Final Results

Athelney Trust PLC
10 April 2001


Embargoed 07.30 am Tuesday April 10


ATHELNEY TRUST PLC: PRELIMINARY RESULTS


Athelney Trust PLC, the AIM-listed investor in small companies and junior
markets, announces its audited preliminary results for the year ended December
31 2000.


Highlights:


  * Net Asset value at 104.6p per share (1999: 103.7p)

  * Gross revenue up 21 per cent at £59,604

  * Revenue return per ordinary share 1.7p, an increase of 12 per cent

  * Recommended dividend for the year 1.6p per share (1999: 1.5p)


Athelney Chairman, Hugo Deschampneufs, said: 'I believe that we shall all
derive great benefit from e-banking, retailing and wholesaling, e-mailing and
the convergent technologies associated with the computer and the mobile
telephone. However, many small TMTs will go to the wall this year leaving
traditional established businesses in retail, media and financial services to
make the running in 2001.


'Two important trends have been and will continue to be in evidence during
2001. The first is an increase in so-called public to private transactions.
Many managements are frustrated by and tired of low stock market ratings for
their companies and, therefore, offer to buy-out shareholders, usually at a
reasonable premium to the former share price. Secondly, with small company
shares standing at levels, which, in many cases, pay little regard to the
fundamentals, specialist institutions and experienced private investors will
be hunting for bargains on a medium term view.


'As a result, I am very optimistic about Athelney's prospects since I believe
that the company is well placed to benefit from both trends.'


                                    -ends-


For further information:


Robin Boyle, Managing Director

Athelney Trust PLC                              020 7630 0036


Paul Quade

CityRoad Communications                         020 7334 0243



                              ATHELNEY TRUST PLC

                   AUDITED RESULTS AND CHAIRMAN'S STATEMENT

                    FOR THE YEAR ENDED 31ST DECEMBER 2000

I have pleasure in presenting the results for the 12 months to 31st December
2000. The salient points are:


      + Net Asset Value is now 104.6p per share (1999: 103.7p)

      + Gross Revenue rose by 21 per cent to £59,604

      + Revenue return per ordinary share was 1.7p, an increase of 12 per
        cent

      + Recommended dividend for the year 1.6p per share (1999: 1.5p)


Results


At the time of the interim results I outlined the astonishing series of events
now known as the 'dot com bubble'. Since then, share prices of technology,
media and telecom shares ('TMT''s) of all kinds have continued to fall
steadily. This is partly due to what is happening on Wall Street and partly
due to domestic influences.


These extraordinary movements in share prices are reminiscent of the South Sea
Bubble and the great railway booms of the 19th century. Looking back, it is
interesting to note that, at the end of all the speculation, untold wealth and
instant penury, the British Isles ended up with a railway system which became
the envy of the world.


History has a funny way of repeating itself and I believe that we shall all
derive great benefit from e-banking, retailing and wholesaling, e-mailing and
the convergent technologies associated with the computer and the mobile
telephone. However, many small TMT's will go to the wall this year leaving
traditional established businesses in retail, media and financial services to
make the running in 2001.


None of this should concern Athelney shareholders since it has long been the
policy of your Investment Manager, Robin Boyle, to eschew speculative
investment of that sort. Two companies in the Athelney portfolio did, however,
become part of the 'bubble' and Robin took the opportunity to reduce
Athelney's shareholdings in both Microgen and DBS Management at a good profit
for shareholders.


Another feature of 2000 was the large number of take-over bids and management
buy-outs. Athelney received and accepted bids for Country Gardens, Gall
Thompson, Moorepay Group, MY Holdings, RCO Holdings, Ring, Stat-Plus Group and
Wolstenholme Rink.


Partial or full sales also took place in AG Barr, Belhaven Brewery Group,
Kunick, Lincat Group, Lupus Capital, NHP and the Bogod Group.


New purchases were made in the following: Nightfreight, Orbis, Relyon Group,
Unite Group, Comprehensive Business Services, Pennant International,
Photo-Scan and Universe Group. A number of these look to have interesting
futures.


                                     -2-

Dividend


Reflecting buoyant gross revenue, the Board is recommending an increase in the
final dividend from 1.5p to 1.6p per share, which, if approved will be paid on
29th May 2001 to shareholders on the register at 20th April 2001.



Prospects


The current year is turning into an uncommonly interesting one. Wall Street
has been exceptionally volatile in recent weeks and it was no surprise to see
this situation spilling over to the London Market. Two important trends have
been and will continue to be in evidence during 2001. The first is an increase
in so-called public to private transactions. Many managements are frustrated
by and tired of low stock market ratings for their companies and, therefore,
offer to buy-out shareholders, usually at a reasonable premium to the former
share price.


Secondly, with small company shares standing at levels which, in many cases,
pay little regard to the fundamentals, specialist institutions and experienced
private investors will be hunting for bargains on a medium term view.


As a result, I am very optimistic about Athelney's prospects since I believe
that your company is well placed to benefit from both trends.



Hugo Deschampsneufs

Chairman

10th April 2001

                              ATHELNEY TRUST PLC

        STATEMENT OF TOTAL RETURN (incorporating the revenue account)

                    FOR THE YEAR ENDED 31ST DECEMBER 2000


                       Audited Results to 31       Audited Results to 31
                       December 2000               December 1999

                       Revenue     Capital   Total   Revenue   Capital   Total
Gains/(losses) on              -     31398  31,398         -   515,458 515,458
investments
Income                    59,604         -  59,604    49,274         -  49,274
Investment management    (7,445)   (7,445) (14,890)   (6,012)   (6,012) (12,024)
expenses
Other expenses          (27,575)         - (27,575)  (27,729)         - (27,729)

Return on ordinary
activities before         24,584    23,953  48,537    15,533   509,446 524,979
taxation

Taxation                   5,948   (8,040) (2,092)    11,698  (13,241) (1,543)

Return on ordinary
activities after          30,532    15,913  46,445    27,231   496,205 523,436
taxation

Dividend                (28,845)         - (28,845)  (27,042)         - (27,042)


Transfer to reserves      £1,687   £15,913 £17,600     £189  £496,205 £ 496,394

Return per Ordinary
Share                       1.7p      0.9p    2.6p      1.5p     27.5p   29.0p

Dividend per Ordinary
Share                       1.6p                        1.5p


Continuing operations


None of the company's activities were acquired or discontinued during the
above two financial years.


                              ATHELNEY TRUST PLC

                    BALANCE SHEET AS AT 31ST DECEMBER 2000

                                                 2000                 1999    
                                             (audited)            (audited)
Fixed assets
Investments                                 1,788,046            1,836,913


Current assets
Debtors                                         34,448              4,469
Cash at bank and in hand                       104,430             65,355


                                               138,878             69,824

Creditors: amounts falling due within one      (40,629)            (38,042)
year


Net current assets                             98,249              31,782

                                                               
Net assets                                 £1,886,295          £1,868,695
                                          

Capital and reserves
Called up share capital                        450,700             450,700
Share premium account                          405,605             405,605
Other reserves - non distributable
     Capital reserve - realised                133,789             97,000
     Capital reserve - unrealised              887,809             908,685
Revenue reserve                                8,392               6,705


Shareholders' funds                       £1,886,295          £1,868,695



                              ATHELNEY TRUST PLC

          CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2000



                                                 2000                   1999
                                            (audited)               (audited)

Net cash (outflow)/inflow from operating                            
activities                                  (10,379)                  6,166

Servicing of finance
Dividends paid                                                      
                                            (27,042)                (20,730)


Net cash (outflow) from servicing of                                
finance                                     (27,042)                (20,730)

Taxation
Corporation tax (paid)/repaid                (3,160)                  1,749

Investing activities
Purchases of investments                                            
                                            (319,041)               (492,198)

Sales of investments                         398,697                 544,749


Net cash inflow from investing activities     79,656                  52,551


Increase in cash in the year                 £39,075                 £39,736


                                                                     
Notes:


    1. The figures included in the above statement are an abridged version of
    Athelney's audited results for the year ended 31st December 2000 and do
    not constitute statutory accounts within the meaning of Section 240 of the
    Companies Act 1985, as amended. The figures for the year ended 31st
    December 1999 are extracted from the statutory accounts filed with the
    Registrar of Companies and which contained an unqualified audit report.


    2. The calculation for the return per Ordinary Share is based on the results
    for the year and on the average weighted number of shares in issue during
    the period of 1,802,802 (1999: 1,802,802 ).


    3. Copies of this announcement are available, free of charge,
    for a period of 14 days from Athelney's Nominated Adviser, Noble & Company
    limited, 1 Frederick's Place, London, EC2R 8AB. Copies of the full
    financial statements will be posted to shareholders on 12th April 2001.


    10th April 2001


    END