Final Results

Monks Investment Trust PLC
04 June 2003


                                      THE MONKS INVESTMENT TRUST PLC

                                   Results for the year to 30 April 2003



After three years of relative outperformance, Monks underperformed its comparative index by 1.1%. During the year the
portfolio was repositioned in stages as sales of government bonds were reinvested in equities.  

• Net asset value per share fell by 24.4%, while the comparative index, the FTSE World Index in sterling terms, fell
by 23.3%. Good UK equity stock selection was offset by a poorer overseas performance. The negative effect of gearing
was counterbalanced by the positive contribution from the fixed interest holdings in the period.

• Of the £95m raised by government bond sales, £20.6m was used to finance buybacks and £60.7m was invested in
equities. Geographically, additions were made to all areas but principally to Europe (£18.8m), North America (£15.8m)
and Japan (£11.5m). In sectoral terms, weightings to healthcare and pharmaceuticals, telecoms and non-life assurance
were increased.
 
• In the second half of the year, the net asset value fell by 1.2% compared to a gain of 0.5% in the FTSE World Index
in sterling terms.  
 
• Earnings were again lower at 1.04p as opposed to 1.61p. This reflects the fall in the fixed interest content. A
reduced final dividend of 0.65p (2002 - 1.0p) is being proposed to give a total for the year of 1.05p (2002 - 1.60p).
 
• While the economic outlook remains discouraging, the fall in some equity markets, notably the UK, France and Japan,
to levels where they offer competitive income returns compared to bonds does make a case for a more positive stance
towards shares. While the US market remains highly rated in historic terms, it does contain plenty of shares which
offer clear value.
 
Monks, with total assets of £607 million, invests internationally in order to achieve capital growth. An ISA and a
Share Plan are available. Monks is managed by Baillie Gifford & Co., the leading independent Edinburgh based fund
management group with around £22 billion under management and advice.

4 June 2003

                                                   - ends -

For further information please contact:

Richard Burns, Manager     
The Monks Investment Trust PLC                               0131 222 4000

Robert O'Riordan
Baillie Gifford & Co.                                        07730 412007

Mike Lord, Director
Broadgate Marketing                                          020 7726 6111

 

Baillie Gifford & Co. is authorised and regulated by the FSA. 


                                                  THE MONKS INVESTMENT TRUST PLC
 
The following is the unaudited preliminary statement for the year to 30 April 2003 which was approved by the Board on
3 June 2003. The Directors of The Monks Investment Trust PLC are recommending to the Annual General Meeting of the
Company to be held on 6 August 2003 the payment of a final dividend of 0.65p net (1.00p net last year) per ordinary
share, making a total of 1.05p net (1.60p net last year) per ordinary share for the year ended 30 April 2003. 



                                                       STATEMENT OF TOTAL RETURN
                                           (unaudited and incorporating the revenue account*) 
                                                                                                                      
                                                    For the year ended                       For the year ended         
                                                      30 April 2003                              30 April 2002          
                                            Revenue     Capital       Total              Revenue    Capital      Total
                                              £'000       £'000       £'000                £'000      £'000      £'000

  Losses on investments                           -   (159,385)   (159,385)                    -   (79,925)   (79,925)
  Currency losses                                 -     (2,839)     (2,839)                    -      (201)      (201)

  Income (note 1)                            15,646           -      15,646               18,497          -     18,497
  Investment management fee                 (2,983)           -     (2,983)              (3,721)          -    (3,721)
  Other administrative                        (703)           -       (703)                (593)          -      (593)
  expenses                                                                                                            
  Net return before finance                  11,960   (162,224)   (150,264)               14,183   (80,126)   (65,943)
  costs and taxation                                                                                                  

  Finance costs of borrowings               (8,147)           -     (8,147)              (8,351)          -    (8,351)
  Return on ordinary                          3,813   (162,224)   (158,411)                5,832   (80,126)   (74,294)
  activities before taxation                                                                                          

  Tax on ordinary activities                  (753)           -       (753)                (923)          -      (923)
  Return on ordinary                          3,060   (162,224)   (159,164)                4,909   (80,126)   (75,217)
  activities after taxation                                                                                           

  Dividends in respect of                   (2,983)           -     (2,983)              (4,882)          -    (4,882)
  equity shares (note 2)                                                                                              
  Transfer to/(from) reserves                    77   (162,224)   (162,147)                   27   (80,126)   (80,099)

  Return per ordinary share                   1.04p    (54.87p)    (53.83p)                1.61p   (26.26p)   (24.65p)
  (note 3)                                                                                                            

  Dividends per ordinary share                1.05p                                        1.60p                      
 

* The revenue column of this statement is the profit and loss account of the Company. 
All revenue and capital items in this statement derive from continuing operations. 


                                                  THE MONKS INVESTMENT TRUST PLC

                                                       SUMMARISED BALANCE SHEET 
                                                           at 30 April 2003  
                                                             (unaudited) 

                                                                                                        
                                                                             30 April 2003   30 April 2002
                                                                                 £'000           £'000

                Net assets                                                       602,937         784,323
                Investments at market value                                                             
                Net liquid assets                                                  3,667           2,305
                Total assets (before deduction of loans and debentures)          606,604         786,628
                Debentures and short term borrowings (note 4)                  (112,917)       (110,237)
                                                                                 493,687         676,391
                Capital and Reserves                                                                    
                Called-up share capital                                           14,718          15,257
                Capital reserves                                                 461,781         644,023
                Revenue reserve                                                   17,188          17,111
                Equity shareholders' funds                                       493,687         676,391

                Net asset value per ordinary share                                167.5p          221.5p
                (after deducting prior charges at par)                                                  

                Ordinary shares in issue (note 5)                            294,355,295     305,130,295



                                                                      DISTRIBUTION OF ASSETS
                                                                         at 30 April 2003
                                                                            (unaudited)


                                                               30 April 2003              30 April 2002
                                                               %                           %

Equities:         United Kingdom                               24.1                        22.8
                  Continental Europe                           13.6                        10.7
                  North America                                38.2                        36.1
                  Japan                                        6.5                         6.0
                  Asia Pacific                                 6.9                         7.0
                  Other Emerging Markets                       2.4                         1.5
                                                               91.7                        84.1
Bonds:            UK                                           7.4                         3.7
                  Continental Europe                           0.3                         6.3
                  North America                                -                           5.6
Net liquid assets                                              0.6                         0.3
Total assets (before debentures and short term borrowings)     100.0                       100.0



                                                      THE MONKS INVESTMENT TRUST PLC
                                                                                                 
                                                      SUMMARISED CASH FLOW STATEMENT                                    
                                                              (unaudited)                                               
              
                                                                     For the year ended       For the year ended 
                                                                        30 April 2003            30 April 2002      
 
                                                                       £'000       £'000       £'000       £'000
                                                                                                                
        NET CASH INFLOW FROM OPERATING ACTIVITIES                                 13,133                  13,409

        NET CASH OUTFLOW FROM SERVICING OF FINANCE                               (8,150)                 (8,262)

        TOTAL TAX PAID                                                             (792)                   (702)

        FINANCIAL INVESTMENT                                                                                    
        Acquisitions of investments                                (266,999)               (270,630)            
        Disposals of investments                                     287,248                 259,436            
        Realised currency loss                                          (32)                   (266)            

        NET CASH INFLOW/(OUTFLOW) FROM FINANCIAL INVESTMENT                       20,217                (11,460)

        EQUITY DIVIDENDS PAID                                                    (4,121)                 (5,492)

        NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING                                20,287                (12,507)
        FINANCING                                                                                               

        Shares purchased for cancellation                           (20,557)                       -            
        Bank loans repaid                                           (34,291)                (30,713)            
        Bank loans drawn down                                         34,131                  30,713            

        NET CASH OUTFLOW FROM FINANCING                                         (20,717)                       -
        DECREASE IN CASH                                                           (430)                (12,507)

        RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT                                                 
        Decrease in cash in the period                                             (430)                (12,507)
        Net outflow from bank loans                                                  160                       -
        Exchange movement on bank loans                                          (2,807)                      65
        Other non-cash changes                                                      (33)                    (33)

        MOVEMENT IN NET DEBT IN THE YEAR                                         (3,110)                (12,475)
        NET DEBT AT 1 MAY                                                      (105,855)                (93,380)
        NET DEBT AT 30 APRIL                                                   (108,965)               (105,855)



                                                  THE MONKS INVESTMENT TRUST PLC

                                                             NOTES



                                                                   30 April 2003                 30 April 2002
                                                                           £'000                         £'000
1.   Income

     Income from investments and interest receivable                      15,502                       18,478
     Other income                                                            144                           19

2.   The total cost of the dividends for the year is £2,983,000 (2002 - £4,882,000).  If approved, the final
     dividend will be paid on 11 August 2003 to all shareholders on the register at the close of business on
     18 July 2003.

3.   Return per ordinary share
     Revenue return                                                       3,060                         4,909
     Capital return                                                    (162,224)                      (80,126)


     Return per ordinary share is based on the above totals for revenue and capital and on 295,654,199
     (2002 - 305,130,295) ordinary shares, being the weighted average number of ordinary shares in issue
     during the year.

4.   Loans and debentures include US$35.7million and Y2.14 billion (2002 - €50 million) drawn down under a
     short-term multi-currency loan facility.  The market value of debenture stocks at 30 April 2003 was
     £94,711,000 (30 April 2002 - £90,927,000).

5.   Between 1 May 2002 and the date of the AGM in July 2002 the Company bought back 10,775,000 ordinary
     shares with a nominal value of £538,750 at a total cost of £20,557,000.

     At the AGM in July 2002 shareholders approved the renewal of the Company's authority to buy back its
     own ordinary shares in respect of 44,123,858 ordinary shares of 5p each (equivalent to 14.99% of its
     share capital at that date).  No further shares were bought back and therefore at 30 April 2003 the
     Company's authority to buy back its own shares remained unchanged at 44,123,858 ordinary shares of 5p
     each.

6.   The financial information set out above does not constitute the Company's statutory accounts for the
     year ended 30 April 2003.  The financial information for 2002 is derived from the statutory accounts
     for 2002 which have been delivered to the Registrar of Companies.  The Auditors have reported on the
     2002 accounts; their report was unqualified and it did not contain a statement under section 237(2)
     or (3) of the Companies Act 1985.  The statutory accounts for 2003 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.


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