Interim Results - Half Year to 30 September 1999

VALUE AND INCOME TRUST PLC
15 October 1999

          
                     PRELIMINARY ANNOUNCEMENT OF THE RESULTS
                     FOR THE HALF YEAR TO 30 SEPTEMBER 1999
                                        
                                   (UNAUDITED)
                                        
SUMMARY
                     30 Sept 1999   30 Sept 1998   31 March 1999
                                                        
Net Asset Value      164.9p         135.8p         167.0p
per Share
Share Price          129.5p         115.5p         116.5p
Dividend per         2.6p           2.5p           5.0p
Share (net)
                    (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 share price has performed strongly over the past six months, rising by
11% although  the  FT-All Share Index has declined. Our net asset value  and 
equity portfolio  have  also  outperformed the equity  market  over  this 
period.  The property  portfolio  has been upgraded again, with sale and
leaseback  portfolio acquisitions from Clydesdale Bank and W H Smith and sales
of properties  let  on shorter leases to smaller tenants.

We consolidated the quoted portfolio quite significantly by selling nine
complete holdings in the smallest companies.  We bought five new holdings in
high-yielding, sound, mainly mid-cap companies. 

VIT's income from dividends and rents should continue to grow and the trust 
has built up #1.6 million of revenue reserves. An interim dividend of 2.6p
(+4%) has been declared in respect of the year to 31 March 2000, payable on 5
January 2000 to  shareholders  registered  on  19 November 1999  and  the 
Board  expects  to recommend a final dividend of 2.6p next May (also a 4%
increase).

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 1999.

The  Interim  Report will be posted to shareholders on 29 October 1999.  
Copies can  be obtained from OLIM Limited, Pollen House, 10-12 Cork Street,
London  W1X 1PD or Stewart Ivory & Company Limited, 45 Charlotte Square,
Edinburgh  EH2 4HW.


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 1999

                            Half Year to               Half Year to
                          30 September 1999          30 September 1998
                        Revenue  Capital Total     Revenue Capital Total
                        (1)                        (1)               
                                                           
                        £'000    £'000   £'000     £'000   £'000   £'000
                                                                  
Income                                                            
Income from Securities  2,233    -       2,233     1,924    -       1,924
Rents from Investment                                             
  Properties            1,545    -       1,545     1,567    -       1,567
Other Income            196      -       196       255      -       255
                        3,974    -       3,974     3,746    -       3,746
Expenses                                                          
Administration          (621)    -       (621)     (496)    -       (496)
                        3,353    -       3,353     3,250    -       3,250
Capital Profits/Losses                                            
Net realised gains on                                             
Investments in the      -        1,310   1,310     -       3,797    3,797
period
Movement in unrealised                                            
Appreciation in the     -        (2,456) (2,456)   -       (19,241) (19,241)
period                      
                                                                  
Net return before                                                 
interest                3,353    (1,146) 2,207     3,250   (15,444) (12,194)
Payment and tax                 
Interest payable        (1,750)  -       (1,750)   (1,750)  -       (1,750)
                                   
                                                                  
Return on ordinary                                                
activities before tax   1,603    (1,146) 457       1,500   (15,444) (13,944)
                           
                                                                  
Tax on ordinary         (220)    -       (220)     (322)    -       (322)
activities
                                                                  
Return attributable to                                            
Ordinary shareholders   1,383   (1,146)  237       1,178   (15,444) (14,266)
                             
Ordinary dividends      (1,184)  -       (1,184)   (1,139)  -       (1,139)
                                 
                                                                  
Surplus/(deficit) for   199     (1,146)  (947)     39      (15,444) (15,405)
the period                  
                                                                  
Return per ordinary     3.04p   (2.52p)  0.52p     2.59p   (33.91p) (31.32p)
share                     

SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 1999 (UNAUDITED)
                                              
                           30 September       31 March 1999
                               1999                (2)
                               #'000              #'000
                                                     
Total Investments             109,156             110,251
Net Current Assets            1,613               1,477
                                                  
Total Assets less             110,769             111,728
Current Liabilities
Creditors due after one       (35,646)            (35,658)
year                       
                                                  
Total Net Assets              75,123              76,070

(1) The Revenue column of this statement is the Income Account of the Group.
(2) The  position as at 31 March 1999 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.