Final Results

1 March 2006



PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the year ended 31
December 2005

Income Statement for the year ended
31 December 2005
                                                                Restated
                                                            For the period from 12
                                 For year ended             September 2003 to
                                 31 December 2005           31 December 2004


                              Revenue    Capital   Total    Revenue  Capital  Total
                                 £000       £000    £000       £000     £000   £000
Gains/(losses)on investments:
    realised                       0       5,415   5,415          0    2,681   2,681
    unrealised                     0        (148)   (148)         0    6,985   6,985
Gains/(losses)on foreign
    exchange                       0          27      27          0     (121)   (121)

Income                         2,475           0   2,475      2,720        0   2,720

Management fee                  (531)       (271)   (802)      (529)  (1,124) (1,653)

Other expenses                  (393)          0    (393)      (486)       0    (486)

Investment transaction costs       0        (354)   (354)          0       0       0

Return before interest
  payable and taxation         1,551       4,669    6,220      1,705   8,421  10,126

Interest payable                 (14)     (1,449)  (1,463)        (5) (1,576) (1,581)

Return on ordinary activities
  before taxation              1,537       3,220    4,757      1,700   6,845   8,545

Taxation on ordinary
  activities                   (228)           0     (228)      (163)    (17)   (180)

Return on ordinary
activities after taxation
attributable to equity
shares                         1,309       3,220    4,529      1,537   6,828   8,365

Transfer to reserves           1,309       3,220    4,529      1,537   6,828   8,365


                                                    Total                      Total

Return per zero dividend
preference share(pence):                             7.57                       8.23

Return per ordinary
share (pence):                                      24.96                      45.85




PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the year ended 31
December 2005 (Cont'd)

Balance sheet as  at 31 December 2005

                                                     Restated
                                          2005          2004
                                          £000          £000
Fixed assets
Investments                             48,988        45,138


Current assets
Debtors                                    404         1,483
Cash at bank                             1,472           453

                                         1,876         1,936

Creditors - amounts falling due
 within one year
Creditors                                 (382)       (1,346)

Net current asssts                       1,494           590

Total assets less current liabilities   50,482        45,728

Creditors: amounts falling due
after more than one year               (22,168)      (20,719)

Net assets                              28,314        25,009



Capital and reserves
Share capital                               181          181
Share premium                                 0            0
Redemption Reserve                           10           10
Capital reserve - realised                3,211         (157)
Capital reserve - unrealised              6,837        6,985
Special reserve                          17,474       17,474
Revenue reserve                             601          516

Total equity shareholders'  funds        28,314       25,009



NAV per share- ZDP Shares (pence)        115.80       108.23

             - Ordinary Shares (pence)   156.06       137.84











PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the year ended 31
December 2005 (Cont'd)

Reconciliation of Movements in Shareholders' Funds
                             Share   Share  Redemption    Capital    Capital    Special  Revenue   Total
                           Capital Premium     Reserve    Reserve    Reserve    Reserve   Reserve
                                                         Realised Unrealised

                             £000     £000        £000      £000      £000       £000      £000    £000
For the year ended
31 December 2005

Balance at 31 December
2004 as originally
reported                      372        0       1,586      (157)    7,043     36,426       108   45,378

Restatements                 (191)       0      (1,576)        0       (58)   (18,952)      408  (20,369)

Balance at 31December
2004 (restated)               181        0          10      (157)    6,985     17,474       516   25,009

Return on ordinary
activities after taxation       0        0           0     3,368      (148)         0     1,309    4,529

Dividends paid                  0        0           0         0         0          0    (1,224)  (1,224)

Balance at 31December 2005    181        0          10     3,211     6,837     17,474       601   28,314





                              Share   Share  Redemption    Capital    Capital    Special  Revenue   Total
                           Capital Premium     Reserve    Reserve    Reserve    Reserve   Reserve
                                                         Realised Unrealised

                             £000     £000        £000      £000      £000       £000      £000     £000
For the period ended
31 December 2004

Opening balance                0        0           0         0          0         0         0        0

Ordinary shares issued       181        0           0         0          0         0         0       181

Return on ordinary
activities after taxation      0        0           0      (157)     6,985         0     1,537     8,365

Dividends paid and proposed    0        0           0         0          0         0    (1,021)   (1,021)

Premium on issue of
share capital                  0   18,952           0         0          0         0         0    18,952

Transfer to special reserve    0  (18,952)          0         0          0    18,952         0        0

Formation expenses             0        0           0         0          0      (572)        0      (572)

Repurchase of own shares
for cancellation               0        0          10         0          0      (906)        0      (896)


Balance at 31 December
2004 (restated)              181        0          10      (157)     6,985    17,474       516    25,009






PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the year ended 31
December 2005 (Cont'd)


Cash Flow Statement for the year ended 31 December 2005
                                                        Period from
                                    Year ended      12 September 2003
                                   31 December       to 31 December
                                          2005                2004
                                          £000                £000
Operating activities
Income received from investments         2,394               2,144
Interest received                          161                 125
Other income received                        9                  16
Investment management fees paid         (1,699)               (442)
Other cash payments                       (402)               (449)

Net cash inflow from operating
 activities                                463               1,394

Servicing of finance
Interest Paid                             (14)                  (5)

Taxation
Overseas tax paid                        (221)                (187)


Financial investments
Purchases of investments               (50,527)            (88,371)
Sales of investments                    51,469              73,684
Liquidation of futures and options       1,073                (854)

Net cash inflow/(outflow) from
 financial investments                   2,015             (15,541)


Equity dividends paid                   (1,224)             (1,021)

Net cash inflow/(outflow)
 before financing                        1,019             (15,360)

Financing
Issue of share capital                       0              17,341
Redemption of preference shares              0                 (50)
Buyback of ordinary shares                   0                (906)
Formation costs                              0                (572)

Net cash inflow from financing               0              15,813


Increase in cash for the year            1,019                 453

Analysis of changes in cash
 during the year
Opening balance                            453                  -
Increase in cash as above                1,019                 453
Closing balance                          1,472                 453





PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the Year ended
31 December 2005(cont'd)



NOTES

  1.   These  accounts  are  prepared under the historical  cost  convention  as
       modified by the revaluation of fixed asset investments and in accordance with
       applicable accounting standards and with the Statement of Recommended Practice
       2003 regarding the Financial Statements of Investment Trust Companies ("SORP").
       The Company has adopted FRS 21 "Events after the Balance Sheet Date", FRS 25
       "Financial Instruments: Disclosure and Presentation" and FRS 26 "Financial
       Instruments: Measurement".  These accounts are unaudited and do not constitute
       statutory accounts.

  2.  The Directors have declared a fourth interim dividend of 2.25p net per
      Ordinary share payable on 31 March 2006 to holders of Ordinary Shares on the
      register at 10 March 2006.

  3.   The total return per Ordinary share is based on 18,143,433 Ordinary shares
       in issue during the year (2004: weighted average of 18,242,490 Ordinary shares
       in issue during the period).

  4.   The  net asset value per Zero Dividend Preference share of 115.80p at  31
       December  2005  has been calculated in accordance with  the  Articles  of
       Association.

  5.   At  31 December 2005 there were 18,143,433 Ordinary shares of 1p each and
       19,143,433 Zero Dividend Preference shares of 1p each in issue.

  6.   The annual report will be sent to shareholders on or around 17 March, 2006.
       It will not be advertised in newspapers, but copies will be available from that
       date  at  the Company's Registered Office at Eastgate Court, High Street,
       Guildford, Surrey GU1 3DE.




PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the year ended
31 December 2005 (cont'd)



CHAIRMAN'S STATEMENT



I am pleased to report that 2005 proved another sound year for Premier Utilities
Trust  PLC.  Equity  markets generally performed well over the  period  and  the
utility  sector  delivered  another  year of  strong  performance  despite  some
residual  uncertainty surrounding the outlook for interest rates and  inflation.
Certainly  the dramatic rise in global prices for oil and gas helped the  sector
but  continuing uncertainty regarding the sustainability of economic growth also
highlighted the fundamental attractions and solidity of utility earnings.


Performance
The total assets of your Company rose from £45.32m as at the 31December 2004  to
£50.07m  as  at  31 December 2005, or an increase of 10.5%. Both  these  amounts
include the provision for the last dividends for the respective periods of 2.25p
per  Ordinary  share,  which are now only recognised in the Company's  financial
statements when they are declared. In addition listed investments are now valued
at  bid market prices whereas in prior periods they were valued at middle market
prices.  The  figure for total assets at 31 December 2004 has been adjusted  for
this  change.  When  the £1.22m of dividends that relate to the  year  ended  31
December 2005 are included, the Company's total return for the year was 13.2%.

The main catalyst for the portfolio's performance over the period was the rise
in European power prices.  A number of the Company's investments, most notably
Verbund in Austria, RWE and E.ON in Germany and Suez in France benefited from
the increase in power prices which came about as a result, principally, of the
high price of oil which fed through to gas prices.

Another excellent investment over the period proved to be the French water
company Veolia, the shares of which have virtually doubled since they were
purchased.  Veolia won a number of large contracts over the year and this,
together with operational improvements, lifted profitability significantly.

All of your Company's management and administration expenses are charged against
the  revenue  account with the exception of the performance fee payable  to  the
investment  manager, which has been charged to capital. As a result,  and  after
allowing  for  the additional accrual of 7.57p for the Zero Dividend  Preference
shares  ("ZDP shares"), net asset value per Ordinary share rose from 137.84p  to
156.06p  or  an increase of 13.2%. Terminal value per Ordinary share  (i.e.  the
residual  value  of each share after allowing for the full accrual  of  the  ZDP
shares at the proposed winding-up date for the Trust being the 31 December 2010)
rose 19.54p to 104p.

The  hurdle  rate is the amount by which the total assets of the Trust  need  to
increase  (or decline) in order to achieve predetermined values for the Ordinary
shares. Thus the hurdle rate required to achieve the 100p initial value  of  the
Trust's  Ordinary shares is now minus 0.4% whilst to achieve the year end  share
price  of  122p  the hurdle rate is 1.2%. Accrued net asset value  for  the  ZDP
shares  increased  from 108.2p to 115.8p or 7% whilst terminal  cover  increased
from  147%  to  161% making the ZDPs one of the better-covered issues  in  the
market.

The   performance  of  the  Company's  shares  generally  reflected  the   sound
performance  of its assets. The Ordinary share price increased from  112.75p  to
122p  at  the period end, an increase of 8.2% whilst the ZDPs rose  by  8.5%  to
124.5p. The package discount of Ordinary and ZDP shares ended the year at 8.2%.







PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the year ended
31 December 2005 (cont'd)



Revenue and dividends
Revenue  was  relatively strong over the period with net  revenue  per  Ordinary
share  of  7.2p. Although earnings were lower in 2005 than the previous  period,
the current period is twelve months compared to fifteen months previously.  Thus
although overall earnings per share were lower in the period under review, on  a
comparable  basis they were actually marginally higher than the year  ending  31
December  2004.   As  a  result  your Company has declared  and  paid  dividends
totalling  4.5p  per  Ordinary share (in respect of  net  revenue  generated  in
2005).These were paid in June, September and December 2005. Your Board  has  now
declared  a  fourth interim dividend of 2.25p per Ordinary share in  respect  of
2005.  This  dividend  will  be paid on 31 March 2006  to  shareholders  on  the
register at the close of business on 10 March 2006.

Following  payment of the fourth interim dividend, making a total of  6.75p  for
the  year as a whole, your Company will retain an undistributed revenue  reserve
for  the  year of £85,000 or 0.47p per Ordinary share, (allowing for the payment
of  the  fourth interim dividend of 2.25p per ordinary share on 31 March  2006).
This reserve will be added to the reserve carried forward from the previous year
and means that total revenue reserves now stand at £193,000.

Shareholder relations.
The Board and the Investment manager welcome contact not only with the Company's
existing investors but also with potential new investors. The Investment Manager
has  met most of the Company's major shareholders. We have welcomed a number  of
new  shareholders this year and this broadening of the share register has helped
maintain the discount of the shares at a reasonable level.

The Board of Directors
Bill  Syson retired from the Chair and as a director during 2005, and  we  thank
him  for the enormous contribution he has made to the Board's deliberations over
the  years. Adam Cooke has joined the board, and has taken the role of  Chairman
of  the  Audit  Committee.  He has been involved with fund  management  and  the
investment trust industry for many years at Invesco Perpetual, and as  a  Global
Partner  of  the parent company Amvescap PLC. He has already proved  a  valuable
addition to the Board and I recommend his re-election.

In  addition, Ian Graham retires by rotation and offers himself for re-election.
His  many years of investment experience in the utility sector is of significant
benefit to the Board. Again I recommend his re-election.

Annual General Meeting
The Annual General Meeting is being held on Monday 24 April 2006 commencing at
2.30pm.The location will be advised in due course.





PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the year ended
31 December 2005 (cont'd)


Outlook
The outlook for markets is not unlike last year's it would seem. Earnings growth
remains  relatively robust whilst both inflation and interest  rates  are  under
control  at  least  for the foreseeable future. However, the  current  round  of
interest rate tightening, whilst approaching its peak, may have a little further
to  go  whilst the strains on economic growth from this are being compounded  by
the high price of commodities generally.  This is unlikely to abate in the short
term, in our view, and growth could come under some pressure as the current year
matures.

So  far  as  the  global  utility sector is concerned,  we  believe  it  may  be
approaching  the  end of its five-year revaluation against other  economic  sub-
groups.  Whilst  earnings growth is maturing for the sector however,  there  are
specific  stocks that are looking increasingly attractive notably those  capable
of  exploiting  the  high price of energy. These include nuclear  and  renewable
energy  generators. We are also optimistic on the outlook for selective telecoms
companies and the extent to which the Company can diversify its asset base  both
by economic sub sector and geographically does provide a degree of comfort in an
uncertain world.



Geoffrey Burns
Chairman
1 March 2006

Premier Utilities Trust PLC
Eastgate Court
High Street
Guildford
Surrey GU1 3DE

Enquiries: Andrew Whalley (telephone [phone])