Interim Results

DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC

INTERIM RESULTS FOR THE 6 MONTHS TO 31 JULY 2002


The objective of Dunedin Income Growth Investment Trust is to achieve
growth of income and capital from a portfolio invested in the United
Kingdom.

Highlights
                                   
                                   
*Net asset value fell 16.8% compared with a fall in the FTSE All-
 Share Index of 17.8%.
*DIGIT's equity portfolio outperformed its benchmark with a decline
 of 14.7%.  The poorer performance of net asset value was attributable to
 the effect of gearing.
*We believe that prudent levels of gearing will enhance returns to
 shareholders in the long term.
*The interim dividend has been increased by 2.3% to 2.20p compared
 to last year's interim dividend of 2.15p.

For further information, please contact:-

David Binnie, Fund Manager
Edinburgh Fund Managers plc                0131 313 1000


CHAIRMAN'S STATEMENT
The six month period to 31 July was a disappointing one for stock market
investment with the FTSE All-Share Index falling 17.8% in capital terms.
DIGIT's net asset value per share fell 16.8% during the period, from
231.51p to 192.58p, but a modest reduction in the discount restricted
the fall in the share price to 15.1%.

Our earnings have showed an encouraging resilience in this environment
and we are declaring an interim dividend of 2.20p, which represents an
increase of 2.3% on last year's figure of 2.15p.

Performance
The UK equity market was relatively steady for several months, but in
mid-May it started to fall sharply and remained very weak till the end
of the period. There were several reasons for the decline.  Confidence,
already fragile after the events of last year, was delivered a further
blow by a series of scandals concerning the accounting practices of a
number of large US companies. Pension funds and insurance companies have
been moving to reduce their exposure to equities for technical reasons
and latterly this reduction has involved the selling of equities into an
unwilling market. Finally, there have been mounting indications that
economic activity has faltered recently.

The worst affected parts of the market included the technology and
telecommunications sectors where profit forecasts were being cut. The
pharmaceutical sector was also weak as concerns mounted over the loss of
patent protection. DIGIT has relatively low exposure to these areas, but
has a higher exposure to insurance companies, which suffered as a result
of their investments in equities. On the other hand some stable
companies held up well, for example in the beverage, tobacco and water
sectors. House builders and mortgage banks also outperformed.

Overall, DIGIT's sector allocation and stock selection have been good
and as a result the Trust's equity portfolio outperformed its benchmark,
the All-Share Index, albeit with a decline of 14.7%. The poorer
performance of the net asset value was attributable to the effect of our
gearing. We have kept the level of gearing under constant review, but we
continue to believe that prudent levels of gearing will enhance long
term returns to shareholders and the Trust ended the period with net
gearing of 16%.

Outlook
Volatile stock markets, together with the mixed picture emerging from
the most recent economic data in the UK and elsewhere, make the job of
predicting the immediate outlook an unusually difficult one. However, in
a longer term context we think the shares of many companies now look
attractively priced and we believe DIGIT's portfolio is well positioned
to provide attractive returns.

Max Ward
Chairman
STATEMENT OF TOTAL RETURN
6 months to 31 July 2002


                                       Revenue   Capital     Total
                                          £000      £000      £000
                                                                  
Realised losses on investments               -     (375)     (375)
Unrealised losses on investments             -  (62,071)  (62,071)
                                                                  
TOTAL CAPITAL LOSSES ON INVESTMENTS          -  (62,446)  (62,446)
Income from investments                  7,981         -     7,981
Interest receivable on short term          323         -       323
deposits
Other income                                 8         -         8
Investment management fee                (280)     (654)     (934)
Administrative expenses                  (259)         -     (259)
                                                                  
NET RETURN BEFORE FINANCE                7,773  (63,100)  (55,327)
     COSTS AND TAXATION                                           
Interest payable and similar charges   (1,046)   (2,442)   (3,488)
                                                                  
RETURN ON ORDINARY                       6,727  (65,542)  (58,815)
  ACTIVITIES BEFORE TAXATION                                      
Taxation                                     -         -         -
                                                                  
RETURN ATTRIBUTABLE TO                   6,727  (65,542)  (58,815)
   EQUITY SHAREHOLDERS
Dividends in respect of equity         (3,522)         -   (3,522)
shares
                                                                  
                                       (3,205)  (65,542)  (62,337)
                                                                  
RETURN PER ORDINARY SHARE                4.20p  (40.94p)  (36.74p)
                                                                  
INTERIM DIVIDEND PER ORDINARY SHARES     2.20p                    

STATEMENT OF TOTAL RETURN
6 months to 31 July 2001


                                      Revenue   Capital    Total
                                         £000      £000     £000
                                                          
Realised losses on investments       -          (3,895)    (3,895)
Unrealised losses on investments     -          (32,556)   (32,556)
                                                           
TOTAL CAPITAL LOSSES ON INVESTMENTS  -          (36,451)   (36,451)
Income from investments              8,017      -          8,017
Interest receivable on short term    230        -          230
deposits
Other income                         2          -          2
Investment management fee            (315)      (735)      (1,050)
Administrative expenses              (272)      -          (272)
                                                           
NET RETURN BEFORE FINANCE            7,662      (37,186)   (29,524)
     COSTS AND TAXATION                                    
Interest payable and similar charges (1,146)    (2,673)    (3,819)
                                                           
RETURN ON ORDINARY                   6,516      (39,859)   (33,343)
  ACTIVITIES BEFORE TAXATION                               
Taxation                             -          -          -
                                                           
RETURN ATTRIBUTABLE TO               6,516      (39,859)   (33,343)
   EQUITY SHAREHOLDERS
Dividends in respect of equity       (3,442)    -          (3,442)
shares
                                                           
                                     3,074      (39,859)   (36,785)
                                                          
RETURN PER ORDINARY SHARE            4.07p      (24.90p)   (20.83p)
                                                           
INTERIM DIVIDEND PER ORDINARY SHARES 2.15p                 

STATEMENT OF TOTAL RETURN
12 months to 31 January 2002

                                      Revenue   Capital    Total
                                         £000      £000     £000
                                                          
Realised losses on investments       -          (8,647)    (8,647)
Unrealised losses on investments     -          (48,319)   (48,319)
                                                           
TOTAL CAPITAL LOSSES ON INVESTMENTS  -          (56,966)   (56,966)
Income from investments              13,956     -          13,956
Interest receivable on short term    497        -          497
deposits
Other income                         2          -          2
Investment management fee            (601)      (1,402)    (2,003)
Administrative expenses              (579)      -          (579)
                                                           
NET RETURN BEFORE FINANCE            13,275     (58,368)   (45,093)
     COSTS AND TAXATION                                    
Interest payable and similar charges (2,276)    (5,310)    (7,586))
                                                           
RETURN ON ORDINARY                   10,999     (63,678)   (52,679)
  ACTIVITIES BEFORE TAXATION                               
Taxation                             -          -          -
                                                           
RETURN ATTRIBUTABLE TO               10,999     (63,678)   (52,679)
   EQUITY SHAREHOLDERS
Dividends in respect of equity       (10,806)   -          (10,806)
shares
                                                           
                                     193        (63,678)   (63,485)
                                                          
RETURN PER ORDINARY SHARE            6.87p      (39.77p)   (32.90p)
                                                           


The revenue column of this statement represents the revenue account of
the company
All revenue and capital items in the above statement derive from
continuing operations

BALANCE SHEET

                                    At 31 July    At 31   At 31 July
                                       2002      January     2001
                                                  2002
                                                               
                                       £000       £000       £000
                                                                     
FIXED ASSETS                                                         
Investments                        357,800      428,890     490,504
                                                            
CURRENT ASSETS                                              
Debtors                            6,206        1,284       2,503
UK Treasury Bills                  -            4,960       -
AAA Money Market Funds             13,000       13,000      -
Cash and short term deposits       9,373        3,359       4,140
                                                            
                                   28,579       22,603      6,643
CREDITORS: Amounts falling due     (8,060)      (10,843)    (29,805)
within one year
                                                            
NET CURENT ASSETS/(LIABILITIES)    20,519       11,760      (23,162)
                                                            
                                                            
TOTAL ASSETS LESS CURRENT          378,319      440,650     467,342
LIABILITIES
                                                            
CREDITORS: Amounts falling due     (69,772)     (69,766)    (69,758)
after one year
                                                            
                                   308,547      370,884     397,584
                                                            
                                                            
CAPITAL AND RESERVES
Called up share capital - equity   40,025       40,025      40,025
Other reserves                     268,522      330,859     357,559
                                                            
TOTAL EQUITY SHAREHOLDERS' FUNDS   308,547      370,884     397,584
                                                            
Net asset value per 25p ordinary   192.58p      231.51p     248.18p
share
                                                                     


CASHFLOW STATEMENT

                                          6 months   6 months 12 months
                                         to 31 July to 31 July  to 31
                                                               January
                                            2002       2001      2002
                                                              
                                            £000       £000      £000
                                                              
                                                              
Revenue before finance costs and         7,773       7,662      13,275
taxation
(Increase)/decrease in accrued income    (409)       675        823
Decrease in other debtors                165         9          4
(Decrease)/increase in creditors         (182)       2          5
Expenses charged to capital              (654)       (735)      (1,402)
                                                                
Net cash inflow from operating           6,693       7,613      12,705
activities
                                                              
Net  cash  outflow  from  servicing   of  (3,481)     (3,481)   (7,572)
finance
                                                              
Total tax paid                           -           (411)      (412)
                                                                
Net cash (outflow)/inflow from financial 5,207       (32,321)   12,299
investment
                                                                
Equity dividends paid                    (7,365)     (7,124)    (10,565)
                                                                
Net    cash   (outflow)/inflow    before 1,054       (35,724)   6,455
financing
                                                                
Management of liquid resources           4,960       9,899      (8,061)
                                                                
Net cash inflow from financing           -           25,000     -
                                                                
Increase/(Decrease) in cash              6,014       (825)      (1,606)


Notes:
1.The  directors have declared an interim dividend of 2.20p (2001  -
 2.20p)  per  ordinary  share for the year ended  31  January  2003.  The
 interim  dividend,  payable  on  27 September  2002,  will  be  paid  to
 shareholders on the register on 13 September 2002.  The ex dividend date
 is 11 September 2002.

2.The accounts have been prepared under the same accounting policies
used for the year to 31 January 2002.

3.The  financial information for the year ended 31 January 2002  has
been extracted from the annual report and accounts of the company, which
has  been  filed,  with  the Registrar of Companies  and  on  which  the
auditors' report was unqualified.

4.The statement  of total return (incorporating the revenue account),  balance
sheet  and  cashflow  statement set out  above  do  not  represent  full
accounts  in accordance with Section 240 of the Companies Act 1985.  The
accounts  have  been  prepared  in  accordance  with  the  Statement  of
Recommended   Practice  'Financial  Statements   of   Investment   Trust
Companies'.

5.The  interim report will be posted to shareholders on 13 September
2002 and copies will be available at the head office of the Secretary  -
Edinburgh  Fund  Managers plc, Donaldson House,  97  Haymarket  Terrace,
Edinburgh EH12 5HD.

Please note that past performance is not necessarily a guide to the
future and that the value of investments and the income from them may
fall as well as rise.  Investors may not get back the amount they
originally invested