Interim Results

Piccadilly Growth Trust Plc
24 December 1999


                         PICCADILLY GROWTH TRUST PLC                          
                PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS                 


The Directors announce the unaudited statement of results for the period ended
31 October 1999 as follows:

SUMMARISED STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) FOR
THE PERIOD ENDED 31 OCTOBER 1999
                                       1 May 1999              1 Jan 1998 
                                     to 31 Oct 1999          to 16 Oct 1998

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

(Losses)/Gains on investments     -     (171)    (171)     -     122     122
Exchange loss on Capital items    -       (5)      (5)     -      -       -

Income     
Continuing activities     
 - dividends and interest        139      -       139     199     -      199
Discontinued activities**         -       -        -       79     -       79

Investment management fee         -      (69)     (69)     -     (18)    (18)

Other expenses                   (36)     -       (36)    (64)    -      (64)
exceptional costs 
-discontinued activities          -       -        -     (145)    -     (145)
                                 ---     ---      ---     ---    ---     ---
Net return on ordinary
activities before finance
costs and taxation
-continuing activities           103    (245)    (142)    135    104     239
-discontinued activities          -       -        -      (66)    -      (66)
                                 ---     ---      ---     ---    ---     ---  
                                 103    (245)    (142)     69    104     173
Interest payable and    
similar charges                    -     (32)     (32)      -      -       -
                                 ---     ---      ---     ---    ---     ---

Return on ordinary 
activities before tax            103    (277)    (174)     69    104     173 

Tax on ordinary activities       (23)      7      (16)    (46)   (38)    (84)
                                 ---     ---      ---     ---    ---     --- 
Return on ordinary                                                           
activities after 
tax for the period                80    (270)    (190)     23     66      89

Dividends in respect
 of equity shares                (74)      -      (74)   (102)     -    (102)
                                 ---     ---      ---     ---    ---     --- 
Transfer to/(from) reserves        6    (270)    (264)    (79)    66     (13)
                                 ===     ===      ===     ===    ===     === 
Return per                      0.97p  (3.27)p  (2.30)p  0.46p  1.33p   1.79p
Ordinary Share                  ====    ====     ====    ====   ====    ====
 









SUMMARISED STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) FOR
THE PERIOD ENDED 31 OCTOBER 1999
                                      1 Jan 1998 
                                    to 30 Jun 1998 
                                      Restated***     
                                 Revenue Capital  Total
                                  £'000   £'000   £'000

Gains on investments                -     1,015   1,015
Exchange loss on Capital items      -        -       - 

Income     
Continuing activities                             
 - dividends and interest          102       -      102
Discontinued activities**           71       -       71

Investment management fee           -       (15)    (15)

Other expenses                     (45)      -      (45)
exceptional costs 
-discontinued activities          (132)      -     (132)  
                                   ---     ----    ---- 
Net return on ordinary
activities before finance
costs and taxation
-continuing activities              57    1,000   1,057
-discontinued activities           (61)      -      (61)
                                   ---     ----    ---- 
                                    (4)   1,000     996
Interest payable and                -        -       -
similar charges                    ---     ----    ---- 

Return on ordinary 
activities before tax               (4)   1,000     996 

Tax on ordinary activities         (27)    (113)   (140) 
                                   ---     ----    ---- 
Return on ordinary                                                           
activities after 
tax for the period                 (31)     887     856

Dividends in respect
of equity shares                   (55)      -      (55)
                                   ---     ----    ---- 
Transfer (from)/to reserves        (86)     887     801 
                                   ===     ====    ====   
Return per                       (0.61)p  17.68p  17.07p 
Ordinary Share                    ====    =====   ===== 
 
*  The revenue column of this statement is the revenue account of the Company.
** The Company converted from an unlisted investment company to an investment
trust company and was listed on the London Stock Exchange on 16 October 1998. 
As a result of the decision for the Company to become a listed investment
trust and change its investment objectives, the Company divested of its
investment properties (discontinued activities).  The investment objective, as
set out in the Prospectus, is to seek long-term capital growth from a
pan-European investment portfolio.

*** As there are no results available for the corresponding period of the
preceding financial year, the comparative information covers the six month
period to 30 June 1998 and the period 1 January 1998 to 16 October 1998.  The
results for the six month period to 30 June 1998 have been restated to comply
with the Statement of Recommended Practice 'Financial Statements of Investment
Trust Companies'.

The results for the six months to 31 October 1999 have been prepared using
accounting standards and policies adopted at the period ending 30 April 1999.


SUMMARISED BALANCE SHEET:
as at 31 October 1999
                                 As at        As at        As at        As at
                                31 Oct       16 Oct       30 Apr       30 Jun
                                  1999         1998         1999         1998
                                 £'000        £'000        £'000        £'000
Fixed assets                                                   
Investments                     10,413        4,353       10,558        7,681*

Net current                     (1,231)       3,385       (1,111)        (116)
(liabilities)/assets         
Creditors due after one year
 - taxation                          -            -            -         (127)
                                 -----        -----        -----        ----- 
Net Assets attributable          9,182        7,738        9,447        7,438
to ordinary shareholders         -----        -----        -----        -----

Current period (revenue)/
deficit                             (6)           -            -           86
                                ------        -----        -----        -----

Total net assets                 9,176        7,738        9,447        7,524 
for the purpose of              ------        -----        -----        ----- 
calculating the 
net asset value
per Ordinary Share
                                   
Net asset value per 
Ordinary Share                  111.31p      93.86p       114.59p     150.04p
                                ======       =====        ======      ====== 


* Includes investment properties valued at £1,752,000 which were divested
prior to the Company converting to an investment trust company.

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  The comparative financial
information is based on the statutory accounts for the period ended 16 October
1998 and period ended 30 April 1999.  Those accounts, upon which the auditors
issued an unqualified opinion, have been delivered to the Registrar of
Companies. 


EARNINGS and DIVIDEND

The Directors have declared the payment of an interim dividend in respect of
the period ended 31 October 1999 of 0.9p net per Ordinary 1p Share, payable on
28 February 2000 to all those on the Register of Members as at 21 January
2000.

The financial statements cover the period 1 May 1999 to 31 October 1999.  The
net return after taxation during the period amounted to £80,000 (period to 30
April 1999: £44,000).


CHAIRMAN'S COMMENTS

The six-month period to 31 October 1999 has seen dull European markets with
the Piccadilly portfolio under-performing slightly. The net asset value
('NAV') of your trust declined by 2.86% compared to a decline of 1.43% in the
benchmark FTS&P(£) Index. It is disappointing to have to record an
under-performance but I am comforted by knowing that the figures since the
launch NAV, based on a placing price of 92.51p net of issue expenses, remain
above benchmark (+20.34% compared with +19.03%) and that the latest month,
November, shows a significant improvement in relative performance (+6.67%
compared with +4.54% for the Index).

One of the reasons for the under-performance is that our borrowings are in
sterling, which has been strong against the Euro. We are investigating the
possibility of modifying our borrowings from sterling to multi-currency so
that in future we can reduce this effect. The other main reason was that in
the July to October quarter value orientated stocks outperformed whilst growth
stocks under-performed. Piccadilly does focus on growth stocks and whilst
there will be periods when these are not in favour, we expect that over the
longer term we will outperform. Indeed this is borne out by the sharp recovery
in November.

The Board approved an increase in the Manager's borrowing limit to £1.6
million in September because markets had fallen back and there were a number
of situations that the Manager wished to exploit.

The Directors are pleased to declare an interim dividend of 0.9p net per
Ordinary Share and in the absence of unforeseen circumstances expect to
recommend a final dividend of 0.9p net per Ordinary Share.  These dividends
will be paid at the end of February and August 2000 respectively.

Details of the largest investments together with country and sector analyses
were contained in the two quarterly Manager's Investment Reports, which
Shareholders should have received in August and October. Copies of these are
available from Malcolm King at JO Hambro Capital Management Limited, the
Manager, on 0171 222 2020.  




                     ...........................
                      Peter Metcalfe (Chairman)
                           24 December 1999