Final Results - Replacement

Fleming Mercantile Inv Trust PLC
10 April 2003

The following replaces the 'Final Results' announcement released on 7th April
2003 at 18:02 hrs under RNS: 7485J

Unaudited figures were not included in this announcement.

All other details remain unchanged.  The full amended text appears below.





                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT



10th April 2003

The Board of the Company today announces the preliminary results of the Company
for the year ended 31st January 2003 as follows.



Performance

This has been another difficult year for investors, with the UK equity market
suffering its largest fall since 1974. It is nevertheless disappointing to
report that the Company's total return with net income reinvested was -30.2%.
This compares with a return of -29.1% on the same basis from the Company's
benchmark index, the FTSE All-Share (excluding FTSE 100 constituents and
investment trusts).

Our cash/gearing was a major factor for this underperformance, negatively
impacting on the Company's performance by 3.4%. On an underlying basis, the
portfolio outperformed the benchmark by 2.3%.  The total return to shareholders
was -25.3%, as the share price discount to net asset value fell from 12.1% to
6.4%.



Earnings and Dividends

Earnings per ordinary share decreased by 14.8% for the year. This was largely a
result of a reduction in income from investments, as many companies responded to
the difficult market conditions by reducing or, in some instances, even
suspending their dividend payments.

As indicated in last year's Annual Report, in order to equalise the dividends
more evenly during the year the first three interim dividends were each
increased to 4.00p per ordinary share.

The Directors have declared a fourth quarterly dividend of 6.00p which together
with the three quarterly dividends already paid gives a total dividend for the
year of 18.00p per ordinary share. This represents an increase of 2.9% over the
last year's dividends.

Viscount Younger of Leckie

It is with great sadness that I have to report the death of Viscount Younger of
Leckie, a Director of the Company from 1994 until as recently as December 2002.
His insight and knowledge will be much missed by his colleagues on the Board.

Share repurchases

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase the Company's shares for cancellation. Although no such
repurchases have taken place, due to the further narrowing of the discount and
the portfolio's underlying outperformance of its benchmark, the Directors
continue to believe that a strategy to reduce discount volatility of the
Company's shares is important and are therefore proposing that the authority be
renewed at the forthcoming Annual General Meeting.

Outlook

Despite the difficult global outlook, the UK economy, to which the fortunes of
our universe of companies are closely linked, remains in good shape. Moreover,
the underlying portfolio's prospective yield of 4.6% is attractive.

The Board believes that the investment managers' emphasis on stock selection
within a diversified portfolio leaves the Company well placed to take advantage
of an equity market rally.



Simon Keswick

Chairman



Please note that the above statements may differ from the final version
published in the annual report and accounts.



For further information, please contact:



Richard Lewis

For and on behalf of

J.P. Morgan Fleming Asset Management (UK) Limited

020 7742 3477





The Fleming Mercantile Investment Trust plc

Unaudited figures for the year ended 31 January 2003



Statement of Total Return (Unaudited)


                                              Year ended 31 January 2003             Year ended 31 January 2002

                                              Revenue     Capital       Total    Revenue     Capital       Total

                                                £'000       £'000       £'000      £'000       £'000       £'000


Net realised losses on investments                  -    (62,116)    (62,116)          -    (51,459)    (51,459)
Net change in unrealised depreciation               -   (214,900)   (214,900)          -    (95,425)    (95,425)
Currency losses on cash and short term                       (49)        (49)          -           -           -
deposits held during the year
Other capital charges                               -        (17)        (17)          -        (38)        (38)
Income from investments                        29,533           -      29,533     33,228           -      33,228
Other Income                                    5,051           -       5,051      6,207           -       6,207
                                              _______    ________     _______    _______    ________     _______

Gross return                                   34,584   (277,082)   (242,498)     39,435   (146,922)   (107,487)



Management fee                                (2,358)     (2,358)     (4,716)    (2,704)     (2,704)     (5,408)
Other administrative expenses                   (635)           -       (635)      (569)           -       (569)
Interest payable                              (6,541)     (6,541)    (13,082)    (6,800)     (6,800)    (13,600)

                                              _______     _______     _______    _______     _______     _______

Return before taxation                         25,050   (285,981)   (260,931)     29,362   (156,426)   (127,064)

Taxation                                        (881)         881           -      (998)         997         (1)

                                               ______     _______     _______     ______     _______     _______

Total return attributable to ordinary          24,169   (285,100)   (260,931)     28,364   (155,429)   (127,065)
shareholders



Dividends on ordinary shares



Dividends paid                               (10,866)           -    (10,866)    (9,508)           -     (9,508)

Dividends payable                            (13,583)           -    (13,583)   (14,262)           -    (14,262)

                                               ______     _______     _______     ______     _______     _______

Transfer (from)/to reserves                     (280)   (285,100)   (285,380)      4,594   (155,429)   (150,835)


Return per ordinary share                      17.79p   (209.90)p   (192.11)p     20.88p   (114.43)p    (93.55)p



Dividends per ordinary share                   18.00p                             17.50p




The Fleming Mercantile Investment  Trust plc

Unaudited figures for the year ended 31 January 2003


BALANCE SHEET                                                                  31 January       31 January
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                          667,922          959,530


Net current assets                                                                123,611          117,286

Creditors: amounts falling due after one year                                   (201,233)        (201,136)
                                                                                  _______          _______
Total net assets                                                                  590,300          875,680
                                                                                    =====            =====
Net asset value per ordinary share                                                 434.6p           644.7p

CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                          29,198           34,092

Net cash outflow from returns on investments and servicing of
finance                                                                          (12,996)         (12,199)

Net cash inflow from capital expenditure and financial investment                  21,163           62,231

Total equity dividends paid                                                      (25,128)         (21,461)


Net cash inflow from financing                                                          -           49,229
                                                                                  _______          _______
Increase in cash for the year                                                      12,237          111,892
                                                                                    =====             ====





The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985 and is prepared on the same
basis as the comparative year. The comparative financial information is based on
the statutory accounts for the year ended 31st January 2002. These accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

10th April 2003






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