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Fleming Income (FMIQ)

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Wednesday 01 March, 2000

Fleming Income

Final Results - Year Ended 31 December 1999

Fleming Income & Growth Inv Tst PLC
1 March 2000


The Fleming Income & Growth Investment Trust plc
                                                   
Unaudited results for the year to 31st December, 1999
                          
                          
The Board of Fleming Income & Growth has today
announced  the unaudited results for the year to
31st December, 1999.

Total shareholders' funds as at  31st  December,
1999  were £323.5m compared with a figure of £311.8m
as at 31st December, 1998.

The net asset value per share for each class of
share in issue was as follows:


                31st December 1999   31st December 1998
Stepped Preference     188.56p           179.59p
Share
Income Share 2006       55.28p           n/a
Income Share 2000      100.0p            96.39p
Capital Share 2006     515.68p           n/a
Capital Share 2000     390.72p           405.17p
(Undiluted)
Capital Share 2000     385.33p           394.75p
(Diluted)

Due to the capital reconstruction of the Company in
April 1999, no comparative figures of income shares
2006 and capital shares 2006 are available.


The Board have recommended that a final dividend of
3.25p should be paid on 19th April, 2000 to income
shareholders  and unitholders on the register as at
17th March 2000. When  added to the three interim
dividends already paid by  the  Company totalling
6.75p per income share this gives a total  for  the
year of 10.0p. (1998:9.90p).

The  Directors have today also declared that a final
dividend of 3.7713p (net) be paid on the stepped
preference  shares.

This  payment will be made on 2nd May 2000 to
shareholders  on the register as at 31st March 2000.


Commenting on the results, the Chairman, Lord Vinson
said:-

'The  Company saw a total return on net assets of
3.6%.   Our performance  was  disappointing but came
as a  result  of  our requirement  to maintain the
dividend payments to  the  income shareholders.   We
have had to maintain investments  in  high yield
stocks, which have affected the relative performance
of the Company for this period.'


This  year's Annual General Meeting will be held at
12.00 noon on Tuesday 18th April 2000 at 25 Copthall
Avenue, London EC2.

Fleming Investment Trust Management Limited
Secretary

For further information, please contact:
Heather  Williams 0171 880 3459
1st March 2000



THE FLEMING INCOME & GROWTH INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE YEAR ENDED 31ST DECEMBER 1999
    
                             1999        1998
                           £'000         £'000
REVENUE

Income
Franked dividends           10,839     9,599
UK interest                  3,832        -
Overseas dividends             447        46
Overseas interest              782     1,056
Foreign income dividends       258     2,455
Scrip dividends                 89       322
Deposit Interest               472       904
Underwriting commission          2        -
Call option income             411        -
                            ______    ______
Gross Revenue               17,132    14,382



Less Administration
expenses                     1,495     1,295
Interest payable             1,177       794
                            ______    ______
Return before Taxation      14,460    12,293

Less Taxation                2,065     2,230
                            ______    ______
Return after Taxation       12,395    10,063

Less Dividends on preference
shares                          34        53
Less Dividends on stepped
preference shares            2,478     2,788
                            ______    ______

Return available to
non-equity shareholders      9,883     7,222
                                         
                             =====    ======
                                         
                             1999          1998
                            £'000         £'000
CAPITAL
Movements on investments   13,089        30,009
Less: Expenses charged to
Capital                     1,507           648
Less: Reorganisation
expenses                    2,687            -
                          _______        ______
Return
before Taxation             8,895        29,361

Taxation                      421            89
                            ______       ______
Return attributable to                
non-equity shareholders     9,316        29,450
                            =====        ======

Dividends per income share
- 2000 & 2006                10.00p       9.90p
Cost of dividends per
income share (£'000)          8,511       7,966

Combined Revenue return per
income share - 2000 & 20      11.81p       8.97p
Capital return per income
share - 2000                   4.62p       4.62p
Capital return per income
share - 2006                   2.61p         -
At 31 December

Total Net Assets (£'000)     323,487     311,756
Net Asset Value per
stepped preference share     188.56p      179.5p 
Net Asset Value per income
share - 2000                 100.00p      96.39p
Net Asset Value per
income share - 2006           55.28p         -
Net Asset Value per capital
share - 2000 - undiluted     390.72p     405.17p
Net Asset Value per capital
share - 2000 - diluted       385.33p     394.75p
Net Asset Value per capital
share - 2006                 515.68p          -



THE FLEMING INCOME & GROWTH INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE YEAR ENDED 31ST DECEMBER 1999
CASH FLOW STATEMENT

                                 1999        1998
                                £'000       £'000


Net cash inflow from
operating activities           12,172      9,690

Net cash outflow from returns
on investments and
   servicing of finance       (12,802)   (11,749)
                          
Total tax (paid)/recovered       (259)       251

Net cash (outflow)/inflow
from capital expenditure
and financial investment      (42,258)     8,142

Net cash inflow/(outflow)
from financing                 45,176    (11,723)
                              _______     ______
Increase/(decrease) in cash
in the period                   2,029     (5,389)
                               ======     ======



The  above financial information does not constitute
statutory accounts as defined in Section 240 of the
Companies Act 1985.

The   comparative  financial  information  is  based
on   the statutory  accounts  for the year ended
31st December 1998.

These  accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the
Registrar of Companies.

                                                                                                                                                                                

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