Final Results

Glasgow Income Trust PLC
13 November 2001

News Release

13 November 2001

                           GLASGOW INCOME TRUST PLC

                             PRELIMINARY RESULTS


Glasgow Income Trust's principal objective is to provide shareholders with a
high level of income and to obtain growth in both income and capital over the
longer term.  The Company is managed by Glasgow Investment Managers.


      Preliminary Announcement of Results for Year Ended 30 September 2001



*     Total return to shareholders was 8.9%, well ahead of the return of -
20.8% on the Company's benchmark, the FTSE All-Share Index, and contrasting
with the -35.4% return to shareholders of trusts in the UK High Income
category of the Association of Investment Trust Companies. Total return on net
assets was -2.0%.

*     Good investment performance resulted from successful stock selection
and hedging of the equity portfolio during periods of stock market weakness.

*     Final dividend of 1.7p per share brings total dividends for year to
4.7p, an increase of 27.0% over the corresponding period last year, reflecting
the move to the Company's new higher yielding investment strategy.

*     The net dividend yield was 6.6% on the ordinary share price of 71.0p
at 30 September 2001.

*     The relationship of the ordinary share price to underlying net asset
value per share moved from a discount of 5.8% at 30 September 2000 to a
premium of 5.0% at 30 September 2001.

*     Financial markets seem preoccupied with current events and appear to
be overlooking the stimuli being applied to economies, through lower oil
prices, interest rate cuts and fiscal relaxation. With ordinary share prices
depressed, as they were at a similar stage in the Gulf War eleven years ago,
stockmarkets offer value to the long-term investor.



For further information please contact:



David Williams, Managing Director
Glasgow Investment Managers              0141 572 2700




                           Glasgow Income Trust plc
                              Annual Report 2001


Background


Over the year to 30 September 2001 the representative indices of ordinary
share prices moved lower as business prospects deteriorated.   Investor
confidence was further undermined in September by the terrorist attacks on New
York and Washington, which seemed likely to frustrate the efforts of the
monetary authorities in the USA, Europe and the UK to combat recession by
lowering interest rates.



Investment Returns



Against that unpromising background Glasgow Income Trust has performed well.
The total return on net assets was -2.0% well above the return of -20.8% on
the FTSE All-Share Index.



The total return to shareholders was 8.9%, ahead of the return on net assets
because the relationship of the ordinary share price to underlying net asset
value per share moved from a discount of 5.8% at 30 September 2000 to a
premium of 5.0% at 30 September 2001.



Successful stock selection was the principal factor in this good performance
relative to benchmark.  Investments in Pendragon, the car distributor, Abbey
National, Interserve and Lex Group in the Support Services sector and Man
Group, the speciality fund manager, made major contributions and more than
offset some disappointing performances by stocks in the Transport and
Engineering & Machinery sectors.  Hedging of the equity portfolio also
contributed to the return on net assets.



Portfolio Profile



Over the year to 30 September 2001 ordinary share investments were increased
from 97.2% to 108.4% of net assets, as advantage was taken of stockmarket
weakness, while exposures to convertibles and corporate bonds were little
changed.  After the fall in share prices in September total investments
included 4.4% invested in hedge instruments and gearing was 66.3% of net
assets, up from 49.7% a year earlier.



Earnings and Dividends



The year to 30 September 2001 was the second of the Company's new investment
strategy, introduced in 2000 with the aim of providing a significantly higher
yield to shareholders.  In the period under review the revenue return per
ordinary share grew by 21.4% to 5.0p per ordinary share.



The Board is recommending a final dividend of 1.7p per share, bringing total
dividends for the year to 4.7p per share, an increase of 27.0% over the level
of dividends paid last year. That represents a net yield of 6.6% at the
year-end share price. If approved, the final dividend will be paid on 28
February 2002 to shareholders on the register at close of business on 1
February 2002.




The Longer Term



The aim of the new investment strategy adopted in May 2000 was to raise the
yield on net assets, in the expectation of encouraging a fall in the discount,
and retain the growth characteristics of the portfolio, with the overall
objective of improving the return to shareholders. Although gearing was
increased the approach was essentially conservative and hedging was employed
to limit the potentially adverse impact of leverage on net asset value if
ordinary share prices were to fall.



The results of this initiative have been very satisfactory.  Over the year
under review the total return to a shareholder, at 8.9%, was well ahead of
benchmark and contrasts with the average -35.4% return to shareholders of
trusts in the UK High Income category of the Association of Investment Trust
Companies.



Share Capital



In the course of the year 1,622,920 ordinary shares, an increase of 5.2%, were
issued for cash at the market price when it stood at a premium to net asset
value per share.  72,920 were issued to investors purchasing shares through
The Glasgow TrustPlan, the savings plan operated by Glasgow Investment
Managers, and 1,550,000 were issued through the stockmarket.



Outlook



The current weakness of stockmarkets reflects fears of impending recession in
the major economies aggravated by a widespread decline in consumer confidence
after the terrorist attacks in the USA.  Financial markets seem preoccupied
with current events, military action in Afghanistan and the anthrax scares in
the USA, and appear to be overlooking the stimuli being applied to economies.
Oil prices have fallen, interest rates have been cut and the fiscal balances
of Western governments are moving rapidly towards deficit, all factors likely
to boost business activity.  With ordinary share prices depressed, just as
they were at a similar stage of the Gulf War eleven years ago, stockmarkets
offer value to the long-term investor, as they did then.



Annual Report and Annual General Meeting



The Annual Report will be mailed to shareholders on 16 November 2001. Copies
may be obtained from the managers, Glasgow Investment Managers Limited,
Sutherland House, 149 St. Vincent Street, Glasgow G2 5DR after that date.

The Annual General Meeting will be held at Glasgow Investment Managers
Limited, Sutherland House, 149 St. Vincent Street, Glasgow G2 5DR on Thursday
13 December 2001 at 10.00am.



R G Hanna

(Chairman)



                          Glasgow Income Trust plc
                   Consolidated Statement of Total Return
                    (incorporating the Revenue Account*)
                    for the year ended 30 September 2001
                                    2001                      2000
                          Revenue  Capital   Total    Revenue  Capital    Total
                             £000   £000      £000       £000     £000     £000

Losses on investments           -  (2,244)  (2,244)         -     (970)    (970)
Income                      2,092        -    2,092     1,630        -    1,630
Investment management fee     102      102      204        80       80      160
Other administrative          211        -      211       158        -      158
expenses

Net return before
Finance costs and
taxation                    1,779   (2,346)    (567)    1,392   (1,050)     342

Finance costs of               53       53      106       102      102      204
borrowings

Return on ordinary
activities before
taxation                    1,726  (2,399)     (673)    1,290  (1,152)      138

Taxation                      162    (162)        -     10         -         10

Return on ordinary
activities after
taxation for the
financial Year              1,564  (2,237)    (673)   1,280    (1,152)      128

Dividends on equity         1,504        -    1,504   1,148         -     1,148
shares

TRANSFER TO RESERVES           60  (2,237)  (2,177)    132   (1,152)     (1,020)

Return per ordinary share   5.00p  (7.14)p  (2.14)p  4.12p   (3.71)p       0.41p

Dividends per ordinary      4.70p                    3.70p
share


*The revenue column of this statement is the consolidated revenue account of
the Group.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the year.



The financial information set out above and on the following page does not
constitute the Company's statutory accounts for the years ended 30 September
2000 and 2001 but is derived from those accounts. Statutory accounts for 2000
have been delivered to the Registrar of Companies and those for 2001 will be
delivered following the Company's annual general meeting. The auditors have
reported on those accounts; their reports were unqualified and did not contain
statements under section 237 (2) or (3) of the Companies Act 1985.







                           Glasgow Income Trust plc
                              Group Balance Sheet
                            As at 30 September 2001
                                                          2001         2000
                                                          £000         £000
FIXED ASSETS
Ordinary shares                                          23,938       22,261
Convertibles                                              2,265        2,089
Corporate bonds                                           9,537        9,949
Hedge instruments                                           976         -
                                                         36,716       34,299
CURRENT ASSETS
Debtors                                                     547        1,417
Cash on short-term deposit                                   -           200
                                                            547        1,617
CREDITORS
Amounts falling due within one year                       3,606       2,675
                                                         (3,059)     (1,058)
TOTAL ASSETS LESS CURRENT LIABILITIES                    33,657       33,241
CREDITORS
Amounts falling due after more than one year             11,579       10,332
NET ASSETS                                               22,078       22,909

EQUITY SHAREHOLDERS' FUNDS                               22,078       22,909
Net asset value per ordinary share                       67.59p       73.80p





                           Glasgow Income Trust plc
                        Consolidated Cash Flow Statement
                      for the year ended 30 September 2001

                                                 2001                2000
                                             £000       £000     £000    £000
OPERATING ACTIVITIES
Dividends and interest received from                   1,955            1,226
investments
Income tax paid                                         (25)             (29)
Deposit interest received                                 10               21
Dealing subsidiary receipts                               16              808
Other cash received                                      112               81
Administrative expenses paid                            (356)            (280)
Payments to and on behalf of Directors                   (31)             (34)
Dealing subsidiary payments                              (15)            (656)

NET CASH INFLOW FROM OPERATING                         1,666            1,137
ACTIVITIES
SERVICING OF FINANCE

Interest paid                                           (101)            (217)
TAXATION
Corporation tax paid                                     (10)                -
CAPITAL EXPENDITURE
Purchases of investments                      (23,763)         (20,110)
                                              
Sales of investments                           20,383           14,241
                                                       (3,380)          (5,869)

EQUITY DIVIDENDS PAID                                  (1,382)            (931)
                                                       (3,207)          (5,880)

FINANCING
Zero coupon finance                                  -            9,881
Issue of shares                                  1,346                -
Debt due within one year
 - increase / (decrease) in short-term           
borrowings                                       1,000          (3,004)
                                                         2,346            6,877
(DECREASE) / INCREASE IN CASH                             (861)             997