Final Results - Year Ended 31 December 1999

British & American Investment Trust PLC
11 April 2000


Preliminary Announcement for the year ended 31 December 1999
------------------------------------------------------------

Registered number: 433137

Directors                                              Registered office
Jonathan C Woolf (Chairman and Managing Director)       214 The Chambers
Claude E Fielding                                        Chelsea Harbour
Dominic Dreyfus                                          London SW10 OXF
J Anthony V Townsend                            Telephone: [phone]
                                                   Registered in England
                                                              No. 433137      

                                                           10 April 2000


Group revenue return before tax for the year ended 31 December 1999 amounted
to £2,094,000.

At a meeting of the directors it was decided to pay a final dividend of 2.75p
per £1 ordinary share to shareholders on the register at 25 April.  A dividend
of 1.75p per 3.5% convertible £1 preference share will be paid to holders of
preference shares on the register at 31 December 1999.  These dividends will
be paid on 22 June 2000.



Financial Highlights for the year ended 31 December 1999
--------------------------------------------------------

                          31 December 1999                31 December 1998

                     Revenue   Capital   Total     Revenue    Capital    Total
                        £000      £000    £000        £000       £000     £000

Return before taxation 2,094     7,811   9,905       1,956      1,794    3,750
                       -----     -----   -----       -----      -----    -----
Earnings per £1 
ordinary share
 - basic               5.93p    31.25p  37.18p       5.06p      7.17p   12.23p
                       -----     -----   -----       -----      -----   ------
Earnings per £1 
ordinary share 
 - fully diluted       5.24p    22.32p  27.56p       4.61p      5.13p    9.74p
                       -----    ------  ------       -----      -----    -----

Net asset value                         53,117                          46,140
                                        ------                          ------
Net assets per 
ordinary share

- deducting preference                                                        
     shares at par                        172p                            145p
                                          ----                            ----
- fully diluted                           152p                            132p
                                          ----                            ----
Fully diluted net asset value
per ordinary share at
31st March 2000                           147p
                                          ----



Chairman's statement
--------------------

I am pleased to report our results for the year ended 31 December 1999.

The return on revenue account before tax amounted to £2.1 million (1998: £2.0
million).  Gross income amounted to £2.6 million (1998: £2.5 million), of
which £2.3 million (1998: £2.3 million) represented income from investments
including deposit interest and £0.3 million (1998: £0.2 million) film and
other income.

Total return before tax, including realised and unrealised capital
appreciation, amounted to £9.9 million (1998: £3.9 million).

The return on revenue account per ordinary share was 5.9p (1998: 5.1p) on an
undiluted basis and 5.2p (1998: 4.6p), on a fully diluted basis.

Group net assets increased to £53.1 million (1998: £46.1 million), an increase
of 15.1 percent.  This compares to an increase over the same period of 17.8
percent in the FT-SE 100 share index, 21.2 percent in the All Share index and
7.5 percent in the FT-SE Actuaries Investment Trust index.

The net asset value per ordinary share increased to 152p (132p) on a fully
diluted basis.  Deducting prior charges at par, the net asset value per
ordinary share increased to 172p (1998: 145p).

We are pleased to recommend a final dividend of 2.75p per ordinary share. 
Together with the interim dividend this makes a total payment for the year,
excluding special dividends, of 4.275p (1998: 3.875p), representing an
increase of 10.3 percent over the previous year's dividend.  In addition, a
special Millennium dividend of 5p per ordinary share was paid on 31 January in
recognition of the restructuring of First Leisure PLC.  In total, ordinary
shareholders will have received 9.275p per share of dividends, representing a
payment of £2.3 million.  A dividend of 1.75p will be paid to preference
shareholders resulting in a total payment for the year of 3.5p per share.

The UK equity market experienced considerable volatility in 1999 and followed
closely the lead set by US equity markets throughout the year.  As reported at
the interim stage, performance in the first half of the year was firm with
strong progress seen in leading stocks.  This growth was reversed in the third
quarter with sharp falls experienced in leading and particularly technology
stocks which had strongly outperformed in the first half.  Expectations
developed that the markets would remain flat for the rest of the year as
liquidity dried up ahead of the Millennium; however, the opposite occurred and
despite worries over Millennium-related software problems and a programme of
monetary tightening in the US and the UK, markets and volumes showed growth at
unprecedented levels in the last two months of 1999.  In November and
December, the FT-SE 100 index rose 25 percent and this effect was even more
pronounced in the technology stocks, with the Nasdaq index rising 46 percent
in that two month period.


As at 31st March 2000, group net assets were £51.4 million, a reduction of
£1.7 million since the beginning of the calendar year reflecting in part the
payment of the special dividend in January of £1.25 million.  This is
equivalent to 165.6 pence per share (prior charges deducted at par) and 146.9
pence per share on a fully diluted basis.

The outlook for the coming year in the UK remains firm.  Gains seen in the
markets at the end of 1999 have to date been consolidated and in some cases
extended, although significantly higher levels of volatility and swings in
sentiment between so called 'old economy' and new technology stocks have
emerged.  Confidence in continued high levels of economic growth in the UK and
developed economies through technology-led expansion persists as a strong
support to markets and the continued programme of monetary tightening in the
US and UK in response to fears of unsustainably high economic growth levels
has not so far materially dampened enthusiasm for investment.

However, as the recently higher levels of volatility would indicate, the risks
of a substantial and long-awaited correction in equity markets and
particularly in those sectors which have outperformed and have become
over-valued, have notably increased. Irrespective of their individual business
potential, valuations of those companies which are considered to offer
exposure to new technology and future methods of conducting business
operations have become stretched beyond all rational justification.  This has
been in response to high levels of retail investor interest and often limited
stock supply.  In due course, a more balanced supply of stock and a return to
a more discriminating basis of investment should serve to restore valuations
to more sustainable levels.

Jonathan C Woolf
10 April 2000



Consolidated statement of total return (incorporating the revenue account)
--------------------------------------------------------------------------


                        31 December 1999                31 December 1998

                     Revenue   Capital   Total     Revenue    Capital    Total
                        £000      £000    £000        £000       £000     £000


Income

Dividends              1,972         -   1,972       1,914          -    1,914
Interest                 367         -     367         311          -      311
Film revenues            208         -     208         242          -      242
Other income               8         -       8          13          -       13
Gains on investments       -     7,811   7,811           -      1,794    1,794
                      ------    ------  ------      ------     ------   ------
                       2,555     7,811  10,366       2,480      1,794    4,274
Expenses and interest 
payable                (461)         -   (461)       (524)          -    (524)
                      ------    ------  ------      ------     ------   ------

Return on ordinary 
activities before tax 2,094      7,811   9,905       1,956      1,794    3,750
Tax on ordinary 
activities             (260)         -   (260)       (341)          -    (341)
                      ------    ------  ------      ------     ------   ------
Return on ordinary
activities after
tax for the 
financial year         1,834     7,811   9,645       1,615      1,794    3,409

Dividends and other
appropriations in 
respect of ordinary
and preference shares (2,669)        - (2,669)      (1,319)         -  (1,319)
                      ------    ------  ------      ------     ------   ------
Transfer to reserves    (835)    7,811   6,976         296      1,794    2,090
                      ------    ------  ------      ------     ------   ------

Return per 
ordinary share                  

- Basic                5.93p    31.25p  37.18p       5.06p      7.17p   12.23p
                      ------    ------  ------      ------     ------   ------

- Fully-diluted        5.24p    22.32p  27.56p       4.61p      5.13p    9.74p
                      ------    ------  ------      ------     ------   ------


All revenue and capital items in the above statement for both years derive
from continuing operations.  No operations were acquired in the year.



Group statement of net assets
-----------------------------
                                                  31 December     31 December 
                                                         1999            1998
                                                         £000            £000

Investments                                            54,136          46,819

Net current assets                                     (1,019)            571
                                                       -------         ------

Total assets less current liabilities                  53,117          47,390

Creditors:  amounts falling due after
            more than one year                              -         (1,250)
                                                       -------         ------
Net assets                                              53,117         46,140

Net asset value per ordinary share:

- Basic                                                   172p           145p
- Fully diluted                                           152p           132p



Notes to the group results
--------------------------


1 Accounting policies

All figures stated are based on the financial statements prepared under the
historical cost convention as modified by the revaluation of investments and
in accordance with applicable Accounting Standards.  The accounting policies
adopted are consistent with those in the most recently published set of annual
financial statements.


2 Return per ordinary share


                          31 December 1999                31 December 1998

                     Revenue   Capital   Total     Revenue    Capital    Total
              
Group

Basic                  5.93p    31.25p  37.18p       5.06p      7.17p   12.23p
                      ------    ------  ------      ------     ------   ------

Fully-diluted          5.24p    22.32p  27.56p       4.61p      5.13p    9.74p
                      ------    ------  ------      ------     ------   ------


Basic revenue return per ordinary share is based on the net revenue on
ordinary activities after taxation and after deduction of dividends in respect
of preference shares of £ 1,484,000 (1998: £1,265,000) and on 25 million
(1998: 25 million) ordinary shares in issue.

Basic capital return per ordinary share is based on capital gains for the
financial period of £7,811,000 (1998: £1,794,000) and on 25 million (1998: 25
million) ordinary shares in issue.

The fully-diluted return per share is based on the same profits after taxation
as for the basic earnings per ordinary share and on 35 million (1998: 35
million) ordinary and convertible preference shares in issue.  


3 Dividends
                                                
                                                         1999            1998
                                                         £000            £000

Dividends on ordinary shares:

Interim paid of 1.525p per £1 share 
(1998: 1.375p per share)                                  381             344
Millennium special of 5p per £1 share 
(1998: nil)                                             1,250               -
Final proposed of 2.75p per £1 share 
(1998: 2.5p per share)                                    688             625
                                                        -----            ----
                                                        2,319             969
                                                        -----            ----


Dividends on 3.5% convertible preference shares:

1.75p paid                                                175             137
1.75p proposed                                            175             175
Accumulated                                                 -             125
Released                                                    -             (87)
                                                        -----            ----
                                                          350             350
                                                        -----            ----


The dividends on ordinary shares are based on 25,000,000 ordinary £1 shares in
the year to 31 December 1999. Dividends on preference shares are based on
10,000,000 non-voting 3.5% convertible preference shares of £1 in the year to
31 December 1999.

The holders of the 3.5% convertible preference shares will be paid a dividend
of £175,000 being 1.75p per share.  The payment will be made on the same date
as the dividend to the ordinary shareholders.  



4 Fully diluted net asset value per ordinary £1 share

The fully diluted net asset value per £1 ordinary shares is based on net
assets of £53,117,000(1998: £46,140,000) and 35 million shares in issue.

The financial information set out above does not comprise the company's
statutory accounts.  Statutory accounts for the previous year ended 31
December 1998, have been delivered to the Registrar of Companies.  The
auditors' report on those accounts was unqualified and did not contain any
statement under section 237(2) of the Companies Act 1985.

The auditors have not yet reported on accounts for the year ended 31 December
1999, nor have any such accounts been delivered to the Registrar of Companies.