Interim Results

Athelney Trust PLC
8 September 2000

ATHELNEY TRUST PLC: INTERIM RESULTS

Athelney Trust plc, the AIM-quoted investor in smaller companies and junior
markets, announces its unaudited interim results for the six months ended 30th
June 2000.

Highlights:

*    Unaudited Net Asset Value (NAV) increased to 100.5p (1999: 96.1p)
*    Gross revenue rose by 53 per cent to £26,921
*    Return per ordinary share more than doubled at 0.7p (1999: 0.3p)
*    Higher final dividend under consideration


Chairman Hugo Deschampsneufs said:  'Dividend income is buoyant with gross
revenue and the return on ordinary activities before and after taxation all
substantially up on the same six months of 1999.  This illustrates just how
healthy are the companies which constitute the Athelney investment portfolio
and demonstrates that our strategy of seeking undervalued stocks rather than
merely following the latest investment fad or fashion is the correct one.

'We will continue to research interesting smaller companies with strong
potential with the aim of adding to the existing portfolio.  I believe that
Athelney has an excellent medium term future.   Furthermore, if dividend
income remains buoyant, the directors will give consideration to paying a
higher dividend for the year 2000'.


For further information:

Robin Boyle, Chief Executive
Athelney Trust plc                                0207 630 0036

Paul Quade
CityRoad Communications                           0207 334 0243
                                       
                                       
                                       
                              ATHELNEY TRUST PLC
                                       
                             CHAIRMAN'S STATEMENT

             INTERIM RESULTS FOR THE SIX MONTHS TO 30TH JUNE 2000


I  have  pleasure in announcing the interim results for the six  months  ended
30th June 2000. The salient points are as follows:-

*    Unaudited Net Asset Value (NAV) is 100.5p (1999: 96.1p).

*    Gross revenue rose by 53% to £26,921.

*    The return per ordinary share improved from 0.3p to 0.7p.

*    As  is the Board's practice, consideration of a dividend for 2000 will be
     left until the final results are known.


Results
As I write, the market is quiet and dull in the middle of its summer lull, yet
the  past  few  months have seen some of the most astonishing  and  outrageous
price  movements in telecoms, media and technology shares (TMTs)  on  record.
Two  years ago, banks, oils and pharmaceuticals which accounted for about  35%
of  the  market started to underperform.  TMTs on the other hand, constituted
only  about  12%  of the market but  due to the influx of new stocks  such  as
internet start-ups and Vodafone's change to a multi-national, their proportion
rose to 37% in March this year.  Prices of TMTs then crashed in a matter of a
few  short  weeks.  None of this would be relevant, except a large  number  of
institutions and private investors sold so-called old economy stocks in  order
to  bring  themselves  up to full weight in Vodafone and  internet  start-ups.
Some  of  this  trend has been reversed, but although ahead of the comparable
figure for last year, Athelney's NAV is slightly behind that of 31st  December
1999.

On  the  other  hand, dividend income is buoyant with gross  revenue  and  the
return  on ordinary activities before and after taxation all substantially  up
on  the  same six months of 1999.  This illustrates just how healthy  are  the
companies which constitute Athelney's investment portfolio and  demonstrates
that  our  strategy of seeking undervalued stocks rather than merely following
the latest investment fad or fashion is the correct one.

Few  changes  have  been  made  to  the  portfolio  recently,  reflecting  our
considered view that the constituent shares have a great deal of potential  in
the  medium  term.   TMTs  Microgen and DBS  Management  were  top  sliced  at
attractive  prices  and new purchases RCO Holdings and Ring quickly  received
bids  at  higher  prices.  Other new purchases included Pennant International,
Unite  Group, Orbis and Comprehensive Business Services.  We will continue to
research interesting smaller companies with strong potential with the aim of
adding to the existing portfolio.

Prospects
Despite the rather muted period just behind us, I believe that Athelney has an
excellent  medium  term  future.   Furthermore,  if  dividend  income  remains
buoyant, the directors will give consideration to paying a higher dividend for
the year 2000.

Hugo Deschampsneufs
Chairman
8th September 2000
                                       
                                       
                              ATHELNEY TRUST PLC
                                       
     INTERIM STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT)
                                       
                    FOR THE SIX MONTHS ENDED 30TH JUNE 2000
                                       

                       Unaudited                   Unaudited           Audited
                       6 months to 30/6/00     6 months to 30/6/99    31/12/99
                                                  (as restated)           
                    Revenue Capital    Total  Revenue Capital  Total    Total

Gains/(losses) on         - (54,199) (54,199)       - 361,321 361,321 515,458
investments
Income               26,921       -   26,921   17,596       -  17,596  49,274
Investment management(3,639) (3,638)  (7,277)  (2,804) (2,804) (5,608)(12,024)
costs
Other expenses      (13,323)      -  (13,323) (13,896)      - (13,896)(27,729)
                     ______  ______   ______   ______ _______ _______ _______
                       
Return/(loss)on
ordinary activities   9,959 (57,837) (47,878)     896 358,517 359,413 524,979
before taxation 

Taxation              2,722 (11,654)  (8,932)   5,101  (5,150)    (49) (1,543)
                     ______  ______   ______   ______ _______ _______ _______
                             
Return/(loss) on
ordinary activities  12,681 (69,491) (56,810)   5,997 353,367 359,364 523,436
after taxation

Dividend                  -       -        -        -       -       - (27,042)
                     ______ _______   ______   ______ _______ _______ _______
                                                                       
Transfer to/(from)  £12,681£(69,491)£(56,810)  £5,997£353,367£359,364 £496,394
reserves 
                     ______ _______  _______   ______ _______ _______  _______


Return/(loss) per
Ordinary Share         0.7p  (3.9)p   (3.2)p    0.3p    19.6p   19.9p   29.0p

                                       
                                       
                              ATHELNEY TRUST PLC

                  INTERIM BALANCE SHEET AS AT 30TH JUNE 2000

                                        Unaudited  Unaudited  Audited
                                        30/6/00    30/6/99    31/12/99

Fixed assets

Investments                             1,771,945  1,689,261  1,836,913
                                        _________  _________  _________
                                                              

Current assets

Debtors                                   10,888       5,575      4,469
Cash at bank and in hand                  44,827      43,069     65,355
                                          ______      ______     ______
                                        
                                          55,715      48,644     69,824

Creditors: amounts falling due within    (15,775)     (6,240)   (38,042)
one year
                                          ______      ______     ______

Net current assets                        39,940      42,404     31,782
                                       _________   _________  _________
                                                              
Net assets                            £1,811,885  £1,731,665 £1,868,695
                                       _________   _________  _________

Capital and reserves

Called up share capital                  450,700     450,700    450,700
Share premium account                    405,605     405,605    405,605
Other reserves - non distributable                             
  Capital reserve - realised             146,486      52,727     97,000
  Capital reserve - unrealised           789,708     810,120    908,685
Revenue reserve                           19,386      12,513      6,705
                                       _________   _________  _________

Shareholders' funds                   £1,811,885  £1,731,665 £1,868,695
                                       _________   _________  _________
                                         

Net assets per share                      100.5p       96.1p     103.7p
                                          ______      ______     ______
                                                               

                                       
                                       
                                       
                              ATHELNEY TRUST PLC
                                       
                         NOTES TO THE INTERIM ACCOUNTS
                                       
                    FOR THE SIX MONTHS ENDED 30TH JUNE 2000



1.   The  financial information contained in this report is unaudited and does
     not  constitute statutory accounts within the meaning of Section  240  of
     the Companies Act 1985 (as amended).  The results for the year ended 31st
     December  1999  were  reported  on  by  the  auditors  and  received   an
     unqualified report and contained no statement under Section 237(2) or (3)
     of  the Companies Act 1985 (as amended) and a copy of this has been filed
     with the Registrar of Companies.


2.   The  unaudited results have been prepared on the basis of the  accounting
     policies adopted in the audited accounts for the year ended 31st December
     1999.
     Dividends received from UK companies are now reported net of tax  credits
     in  accordance  with Financial Reporting Standard 16.   The  tax  credits
     amounted  to £2,646 (1999 - £2,917) and the figures in relation  to  1999
     have been restated.


3.   The  calculation of the return/(loss) per Ordinary Share is based on  the
     number of shares in issue during the period of 1,802,802 (1999:          
     1,802,802).


4.   Copies of the unaudited interim results will be sent to shareholders  on
     8th September 2000.  Further copies are available free of charge for 14  
     days from WH Payne & Co, Sandringham House, 199 Southwark Bridge Road,   
     London SE1 0HA.