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Brunner Investment (BUT)

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Thursday 20 January, 2005

Brunner Investment

Final Results

Brunner Investment Trust PLC
20 January 2005


For immediate release                                          20th January 2005


                       THE BRUNNER INVESTMENT TRUST PLC

                      ANNOUNCEMENT OF PRELIMINARY RESULTS
                     For the year ended 30th November 2004


RESULTS

The Board today announces the results for the year ended 30th November 2004.
Further progress was made during the year in regaining some of the ground lost
in equity markets between 2000 and 2003. For the year as a whole the capital
return of the Trust of 6.1% compared with a benchmark index return of 7.2%
reflecting the underperformance in the first half set out in the interim
statement.

In the second half of the year the net asset value of a Brunner share rose by
6.1% as opposed to a return of 5.5% on the benchmark.  In my interim statement I
mentioned that the Board had agreed with the Managers that they should follow a
more focused policy with regard to UK stock selection with the aim of improving
investment performance.  The target was to at least offset the drag relative to
the benchmark caused by the high cost of the debenture.  This new approach
started on 31st May and I am pleased to say that the aim was achieved.  Of
course it is too early to say whether the new approach will prove successful
over the long term but we have made a satisfactory start.


NET ASSET VALUE

The net asset value per Ordinary Share at 30th November 2004 was 364.10p
compared with 343.10p at 30th November 2003, an increase of 6.12%. Over the same
period the benchmark index (60% FTSE All-Share Index, and 40% FT/S&P World
Index, ex UK in sterling) increased by 7.19%.


DIVIDEND

The Board recommends a final distribution of 4.60p to be payable on 29th March
2005 to shareholders on the register at the close of business on 25th February
2005, making a total distribution of 8.10p per share for the year ended 30th
November 2004, an increase of 3.8%.


ANNUAL GENERAL MEETING

The seventy-seventh Annual General Meeting of the Company will be held on
Thursday 24th March 2005 at 12.00noon.


SHARE BUY BACKS


The Board will recommend to shareholders that the Company take renewed powers to
buy back its Ordinary Shares.  Full details will be sent to shareholders with
the forthcoming Annual Report and Accounts.


CHAIRMANSHIP

I will be retiring from the Board at the conclusion of the AGM, having been
involved with the Trust in one capacity or other for over thirty years.  I will
be succeeded by Keith Percy whose knowledge and experience in the investment
management world will be of great benefit to the Trust.


John Trott
Chairman

155 Bishopsgate
London, EC2M 3AD
                                     - 2 -


Unaudited preliminary results for the year ended 30th November 2004 were
approved for immediate release as undernoted:


RESULTS
STATEMENT OF TOTAL RETURN
for the year ended 30th November 2004
                                                                                 2004
                                                            £'000s             £'000s                £'000s
                                                           Revenue            Capital                 Total
                                                           (Note 3)

Net gains on investments                                         -             12,433                12,433
Investment income                                             6,117                 -                 6,117
Other income                                                  1,046                 -
                                                                                                      1,046
Investment management fee                                     (384)             (896)               (1,280)
Expenses of administration                                    (275)                 -                 (275)

Net return before finance costs and taxation                  6,504            11,537                18,041
Finance costs of borrowings                                 (1,379)           (3,208)               (4,587)

Return on ordinary activities before taxation                 5,125             8,329                13,454

Taxation
Overseas taxation                                             (176)                 -                 (176)
UK taxation                                                   (382)               382                     -
                                                              (558)               382                 (176)

Return on ordinary activities after taxation for the          4,567             8,711                13,278
financial year

Dividends on Preference Stock                                  (22)                 -                  (22)

Return attributable to ordinary shareholders                  4,545             8,711                13,256
Dividends on Ordinary Shares
Prior year over accrual                                          34                 -                    34
First Interim paid                    3.50p                 (1,876)                 -               (1,876)
Final proposed                        4.60p                 (2,411)                 -               (2,411)
                                      8.10p                 (4,253)                 -               (4,253)
           
Transfer to reserves                                            292             8,711                 9,003

Return per Ordinary Share (Note 1)                            8.43p            16.16p                24.59p



 NET ASSET STATEMENT
 as at 30th November 2004
                                                                             2004                2004
                                                                           £'000s              £'000s

Fixed Asset Investments                                                                       228,345
Net Current Assets                                                                             14,683

Total Assets less Current Liabilities                                                         243,028
Creditors : Amounts falling due after more than one year                                     (51,761)

Total Net Assets                                                                              191,267

Called up Share Capital       -               Ordinary                     13,102
                              -               Preference                      450
                                                                                               13,552
Capital Redemption Reserve                                                                      2,898
Capital Reserves              -               Realised                    159,387
                              -               Unrealised                    7,931
Revenue Reserve                                                                               167,318

Shareholders' Funds                                                                             7,499

                                                                                              191,267

Net asset value per Ordinary Share (Note 2)                                                    364.1p


                                     - 3 -



STATEMENT OF TOTAL RETURN
for the year ended 30th November 2003
                                                                                 2003
                                                             £'000s            £'000s                £'000s
                                                            Revenue           Capital                 Total
                                                           (Note 3)

Net gains on investments                                         -              9,142                 9,142
Investment income                                             6,495                 -                 6,495
Other income                                                    831                 -                   831
Investment management fee                                     (369)             (861)               (1,230)
Expenses of administration                                    (171)                 -                 (171)

Net return before finance costs and taxation                  6,786             8,281                15,067
Finance costs of borrowings                                 (1,348)           (3,139)               (4,487)

Return on ordinary activities before taxation                 5,438             5,142                10,580

Taxation
Overseas taxation                                             (146)                 -                 (146)
UK taxation                                                   (376)               376                     -

                                                              (522)               376                 (146)
                                                                                  
Return on ordinary activities after taxation for the          4,916             5,518                10,434
financial year                                                

Dividends on Preference Stock                                  (22)                 -                  (22)

Return attributable to ordinary shareholders                  4,894             5,518                10,412
                                                              
Dividends on Ordinary Shares
Prior year over accrual                                           1                 -                     1
First Interim                   3.4p                        (1,925)                 -               (1,925)
Final                           4.4p                        (2,426)                 -               (2,426)

                                7.8p                        (4,350)                 -               (4,350)

Transfer to reserves                                            544             5,518                 6,062
                                                                
Return per Ordinary Share (Note 1)                        8.65p              9.75p             18.40p


NET ASSET STATEMENT
 as at 30th November 2003
                                                                             2003                2003
                                                                           £'000s              £'000s

Fixed Asset Investments                                                                       219,638
Net Current Assets                                                                             21,844

Total Assets less Current Liabilities                                                         241,482
Creditors : Amounts falling due after more than one year                                     (51,826)

Total Net Assets                                                                              189,656

Called up Share Capital       -          Ordinary                          13,785       
                              -          Preference                           450
                                                                                               14,235

Capital Redemption Reserve                                                                      2,215
Capital Reserves              -          Realised                         174,946
                              -          Unrealised                       (8,946)
Revenue Reserve                                                                               166,000
Shareholders' Funds                                                                             7,206

                                                                                              189,656

Net asset value per Ordinary Share (Note 2)                                                    343.1p



                                     - 4 -



CASH FLOW STATEMENT
For the years ended 30th November 2003 and 30th November 2004

                                                          2004         2004           2003
                                                        £'000s       £'000s         £'000s

Net cash inflow from operating activities                             5,801          5,741

Servicing of Finance
Interest paid                                          (4,651)                     (4,383)
Dividends paid on preference stock                        (23)                        (23)
Net cash outflow on servicing of finance                            (4,674)        (4,406)

Financial Investment
Purchase of fixed asset investments                  (179,061)                   (152,141)
Sale of fixed asset investments                        183,148                     160,387
Net cash inflow                                                       4,087          8,246
from financial investment

Equity dividends paid                                               (4,268)        (4,336)

Net cash inflow before financing                                        946          5,245

Financing
Purchase of Ordinary Shares for cancellation           (7,392)                     (5,780)
Decrease in short term loan                                  -                       (907)
Net cash outflow from financing                                                    (6,687)
                                                                    (7,392)

Decrease in cash                                                    (6,446)        (1,442)

                                     - 5 -

Note 1

The Returns per Ordinary Share have been calculated using a weighted average
number of shares in issue during the year of 53,900,208 shares (2003 -
56,578,783).

Note 2

The net asset value is based on 52,406,416 Ordinary Shares of 25p in issue at
the year end (2003 - 55,140,416).

Note 3

The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items derive from continuing operations.  In the year,
no operations were acquired and with the exception of the Company's stock
lending activity, no operations were discontinued.

Note 4

The financial information set out in this announcement does not constitute the
Company's statutory accounts for the years ended 30th November 2004 or 30th
November 2003.  The financial information for the year ended 30th November 2003
has been extracted from the statutory accounts for that year which have been
delivered to the Registrar of Companies.  The auditors' report on those accounts
was unqualified and did not contain a statement under either Section 237(2) or
Section 237(3) of the Companies Act 1985.  The statutory accounts for the year
ended 30th November 2004 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 following the Company's Annual
General Meeting.

Note 5

The increase in the Company's benchmark index of 7.19% over the year to 30th
November 2004 is composed as follows:

60% FTSE All-Share Index 9.30%
40% FT/S&P World Index, ex UK in Sterling 4.00%


For further information, please contact:

RCM (UK) Limited
Simon White
Tel: 020 7065 1539



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