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Welsh Indl.Inv.Tst (WII)

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Friday 10 July, 2009

Welsh Indl.Inv.Tst

Final Results

WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
YEAR ENDED 5 APRIL 2009

Welsh Industrial Investment Trust plc (WII) today announces its preliminary
Results for the year ended 5 April 2009.

CHAIRMAN'S STATEMENT

The year ended 5th April, 2009 has been a difficult one for your company and, as
a consequence, the results for the year to 5 April 2009 show a profit in the
revenue account amounting to £107,334 (2008: £205,354) and a capital loss of
£2,633,450(2008: £1,618,293).

The fall in the revenue profits for the year ended 5 April 2009 arose as a
result of a general reduction in income levels overall but particularly a fall
in interest receivable of £25,899 to £16,898 and a fall in share dealing profits
of £91,820 to £21,985 offset to some extent by a reduction of £35,610 in the
unrealised losses on the securities held for trading in by Welsh Industrial
Securities Limited. As a result the revenue earnings per share were 8.0p
compared to 15.2p last year.

The loss recorded in the capital account is attributable to the fall in value of
the majority of our investments and, in particular, those investments traded on
the AIM Market which overall fell by £1.74m. Of this total SpaceandPeople plc
accounted for £945,000, a fall in value since 5 April 2008 of 63.6%.

As a consequence of these results the net asset value as at 5 April 2009 was
266.0p compared with 461.8p as at 5th April, 2008, a decrease of 42.4%. By
comparison, the FTSE All Shares Index over the same period declined by 32.5%.

From the financial year end to 3 July 2009 the value of the investment
portfolio has increased by 16.6%.  This may be compared with an increase in the
FTSE All Shares Index of 5.5% over the same period.

In my statement last year, I warned shareholders that the increase in dividend
should be treated as exceptional and that the level was unlikely to be repeated.
Accordingly your Board now proposes an ordinary dividend of 6.0p per share for
this year.

We continue to seek interesting investment opportunities in these difficult
market conditions.

A P Stirling
Chairman

10 July 2009



WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2009

                                      2009                         2008
                        Revenue    Capital      Total  Revenue    Capital      Total
                              £          £          £        £          £          £
Income:
Dividend and interest
income                  179,441          -    179,441  221,957          -    221,957
Other operating income   17,909          -     17,909   74,749          -     74,749
                        -------    -------    -------  -------   --------    -------
Total Income            197,350          -    197,350  296,706          -    296,706
Loss on investments
held at fair value            - (2,633,450)(2,633,450)       - (1,618,293)(1,618,293)
Total income and        -------  ---------  ---------  -------  ---------  ---------
gains/(losses) on
investments             197,350 (2,633,450)(2,436,100) 296,706 (1,618,293)(1,321,587)
                        -------  ---------  ---------  -------  ---------  ---------
Expenses
Operating expenses      (86,078)         -    (86,078) (87,414)         -    (87,414)
Finance costs            (3,938)         -     (3,938)  (3,938)         -     (3,938)
                         ------  ---------     ------   ------    -------   --------
                        (90,016)         -    (90,016) (91,352)         -    (91,352)
                         ------  ---------     ------   ------    -------   --------
Profit/(loss)
before taxation         107,334 (2,633,450)(2,526,116) 205,354 (1,618,293)(1,412,939)
Taxation                      -          -          -        -          -          -
                        -------  ---------  ---------  -------  ---------  ---------
Profit/(loss)
for the period          107,334 (2,633,450)(2,526,116) 205,354 (1,618,293)(1,412,939)
                        =======  =========  =========  =======  =========  =========

Basic and diluted loss
per ordinary share                             (187.1)p                      (104.7)p
                                                =====                         =====
Notes
(i)  The total column of this statement represents the Group's Income Statement
     prepared in accordance with IFRSs.

(ii) Dividends - Ordinary shares:
     proposed final dividend of 6p per share (2008: 8.75p) payable
     on 14 August 2009 to shareholders on the register at 24 July 2009
                                              81,000                    118,125
                                             =======                  =========
(iii) The summary of results for the year ended 5 April 2009 does not constitute
statutory accounts within the meaning of s434  of  the Companies Act  2006.  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 2009 statutory  financial  statements  on  which  the
auditors have given an unqualified audit report.  The  full  statutory  accounts
for the year  ended  5  April  2009  are  available  on  the  Company's  website
www.welshindustrial.com and will be posted to shareholders.
(iv)Basic  and  diluted  loss  per  ordinary  share  are  based  on   the   loss
attributable to equity  shareholders  of £2,526,116 (2008:  £1,412,939), and  on
1,350,000 (2008:1,350,000) 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 2009

                                           Year ended 5 April 2009
                                Ordinary
                                   share      Capital     Retained
                                 capital      reserve     earnings        Total
                                       £            £            £            £
Balance as at 6 April 2008        67,500    5,765,285      401,824    6,234,609
Profit/(loss) for the period           -   (2,633,450)     107,334   (2,526,116)
Ordinary dividend paid                 -            -     (118,125)    (118,125)
                               ---------    ---------    ---------    ---------
Balance at 5 April 2009           67,500    3,131,835      391,033    3,590,368
                               =========    =========    =========    =========

                                           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/(loss) 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
                               =========    =========    =========    =========






WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED BALANCE SHEET
AS AT 5 APRIL 2009

                                                2009               2008
Assets                                             £                  £
Non current assets
Financial assets                           2,936,139          5,424,270
                                           ---------          ---------
Total non current assets                   2,936,139          5,424,270
                                           =========          =========
Current assets
Accrued income and prepaid expenses           15,338             15,027
Other current assets                             770              5,543
Cash                                         723,463            877,049
                                           ---------          ---------
Total current assets                         739,571            897,619
                                           ---------          ---------
Total assets                               3,675,710          6,321,889
                                           ---------          ---------
Current liabilities
Trade and other payables                     (40,342)           (42,280)
                                           ---------          ---------
Total current liabilities                    (40,342)           (42,280)
                                           ---------          ---------
Total assets less current liabilities      3,635,368          6,279,609
Non current liabilities
8.75% cumulative preference shares           (45,000)           (45,000)
                                           ---------          ---------
                                             (45,000)           (45,000)
                                           ---------          ---------
Net assets                                 3,590,368          6,234,609
                                           =========          =========

Capital and reserves
Ordinary share capital                        67,500             67,500
Capital reserve                            3,131,835          5,765,285
Retained earnings                            391,033            401,824
                                           ---------          ---------
Total equity attributable to equity
shareholders of the parent                 3,590,368          6,234,609
                                           =========          =========

Net asset value per ordinary share             266.0p             461.8p
                                               =====              =====

Notes
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
(2008:1,350,000) 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 2009

                                            2009      2009       2008      2008
                                               £         £          £         £
Cashflow from operating activities
Investment income received               162,543              179,160
Deposit interest received                 16,898               42,797
Cashflow on margin trading                14,888               85,680
Other income                                 697                1,327
Other cash payments                      (88,327)             (89,277)
                                         -------               ------
Net cash flows from operating activities           106,699              219,687

Cash flows from investing activities
Purchase of investments                 (491,103)            (955,957)
Sale of investments                      352,881              645,953
                                         -------              -------
                                                  (138,222)            (310,004)
Cash flows from financing activities
Preference dividends paid                 (3,938)              (3,938)
Equity dividends paid                   (118,125)             (84,488)
                                         -------              -------
                                                  (122,063)             (88,426)
                                                 ---------              -------
Decrease in cash and cash equivalents             (153,586)            (178,743)
Cash and cash equivalents at start
of period                                          877,049            1,055,792
Cash and cash equivalents at end                 ---------            ---------
of period                                          723,463              877,049
                                                 =========            =========


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

                                                      2009                 2008
                                                         £                    £
Revenue return before taxation                     107,334              205,354
Interest payable                                     3,938                3,938
(Loss)/Profit on sales of securities
   held for dealing                                 (2,324)              12,258
Increase in debtors                                   (311)              (2,977)
(Decrease)/increase in creditors                    (1,938)               1,114
                                                   -------              -------
                                                   106,699              219,687
                                                   =======              =======

The principal accounting policies adopted by the Group are fundamentally the same
as the previous year.  Full disclosure of the principal accounting policies and
related party transactions are included in the financial statements which can be
found on the Company's website www.welshindustrial.com.                                                                                                                                                                                                                           

a d v e r t i s e m e n t