Interim Results - 6 Months to 30 September 1999

Govett Asian Recovery Trust PLC
14 December 1999

           Preliminary Announcement of the unaudited results for
                    the period ended 30th September 1999.

Chairman's Statement

The Trust's Net Asset Value has continued to make progress during the six
months  to  30th  September, rising by 40% from £48.5 million  to  £68.0
million.  The  Net Asset Value per share increased by 41% over  the  same
period. Our benchmark, the Morgan Stanley Capital All Country Asia  (cum
Japan) Index rose by 20%.

There  were  several  reasons for this good  result.  First, the  Trust's
Japanese stock selection which included a number of internet - related
companies performed particularly well over the period.

Secondly, this underweight - but highly selected - position in Japan
allowed  the Trust to maintain its significantly overweight positions  in
South  Korea  and  Singapore, both of which contributed strongly  to  the
Trust's overall performance.

The Trust's deployment of borrowing facilities, while market were rising
strongly, has also contributed strongly to performance. As stated in  the
Listing Particulars, the Trust has the power to borrow up to maximum  of
25%  of  its  Net  Assets, for investment purposes.  During  the  period,
gearing rose to a peak of 18%, before being reduced to 16% for  tactical
reasons by 30th September 1999.

Finally, in the first six months of the Trust's financial year, the shares
have traded at an average discount to Net Asset Value of 17.5%, compared
to 26.8% in  the  previous  period.  During  that  period,  the  Trust
repurchased 200,000 shares at a discount of 17% which added 2.4p to the
net  asset value per share. The Board has been and will remain alert to
opportunities to enhance shareholder value through the repurchase of the
Company's shares.

While in the short term Asian markets may not be as buoyant as in the
recent past, we believe that the long-term prospects of the region remain
good.

David Price, Chairman
14th December 1999


                    
           Preliminary Announcement of the unaudited results for
                    the period ended 30th September 1999.

Unaudited Interim Report

Statement of Total Return (incorporating the Revenue Account)

Sterling                         Half year ended                 Period ended
                             30th September 1999              31st March 1999
                     Revenue    Capital    Total    Revenue   Capital   Total
                       £000s      £000s    £000s      £000s     £000s   £000s

Realised and               -     20,466   20,466          -    10,179  10,179 
unrealised gains on
investments

Net foreign currency       -      (660)    (660)          -       786     786
exchange differences

Income from investments  425          -      425        385         -     385

Cash enhancement           -          -        -          -       561     561 
from manager

Deposit interest           8          -        8         17         -      17

Investment management  (273)          -    (273)      (172)         -   (172)
fee

Other (expenses)/      (106)          5    (101)      (140)      (30)   (170)
receipts

Net return before        54      19,811   19,865         90    11,496  11,586
finance costs and
taxation

Interest payable       (35)            -    (35)       (21)         -    (21)

Return on ordinary       19       19,811  19,830         69    11,496  11,565
activities before
taxation

Tax on ordinary        (48)            -     (48)       (36)        -    (36)
activities

Return on ordinary     (29)       19,811   19,782         33   11,496  11,529
activities after 
taxation

Return per          (0.08)p       53.49p   53.41p      0.09p   30.81p  30.90p
Ordinary Share

All the revenue and capital items in the above statement derive from continuing
activities.

Return per ordinary share is based on 37,040,110 shares, being the weighted
average number of Ordinary shares in issue during the period.


            Preliminary Announcement of the unaudited results for
                    the period ended 30th September 1999.


Unaudited Interim Report continued

Balance Sheet at 30th September 1999
                                             30th September     31st March
                                                       1999           1999
                                                      £000s          £000s

Investments at valuation                             74,239         51,002

Net current liabilities                             (6,267)        (2,503)

Provisions for liabilities and charges                  (4)            (4)
                                                    -------        -------
Net assets                                           67,968         48,495
                                                    -------        -------
Net asset value per share                           184.08p        130.64p
                                                    -------        -------


The net asset value per ordinary share is based on the Company's net
assets and on 36,922,077 ordinary shares in issue at the period end.

The  figures and financial information for the period ended 31st March
1999  are  an  extract  from the latest published  accounts  and  do  not
constitute statutory accounts for the period as defined by section 240 of
the Companies Act 1985.

Those  accounts, which have been delivered to the Registrar of Companies,
included  the report of the auditors which was unqualified and did not
contain a statement under either section 237(2) or section 237(3) of the
Companies Act.