Final Results

British Empire Sec & Gen Tst PLC
15 November 2002


BRITISH EMPIRE SECURITIES AND GENERAL TRUST P.L.C.

PRELIMINARY ANNOUNCEMENT OF UNAUDITED ANNUAL RESULTS
for the year ended 30 September 2002


  • Net asset value showed a significant out performance of the major indices,
    falling 7% compared to the MSCI World Index and the FTSE All-Share, down 26%
    and 23%.


  • Over 3 years the net asset value per share is up 9% while the
    aforementioned indices are down 37% and 36% respectively.


  • The Board proposes a final dividend of 1.1p per Ordinary share plus a
    special dividend of 0.4p per share which if approved will be paid on 9
    January 2003 to shareholders on the register on the record date of 30
    November 2002.


  • The Company purchased 15 million of its Ordinary Shares in accordance with
    its commitment for the year enhancing the net asset per share by 0.7%.


  • This has had the effect of reducing liquidity which peaked at nearly 50%
    of assets. We are reinvesting gradually. We have bought back stocks sold
    substantially higher up. In many cases underlying assets are now much more
    attractive and discounts remain wide.


  • The Company was first out of 25 Global Growth trusts over 5 years and
    first out of 29 Global Growth trusts over 3 years (source Cazenove/
    Datastream, periods to 30 September 2002). The Company also won a number of
    awards: Money Observer Best Global Trust, winner Standard and Poors Global
    Growth Trust over 1 year (both for the second year running) and over 3
    years, and Bloomberg Magazine Best International Trust.


  • Immediately following the AGM on 19 December 2002 the Company will be
    appointing Mrs. Rosamund Blomfield-Smith, Mr. Peter Allen and Mr. Strone
    MacPherson as non-executive independent Directors. William Fossick will
    retire from the Board at the conclusion of the AGM after 35 years as a
    Director and 14 years as Chairman. Iain Robertson will succeed William
    Fossick as Chairman. Clive Gilchrist will also retire from the Board at the
    AGM.


  • John Walton has managed the Company for 181/2 years and for the past year
    jointly with John Pennink. John Pennink has made a major contribution to the
    Company over that period and is now sole manager. John Walton works closely
    with John as Managing Director of Asset Value Investors and remains a
    Director of British Empire Securities.




Enquiries to - John Pennink, Director, Asset Value Investors Limited - 020 7463 6424

               John Walton, Managing Director, Asset Value Investors Limited - 020 7463 6426

               William Fossick, Chairman, British Empire Securities and General Trust p.l.c. - 020 7814 8000





British Empire Securities and General Trust p.l.c.

New Independent Non-Executive Directors - Biographies


Peter Allen (59) - Peter has spent the last eight years as Finance Director of
Royal Bank of Scotland's Corporate Banking and Financial Markets business,
retiring earlier this year. He is a Director of Lombard and a Director and
Chairman of Greenwich Capital. His earlier career included positions at Peat
Marwick, National Bank of Detroit, First National Bank of Dallas and Westpac.


Rosamund Blomfield-Smith (53) - Rosamund is currently a Director with Arbuthnot
Latham focusing on corporate finance activities. She was previously an Executive
Director of N M Rothschild and Sons and a Non-Executive Director of the National
Rivers Authority. Her earlier banking career included positions at Morgan
Grenfell, Schroders and ING Barings.


Strone Macpherson (54) - After gaining an MBA from INSEAD, Strone joined
Flemings in 1975. He became a Director in 1979 and worked in London and New York
till 1989 when he joined the Board of Misys plc. He became Executive Deputy
Chairman in 1991 and stepped down from this role earlier this summer. He remains
Chairman of the Misys Charitable Foundation, is Chairman of the Fleming Smaller
Companies Trust plc, a non-executive Director of AXA UK plc and on the
Investment Committee and General Council of the King's Fund.




Statement of Total Return of the Group
                                                                 Year ended                        Year ended
                                                             30 September 2002                 30 September 2001
                                                                (unaudited)                        (audited)
                                                        Revenue     Capital       Total    Revenue    Capital      Total
                                                          £'000       £'000       £'000      £'000      £'000      £'000

Losses on investments                                         -    (22,307)    (22,307)          -   (31,593)   (31,593)
Realised exchange losses                                      -       (281)       (281)          -      (736)      (736)
Depreciation of loan stock                                    -       1,839       1,839          -      2,756      2,756
Income                                                   10,241           -      10,241     12,716         44     12,760
Investment management fee (incl. irrecoverable VAT)     (1,649)     (1,447)     (3,096)    (1,715)    (1,715)    (3,430)
Other expenses (incl. irrecoverable VAT)                  (909)       (121)     (1,030)      (603)          -      (603)

Net return before finance costs and taxation              7,683    (22,317)    (14,634)     10,398   (31,244)   (20,846)

Finance costs                                           (2,644)         (7)     (2,651)    (2,730)        (7)    (2,737)

Return on ordinary activities before taxation             5,039    (22,324)    (17,285)      7,668   (31,251)   (23,583)

Taxation on ordinary activities                         (1,171)         434       (737)    (1,726)        514    (1,212)

Return attributable to equity shareholders                3,868    (21,890)    (18,022)      5,942   (30,737)   (24,795)

Dividend in respect of equity shares                    (3,059)           -     (3,059)    (3,331)          -    (3,331)

Transfer to / (from) reserves                               809    (21,890)    (21,081)      2,611   (30,737)   (28,126)

Return per ordinary share :
Basic                                                     2.29p    (12.94p)    (10.65p)      3.37p   (17.45p)   (14.08p)



The revenue column of this statement represents the profit and loss account of
the Group.






Balance Sheets as at 30 September 2002
                                                                            Company                     Group
                                                                            2002         2001         2002          2001
                                                                     (unaudited)    (audited)  (unaudited)     (audited)
                                                                           £'000        £'000        £'000         £'000
Fixed assets
Investments - Securities                                                 317,769      340,843      312,902       333,347
- Property                                                               -            -            -               7,300
                                                                         317,769      340,843      312,902       340,647
Current assets
Investments held by dealing subsidiary                                         -            -            6             9
Debtors                                                                    1,771       27,593        1,771         2,281
Cash at bank and on deposit                                                3,918        1,602        3,918        28,407
                                                                           5,689       29,195        5,695        30,697

Creditors: amounts falling due within one year                          (13,059)      (9,012)      (8,198)       (9,681)

Net current (liabilities) / assets                                       (7,370)       20,183      (2,503)        21,016

Total assets less current liabilities                                    310,399      361,026      310,399       361,663

Creditors: 'amounts falling due after more
than one year                                                           (32,911)     (35,056)     (32,911)      (35,056)

Provision for liabilities and charges                                       (69)            -         (69)         (637)
                                                                         277,419      325,970      277,419       325,970

Capital and reserve
Called-up share capital
Ordinary shares                                                           16,008       17,508       16,008        17,508
Reserves
Capital redemption reserve                                                 2,927        1,427        2,927         1,427
Share premium                                                             28,078       28,078       28,078        28,078
Capital reserve - realised                                               228,974      252,503      228,701       255,086
- unrealised                                                            (47,394)     (21,790)     (50,774)      (27,799)
Merger reserve                                                            41,406       41,406       41,406        41,406
Revenue reserve                                                            7,420        6,838       11,073        10,264

Equity shareholders' funds                                               277,419      325,970      277,419       325,970

Net asset value per share                                                173.30p      186.18p      173.30p       186.18p







Consolidated Statement of Cash Flows
                                                                           Year ended                 Year ended
                                                                       30 September 2002           30 September 2001
                                                                          (unaudited)                  (audited)
                                                                           £'000         £'000         £'000       £'000

Net cash inflow from operating activities                                                5,592                     8,526

Servicing of finance
Interest paid                                                            (2,701)                     (3,009)

Net cash outflow from returns on
investment and servicing of finance                                                    (2,701)                   (3,009)

Taxation
UK tax paid less recovered                                                 (985)                       (539)
WHT recovered/(paid)                                                         117                         (4)

Tax paid                                                                                 (868)                     (543)

Capital expenditure and financial investment
Purchases of investments                                               (205,061)                   (272,723)
Sales of investments                                                     200,513                     223,391
Capital dividends                                                              -                          44

Net cash outflow from investing activities                                             (4,548)                  (49,288)

Acquisitions and disposals
Sale of subsidiary                                                         6,553                           -
Expenses paid on sale of subsidiary                                        (121)                           -

Net cash inflow from disposals                                                           6,432                         -

Equity dividends paid                                                                  (3,284)                   (2,468)

Net cash inflow/(outflow) before financing                                                 623                  (46,782)

Financing
Share buybacks                                                          (25,281)                     (2,241)
Buyback of index loan stock                                                (313)                     (1,430)

Net cash outflow from financing                                                       (25,594)                   (3,671)

Decrease in cash                                                                      (24,971)                  (50,453)

Reconciliation of net cash flow to movements in net debt

Decrease in cash as above                                                             (24,971)                  (50,453)
Buyback of index loan stock                                                                313                     1,430

Changes in net debt resulting from cash flows                                         (24,658)                  (49,023)

Currency losses                                                                          (281)                     (736)
Amortisation of debenture issue expenses                                                   (7)                       (7)
Decrease in value of index loan stock                                                    1,839                     2,756

Movement in net debt in year                                                          (23,107)                  (47,010)
Net (debt)/funds at 1 October                                                          (6,649)                    40,361

Net debt at 30 September                                                              (29,756)                   (6,649)



Notes:

1.The Board proposes a final dividend of 1.1p and a special dividend of 0.4p per
Ordinary share which, if approved will be paid on 9 January 2003 to shareholders
on the register on the record date of 30 November 2002.

2.Basic revenue return per ordinary share is based on Group revenue after
taxation of £3,868,000 (2001: £5,942,000) and on 169,144,747 (2001: 176,171,390)
ordinary shares, being the weighted average number of ordinary shares in issue
during the year.

3.Basic capital loss per ordinary share is based on net losses for the financial
year of £21,890,000 (2001: £30,737,000) and on 169,144,747 (2001: 176,171,390)
ordinary shares, being the weighted average number of ordinary shares in issue
during the year.

4.Income
                                                          2002         2001
                                                         £'000        £'000
Income from investments
Listed investments                                       9,527        7,737
Scrip dividend                                              94            -
                                                         9,621        7,737
Other income
Deposit interest                                           384        4,335
Loss from dealing activities of subsidiaries               (3)         (11)
Rental income                                              239          655
                                                           620        4,979
Total Income                                            10,241       12,716



5.Basic net asset value per ordinary share is based on net assets and on
160,080,089 (2001: 175,080,089) ordinary shares being the number of ordinary
shares in issue at the year-end.

At the year end the net asset value per share adjusted to include the Debenture
Stocks at market value rather than par was 168.89p (2001:182.67p).

6.The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 30 September 2002 or 2001. The
financial information for the year ended 30 September 2001 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under s237 (2) or (3) Companies Act 1985. The
statutory accounts for the year ended 30 September 2002 will be finalised on the
basis of the financial information presented by the Directors in the preliminary
announcement and will be delivered to the Registrar of Companies in due course.
The preliminary announced is prepared on the same basis as set out in the
previous year's annual accounts.

7.Copies of the Annual Report will be posted to shareholders in due course and
further copies may be obtained from the Registered Office, One Bow Churchyard,
Cheapside, London EC4M 9HH. The Annual General Meeting will be held on Thursday,
19 December 2002.



Aberdeen Asset Management PLC
Secretaries

15 November 2002


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