Interim Results

Henderson Eurotrust PLC
27 February 2002


27 February 2002

                            HENDERSON EUROTRUST PLC

         Unaudited Interim Results for Half Year ended 31 January 2002


Henderson EuroTrust plc today announces unaudited interim results for the half
year ended 31 January 2002.

Financial Highlights
                                                            (Unaudited)           (Unaudited)         (Audited)
                                                              Half year       Half year ended              Year
                                                                  ended       31 January 2001             ended
                                                             31 January              in pence      31 July 2001
                                                                   2002                                in pence
                                                               in pence
Net asset value per:
Ordinary share                                                   270.61                388.68            307.16
Zero dividend preference share                                    63.91                 56.60             60.14
Unit                                                             334.52                445.28            367.30
Dividends per ordinary share/unit                                  1.00                  1.00              2.50
(Loss)/earnings per ordinary share/unit                          (0.18)                (0.41)              2.95

Dividend

An interim dividend of 1.00p (2001:1.00p) per ordinary share/unit has been
declared payable on 12 April 2002 to shareholders on the register of the Company
on 8 March 2002. The Company's shares will be quoted ex-dividend on 6 March
2002.




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                            HENDERSON EUROTRUST PLC

       Unaudited Interim Results for the Half Year ended 31 January 2002

Chairman's Statement

During the six months to 31 January 2002, the net asset value of Henderson
EuroTrust plc fell to £58.8m, representing a decline of 8.9% and a decrease of
24.9% over the past twelve months. These compare with declines of 10.0% and
26.0%, respectively, for the FTSE World Europe ex UK Index. Markets have
continued to be volatile and difficult, and it is notable that the decline in
the net assets of the Company is less severe than the decline recorded by the
Company's benchmark index.

Gross revenue for the six months amounted to £160,000. After administrative
expenses, interest payable and taxation, the net loss amounted to £31,000,
equivalent to a loss per share of 0.18p. This compares with gross revenue of
£179,000 and a net loss of £72,000 for the corresponding period ended 31 January
2001. It is normal for the first half to show a deficit, reflecting the fact
that the majority of the Company's dividend income falls in the second half of
the financial year. The slightly smaller net loss is a result of lower
management fees on lower assets, partly offset by costs incurred in preparation
for continuation.

The directors have declared an unchanged interim dividend of 1.00p per ordinary
share/unit. This will be paid out of accumulated revenue reserves which, at 31
July 2001, stood at 2.96p per share/unit.

Portfolio Review

Since the last Annual Report, there has been little change to expectations
regarding the economic outlook. It seems fair to assume that there will be
increasing signs of recovery in both the US and Europe, and markets should start
to anticipate this soon. In the short term, further uncertainty may arise from
continuing disappointments in the technology area (where the portfolio remains
very underweight), from accounting issues and from bad debt write-offs. These
factors could provide some good buying opportunities, and already the Company's
cash position is lower than at year-end.

Over the last twelve months, it has become clear that many parts of the
previously highly fashionable technology sector will struggle to achieve any
growth in 2002 for the second year in succession. In the current environment,
the Company's manager continues to identify businesses in a variety of sectors
which are experiencing real growth and which match the different themes
highlighted in the Annual Report. One result of this is that the portfolio has
become even more underweight in the energy sector and remains so in banks. The
investments in support services continue to exceed by a significant margin that
sector's weighting in the Index.

Plans for Continuation of Henderson EuroTrust

The Chairman wrote to shareholders in January to keep them informed of the
approach made by the Company's managers, Henderson Global Investors, to the
board of Charter European, another investment trust within the AITC Europe
sector, proposing a merger with Henderson EuroTrust. The Board firmly believes
that this would be in the interests of the Company's shareholders, who will be
kept informed of events as they evolve.





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                            HENDERSON EUROTRUST PLC

       Unaudited Interim Results for the Half Year ended 31 January 2002



The Chairman would like to take this opportunity to reiterate that, whatever the
outcome, Henderson EuroTrust has a future in the industry. This fact was made
clear during discussions with the Company's major shareholders during 2001, who
support the Board's intention to ensure the continuation of the Company after
October 2002. The Board firmly believes that the Company's policy of focusing on
European shares, excluding the UK, makes sense for its shareholders, who have at
their disposal a wide choice of vehicles providing exposure to British shares,
but a far smaller range of investment trusts investing on the Continent.

It is widely recognised that the Company's good performance against both Index
and peer group, and its distinctive approach to the broad variety of
opportunities in Europe, are sought after by the discerning investor. The
Board's intention is to maintain the same focused approach, and to explore
opportunities of increasing the size of the fund in order to be able to offer
this product to a wider group of investors, with enhanced dealing liquidity and
proportionally lower management and administrative expenses.





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                            HENDERSON EUROTRUST PLC

       Unaudited Interim Results for the Half Year ended 31 January 2002

Statement of Total Return (incorporating the revenue account)

for the half year ended 31 January 2002

                                      (Unaudited)                   (Unaudited)                     (Audited)
                                    Half year ended               Half year ended                  Year ended
                                    31 January 2002               31 January 2001                 31 July 2001

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

Total capital losses on              -   (5,368)   (5,368)         -   (6,938)   (6,938)         -   (20,848)   (20,848)
investments
Income from fixed asset            114         -       114        90         -        90       993          -        993
investments
Other interest receivable           46         -        46        89         -        89       179          -        179
and similar
income
Gross revenue and capital          160   (5,368)   (5,208)       179   (6,938)   (6,759)     1,172   (20,848)   (19,676)
losses
Management fee                   (137)     (137)     (274)     (185)     (185)     (370)     (339)      (339)      (678)
Other administrative              (54)      (54)     (108)      (46)      (46)      (92)     (112)      (112)      (224)
expenses
Net (loss)/profit on              (31)   (5,559)   (5,590)      (52)   (7,169)   (7,221)       721   (21,299)   (20,578)
ordinary activities
before interest payable and
taxation
Interest payable                     -         -         -         -         -         -         -          -          -
Net (loss)/profit on              (31)   (5,559)   (5,590)      (52)   (7,169)   (7,221)       721   (21,299)   (20,578)
ordinary activities
before taxation
Taxation on net return on            -         -         -      (20)         -      (20)     (203)         90      (113)
ordinary
activities
Net (loss)/profit on                     
ordinary activities               (31)   (5,559)   (5,590)      (72)   (7,169)   (7,241)       518   (21,209)   (20,691)
after taxation
Capital gain attributable to               
zero                                 -     (662)     (662)         -     (586)     (586)         -    (1,209)   (1,209) 
dividend preference shares
Net (loss)/profit                        
attributable to                   (31)   (6,221)   (6,252)      (72)   (7,755)   (7,827)       518   (22,418)   (21,900)
ordinary shareholders
Dividends declared:
Interim of 1.00p (2001:          (176)         -     (176)     (176)         -     (176)     (176)          -      (176)
1.00p)
Final of 1.50p                       -         -         -         -         -         -     (264)          -      (264)
                                 (176)         -     (176)     (176)         -     (176)     (440)          -      (440)
Transfer (from)/to reserves      (207)   (6,221)   (6,428)     (248)   (7,755)   (8,003)        78   (22,418)   (22,340)

Return/(loss) per:
Zero dividend preference             -     3.76p     3.76p         -     3.33p     3.33p         -      6.87p      6.87p
share
Ordinary share                 (0.18)p  (35.37)p  (35.55)p   (0.41)p  (44.09)p  (44.50)p     2.95p  (127.47)p  (124.52)p



The revenue columns of this statement represent the revenue accounts of the
Company.



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                            HENDERSON EUROTRUST PLC

       Unaudited Interim Results for the Half Year ended 31 January 2002

Balance Sheets

At 31 January 2002

                                                         (Unaudited)          (Unaudited)            (Audited)
                                                          31 January           31 January              31 July

                                                                2002                 2001                 2001
                                                               £'000                £'000                £'000

Fixed asset investments                                       57,541               74,704               61,909
                                                        ------------          -----------          -----------

Current assets
Debtors                                                          533                1,352                1,028
Bank balances and short term deposits                          1,914                4,163                4,185
                                                        ------------          -----------          -----------
                                                               2,447                5,515                5,213

Creditors: amounts falling due
within one year                                              (1,155)              (1,906)              (2,523)
                                                        ------------          -----------          -----------
Net current assets                                             1,292                3,609                2,690
                                                        ------------          -----------          -----------

Total net assets                                              58,833               78,313               64,599
                                                             =======              =======              =======

Capital and reserves
Called-up share capital                                        4,396                4,396                4,396
Share premium account                                         12,491               12,491               12,491
Redemption reserve                                             7,722                6,437                7,060
Other capital reserves                                        33,911               54,795               40,132
Revenue reserve                                                  313                  194                  520
                                                         -----------          -----------          -----------
Total shareholders' funds                                     58,833               78,313               64,599
                                                             =======              =======              =======
Attributable to:
Zero dividend preference shares                               11,239                9,954               10,577
Ordinary shares                                               47,594               68,359               54,022
                                                         -----------          -----------          -----------
                                                              58,833               78,313               64,599
                                                             =======              =======              =======
Net asset value per:
Zero dividend preference share                                63.91p               56.60p               60.14p
Ordinary share                                               270.61p              388.68p              307.16p





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                            HENDERSON EUROTRUST PLC

       Unaudited Interim Results for the Half Year ended 31 January 2002

Cash Flow Statement

for the half year ended 31 January 2002

                                                                  (Unaudited)           (Unaudited)         (Audited)
                                                              Half year ended       Half year ended        Year ended
                                                              31 January 2002       31 January 2001      31 July 2001
                                                                        £'000                 £'000             £'000

Net cash (outflow)/inflow from operating activities                     (441)                 (152)                56
Total tax recovered                                                        33                    19                97
Net cash (outflow)/inflow from purchases and sales of                 (1,538)                   802               879

investments
Equity dividends paid                                                   (264)                 (264)             (440)
                                                                  -----------           -----------       -----------
(Decrease)/increase in cash                                           (2,210)                   405               592
                                                                      =======               =======           =======

Reconciliation of operating revenue to net cash

Inflow from operating activities
Net (loss)/return before interest payable and taxation                   (31)                  (52)               721
(Increase)/decrease in prepayments and accrued income                    (32)                     7               (4)
Decrease/(increase) in other debtors                                       17                     -              (40)
(Decrease)/increase in creditors and accruals                           (170)                   155               138
Expenses charged to capital                                             (191)                 (231)             (451)
Tax on unfranked investment income deducted at                           (24)                  (19)             (205)

source
Scrip dividends included in investment income                            (10)                  (12)             (103)
                                                                  -----------           -----------       -----------
Net cash (outflow)/inflow from operating activities                     (441)                 (152)                56
                                                                      =======               =======           =======

Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash as above                                  (2,210)                   405               592
Exchange movements                                                       (61)                    22             (143)
                                                                  -----------           -----------       -----------
Change in net funds resulting from cash flows                         (2,271)                   427               449
Net funds at beginning of the period                                    4,185                 3,736             3,736
                                                                  -----------           -----------       -----------
Net funds at end of period                                              1,914                 4,163             4,185
                                                                      =======               =======           =======

Represented by:                                                   -----------           -----------       -----------
Cash at bank and short term deposits                                    1,914                 4,163             4,185
                                                                      =======               =======           =======




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                            HENDERSON EUROTRUST PLC

       Unaudited Interim Results for the Half Year ended 31 January 2002


Notes

1.          Year ended 31 July 2001

            The figures and financial information for the year ended 31 July 2001 are extracted from the latest
            published accounts of the Company and do not constitute the statutory accounts for that year. Those accounts
            have been delivered to the Registrar of Companies and included the report of the auditors which was
            unqualified and did not contain a statement under either section 237(2) or 237(3) of the Companies Act 1985.


2.          Shares and Units

            There are 17,587,348 of each class of share in issue. Units comprise one ordinary share and one zero
            dividend preference share and are listed on The London Stock Exchange.


3.          Interim Dividend

            An interim dividend of 1.00p per ordinary share/unit has been declared payable on 12 April 2002 to
            shareholders on the register of the Company on 8 March 2002. The Company's shares will be quoted ex-dividend
            on 6 March 2002.


4.          Interim Report

            The interim report will be posted to shareholders in March 2002 and will be available thereafter from the
            Secretary at the Registered Office, 4 Broadgate, London EC2M 2DA.



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For further information please contact :

Tim Stevenson

Henderson EuroTrust plc

020 7818 4100



Stephen Westwood

Director of Investment Trusts

Henderson Global Investors

020 7818 4100

Vicki Staveacre

Henderson Press Office

020 7818 4222


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