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Welsh Indl.Inv.Tst (WII)

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Friday 11 July, 2008

Welsh Indl.Inv.Tst

Final Results

WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
YEAR ENDED 5 APRIL 2008

CHAIRMAN'S STATEMENT

The results for the year to 5 April 2008 show a profit in the revenue account
amounting to £205,354 against a comparative profit for 2007 of £74,594.

The capital account shows a loss for the period of £1,618,293 which is largely
attributable to the fall in value of our investments in Image Scan Holdings plc
(a fall in value of 81.5%) and Transense Technologies plc (a fall in value of
89%) which accounted for over £1.1m of this loss.

As a consequence of these results the net asset value as at 5 April 2008 was
461.8p compared with 572.8p as at 5 April 2007.

The increase in the revenue profits for the year ended 5 April 2008 arose as a
result of dividend and interest income increasing significantly to £221,957
against £162,921 for the previous year and  the group achieving share dealing
profits of £73,422 replacing losses of £2,344 for last year.  Expenses for the
year remained fairly static increasing marginally to £87,414 against £82,045 in
2007.

There was again a nil charge for tax and, after the preference dividend payment,
the revenue earnings per ordinary share were 15.2p against 5.5p.

The value of the investment portfolio decreased by 22.6% over the year to 5
April 2008 compared with a fall in the FTSE All Share index over the same
period of 8.8%. In addition to those investments mentioned above the worst
performers of the top 10 investments held at the year end were Devro, down
31.6%, London and Associated Properties, down 41.7%, and Avesco Group down
45.7%. On a more positive note the best performers were BATS up 12.5%,
SpaceandPeople plc up 32.5% and Wheelsure Holdings plc up 34.5%. As at 4 July
2008 the value of the investment portfolio has fallen by a further 5.5% but this
should be compared with a fall in the FTSE All Share index of nearly 10% over
the same period. We do however continue to seek further investment opportunities
in these difficult market conditions.

Meanwhile, as a result of the significant increase in revenue profits and in
order to maintain the Company's investment trust status, the Board propose to
increase the ordinary dividend to 8.75p per share, an increase of approximately
39% over that paid last year. Shareholders should be aware however that your
Board consider this level of dividend to be exceptional and current forecasts
indicate that it is unlikely to be repeated next year.

A P Stirling
Chairman

11 July 2008


WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2008

                                        2008                       2007
                          Revenue    Capital      Total  Revenue Capital   Total
                                £          £          £        £      £       £
Income:
Dividend and interest
income                    221,957          -    221,957  162,921      -  162,921
Other operating income     74,749          -     74,749   (2,344)     -  (2,344)
                          -------    -------    -------  ------- ------- -------
Total Income              296,706          -    296,706  160,577      -  160,577
(Loss)/Gain on investments
held at fair value              - (1,618,293)(1,618,293)       - 837,401 837,401
Total income and gains    -------  ---------  ---------  ------- ------- -------
on investments            296,706 (1,618,293)(1,321,587) 160,577 837,401 997,978
                          -------  ---------  ---------  ------- ------- -------
Expenses
Operating expenses        (87,414)         -    (87,414) (82,045)     - (82,045)
Finance costs              (3,938)         -     (3,938)  (3,938)     -  (3,938)
                          -------  ---------  ---------  ------- ------- -------
                          (91,352)         -    (91,352) (85,983)     - (85,983)
                          -------  ---------  ---------  ------- ------- -------
Profit before taxation    205,354 (1,618,293)(1,412,939)  74,594 837,401 911,995
Taxation                        -          -          -        -       -       -
                          -------  ---------  ---------  ------- ------- -------
Profit for the period     205,354 (1,618,293)(1,412,939)  74,594 837,401 911,995
                          =======  =========  =========  ======= ======= =======
Basic and diluted earnings
per ordinary share                               (104.7)p                  67.6p
                                                 =======                 ======
Notes
(i)  Dividends - Ordinary shares:
     proposed final dividend of 8.75p per share (2007: 6.3p) payable
     on 15 August 2008 to shareholders on the register at 25 July 2008
                                             118,125                     85,050
                                             =======                  =========
(ii) The summary of results for the year ended 5 April 2008 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 2008 statutory financial statements  which  will  be
available to shareholders by 18 July 2008. The statutory accounts for the  year
ended 5 April 2008 and the year ended 5 April 2007 received audit reports which
were unqualified, did not include  references  to  any  matters  to  which  the
auditors drew attention by way of emphasis without qualifying their reports 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 2007 have
been delivered to the Registrar of Companies, but the  5  April  2008  accounts
have not yet been filed.
(iii)Basic and diluted earnings per ordinary share  are  based  on  the  return
attributable to equity  shareholders  of £(1,412,939) (2007:  £911,995), and on
1,350,000 (2007:1,350,000) 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 2008

                                           Year ended 5 April 2008
                                Ordinary
                                   share      Capital     Retained
                                 capital      reserve     earnings        Total
                                       £            £            £            £
Balance as at 6 April 2007        67,500    7,383,578      281,520    7,732,598
Profit for the period                  -   (1,618,293)     205,354   (1,412,939)
Ordinary dividend paid                 -            -      (85,050)     (85,050)
                               ---------    ---------    ---------    ---------
Balance at 5 April 2008           67,500    5,765,285      401,824    6,234,609
                               =========    =========    =========    =========

                                           Year ended 5 April 2007
                                Ordinary
                                   share      Capital     Retained
                                 capital      reserve     earnings        Total
                                       £            £            £            £
Balance as at 6 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
                               =========    =========    =========    =========




































WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED BALANCE SHEET
AS AT 5 APRIL 2008

                                                2008               2007
Assets                                             £                  £
Non current assets
Financial assets                           5,424,270          6,654,999
                                           ---------          ---------
Total non current assets                   5,424,270          6,654,999
                                           =========          =========
Current assets
Accrued income and prepaid expenses           15,027             12,050
Other current assets                           5,543             95,361
Cash                                         877,049          1,055,792
                                           ---------          ---------
Total current assets                         897,619          1,163,203
                                           ---------          ---------
Total assets                               6,321,889          7,818,202
                                           ---------          ---------
Current liabilities
Trade and other payables                     (42,280)           (40,604)
Current tax payable                                -                  -
                                           ---------          ---------
Total current liabilities                    (42,280)           (40,604)
                                           ---------          ---------
Total assets less current liabilities      6,279,609          7,777,598
Non current liabilities
8.75% cumulative preference shares           (45,000)           (45,000)
                                           ---------          ---------
                                             (45,000)           (45,000)
                                           ---------          ---------
Net assets                                 6,234,609          7,732,598
                                           =========          =========

Capital and reserves
Ordinary share capital                        67,500             67,500
Capital reserve                            5,765,285          7,383,578
Retained earnings                            401,824            281,520
                                           ---------          ---------
Total equity attributable to equity
shareholders of the parent                 6,234,609          7,732,598
                                           =========          =========

Basic net asset value per ordinary share       461.8p             572.8p
                                           =========          =========

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  (2007:1,350,000) 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 2008

                                            2008      2008       2007      2007
                                               £         £          £         £
Cashflow from operating activities
Investment income received               179,160              138,241
Deposit interest received                 42,797               24,680
Cashflow on margin trading                85,680               (8,241)
Other income                               1,327                    -
Other cash payments                      (89,277)             (67,881)
                                         -------              -------
Net cash flows from operating activities           219,687               86,799

Cash flows from investing activities
Purchase of investments                 (955,957)          (1,093,274)
Sale of investments                      645,953            1,849,419
                                         -------              -------
                                                  (310,004)             756,145
Cash flows from financing activities
Preference dividends paid                 (3,938)              (3,938)
Equity dividends paid                    (84,488)             (84,635)
                                         -------              -------
                                                   (88,426)             (88,573)
(Decrease)/increase in cash and cash             ---------              -------
equivalents                                       (178,743)             754,371
Cash and cash equivalents at start
of period                                        1,055,792              301,421
Cash and cash equivalents at end                 ---------            ---------
of period                                          877,049            1,055,792
                                                 =========            =========


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

                                                      2008                 2007
                                                         £                    £
Revenue return before taxation                     205,354               74,594
Interest payable                                     3,938                3,938
Profit on sales of securities held for dealing      12,258                    -
(Increase)/ decrease in debtors                     (2,977)               7,094
Increase in creditors                                1,114                1,173
                                                   -------              -------
                                                   219,687               86,799
                                                   =======              =======                                                                                                                                                                                                

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