Interim Results

British Empire Sec & Gen Tst PLC
11 May 2007




BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Announcement of un-audited results for the six months ended 31 March 2007, approved by the Board of Directors on 
9 May 2007.


Objective

The investment objective of the Company is to achieve capital growth through a focused portfolio of investments,
particularly in companies whose share prices stand at a discount to estimated underlying net asset value.


                                                           As at                  As at
                                                   31 March 2007      30 September 2006       % change
 Capital return
 Net assets                                             £758.28m               £701.29m           8.13
 Net asset value per share                               473.68p                438.08p           8.13
 Share price (mid market)                                464.25p                453.50p           2.37
 Premium/(discount)                                      (1.99%)                  3.52%              -

                                                   Six months to          Six months to
                                                   31 March 2007          31 March 2006
 Revenue earnings and dividends
 Revenue earnings per share                                2.71p                  2.08p
 Interim dividend per share                                1.40p                  0.80p
                                                   Six months to                Year to
                                                   31 March 2007      30 September 2006
 Performance comparison
 British Empire Securities and General Trust plc           9.09%                 14.33%
 (NAV total return)
 Morgan Stanley Capital International World Index          6.00%                  8.67%
 (£ adjusted total return)
 Datastream Global Growth Investment Trust Index*          8.89%                 12.07%



* Index (based on total return) is subject to daily revision and the latest
published figure is at 4 April 2007




Chairman's Statement
The Net Asset Value of your Company has continued to grow in the first half of the year, up by 9.1% slightly ahead of
the rise of 8.9% in our benchmark index on a total return basis.  This steady performance however has not been
reflected in our share price with our shares now trading at a 2% discount to Net Asset Value rather than the 3.5%
premium at the end of the last financial year.

We remained cautious in the first half, banking some profits where underlying discounts appeared to us to have
narrowed, and building up our holdings in some sectors and in European investment companies many of which still appear
to trade at significant discounts to true value.  As a result we believe there remains a significant and increasing
store of value for our shareholders when the underlying worth of our investments is taken into account.

In accordance with our stated intention to pay interim dividends at around 35% of the previous year's total ordinary
dividends we are increasing the interim dividend this year from 0.8p per share to 1.4p per share.  The interim dividend
will be payable on 8 June 2007 to shareholders on the register at 25 May 2007 (ex-dividend 23 May 2007).  We shall make
our recommendation on our full year's final dividend to shareholders later in the year in the light of the annual
accounts and trading conditions at the time.

Iain Samuel Robertson CBE
Chairman
11 May 2007


Consolidated Income Statement


                             For the six months to 31    For the six months to 31              For the year to 30
                               March 2007 (unaudited)      March 2006 (unaudited)        September 2006 (audited)

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

 Income
 Investment income           8,657         -     8,657     7,145         -    7,145     16,626         -    16,626
 Gains on investments            -    61,379    61,379         -   131,749  131,749          -    85,053    85,053
  held at fair value
 Losses on Index Stock           -   (1,281)   (1,281)         -     (436)    (436)          -       (7)       (7)
 Realised exchange               -       159       159         -   (1,556)  (1,556)          -   (2,343)   (2,343)
  gains/(losses)
                             8,657    60,257    68,914     7,145   129,757  136,902     16,626    82,703    99,329
 Expenses
 Investment                (1,213)   (1,262)   (2,475)   (1,005)   (3,606)  (4,611)    (2,006)   (3,685)   (5,691)
 management fee
 (including
irrecoverable
 VAT)
 Other expenses              (542)         -     (542)     (570)         -    (570)    (1,221)         -   (1,221)
 (including
irrecoverable
 VAT)
 Profit before finance       6,902    58,995    65,897     5,570   126,151  131,721     13,399    79,018    92,417
 costs and tax
 Finance costs             (1,187)       (4)   (1,191)   (1,198)       (4)  (1,202)    (2,391)       (8)   (2,399)

 Profit before tax           5,715    58,991    64,706     4,372   126,147   130,519    11,008    79,010    90,018
 Taxation                  (1,373)       379     (994)   (1,047)       789     (258)   (2,488)     1,105   (1,383)
 Profit for the              4,342    59,370    63,712     3,325   126,936   130,261     8,520    80,115    88,635
 period

 Earnings per Ordinary Share
 (see note 2)
 Basic - Ordinary Shares     2.71p    37.09p    39.80p     2.08p    79.30p    81.38p     5.32p   50.05p     55.37p


The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS.  The
revenue return and capital return columns are supplementary to this and are prepared under the guidance published by
the Association of Investment Companies.

All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of British Empire Securities and General Trust plc.

There are no minority interests.



Consolidated Statement of Changes in Equity

                     Ordinary       Capital                Capital      Capital
                        share    redemption     Share      reserve      reserve    Merger   Revenue
                      capital       reserve   premium     realised   unrealised   reserve   reserve        Total
                        £'000         £'000     £'000        £'000        £'000     £'000     £'000        £'000
For the six months to
31 March 2006
(unaudited)

Balance at 30          16,008         2,927    28,078      351,854      162,416    41,406    16,050      618,739
September 2005
Profit for the              -             -         -       96,633       30,303         -     3,325      130,261
period
Ordinary dividend           -             -         -            -            -         -   (2,561)      (2,561)
paid
Special dividend            -             -         -            -            -         -   (2,241)      (2,241)
paid
Balance at 31 March    16,008         2,927    28,078      448,487      192,719    41,406    14,573      744,198
2006


For the year to
30 September 2006 (audited)

Balance at 30            16,008         2,927    28,078     351,854      162,416    41,406    16,050     618,739
September 2005
Profit for the                -             -         -     144,369     (64,254)         -     8,520      88,635
period
Ordinary dividends            -             -         -           -            -         -   (3,842)     (3,842)
paid
Special dividend              -             -         -           -            -         -   (2,241)     (2,241)
paid
Balance at 30            16,008         2,927    28,078     496,223       98,162    41,406    18,487     701,291
September 2006


For the six months to
31 March 2007
(unaudited)

Balance at 30           16,008         2,927    28,078      496,223      98,162    41,406    18,487     701,291
September 2006
Profit for the               -             -         -       13,630      45,740         -     4,342      63,712
period
Ordinary dividend            -             -         -            -           -         -   (5,122)     (5,122)
paid
Special dividend             -             -         -            -           -         -   (1,601)     (1,601)
paid
Balance at 31 March     16,008         2,927    28,078      509,853     143,902    41,406    16,106     758,280
2007






Consolidated Balance Sheet
                                                                   As at             As at                 As at
                                                           31 March 2007     31 March 2006     30 September 2006
                                                             (unaudited) (unaudited) £'000             (audited)
                                                                   £'000                                  £'000
                                               Notes
Non current assets
Investments held at fair value through profit   1(g)             787,370           755,435               731,173
or loss
Current assets
Investments                                                            5                 5                     5
Sales for future settlement                                        2,293            20,408                 1,738
Other receivables                                                  4,434             2,640                 3,586
Cash and cash equivalents                                          2,616             5,435                 9,245
                                                                   9,348            28,488                14,574
Total assets                                                     796,718           783,923               745,747
Current liabilities
Purchases for future settlement                                  (3,501)           (3,974)               (9,423)
Other payables                                                   (2,373)           (4,078)               (3,803)
                                                                 (5,874)           (8,052)              (13,226)
Total assets less current liabilities                            790,844           775,871               732,521
Non-current liabilities
10 3/8 per cent Debenture Stock 2011                             (8,515)           (8,515)               (8,515)
8 1/8 per cent Debenture Stock 2023                             (14,882)          (14,875)              (14,879)
Index Stock                                                      (8,603)           (8,138)               (7,518)
Provision for deferred tax                                         (564)             (145)                 (318)


Net assets                                                       758,280           744,198              701,291
Equity attributable to equity Shareholders
Ordinary share capital                                            16,008            16,008               16,008
Capital redemption reserve                                         2,927             2,927                2,927
Share premium                                                     28,078            28,078               28,078
Capital reserve realised                                         509,853           448,487              496,223
Capital reserve unrealised                                       143,902           192,719               98,162
Merger reserve                                                    41,406            41,406               41,406
Revenue reserve                                                   16,106            14,573               18,487


Total equity                                                     758,280           744,198               701,291
Net asset value per Ordinary Share:- basic      5                473.68p           464.89p               438.08p
Number of shares in issue                                    160,080,089       160,080,089           160,080,089






Consolidated Cash Flow Statement
                                                         Six months to       Six months to
                                                         31 March 2007       31 March 2006              Year to
                                                           (unaudited)         (unaudited)    30 September 2006
                                                                 £'000               £'000            (audited)
                                                                                                          £'000
Net cash inflow from operating activities                          131               9,383               15,452
(see below)

Financing activities
Dividends paid                                                 (6,723)             (4,802)              (6,083)
Buyback of Index Stock                                           (196)                   -                (191)
Cash outflow from financing activities                         (6,919)             (4,802)              (6,274)
Increase in cash and cash equivalents                          (6,788)               4,581                9,178
Exchange movements                                                 159             (1,556)              (2,343)
Change in cash and cash equivalents                            (6,629)               3,025                6,835
Cash and cash equivalents at beginning of period                 9,245               2,410                2,410
Cash and cash equivalents at end of period                       2,616               5,435                9,245


Reconciliation of profit before taxation to net cash inflow from operating activities

Profit before taxation                                          64,706             130,519              90,018
Losses on Index Stock held at fair value                         1,281                 436                   7
(Gains)/losses on exchange movements                             (159)               1,556               2,343
Gains on investments held at fair value through               (61,379)           (131,749)            (85,053)
profit or loss
Purchases of investments                                     (218,353)           (295,536)           (553,088)
Sales of investments                                           217,057             303,312             562,549
(Increase)/decrease in other receivables                         (998)                 213               (590)
(Decrease)/increase in creditors                               (1,887)                 846                  12
Taxation                                                         (141)               (218)               (754)
Amortisation of reorganisation costs                                 4                   4                   8
Decrease in value on investments - current assets                    -                   -                   1
Purchase of investments - current assets                             -                   -                 (1)
Net cash inflow from operating activities                          131               9,383              15,452






Notes to the Financial Statements

1.  Significant accounting policies

The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards
('IFRS'). The accounting policies and methods of computation followed in these interim financial statements are
consistent with the most recent annual financial statements.

These financial statements are presented in sterling because this is the currency of the primary economic environment
in which the Group operates.

2. Earnings per Ordinary Share

The basic revenue earnings per Ordinary Share is based on Group revenue after taxation for the six months to 31 March
2007 of £4,342,000 (six months to 31 March 2006: £3,325,000; year ended 30 September 2006: £8,520,000) and on
160,080,089 (six months to 31 March 2006: 160,080,089, year ended 30 September 2006: 160,080,089) Ordinary Shares,
being the weighted average number of Ordinary Shares in issue during the period.

The basic capital earnings per Ordinary Share is based on Group net gains for the six months to 31 March 2007 of
£59,370,000 (six months to 31 March 2006: £126,936,000; year ended 30 September 2006: £80,115,000) and on 160,080,089
(six months to 31 March 2006: 160,080,089, year ended 30 September 2006: 160,080,089) Ordinary Shares, being the
weighted average number of Ordinary Shares in issue during the period.

The total basic earnings per Ordinary Share is based on Group net gains for the six months to 31 March 2007 of
£63,712,000 (six months to 31 March 2006: £130,261,000; year ended 30 September 2006: £88,635,000) and on 160,080,089
(six months to 31 March 2006: 160,080,089, year ended 30 September 2006: 160,080,089) Ordinary Shares, being the
weighted average number of Ordinary Shares in issue during the period.


3. Comparative information

The financial information contained in this interim report does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. The financial information for the six months ended 31 March 2007 and 31 March 2006 has
not been audited.

The information for the year ended 30 September 2006 has been extracted from the latest published audited financial
statements. The audited financial statements for the year ended 30 September 2006 have been filed with the Registrar
of Companies. The report of the auditors on those accounts contained no qualification or reference to any matters to
which the auditors drew attention by way of emphasis without qualifying the audit report or statement under section 237
(2) or (3) of the Companies Act 1985.


4. Retained earnings

The table below shows the movement in the retained earnings analysed between revenue and capital items.

                                                               Revenue             Capital               Total
                                                                 £'000               £'000               £'000
At 30 September 2006                                            18,487             594,385             612,872
Movement during the period:
Net income for the period                                        4,342              59,370              63,712
Ordinary dividend paid: Ordinary Shares                        (5,122)                   -             (5,122)
Special dividend paid: Ordinary Shares                         (1,601)                   -             (1,601)
At 31 March 2007                                                16,106             653,755             669,861




5. Net asset value per Ordinary Share

The net asset value per Ordinary Share is based on the net assets of £758,280,000 (six months to 31 March 2006:
£744,198,000; year ended 30 September 2006: £701,291,000) and on 160,080,089 (six months to 31 March 2006: 160,080,089,
year ended 30 September 2006: 160,080,089) Ordinary Shares, being the number of Ordinary Shares in issue at the period
end.


6. Equities Index Unsecured Loan Stock 2013

During the period the Company bought back 61,769 units of Equities Index Loan Stock 2013 for cancellation at a cost of
£196,000.


7. Dividends

During the period the Company paid a final dividend of 3.20p per Ordinary Share and a special dividend of 1.00p per
Ordinary Share for the year ended 30 September 2006 on 5 January 2007 to Ordinary Shareholders on the register at 15
December 2006 (ex-dividend 13 December 2006).
The interim dividend of 1.40p per Ordinary Share for the year ending 30 September 2007 will be paid on 8 June 2007 to
Ordinary Shareholders on the register at 25 May 2007 (ex-dividend 23 May 2007).


8. The results for the first six months should not be taken as a guide to the full year's results.


9. The Interim Report will be sent to shareholders shortly.




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