Interim Results

Brunner Investment Trust PLC
14 July 2005


For immediate release                                               14 July 2005

                        THE BRUNNER INVESTMENT TRUST PLC

                        ANNOUNCEMENT OF INTERIM RESULTS
                      For the six months ended 31 May 2005


Net Asset Value

A summary of the results for the six months ended 31 May 2005 is set out below.
The Net Asset Value attributable to each Ordinary Share at 31 May 2005 was
384.4p. This compares with 364.1p at 30 November 2004, an increase of 5.6% over
the period. The capital return on the benchmark index (60% FTSE All-Share, 40%
FTSE World Index- £) was 6.2% over the period.

Earnings

Earnings in the six months to 31 May 2005 were 4.67p per Ordinary Share (2004:
4.31p).

Interim Dividend

The Board has declared an interim dividend of 3.6p net (2004: 3.5p) per Ordinary
Share payable on 25 August 2005 to holders on the Register of Members at the
close of business on 29 July 2005.

Investment Review

Equity markets made further progress over the period as growing confidence in
the sustainability of US economic growth, good company results and the prospect
of lower interest rates provided positive momentum to share prices. In sterling
terms the best performing regions were the Far Eastern (ex Japan) and North
American markets.

Consensus expectations that the dollar would weaken and that bond yields would
rise were confounded. Despite strong commodity prices - most notably oil -
inflationary expectations have remained subdued as increasing levels of the
world's manufacturing activity continue to shift towards lower cost economies in
Asia, and in particular China.

Our expectation that growth stocks would outperform failed to materialise in the
first half, although recently global growth companies have begun to show
relative strength. We continue to believe that, as the world economy grows at
more modest levels, at least compared to the rate experienced last year,
investors will favour companies which have the ability to grow their earnings on
a sustainable basis in more challenging conditions.  Having looked at the impact
on overall portfolio risk we also believe that there is merit in the current
environment in focusing the portfolio on a more limited number of holdings and
have consequently decided to reduce the number of stocks in the overseas
portfolio to around 50 - 60 from the current 88. This follows our move to a more
focused portfolio in the UK and will bring the total number of portfolio
holdings to a range of 90 - 110 compared to 120 - 140 a year ago.

In the UK there are now signs that the domestic economy is slowing in a number
of key areas. A stagnating housing market - both in terms of prices and activity
- has clearly had a greater impact on consumer expenditure than many expected,
and growth in government spending is also likely to moderate. In this
environment we have remained underweight in consumer related shares and have
favoured the pharmaceutical, oil and computer software sectors. The prospect of
reducing interest rates in the second half of the year should prove supportive
to current valuations.

The twin US deficits, and the capital flows required to sustain them, retain
their potential to destabilise currency markets and the current benign interest
rate environment. However growing international trade in manufactured goods
brings benefits both to the developed and developing worlds so it is quite
possible that these apparently large global imbalances will persist for some
time without adverse consequences for equity markets. It is encouraging to note
the resilience of markets in the wake of the recent terrorist attacks in London.

K E Percy
Chairman

Enquiries:


For further information, please contact:

RCM (UK) Limited
Simon White
Head of Investment Trusts
Tel: [phone]

Kirsten Salt
Secretary
Tel: [phone]


SUMMARY OF UNAUDITED RESULTS
STATEMENT OF TOTAL RETURN
for the six months ended 31 May 2005
                                                                           2005
                                                            (£'000s)       (£'000s)         (£'000s)
                                                             Revenue        Capital            Total
                                                            (Note 2)
Net gains on investments                                           -         11,484           11,484
Income from investments                                        3,472              -            3,472
Other income                                                     402              -              402
Investment management fee                                      (197)          (458)            (655)
Expenses of administration                                     (210)              -            (210)
Return before finance costs and taxation                       3,467         11,026           14,493

Finance costs of borrowings                                    (696)        (1,598)          (2,294)
Return on ordinary activities before taxation                  2,771          9,428           12,199

Taxation
Overseas taxation                                              (133)              -            (133)
UK taxation                                                    (190)            190                -
                                                               (323)            190            (133)

Return on ordinary activities after taxation                   2,448          9,618           12,066
Dividends on Preference Stock                                   (11)              -             (11)
Return attributable to Ordinary Shareholders                   2,437          9,618           12,055

Dividends on Ordinary Shares:
Prior year over accrual                                            2              -                2
Interim                  3.60p                               (1,862)              -          (1,862)
                                                             (1,860)              -          (1,860)

Transfer to Reserves                                             577          9,618           10,195

Return per Ordinary Share (Note 1)                             4.67p         18.44p           23.11p


NET ASSET STATEMENT
as at 31 May 2005
                                                                                                       2005

                                                                                                   (£'000s)


Fixed Asset Investments                                                                             236,336
Net Current Assets                                                                                   14,615
Total Assets less Current Liabilities                                                               250,951
Creditors: amounts falling due after more than one year                                            (51,730)
Total Net Assets                                                                                    199,221

Called up Share Capital             -  Ordinary                                                      12,912
                                                                                                        450
Preference
Capital Redemption Reserve                                                                            3,088
Capital Reserves                    -  Realised                                                     160,736
                                                                                                     13,959
Unrealised
Revenue Reserve                                                                                       8,076
Shareholders' Funds                                                                                 199,221

Net asset value per Ordinary Share                                           384.4p


The net asset value is based on 51,708,416 Ordinary Shares in issue.


SUMMARY OF UNAUDITED RESULTS
STATEMENT OF TOTAL RETURN
for the six months ended 31 May 2004
                                                                             2004
                                                            (£'000s)       (£'000s)         (£'000s)
                                                             Revenue        Capital            Total
                                                            (Note 2)
Net gains on investments                                           -            601              601
Income from investments                                        3,313              -            3,313
Other income                                                     360              -              360
Investment management fee                                      (193)          (451)            (644)
Expenses of administration                                     (151)              -            (151)
Return before finance costs and taxation                       3,329            150            3,479

Finance costs of borrowings                                    (689)        (1,607)          (2,296)
Return on ordinary activities before taxation                  2,640        (1,457)            1,183

Taxation
Overseas taxation                                               (92)              -             (92)
UK taxation                                                    (195)            195                -
                                                               (287)            195             (92)

Return on ordinary activities after taxation                   2,353        (1,262)            1,091
Dividends on Preference Stock                                   (11)              -             (11)
Return attributable to Ordinary Shareholders                   2,342        (1,262)            1,080

Dividends on Ordinary Shares:
Prior year over accrual                                           34              -               34
Interim                  3.50p                               (1,892)              -          (1,892)
                                                             (1,858)              -          (1,858)

Transfer to (from) Reserves                                      484        (1,262)            (778)

Return per Ordinary Share (Note 1)                             4.31p        (2.32)p            1.99p


NET ASSET STATEMENT
as at 31 May 2004
                                                                                                       2004
                                                                                                   (£'000s)

Fixed Asset Investments                                                                             217,203
Net Current Assets                                                                                   21,522
Total Assets less Current Liabilities                                                               238,725
Creditors: amounts falling due after more than one year                                            (52,708)
Total Net Assets                                                                                    186,017

Called up Share Capital                -   Ordinary                                                  13,518
                                                                                                        450
Preference
Capital Redemption Reserve                                                                            2,482
Capital Reserves                       -   Realised                                                 165,695
                                                                                                    (3,819)
Unrealised
Revenue Reserve                                                                                       7,691
Shareholders' Funds                                                                                 186,017

Net asset value per Ordinary Share                                           343.2p



The net asset value is based on 54,070,416 Ordinary Shares in issue.


RESULTS
STATEMENT OF TOTAL RETURN
for the year ended 30 November 2004
                                                                                   2004
                                                                (£000s)          (£000s)            (£000s)
                                                               Revenue           Capital             Total
                                                              (Note 3)
Net gains on investments                                             -            12,433            12,433
Investment income                                                6,117                 -             6,117
Other income                                                     1,046                 -             1,046
Investment management fee                                        (384)             (896)           (1,280)
Expenses of administration                                       (275)                 -             (275)
Return before finance costs and taxation                         6,504            11,537            18,041

Finance costs of borrowings                                    (1,379)           (3,208)           (4,587)
Return on ordinary activities before taxation                    5,125             8,329            13,454

Taxation
Overseas taxation                                                (176)                 -             (176)
UK taxation                                                      (382)               382                 -
                                                                 (558)               382             (176)

Return on ordinary activities after taxation                     4,567             8,711            13,278

Dividends on Preference Stock                                     (22)                 -              (22)
Return attributable to Ordinary Shareholders                     4,545             8,711            13,256

Dividends on Ordinary Shares:
Prior year over accrual                                             34                 -                34
Interim                                  3.50p                 (1,876)                 -           (1,876)
Final                                    4.60p                 (2,411)                 -           (2,411)
                                                               (4,253)                 -           (4,253)


Transfer to reserves                                               292             8,711             9,003

Return per Ordinary Share (Note 1)                               8.43p            16.16p            24.59p


NET ASSET STATEMENT
as at 30 November 2004
                                                                                                     2004
                                                                                                  (£000s)

Fixed Asset Investments                                                                           228,345
Net Current Assets                                                                                 14,683
Total Assets less Current Liabilities                                                             243,028
Creditors: Amounts falling due after more than one year                                          (51,761)
Total Net Assets                                                                                  191,267

Called up Share Capital                              -  Ordinary                                   13,102
                                                     -  Preference                                    450
Capital Redemption Reserve                                                                          2,898
Capital Reserves                                     -  Realised                                  159,387
                                                     -  Unrealised                                  7,931
Revenue Reserve                                                                                     7,499
Shareholders' Funds                                                                               191,267

Net asset value per Ordinary Share                                                                 364.1p
The net asset value is based on 52,406,416 Ordinary Shares in issue.


Cash Flow Statement
for the six months ended 31 May 2005 and comparative periods


                                                    Six Months to 31     Six Months to 31    Year to 30 November
                                                            May 2005             May 2004                   2004
                                                            (£'000s)             (£'000s)               (£'000s)
Net cash inflow from operating activities                      2,823                2,641                  5,801

Servicing of Finance
Interest paid                                                (2,326)              (2,329)                (4,651)
Dividends paid on Preference Stock                              (11)                 (11)                   (23)
Net cash outflow on servicing of finance                     (2,337)              (2,340)                (4,674)


Financial Investment
Purchase of fixed asset investments                         (78,661)             (66,811)              (179,061)
Sale of fixed asset investments                               76,566               66,025                183,148
Net cash (outflow) inflow from financial                     (2,095)                (786)                  4,087
investment

Equity dividends paid                                        (2,409)              (2,392)                (4,268)

Net cash (outflow) inflow before financing                   (4,018)              (2,877)                    946


Financing
Purchase of Ordinary Shares for cancellation                 (2,241)              (2,860)                (7,392)

Decrease in cash                                             (6,259)              (5,737)                (6,446)


Note 1

The returns per Ordinary Share are based on revenue or capital return to
Ordinary Shareholders, as appropriate, and on 52,168,537 Ordinary Shares being
the weighted average number of shares in issue throughout the period (31 May
2004 - 54,406,208 Shares; 30 November 2004 - 53,900,208 Shares).

Note 2

The revenue column of this statement is the profit and loss account of the
Company.  All revenue and capital items derive from continuing operations.  No
operations were acquired or discontinued in the period.

Note 3

This interim statement has been neither audited nor reviewed by the Company's
auditors.  The interim statement has been prepared using the same accounting
policies as those adopted in the annual accounts for the year ended 30 November
2004.

The non-statutory accounts for the year to 30 November 2004 are an extract from
the latest published accounts of the Company which have been delivered to the
Registrar of Companies.  The auditors' opinion on those accounts was unqualified
and did not contain a statement under Section 237(2) or (3) of the Companies Act
1985.

The Interim Report will be sent to Shareholders shortly and made available to
the public at the Registered Office of the Company, 155 Bishopsgate, London,
EC2M 3AD.

Twenty Largest Equity Holdings as at 31 May 2005

Security Name                           Market value    % of Total Principal Activity
                                            (£'000s)      Assets *
GlaxoSmithKline                                8,743          3.48 Pharmaceuticals
HSBC Holdings                                  8,422          3.36 Banking
BP                                             7,736          3.08 Oil and Gas
Royal Bank of Scotland                         5,283          2.11 Banking
Barclays                                       5,029          2.00 Banking
Shell Transport & Trading                      4,906          1.95 Oil and Gas
BG Group                                       4,771          1.90 Oil and Gas
BHP Billiton                                   4,601          1.83 Mining
Standard Chartered                             3,724          1.48 Banking
Vodafone Group                                 3,563          1.42 Telecommunications
Sage Group                                     3,232          1.29 Software and Computer Services
GUS                                            2,984          1.19 General Retailers
AstraZeneca                                    2,977          1.19 Pharmaceuticals
BPB                                            2,887          1.15 Construction and Building
Cobham                                         2,839          1.13 Aerospace and Defence
Allied Domecq                                  2,812          1.12 Beverages
Reuters Group                                  2,760          1.10 Media and Entertainment
Spectris Group                                 2,737          1.09 Electronic and Electrical Equipment
Carnival                                       2,705          1.08 Transport
Altria Group                                   2,450          0.98 Tobacco

                                              85,161         33.93

Total assets include current liabilities.

Equity Portfolio Analysis as at 31 May 2005

                                                                               %
United Kingdom                                                             55.12
North America                                                              20.03
Europe                                                                     12.87
Pacific Basin                                                               6.41
Japan                                                                       5.57
Other Countries                                                             0.00
                                                                          100.00

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