Interim Results

VALUE AND INCOME TRUST PLC

                 PRELIMINARY ANNOUNCEMENT OF THE RESULTS
                FOR THE HALF YEAR ENDED 30 SEPTEMBER 2003

                               (UNAUDITED)

SUMMARY

                          30 September       30 September  31 March 2003
                                  2003               2002
Net  Asset Value per Share      157.8p             147.0p         138.8p

Share Price                     138.3p             127.0p         114.0p

Dividend per Share                3.0p               2.9p           5.8p

                             (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.

Equity markets have recovered strongly from their oversold levels at the
start of the Iraq war.  Over the past six months VIT's share price is up
by  21.3%  and  the net asset value by 13.7%, while the  FTSE  All-Share
Index has risen by 16.8%.  Retail property capital values have also been
rising;  VIT's property portfolio is revalued annually in March.

An  interim  dividend of 3.0p has been declared (+3.4%)  and  the  board
expects to recommend a final dividend of 3.0p next May (also + 3.4%).

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  ended  31  March
2003.

The  Interim  Report will be posted to shareholders on 7 November  2003.
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 2003


                             Six months ended           Six months ended
                            30 September 2003          30 September 2002

                          Revenue  Capital   Total  Revenue  Capital    Total
                            £'000    £'000   £'000    £'000    £'000    £'000
Income

Income from Investments     2,033        -   2,033    2,153        -    2,153

Rental Income               1,414        -   1,414    1,563        -    1,563

Interest
receivable on
short-term deposits           111        -     111      148        -      148

Other Income                    -        -       -       13        -       13
                           ______   ______  ______   ______   ______   ______
                            3,558        -   3,558    3,877        -    3,877
Expenses

Investment Management Fee   (192)    (192)   (384)    (209)    (209)    (418)

Administrative Expenses     (220)        -   (220)    (163)        -    (163)

                           ______   ______  ______   ______   ______   ______
                            3,146    (192)   2,954    3,505    (209)    3,296

Capital Profits/(Losses)

Net realised gains/(losses)
on Investments                 -     1,608   1,608        -    1,699    1,699

Movement in unrealised
Appreciation                   -     7,200   7,200        - (19,365) (19,365)

                           ______   ______  ______   ______   ______   ______

Net return before
finance costs and
taxation                    3,146    8,616  11,762    3,505 (17,875) (14,370)

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

                           ______   ______  ______   ______   ______   ______

Return on ordinary
activities before
taxation                    1,395    8,616  10,011    1,754 (17,875) (16,121)

Taxation                        -        -       -        -        -        -
                           ______   ______  ______   ______   ______   ______

Return attributable to
Equity shareholders         1,395    8,616  10,011    1,754 (17,875) (16,121)

Ordinary dividends        (1,366)        - (1,366)  (1,321)        -  (1,321)

                           ______   ______  ______   ______   ______   ______

                               29    8,616   8,645      433 (17,875) (17,442)

                           ______   ______  ______   ______   ______   ______

Return per ordinary share   3.07p   18.92p  21.99p    3.85p (39.24p) (35.39p)

                           ______   ______  ______   ______   ______   ______



           SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2003
                                    (UNAUDITED)


                                        30 September   31 March  30 September
                                                2003       2003          2002
                                               £'000      £'000         £'000

Total Investments                            104,070     96,372        99,983
Net Current Assets                             3,363      2,428         2,541
                                              ______     ______        ______

Total  Assets  less  Current Liabilities     107,433     98,800       102,524
Creditors due after one year                (35,551)   (35,563)      (35,575)
                                              ______     ______        ______

Total Net Assets                             71,882      63,237        66,949
                                             ______      ______        ______


                              CASH FLOW STATEMENT
            FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 (UNAUDITED)

                                          Six months ended   Six months ended
                                              30 September       30 September
                                                      2003               2002
                                                     £'000              £'000
Operating activities
Net cash inflow from operating activities            2,368              2,791

Taxation
Tax paid                                                 -                  -

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

Financial investment
Purchase of investments                           (10,228)           (19,152)
Sale of investments                                 11,338             12,450
Net cash inflow/(outflow) from financial investment  1,110            (6,702)


Equity dividends paid                              (1,321)            (1,275)

NET CASH INFLOW/(OUTFLOW)                              394            (6,949)
                                                    ______             ______

INCREASE/(DECREASE) IN CASH                            394            (6,949)

                                                    ______             ______

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 2003 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 2 January 2004 to shareholders
    on  the  register at close of business on 12 December 2003. The  ex-
    dividend date is 10 December 2003.
(4) The Interim Report will be issued on 7 November 2003.  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.