Final Results

Value & Income Trust PLC
12 May 2000


                    VALUE AND INCOME TRUST PLC (VIT)
                PRELIMINARY ANNOUNCEMENT OF THE RESULTS
                    FOR THE YEAR TO 31ST MARCH 2000
                             
              (Extracted from the Audited Group Accounts)

SUMMARY                                       
                                31st March     31st March
                                   2000           1999
                                                    
Net Asset Value per share         173.3p          167.0p
Share Price                       131.0p          116.5p
Earnings per share (net)           4.74p           4.94p
Dividend per share (net)           5.20p           5.00p
Portfolio Total                  £114.6m         £111.7m

Highlights of the Year
 Share price up 12%, total return including net dividends is 17%
 Net asset value total return is 7%                                           
 Net dividend up 4% - thirteenth consecutive increase above
 inflation

Review
Higher  yielding shares, and investment trusts specialising  in
them,  have  had a hard year. The total return (capital  growth
plus  new  dividends) on the FTSE All Share Index was 10%,  but
investment  trusts in our UK Income Growth Sector  produced  an
average  net  asset value total return of 2% and a share  price
total return of -3%. The average discount to net assets widened
from  10%  to 16%. VIT had a better year. The share price  rose
12%  and  the share price total return was 17%. The  net  asset
value total return was 7%.
Over  the year, we continued to restructure the portfolio  away
from   the  smallest  companies  and  took  advantage  of   the
undervaluation of the 'old economy' by buying new holdings in a
spread  of  mid size and large companies. We have upgraded  the
quality of the investments and reduced the number of holdings.
Property  gave  a  15% return after substantial  restructuring.
Many smaller low-growth properties were sold and new portfolios
were  bought by way of sale and leasebacks from W H  Smith  and
Clydesdale Bank.

Chairman retires
Lord Thomson of Monifieth, the first Chairman of VIT will be retiring at the
forthcoming AGM. His successor is James Ferguson.

Outlook
We believe that the companies represented in our portfolio are undervalued.

Dividend
The  Directors are recommending the payment of a final dividend
of   2.6p  net  per  Ordinary  share  on  17th  July  2000   to
shareholders registered on 9th June 2000.

In the current year they expect to pay a total net dividend of 5.4p
per share (3.8% increase).

Enquiries:  Matthew Oakeshott or Angela Lascelles, OLIM Limited,
Tel: [phone].


          CONSOLIDATED STATEMENT OF TOTAL RETURN
          (Incorporating The Income Account) (2)
            for the year ended 31st March 2000

                            2000                1999 (Restated)(1)
                   Revenue  Capital  Total    Revenue   Capital   Total
                   £000     £000     £000     £000      £000      £000
Income                                                              
Securities:                                                         
Dividends from UK  3,109       -     3,109    3,089      -       3,089
Companies
Dividends from        11       -        11       26      -          26
Overseas
Companies
Interest from UK      77       -        77       81      -          81
Companies
Properties:                                                   
Rents              3,113       -     3,113    3,238      -       3,238
                                                              
Interest on          357       -       357      387      -         387
deposits
Underwriting           3       -         3        3      -           3
commission
Other income          13       -        13       26      -          26
                   6,683       -     6,683    6,850      -       6,850
Expenses                                                      
Investment          (807)      -      (807)    (743)     -        (743)
management fee
Other expenses      (391)      -      (391)    (376)     -        (376)
                   5,485       -     5,485    5,731      -       5,731
Capital                                                       
profits/losses
Net realised                                                 
gains on           -        2,426    2,426    -          5,154   5,154
investments in
the year
Movement in                                                  
unrealised         -          826      826    -         (6,294) (6,294)
appreciation in                                         
the year
Net return before                                             
interest payment   5,485    3,252    8,737    5,731     (1,140)  4,591
and tax                                          
                                                              
Interest payable  (3,501)    -      (3,501)  (3,501)    -       (3,501)
Return on ordinary                                                   
activities before                                                             
 tax                1,984    3,252    5,236    2,230     (1,140)  1,090       
                                                      
Tax on ordinary                                                               
 activities           177     (177)    -          21        (17)      4
Return attributable                                                        
to Ordinary                                                                   
 shareholders       2,161    3,075    5,236    2,251     (1,157)  1,094       
                                                              
Ordinary dividends(2,369)    -      (2,369)  (2,277)      -     (2,277)
Transfer to                                                   
reserves after                                                
aggregate                                                     
dividends paid     
and proposed of                                       
£2,368,599 (1999
- £2,277,499)       (208)    3,075   2,867     (26)     (1,157) (1,183)
                                                                    
Return per          4.74p     6.75p  11.49p   4.94p      (2.54)p  2.40p
Ordinary share (3)                   

Notes:

(1)The  results  for the year to 31st March 1999 are  an  abridged
   version  of the full accounts for that year, which received  an
   unqualified  audit report and which have been  filed  with  the
   Registrar  of Companies. However, following the publication  of
   FRS16  -  Current Tax, dividends from UK companies are included
   without  the  addition of the tax credit.  Comparative  figures
   for 1999 have been restated on this basis.
(2)The Revenue column of this statement is the Income Account of
   the Group.
(3)Income return per Ordinary share is based on the net income  on            
    ordinary  activities after taxation and on 45,549,975  (1999  -
   same)  Ordinary  shares, being the weighted average  number  of
   Ordinary  shares in issue during the year.  Capital return  per
   Ordinary  share is based on net capital gains for the financial
   year  end  on  45,549,975 (1999 - same) Ordinary shares,  being
   the  weighted average number of Ordinary shares in issue during
   the year.

 Summary Consolidated Balance Sheet as at 31st March 2000
                                                         
                                             2000        1999 (1)
                                             £'000         £'000
                                                             
Equity Investments                          71,961        69,196
Property Investments                        39,800        41,055
Net Current Assets                           2,811         1,477
                                                         
Total Assets less Current Liabilities      114,572       111,728
Creditors due after one year               (35,635)      (35,658)
                                                         
Total Net Assets                            78,937        76,070
                             
                             
                             
                             
                             
   Summary Consolidated Cash Flow Statement for the year
                   ended 31st March 2000

                                             2000        1999 (1)
                                             £'000        £'000
                                                        
Net cash inflow from operating              5,971        5,544
activities   
Interest paid                              (3,525)      (3,524)
Taxation                                      122          -
Net cash inflow from capital                  767       (3,518)
expenditure and financial investment
Equity dividends paid                      (2,323)      (2,232)
Increase/(decrease) in cash                 1,012       (3,730)


     Reconciliation of Total Income to Net Inflow from
                   Operating Activities

                                             2000       1999(Restated)(1)
                                             £'000        £'000
                                                        
Income                                       6,683        6,850
Investment Management Fee                     (807)        (743)
Other Expenses                                (391)        (376)
Decrease/(increase) in other debtors           629         (548)
(Decrease)/increase in other creditors        (143)         365
Tax on overseas income                          -            (4)
Net cash inflow from operating               5,971        5,544
activities



Note:

(1)       The  results  for  the year to 31st March  1999  are  an
          abridged  version of the full accounts  for  that  year,
          which  received  an unqualified audit report  and  which
          have been filed with the Registrar of Companies.
(Restated) 
(1)       As (1) above. However, following the publication of  FRS16
          -  Current Tax, dividends from UK companies are included
          without  the  addition  of the tax  credit.  Comparative
          figures for 1999 have been restated on this basis.