Final Results

Value & Income Trust PLC
11 May 2001



11 May 2001





                          VALUE AND INCOME TRUST PLC


                            PRELIMINARY RESULTS
                        FOR THE YEAR TO 31 MARCH 2001







SUMMARY




                                       31 March 2001          31 March 2000

Net asset value per share                 177.4p                 173.3p
Share price                               136.5p                 131.0p
Total dividends per share                  5.4p                   5.2p
Total gross assets                    £ 116.4 million        £114.6 million







HIGHLIGHTS



*         Net asset value has increased by 2.4% to 177.4p



*         Net asset value total return, including net dividends was 5.5%



*         Share price rose by 4.2% to 136.5p



*         Total dividends for the year of 5.4p, up 3.8% - the fourteenth
          consecutive increase above inflation





Value and Income Trust invests in higher yielding, less fashionable areas of
the UK commercial property and equity markets, particularly in medium and
smaller sized companies.  It aims for long-term real growth in dividends and
capital values without undue risk.



VIT's investments performed well this year.  Our equity portfolio gave a total
return of +6.4%, compared with -10.8% by the FTSE All-Share Index.  The
property portfolio return was 10%.



Outlook

The turbulence in the equity market during the past eighteen months seems to
have run its course and good value is appearing in parts of the market.
Property is much the highest yielding asset class and the available yields are
very attractive.




Dividend

The Directors are recommending a final dividend of 2.7p net per Ordinary Share
to be paid on 3 July 2001 to shareholders registered on 8 June 2001.  In the
current year they expect to pay a total dividend of 5.6p per share (a 3.7%
increase).



The Annual Report will be posted to shareholders on 30 May 2001.  Copies can
be obtained from Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket
Terrace, Edinburgh, EH12 5HD or OLIM Limited, Pollen House, 10-12 Cork Street,
London, W1S 3NP



For further information, please contact:-


Matthew Oakeshott or Angela Lascelles of OLIM Limited
Tel: [phone]



CONSOLIDATED STATEMENT OF TOTAL RETURN
(incorporating the income account*) for the year ended 31 March 2001


                                      2001               2000 (restated)
                             Revenue Capital  Total  Revenue Capital  Total

                                £000           £000     £000           £000
                                       £000                    £000
Income
Securities
Dividends from UK Companies    3,051       -   3,051   3,109       -   3,109
Dividends from Overseas            -       -       -      11       -      11
Companies
Interest from UK Companies       151       -     151      77       -      77
Properties
Rents                          3,051       -   3,051   3,113       -   3,113
Interest on deposits             334       -     334     357       -     357
Underwriting commission            8       -       8       3       -       3
Other income                      13       -      13      13       -      13


                               6,608       -   6,608   6,683       -   6,683
Expenses
Investment management fee      (568)   (302)   (870)   (539)   (268)   (807)
Administration expenses        (377)       -   (377)   (391)       -   (391)


                               5,663   (302)   5,361   5,753   (268)   5,485
Capital profits/(losses)
Net realised gains on              -   4,567   4,567       -   2,426   2,426
investments in the year
Movement in unrealised             - (2,087) (2,087)       -     826     826
appreciation in the year



Net return before interest     5,663   2,178   7,841   5,753   2,984   8,737
payment and tax
Interest payable             (3,501)       - (3,501) (3,501)       - (3,501)



Return on ordinary             2,162   2,178   4,340   2,252   2,984   5,236
activities before taxation
Tax on ordinary activities         -       -       -     177   (177)       -



Return attributable to         2,162   2,178   4,340   2,429   2,807   5,236
equity shareholders
Dividends in respect of      (2,460)       - (2,460) (2,369)       - (2,369)
ordinary shares


Transfer (from)/to reserves    (298)   2,178   1,880      60   2,807   2,867


Return per ordinary share      4.75p   4.78p   9.53p   5.34p   6.15p  11.49p





* The revenue column of this statement is the Income Account of the Group.


CONSOLIDATED BALANCE SHEET


                                      2001                   2000 (restated)
                                    £000       £000             £000       £000

Investments
Listed in UK                                 74,382                      71,961


                                             74,382                      71,961
Investment Properties                        39,825                      39,800


                                            114,207                     111,761
Current Assets
Debtors                            2,352                       1,498
Cash and short term deposits       2,547                       4,542


                                   4,899                       6,040


Current Liabilities (due
within one year)
Creditors                          1,448                       2,045
Dividend payable                   1,230                       1,184


                                   2,678                       3,229


Net Current Assets                            2,221                       2,811


Total Assets less Current                   116,428                     114,572
Liabilities
Creditors (due after one                     35,611                      35,635
year)


                                             80,817                      78,937
Total Net Assets


Represented by:
Capital and Reserves Share
Capital
Ordinary                                      4,555                       4,555

Reserves
Share Premium Account             18,446                      18,446
Capital Reserve - realised        34,631                      30,366
Capital Reserve - unrealised      10,823                      12,959
Revaluation Reserve               11,245                      11,196
Revenue Reserve                    1,117                       1,415


                                             76,262                      74,382


Equity Shareholders' Funds                   80,817                      78,937


Net Asset Value per Ordinary      177.4p                      173.3p
Share




CONSOLIDATED CASHFLOW STATEMENT
                                              2001                  2000
                                            £000    £000          £000    £000
Operating activities:
Dividends received from investments                3,195                 3,635
Rental income                                      3,020                 3,010
Interest received                                    333                   357
Other income                                          21                    15
Investment management fees paid                    (881)                 (830)
Administration fees paid                           (115)                 (102)
Directors' fees paid                                (25)                  (26)
Other cash payments                                (121)                  (88)


Net cash inflow from operating                     5,427                 5,971
activities

Returns on investments and servicing of
finance
Interest paid                                    (3,526)               (3,525)
Taxation:
Tax (paid)/received                                 (34)                   122


Capital expenditure and financial
investment:
Purchases of investments                 (34,630)               (38,708)
Sales of investments                      33,182                39,475


Net cash (outflow)/inflow from capital
expenditure and financial investment             (1,448)                   767

Equity dividends paid                            (2,414)               (2,323)


Net cash (outflow)/inflow before                 (1,995)                 1,012
financing


(Decrease)/increase in cash                      (1,995)                 1,012



NOTES :

1.              The accounts are prepared under the same accounting policies
used for the year to 31 March 2000 except that, with effect from 1 April 2000,
50% of the investment management fee paid by the company has been charged to
capital. The 2000 figures have been restated to reflect this change in
accounting policy. This allocation has no effect on the total return of the
company.

2.              The final dividend, subject to shareholder approval, will be
paid on 3 July 2001 to shareholders on the register at the close of business
on 8 June 2001. The ex-dividend date is 6 June 2001.

3.              The statement of total return, balance sheet and cash flow
statement set out above do not represent full accounts in accordance with
Section 240 of the Companies Act 1985. The financial information for the year
ended 31 March 2000 has been extracted from the Annual Report and Accounts of
the Company which have been filed with the Registrar of Companies. The
auditors' report on those accounts was unqualified. The statutory accounts for
2001 are unqualified and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting which will be held at Donaldson
House, 97 Haymarket Terrace, Edinburgh, on Monday 2 July 2001 at 12.30 pm. The
accounts were approved by the board of directors on 11 May 2001.

4.              The Annual Report and Accounts will be posted to shareholders
on 30 May 2001 and copies will be available from the company secretary.



For Value and Income Trust plc
Edinburgh Fund Managers plc, Secretary
David Holland
Deputy Group Company Secretary