Interim Results

Midas Income & Growth Trust PLC
16 December 2005

MIDAS INCOME & GROWTH TRUST PLC

PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS

for the six months to 31 October 2005


Chairman's Statement

Change of Investment Objective, Manager and Name

On 22 July 2005 I wrote to you to propose a number of significant changes to
your Company including the change of Manager of the Company to Midas Capital
Partners Limited; the change of the Company's name; and, the revision of the
investment objective so that 'the Company will seek to achieve an absolute
return with low volatility through investment in a multi-asset portfolio'.  I am
pleased to confirm that the proposals were all duly approved by shareholders at
the Extraordinary General Meeting held on 19 August 2005 and the name of the
Company was changed with effect from that date to Midas Income & Growth Trust
PLC.  At the same time, at the Board level we said goodbye to Chris Fishwick,
Billy Whitbread (Alternate for Chris Fishwick) and Martin Hawkins and welcomed
Adam Cooke.  I would like to take this opportunity to reiterate my sincere
thanks to the out-going Directors and the former Manager and to acknowledge the
expert input received already from Adam Cooke.


Performance

Your new Manager assumed control of the portfolio on 19 August 2005 and has
taken great care to preserve value whilst undertaking the significant changes to
the investment holdings. The process of realignment is now complete and further
details are provided within the separate Manager's Review section of the Interim
Report.  We are now in a position to review the performance of the Manager, in
accordance with the new policy, with effect from 1 November 2005.  For your
information, in the six months to 31 October 2005, the net asset value increased
by 3.5% (after taking account of one-off reorganisation costs).  The share price
rose 11.9% over the six months, which, with net dividends re-invested, gave a
total return to shareholders of 12.3% (source: Bloomberg) and the discount at
which the Company's shares traded to the net asset value narrowed from 8.6% to
1.3% over the period.


Dividend

As indicated in the circular sent to shareholders last July, the Board intends
to declare a first interim dividend in respect of the year ending 30 April 2006
which will be payable in mid March.  It is currently anticipated that a second
interim dividend in respect of the fourth quarter ending 30 April 2006 would
then be payable in June.  Thereafter dividends will be paid quarterly in
September, December, March and June.


Market Summary

Neither hurricanes, nor interest rate rises, nor continuing strength in oil
prices could arrest the remarkable rise in global equity markets over the
period. Of the major equity markets only the US lagged the surge elsewhere but
still managed a respectable rise despite the terrible events of August when
hurricanes Katrina and Rita wreaked havoc on large areas of the Southern states.
Company fundamentals remain strong and renewed risk appetite amongst investors
continues to support equity markets. Equity valuations are still undemanding and
strong corporate balance sheets and cash flows are also providing support.
Indeed there is increasing evidence that the availability of cheap finance is
encouraging merger & acquisition activity, whilst companies are using their
strong balance sheets to buy back shares and increase payouts to shareholders.
The de-equitisation trend is particularly evident in the UK market and has
largely been responsible for the mopping up of institutional selling mainly from
pension funds and insurance companies.


Outlook

Economic growth in the developed world is likely to be modest over the next few
years, particularly as higher oil and commodity prices together with increased
interest rates in the United States act to suppress growth and weigh on consumer
confidence. However, the continued economic progress in emerging markets of Asia
and, to a lesser extent, Latin America, look set to provide significant support
to global trade.

Bond markets look very much priced for a slow economic environment and equities,
despite the strong rise seen over the past 30 months, still appear to offer
better value. With the potential for some inflationary impact on the global
economy, the real rate of return from government bonds looks less attractive,
while opportunities in specialist bonds remain.

However, the Board believes that the multi asset approach being adopted by the
Investment Managers has considerable attractions providing every opportunity for
the Company's investment objectives to be met.  The Board views the Company's
future with confidence.


Hubert Reid

Chairman

16 December 2005





Statement of Total Return (unaudited)
                                                          Six months ended                Six months ended
                                                          31 October 2005                  31 October 2004
                                                                                              (restated)
                                                      Revenue   Capital     Total    Revenue      Capital     Total
                                                        £'000     £'000     £'000      £'000        £'000     £'000
Gains on held-at-fair-value investments                     -     1,248     1,248          -        1,789     1,789
Income                                                    452         -       452        307            -       307
Investment management fee                                (95)      (94)     (189)       (76)         (77)     (153)
Administration expenses                                 (123)     (313)     (436)      (113)            -     (113)
Exchange gains                                              -         5         5          -            -         -
Net return before finance costs and taxation              234       846     1,080        118        1,712     1,830

Interest payable and similar charges                     (41)      (40)      (81)       (43)         (44)      (87)
Net return on ordinary activities before taxation         193       806       999         75        1,668     1,743

Taxation on ordinary activities                             -         -         -          -            -         -
Net return on ordinary activities after taxation          193       806       999         75        1,668     1,743


Return per Ordinary share (pence):
Basic                                                                        6.27                             10.94
Fully-diluted                                                                5.96                             10.94

The total column of this statement represents the profit and loss account of the Company.

The financial statements have been restated to reflect the change to accounting practices as set out in the
accompanying notes.
All items in the above statement derive from continuing operations.




Balance Sheet
                                                                 As at            As at             As at
                                                            31 October       31 October          30 April
                                                                  2005             2004              2005
                                                           (unaudited)      (unaudited)         (audited)
                                                                             (restated)        (restated)
                                                                 £'000            £'000             £'000
Fixed assets
Investments designated as held-at-fair-value                    24,954           22,115            25,693

Current assets
Debtors and prepayments                                            536              499                51
Cash at bank and in hand                                         1,118              602               152
                                                                 1,654            1,101               203

Creditors: amounts falling due within one year                    (83)            (580)             (293)
Net current assets/(liabilities)                                 1,571              521              (90)
Total assets less current liabilities                           26,525           22,636            25,603


Bank loan                                                      (2,500)          (2,500)           (2,500)
Net assets                                                      24,025           20,136            23,103

Capital and reserves
Called-up share capital                                          3,985            3,984             3,984
Share premium account                                                -           10,536                 -
Special reserve                                                 10,538                -            10,536
Warrant reserve                                                    980              981               981
Capital reserve - unrealised                                     (399)            1,055             6,832
Capital reserve - realised                                       8,588            3,369               550
Revenue reserve                                                    333              211               220
Equity Shareholders' funds                                      24,025           20,136            23,103


Net asset value per Ordinary share (pence):
Basic                                                           150.72           126.36            144.97
Fully-diluted                                                   142.51           122.08            137.69



Statement of Changes in Equity
(unaudited)

Six months ended 31 October 2005
                                                Share                           Capital    Capital
                                     Share    premium    Special    Warrant     reserve    reserve    Revenue
                                   capital    account    reserve    reserve -unrealised  -realised    reserve      Total
                                     £'000      £'000      £'000      £'000       £'000      £'000      £'000      £'000
Balance at 30 April 2005 (restated)  3,984          -     10,536        981       6,832        550        220     23,103
Net return on ordinary activities        -          -          -          -     (7,231)      8,037        193        999
after taxation
Dividends paid                           -          -          -          -           -          -       (80)       (80)
Exercise of Warrants                     1          -          2        (1)           -          1          -          3
Balance at 31 October 2005           3,985          -     10,538        980       (399)      8,588        333     24,025


Six months ended 31 October 2004
                                                Share                           Capital    Capital
                                     Share    premium    Special    Warrant     reserve    reserve    Revenue
                                   capital    account    reserve    reserve -unrealised  -realised    reserve      Total
                                                                                  
                                     £'000      £'000      £'000      £'000       £'000      £'000      £'000      £'000
Balance at 30 April 2004 (restated)  3,984     10,536          -        981       2,039        717        216     18,473
Net return on ordinary activities        -          -          -          -       1,330        338         75      1,743
after taxation
Dividends paid                           -          -          -          -           -          -       (80)       (80)
Balance at  31 October 2004          3,984     10,536          -        981       3,369      1,055        211     20,136



Cash Flow Statement (Unaudited)
                                                                        Six months ended      Six months ended
                                                                         31 October 2005       31 October 2004
                                                                                   £'000                 £'000
Net cash outflow from operating activities                                         (173)                  (13)
Net cash outflow from servicing of finance                                         (120)                 (153)
Net cash inflow from financial investment                                          1,389                    67
Equity dividends paid                                                               (80)                  (80)
Net cash inflow/(outflow) before financing                                         1,016                 (179)
Net cash inflow from financing                                                         4                   500
Increase in cash                                                                   1,020                   321

Reconciliation of operating revenue to net cash inflow from
operating activities
Net revenue before finance costs and taxation                                        234                   118
Decrease/(increase) in accrued income                                                 22                  (13)
Increase in other debtors                                                            (8)                     -
Decrease in other creditors                                                         (14)                  (41)
Expenses charged to capital                                                        (407)                  (77)
Net cash outflow from operating activities                                         (173)                  (13)

Reconciliation of net cash flow to movement in net debt
Increase in cash as above                                                          1,020                   321
Cash inflow from drawdown of loans                                                     -                 (500)
Foreign exchange movements                                                           (4)                     -
Movement in net debt in the period                                                 1,016                 (179)
Net debt at 1 May                                                                (2,398)               (2,219)
Net debt at 31 October                                                           (1,382)               (2,398)

Represented by:
Cash at bank and in hand                                                           1,118                   602
Debt falling due within one year                                                       -                 (500)
Debt falling due after more than one year                                        (2,500)               (2,500)
                                                                                 (1,382)               (2,398)

Notes

1.     Accounting Policies

        The accounts have been prepared under the historical cost convention, as
modified to include the revaluation of investments and in accordance with
applicable Accounting Standards and with the Statement of Recommended Practice
for 'Financial Statements of Investment Trust Companies'.

For the accounting period beginning on 1 May 2005 the Company had the option to
prepare its financial statements in accordance with International Financial
Reporting Standards ('IFRS'), as adopted by the International Accounting
Standards Board ('IASB').  The Board has elected to continue to adopt UK
Generally Accepted Accounting Principles ('UK GAAP') and therefore with the new
Financial Reporting Standards issued as part of the programme to converge UK
GAAP with IFRS.  Figures for the six months ended 31 October 2004 and year ended
30 April 2005 have been restated accordingly.

The same accounting policies used for the year ended 30 April 2005 have been
applied with the following exceptions:

(a)     Investments are measured initially at cost and are recognised at trade
date.  For financial assets acquired, the cost is the fair value of the
consideration, with changes in fair value going to the profit and loss account.
Subsequent to initial recognition investments are valued at fair value.  For
listed investments this is assumed to be bid market prices.

(b)  Under FRS 21 'Events after the Balance Sheet Date', dividends should only
be accrued in the accounts if they are a liability at the Balance Sheet date. No
provision has been made in the financial statements for the interim dividend for
the period ended 31 October 2005. The financial statements for the year ended 30
April 2005 and 2004 have been restated to remove the final dividends that were
accrued at those dates.



The impact of these changes is shown below.


                                                                As at                As at             As at
                                                        30 April 2005      31 October 2004     30 April 2004
                                                                £'000                £'000             £'000
2.   Reconciliation of Balance Sheets                       (audited)          (unaudited)         (audited)
     Net assets as previously reported                         23,092               20,191            18,448
     Restatement of investments at bid value                     (69)                 (55)              (55)
     Reversal of provision of final dividend                       80                    -                80
     Restated net assets                                       23,103               20,136            18,473





                                                                       Six months ended            Year ended
                                                                        31 October 2004         30 April 2005
3.   Reconciliation of the Statement of Total Return                              £'000                 £'000
     Total transfer from reserves per original reported Statement                 1,743                 4,644
     of Total Return
     Add: prior period dividend adjustment (now shown in                              -                    80
     Statement of Changes in Equity)
     Change from mid to bid basis 31 October 2004                                  (55)                     -
     Change from mid to bid basis 30 April 2004                                      55                    55
     Change from mid to bid basis 30 April 2005                                       -                  (69)
     Restated total transfer from reserves                                        1,743                 4,710

     Ordinary dividends on equity shares deducted from reserves
     are analysed below:

                                                                       Six months ended      Six months ended
                                                                        31 October 2005       31 October 2004
                                                                                  £'000                 £'000
     Ordinary dividends on equity shares:
     2004 final dividend paid - 0.5p                                                  -                    80
     2005 final dividend paid - 0.5p                                                 80                     -
                                                                                     80                    80


                                                                     Six months ended      Six months ended
                                                                      31 October 2005       31 October 2004
                                                                                                 (restated)
4.   Return per share                                                               p                     p
     Revenue return                                                              1.21                  0.47
     Capital return                                                              5.06                 10.47
                                                                                 6.27                 10.94

     The figures above are based on the following attributable
     assets:


                                                                     Six months ended      Six months ended
                                                                      31 October 2005       31 October 2004
                                                                                                 (restated)
                                                                                £'000                 £'000
     Revenue return                                                               193                    75
     Capital return                                                               806                 1,668
                                                                                  999                 1,743

     Weighted average number of Ordinary shares in issue                   15,937,017            15,936,000

     Fully diluted returns have been calculated on the basis set out in Financial Reporting Standard 14
     'Earnings per share' ('FRS 14').  For the six months ended 31 October 2005 this is based on an
     adjusted weighted average number of shares of 16,772,441.  For the six months ended 31 October 2004
     the exercise of Warrants in issue would have no dilutive effect on returns.


5.  Administration expenses
    The capitalised expenses figure of £313,000 represents the costs incurred in connection with the change of
    investment policy and investment management arrangements during the period.




                                                                    As at              As at            As at
                                                          31 October 2005    31 October 2004         30 April
                                                                                                         2004
6.   Net asset value per share                                                    (restated)       (restated)
     Basic
     Attributable net assets (£'000)                               24,025             20,136           23,103
     Number of Ordinary shares in issue                        15,939,900         15,936,000       15,936,000
     Ordinary share (p)                                            150.72             126.36           144.97
     Fully-diluted
     Attributable net assets (£'000)                               27,103             23,218           26,185
     Diluted number of Ordinary shares in issue                19,017,600         19,017,600       19,017,600
     Ordinary share (p)                                            142.51             122.08           137.69




                                                                    Six months ended     Six months ended
                                                                     31 October 2005      31 October 2004
7.   Transaction costs                                                         £'000                £'000
     The following transaction costs were incurred during the period:
     Purchases                                                                   130                   14
     Sales                                                                        65                    2
                                                                                 195                   16



8.   The financial information for the six months ended 31 October 2005 and 31
October 2004 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985.  The financial information for the year ended 30
April 2005 has been extracted from published accounts that have been delivered
to the Registrar of Companies and on which the report of the auditors was
unqualified.  The interim accounts have been prepared on the same basis as the
annual accounts, with the exception of the disclosures in note 1 above.



Aberdeen Asset Management PLC
Secretaries
16 December 2005


Independent Review Report to the Members of Midas Income & Growth Trust PLC

Introduction

We have been instructed by the Company to review the financial information and
we have read the other information contained in the Interim Report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data, and based thereon, assessing whether the
accounting policies and presentation have been consistently applied, unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 October 2005.

Ernst &Young LLP
London
16 December 2005



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