Final Results

Taverners Trust PLC
2 July 2001



THE TAVERNERS TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED ANNUAL RESULTS
for the year ended 30 April 2001

At the end of our financial year on 30 April 2001 the Fully Diluted Net Asset
Value (FDNAV) of the shares of The Taverners Trust stood at 108.84p which
represented an increase of 9.47p over the equivalent value at our half year
end on 31 October 2000.  In fact it would appear that the half year was the
turning point from a period of under-performance during which share prices of
the Trust's portfolio had failed to reflect the sound management and good
prospects of many of the companies in which we were invested.  A generally
disdainful market view of the old economy was compounded by a negative
perception of pub profitability engendered by the large scale disposals being
undertaken by the major brewers who wished to focus on their branded
businesses.  Sentiment was further damaged in September 2000 by an unexpected
profit warning from the Yates Group though in the event Yates's problems did
not presage a deteriorating outlook for the sector.

In fact many of the smaller companies in which your Trust invests were making
good progress and attention was drawn to this fact by positive Christmas and
New Year trading statements.  When we wrote to you last on 22 December 2000 we
were hopeful of good comparisons with the trading period of the previous
Christmas and the disappointing Millennium trade.  Our optimism was borne out
and this year's Christmas trading statements appear to have formed the
catalyst for improvement in the value of our portfolio.  Since the end of our
financial year this re-rating has accelerated so that as of 28 June 2001 the
Trust's FDNAV stood at 116.24p per share, giving a rise of 15.4% from the
100.69p we recorded on 22 December last.

At the end of December 2000 our benchmark Restaurant, Pubs & Breweries FTSE
Actuaries share index was discontinued and subsumed into an enlarged Leisure
Entertainment and Hotels (LEH) index.  Although this latter index includes a
number of stocks that are not involved in the licensed trade and are therefore
irrelevant to our investment remit, this new benchmark index reflects a broad
pattern of domestic leisure spending and competition for the leisure pound and
thus is germane to the Trust's investment activity.  We have adopted the LEH
index as our benchmark since the turn of the year and it is gratifying to note
that the Trust's FDNAV has outperformed the rise of the LEH index by by more
than 5% to date; over the same period the All Share Index has declined by a
small percentage.

A year ago I wrote that we expected the level of share prices in our sector
would eventually improve because it was an area that produced profits, cash
flow and dividends and we felt sure that investors would in due course return
to these old fashioned attributes.  Such has been the case and our recent
out-performance owes much to our selected positions in the old economy.  We
are also pleased to be able once again to increase our small dividend from
0.4p to 0.45p per Ordinary share which, if approved, will be paid to
shareholders on 18 September 2001.

The restructuring of the pub industry continues apace with pub companies such
as Punch and Unique, which are privately financed by debt and venture capital,
now important players in place of the former major brewers Allied and
Whitbread both of whom have sold substantially all of their pub estates.  In
recent months the main quoted beneficiary of this process has been Enterprise
Inns which has acquired one package of 439 ex-Whitbread houses and another
package of 432 houses from Scottish and Newcastle; these latter include some
ex-Greenall hostelries.  Enterprise Inns are one of our largest holdings and
the shares have risen by more than 25% in the past four months as the market
continues to acknowledge the benefit of scale to the company's operation.

In stock market terms the sector is at present performing most satisfactorily
and the return to favour of well managed companies such as Fuller, Smith and
Turner and Belhaven Brewery Group is indicative of the greater respect being
accorded to the sector.  There seems every indication that this re-rating may
persist because even at the recently improved levels many share prices in the
sector still look good value, so far had they fallen.  Recently reported
like-for-like sales and profits are healthily positive and fund managers see
the sector as an area of the market where there are reliable prospects of
earnings growth.  There is a chance therefore that even if this summer turns
out only a little better than those of the last two years we may hear further
good reports from the trade which should meet with favourable response from
the market.  Additionally, we may face the possibility of a less benign
financial climate, in which interest rates might have to rise at a time when
economic activity is slowing throughout the world.  In these circumstances,
the brewery and pub sector may be a good place to find a defensive niche and
may therefore continue to draw market support.



L J Ross
Chairman
2 July 2001
 
The unaudited results were:

Statement of Total Return (incorporating the revenue account*)

                                                      Year ended
                                                     30 April 2001
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Gains on investments                              -          713          713
Income                                          520            -          520
Investment management fee                      (141)        (141)        (282)
Other expenses                                 (192)           -         (192)
                                            ________     ________     ________
Net return before finance costs and 
taxation                                        187          572          759
Interest payable and similar charges           (100)        (100)        (200)
                                            ________     ________     ________
Return on ordinary activities before tax         87          472          559
Tax on ordinary activities                       (3)           2           (1)
                                            ________     ________     ________
Return on ordinary activities 
after tax                                        84          474          558
Dividends in respect of equity shares           (72)           -          (72)
                                            ________     ________     ________
Transfer to reserves                             12          474          486
                                            ========     ========     ========
Return per Ordinary share (pence):
   - Basic                                     0.53         2.97         3.50
                                            ========     ========     ========


The audited results were:
                                                       Year ended
                                                      30 April 2000
                                                         (audited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -       (1,032)      (1,032)
Income                                          588            -          588
Investment management fee                      (160)        (160)        (320)
Other expenses                                 (199)           -         (199)
                                            ________     ________     ________
Net return/(loss) before
finance costs and taxation                      229       (1,192)        (963)
Interest payable and similar charges           (103)        (102)        (205)
                                            ________     ________     ________
Return/(loss) on
ordinary activities before tax                  126       (1,294)      (1,168)
Tax on ordinary activities                       (8)           5           (3)
                                            ________     ________     ________
Return/(loss) on
ordinary activities after tax                   118       (1,289)      (1,171)
Dividends in respect of equity shares           (64)           -          (64)
                                            ________     ________     ________
Transfer to/(from) reserves                      54       (1,289)      (1,235)
                                            ========     ========     ========
Return/(loss) per Ordinary share (pence):                     
   - Basic                                     0.74        (8.10)       (7.36)
                                            ========     ========     ========


* The revenue column of this statement is the revenue account of the Company.

All revenue and capital items in the above statement derive from continuing
operations.

The Statements of Total Return presented above are in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies.
 
Balance Sheet
                                                         As at         As at
                                                      30 April      30 April
                                                          2001          2000
                                                    (unaudited)     (audited)
                                                         £'000         £'000

Fixed assets
Investments                                             20,603        19,308
                                                       ________      ________
Current assets
Debtors                                                     44            56
Cash at bank and in hand                                   146         1,540
                                                       ________      ________
                                                           190         1,596
Creditors: amounts falling due within one year            (175)         (772)
                                                       ________      ________
Net current assets                                          15           824
                                                       ________      ________
Total assets less current liabilities                   20,618        20,132
Creditors: amounts falling due after more than one year
Bank loan                                               (3,000)       (3,000)
                                                       ________      ________
Total net assets                                        17,618        17,132 
                                                       ========      ========
Share capital and reserves
Called-up share capital                                  3,984         3,984
Share premium account                                   10,536        10,536
Other reserves:
 Warrant reserve                                           981           981
 Capital reserve - realised                              2,064         2,064
 Capital reserve - unrealised                             (121)         (595)
Revenue reserve                                            174           162
                                                       ________      ________
Total equity shareholders' funds                        17,618        17,132
                                                       ========      ========
Net asset value per Ordinary share (pence):
Basic                                                   110.55        107.51
                                                       ========      ========
Fully-diluted                                           108.84        106.29
                                                       ========      ========

 Cash Flow Statement

                                                 Year ended        Year ended
                                              30 April 2001     30 April 2000
                                                 (unaudited)        (audited)
                                             £'000    £'000    £'000    £'000



Net cash inflow from operating activities                31                99

Servicing of finance
Bank and loan interest paid                   (200)             (216)
                                           ________          ________
Net cash outflow from servicing of finance             (200)             (216)

Taxation
UK tax recovered                                 -                 7
Withholding and income tax recovered             -                 2
                                           ________          ________
Net tax recovered                                         -                 9

Financial investment
Purchases of investments                    (4,860)           (6,574)
Sales of investments                         3,699             7,532
                                           ________          ________
Net cash (outflow)/inflow
from financial investment                            (1,161)              958

Equity dividends paid                                   (64)              (48)
                                                    ________          ________
Net cash (outflow)/inflow before financing           (1,394)              802

Financing
Proceeds from exercise of Warrants               -                88

                                           ________          ________
Net cash inflow from financing                            -                88
                                                    ________          ________
(Decrease)/increase in cash                          (1,394)              890
                                                    ========          ========

Reconciliation of net cash flow 
to movements in net (debt)/funds
(Decrease)/increase in cash as above                 (1,394)              890

                                                    ________          ________
Change in net (debt)/funds resulting 
from cash flows                                      (1,394)              890
Opening net debt                                     (1,460)           (2,350)
                                                    ________          ________
Closing net debt                                     (2,854)           (1,460)
                                                    ========          ========


Notes:-

1 The breakdown of income for the year to 30 April 2001 and 30 April 2000 was
as follows:

                                             2001         2000 
                                            £'000        £'000 
   Income from investments 
   Franked investment income                  501          541 
   UK unfranked investment income               -           20 
   Overseas dividends                          10            8 
                                           _______      _______
                                              511          569 
                                           _______      _______

   Other income
   Deposit interest                             9           19 
                                           _______      _______
   Total income                               520          588 
                                           =======      =======

2 The basic revenue return per Ordinary share is calculated on the net revenue
on ordinary activities after taxation of £84,000 (2000 - £118,000) and on
15,936,000 (2000 - 15,906,426) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the year.

3 The basic capital return per Ordinary share is calculated on the net capital
gains for the year of £474,000 (2000 - losses of £1,289,000) and on 15,936,000
(2000 - 15,906,426) Ordinary shares, being the weighted average number of
Ordinary shares in issue during the year.

4 The financial information set out above does not constitute the Company's
statutory accounts for the year ended 30 April 2001 or the year ended 30 April
2000. The financial information for 2000 is derived from the statutory
accounts for 2000, which have been delivered to the Registrar of Companies.
The auditors have reported on the 2000 accounts; their report was unqualified
and did not contain a statement under Section 237(2) or (3) of the Companies
Act 1985. The statutory accounts for 2001 will be finalised on the
basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
in due course.  

5 The Company has today declared a first and final dividend of 0.45p per
Ordinary share for the year ended 30 April 2001 (2000 - 0.4p) which, if
approved by shareholders, will be paid on 18 September 2001 to shareholders on
the register on 17 August 2001.

6 The Annual Report will be posted to shareholders in due course and further
copies will be available from the registered office, One Bow Churchyard,
Cheapside, London EC4M 9HH.

2 July 2001
Aberdeen Asset Management PLC
- Secretaries