchmark total return of  11.8%


The markets during the interim financial period have been very volatile in the
aftermath of 11 September.  Over this period the world's central bankers, led by
the Federal Reserve, cut interest rates aggressively.  The US government also
launched a $170bn stimulus package amounting to 1% of GDP.  Over the last three
months, as a result of these actions, there has been a consistent flow of
positive economic news both in the US and Europe.  This has sent into retreat
those originally forecasting a massive recession.


Interim Dividend

The interim distribution will increase to 3.2p per share compared with last
year's 3.1p - an increase of 3.2%.  It will be paid on 5 July 2002 to
shareholders on the register at the close of business on 7 June 2002.


Performance

Over the interim period Majedie's net asset value total return outperformed the
benchmark by 2.0%, rising 13.8% against the benchmark rise of 11.8%.  The
portfolio particularly benefited from its heavy weightings in oils, banks,
insurance, engineering, construction, and mining, which gave exposure to the
falling interest rate environment. Elsewhere, the portfolio's significant
underweightings in technology, telecoms and media worldwide continued to be
helpful.


Portfolio

There have been some strong share price movements in recent months providing
good evidence of market recovery.  As a result some of our holdings in cyclical
stocks have been reduced, particularly in the engineering and industrials
sectors both in the UK and the US.  The capital raised has been reinvested in
more defensive high yielding stocks in a number of areas including food
manufacturing through Tate & Lyle, and utilities such as Severn Trent Water and
Scottish & Southern Energy.  Since we believe that interest rates will remain
low for some time the weighting in UK banks has been increased via an investment
in Abbey National. Our holdings in construction stocks have also been increased
as the sector stands on a low rating and high yield and has solid prospects.  At
31 March 2002 the portfolio was overweight in the UK, and Far East (excluding
Japan), market weighted in the US, underweight in Europe, and zero weighted in
Japan.


Share Repurchases

During the second quarter of this financial year the Company repurchased a total
of 90,000 Majedie shares at a cost of £253,000.  This action resulted in an
enhancement to net asset value albeit to a modest extent.  The directors believe
that the use of buyback powers in this way is in the interests of shareholders.


Outlook

All the OECD's lead indicators now point to a reasonable recovery beyond the
initial phase of inventory rebuilding.  The downward trend in interest rates has
probably ended, but the danger of choking off economic recovery by raising rates
too soon is well understood by central bankers. Consequently, if there is any
upward movement later in the year it is likely to be marginal.  Inflation is low
and is not expected to rise significantly.  Therefore, despite the recent strong
rise in the oil price, the outlook for major economies remains for growth to
return to its trend of 2-3% towards the end of the year and into 2003.



Henry S Barlow  Chairman
20 May 2002



For further information please contact Robert Clarke on 020 7626 1243;
E-mail: [e-mail]



UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RETURN
for the half year ended 31 March 2002




           Notes         Half year ended 31 March   Half year ended 31 March     Year ended 30 September 
                                     2002                      2001                       2001

                        Revenue  Capital     Total  Revenue   Capital    Total  Revenue   Capital     Total
                           £000     £000      £000     £000      £000     £000     £000      £000      £000

Total capital
gain/(loss) on
investments                      21,291     21,291           (37,327)  (37,327)          (68,122)   (68,122)

Dividends and            3,274               3,274    2,696              2,696    5,937               5,937
interest

Other income                18                  18       26                 26       41                  41


Gross revenue and
capital gain/
(loss)                   3,292   21,291     24,583    2,722  (37,327)  (34,605)   5,978   (68,122)  (62,144)

Administrative
expenses                  (481)    (577)    (1,058)    (385)    (549)     (934)    (800)   (1,120)   (1,920)

Return on
ordinary
activities before
finance costs and
taxation                 2,811   20,714     23,525    2,337   (37,876)  (35,539)   5,178   (69,242)  (64,064)

Finance costs             (406)  (1,218)    (1,624)    (406)   (1,217)   (1,623)    (812)   (2,435)   (3,247)


Return on
ordinary
activities before
taxation                 2,405   19,496     21,901    1,931   (39,093)  (37,162)   4,366   (71,677)  (67,311)

Taxation on
ordinary
activities                 (55)                (55)    (122)       81       (41)    (297)      200       (97)

Return on
ordinary
activities after
taxation
attributable to
equity                   2,350   19,496     21,846    1,809   (39,012)  (37,203)   4,069   (71,477)  (67,408)
shareholders

Dividends

Interim ordinary
3.2p (2001: 3.1p)   2   (1,668)             (1,668)  (1,629)             (1,629)  (1,629)             (1,629)

Final ordinary of                                                                 (2,523)             (2,523)
4.8p

Transfer to/
(from) reserves            682   19,496     20,178      180   (39,012)  (38,832)     (83)  (71,477)  (71,560)


Basic return per
ordinary share      3     4.48p   37.03p     41.51p    3.43p  (73.99p)  (70.56p)    7.73p (135.80p) (128.07p)




The revenue column of this statement is the consolidated profit and loss account
of the Group.

The results for the first six months should not be taken as a guide to the
results for the full year.

All revenue and capital items in the above statement derive from continuing
operations.

These accounts have been prepared using accounting standards and policies
adopted at the year end with the exception of taxation. See note 1.




UNAUDITED SUMMARISED CONSOLIDATED BALANCE SHEET
at 31 March 2002


                              Notes              31 March 2002        31 March 2001        30 September 2001
                                                          £000                 £000                     £000

Tangible fixed assets                                      77                  105                       86
Fixed asset investments            4                  222,068              233,605                  196,550
Cash at bank and on deposit                             2,236                4,309                    7,680
Dividends                                              (1,675)              (1,629)                  (2,523)
Other assets and liabilities                              292                 (600)                   1,274
Debenture stock                                       (39,364)             (39,353)                 (39,358)

Total net assets                                      183,634              196,437                  163,709



Called up share capital                                 5,263                5,272                    5,272
Share premium account                                     785                  785                      785
Capital reserve - realised                            104,228              106,158                  103,364
Capital reserve - unrealised                           47,241               58,280                   28,609
Capital redemption reserve                                 46                   37                       37
Revenue reserve                    5                   26,071               25,905                   25,642

Shareholders funds                                    183,634              196,437                  163,709


Net asset value per share          6                    349.3p               372.8p                   310.7p
Market price                                            285.5p               310.0p                   242.5p







SUMMARISED UNAUDITED CONSOLIDATED
CASH FLOW STATEMENT

                                                        31 March         31 March          30 September
                                                            2002             2001                  2001
                                                            £000             £000                  £000

Net cash inflow from operating activities                  1,516             814                 3,501


Servicing of finance
Interest paid                                            (1,619)          (2,582)               (4,580)
Debenture issue costs                                                         (2)                   (3)

Net cash outflow from servicing of finance               (1,619)          (2,584)               (4,583)


Taxation

Tax recovered/(paid)                                         50              (39)                   48

Capital expenditure and financial investment
Purchases of investments                                (35,288)         (31,395)              (77,341)
Sales of investments                                     32,682           37,074                87,254
Purchases of tangible assets                                (16)             (20)                  (29)
Sales of tangible assets                                                      22                    22

Net cash (outflow)/inflow from capital
expenditure and financial investment                     (2,622)           5,681                 9,906

Equity dividends paid                                    (2,516)          (2,399)               (4,028)


Cash (outflow)/inflow before financing                   (5,191)           1,473                 4,844

Financing
Ordinary shares purchased and cancelled                    (253)


Net cash outflow from financing                            (253)


(Decrease)/increase in cash in the period                (5,444)           1,473                 4,844




NOTES


1            Taxation


On 1 October 2001 the Company changed its method of allocation of tax relief on
expenses charged to Capital Reserve from the proportional method to the marginal
method. This is in line with the expected guidance to be given in the revised
Statement of Recommended Practice ('SORP') which is due to be issued later this
year. The change in method results in no tax relief to Capital Reserve as there
are adequate revenue expenses to cover taxable income.


2            Dividends


Following the granting of further share options to directors and employees on 23
November 2001 under the discretionary share option scheme, the Company's
employee incentive trust acquired 132,258 shares in the Company on 27 November
2001. The total holding of the trust is now 301,409 ordinary shares, of which
272,028 ordinary shares are held by the trust under option and 29,381 ordinary
shares are held by the trust to cover future liabilities in respect of National
Insurance Contributions. The shares will be held by the trust until the relevant
options are exercised and are included on the balance sheet as an asset of the
Company.  The trust has waived its rights to receive dividends from the Company
and therefore the total interim dividend included in the Statement of Total
Return has been reduced accordingly.



3            Calculation of Returns per Ordinary Share


Basic returns per ordinary share in each period are based on the return on
ordinary activities after taxation attributable to equity shareholders excluding
any increase or decrease in unrealised appreciation in respect of own shares
held in the employee incentive trust referred to above.  Basic return per
ordinary share is based on 52,455,243 shares, being the weighted average number
of shares in issue having adjusted for the shares held by the employee incentive
trust referred to above (half year ended 31 March 2001: 52,718,141 shares; year
ended 30 September 2001: 52,634,266).


No diluted return per ordinary share is shown for the half year to 31 March 2002
or for the comparative periods since the share options referred to above would,
if exercised, be satisfied by the shares already held by the employee incentive
trust.



4            Fixed Asset Investments

Fixed asset investments are stated at market value except for the own shares
held in the employee incentive trust as referred to in note 2. The shares held
by the trust under option are stated at the lower of market value and exercise
price and the shares held to cover future liabilities in respect of National
Insurance Contributions are stated at market value. The value of these shares
included within the fixed asset investments amounts to £858,000 (half year ended
31 March 2001: £524,000; year ended 30 September 2001: £410,000).



5            Share Buybacks


During the period a total of 90,000 ordinary shares have been purchased by the
Company for cancellation. There are now 52,630,000 ordinary shares in issue. The
cost of these share repurchases of £253,000 has been accounted for through the
Revenue Reserve.



6            Net Asset Value per Ordinary Share

The net asset value per share has been calculated in accordance with the
principles of Financial Reporting Standard No 14: Earnings per share, i.e after
deducting the carrying value of the shares held by the employee incentive trust
from net assets and the number of shares in question from the shares held at the
period end.



7            Financial Information for the year ended 30 September 2001



The figures and the financial information for the year ended 30 September 2001
have been compiled from an extract of the latest published accounts and do not
constitute the statutory accounts for the year. Those accounts have been
delivered to the Registrar of Companies and included the report of the auditors
which was unqualified and did not contain a statement under either Section 237
(2) or Section 237(3) of the Companies Act 1985.



INTERIM REPORT

The Interim Report will be sent to shareholders on 31 May 2002 from which time
copies will be available to the public at the Company's registered office: 1
Minster Court, Mincing Lane, London EC3R 7ZZ.



DIVIDEND

The dividend of 3.2p per share will be paid on 5 July 2002 to shareholders on
the register at the close of business on 7 June 2002.



NOTES FOR EDITORS

Majedie Investments PLC is an investment trust with total assets under
management of over £220 million. The Company's objective is to maximise total
shareholder return over the long term whilst increasing dividends by more than
the rate of inflation. The Company's benchmark is 70% FTSE All-Share Index and
30% FTSE World ex UK Index (sterling) on a total return basis.



The Majedie Share Plan is a straightforward and low cost way of investing in
Majedie shares with a minimum lump sum of £250, or on a regular monthly basis
with £25 or more. The Majedie Corporate ISA provides a tax efficient way of
investing or saving in Majedie shares at extremely low cost. There is no initial
or annual management fee. Both maxi and mini ISAs are available with a minimum
lump sum investment of £500 or £50 per month for direct debit subscribers.



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