Final Results

Personal Assets Trust PLC
17 May 2002

Personal Assets Trust plc

To:            RNS

From:          Personal Assets Trust plc

Date:          17 May 2002



Preliminary Results for the year to 30 April 2002


The Directors of Personal Assets Trust (PAT) are pleased to announce the Group's
unaudited preliminary results for the year to 30 April 2002.


The key points are as follows:


  • PAT is run to meet the requirements of individual investors who wish to
    commit a significant proportion of their capital to an investment trust.


  • Over the year to 30 April 2002 PAT's net asset value per share
    outperformed its benchmark by 12.1 per cent. Its fall of 1.8 per cent to
    £203.38 compares to a fall of 12.4 per cent in the FTSE All-Share Index.
    PAT's share price increased by £1 during the year and at 30 April 2002 was
    £209.50.


  • 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 2002 the net asset value per share increased by 1.1 per
    cent compared to the FTSE All-Share Index's fall of 17.1 per cent, an
    outperformance of 6.8 per cent per annum.


  • In a year when the UK equity market fell, PAT maintained a high level of
    liquidity (30 April 2002: 50 per cent, 30 April 2001: 47 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 £2.80 per ordinary share. Together these represent an increase of
    3.7 per cent over the corresponding payments for the previous year and
    compare to inflation of 1.3 per cent. The second interim dividend of £1.40
    per share will be paid on 24 May 2002.


    The Board's stated policy is never to cut the dividend rate, so that
    shareholders can be confident that each half-yearly payment will at least
    equal the previous one. Therefore, the first interim dividend for the year
    to 30 April 2003, expected to be paid in November 2002, will be at least
    £1.40 per share.


    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 2002
                                                                                             
                                                                                                 Year to
                                                                                              30 April 2002

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

(Losses)/gains on investments                                                            -        (2,890)        (2,890)
Exchange differences                                                                     -          1,265          1,265
Income                                                                               2,456             15          2,471
Investment management fee                                                            (260)          (482)          (742)
Other expenses                                                                       (330)              -          (330)


Return on ordinary activities before tax                                             1,866        (2,092)          (226)


Tax on ordinary activities                                                           (278)            145          (133)


Return attributable to equity shareholders                                           1,588        (1,947)          (359)


Dividends in respect of ordinary shares                                            (1,207)              -        (1,207)


Transfer to/(from) reserves                                                            381        (1,947)        (1,566)


Return per ordinary £12.50 share                                                     £3.88        (£4.75)        (£0.87)




GROUP STATEMENT OF TOTAL RETURN
(Incorporating the Revenue Account)
FOR THE YEAR ENDED 30 APRIL 2002

                                                                                                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 BALANCE SHEET AT 30 APRIL                                                       2002                     2001
                                                                                      £'000s                   £'000s

Investments

Investments                        - equities                                            45,627                 40,684
                                   - fixed interest                                      40,105                 35,366
                                   - other investments                                    4,379                      -
                                                                                      90,111                 76,050


Net Current Assets                                                                     2,319                  1,950


Total Assets                                                                          92,430                 78,000


Equity Shareholders' Funds                                                            92,430                 78,000


Net Asset Value per Ordinary £12.50 Share                                            £203.38                £207.03




GROUP CASH FLOW STATEMENT AT 30 APRIL                                                  2002                   2001
                                                                                       £'000s                 £'000s

Operating activities

Investment income received                                                              1,980                  1,471

Deposit interest received                                                                 325                    299

Other income                                                                              179                     48

Investment management fees                                                              (742)                  (681)

Directors' fees                                                                          (53)                   (49)

Other cash payments                                                                     (295)                  (198)

Net cash inflow from operating activities                                               1,394                    890



Taxation                                                                                   53                   (34)



Capital expenditure and financial investment                                          (59,830)               (63,507)

Purchase of investments                                                                 42,879                 55,286

Disposal of investments                                                          

Net cash outflow from capital expenditure and financial investment                   (16,951)                (8,221)



Equity dividends paid                                                                 (1,079)                  (989)

Financing

Allotment of new shares                                                                15,996                  3,314

Shares bought back                                                                          -                (1,711)

Net cash inflow from financing                                                         15,996                  1,603

Decrease in cash                                                                        (587)                (6,751)

Reconciliation of net cash flow to movement in net funds    


Decrease in cash                                                                        (587)                (6,751)

Effect of foreign exchange rates                                                        (231)                (2,334)

Change in net funds                                                                     (818)                (9,085)

Net funds at beginning of year                                                          2,141                 11,226

Net funds at end of year                                                                1,323                  2,141







Notes:



 1. Return per ordinary share is based on a weighted average of 409,592 ordinary
    shares in issue during the year (2001 - 372,375).

 2. Net asset value per ordinary share is based on the 454,472 ordinary shares 
    in issue as at 30 April 2002 (2001 - 376,750).

 3. During the year the Directors allotted 77,722 ordinary shares.

 4. At 30 April 2002 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 2001, which were
    unqualified, have been lodged with the Registrar of Companies. No full
    accounts in respect of any period after 30 April 2001 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
    2002. Copies will be available from the Company's registered office at One
    Charlotte Square, Edinburgh, EH2 4DZ.





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