Final Results

Personal Assets Trust PLC
18 May 2001


Preliminary Results for the year to 30 April 2001

The Directors of Personal Assets Trust (PAT) are pleased to announce the
Group's preliminary results for the year to 30 April 2001. 

The key points are as follows:

* PAT is run for individuals who may wish to commit a significant proportion
of their capital to an investment trust.

* Over the year to 30 April 2001 PAT's net asset value per share outperformed
its benchmark by 8.4 per cent. Its increase of 3.6 per cent to £207.03
compares to a fall of 4.4 per cent in the FTSE All-Share Index.  PAT's share
price at 30 April 2001 was £208.50.

* Since PAT became independently managed in 1990 the Board has chosen to
measure PAT's performance over rolling three-year periods.  Over the three
years to 30 April 2001 the net asset value per share increased by 14.9 per
cent compared to the FTSE All-Share Index's 2.9 per cent, an outperformance of
3.7 per cent per annum. 

* In a year when the UK equity market fell, PAT maintained a high level of
liquidity (30 April 2001: 47 per cent, 30 April 2000: 45 per cent).

* The Directors intend PAT's annual dividend rate to grow at least in line
with inflation. Two interim dividends have been declared during the year,
totalling £2.70 per ordinary share.  Together these represent an increase of
2.9 per cent over the corresponding payments for the previous year and compare
to inflation of 2.7 per cent.  The second interim dividend of £1.35 per share
will be paid on 25 May 2001.


For further information contact:

Ian Rushbrook
Investment Director
Tel:  [phone]

The Group's statement of total return, balance sheet and cash flow statement
follow.

 
GROUP STATEMENT OF TOTAL RETURN
(Incorporating the Revenue Account)
FOR THE YEAR ENDED 30 APRIL 2001


                                                         Year to
                                                      30 April 2001
                                            Revenue       Capital       Total
                                              £'000         £'000       £'000
                            
Gains/(losses) on investments                     -         4,778       4,778
Exchange differences                              -       (2,025)     (2,025)
Income                                        1,797             -       1,797
Investment management fee                     (239)         (443)       (682)
Other expenses                                (187)             -       (187)
                            
Return on ordinary activities before tax      1,371         2,310       3,681
                            
Tax on ordinary activities                    (154)           128        (26)
                            
Return attributable to equity shareholders    1,217         2,438       3,655
                            
Dividends in respect of ordinary shares     (1,009)             -     (1,009)
                            
Transfer to/(from) reserves                     208         2,438       2,646
                            
Return per ordinary £12.50 share (£)           3.27          6.55        9.82


GROUP STATEMENT OF TOTAL RETURN
(Incorporating the Revenue Account)
FOR THE YEAR ENDED 30 APRIL 2001


                                                         Year to
                                                      30 April 2000
                                            Revenue       Capital       Total
                                              £'000         £'000       £'000
                            
(Losses)/gains on investments                     -         (103)       (103)
Exchange differences                              -         (441)       (441)
Income                                        1,652             -       1,652
Investment management fee                     (210)         (390)       (600)
Other expenses                                (239)             -       (239)
                            
Return on ordinary activities before tax      1,203         (934)         269
                            
Tax on ordinary activities                     (165)          120        (45)
                            
Return attributable to equity shareholders     1,038        (814)         224
                            
Dividends in respect of ordinary shares        (942)            -       (942)
                            
Transfer to/(from) reserves                       96        (814)       (718)
                            
Return per ordinary £12.50 share (£)            2.98       (2.34)        0.64



 
GROUP BALANCE SHEET AT 30 APRIL


                                                          2001           2000
                                                        £'000s         £'000s
Investments              
              
Investments       - equities                            40,684         39,855
                  - fixed interest                      35,366         25,022
                                                        76,050         64,877
              
Net Current Assets                                       1,950          8,874
              
Total Assets                                            78,000         73,751
              
Equity Shareholders' Funds                              78,000         73,751
              
Net Asset Value per Ordinary £12.50 Share              £207.03        £199.80
              


GROUP CASH FLOW STATEMENT AT 30 APRIL

                                                          2001           2000
                                                        £'000s         £'000s

Operating activities
Investment income received                               1,471            920
Deposit interest received                                  299            238
Other income                                                48             99
Investment management fees                               (681)          (600)
Directors' fees                                           (49)           (44)
Other cash payments                                      (198)          (197)
Net cash inflow from operating activities                  890            416

Taxation                                                  (34)            210
              
Capital expenditure and financial investment
Purchase of investments                               (63,507)       (29,200)
Disposal of investments                                 55,286         27,555
Net cash outflow from capital expenditure and
financial investment                                   (8,221)        (1,645)
              
Equity dividends paid                                    (989)          (877)

Financing
Allotment of new shares                                  3,314         10,079
Shares bought back                                     (1,711)          (810)
Net cash inflow from financing                           1,603          9,269

(Decrease)/increase in cash                            (6,751)          7,373

Reconciliation of net cash flow to movement in net funds

(Decrease)/increase in cash                            (6,571)          7,373
Effect of foreign exchange rates                       (2,334)          (192)
Change in net funds                                    (9,085)          7,181
Net funds at beginning of year                          11,226          4,045
Net funds at end of year                                 2,141         11,226


Notes:


1.   Return per ordinary share is based on a weighted average of 372,375
ordinary shares in issue during the year (2000 - 348,468).

2.   Net asset value per ordinary share is based on the 376,750 ordinary
shares in issue as at 30 April 2001 (2000 - 369,121).

3.   During the year the Directors allotted 15,948 ordinary shares and bought
back 8,319 ordinary shares for cancellation.

4.   At 30 April 2001 the sterling value of the US treasury strip was
protected by a forward currency contract.

5.   These are not full accounts in terms of Section 240 of the Companies Act
1985.  Full audited accounts for the year to 30 April 2000, which were
unqualified, have been lodged with the Registrar of Companies.  No full
accounts in respect of any period after 30 April 2000 have been reported on by
the Company's auditors or delivered to the Registrar of Companies.

6.   The Annual Report and Accounts will be posted to Shareholders during May
2001.  Copies will be available from the Company's registered office at One
Charlotte Square, Edinburgh, EH2 4DZ.