Final Results

Mid Wynd Inter Inv Trust PLC
8 August 2000


Results for the year to 30 June 2000

8 August 2000

Salient points
 
* Net Asset Value per share increased 18.1% to 774.3p, compared with a rise
of 15.6% in the FTSE World Index in sterling terms. 
 
* A year of two halves, asset value per share rose by 17.0% to 767.6p in the
first six months and by only 0.9% in the six months to June 2000. 
 
* Excellent results in overseas markets. Key factors contributing to good
results were good stock selection in Europe and heavy weighting initially in
Japan. 
 
* Proposed final dividend is unchanged at 5.00p, following an unchanged
interim of 3.30p, providing 8.30p for the year. 
 
* Prospects for reasonable growth in the world economy, low inflation in the
UK and an end to rising short term interest rates in the US, should
constitute a favourable environment for stockmarkets.  
 
The objective of the Mid Wynd International Investment Trust PLC is to
achieve capital and income growth by investing on a world-wide basis. The
trust has total assets of £40.8m.
 
Mid Wynd is managed by Baillie Gifford & Co., the leading Edinburgh based
fund management group with £21 billion under management and advice.
 
 
For further information please contact:

Michael MacPhee, Manager     

Mid Wynd International Investment Trust PLC     0131 222 4000
 
Mike Lord, Director
Broadgate Marketing     020 7726 6111
 
 
Baillie Gifford & Co. is regulated by IMRO. 

MID WYND INTERNATIONAL INVESTMENT TRUST PLC

The following is the unaudited preliminary statement for the year to 30 June
2000 which was approved by the Board on 7 August 2000. The Directors of Mid
Wynd International Investment Trust PLC are recommending to the Annual
General Meeting of the Company to be held on 16 October 2000 the payment of a
final dividend of 5.00p net (5.00p net last year) per ordinary share, making
a total of 8.30p net (8.30p net last year) per ordinary share for the year
ended 30 June 2000.
 

STATEMENT OF TOTAL RETURN

(unaudited and incorporating the revenue account*) 
                                                                              
                                               For the year ended             
                                                  30 June 2000                
                                    Revenue               Capital    Total    
                                                                              
                                    £'000                 £'000      £'000    
                                                                              
  Gains on investments              -                     6,265      6,265    
  Currency losses                   -                     (243)      (243)    
  Income (note 1)                   804                   -          804      
  Investment management fee         (203)                 -          (203)    
  Other administrative expenses     (146)                 -          (146)    
  Net return before finance costs                                             
  and taxation                      455                   6,022      6,477    
  Finance costs of borrowings       (26)                  -          (26)     
  Return on ordinary activities                                               
  before taxation                   429                   6,022      6,451    
  Tax on ordinary activities        (77)                  -          (77)     
  Return on ordinary activities                                               
  after taxation                    352                   6,022      6,374    
                                                                              
  Dividends in respect of equity                                              
  shares (note 2)                   (417)                 -          (417)    
  Transfer (from)/to reserves       (65)                  6,022      5,957    
                                                                              
  Return per ordinary share         7.00p                 119.78p    126.78p  
  (note 3)                                                                    
                                                                              
  Dividend per ordinary share       8.30p                                     
 
 
 
STATEMENT OF TOTAL RETURN

(unaudited and incorporating the revenue account*) 
                                                                              
                                 For the year ended                           
                                    30 June 1999                              
                                 Revenue              Capital   Total         
                                 (restated)+                    (restated)+   
                                 £'000                £'000     £'000         
                                                                              
  Gains on investments           -                    3,148     3,148         
  Currency losses                -                    (264)     (264)         
  Income (note 1)                738                  -         738           
  Investment management fee      (159)                -         (159)         
  Other administrative expenses  (98)                 -         (98)          
  Net return before finance                                                   
  costs and taxation             481                  2,884     3,365         
  Finance costs of borrowings    (24)                 -         (24)          
  Return on ordinary                                                          
  activities before taxation     457                  2,884     3,341         
  Tax on ordinary activities     (75)                 -         (75)          
  Return on ordinary                                                          
  activities after taxation      382                  2,884     3,266         
                                                                              
  Dividends in respect of                                                     
  equity shares (note 2)         (417)                -         (417)         
  Transfer (from)/to reserves    (35)                 2,884     2,849         
                                                                              
  Return per ordinary share      7.60p                57.36p    64.96p        
  (note 3)                                                                    
                                                                              
  Dividend per ordinary share    8.30p                                        
 
* The revenue column of this statement is the profit and loss account of the
Company. 
All revenue and capital items in the above statement derive from continuing
operations. 
+ Restated to comply with FRS 16 'Current Tax'. 




MID WYND INTERNATIONAL INVESTMENT TRUST PLC

SUMMARISED BALANCED SHEET

at 30 June 2000 
(unaudited) 
                                                                            
                                                                              
                                                 30 June 2000    30 June 1999 
                                                 £'000           £'000        
                                                                              
  Net assets                                                                  
  Investments at market value                    37,226          33,058       
  Net liquid assets                              3,578           1,488        
  Total assets (before deduction of bank loan)   40,804          34,546       
  Bank loan (note 4)                             (1,873)         (1,572)      
                                                 38,931          32,974       
                                                                              
  Capital and Reserves                                                        
  Called-up share capital                        1,257           1,257        
  Capital reserves                               37,266          31,244       
  Revenue reserve                                408             473          
  Equity shareholders' funds                     38,931          32,974       
                                                                       
                                                                       
         Net asset value per ordinary share      774.3p          655.8p    
         Ordinary shares in issue                5,027,766       5,027,766 
 


DISTRIBUTION OF ASSETS

at 30 June 2000 
(unaudited) 
                                                30 June 2000   30 June 1999   
                                                    %              %          
                                                                         
Equities:  United Kingdom                        18.3           23.3          
           Continental Europe                    25.2           20.4          
           North America                         22.4           26.7          
           Latin America                          2.6            1.6          
           Japan                                 10.1           15.9          
           Asia Pacific                           3.2            2.4          
                                                 81.8           90.3          
Bonds:     United Kingdom                         6.0            4.5          
           Continental Europe                     2.1            -            
           North America                          0.6            -            
           Latin America                          0.8            0.9          
Net liquid assets                                 8.7            4.3          
 Total assets (before deduction of bank loan)    100.0          100.0        
 


MID WYND INTERNATIONAL INVESTMENT TRUST PLC
                                                                             
  SUMMARISED CASH FLOW STATEMENT                                              
  (unaudited)                                                                 
                           For the year ended         For the year ended      
                              30 June 2000               30 June 1999         
                          £'000         £'000              £'000      £'000   
                                                                              
  NET CASH INFLOW FROM                      
  OPERATING ACTIVITIES                  343                           445     
  
                                                                              
  NET CASH OUTFLOW FROM                    
  SERVICING OF FINANCE                  (24)                          (27)    
                                 
  TOTAL TAX PAID                        -                             (68)    
  FINANCIAL INVESTMENT                                                        
  Acquisitions of                 
  investments             (22,680)                         (18,618)   
  Disposals of                                                           
  investments              24,453                           17,052            
                                           
  Realised currency                                                           
  profit                  58                                56                
             
                                                                              
  NET CASH                              
  INFLOW/(OUTFLOW) FROM                                                       
  FINANCIAL INVESTMENT                  1,831                         (1,510) 
                                    
  EQUITY DIVIDENDS PAID                 (417)                         (407)   
  NET CASH                              
  INFLOW/(OUTFLOW)                                                            
  BEFORE FINANCING                      1,733                         (1,567) 
                                                 
  FINANCING                                                                   
  Bank loan repaid        -                                (1,001)            
  Realised currency                    
  gain on bank loan       -                                275                
  
                                                                              
  NET CASH OUTFLOW FROM                                             
  FINANCING                             -                             (726)   
   
                                                                              
  INCREASE/(DECREASE)                   
  IN CASH                               1,733                         (2,293) 
                                   
                                                                              
  RECONCILIATION OF NET                                                       
  CASH FLOW TO MOVEMENT                                                       
  IN NET FUNDS                                                                
  Increase/(decrease)                  
  in cash in the period                 1,733                         (2,293) 
                                   
  Cash used to repay                      
  bank loan                             -                             726     
  
  Exchange movement                     (301)                         (320)   
                                                                              
  MOVEMENT IN NET FUNDS                 
  IN THE PERIOD                         1,432                         (1,887) 
                                    
  NET FUNDS AT 1 JULY                     
  1999                                  267                           2,154   
                                 
  NET FUNDS AT 30 JUNE                     
  2000                                  1,699                         267     
     

                          
MID WYND INTERNATIONAL INVESTMENT TRUST PLC

NOTES                                                 
                                                       
                                                 30 June 2000    30 June 1999 
                                                 £'000           £'000        
 
1.Income                                        (restated) 
                                                                      
Income from investments and interest receivable   804            738 
Other income                                      Nil            Nil 
 
 
2. The total cost of the dividend for the year is £417,000 (1999 - £417,000).
If approved the final dividend will be paid on 18 October 2000 to all
shareholders on the register at the close of business on 29 September 2000.

3.Return per ordinary share 

Revenue return                                    352            382   
Capital return                                    6,022          2,884 
 

Return per ordinary share is based on the above totals for revenue and
capital and on 5,027,766 ordinary shares, being the number of ordinary shares
in issue throughout each year.
 
4.The bank loan comprises Y300 million (1999 - Y300 million) drawn down
under a yen loan facility which is repayable on 12 February 2001.
 
5.Change in accounting policy 
FRS 16 'Current Tax' came into effect for reporting periods ending on or
after 23 March 2000. The change introduced by the Standard, accounting for UK
dividend income net of tax, has been reflected in the 2000 financial
statements with corresponding changes to the comparative figures. In the year
to 30 June 2000 this reduces gross income and taxation equally by £16,000
(1999 - £23,000); the net effect has no impact upon the revenue return
attributable to equity shareholders.
 
6.The financial information set out above does not constitute the
Company's statutory accounts for the year ended 30 June 2000. The financial
information for 1999 is derived from the statutory accounts for 1999 which
have been delivered to the Registrar of Companies. The Auditors have reported
on the 1999 accounts, their report was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985. The
statutory accounts for 2000 will be finalised on the basis of the financial
information presented in this preliminary announcement and will be delivered
to the Registrar of Companies following the Company's Annual General Meeting.