Final Results

Majedie Investments PLC
24 November 2000


                     MAJEDIE INVESTMENTS PLC
                                
               PRELIMINARY ANNOUNCEMENT OF RESULTS
              for the year ended 30 September 2000


FINANCIAL HIGHLIGHTS  (per ordinary share)

                Year ended       Year ended   % change
              30 September     30 September
                      2000             1999
                                                      
Net asset           446.3p           383.3p     +16.4%
value
Share price         358.5p           367.0p      -2.3%
Dividends            7.65p            7.40p      +3.4%
Earnings             7.01p            8.09p     -13.3%


PERFORMANCE  (total return per ordinary share)

                 Year ended      Year ended
               30 September    30 September
                       2000            1999
                           
Net asset             18.4%           23.7%
value
Share price           -0.2%           26.0%
Benchmark             13.8%           27.7%

Sources:  AITC & The WM Company; benchmark is 70% FTSE All-Share
Index + 30% FTSE World ex UK Index

Dividend

The  proposed final dividend of 4.55p will be paid on 31 January
2001 to shareholders on the register at the close of business on
26 January 2001.


CHAIRMAN'S STATEMENT

I  am  pleased  to  report that Majedie's net assets  per  share
increased by 16.4% during the 12 months ended 30 September  2000
and  that the net asset value total return of the portfolio over
the  same  period was 18.4%, exceeding the total return  of  the
Company's  benchmark by 4.6%.  These good results were  achieved
in  a  year  of  high stock market volatility,  as  well  as  of
significant  change  in  the Company's  portfolio,  including  a
substantial investment in technology-related securities and  the
raising of £25m through the launch of a long term debenture.


Share price performance - discount to net asset value
At  30  September 1999 the discount to net assets was  unusually
narrow  at  4.2%.  This figure widened rapidly  on  share  price
weakness  during  the  first six months of the  financial  year,
reaching  a  peak  of 27% in early April 2000. The  downturn  in
Majedie's  share price during that period can at least partially
be  explained by the decision made by the FTSE Equities  Indices
Committee in December 1999 to exclude Majedie from the FTSE All-
Share Index, on the grounds that the turnover in our shares fell
below  a  newly-introduced minimum level.  As a result  of  that
ruling  a  number  of index-tracking funds invested  in  Majedie
sought to sell their shares, thereby depressing the share price,
with  a  consequent  adverse effect upon the Company's  discount
figure.  However those shares were placed with other  investors,
including  some new buyers, within a relatively short period  of
time, and the discount has begun to recover accordingly, falling
to 19.7% by the year end.

In  September 2000 FTSE International announced a change in  its
ground rules for the operation of its indices.  As a result,  we
believe  it  is likely that Majedie will be re-admitted  to  the
FTSE  All-Share Index in December 2000 at a 50%  weighting.   We
will make an announcement once the situation has been clarified.

Income and Dividend
Current  portfolio  earnings have continued  to  decrease  as  a
result  of  greater emphasis on investments which are likely  to
generate   superior   total  returns   over   the   long   term.
Accordingly,   total  income  for  the  year   from   continuing
activities decreased by 13.8% to £5.3m.  Stocks with  good  long
term growth prospects typically have lower current yields.   Our
objective is to maximise total shareholder return over the  long
term while also increasing our dividend by more than the rate of
inflation.   Majedie's strong revenue reserves  of  £25.7m  will
enable us to continue to increase the dividend in that way.  The
Board  is  therefore recommending a final dividend of 4.55p  per
share, giving a total of 7.65p for the year and representing  an
increase of 3.4% on last year's total dividend payout.  This  is
the  twelfth  successive  year  in  which  dividends  have  been
increased in line with the Company's objective.

Cost Reduction
The  effect  of decreasing portfolio earnings over recent  years
has  been softened by a considerable reduction in administration
expenses this year.  Total costs reduced by 28% from £2.9m  last
year  to  £2.1m this year as a result of the sale of the private
client  business  in  October 1999  and  other  changes  to  the
business structure.

Gearing
In  May we raised £25 million through the launch of a 7.25% long
term  debenture.  This action was taken on the basis that  world
economies were in a period of steady growth and that there would
be good opportunities to invest for the long term - particularly
after  the  major  setbacks in stock markets in  March.   Having
invested  the  funds  over  the summer the  Company's  effective
gearing  at  30  September  2000  was  116.9%,  with  a  maximum
potential  gearing of 118.3%, compared with a previous potential
maximum of 107.3%.

Our  inclination at this stage is to remain fully invested -  we
will  only  seek  to  raise the level of  cash  balances  if  we
perceive there to be an imminent danger of market problems.

Portfolio
The  Majedie  portfolio  is  managed  according  to  a  balanced
mandate.   That  is to say, the objective is to  outperform  our
benchmark with a medium level of risk by investing in  a  widely
diversified  portfolio with a reasonably low  turnover,  and  by
taking a long-term view in selecting such stocks.

During  the year the investment of the debenture monies resulted
in  an increased weighting in US stocks and greater emphasis  on
growth-oriented  companies both  in  the  UK  and  the  US.   We
increased our investments in the oil sector in order to  benefit
from   the   increasing  oil  price.  The   portfolio's   strong
performance  was  generated in the UK portfolio  which  returned
16.5%  compared  with  9.5% for the  benchmark  and  in  the  US
portfolio  which returned 36.7% against 27.1% for the benchmark.
The  sectors  where  we  were particularly  successful  included
banking,  pharmaceuticals,  support services  and  software  and
computer services.

Company Secretary
After  careful  consideration the Board has  appointed  Sinclair
Henderson  Limited  as company secretary of Majedie  Investments
PLC  and other group companies.  This position was formerly held
by  Barlow  Service Company Limited.  In addition  to  its  core
company  secretarial duties Sinclair Henderson will also provide
investment administration and financial accounting services.

Directors
Sir Richard Baker Wilbraham and William Underwood have indicated
that  they  intend  to resign from the Board  after  the  Annual
General  Meeting in January 2001.  Sir Richard has  served  with
distinction  as senior independent director for 11 years,  while
William  Underwood served the Company from 1988 and as  Managing
Director from 1993 to 1998, years of considerable change for the
Company.   The Board has valued their considerable contributions
over many years and wishes each of them well for the future.

Corporate Governance
There  have  been  several corporate governance  initiatives  in
recent  years and much progress has been made. We have  complied
with  the latest requirements for listed companies arising  from
the  Turnbull  Committee.  However a significant  proportion  of
Board and senior executives' time has been, and continues to be,
devoted  to  these  issues.  A reasonable  period  of  stability
without further changes would be welcome: not least because  the
point  has now been reached where further developments would  be
counter-productive, with the costs outweighing the benefits.

Outlook
Prospects  have been somewhat clouded in the short term  by  the
Middle  East unrest and the profit warnings put out by a  number
of  companies.  US GDP growth is set to decline from  its  heady
levels   of  over  5%  this  year  to  nearer  3.5%,  which   is
nevertheless still above trend growth.  Elsewhere in the  world,
GDP  growth is also set to moderate but prospects remain soundly
based  for steady growth without recession, low inflation and  a
more benign monetary environment in the US and UK in particular.

Staff
The last twelve months have seen further changes and development
in  the  Company.   I  am grateful to my fellow  Board  members,
senior  executives  and staff for their support  and  hard  work
during the past year.



Henry S Barlow Chairman

For further information please contact Robert Clarke on 020 7626
1243; e-mail: [e-mail]



Consolidated Statement of Total Return
for the year ended 30 September 2000

                                      2000
                   Revenue Capital   Total
                                                                         
                      £000    £000    £000
                                          
Net realised gains           4,326   4,326
on sales
Increase in                 31,896  31,896
unrealised                                
appreciation
                                          
Total capital               36,222  36,222
return on                                 
investments
                                          
Dividends and        5,328           5,328
interest
                                          
Rents and other                           
income
   Continuing           64              64
   activities
   Discontinued                           
   activities
                                          
Gross revenue and    5,392  36,222  41,614
capital return                            
                                          
Administrative                            
expenses
   Continuing        (870)  (1,207)  (2,077)
   activities                           
   Discontinued                           
   activities
                                          
Return on ordinary                        
activities
  before finance                          
costs and taxation
   Continuing        4,522  35,015  39,537
   activities                             
   Discontinued                           
   activities
                                          
Provision for loss                        
on disposal of                            
private client           -               -
fund management
business
                                          
Debenture stock      (515)  (1,546)  (2,061)
interest payable                 
                                          
Return on ordinary                        
activities
  Before taxation    4,007  33,469  37,476
                                          
                                          
Taxation on          (312)     238    (74)
ordinary
activities
                                          
Return on ordinary                        
activities after
taxation
  attributable to    3,695  33,707  37,402
  equity                                  
shareholders
                                          
Dividends                                 
Interim ordinary    (1,634)          (1,634)
3.1p (1999 - 3.1p)                      
Final ordinary      (2,399)          (2,399)
4.55p (1999 -                           
4.3p)
                                          
                                          
Transfer (from)/to   (338)  33,707  33,369
reserves                                  
                                          
                                          
Basic return per     7.01p  63.99p  71.00p
ordinary share
                                          
Diluted return per   7.01p  63.99p  71.00p
ordinary share


                                       1999
                   Revenue  Capital   Total
                        As               As
                  restated         restated
                      £000    £000     £000
                                           
Net realised                 9,109    9,109
gains on sales
Increase in                 28,870   28,870
unrealised                        
appreciation
                                           
Total capital               37,979   37,979
return on                         
investments
                                           
Dividends and        5,797            5,797
interest
                                           
Rents and other                            
income
   Continuing          460              460
   activities
   Discontinued        251              251
   activities
                                           
Gross revenue and    6,508  37,979   44,487
capital return                    
                                           
Administrative                             
expenses
   Continuing        (915)  (1,618)  (2,533)
   activities                    
   Discontinued      (394)            (394)
   activities
                                           
Return on                                  
ordinary
activities
  before finance                           
costs and
taxation
   Continuing        5,342  36,361   41,703
   activities                     
   Discontinued      (143)            (143)
   activities
                                           
Provision for        (123)            (123)
loss on disposal
of private client
fund management
business
                                           
Debenture stock      (357)  (1,071)  (1,428)
interest payable                 
                                           
Return on                                  
ordinary
activities
  Before taxation    4,719  35,290   40,009
                                  
                                           
Taxation on          (464)     340    (124)
ordinary
activities
                                           
Return on                                  
ordinary
activities after
taxation
  attributable to    4,255  35,630   39,885
  equity                          
shareholders
                                           
Dividends                                  
Interim ordinary   (1,632)          (1,632)
3.1p (1999 -
3.1p)
Final ordinary     (2,263)          (2,263)
4.55p (1999 -
4.3p)
                                           
                                           
Transfer               360  35,630   35,990
(from)/to                         
reserves
                                           
                                           
Basic return per     8.09p  67.76p   75.85p
ordinary share
                                           
Diluted return       8.09p  67.71p   75.80p
per ordinary
share



The revenue column of this statement is the Consolidated Profit
and Loss Account of the Group.

Consolidated Balance Sheet
at 30 September 2000
                                           
                     2000            1999        
                     £000            £000        
                                                 
Fixed assets:                                    
Tangible assets       141             199        
Investments       275,487          207,171
                           275,628          207,370
Current assets:                                  
Debtors               792           2,339        
Cash at bank and    2,836          10,098        
on deposit
                    3,628          12,437        
Creditors:                                       
Amounts falling     4,636           3,288        
due within one
year
                                                 
Net current                 (1,008)           9,149
(liabilities)/assets
                                                 
Total assets less          274,620          216,519
current                                        
liabilities
                                                 
Creditors:                                       
Amounts falling                                  
due after more
  than one year             39,351           14,811
                                                 
Total net assets           235,269          201,708
                                               
                                                 
Capital and                                      
reserves:
Called up share     5,272           5,263        
capital
Share premium         785             602        
account
Capital reserve -  95,915          94,104        
realised
Capital reserve - 107,535          75,639        
unrealised              
Capital redemption     37              37        
reserve
Revenue reserve    25,725          26,063        
                                                 
Equity                     235,269          201,708
shareholders'                   
funds
                                                 
Net asset value             446.3p           383.3p
per share

Notes

1.As  from  1 October 1999 the Company has adopted Financial
  Reporting Standard 16 - Current Tax.  This has resulted  in  a
  change  of  accounting policy in respect of investment  income
  whereby  imputed  tax credits are no longer included  in  both
  income and the tax charge.  Consequently the comparative figures
  for  the year ended 30 September 1999 have been restated.  The
  effect of this change is to decrease dividends and taxation on
  ordinary   activities  by  £455,000   for   the   year   ended
  30 September 2000 (year ended 30 September 1999: £482,000).  The
  change has no effect on total shareholders' funds.

2.Basic  and diluted revenue returns per ordinary share  are
  based   on   revenue  after  taxation  of  £3,695,000   (1999:
  £4,255,000).   Basic and diluted capital returns per  ordinary
  share are based on capital return after taxation of £33,707,000
  (1999: £35,630,000).

  Basic  returns  per  ordinary share are  based  on  52,674,372
  shares,  being the weighted average number of shares in  issue
  (1999:  52,584,384).  Diluted returns per ordinary  share  are
  based  on  52,674,372 shares, the weighted average  number  of
  shares  in  issue  adjusted for the  exercise  of  outstanding
  options (1999: 52,619,053).

3.The  preliminary figures for the year ended  30  September
  2000 are an extract from the Company's latest accounts, prepared
  under the same accounting policies, consistently applied, as the
  audited  financial statements for the year ended 30  September
  1999, except as explained in Note 1 above.

4.The financial information set out above does not constitute
  the  Company's  statutory accounts  for  the  years  ended  30
  September  2000 or 1999 but it is derived from those accounts.
  Statutory accounts for 1999 have been delivered to the Registrar
  of Companies, and those for 2000 will be delivered following the
  Company's Annual General Meeting.  The auditors have reported on
  the accounts; their reports were unqualified and did not contain
  statements  under section 237(2) or (3) of the  Companies  Act
  1985.


Annual Report

The annual report and accounts will be sent to shareholders on 7
December  2000 from which time copies will be available  to  the
public  at  the  Company's registered office: 1  Minster  Court,
Mincing Lane, London EC3R 7ZZ.


Annual General Meeting

The Annual General Meeting will be held at 12.15pm on Tuesday 16
January 2001 at the London Underwriting Centre, 3 Minster Court,
Mincing Lane, London EC3.


Dividend

The  proposed final dividend of 4.55p will be paid on 31 January
2001 to shareholders on the register at the close of business on
26 January 2001.


Notes for Editors
Majedie Investments PLC is a self managed investment trust  with
total  assets  under  management  of  over  £270  million.   The
Company's objective is to maximise total shareholder return over
the long term and to outperform the benchmark, which is 70% FTSE
All-Share Index and 30% FTSE World ex UK Index (sterling)  on  a
total return basis.

The Majedie Share Plan is a straightforward and low cost way  of
investing in Majedie shares with a minimum lump sum of £250,  or
on  a  regular monthly basis with £25 or more.  There is also  a
Majedie  Corporate  ISA which provides a tax  effective  way  to
invest or save in the shares of Majedie Investments PLC with  no
costs  other  than Government Stamp Duty (although  there  is  a
charge  for  the  use  of  the Rapid Dealing  Service).   Please
contact us for more information on these opportunities.