Interim Results

Personal Assets Trust PLC
21 November 2003

To:     Company Announcements

From:     Personal Assets Trust plc

Date:     21 November 2003






Interim Results (unaudited) for the six months to 31 October 2003


The Directors of Personal Assets Trust ('PAT') are pleased to announce the
Group's interim results (unaudited) for the six months to 31 October 2003.


The key points are as follows:


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

  • Over the six months to 31 October 2003 PAT's net asset value per share
    ('NAV') rose by 8.6% to £202.34 compared to a rise of 12.4% in our
    benchmark, the FTSE All-Share Index. PAT's share price rose by £14.25 to
    £208 over the same period, representing a premium of 2.8% to the Company's
    net asset value at that date.


  • The Board measures PAT's performance over rolling three-year periods. Over
    the three years to 31 October 2003 the NAV fell by 3.2% compared to the FTSE
    All-Share Index's fall of 31.0%, equivalent to an outperformance of 11.9%
    per annum.


  • During the period PAT continued to use FTSE 100 Futures to manage its
    exposure to the UK equity market. While the unaudited Group Balance Sheet
    shows that PAT's holdings of cash and bonds amounted to 70% of shareholders'
    funds at 31 October 2003, the FTSE 100 Futures we held at that date reduced
    our effective liquidity to the Board's desired level of 30% (30 April 2003:
    25%). The Board believes that equity markets are still overvalued. Our
    current level of liquidity reflects the Board's stated aim of protecting the
    value of shareholders' funds pending a future investment in equities.


  • Over the six months PAT's shares traded close to NAV. We issued 45,159 new
    ordinary shares (raising just over £9 million of new capital) at a small
    premium to satisfy continuing demand for the Company's shares, principally
    through its zero-charge Investment Plans. At 31 October 2003, 44.6% of the
    Company's share capital was held in these Plans.


  • Earnings for the period were £1.99 per share (2002: £1.69). Earnings for
    the first six months should not be taken as a guide for the full year.

  • The first interim dividend of £1.50 per ordinary share, announced on 16
    October 2003, is 7.1% higher than the previous year (2002: £1.40) and will
    be paid to shareholders on 21 November 2003.


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


    For further information contact:


    Ian Rushbrook

    Investment Director

Tel: [phone]


GROUP STATEMENT OF TOTAL RETURN


    FOR THE SIX MONTHS TO 31 OCTOBER 2003 (unaudited)

                                                                                        Six months to 31 October 2003 
                                                                                         Revenue    Capital     Total 
                                               Notes                                       £'000      £'000     £'000 
  Gains on investments                                                                         -      2,061     2,061 
  Gains on derivative arrangements                                                             -      4,111     4,111 
  Exchange differences                                                                         -      2,810     2,810 
  Income                                                                                   1,685          -     1,685 
  Investment management fee                                                                (173)      (322)     (495) 
  Other expenses                                                                           (155)          -     (155) 
  Return on ordinary activities before tax                                                 1,357      8,660    10,017 
  Tax on ordinary activities                                                               (204)         96     (108) 
  Return attributable to equity                                                            1,153      8,756     9,909 
  shareholders                                                                                                        
  Dividends in respect of equity shares            2                                       (908)          -     (908) 
  Transfer to reserves                                                                       245      8,756     9,001 
  Return per ordinary £12.50 share                 3                                       £1.99     £15.15    £17.14 



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


 2. A first interim dividend of £1.50 per ordinary share was paid on 21 November
    2003 to shareholders on the register on 7 November 2003.


 3. The return per ordinary share is based on 578,159 shares, being the weighted
    average number of shares in issue (31 October 2002: 474,234, 30 April 2003:
    501,825).


 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 2003 (unaudited)

                                                                                        Six months to 31 October 2002 
                                                                                      Revenue     Capital       Total 
                                            Notes                                       £'000       £'000       £'000 
  Losses on investments                                                                     -    (15,606)    (15,606) 
  Gains on derivative arrangements                                                          -       1,680       1,680 
  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                                                    887    (10,926)    (10,039) 
  tax                                                                                                                 
  Tax on ordinary activities                                                             (86)          86           - 
  Return attributable to equity                                                           801    (10,840)    (10,039) 
  shareholders                                                                                                        
  Dividends in respect of equity shares                                                 (701)           -       (701) 
  Transfer to/(from) reserves                                                             100    (10,840)    (10,740) 
  Return per ordinary £12.50 share              3                                       £1.69    (£22.86)    (£21.17) 


GROUP STATEMENT OF TOTAL RETURN

FOR THE SIX MONTHS TO 31 OCTOBER 2003 (unaudited)

                                                                                               Year to 30 April 2003 
                                                                                     Revenue     Capital       Total 
                                                   Notes                               £'000       £'000       £'000 
    Losses on investments                                                                  -    (16,776)    (16,776) 
    Gains on derivative arrangements                                                       -       4,214       4,214 
    Exchange differences                                                                   -       4,663       4,663 
    Income                                                                             2,588           6       2,594 
    Investment management fee                                                          (291)       (541)       (832) 
    Other expenses                                                                     (381)           -       (381) 
    Return on ordinary activities before tax                                           1,916     (8,434)     (6,518) 
    Tax on ordinary activities                                                         (210)         163        (47) 
    Return attributable to equity shareholders                                         1,706     (8,271)     (6,565) 
    Dividends in respect of equity shares                                            (1,541)           -     (1,541) 
    Transfer to/(from) reserves                                                          165     (8,271)     (8,106) 
    Return per ordinary £12.50 share                   3                               £3.40     (16.48)    (£13.08) 
 



Group Balance Sheet as at                                        31 October 2003     31 October 2002            30 April

(unaudited)                                                               £' 000              £' 000                2003

                                                                                                                  £' 000
Investments

Equities Investments                                                     36,287               33,909              33,779
Fixed Interest                                                           38,351               39,181              38,926
Other Investments                                                         15,825               3,815              13,967
                                                                          90,463              76,905              86,672

Net Current assets                                                        31,972              13,809              17,652

Total Assets                                                             122,435              90,714             104,324

Ordinary Shareholders' Funds                                             122,435              90,714             104,324

Net Asset Value per Ordinary £12.50 Share                                £202.34             £181.17             £186.32




Shares in Issue at 31 October 2003 were 605,084 (31 October 2002 - 500,718, 30
April 2003 - 559,925)


 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 2003, which
    received an unqualified audit report, have been lodged with the Registrar of
    Companies. No accounts in respect of any period after 30 April 2003 have
    been reported on by the Company's auditors or delivered to the Registrar of
    Companies.


 2. During the period the Directors allotted 45,159 ordinary shares.


    3.     The Interim Report will be posted to Shareholders and copies will be
    available from the Company's registered office at 80 George Street,
    Edinburgh EH2 3BU.

SUMMARISED GROUP STATEMENT OF CASH FLOWS


    FOR THE SIX MONTHS TO 31 OCTOBER 2003 (unaudited)

                                                                   Six months to 31    Six months to 31          Year to
                                                                       October 2003        October 2002
                                                                                                                30 April

                                                                                                                    2003
                                                                              £'000               £'000            £'000

Net cash inflow from operating activities                                     1,243                 608            1,321
Taxation                                                                          -                   -            (113)
Capital expenditure and financial investment                                  8,567             (1,039)         (15,395)
Equity dividends paid                                                         (840)               (637)          (1,338)
Financing                                                                     9,110               8,972           20,000
Increase in cash                                                             18,080               7,904            4,475

Reconciliation of net cash flow to movement in net
funds

Increase in cash                                                             18,080               7,904            4,475

Effect of foreign exchange rates                                               (20)               3,656            6,442

Change in net funds                                                          18,060              11,560           10,917

Net funds at the beginning of the period                                     12,240               1,323            1,323

Net funds at the end of the period                                           30,300              12,883           12,240

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

Net revenue before taxation                                                   1,357                 887            1,916

Management fee charge to capital                                              (322)               (268)            (541)

Changes in working capital                                                      208                (11)             (54)

Net cash inflow from operating activities                                     1,243                 608            1,321







                      This information is provided by RNS
            The company news service from the London Stock Exchange