Interim Results

Personal Assets Trust PLC
25 November 2002



To:       Company Announcements

From:     Personal Assets Trust plc

Date:     25 November 2002


Interim Results (unaudited) for the six months to 31 October 2002


The Directors of Personal Assets Trust ('PAT') are pleased to announce the
Group's interim results (unaudited) for the six months to 31 October 2002.


The key points are as follows:


  • PAT is an independently managed investment trust run for private
    investors.


  • Over the six months to 31 October 2002 PAT's PAT's net asset value fell by
    10.9 per cent to £181.17 over the six months to 31 October 1999. This
    compares favourably with the fall of 22.8 per cent in PAT's benchmark, the
    FTSE All-Share Index. PAT's share price fell by £20 to £189.50 over the same
    period to £200.50.


  • The Board measures PAT's performance over rolling three-year periods. Over
    the three years to 31 October 2002 the net asset value fell by 8.0 per cent
    compared to the FTSE All-Share Index's fall of 33.2 per cent, equivalent to
    an outperformance of 11.3 per cent per annum.


  • On 16 September 2002 PAT acquired 510 contracts in a FTSE 100 future. This
    had the effect of reducing the Company's liquidity to 40 per cent at 31
    October 2002 from just under 60 per cent in mid July (30 April 2002: 50 per
    cent). It is the Board's view that markets continue to be significantly
    overvalued and the level of liquidity reflects the Board's stated aim of
    protecting the value of shareholders' funds, in anticipation of investing in
    equities.


  • Over the six months PAT's shares traded in a narrow range around net asset
    value. 46,246 new ordinary shares (raising just over £9 million of new
    capital) were issued at a small premium to satisfy continuing demand for the
    Company's shares, principally through its zero-charge Investment Plans. At
    31 October 2002, 44.4 per cent of the Company's share capital was held in
    these Plans.


  • Earnings for the period were £1.69 per share (2001: £2.21). Earnings for
    the first six months should not be taken as a guide for the full year.


  • The first interim dividend of £1.40 per ordinary share, announced on 16
    October 2002, is the same as that paid in the previous year and was paid to
    shareholders on 22 November 2002.




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


    For further information contact:


    Ian Rushbrook

    Investment Director

Tel: [phone]


GROUP STATEMENT OF TOTAL RETURN

FOR THE SIX MONTHS TO 31 OCTOBER 2002 (unaudited)




                                                                                       Six months to 31 October 2002
                                                                                 Revenue        Capital            Total
                                                      Notes                        £'000          £'000            £'000

Losses on investments                                                                  -       (13,926)         (13,926)

Exchange differences                                                                   -          3,262            3,262

Income                                                                             1,220              6            1,226

Investment management fee                                                          (144)          (268)            (412)

Other expenses                                                                     (189)              -            (189)

Return on ordinary activities before tax                                             887       (10,926)         (10,039)

Tax on ordinary activities                                                          (86)             86                -

Return attributable to equity shareholders                                           801       (10,840)         (10,039)

Dividends in respect of equity shares                 2                            (701)              -            (701)

Transfer to/(from) reserves                                                          100       (10,840)         (10,740)

Return per ordinary £12.50 share                      3                            £1.69       (£22.86)         (£21.17)


 1. The revenue column of this statement is the profit and loss account of the
    Group.


 2. A first interim dividend of £1.40 per ordinary share was paid on 22 November
    2002 to shareholders on the register on 8 November 2002.


 3. The return per ordinary share is based on 474,234 shares, being the weighted
    average number of shares in issue (31 October 2001: 387,575, 30 April 2002:
    409,592).


 4. Earnings for the six months should not be taken as a guide for the full year.








GROUP STATEMENT OF TOTAL RETURN

FOR THE SIX MONTHS TO 31 OCTOBER 2002 (unaudited)




                                                                                       Six months to 31 October 2001
                                                                                   Revenue        Capital          Total
                                                        Notes                        £'000          £'000          £'000

Losses on investments                                                                    -        (3,761)        (3,761)
Exchange differences                                                                     -            897            897

Income                                                                               1,309              -          1,309
Investment management fee                                                            (126)          (233)          (359)
Other expenses                                                                       (159)              -          (159)

Return on ordinary activities before tax                                             1,024        (3,097)        (2,073)

Tax on ordinary activities                                                           (169)            161            (8)

Return attributable to equity shareholders                                             855        (2,936)        (2,081)

Dividends in respect of equity shares                   2                            (567)              -          (567)

Transfer to/(from) reserves                                                            288        (2,936)        (2,648)

Return per ordinary £12.50 share                        3                            £2.21        (£7.58)        (£5.37)





GROUP STATEMENT OF TOTAL RETURN

FOR THE SIX MONTHS TO 31 OCTOBER 2002 (unaudited)



                                                                                                   Year to 30 April 2002
                                                                                   Revenue        Capital          Total
                                                        Notes                        £'000          £'000          £'000

Losses 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 equity shares                   2                          (1,207)              -        (1,207)

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

Return per ordinary £12.50 share                        3                            £3.88        (£4.75)        (£0.87)










SUMMARISED GROUP STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS TO 31 OCTOBER 2002 (unaudited)

                                                                  Six months to 31     Six months to 31          Year to
                                                                      October 2002              October         30 April
                                                                                                    2001            2002
                                                                             £'000                £'000            £'000

Net cash inflow from operating activities                                      608                  688            1,394

Taxation                                                                         -                    -               53

Capital expenditure and financial investment                               (1,039)                  969         (16,951)

Equity dividends paid                                                        (637)                (509)          (1,079)

Financing                                                                    8,972                5,772           15,996

Increase/(decrease) in cash                                                  7,904                6,920            (587)

Reconciliation of net cash flow to movement in net
funds

Increase/(decrease) in cash                                                  7,904                6,920            (587)

Effect of foreign exchange rates                                             3,656                (220)            (231)

Change in net funds                                                         11,560                6,700            (818)

Net funds at the beginning of the period                                     1,323                2,141            2,141

Net funds at the end of the period                                          12,883                8,841            1,323

Reconciliation of net revenue before tax to net cash
inflow from operation activities

Net revenue before taxation                                                    887                1,024            1,866

Management fee charge to capital                                             (268)                (233)            (482)

Changes in working capital                                                    (11)                (103)               10

Net cash inflow from operating activities                                      608                  688            1,394






Group Balance Sheet as at 1994 PDS 000s                  31 October 2002  31 October 2001   30 April 2002
                                                                £' 000s          £' 000s         £' 000s
(unaudited)

Investments

Equities Investments                                             33,909           37,950          45,627

Fixed Interest                                                   42,996           33,370          44,484

                                                                 76,905           71,320          90,111

Net Current assets                                               13,809            9,801           2,319

Total Assets                                                     90,714           81,121          92,430

Ordinary Shareholders' Funds                                     90,714           81,121          92,430

Net Asset Value per Ordinary £12.50 Share                       £181.17          £200.50         £203.38




Shares in Issue at 31 October 2002 were 500,718 (31 October 2001 - 404,586, 30
April 2002 - 454,472)


 1. These are not statutory accounts in terms of Section 240 of the Companies Act
    1985 and are unaudited. Full accounts for the year to 30 April 2002, which
    received an unqualified audit report, have been lodged with the Registrar of
    Companies. No accounts in respect of any period after 30 April 2002 have
    been reported on by the Company's auditors or delivered to the Registrar of
    Companies.


 2. During the period the Directors allotted 46,246 ordinary shares.


    3.     The Interim Report will be posted to Shareholders and copies will be
    available from the Company's registered office at One Charlotte Square,
    Edinburgh, EH2 4DZ.



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