Final Results

British & American Inv Trust PLC
30 April 2002

Directors Registered office

Jonathan C Woolf (Chairman and Managing Director)     Wessex House

Dominic G Dreyfus (Non-executive)                     1 Chesham Street

J Anthony V Townsend (Non-executive)                  London SW1X 8ND

Ronald G Paterson (Non-executive)                     Telephone: [phone]

                                                         Registered in England

                                                         No.433137

                                                         29 April 2002





Financial Highlights

For the year ended 31 December 2001

                             2001                                         2000
                             Revenue        Capital        Total          Revenue       Capital           Total
                             £000           £000           £000           £000          £000              £000
Return before taxation       2,066          (10,422)       (8,356)        1,729         (3,253)           (1,524)
                             __________     __________     __________     __________    _________         __________
Earnings per £1 ordinary
share - basic                6.58p          (41.69)p       (35.11)p       5.38p         (13.01)p          (7.63)p
                             __________     __________     __________     __________    _________         __________
Earnings per £1 ordinary
share - diluted              5.70p          (29.78)p       (24.08)p       4.84p         (9.29)p           (4.45)p
                             __________     _________      __________     __________    _________         __________
Net asset value                                            38,802                                         49,416
                                                           __________                                     __________
Net assets per ordinary
share
- deducting preference
shares at par                                              115p                                           158p
                                                           __________                                     __________
- diluted                                                  111p                                           141p
                                                           __________                                     __________

Diluted net asset value per                                112p
ordinary share at 24 April
2002 (2000: 20 April 2001)
                                                                                                          138p
                                                           __________                                  __________



Chairman's Statement

I report our results for the year ended 31 December 2001.

The return on revenue account before tax amounted to £2.1 million (2000: £1.7
million). Gross income amounted to £2.5 million (£2.2 million), of which £2.2
million (2000: £2.0 million) represented income from investments and £0.3
million (2000: £0.2 million) film and other income. Total return before tax,
including realised and unrealised capital appreciation, amounted to a loss of
£8.4 million (2000: loss of £1.5 million).

The return on revenue account per ordinary share was 6.6p (5.4p) on an undiluted
basis and 5.7p (4.8p) on a diluted basis.

Group net assets were £38.8 million (£49.4 million), a decrease of 21.4 percent.
This compares to a decrease over the same period of 16.2 percent in the FT-SE
100 share index and 15.4 percent in the All Share index. After adding back the
dividends paid and proposed for the year, which reduced net assets by £2.2
million, the decline in group net assets over the year was 17.0 percent. By
comparison, the total return over the year in the FT-SE index was a decline of
14.1 percent and in the All Share Index was a decline of 13.1 percent. The net
asset value per ordinary share decreased to 111p (141p) on a diluted basis.
Deducting preference shares at par, the net asset value per ordinary share
decreased to 115p (158p).

We are pleased to recommend a final dividend of 3.0p per ordinary share.
Together with the interim dividend this makes a total payment for the year,
excluding special dividends, of 4.845p (1999: 4.675p) per ordinary share,
representing an increase of 3.6 percent over the previous year's dividend. In
addition, a special dividend of 2.5p per ordinary share was paid on 30 January
2002, being the last of the special dividends amounting to 10 pence per share
paid over the last two years. A dividend of 1.75p will be paid to preference
shareholders resulting in a total payment for the year of 3.5p per share.

The declines in global equity prices reported at the interim stage continued
through to the third quarter of 2001, culminating in declines of over 25 percent
in most leading markets in the immediate aftermath of the events in the USA on
11 September. These declines were broadly based over all sectors, but were more
pronounced in high tech stocks as investors sought refuge in defensive stocks.
By the end of the year, however, a significant recovery had taken place as fears
for a significant recession in the US eased and support for cyclical stocks
emerged, allowing equity values to regain their pre 11 September levels. This
nevertheless represented substantial declines for the year with broader market
indices in the US and the UK retreating by approximately 15 percent.


Chairman's Statement (continued)

This was also the second consecutive year of declines in absolute equity values,
a phenomenon which had not occurred since the oil price shocks of the early
1980's.

As noted above, our portfolio tracked the UK market indices on a total return
basis for the most part; however, net assets were in addition adversely affected
by the significant declines in valuations in the split capital investment trust
market which occurred in the third quarter of 2001 and have continued into 2002.
There were substantial price declines in those trusts with high levels of
gearing and exposure to other similarly structured trusts. This resulted in a
lack of confidence in the split capital sector generally, including those trusts
with more conventional capital structures and little or no exposure to the
highly geared trusts. At the year end, our equity holdings in investment trusts
amounted to £19.2 million, of which £1.6 million was in split capital trusts and
£200,000 in those trusts with high gearing and investments in similarly
structured trusts with a further £1.2 million in loan stocks in such investment
trusts.

As at 24 April 2002, group net assets had increased to £39.2 million, an
increase of 1.1 percent since the beginning of the calendar year. This is
equivalent to 117 pence per share (preference shares deducted at par) and 112
pence per share on a diluted basis. Over the same period the FTSE 100 remained
level and the All Share Index increased 0.5 percent.

Majority opinion on the outlook for the coming year for UK equities is modestly
encouraging following two years of absolute declines and clear indications of a
return to higher real levels of economic growth in the US and the UK. While any
sustained upturn will inevitably involve a tightening of monetary policy from
the substantial easing which occurred during 2001, interest rate rises, from
their current 30 year lows in the US, are not expected to occur until later in
the year. Any optimism must be gauged against the possibility of any further
international shocks. In addition, average annual returns on equities are not
expected to return to the high levels of well over 10 percent experienced in the
years prior to the recent declines. Our policy over the last two years has been
to return surplus cash to shareholders through special dividends and not to make
any significant net investments. This has resulted in a significant contraction
in the size of the trust. In the coming period, we will continue to pursue our
investment policy and will examine any new opportunities which may become
available as economic growth strengthens and confidence returns to the markets.

Jonathan C. Woolf

29 April 2002

Consolidated statement of total return (incorporating the revenue account)

For the year ended 31 December 2001
                                            2001                                  2000
                                            Revenue     Capital     Total       Revenue       Capital      Total
                                            £000        £000        £000        £000          £000         £000
Income
Dividends                                   1,914       -           1,914       1,609         -            1,609
Interest                                    219         -           219         387           -            387
Film revenues                               248         -           248         202           -            202
Property units                              83          -           83          23            -            23
Other income                                6           -           6           1             -            1
Realised gains on investments               -           267         267         -             4,184        4,184
(Decrease) in unrealised appreciation       -           (10,689)    (10,689)    -             (7,437)      (7,437)
                                            ________    ________    ________    _______       ________     ________
                                            2,470       (10,422)    (7,952)     2,222         (3,253)      (1,031)
Administrative expenses                     (385)       -           (385)       (408)         -            (408)
                                            ________    ________    ________    _______       ________     ________
Net return before finance costs and         2,085       (10,422)    (8,337)     1,814         (3,253)      (1,439)
taxation
Interest payable and similar charges        (19)        -           (19)        (85)          -            (85)
                                            ________    ________    ________    _______       ________     ________
Return on ordinary activities before tax
for the financial year                      2,066       (10,422)    (8,356)     1,729         (3,253)      (1,524)
Tax on ordinary activities                  (72)        -           (72)        (33)          -            (33)
                                            ________    ________    ________    _______       ________     ________
Return on ordinary activities after tax for
the financial year                          1,994       (10,422)    (8,428)     1,696         (3,253)      (1,557)
Dividends and other appropriations in       (350)       -           (350)       (350)         -            (350)
respect of preference shares
                                            ________    ________    ________    _______       ________     ________
Return attributable to ordinary
shareholders                                1,644       (10,422)    (8,778)     1,346         (3,253)      (1,907)
Dividends in respect of ordinary shares     (1,836)     -           (1,836)     (1,794)       -            (1,794)
                                            ________    ________    ________    ________      ________     ________
Transfer (from) reserves                    (192)       (10,422)    (10,614)    (448)         (3,253)      (3,701)
                                            ________    ________    ________    ________      ________     ________
Return per ordinary share
Basic                                             6.58p    (41.69)p    (35.11)p         5.38p     (13.01)p       (7.63)p
                                               ________    ________    ________      ________                   ________
                                                                                              ________
Diluted                                           5.70p    (29.78)p    (24.08)p         4.84p      (9.29)p       (4.45)p
                                               ________    ________    ________      ________              ________
                                                                                              ________

The revenue column of this statement is the consolidated profit and loss account
of the group.

All revenue and capital items in the above statement for the year ended 31
December 2001 and the year ended 31 December 2000 derive from continuing
operations. No operations were acquired in the year.

Consolidated Balance Sheet

For the year ended 31 December 2001
                                                                Group
                                                                2001                  2000
                                                                £000                  £000
Fixed assets
Investments                                                     39,921                48,901

Current assets
Debtors                                                         267                   687
Cash at bank and in hand                                        675                   1,964
                                                                __________            __________
                                                                942                   2,651
Creditors: amounts falling due within one year                  (2,061)               (2,136)
                                                                __________            __________
Net current (liabilities)/assets                                (1,119)               515
                                                                __________            __________
Total assets less current liabilities                           38,802                49,416
                                                                __________            __________
Net assets                                                      38,802                49,416
                                                                __________            __________
Capital and reserves
Called-up share capital                                         35,000                35,000
Other reserves
- Capital reserve - realised                                    12,724                12,127
- Capital reserve - unrealised                                  (11,035)              (16)
Revenue reserve                                                 2,113                 2,305
                                                                __________            __________
Total shareholders' funds                                       38,802                49,416
                                                                __________            __________
Total shareholders' funds attributable to:
Equity shareholders                                             28,802                39,416
Preference shareholders                                         10,000                10,000
                                                                __________            __________
Net asset value per ordinary share:
- Basic                                                         115p                  158p
- Diluted                                                       111p                  141p







Consolidated cash flow statement

For the year ended 31 December 2001
                                                      2001           2001           2000           2000
                                                      £000           £000           £000           £000
Net cash inflow from operating activities                            2,117                         1,732
Servicing of finance
Interest paid                                         (18)                          (91)
Preference dividends paid                             (350)                         (350)
                                                      __________                    __________
Net cash outflow from servicing of finance                           (368)                         (441)
Taxation
UK tax recovered/(paid)                                              23                            (10)
Financial investment
Purchases of investments                              (3,739)                       (5,502)
Sales of investments                                  2,154                         7,821
                                                      __________                    __________
Net cash (outflow)/inflow from capital expenditure                   (1,585)                       2,319
and financial investment
Equity dividends paid                                                (1,836)                       (2,356)
                                                                     __________                    __________
Cash (outflow)/inflow before management of
liquid resources and financing                                       (1,649)                       1,244
Financing                                                            -                             (1,250)
                                                                     __________                    __________
Decrease in cash                                                     (1,649)                       (6)
                                                                     __________                    __________
Reconciliation of net cash flow to movement in
net funds
Decrease in cash                                      (1,649)                       (6)
                                                      __________                    __________
Change in net funds                                                  (1,649)                       (6)
Net funds at 1 January                                               1,964                         1,970
                                                                     __________                    __________
Net funds at 31 December                                             315                                1,964
                                                                     __________                    __________





1 Accounting policies

All figures stated are based on the financial statements prepared under the
historical cost convention as modified by the revaluation of investments and in
accordance with applicable Accounting Standards. The accounting policies adopted
are consistent with those in the most recently published set of annual financial
statements.

2 Return per ordinary share
               2001                                            2000
                 Revenue         Capital       Total           Revenue        Capital      Total

Group:
Basic          6.58p           (41.69)p        (35.11)p        5.38p          (13.01)p       (7.63)p
               __________      __________      __________      __________     __________     __________
Diluted        5.70p           (29.78)p        (24.08)p        4.84p          (9.29)p        (4.45)p
               __________      __________      __________      __________     __________     __________


Basic revenue return per ordinary share is based on the net revenue on ordinary
activities after taxation and after deduction of dividends in respect of
preference shares of £1,644,000 (2000 - £1,346,000) and on 25 million (2000: 25
million) ordinary shares in issue.

Basic capital return per ordinary share is based on capital losses, both
realised and unrealised, for the financial year of £(10,422,000) (2000: capital
losses - £(3,253,000)) and on 25 million (2000: 25 million) ordinary shares in
issue.

The diluted return per share is based on capital losses, both realised and
unrealised, for the financial year of £(10,422,000) (2000: capital losses - £
(3,253,000)) on 35 million (2000: 35 million) ordinary and convertible
preference shares in issue.


3 Dividends
                                                                             2001             2000
                                                                             £000             £000
Dividends on ordinary shares:
Interim paid of 1.845p per £1 share (2000: 1.675p per share)                 461              419
Special of 2.5p per £1 share (2000: 2.5p)                                    625              625
Final proposed of 3p per £1 share (2000: 3p per share)                       750              750
                                                                             __________       __________
                                                                             1,836            1,794
                                                                             __________       __________
Dividends on 3.5% cumulative convertible preference shares:
1.75p paid                                                                   175              175
1.75p payable                                                                175              175
                                                                             __________       __________
                                                                             350              350
                                                                             __________       __________


The dividends on ordinary shares are based on 25,000,000      (2000 -
25,000,000) ordinary £1 shares in the year to 31 December 2001. Dividends on
preference shares are based on 10,000,000 (2000 - 10,000,000) non-voting 3.5%
cumulative convertible preference shares of £1 in the year to
31 December 2001.

The holders of the 3.5% cumulative convertible preference shares will be paid a
dividend of £175,000 being 1.75p per share. The payment will be made on the same
date as the dividend to the ordinary shareholders.

4 Diluted net asset value per ordinary £1 share

The diluted net asset value per £1 ordinary share is based on net assets of
£38,802,000 (2000 - £49,416,000) and 35 million shares in issue.


5 Reconciliation of operating revenue to net cash inflow from operating
activities
                                                                    Group
                                                                    2001                     2000

                                                                    £000                     £000
Net revenue before finance costs and taxation                       2,085                    1,814
Scrip dividends                                                     (3)                      (3)
Decrease in other creditors                                         (14)                     (29)
Decrease/(increase) in debtors                                      86                       (3)
Tax on unfranked investment income                                  (20)                     (38)
Tax on film revenue                                                 (17)                     (9)
                                                                    __________               __________
Net cash inflow from operating activities                           2,117                    1,732
                                                                    __________               __________


6 Analysis of net funds
                                                Balance                                      Balance
                                                1 January                                    31 December
                                                2001                Cash flow                2001
                                                £000                £000                     £000

Cash at bank                                    1,964               (1,407)                  557
Liquid resources - cash at brokers              -                   118                      118
Bank overdraft                                  -                   (360)                    (360)
                                                         __________               __________        ________
                                                1,964               (1,649)                  315
                                                         __________               __________             __________



Announcement based on draft accounts

The financial information set out in the announcement does not constitute the
company's statutory accounts for the year ended 31 December 2001 or 2000. The
financial information for the year ended 31 December 2000 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors' report on those accounts was unqualified and did not
contain any statement under section 237(2) or (3) Companies Act 1985.

The statutory accounts for the year ended 31 December 2001 will be finalised on
the basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the company's annual general meeting.



                      This information is provided by RNS
            The company news service from the London Stock Exchange