Preliminary Interim Results

Taverners Trust PLC
19 December 2001


THE TAVERNERS TRUST PLC
Announcement of Unaudited Interim Results
for the six months to 31 October 2001

In the half year ending 31 October 2001 the fully diluted net asset value of
Taverners' Trust fell back by 5.8% during a period when the All Share index
fell by 15.8% and our benchmark, the FTSE Actuaries Leisure Entertainment and
Hotels Index, dropped by 14.4%; in fact Taverners made good progress during
the early summer as was detailed in my last statement to you.  When we wrote
to you last on 18 July the All Share Index stood at 2610.3 and the Leisure
Entertainment and Hotels Index stood at 3116.2; currently these indices stand
respectively at 2484.0 and 2921.2 registering falls of 4.8% and 6.3%.  Over
the same period the Net Asset Value of Taverners' Trust is down by 2.4%. 
These declines are lower than those shown for the period up to 31 October
because the market - and in particular our sector - has seen a recovery since
that date.  On 18 July your Manager wrote 'it would appear we are once again
achieving outperformance' and I stated that 'the brewery and pub sector may be
a good place to find a defensive niche'.  It is obviously disappointing to
record a decline in Net Asset Value but the fact remains that in comparison
with the indices the Trust has outperformed.  In this context it is
interesting to note that over the half-year on which we are reporting six of
our top ten best performing stocks and four out of the top five are regional
brewers.  The key to this is the turmoil that overtook the market following
the tragic events in the United States on 11 September.  Whilst a number of
sectors have suffered in the wake of this disaster, companies in our portfolio
such as Greene King and SFI have reported that they have seen no evidence of a
downturn in consumer confidence.  What we have seen is confirmation of  the
traditional resilience of the regional brewery and pub sector with its stable
cash flows in difficult times and we owe the recent steady performance of our
Trust to its weighting in the Regional Brewers.

Another stock which has performed well during the period under review is
Enterprise Inns, the tenanted pub company on which I remarked in my last
statement; this company has the same attributes of strong cash flow and a
predictable operating profit but is highly acquisitive and  more heavily
geared.  It also has the enviable record of having achieved compound annual
growth in adjusted earnings per share of 28% over the past five years; in June
and July Enterprise made two acquisitions each of more than four hundred
houses and posted a rights issue that was well received and promised further
earnings enhancement.  Wolverhampton & Dudley Breweries (Wolves) has also been
a good performer since the company escaped the clutches of Pubmaster's 513p
bid which secured acceptance from 47% of the equity.  During early August it
became clear that significant earnings enhancement was in prospect if
management could deliver their plan to reduce the number of shares in issue,
dispose of branded units  and increase margins.  The newsflow, which has since
been confirmed, suggested that this outcome was highly possible; if on the
other hand the management failed in their endeavours, another bid would seem
inevitable. In the event, the share price has risen so that Wolves has been
unable to implement an intended buyback at 491p and will instead provide a
special dividend of 80p per share.

It is noteworthy that over the half-year under reference seven out of our ten
worst performing stocks were hotel or restaurant companies.  All of the latter
have a significant presence in  Central London where business  was already in
decline before 11 September.  We have reduced the fund's exposure to hotels. 
Restaurants on the other hand continue to trade well outside central London
providing the average spend per head is not too high and the exposure to
tourism is minimal, so we remain content with our holding in Ask Central. 

The regulatory front has been relatively quiet since we last wrote.  The most
contentious issue that has arisen has been the initiative of the police in
Manchester to ask pubs on circuits to make 'voluntary' contributions towards
the provision of extra police on Friday and Saturday nights; this rather
questionable development appears so far to be meeting with approving noises
from the government.  The pub trade have protested that they are massive
payers of taxes and rates and the question arises as to whether the police
will neglect areas that do not co-operate.

At Dover, Customs have become more vigilant over illegal imports of beer from
lower duty markets across the channel.  They are refusing to believe
protestations that product is not for resale, are confiscating vehicles and
effectively inviting owners to sue them in court, a process that some drivers
who are already known to the police might find embarrassing.  However in
taking this action the government has aroused the ire of the European
Commissioner for Internal Markets who has remonstrated publicly with the
Chancellor that the heavy-handed and aggressive enforcement of what is no more
than an indicative limit is illegal and that he will take the UK government to
court if they will not desist. The result of the action taken by Customs has
been to reduce the illegal 'white van' trade by 70-80% according to trade
estimates. If as a result of action by the European Union Customs activity at
Dover is reduced, there is no doubt that 'white van man' will return and
pressure on the Chancellor to reduce the duty will be renewed.  On the other
hand, the day tripper trade has grown and students of this business believe
that almost half of it is for resale.  All the indications are that Calais
will have an excellent Christmas although some of the offers in UK
supermarkets are almost better value, albeit perhaps not as much fun as a day
out across the Channel.

It seems now that there will be no movement on the broader licensing front
until next year's Queen's Speech.  The Criminal Justice and Police Act came
into effect on 1st December.  So far two pubs have suffered closure as a
result of its provisions but initial indications are that the Act will make
little difference; certainly the police seem less than ecstatic with the new
powers granted to them.  Many of the rather negative proposals being discussed
appear to be directed at London where the City of Westminster is trying to
curtail late licenses.  At  the end of the day the interests of well-managed
licensed premises are similar to those of the local authority.  The night club
operator Chorion is the company doing battle with Westminster Council but will
benefit if there is a crackdown on new licenses because they are already well
established in the West End.  

None of the above looks particularly threatening and overall the outlook for
the pub and regional brewer sub-sector looks promising.  The market has
reacted positively to good results reported by a number of companies including
Belhaven, Enterprise Inns, Greene King, Hardys & Hansons and Inventive
Leisure. With Christmas Day falling on a Tuesday, the days fall well once
again for the trade with New Year likely to be very beneficial providing
weather conditions are reasonably benign.  Trading statements issued in
January will therefore in all probability be positive.  If the UK economy
starts to falter in the early months of 2002 Taverners' performance during the
months following 11 September, and indeed the whole of the period under
review, suggests that the sub-sectors in which the Trust invests have not lost
their defensive quality.


Lionel Ross
Chairman
19 December 2001


The unaudited results were:

Statement of total return (incorporating the revenue account*)


                                                     Six months ended
                                                      31 October 2001
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -       (1,160)      (1,160)
Income                                          300            -          300
Investment management fee                       (73)         (73)        (146)
Other expenses                                  (92)           -          (92)
                                            ________     ________     ________
Net return/(loss) before finance
costs and taxation                              135       (1,233)      (1,098)
Interest payable and similar charges            (53)         (50)        (103)
                                            ________     ________     ________
Return/(loss) on ordinary
activities before taxation                       82       (1,283)      (1,201)
Tax on ordinary activities                       (1)           1            -
                                            ________     ________     ________
Transfer to/(from) reserves                      81       (1,282)      (1,201)
                                            ========     ========     ========
Return/(loss) per Ordinary
share (pence):
Basic                                          0.51        (8.04)       (7.53)
                                            ========     ========     ========


                                                     Six months ended
                                                      31 October 2000
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -       (1,268)      (1,268)
Income                                          310            -          310
Investment management fee                       (70)         (70)        (140)
Other expenses                                  (94)           -          (94)
                                            ________     ________     ________
Net return/(loss) before finance
costs and taxation                              146       (1,338)      (1,192)
Interest payable and similar charges            (52)         (51)        (103)
                                            ________     ________     ________
Return/(loss) on ordinary
activities before taxation                       94       (1,389)      (1,295)
Tax on ordinary activities                       (2)           1           (1)
                                            ________     ________     ________
Transfer to/(from) reserves                      92       (1,388)      (1,296)
                                            ========     ========     ========
Return/(loss) per Ordinary
share (pence):
Basic                                          0.58        (8.71)       (8.13)
                                            ========     ========     ========

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

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        As at
                                         31 October   31 October     31 April
                                               2001         2000         2001
                                         (unaudited)  (unaudited)    (audited)
                                              £'000        £'000        £'000
Fixed assets
Investments                                  18,685       18,785       20,603
                                            ________     ________     ________
Current assets
Debtors                                          40          180           44
Cash at bank                                  1,075           15          146
                                            ________     ________     ________
                                              1,115          195          190
Creditors: amounts falling due
within one year                                (383)        (144)        (175)
                                            ________     ________     ________
Net current assets                              732           51           15
                                            ________     ________     ________
Total assets less current liabilities        19,417       18,836       20,618
Creditors: amounts falling due after
more than one year
Bank loan                                    (3,000)      (3,000)      (3,000)
                                            ________     ________     ________
Total net assets                             16,417       15,836       17,618
                                            ========     ========     ========
Share capital and reserves
Called-up share capital                       3,984        3,984        3,984
Share premium account                        10,536       10,536       10,536
Other reserves:
Warrant reserve                                 981          981          981
Capital reserve - realised                    1,666        1,830        2,064
Capital reserve - unrealised                 (1,005)      (1,749)        (121)
Revenue reserve                                 255          254          174
                                            ________     ________     ________
Total equity shareholders' funds             16,417       15,836       17,618
                                            ========     ========     ========
Net asset value per Ordinary
share (pence):
Basic                                        103.02        99.37       110.55
                                            ========     ========     ========
Fully-diluted                                102.53          n/a       108.84
                                            ========     ========     ========

 Cash Flow Statement

                                                    Six months    Six months
                                                         ended         ended
                                                    31 October    31 October
                                                          2001          2000
                                                    (unaudited)   (unaudited) 
                                                         £'000         £'000
Net cash inflow from operating activities                   48            29
Net cash outflow from servicing of finance                (103)         (101)
Net tax paid                                                 -            (1)
Net cash inflow/(outflow) from financial investment      1,014        (1,437)
Equity dividends paid                                      (72)          (64)
                                                       ________      ________
Net cash inflow/(outflow) before financing                 887        (1,574)
Net cashflow from financing                                  -             -
                                                       ________      ________
Increase/(decrease) in cash                                887        (1,574)
                                                       ========      ========
Reconciliation of operating revenue to net cash
inflow from operating activities
Net revenue before interest payable and taxation           135           146
Increase in accrued income                                  (3)           (9)
Decrease/(increase) in other debtors                         7            (1)
Decrease in other creditors                                (18)          (36)
Capitalised expenses taken to non-distributable reserves   (73)          (71)
                                                       ________      ________
                                                            48            29
                                                       ========      ========
Reconciliation of net cash flow to movement
in net funds/(debt)
Increase/(decrease) in cash as above                       887        (1,574)
Opening net debt                                        (2,854)       (1,460)
                                                       ________      ________
Closing net debt                                        (1,967)       (3,034)
                                                       ========      ========
Represented by:
Cash at bank                                             1,075            15
Bank overdraft                                             (42)          (49)
Debt falling due after more than one year               (3,000)       (3,000)
                                                       ________      ________
                                                        (1,967)       (3,034)
                                                       ========      ========

 Notes:-

1.  In accordance with stated policy, no interim dividend has been declared
(2000 - nil).

2.  The breakdown of income for the periods to 31 October 2001 and 2000 was as
follows:

                                    31 October   31 October
                                          2001         2000
                                         £'000        £'000
Income from investments
Franked investment income                  292          299
Unfranked investment income                  1            5
                                         ______       ______
                                           293          304
                                         ______       ______
Other income
Deposit interest                             3            6
Underwriting commission                      4            -
                                         ______       ______
                                             7            6
                                         ______       ______
Total income                               300          310
                                         ======       ======

3.  The basic revenue return per Ordinary share is based on net revenue on
ordinary activities after taxation of £81,000 (2000 - £92,000) and on
15,936,000 (2000 - 15,936,000) Ordinary shares, being the number of Ordinary
shares in issue throughout the period. 

The basic capital return per Ordinary share is based on net capital losses for
the period of £1,282,000 (2000 - £1,388,000 loss) and on 15,936,000 (2000 -
15,936,000) Ordinary shares, being the number of Ordinary shares in issue
throughout the period. 

The fully-diluted returns per Ordinary share have not been shown for the
periods to 31 October 2001 and 2000 in accordance with FRS14 'Earnings per
share' as there is no dilution in earnings resulting from Warrants in issue as
the average share prices of the Warrants in the period are less than the
exercise price of the Warrants. 

4.  The basic net asset value per Ordinary share is based on net shareholders'
funds at the period end, and on 15,936,000 (31 October 2000 - 15,936,000; 30
April 2001 - 15,936,000) Ordinary shares, being the number of Ordinary shares
in issue at the period end. 

The fully-diluted net asset values per Ordinary share as at 31 October 2001
and 30 April 2001 have been calculated by reference to the total number of
Ordinary shares in issue at the period end and on the assumption that those
Warrants which are not exercised at the period end, amounting to 3,081,600
Warrants as at 31 October 2001 and 30 April 2001, were fully exercised on the
first day of each financial period at 100p per share, giving a total of
19,017,600 Ordinary shares. No calculation has been shown as at 31 October
2000 as the exercise price of the Warrants, being 100p, exceeded the value of
the basic net asset value.

5.  The financial statements for the six months ended 31 October 2001 and 31
October 2000 comprise non-statutory accounts within the meaning of Section 240
of the Companies Act 1985.The financial information for the year ended 30
April 2001 has been abridged from published accounts that have been delivered
to the Registrar of Companies and on which the report of the auditors was
unqualified. 


Aberdeen Asset Management PLC
Secretaries
19 December 2001


 Independent Review Report by Ernst & Young LLP to
The Taverners Trust PLC

Introduction
We have been instructed by the Company to review the financial information for
the six months ended 31 October 2001 which comprises the Statement of Total
Return, Balance Sheet, Cash Flow Statement and the related notes 1 to 5. 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.

Directors' Responsibilities
The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where they are
to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.

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. 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 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 2001. 

Ernst & Young LLP
London
19 December 2001