Interim Results- Replacement

British Portfolio Trust PLC 17 June 2004 The following replaces the 'Interim Results' announcement released today, 17th June 2004 at 15.14pm under RNS Number 8825Z, which contained a number of typographical errors in the Cash Flow Statement. The full amended text appears below. For Immediate Release 17th June 2004 BRITISH PORTFOLIO TRUST plc ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS For the period from 1st November 2003 to 30th April 2004 Net Asset Value A summary of the results for the period from 1st November 2003 to 30th April 2004 is set out overleaf. The Net Asset Value (NAV) per Ordinary Share as at 30th April 2004 was 128.5p. This represents an increase of 6.2% over the NAV as at 31st October 2003. Over the same period the Company's benchmark index, the FTSE All-Share Index, rose by 5.3%. Interim Dividend The Board has declared an interim dividend of 1.55p per Ordinary Share (compared to 1.22p and a special dividend of 0.28p last year), which will absorb £747,388 and is payable on 2nd September 2004 to all holders of Ordinary Shares on the Register of Members at the close of business on 6th August 2004. Share Buybacks During the period under review 2,097,644 Ordinary Shares were purchased for cancellation at a cost of £2.5m and at an average discount of 5.1%. In the period from 1st May 2004 until 17th June 2004 a further 80,000 Ordinary Shares have been purchased for cancellation at a cost of £0.1m. Outlook Currently two issues are weighing on the UK market - the oil price and US interest rate movements. First, there has been a sharp rise in the oil price which must have some impact on inflation and corporate profitability. Secondly, recent strong US economic data has raised the probability that interest rates in the USA may increase earlier than previously expected and Wall Street has a major influence on other financial markets. However, as we have seen in the UK some upward move in interest rates is not necessarily bad news for financial markets when, overall, the economic news is positive. We are concerned about the high levels of consumer, business and government debt. The UK economy is growing steadily, unemployment remains low and corporate profits are improving, which should provide a favourable background for the UK stock market. 155 Bishopsgate By Order of the Board London EC2M 3AD P W I Ingram 17th June 2004 Secretary SUMMARY OF RESULTS STATEMENT OF TOTAL RETURN Six months ended 30th April 2004 Revenue Capital Total £'000s £'000s £'000s (Note 1) Net gains on investments - 3,866 3,866 Income 1,177 - 1,177 Investment management fee (130) (302) (432) Administration expenses (67) (2) (69) Return before finance costs and taxation 980 3,562 4,542 Finance costs of borrowings (46) (136) (182) Return on ordinary activities before taxation 934 3,426 4,360 Taxation (1) - (1) Return after taxation attributable to Ordinary 933 3,426 4,359 Shareholders Dividends on Ordinary Shares Prior year over accrual 3 - 3 Interim proposed 1.55p (747) - (747) (744) - (744) Transfer to reserves 189 3,426 3,615 Return per Ordinary Share (Note 2) 1.89p 6.93p 8.82p NET ASSET STATEMENT As at 30th April 2004 £'000s Fixed Asset Investments 67,137 Net Current Assets 814 Total Assets less Current Liabilities 67,951 Creditors - Amounts falling due after one year (6,000) Total Net Assets 61,951 Called up Share Capital 482 Share Premium Account 12,378 Special Reserve 54,705 Capital Reserves - Realised (5,730) Unrealised (184) Capital Redemption Reserve 62 Revenue Reserve 238 Shareholders' Funds 61,951 Net Asset Value per Ordinary Share 128.5p The net asset value is based on 48,218,561 Ordinary Shares in issue. SUMMARY OF RESULTS STATEMENT OF TOTAL RETURN Six months ended 30th April 2003 Revenue Capital Total £'000s £'000s £'000s (Note 1) Net losses on investments - (424) (424) Income 1,017 - 1,017 Investment management fee (111) (246) (357) Administration expenses (76) - (76) Return before finance costs and taxation 830 (670) 160 Finance costs of borrowings (46) (136) (182) Return on ordinary activities before taxation 784 (806) (22) Taxation - - - Return after taxation attributable to Ordinary 784 (806) (22) Shareholders Dividends on Ordinary Shares Interim 1.22p (589) - (589) Special 0.28p (117) - (117) (706) - (706) Transfer to (from) reserves 78 (806) (728) Return per Ordinary Share (Note 2) 1.74p (1.79)p (0.05)p NET ASSET STATEMENT As at 30th April 2003 £'000s Fixed Asset Investments 52,740 Net Current Assets 4,790 Total Assets less Current Liabilities 57,530 Creditors- Amounts falling due after one year (6,000) Total Net Assets 51,530 Called up Share Capital 483 Share Premium Account 8,588 Special Reserve 58,509 Capital Reserves : Realised (7,253) Unrealised (8,915) Capital Redemption Reserve 29 Revenue Reserve 89 Shareholders' Funds 51,530 Net Asset Value per Ordinary Share 106.7p The net asset value is based on 48,286,242 Ordinary Shares in issue. SUMMARY OF RESULTS STATEMENT OF TOTAL RETURN for the year to 31st October 2003 Revenue Capital Total £'000s £'000s £'000s (Note 1) Net gains on investments - 6,823 6,823 Income 2,089 - 2,089 Investment management fee (233) (522) (755) Administration expenses (154) (2) (156) Return before finance costs and taxation 1,702 6,299 8,001 Finance costs of borrowings (92) (274) (366) Return on ordinary activities before taxation 1,610 6,025 7,635 Taxation (2) - (2) Return after taxation attributable to Ordinary 1,608 6,025 7,633 Shareholders Dividends on Ordinary Shares : Prior year over accrual 1 - 1 Interim 1.22p (581) - (581) Final 1.85p (873) - (873) Special 0.28p (117) - (117) (1,570) - (1,570) Transfer to reserves 38 6,025 6,063 Return per Ordinary Share (Note 2) 3.46p 12.96p 16.42p NET ASSET STATEMENT As at 31st October 2003 £'000s Fixed Asset Investments 65,302 Net Current Assets 1,566 Total Assets less Current Liabilities 66,867 Creditors- Amounts falling due after one year (6,000) Total Net Assets 60,867 Called up Share Capital 503 Share Premium Account 12,378 Special Reserve 57,235 Capital Reserves - Realised (6,840) Unrealised (2,499) Capital Redemption Reserve 41 Revenue Reserve 49 Shareholders' Funds 60,867 Net Asset Value per Ordinary Share 121.0p The net asset value is based on 50,316,205 Ordinary Shares in issue. SUMMARY OF RESULTS CASH FLOW STATEMENT Six Months to Six Months to Year to 30th April 30th April 31st October 2004 2003 2003 £'000s £'000s £'000s Net cash inflow from operating activities 247 173 1,165 Servicing of finance Interest paid (183) (181) (366) Net cash outflow on servicing of finance (183) (181) (366) Financing Repurchase of Ordinary Shares for cancellation (2,531) (1,133) (2,407) Cash transferred from Jos Holdings plc - 121 121 Cash transferred from Dresdner RCM Endowment - - 303 Policy Trust 2003 plc Net cash outflow on financing (2,531) (1,012) (1,983) Investing activities Acquisition of fixed asset investments (13,063) (9,670) (25,600) Disposal of fixed asset investments 14,169 12,750 26,755 Net cash inflow from financial investment 1,106 3,080 1,155 Dividends paid (869) (913) (1,494) (Decrease) increase in cash (2,230) 1,147 (1,523) TWENTY LARGEST EQUITY HOLDINGS As at 30th April 2004 Sector Valuation % of Total Assets* £000s Vodafone Group 5,588 8.22 BP 5,405 7.95 HSBC 3,689 5.43 GlaxoSmithKline 3,538 5.21 Royal Bank of Scotland 2,866 4.22 Shell Transport & Trading 2,054 3.02 Barclays 2,019 2.97 AstraZeneca 2,003 2.95 Lloyds TSB 1,264 1.86 HBOS 1,169 1.72 Kelda 1,103 1.62 Aviva 1,049 1.54 National Grid Transco 1,044 1.54 ICAP 964 1.42 Mersey Docks & Harbour 953 1.40 Rank Group 887 1.31 NHP 860 1.26 Tesco 843 1.24 British American Tobacco 818 1.20 Anglo American 799 1.18 38,915 57.26 PORTFOLIO ANALYSIS As at 30th April 2004 Sector Valuation % of Total Assets* £000s Cyclical Consumer Goods 459 0.68 Cyclical Services 10,216 15.03 Financials 18,834 27.72 Non Cyclical Services 7,643 11.25 Non Cyclical Consumer Goods 10,535 15.50 Resources 10,926 16.08 Information Technology 902 1.33 Utilities 4,426 6.51 Basic Industries 1,817 2.67 General Industrials 1,379 2.03 Net Current Assets 814 1.20 67,951 100.00 * Total Assets are stated net of Current Liabilities. Note 1 The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items derive from continuing operations. Note 2 The return per Ordinary Share is based on a weighted average number of shares in issue of 49,430,377 (30th April 2003: 45,121,021; 31st October 2003: 46,487,475). Note 3 The Statement of Total Return, Net Asset Statement and Cash Flow Statement for the year to 31st October 2003 have been extracted from the published accounts of the Company at that date which have been delivered to the Registrar of Companies. The Auditors' opinion on those accounts was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. The Interim Report will be sent to Shareholders shortly and made available to the public at the Registered Office of the Company, 155 Bishopsgate, London EC2M 3AD. For further information, please contact:- Simon White RCM (UK) Limited Tel: 020 7065 1539 This information is provided by RNS The company news service from the London Stock Exchange

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