Interim Results

WITAN INVESTMENT COMPANY PLC
29 July 1999


              WITAN INVESTMENT COMPANY PLC
 Unaudited Preliminary Results for the Half Year Ended 30 June 1999
                             
Financial Highlights (per ordinary share)
                                                (Audited)
                           Half year  Half year      Year
                               ended      ended     ended
                             30 June    30 June    31 Dec
                                1999       1998      1998
                               pence      pence     pence
Net asset value                478.5      432.4     423.9
Earnings                        4.45       4.67      8.06
Dividends - Interims and        3.50       3.35      7.40
Final


Performance (total return per ordinary share)

                                       6 months 12 months
                                       base 100  base 100
Net asset value (i)                       113.6     112.4
Share price (i)                           110.0     108.6
Peer group (i) and (ii)                   111.4     111.4
Benchmark (iii)                           113.5     115.9
                                                         
(i)  Source: AITC
(ii) Source:  AITC  size weighted average net  asset  value
     total return for the International : General sector
(iii)Comprising the FTSE All-Share Index and the  FT/S&P
     Actuaries World Index ex UK in the proportion 60:40  with
     net income reinvested.

Dividend
An  interim  dividend of 3.50p (1998: 3.35p)  per  ordinary
share  will  be  paid on 10 September 1999 to  shareholders
registered on 20 August 1999.  The ex-dividend date will be
16 August 1999.

                       WITAN INVESTMENT COMPANY PLC
    Unaudited Preliminary Results for the Half Year Ended 30 June 1999
                                     
Chairman's Statement

I  am delighted to report that our results for the first six months of the
current  year  have  exceeded the difficult  benchmark  we  have  set  our
managers.

The  rise  in  the interim dividend is again intended to reduce  disparity
with  the final; shareholders should not assume a greater distribution  by
way  of final dividend this year than the total of the second interim  and
final declared last year.

We  have  seen  sustained  high real rates of  return  being  achieved  on
diversified  international equity portfolios for a period of time  without
precedent.   The revaluation of shareholder capital over the  last  twenty
years  has been pretty general as the effects of freer markets and  better
management  have  impacted on the corporate cost base of  most  companies.
The  situation  now  is  becoming more subtle; to  escape  intense  margin
competition  companies are becoming increasingly dependent on finding  new
product  and  are having to become far more entrepreneurial, with  varying
degrees  of  success.  Traditional managements are finding this sea-change
difficult  and some are paying substantial premiums to achieve  it.   This
bodes  well  for the inventive and smaller businesses, but will inevitably
lead  to  more  rationalisation and some burnt fingers among  the  bigger.
With  the  emphasis  within our own portfolio on larger  companies,  stock
selection  will  become paramount as some will find it more  difficult  to
protect their margins than others.


                       WITAN INVESTMENT COMPANY PLC
    Unaudited Preliminary Results for the Half Year Ended 30 June 1999
                                     
Statement of Total Return (incorporating the revenue account)
for the half year ended 30 June 1999


                                 (Unaudited)             (Unaudited)          
                   
                           Half year ended 30 June  Half year ended 30 June
                                    1999                    1998
                           Revenue Capital  Total  Revenue Capital  Total
                            £'000   £'000   £'000   £'000   £'000   £'000

Total capital gains from         - 199,913 199,913       - 213,890 213,890
investments
Income from fixed asset     24,073       -  24,073  24,087       -  24,087
investments
Other interest receivable      982       -     982   3,295       -   3,295
and similar income
                           ------- ------- ------- ------- ------- -------
Gross revenue and capital   25,055 199,913 224,968  27,382 213,890 241,272
gains
                                                                          
Management fee             (2,164)       - (2,164) (2,031)       - (2,031)
Other administrative       (1,097)       - (1,097)   (720)       -   (720)
expenses
                           ------- ------- ------- ------- ------- -------
Net return on ordinary                                                    
activities
   before interest payable  21,794 199,913 221,707  24,631 213,890 238,521
   and taxation
                                                                          
Interest payable           (2,243)       - (2,243) (3,237)       - (3,237)
                           ------- ------- ------- ------- ------- -------
Net return on ordinary                                                    
activities
   before taxation          19,551 199,913 219,464  21,394 213,890 235,284
                                                                          
Taxation on net revenue on (2,829)       - (2,829) (3,830)       - (3,830)
ordinary activities
                           ------- ------- ------- ------- ------- -------
Net return on ordinary                                                    
activities
   after taxation           16,722 199,913 216,635  17,564 213,890 231,454
                                                                          
Dividends - preference        (42)       -    (42)    (42)       -    (42)
shares
                           ------- ------- ------- ------- ------- -------
Net return attributable to  16,680 199,913 216,593  17,522 213,890 231,412
ordinary shares
                                                                          
Dividends - ordinary                                                      
shares
Interim payment of 3.50p   (13,151)      - (13,151)(12,568)      - (12,568)
(1998: 3.35p)                                                             
                                                                          
                           ------- ------- ------- ------- ------- -------
Transfer to reserves         3,529 199,913 203,442   4,954 213,890 218,844
                             =====  ======  ======   =====  ======  ======
                                                                          
Return per ordinary share    4.45p  53.30p  57.75p   4.67p  56.99p  61.66p
(note 1)
                             =====   =====   =====   =====   =====   =====



The revenue columns of this statement represent the revenue accounts of
the Company.

                                     
                       WITAN INVESTMENT COMPANY PLC
    Unaudited Preliminary Results for the Half Year Ended 30 June 1999
                                     
Summary of Net Assets
as at 30 June 1999
                            (Unaudited)  (Unaudited) (Audited)
                                30 June     30 June     31 Dec
                                   1999        1998       1998
                                  £'000       £'000      £'000
                                                   
Fixed asset investments                                       
Listed in United Kingdom      1,038,008   1,056,835    972,199
(note 2)
Listed abroad                   756,617     629,084    682,324
Unquoted at directors'           14,173      19,358     16,533
valuation
                            -----------  ---------- ----------
                              1,808,798   1,705,277  1,671,056
Net current                      28,314    (33,905)   (31,315)
assets/(liabilities) 
(note 3)
                            -----------  ---------- ----------
Total assets less current     1,837,112   1,671,372  1,639,741
liabilities
Creditors: amounts falling                                    
due after more
   than one year               (46,000)    (46,000)   (46,000)
Provision for liabilities         (192)       (158)      (123)
and charges
                            -----------  ---------- ----------
Total net assets              1,790,920   1,625,214  1,593,618
Cumulative preference           (2,555)     (2,555)    (2,555)
shares
                            -----------  ---------- ----------
Net assets attributable to    1,788,365   1,622,659  1,591,063
ordinary shares
                                =======     =======    =======
                                                              
Net asset value per              478.5p      432.4p     423.9p
ordinary share
                                  =====       =====      =====

Notes

1. Return per Ordinary Share
   Revenue  return  per ordinary share is calculated by dividing  the  net
   revenue  return  available  for ordinary  shareholders  of  £16,680,000
   (half  year  ended 30 June 1998: £17,522,000) by the 375,052,266  (half
   year  ended  30  June  1998: 375,303,094) weighted  average  number  of
   ordinary shares in issue.

   Capital  return  per ordinary share is calculated by dividing  the  net
   capital  return  available  for ordinary shareholders  of  £199,913,000
   (half  year  ended 30 June 1998: £213,890,000) by the weighted  average
   number of ordinary shares in issue, as shown above.

2. Fixed Asset Investments
   Valuations  include  exchange property valued at £nil  (30  June  1998:
   £31,595,000  and  31  December 1998: £24,521,000) being  the  lower  of
   exchange value and market value.

3. Net Current Assets/(Liabilities)
   Includes  £nil  (30  June  1998:  £31,595,000  and  31  December  1998:
   £24,521,000)  6 1/4% exchangeable bonds 2008, after notice was  given  of
   early redemption of the outstanding bonds as at 28 February 1999.

4. Share Repurchases
   During  the  period  the Company made authorised market  purchases  for
   cancellation  of 1,550,000 of its own issued ordinary  shares  of  25p.
   Following these purchases for cancellation 373,753,094 ordinary  shares
   of 25p are in issue.

5. Comparative Information
   The  figures  and financial information for the year ended 31  December
   1998  are  an  extract from the latest published accounts  and  do  not
   constitute statutory accounts for that year.  Those accounts have  been
   delivered to the Registrar of Companies and included the report of  the
   auditors  which  was unqualified and did not contain a statement  under
   either section 237(2) or 237(3) of the Companies Act 1985.

6. Year 2000
   Henderson  plc  and  its  subsidiaries  ('Henderson'),  which  provides
   investment  management,  UK custodial, accounting,  administrative  and
   company  secretarial  services to Witan  Investment  Company  plc,  has
   instigated   a  corporate  action  programme,  under  Henderson   board
   supervision,  to  establish the precise scope of  the  risks  posed  to
   Witan Investment Company plc by the consequences of the Year 2000  date
   change  and  to  address  those  risks.   Henderson's  strategy  is  to
   validate  that  its computer systems achieve Year 2000  conformity  (as
   defined  by  the British Standards Institute in its paper Disc  PD2000-
   1),  and  to  require  both its suppliers and the  suppliers  to  Witan
   Investment  Company plc to ensure that their computer  systems  achieve
   the  same  or an equivalent standard.  Costs relating to the Year  2000
   project are to be borne by Henderson.

7. Interim Report
   The  interim  report will be sent to shareholders in  August  1999  and
   copies  will  be  available  thereafter  from  the  Secretary  at   the
   Company's registered office, 3 Finsbury Avenue, London EC2M 2PA.


For further information, please contact:

James Budden
Witan Investment Company plc
Tel: [phone]

Norman Brown
Henderson Investors
Tel: [phone]

Gordon Puckey
Biddick Harris
Tel: [phone]