Interim Results

Value & Income Trust PLC
13 October 2000

                          VALUE AND INCOME TRUST PLC


                   PRELIMINARY ANNOUNCEMENT OF THE RESULTS

                    FOR THE HALF YEAR TO 30 SEPTEMBER 2000


                                 (UNAUDITED)


SUMMARY
                             30 Sept 2000    30 Sept 1999      31 March 2000

Net Asset Value per Share           180.6p            164.9p             173.3p
Share Price                         127.0p            129.5p             131.0p
Dividend per Share (net)              2.7p              2.6p              5.20p
                              (interim)        (interim)          (total)



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


VIT's investments have performed well over the past six months. Our equity
portfolio outperformed the equity market by 9% over this period; sales of
smaller properties have been completed and funds reinvested in larger, safer
properties at higher initial yields.


We have changed the accounting policy this year, so that half of the annual
investment management fee is now charged against revenue and half against
capital. This brings VIT into line with normal practice in our Income Growth
Sector. An interim dividend of 2.7p has been declared (+3.8%) in respect of
the year to 31 March 2001, payable on 5 January 2001 to shareholders
registered on 17 November 2000 and the Board expects to recommend a final
dividend of 2.7p next May (also a 3.8% increase). Edinburgh Fund Managers have
been appointed as Company Secretaries in place of Stewart Ivory.


The formal results which follow at the end of this Announcement are presented
in the format recommended in the AITC's Statement of Recommended Practice for
Accounts of Investment Trust companies as utilised in preparing the Interim
Report for the six months to 30 September 2000.


The Interim Report will be posted to shareholders on 30 October 2000. Copies
can be obtained from OLIM Limited, Pollen House, 10-12 Cork Street, London W1X
1PD or Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace,
Edinburgh, EH12 5HD.



Enquiries:       Matthew Oakeshott or Angela Lascelles

                 OLIM Limited

                 Tel: [phone] / Fax: [phone]






CONSOLIDATED STATEMENT OF TOTAL RETURN (UNAUDITED)

for the half year ended 30 September 2000

                             Half Year to                   Half Year to

                           30 September 2000           30 September 1999 (3)
                         Revenue Capital Total       Revenue  Capital   Total
                           (1)                         (1)
                                                              Restated Restated
                                                     Restated
                          £'000   £'000  £'000        £'000    £'000    £'000

Income
Income from Securities     1,724       - 1,724          2,233             2,233
Rents from Investment
                           1,481       - 1,481          1,545        -    1,545
Properties
Other Income                 202       -   202            196        -      196
                           3,407       - 3,407          3,974        -    3,974
Expenses
Administration             (414)   (212) (626)          (421)    (200)    (621)
                           2,993   (212) 2,781          3,553    (200)    3,353
Capital Profits/Losses
Net realised gains on
                               -   2,936 2,936              -    1,310    1,310
Investments in the
period
Movement in unrealised
                               -     608   608              -  (2,456)  (2,456)
Appreciation in the
period

Net return before
interest                   2,993   3,332 6,325          3,553  (1,346)    2,207

Payment and tax
Interest payable         (1,751)       - (1,751)        (1,750)      -  (1,750)

Return on ordinary
activities before tax      1,242   3,332 4,574          1,803  (1,346)      457

Tax on ordinary              (7)       7     -          (226)        6    (220)
activities

Return attributable to
                           1,235   3,339 4,574          1,577  (1,340)      237
Ordinary shareholders
Ordinary dividends       (1,230)       - (1,230)        (1,184)      -  (1,184)

Surplus/(deficit) for          5   3,339 3,344            393  (1,340)    (947)
the period

Return per ordinary        2.71p   7.33p 10.04p          3.46p  (2.94p)   0.52p
share


SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2000 (UNAUDITED)

                                      30 September 2000       31 March 2000 (2)

                                            £'000                   £'000

Total Investments                              115,462                  111,761
Net Current Assets                               2,442                    2,811

Total Assets less Current                      117,904                  114,572
Liabilities
Creditors due after one year                  (35,623)                 (35,635)

Total Net Assets                                82,281                   78,937

(1)   The Revenue column of this statement is the Income Account of the Group.
(2)   The position as at 31 March 2000 is an abridged version from the full
      accounts for that year, which received an unqualified audit report and
      which have been filed with the Registrar of Companies.

      The Board have decided to charge 50 per cent of the investment management
(3)   fee to capital in line with the expected long-term split of returns of
      the Group. 1999 comparatives have been restated accordingly.




                             CASH FLOW STATEMENT

            for the six months ended 30 September 2000 (Unaudited)

                                        Six months to 30       Six months to 30
                                         September 2000         September 1999
                                              £000                   £000

Operating activities
Net cash inflow from operating                     2,791                  3,626
activities

Taxation
Tax paid                                               -                   (98)

Returns on investments and
servicing of finance
Interest paid                                    (1,751)                (1,751)
Debenture stock premium                             (12)                   (12)

Capital expenditure and financial
investment
Purchase of investments                         (17,405)               (23,354)
Sale of investments                               17,581                 22,371
Management fee charged to capital                  (211)                  (200)
Net cash outflow from capital                       (35)                (1,183)
expenditure and financial
investment
Equity dividend paid                             (1,184)                (1,139)
NET CASH OUTFLOW                                   (191)                  (557)


NET CASH OUTFLOW
Decrease in cash                                   (191)                  (557)
Increase in deposits                                   -                      -
Decrease in cash and deposits                      (191)                  (557)