Interim Results

THE THROGMORTON TRUST PLC                           

            INTERIM RESULTS FOR THE SIX MONTH PERIOD TO 31 MAY 2003            

KEY POINTS

• Portfolio Performance in line with the SmallCap Index and substantially ahead
of the All-Share Index in turbulent markets

• Net Asset Value per Ordinary Share at 31 May 2003, 82.8p

• Interim Dividend 0.5p (2002 - 0.5p)

NET ASSET VALUE

                                 30.11.02        31.05.03        Change        
                                                                               
The Throgmorton Trust PLC        77.48p          82.78p          +6.8%         
                                                                               
FTSE SmallCap (ex IC)            1,914.48        2,050.53        +7.1%         
                                                                               
FTSE All-Share                   2,002.97        1,968.83        -1.7%         

THE CHAIRMAN, LORD STEWARTBY, COMMENTED:

The first half of 2003 has proved to be one of the most turbulent periods in
stock markets within living memory. Until March they were overshadowed by
uncertainty in relation to Iraq and the adverse impact that this had on
business confidence and decisions. When the war ended attitudes improved, with
resultant gains in stocks and shares during the past three months that have
reversed the sharp declines of the preceding period. As a result, the net asset
value of the Trust at 31 May 2003 was 82.8p per share, an improvement of 5.3p
since 30 November 2002. At 6.8 per cent this increase is very close to that of
the FTSE SmallCap (excluding Investment Companies) Index over the same period.
Further gains have been recorded in the period since the end of May. At 30 June
2003 the net asset value had risen to 87.8p per share, representing a
cumulative increase since 30 November 2002 of 13.3 per cent (compared with an
increase of 10.9 per cent in the FTSE Small Cap Index).

Revenue from dividends is slightly lower than for the equivalent period last
year, largely as a result of the shares of several companies going ex-dividend
early in June this year, instead of late May. The directors have declared an
interim dividend of 0.5p per share, the same as last year.

In April, May and June there have been signs of a cautious improvement in
investor sentiment, reflected in a less negative attitude to investment in
equities. Further gains will, however, depend on more evidence of economic
recovery, and the stock market can be expected to remain volatile until the
outlook is clearer. Meanwhile, the careful but positive approach to management
of the portfolio applied by our fund manager should offer a sound basis for
growth through well-run smaller companies as prospects improve.

Framlington Investment Management Limited

10 July 2003

Contacts: Neil Birrell - 020 7330 6550

Roger Whiteoak - 020 7330 6551

                           The Throgmorton Trust PLC                           

                           Interim Revenue Statement                           

                                    Six months to  Six months to  Full year to 
                                                                               
                                     31 May 2003    31 May 2002    30 Nov 2002 
                                                                               
                                    £000s          £000s              £000s    
                                                                               
                                    (unaudited)    (unaudited)      (audited)  
                                                                               
Income from fixed asset investments                                            
                                                                               
Franked income                      2,692          2,935          5,741        
                                                                               
Unfranked income                    -              27             196          
                                                                               
Dividends from subsidiary           250            110            860          
undertakings                                                                   
                                                                               
                                    2,942          3,072          6,797        
                                                                               
Other income                                                                   
                                                                               
Interest receivable                 145            189            281          
                                                                               
Sundry income                       47             89             99           
                                                                               
                                    192            278            380          
                                                                               
Total income                        3,134          3,350          7,177        
                                                                               
Management fee                      (518)          (638)          (1,181)      
                                                                               
Administration expenses             (162)          (155)          (291)        
                                                                               
Interest payable                    (1,278)        (1,293)        (2,582)      
                                                                               
Net revenue from ordinary           1,176          1,264          3,123        
activities before taxation                                                     
                                                                               
Tax on net revenue from ordinary    (25)           (36)           (58)         
activities                                                                     
                                                                               
Net revenue from ordinary           1,151          1,228          3,065        
activities after taxation                                                      
                                                                               
Dividends                                                                      
                                                                               
Ordinary shares - Interim 0.50p     (1,186)        (1,186)        (1,186)      
(0.50p)                                                                        
                                                                               
- Final - (1.00p)                   -              -              (2,373)      
                                                                               
                                    (1,186)        (1,186)        (3,559)      
                                                                               
Net revenue retained                (35)           42             (494)        
                                                                               
Revenue reserve brought forward     3,620          4,114          4,114        
                                                                               
Revenue reserve carried forward     3,585          4,156          3,620        
                                                                               
Earnings per share - basic          0.49p          0.52p          1.29p        
                                                                               
Earnings per share - fully diluted  N/a            0.58p          1.41p        

                           The Throgmorton Trust PLC                           

                           Summarised Balance Sheet                            

                                    31 May 2003     31 May 2002   30 Nov 2002   
                                                                                
                                    £000s          £000s          £000s         
                                                                                
                                    (unaudited)    (unaudited)    (audited)     
                                                                                
Fixed asset investments                                                         
                                                                                
Portfolio investments               231,138        291,928        220,437       
                                                                                
Subsidiary undertakings             3,072          3,743          3,186         
                                                                                
                                    234,210        295,671        223,623       
                                                                                
Current assets                                                                  
                                                                                
Debtors                             1,736          2,197          1,357         
                                                                                
Cash at bank                        12,031         4,617          8,572         
                                                                                
                                    13,767         6,814          9,929         
                                                                                
Creditors - due within 1 year                                                   
                                                                                
Creditors                           (6,455)        (4,885)        (4,599)       
                                                                                
Unsecured loan stock                (11,007)       -              -             
                                                                                
                                    (17,462)       (4,885)        (4,599)       
                                                                                
Total assets less current           230,515        297,600        228,953       
liabilities                                                                     
                                                                                
Creditors - due after 1 year:                                                   
                                                                                
Debenture stock                     (19,119)       (19,119)       (19,119)      
                                                                                
Convertible unsecured loan stock    -              (11,007)       (11,007)      
                                                                                
Loan from group company             (15,000)       (15,000)       (15,000)      
                                                                                
                                    (34,119)       (45,126)       (45,126)      
                                                                                
                                    196,396        252,474        183,827       
                                                                                
Capital and reserves                                                            
                                                                                
Share capital                       11,863         11,863         11,863        
                                                                                
Share premium                       35,272         35,272         35,272        
                                                                                
Revenue reserves                    3,585          4,156          3,620         
                                                                                
Other reserves                      145,676        201,183        133,072       
                                                                                
Total shareholders' funds           196,396        252,474        183,827       
                                                                                
Net Asset Value per ordinary share  82.78p         106.41p        77.48p        
                                                                                
Number of ordinary shares in issue  237,258,869    237,258,869    237,258,869   

                           The Throgmorton Trust PLC                           

                Statement of Total Recognised Gains and Losses                 

                                             Six Months to 31 May 2003          
                                                                                
                                    Revenue        Capital        Total         
                                                                                
                                    £000s          £000s          £000s         
                                                                                
                                    (unaudited)    (unaudited)    (unaudited)   
                                                                                
Realised gains and losses           -              (2,677)        (2,677)       
                                                                                
Unrealised gains and losses         -              16,986         16,986        
                                                                                
Income                              3,134          -              3,134         
                                                                                
Investment management fee           (518)          (518)          (1,036)       
                                                                                
Other expenses                      (162)          -              (162)         
                                                                                
Net return before finance costs and 2,454          13,791         16,245        
taxation                                                                        
                                                                                
Interest payable and similar        (1,278)        (1,212)        (2,490)       
charges                                                                         
                                                                                
Return on ordinary activities       1,176          12,579         13,755        
before taxation                                                                 
                                                                                
Tax on ordinary activities          (25)           25             -             
                                                                                
Return on ordinary activities after                                             
taxation                                                                        
                                                                                
attributable to equity shareholders 1,151          12,604         13,755        
                                                                                
Dividends in respect of equity      (1,186)        -              (1,186)       
shares                                                                          
                                                                                
Transfer from/(to) reserves         (35)           12,604         12,569        
                                                                                
Return per ordinary share                                                       
                                                                                
- basic                             0.49p          5.31p          5.80p         
                                                                                
- assuming conversion of loan stock N/a            N/a            N/a           

                           The Throgmorton Trust PLC                           

          Statement of Total Recognised Gains and Losses - continued           

                                             Six Months to 31 May 2002          
                                                                                
                                    Revenue        Capital        Total         
                                                                                
                                    £000s          £000s          £000s         
                                                                                
                                    (unaudited)    (unaudited)    (unaudited)   
                                                                                
Realised gains and losses           -              1,748          1,748         
                                                                                
Unrealised gains and losses         -              7,661          7,661         
                                                                                
Income                              3,350          -              3,350         
                                                                                
Investment management fee           (638)          (638)          (1,276)       
                                                                                
Other expenses                      (155)          -              (155)         
                                                                                
Net return before finance costs and 2,557          8,771          11,328        
taxation                                                                        
                                                                                
Interest payable and similar        (1,293)        (1,212)        (2,505)       
charges                                                                         
                                                                                
Return on ordinary activities       1,264          7,559          8,823         
before taxation                                                                 
                                                                                
Tax on ordinary activities          (36)           36             -             
                                                                                
Return on ordinary activities after                                             
taxation                                                                        
                                                                                
attributable to equity shareholders 1,228          7,595          8,823         
                                                                                
Dividends in respect of equity      (1,186)        -              (1,186)       
shares                                                                          
                                                                                
Transfer to reserves                42                      7,595 7,637         
                                                                                
Return per ordinary share                                                       
                                                                                
- basic                             0.52p          3.20p          3.72p         
                                                                                
- assuming conversion of loan stock 0.58p          3.17p          3.75p         

                           The Throgmorton Trust PLC                           

          Statement of Total Recognised Gains and Losses - continued           

                                           Full Year to 30 November 2002       
                                                                               
                                    Revenue        Capital       Total         
                                                                               
                                    £000s          £000s         £000s         
                                                                               
                                    (audited)      (audited)     audited)      
                                                                               
Realised gains and losses           -              (5,569)       (5,569)       
                                                                               
Unrealised gains and losses         -              (51,576)      (51,576)      
                                                                               
Income                              7,177          -             7,177         
                                                                               
Investment management fee           (1,181)        (1,181)       (2,362)       
                                                                               
Other expenses                      (291)          -             (291)         
                                                                               
Net return before finance costs and 5,705          (58,326)      (52,621)      
taxation                                                                       
                                                                               
Interest payable and similar        (2,582)        (2,425)       (5,007)       
charges                                                                        
                                                                               
Return on ordinary activities       3,123          (60,751)      (57,628)      
before taxation                                                                
                                                                               
Tax on ordinary activities          (58)           58            -             
                                                                               
Return on ordinary activities after                                            
taxation                                                                       
                                                                               
attributable to equity shareholders 3,065          (60,693)      (57,628)      
                                                                               
Dividends in respect of equity      (3,559)        -             (3,559)       
shares                                                                         
                                                                               
Transfer from/(to) reserves         (494)               (60,693) (61,187)      
                                                                               
Return per ordinary share                                                      
                                                                               
- basic                             1.29p          (25.58)       (24.29p)      
                                                                               
- assuming conversion of loan stock 1.41p          (24.51p)      (23.10p)      

                           The Throgmorton Trust PLC                           

                              Cash Flow Statement                              

                                      Six months   Six months to Full year to  
                                      to                                       
                                                                               
                                      31 May 2003  31 May 2002   At 30 Nov 2002
                                                                               
                                      £000s        £000s         £000s         
                                                                               
                                      (unaudited)  (unaudited)   (audited)     
                                                                               
Operating activities                                                           
                                                                               
Cash received from investments        2,691        2,394         6,722         
                                                                               
Interest received                     145          268           281           
                                                                               
Underwriting commission               9            46            89            
                                                                               
Management fee                        (499)        (703)         (1,312)       
                                                                               
Cash paid to and on behalf of         (52)         (44)          (98)          
directors                                                                      
                                                                               
Other cash payments                   (115)        (130)         (222)         
                                                                               
Net cash inflow from operating        2,179        1,831         5,460         
activities                                                                     
                                                                               
Servicing of finance                                                           
                                                                               
Interest paid - revenue               (1,278)      (1,293)       (2,582)       
                                                                               
Capital expenditure and financial                                              
investment                                                                     
                                                                               
Net sales/(purchases) of investments  6,830        (4,618)       76            
                                                                               
Capital management fee                (499)        (703)         (1,312)       
                                                                               
Interest charged to capital           (1,212)      (1,212)       (2,424)       
                                                                               
Net payments to subsidiaries          (188)        -             (72)          
                                                                               
Net cash inflow/(outflow) from        4,931        (6,533)       (3,732)       
investing activities                                                           
                                                                               
Dividends                                                                      
                                                                               
Dividends paid                        (2,373)      (2,373)       (3,559)       
                                                                               
Net cash inflow/(outflow) before      3,459        (8,368)       (4,413)       
financing                                                                      
                                                                               
Financing                                                                      
                                                                               
Repurchase of ordinary shares         -            (369)         (369)         
                                                                               
Net cash outflow from financing       -            (369)         (369)         
                                                                               
Increase/(decrease) in cash           3,459        (8,737)       (4,782)       

                           The Throgmorton Trust PLC                           

                                     Notes                                     

 1. The Trust's figures for the six months to 31 May 2003 and the comparative
    figures for the corresponding period in the previous financial year are
    unaudited; those for the year to 30 November 2002 are based on the Trust's
    accounts for that period, which carry an unqualified report from the
    auditors and have been filed with the Registrar of Companies.
   
2. In accordance with financial reporting standard 16 Current Taxation, UK
dividend income has been shown net of its attributable tax credits.

3. Management fees payable and finance costs of debt are each currently
allocated 50% to capital and 50% to revenue.

4. The directors have declared an interim dividend of 0.5p per share (2002 -
0.5p) payable on 8 August 2003 to shareholders on the register at the close of
business on 18 July 2003.

5. The final conversion period for holders of the company's 7.25% convertible
unsecured loan stock 2003 ended on 22 April 2003. No conversions of stock took
place and the stock is due to be redeemed at par on 30 November 2003.

6. The net asset value per ordinary 5p share (deducting prior charges at par
value) is based on the shares in issue, the market value of listed investments
and other net assets and liabilities.

7. Copies of the 2002 annual report and further copies of these interim results
are available from the Trust's registered office, 155 Bishopsgate, London EC2M
3XJ.

8. The Trust's balance sheet as at 31 May 2003, 31 May 2002 and 30 November
2002 are shown in summary form and have been extracted from unaudited and
audited accounts respectively as described in Note 1.

9. Group accounts have not been prepared, as in the opinion of the directors,
the inclusion of the remaining subsidiary undertakings, taken together, is not
material for the purpose of giving a true and fair view.