Results - NAV Up 37%

British Empire Sec & Gen Tst PLC
11 November 1999

UNAUDITED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 1999

* Net asset value rose by 37% compared to rises in the benchmark Datastream
Index, the MSCI World Index and the FTSE All Share Index of 28%, 32% and 21%
respectively.

* The share price rose 48% over the year.

* The final dividend is 0.88p per share giving an increase for the full year
of 1.8%.

* Net assets increased to £298 million, over a 50 fold growth since 1984.

* The major highlight of the year was the sale of our 6.8% holding in the
Lazard company, Rue Imperiale de Lyon, for £45.9 million realising a profit of
£25.6 million.

* Geographical allocation paid off following a build up in Far East exposure
in 1998 with significant realised profits in Japanese investment trusts - BG
Japan (£6 million) and Fidelity Japan OTC (£4 million).

* The Company seeks to work with its investee companies to enhance shareholder
value.  A number of corporate transactions boosted the value of our investment
trust holdings.

* Following realisations, cash and equivalents has increased to £93.9 million
or 28% of total assets.  In uneasy markets this gives flexibility to pursue
our policy of buying quality assets at a significant discount to underlying
value.

* The Company continues to use its buy back powers adding value for
shareholders.

William Fossick, Chairman, said:
'It was a good year for the Company with an increase of 48% in the share
price.  The Board's decision to stick to its distinctive value policy was
vindicated as a number of depressed stocks and markets recovered'.

John Walton, Managing Director of Ivory & Sime Asset Management Ltd, said:
'An exciting year with substantial gains from our biggest holding in Rue
Imperiale de Lyon and from the purchase of depressed Japanese investments in
1998.  We have substantial cash resources which give flexibility to accumulate
holdings in special situations selling on substantial discounts and we intend
to remain pro-active in pursuit of shareholder value'.

The Group's Statement of Total Return and Balance Sheet (unaudited) follow:
 British Empire Securities and General Trust p.l.c.

Statement of total return (incorporating the revenue account) of the Group


                            
                                                 Year to 30 September 1999
                                            Revenue       Capital       Total
                                              £'000         £'000       £'000
                            
Gains/(losses) on investments                     -        81,343      81,343
Realised exchange differences                     -         (506)       (506)
(Depreciation)/appreciation of Loan Stock         -       (2,223)     (2,223)
Amortisation of debenture issue expenses          -           (7)         (7)
Income                                        6,962        3,499       10,461
Investment management fee (incl. VAT)       (1,172)         (878)     (2,050)
Other expenses (net of VAT recovered)         (477)             -       (477)
                            
Net return before finance                    5,313         81,228      86,541
costs and taxation                            
                            
Interest payable                            (2,812)             -     (2,812)
                            
Return on ordinary activities                 2,501        81,228      83,729
before tax                            
                            
Tax on ordinary activities                    (463)            65       (398)
                            
Return attributable to                        2,038        81,293      83,331
equity shareholders                            
                            
Dividends in respect of equity shares       (2,119)             -     (2,119)
                            
Transfer (from)/to reserves                    (81)        81,293      81,212
                            
                            
                            
Return per ordinary share                    1.08p         42.99p      44.07p
                            
(Based on 189,114,267 (1998:  189,355,089) weighted average number of shares
in issue during the year)

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

Unaudited Statement of total return (incorporating the revenue account) of the
Group


                                                Year to 30 September 1998
                                            Revenue       Capital       Total
                                              £'000         £'000       £'000
                            
Gains/(losses) on investments                     -      (39,490)    (39,490)
Realised exchange differences                     -          361          361
(Depreciation)/appreciation of Loan Stock         -          500          500
Amortisation of debenture issue expenses          -           (7)         (7)
Income                                        9,338        1,872       11,210
Investment management fee (incl. VAT)        (1,348)        (337)     (1,685)
Other expenses (net of VAT recovered)          (308)            -       (308)

Net return before finance                     7,682      (37,101)    (29,419)
costs and taxation                            
                            
Interest payable                             (2,853)           -      (2,853)
                            
Return on ordinary activities                 4,829     (37,101)     (32,272)
before tax                            
                            
Tax on ordinary activities                   (1,287)       (476)      (1,763)
                            
Return attributable to                        3,542     (37,577)     (34,035)
equity shareholders                            
                            
Dividends in respect of equity shares        (2,102)          -       (2,102)
                            
Transfer (from)/to reserves                   1,440    (37,577)      (36,137)
                            
                            
Return per ordinary share                     1.87p    (19.84p)      (17.97p)
                            
British Empire Securities and General Trust p.l.c.

Unaudited Group Balance Sheet


                                                     As at              As at
                                              30 September       30 September
                                                      1999               1998
                                                     £'000              £'000
                            
                            
Investments                                        250,985            226,068
Freehold investment properties                       7,300              6,900
Net current assets                                  79,626             25,555
                            
                                                   _______            _______
Total assets less current liabilities              337,911            258,523
                            
Financed   by   :                            
                            
Equities index unsecured loan stock 2013            12,233             10,939
10.375  per cent debenture stock  2011              11,883             11,883
8.125  per cent debenture stock 2023                14,829             14,822
Provision for liabilities and charges                  565                527
Ordinary Shareholders' funds                       298,401            220,352
                            
                                                   _______            _______
                                                   337,911            258,523
                            
Net Asset Value per ordinary share                 159.53p            116.37p
                            
                            
Number of shares in issue   187,055,089 (1998:  189,355,089)

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


Notes:

1. During the year, 2,300,000 ordinary shares were bought back by the Company
for cancellation, at an average price of 136.6p.  The nominal value of the
shares bought back has been transferred to a Capital Redemption Reserve.  The
Company now has 187,055,089 ordinary shares in issue.

       To allow the Company to buy back its own shares, it ceased to be an
investment company during the year.  However, the financial statements
continue to adopt the format recommended by the Statement of Best Practice for
investments trusts.

2. The Company bought in for cancellation 336,578 units of Equities Index
Unsecured Loan Stock during the year at prices between 256p and 303p. The
Company now has 4,328,530 units in issue.

3. The Group suffered United Kingdom taxation of £396,000 (1998 - £1,762,000)
and overseas taxation of £2,000 (1998 - £1,000).  On 6 April 1999 the tax
credits attached to the franked investment income reduced from 20% to 10%.

4. The final dividend of 0.88p per share will be paid on 10 January 2000 to
Ordinary Shareholders on the Register on 26 November 1999.

5. The performance element of the management fee (deemed to be the amount
payable at a fee rate in excess of 0.4% of assets) is charged wholly to the
capital reserve on the basis that it derives directly from the capital
performance of the Group relative to the Benchmark Index.  Comparative figures
have been restated accordingly.

6. These are not full statutory accounts in terms of section 240 of the
Companies Act 1985.  The full audited accounts for the year to 30 September
1998, which were unqualified, have been lodged with the Registrar of
Companies. The annual report will be sent to shareholders in November 1999 and
will be available for inspection at the registered office of the Company, 7
Princes Street , London EC2R 8AQ.

7. The Annual General Meeting will be held at Saddlers' Hall, Gutter Lane,
Cheapside, London on 16 December 1999 at 12 noon.

For further information, please contact:

William Fossick
Chairman, British Empire Securities and General Trust p.l.c.
Tel:  [phone]

John Walton
Managing Director, Ivory & Sime Asset Management
Tel: [phone]