Interim Results

Fleming Mercantile Inv Trust PLC
11 September 2003


                       LONDON STOCK EXCHANGE ANNOUNCEMENT
                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC

        UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31st JULY 2003


The directors of The Fleming Mercantile Investment Trust plc announce the
Company's unaudited results for the six months ended 31st July 2003.


It is pleasing to report a positive return for the half year after such a
painful bear market for investors which has been running since March 2000. The
return for the six months ended 31st July 2003 from our mid and small cap
benchmark index, the FTSE All-Share (excluding FTSE 100 constituents and
investment trusts) was +36.1% on a total return basis and during this period the
Company's comparable net asset value (NAV) total return was +43.3%. The share
price total return for the period was +40.4% reflecting an increase in the
discount to NAV to 8.2% from 6.0% at 31st January 2003.

In the Company's year end report the managers argued that, despite the gloomy
sentiment in the stockmarket at that time, they were optimistic that smaller and
mid size UK companies offered real value. Over the course of the half year,
actual gearing (that is, borrowings invested in the stockmarket) was accordingly
increased from 13% to 15%, which helped performance in a rising market. Gearing
contributed 3.9% to the outperformance of 7.2% over the benchmark index for the
period with 4.5% being contributed by stock selection. The largest individual
contributors to performance can be categorised in three ways: recovering
depressed former FTSE 100 stocks such as Invensys, Hays, British Airways and
Royal and Sun Alliance; recovering technology stocks such as Colt Telecom and
Gresham Computing; and stocks which received takeover bids such as Selfridges,
Debenhams and Compco. By keeping a broad spread of individual holdings we
achieved a good representation in each of these outperforming categories. The
worst relative contributors in the portfolio during the period were London Stock
Exchange, HMV and EMI.

The recovery in stockmarkets this year owes more to a recovery in sentiment in
the absence of further bad news rather than any real pick up in the economic
data; stockmarkets normally try to anticipate any normal cyclical recovery.
However, consumer spending has remained firm due to low interest rates and
capacity utilisation remains low following a period of high investment in the
late 1990s. Rather than a sharp cyclical upturn, we anticipate a steady recovery
as sentiment continues to improve and cost-cutting continues. We, therefore, aim
to keep the portfolio broadly diversified across all sectors to give a good
spread of exposure to the dynamic UK medium and smaller quoted market.

Board of Directors

It has been my pleasure to serve as Chairman of the Board of the Company since
1990. However, I have decided to hand over this role to Hamish Leslie Melville
with effect from 4th September 2003. Hamish has been a Director of the Company
since 1996 and is undoubtedly a worthy successor to the Chairmanship. I shall
continue to serve as a Director of The Fleming Mercantile Investment Trust plc.

Shareholders

The Board has noted in recent years that many private investors have been
purchasing shares in the Company. It is pleasing to report that over 50% of the
Company's shares in issue are now owned by private individuals.

Dividends

A second interim dividend of 4.25p per share has been declared by the Board,
payable on 3rd November 2003 to shareholders on the register as at the close of
business on 3rd October 2003. This brings the total dividend for the year to
date to 8.50p per share. This represents an increase of 6.3% on the dividends
paid for the comparable period last year. The Board intends, in the absence of
unforeseen circumstances, to pay a total dividend for the year to 31st January
2004 of at least 18.75p, made up of three interim dividends of 4.25p per share
and a final payment of 6.0p per share.



Simon Keswick

Chairman      11th September 2003



Please note that the above statements may differ from the final version to be
published in the interim accounts.

J.P.Morgan Fleming Asset Management (UK) Limited - Secretary

For further information, please contact:

Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited
Telephone [phone]


The Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31 July 2003
Statement of Total Return (Unaudited)

                            Six months to 31 July 2003        Six months to 31 July 2002       Year to 31 January 2003

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

Realised gains/(losses)
on investments                  -      28,628    28,628         -   (5,014)     (5,014)         -  (62,116)  (62,116)
                                
Net change in
unrealised appreciation         -     212,437   212,437         - (152,710)   (152,710)         - (214,900) (214,900)
                                
Net currency gains/
(losses) on  cash and
short term deposits
held during the period          -          20        20         -       (1)         (1)         -      (49)      (49)

                                                               
Other capital charges           -         (1)       (1)        -       (12)        (12)         -      (17)      (17)
                                                               
Franked investment
income                     15,489           -    15,489    16,229         -      16,229    28,143         -    28,143
                           
UK unfranked investment
income                        320           -       320       709         -         709       509         -       509
                              
Unfranked investment
income                        232           -       232         -         -           -       524         -       524
                            
Scrip dividends               434           -       434       281         -         281       357         -       357
Underwriting                    6           -         6         -         -           -       511         -       511
commissions
Deposit interest            2,240           -     2,240     2,328         -       2,328     4,540         -     4,540
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return               18,721     241,084   259,805    19,547 (157,737)   (138,190)    34,584 (277,082) (242,498)

Management fee            (1,022)     (1,022)   (2,044)   (1,304)   (1,304)     (2,608)   (2,358)   (2,358)   (4,716)

Other administrative
expenses                    (371)           -     (371)     (337)         -       (337)     (635)         -     (635)
                            
Interest payable          (3,270)     (3,270)   (6,540)   (3,270)   (3,270)     (6,540)   (6,541)   (6,541)  (13,082)

                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return before taxation     14,058     236,792   250,850    14,636 (162,311)   (147,675)    25,050 (285,981) (260,931)

Taxation                       77           -        77     (439)       439           -     (881)       881         -

                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Return after taxation      14,135     236,792   250,927    14,197 (161,872)   (147,675)    24,169 (285,100) (260,931)

Dividends on ordinary
shares                   (11,545)           -  (11,545)  (10,866)         -    (10,866)  (24,449)         -  (24,449)
                         
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)
reserves                    2,590     236,792   239,382     3,331 (161,872)   (158,541)     (280) (285,100) (285,380)
                            
Return per ordinary        
share                      10.41p     174.33p   184.74p    10.45p (119.17)p   (108.72)p    17.79p (209.90)p (192.11)p

Dividends per ordinary
share                       8.50p           -     8.50p     8.00p         -       8.00p    18.00p         -    18.00p
                            




The Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31 July 2003
Statement of Total Return (Unaudited)


BALANCE SHEET                                                            31 July         31 July      31 January
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Investments at valuation                                                 955,427         802,678         667,922

Net current assets                                                        75,533         115,647         123,611

Long term loans                                                        (201,278)       (201,186)       (201,233)
                                                                         _______         _______         _______
Total net assets                                                         829,682         717,139         590,300
                                                                           =====           =====           =====
Net asset value per share                                                 610.8p          528.0p          434.6p


CASH FLOW STATEMENT                                                      31 July         31 July      31 January
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                 14,300          14,607          29,198

Net cash outflow on servicing of finance                                 (6,498)          (6,491)        (12,996)
                                                               

Total tax recovered /(paid)                                                   90            (16)               -

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                    (52,021)           1,671          21,163
                                                                                                     

Total equity dividends paid                                             (13,583)        (14,262)        (25,128)

                                                                         _______          ______          ______
(Decrease)/increase in cash for the period                              (57,712)         (4,491)          12,237
                                                                           =====            ====            ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 January 2002 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
11th September 2003



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