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Welsh Ind. IT (WII)

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Wednesday 22 December, 2004

Welsh Ind. IT

Interim Results

                      WELSH INDUSTRIAL INVESTMENT TRUST plc

                         36 Elder Street, London E1 6BT
               Telephone: 020 7588 7352, Facsimile: 020 7377 2946



                          CHAIRMAN'S INTERIM STATEMENT



The  revenue pre-tax profit for the six months to 5th October, 2004 was  £80,000
against £62,000 for the corresponding period in the previous year.

The  net asset value as at 5th October, 2004 was 352.9p per share compared  with
404.72p  as  at  5th April, 2004. However this latter figure did not  take  into
account the fall in the value of our holding in Molins Plc since the year end of
£620,000,  which  was  drawn to shareholders' attention in  both  my  Chairman's
statement  and note 17 of the accounts. Had this post balance sheet  event  been
adjusted  in  the  year end accounts, the net asset value per share  would  have
reduced  to 358.8p. Thus the net asset value as at 5th October, 2004  of  352.9p
represents a fall of 1.64% from the adjusted net asset value figure  as  at  5th
April,  2004.  During the same six month period the Financial  Times  All  Share
Index rose by 4.24%.

One  of  our  unquoted  securities, SpaceandPeople Plc,  in  which  we  have  an
investment at a cost of £143,750, is to be introduced to the AIM market  at  50p
per  share.  Following a capitalisation issue our holding is  now  1,350,000  1p
ordinary shares. Dealings on AIM are expected to start on 31st December, 2004.

In accordance with the new listing rules I can confirm that not more than 15% of
gross assets will be invested in other listed investment companies.

As usual the Board is not proposing an interim dividend.

A P Stirling
Chairman                                          22nd December, 2004.

                      WELSH INDUSTRIAL INVESTMENT TRUST plc

                              INTERIM RESULTS 2004

                UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RETURN
                    for the half year ended 5th October, 2004

                  Six months to           Six months to          Year ended
                  5th October, 2004       5th October, 2003      5th April, 2004
                  (Unaudited)             (Unaudited)            (Audited)

                Revenue   Capital   Total   Revenue   Capital   Total   Revenue   Capital   Total
                 £'000     £'000    £'000    £'000     £'000    £'000    £'000     £'000    £'000

Gain/(loss) on
 Investments         -      (728)   (728)         -     1,012    1,012        -       908     908
Income :
Dividend Income    106         -     106         88         -       88      127         -     127
Other investment    13         -      13         12         -       12       29                29
income
Bank interest        2         -       2          3                  3        5                 5
receivable
Other operating
income:
Share dealing and  (1)        -       (1)         -          -       -        22        -       22
other profit/(loss)
                  ______________________________________________________  _______________________
                  120      (728)   (608)       103      1,012   1,115       183      908    1,091

Other expenses   (40)         -     (40)      (41)          -    (41)      (84)        -     (84)
                  ______________________________________________________  _______________________
Return on
ordinary activities
before taxation    80      (728)   (648)        62      1,012   1,115        99      908    1.007

Taxation            -          -       -         -          -       -         -        -        -
                  ______________________________________________________  _______________________
Return on
ordinary           80      (728)   (648)        62      1,012    1,074       99      908    1,007
activities
after taxation

Dividend - Non-     -         -        -         -          -        -       (4)       -      (4)
equity shares

Return on ordinary
activities after
taxation attributable
to equity
shareholders       80      (728)   (648)        62      1,012    1,074       95      908    1,003

Dividend - Equity   -         -        -         -          -        -     (85)        -     (85)
shares
                  ______________________________________________________  _______________________
Transfer to/(from)
reserves           80      (728)   (648)        62      1,012    1,074       10      908      918
                  ______________________________________________________  _______________________

Basic return per
ordinary share   5.9p    (53.9)p (48.0)p      4.6p      75.0p    79.6p     7.0p    67.3p    74.3p
                  ______________________________________________________  _______________________



Notes

  (i)  The revenue column of this statement is the consolidated profit and loss
       account of the group.
  (ii) All revenue and capital items in the above statement derive from continuing
       operations.


                      WELSH INDUSTRIAL INVESTMENT TRUST plc

                              INTERIM RESULTS 2004

                      UNAUDITED CONSOLIDATED BALANCE SHEET
                             as at 5th October, 2004

                       5th October,      5th October,        5thApril,
                               2004              2003             2004
                        (Unaudited)       (Unaudited)         (Audited)
                            £'000             £'000             £'000

Investments
    Securities               4,711             5,514            5,486
                           _______           _______          _______
                             4,711             5,514            5,486
                           _______           _______          _______

Current assets                 129               178              139
Creditors  - amounts
falling due within
one year                      (31)              (28)            (117)
                           _______           _______          _______
Net current assets              98               150               22
                           _______           _______          _______

Total assets less
current liabilities          4,809             5,664            5,508
                           _______           _______          _______

Capital and reserves
Called up share capital        112               112              112
Other reserves
    Capital
    reserve -  realised      4,519             4,511            4,570
    Capital
    reserve - unrealised      (65)               826              663
Revenue reserves               243               215              163
                           _______           _______          _______
Total shareholders' funds    4,809             5,664            5,508
                           _______           _______          _______

Total shareholders' funds
are attributable to:
Equity shareholders          4,764             5,619            5,463
Non-equity shareholders         45                45               45
                           _______           _______          _______
Total shareholders' funds    4,809             5,664            5,508
                           _______           _______          _______

Net asset value per
ordinary share              352.9p            416.2p           404.7p

                           _______           _______          _______


                      WELSH INDUSTRIAL INVESTMENT TRUST plc

                              INTERIM RESULTS 2004

                   UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
                    for the half year ended 5th October, 2004


                               Six months to              Six months to            12 months to
                           5th October, 2004           th October, 2004         5th April, 2004
                                 (Unaudited)                 (Unaudited)              (Audited)
                                       £'000                     £'000                   £'000

Cashflow from operating activities
Investment income received               120                       100                     156
Deposit Interest received                  2                         3                       5
Share dealing profit/loss               (11)                         -                      17
Other income                               -                         -                       3
Other cash payments                     (47)                      (64)                    (47)
                                     _______                   _______                 _______
Net cash inflow from operating
activities                                64                        39                     134
Note 3                               _______                   _______                 _______

Returns on investment
and servicing of finance
Preference dividends paid                  -                         4                       4

Net cash outflow from investments    _______                   _______                 _______
and servicing of finance                   -                       (4)                     (4)
                                     _______                   _______                 _______
Taxation
UK corporation tax (paid)/received         -                         -                       -
          _______                   _______                 _______
                                           -                         -                       -
                                     _______                   _______                 _______

Capital expenditure and
financial investment
Purchase of investments                (164)                     (147)                   (598)
Sale of investments                     160                       260                     635

Net cash (outflow)/inflow from       _______                   _______                 _______
capital expenditure                      (4)                      113                      37
and financial investment             _______                   _______                 _______

Equity dividends paid                   (83)                      (81)                    (84)
                                     _______                   _______                 _______

Cash (outflow)/inflow before
management of liquid resources
and financing                           (23)                        67                      82
                                     _______                   _______                 _______

Management of liquid resources
Sale of securities held for dealing       29                         8                      10
Purchase of securities held for dealing  (22)                        -                     (11)
Loss on dealing in securities              -                         -                       -
                                     _______                   _______                 _______
                                           7                         8                      (1)
                                     _______                   _______                 _______
(Decrease)/increase in cash
Note 4                                   (16)                       75                      81
                                     _______                   _______                 _______


                      WELSH INDUSRTIAL INVESTMENT TRUST plc

                              INTERIM RESULTS 2004



                RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS


                                       Six months to         Six months to        12 months to
                                   5th October, 2004     5th October, 2003     5th April, 2004
                                         (Unaudited)           (Unaudited)           (Audited)
                                             £'000                 £'000               £'000
Attributable to equity shareholders
Profit for the financial period                 80                    62                  99
Dividends                                        -                     -                 (89)
                                           _______               _______             _______
Retained profit/(loss) for the period           80                    62                  10


Net movement on capital reserves             (728)                 1,012                 908
                                           _______               _______             _______
                                             (648)                 1,074                 918

Opening funds                                5,412                 4,545               4,545
                                           _______               _______             _______
Closing funds                                4,764                 5,619               5,463
                                           _______               _______             _______

Attributable to non-equity shareholders
Opening and closing funds                       45                    45                  45
                                           _______               _______             _______

Total shareholders' funds at end of period   4,809                 5,664               5,508
                                           _______               _______             _______




                     WELSH INDUSRTRIAL INVESTMENT TRUST plc

                              INTERIM RESULTS 2004

                         NOTES TO THE INTERIM STATEMENT
                    for the half year ended 5th October, 2004

1.     Basis of preparation

(a)  The  interim  statement  has  been prepared  in  accordance  with  the
     accounting policies as set out in the Group's Report and Accounts  for  the
     year ended 5th April, 2004.
(b)  The interim statement is neither audited nor reviewed. The figures for the
     year ended 5th April, 2004 do not comprise statutory accounts for the purpose of
     section 240 of the Companies Act 1985, and have been extracted from the Group's
     full accounts for that year which received an unqualified Auditors' Report and
     did not contain a statement under section 237(2) or (3) of the Companies Act
     1985. The accounts have been filed with the Registrar of Companies.
(c)  Net asset value per ordinary share is based on the net assets attributable
     to the ordinary shares of £4,764,000 (2003: £5,619,000) and on 1,350,000 (2003:
     1,350,000) ordinary shares in issue at the period end.

2.   The  portfolio  is  not managed against a Benchmark. The  reference  to  the
     Financial  Times  All Share Index in the Chairman's Statement  is  provided
     only  as  a guide to shareholders. The portfolio is managed on a high  risk
     strategy basis.

                                        Six months to         Six months to        12 months to
                                    5th October, 2004     5th October, 2003     5th April, 2004
                                          (Unaudited)           (Unaudited)           (Audited)
                                                £'000                 £'000               £'000

  3    Reconciliation of operating profit to net cash flow from operating activities.

Return on ordinary activities before taxation      80                    62                  99

Net share dealing loss in period                 (10)                     -                 (2)
Decrease/(increase) in debtors                    (4)                     2                  58
(Decrease)/increase in creditors                  (2)                  (25)                (21)

                                               ______                ______              ______
Net cash flow from operating activities            64                    39                 134
                                               ______                ______              ______




  4    Reconciliation of net cash flow to movement in cash.

Balance at beginning of period                    124                    43                  43
Net cash inflow/(outflow)                        (16)                    75                  81
                                               ______                ______              ______
Balance at end of period                          108                   118                 124
                                               ______                ______              ______                                                                                                                                                                     

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