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Welsh Indl.Inv.Tst (WII)

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Thursday 12 July, 2007

Welsh Indl.Inv.Tst

Final Results

WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
YEAR ENDED 5 APRIL 2007

CHAIRMAN'S STATEMENT

The revenue profit before taxation for the year ended 5th April 2007 was £74,594
against £137,209 for the previous  year.   Whilst dividend and  interest  income
amounted to £162,921 against £185,168, share dealing losses of  £2,344  replaced
profits of £40,622 in the previous  year.   Expenses for the year  were  £82,045
against £84,643.  There was again a nil charge for tax and, after the preference
dividend payment, the revenue earnings per ordinary share was 5.5p against 10.2p

The NAV per share as at 5th April, 2007 was 572.8p which represents an  increase
Of 12.0% against the reported figures for last year.  During the same period the
FT All Shares Index rose by 8.0%.

The best performing shares were British American Tobacco plc, SpaceandPeople plc
and Transense Technologies plc.

We continue to seek further growth opportunities for investment.  Meanwhile  the
Board propose to maintain the ordinary dividend at 6.3p per share.

A P Stirling
Chairman


11th July, 2007























WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2007

                                        2007                     2006
                             Revenue Capital   Total  Revenue Capital     Total
                                   £       £       £        £       £         £
Income:
Dividend and Interest income 162,921       - 162,921  185,168       -   185,168
Other operating income        (2,344)      -  (2,344)  40,622       -    40,622
                             ------- ------- -------  ------- ------- ---------
Total Income                 160,577       - 160,577  225,790       -   225,790
Gains on investments held at
fair value                         - 837,401 837,401        - 821,042   821,042
Total income and gains on    ------- ------- -------  ------- ------- ---------
investments                  160,577 837,401 997,978  225,790 821,042 1,046,832
                             ------- ------- -------  ------- ------- ---------
Expenses
Operating expenses           (82,045)      - (82,045) (84,643)      -   (84,643)
Finance costs                 (3,938)      -  (3,938)  (3,938)      -    (3,938)
                             ------- ------- -------  ------- ------- ---------
                             (85,983)      - (85,983) (88,581)      -   (88,581)
                             ------- ------- -------  ------- ------- ---------
Profit before taxation        74,594 837,401 911,995  137,209 821,042   958,251
Taxation                           -       -       -        -       -         -
                             ------- ------- -------  ------- ------- ---------
Profit for the period         74,594 837,401 911,995  137,209 821,042   958,251
                             ======= ======= =======  ======= ======= =========
Basic and diluted earnings
per ordinary share                              67.6p                      71.0p
                                             =======                  =========
Notes
(i)  Dividends - Ordinary shares:
     proposed final dividend of 6.3p per share (2006: 6.3p) payable
     on 17 August 2007 to shareholders on the register at 20 July 2007
                                              85,050                     85,050
                                             =======                  =========
(ii)The summary of results for the year ended 5 April  2007 does not constitute
statutory accounts within the meaning of s240  of  the Companies Act  1985. The
consolidated  income  statement,  consolidated  balance   sheet,   consolidated
statement of changes in equity and consolidated cash flow statement  have  been
extracted from the Group's 2007 statutory financial statements  which  will  be
available to shareholders by 20 July  2007. The statutory accounts for the year
ended 5 April 2007 and the year ended 5 April 2006 received audit reports which
were unqualified and did not contain statements under Section 237(2) or Section
237(3) of the Companies Act 1985. The statutory accounts for the year  ended  5
April 2006 have been delivered to the Registrar of Companies, but  the 5  April
2007 accounts have not yet been filed.
(iii)Basic and diluted earnings per ordinary share  are  based  on  the  return
attributable to equity  shareholders  of  £911,995  (2006:  £958,251),  and  on
1,350,000 (2006:1,350,000) ordinary shares being the weighted average number of
those in issue during the year.











WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2007

                                           Year ended 5 April 2007
                                Ordinary
                                   share      Capital     Retained
                                 capital      reserve     earnings        Total
                                       £            £            £            £
Balance as at 5 April 2006        67,500    6,546,177      291,976    6,905,653
Profit for the period                  -      837,401       74,594      911,995
Ordinary dividend paid                 -            -      (85,050)     (85,050)
                               ---------    ---------    ---------    ---------
Balance at 5 April 2007           67,500    7,383,578      281,520    7,732,598
                               =========    =========    =========    =========

                                           Year ended 5 April 2006
                                Ordinary
                                   share      Capital     Retained
                                 capital      reserve     earnings        Total
                                       £            £            £            £
Balance as at 5 April 2005        67,500    5,725,135      239,817    6,032,452
Profit for the period                  -      821,042      137,209      958,251
Ordinary dividend paid                 -            -      (85,050)     (85,050)
                               ---------    ---------    ---------    ---------
Balance at 5 April 2006           67,500    6,546,177      291,976    6,905,653
                               =========    =========    =========    =========




































WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED BALANCE SHEET
AS AT 5 APRIL 2007

                                                2007               2006
Assets                                             £                  £
Non current assets
Investments held at fair value             6,654,999          6,596,280
                                           ---------          ---------
Total non current assets                   6,654,999          6,596,280
                                           =========          =========
Current assets
Accrued income and prepaid expenses           12,050             19,144
Other current assets                          95,361             72,824
Cash and cash equivalents                  1,055,792            301,421
                                           ---------          ---------
Total current assets                       1,163,203            393,389
                                           ---------          ---------
Total assets                               7,818,202          6,989,669
                                           ---------          ---------
Current liabilities
Trade and other payables                     (40,604)           (39,016)
Current tax payable                                -                  -
                                           ---------          ---------
Total current liabilities                    (40,604)           (39,016)
                                           ---------          ---------
Total assets less current liabilities      7,777,598          6,950,653
Non current liabilities
8.75% cumulative preference shares           (45,000)           (45,000)
                                           ---------          ---------
                                             (45,000)           (45,000)
                                           ---------          ---------
Net assets                                 7,732,598          6,905,653
                                           =========          =========

Capital and reserves
Ordinary share capital                        67,500             67,500
Capital reserve                            7,383,578          6,546,177
Retained earnings                            281,520            291,976
                                           ---------          ---------
Total equity attributable to equity
shareholders of the parent                 7,732,598          6,905,653
                                           =========          =========

Basic net asset value per ordinary share       572.8p             511.5p
                                           =========          =========

Notes
Basic  net  asset  value  per  ordinary  share  is  based   on   total   equity
attributable to equity shareholders of the  parent  at  the  year  end  and  on
1,350,000  (2006:1,350,000) ordinary shares being the number of ordinary shares
in issue at the year end.











WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2007

                                            2007      2007       2006      2006
                                               £         £          £         £
Cashflow from operating activities
Investment income received               138,241              176,948
Deposit interest received                 24,680                8,220
Cashflow on margin trading                (8,241)                (465)
Other income                                   -                1,955
Other cash payments                      (67,881)             (93,743)
                                         -------              -------
Net cash flows from operating activities            86,799               92,915

Cash flows from investing activities
Purchase of investments               (1,093,274)            (923,259)
Sale of investments                    1,849,419              852,049
                                         -------              -------
                                                   756,145              (71,210)
Cash flows from financing activities
Preference dividends paid                 (3,938)              (3,938)
Equity dividends paid                    (84,635)             (84,560)
                                         -------              -------
                                                   (88,573)             (88,498)
Increase/(decrease) in cash and cash             ---------              -------
equivalents                                        754,371              (66,793)
Cash and cash equivalents at start
of period                                          301,421              368,214
Cash and cash equivalents at end                 ---------              -------
of period                                        1,055,792              301,421
                                                 =========              =======


NOTES TO THE CONSOLIDATED CASHFLOW STATEMENT
RECONCILIATION OF OPERATING PROFIT TO OPERATING CASH FLOWS

                                                      2007                 2006
                                                         £                    £
Revenue return before taxation                      74,594              137,209
Interest payable                                     3,938                3,938
Profit on sales of securities held for dealing           -              (12,388)
Decrease/ (increase) in debtors                      7,094              (41,525)
Increase/(decrease)in creditors                      1,173                5,681
                                                   -------              -------
                                                    86,799               92,915
                                                   =======              =======                                                                                                                                                                                                                                                   

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