Interim Results

Value & Income Trust PLC
19 October 2001



                          VALUE AND INCOME TRUST PLC

                   PRELIMINARY ANNOUNCEMENT OF THE RESULTS
                    FOR THE HALF YEAR TO 30 SEPTEMBER 2001

                                 (UNAUDITED)


SUMMARY
                                30 Sept 2001    30 Sept 2000      31 March 2001

Net Asset Value per Share           165.2p            180.6p             177.4p
Share Price                         132.5p            127.0p             136.5p
Dividend per Share (net)              2.8p              2.7p              5.40p
                                  (interim)         (interim)            (total)



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 portfolio has held up well in troubled markets. Over the past six
months, the FTSE All-Share Index gave a total net return, including dividends,
of -12.5%. VIT's returns were -1.0% (share price plus dividend) and -5.3% (net
asset value plus dividend). Market falls also present opportunities: VIT's
equity purchases showed an average initial yield of 7.2% including a 10% tax
credit. Property purchases yielded 8.7%.

An interim dividend of 2.8p has been declared (+3.7%) and the board expects to
recommend a final dividend of 2.8p next May (also +3.7%).

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 Annual
Report for the year to 31 March 2001.

The Interim Report will be posted to shareholders on 6 November 2001.  Copies
can be obtained from OLIM Limited, Pollen House, 10-12 Cork Street, London W1S
3NP 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 2001


                               Six months to               Six months to
                             30 September 2001           30 September 2000
                          Revenue Capital   Total    Revenue  Capital   Total
                                                     Restated Restated Restated
                            £'000   £'000   £'000       £'000    £'000    £'000

Income
Income from Securities      2,007        -   2,007      1,724        -    1,724
Rents from Investment
  Properties                1,653        -   1,653      1,481        -    1,481
Other Income                   91        -      91        202        -      202
                            3,751        -   3,751      3,407        -    3,407

Expenses
Administration              (368)    (194)   (562)      (414)    (212)    (626)
                            3,383    (194)   3,189      2,993    (212)    2,781

Capital Profits/Losses
Net realised gains on
Investments in the period       -      247     247          -    2,936    2,936
Movement in unrealised
appreciation in the             
period                          -  (5,978) (5,978)          -      608      608

Net return before
interest                    3,383  (5,925) (2,542)      2,993    3,332    6,325

Payment and tax
Interest payable and      (1,751)        - (1,751)    (1,751)        -  (1,751)
similar charges

Return on ordinary
activities before tax       1,632  (5,925) (4,293)      1,242    3,332    4,574


Tax on ordinary                 -        -       -        (7)        7        -
activities

Return attributable to
Ordinary shareholders       1,632  (5,925) (4,293)      1,235    3,339    4,574
Ordinary dividends        (1,275)        - (1,275)    (1,230)        -  (1,230)

                              357  (5,925) (5,568)          5    3,339    3,344

Return per ordinary share   3.58p (13.00p) (9.42p)      2.71p    7.33p   10.04p




  SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2001 (UNAUDITED)

                                   30 September     31 March      30 September
                                        2001          2001              2000
                                       £'000         £'000             £'000

Total Investments                     107,893       114,207           115,462
Net Current Assets                      2,955         2,221             2,442

Total Assets less Current             110,848       116,428           117,904
Liabilities
Creditors due after one year         (35,599)      (35,611)          (35,623)

Total Net Assets                       75,249        80,817            82,281





                                CASH FLOW STATEMENT
            FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001 (UNAUDITED)


                                                  Six months to   Six months to
                                                  30 September    30 September
                                                       2001            2000
                                                      £'000           £'000

Operating activities
Net cash inflow from operating activities             2,780           2,580

Taxation
Tax paid                                              (172)               -

Returns on investments and servicing of finance
Interest paid                                       (1,763)         (1,763)

Capital expenditure and financial investment
Purchase of investments                            (10,860)        (17,405)
Sale of investments                                  12,751          17,581
Net cash inflow from capital expenditure and          1,891             176
financial investment

Equity dividend paid                                (1,230)         (1,184)

NET CASH INFLOW                                       1,506           (191)

INCREASE IN CASH                                      1,506           (191)




Notes:

(1) The Revenue column of the statement of total return is the Income Account
    of the Group.

(2) The position as at 31 March 2001 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.

(3) The interim dividend will be paid on 3 January 2002 to shareholders on the
    register at the close of business on 7 December 2001. The ex-dividend date
    is 5 December 2001.

(4) The Interim Report will be issued on 6 November 2001.  Copies may be
    obtained from OLIM Limited, Pollen House, 10/12 Cork Street, London W1S 3NP
    or Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace,
    Edinburgh, EH12 5HD.