Interim Results

Caledonian Trust PLC
31 March 2006

For immediate release
31 March 2006


                              Caledonian Trust plc

           Interim results for the six months ended 31 December 2005

                              Chairman's Statement


The Group made a pre-tax profit of £155,125 in the six months to 31 December
2005 compared to £276,076 for the same period last year. Earnings per share were
1.31p and NAV per share was 205.3p compared to 3.51p and 205.8p respectively at
30 June 2005 and 2.42p and 171.0p at 31 December 2004. Rental Income rose
£35,204 due primarily to rent from the small parade of shops in Scotland Street,
Tradeston, bought in January 2005. Interest payable of £146,399 is similar to
last year but interest receivable declined marginally to £125,419 as cash
balances have been reduced to fund acquisitions of properties. Administration
expenses rose by a reported £92,768 due to rises of about £30,000 in
professional fees relating to design and planning consultancies and of about
£50,000 in property costs, principally repairs at Ashton Road, Rutherglen and
increased rates at St Margaret's House Edinburgh. The sale of Ashton Road
produced a £299,625 surplus compared to £321,143 from property sales last year.
An unchanged interim dividend of 1.0p will be paid.

The Group's current major strategy is the acquisition and creation of
development opportunities, particularly those with a reasonable probability of
achieving high returns and a small probability of a nil or, at worst, a negative
return. Since 30 June 2005 we have bought or have under missive seven such
development opportunities and have two under offer. At Comrie in west Perthshire
we have purchased a smallholding, Tomperran, containing two modern detached
homes, a steading and an acre of land zoned for industrial development within
the settlement, and 30 acres of pastureland adjacent to the settlement bounded
to the north by the A85 main road to Crieff and to the south by the river Earn.
We expect to gain permission for up to twelve houses within the curtilage of the
existing buildings and hope to have the industrial area rezoned and to develop
some of the pastureland. In east Perthshire we have purchased Myreside, a
farmhouse and a steading just off the A90 Perth Dundee road, where we expect to
obtain consent for ten houses. In north Perthshire at Strathtay we have
purchased a 4.6acre greenfield site of which 1 acre is inside the current
village settlement and up to 2.5 acres may be included in it in a future Local
Plan.

Ardpatrick in west Argyll is the largest of four properties under missive
comprising a 1,000 acre estate occupying the whole of the small peninsula near
Tarbert. The estate comprises a mansion house, built in three separate phases
and easily divisible, 11 estate houses or former houses, a farm steading and
other buildings for potential residential development and ten to fifteen
possible new housing sites in locations considered suitable in the Finalised
Draft Local Plan. The property enjoys considerable water frontage, commands
striking views, and includes a grassland farm, an oak forest, a private beach, a
named island and coastal salmon fishing and other sporting rights.
Notwithstanding the current very poor condition, the break up and medium-term
development value of the estate is considerable. We have two rural development
sites near St Andrews in missive. The first, Nydie Farm Steading near
Strathkinness, has consent for five units on a ten acre site and is capable of
further development. The second, Larennie Farm, lies behind the famous Peat Inn
and comprises a steading for up to ten units, a cottage and 104 acres of arable
land, some of which we will promote for development. Our smallest property under
missive is Wester Camgourhan, a farm steading set in 9 acres overlooking Loch
Rannoch, where at least two or three high-value houses should be obtained.

We continue to make progress with our applications for planning consent. I
reported in December 2005 that in August 2005 we obtained consent for 45 large
detached houses near Dunbar and that later in 2005 we had obtained a new
planning consent for Belford Road, Edinburgh, for 20,000ft2 of residential
development together with parking for 20 cars. We await consent for 28 more
houses near Dunbar, eight houses at Wallyford near Edinburgh and 191flats and
10,000ft2 business space at Tradeston, central Glasgow. Our joint development of
39 small detached and semi-detached houses at Herne Bay, Kent, is on time and on
budget.

UK economic conditions appear propitious. Although growth in GDP slowed from
3.2% in 2004 to 1.8% in 2005, The Economist's poll of forecasters predicts 2.1%
growth in 2006 rising to 2.5% in 2007. The Budget forecast is for 2.25% growth
in 2006 - below the post-war trend of 2.5% - but for a rise to 3.0% in both 2007
and 2008. Over recent years growth above trend level has been highly dependent
on disproportionate rises in consumption and in government spending neither of
which is likely to continue. The Budget forecast implies a rise in business
investment and in net overseas trade for which prospects appear unfavorable. The
Budget forecast fails to take account of the structural fall in productivity
largely due to Government investment in public sector's assets whose returns
have been low. Growth will be at lower levels than of recent years.

The FT House Price Index MA. seasonally adjusted has risen consistently each
month since June 2005 and at a slightly increasing rate to about 0.8% now after
falling in each of the previous three months prior to June 2005. The annual rise
was 3.4% in February 2006, equivalent to the Nationwide's prediction for 2006.
Lloyds TSB Scottish Price Index rose by 13.5% in 2005 after a rise of 18.8% on
2004: Lloyds say 'the Scottish housing market remains in robust health'.  Given
the favorable economic outlook, including stable interest rates, the housing
market continues to be attractive, especially in Scotland.

Over twelve months commercial property had given an excellent return of 12.9%,
but down from the 19.0% reported last year and below the current 18.5% equity
return. On the CBRE Index yields in 2005 dropped by 0.9 points to 5.4%, although
rents rose only 2.7%. With interest rates stable and real rental growth
unlikely, further drops in yields seem unlikely and property returns in 2006 are
likely to be significantly lower: an Estates Gazette survey forecasts 7.1%.

Group prospects for profits and for asset growth continue to be asymmetrical.
Rental income is less than administrative expenses and net interest payable and
profits are determined by relatively volatile property sales. Asset growth will
be significantly influenced by the timing of planning approvals some of which
should be gained in 2006.


I D Lowe                 Chairman              30 March 2006



For further information please contact:

Douglas Lowe, Chairman and Chief Executive               Tel: [phone]

Mike Baynham, Finance Director                           Tel: [phone]

Alasdair Robinson, Noble & Company Limited               Tel: [phone]





Unaudited Consolidated Profit & Loss Account

for the six months to 31 December 2005


                                    6 Months to     6 Months to      Year to
                                    31 Dec 2005     31 Dec 2004 30 June 2005
                                    (unaudited)     (unaudited)    (audited)
                                          £'000           £'000        £'000
INCOME-continuing operations
Rental Income                               385             350        707
Trading property sales                        -           1,997          -
Other trading sales                          61             203        278
                                            446           2,550        985
OPERATING COSTS
Cost of trading property sales                -         (1,676)          -
Cost of other sales                        (61)           (174)      (262)
Administrative Expenses                   (509)           (415)      (851)

                                          (570)         (2,265)    (1,113)

OPERATING (LOSS)/PROFIT                   (124)             285      (128)
Profit on disposal of investment
property                                    300               -        501
Profit on disposal of investment              -               -         86
Interest receivable                         125             141        280
Interest payable                          (146)           (150)      (292)

PROFIT ON ORDINARY ACTIVITIES BEFORE
TAXATION                                    155             276        447

Taxation                                      -               -         35

PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION                                    155             276        412


Earnings per ordinary share               1.31p           2.42p      3.51p

Diluted earnings per ordinary share       1.31p           2.42p      3.51p





Unaudited Consolidated Balance Sheet

As at 31 December 2005
                                            As at 31 Dec      As at 31 Dec        As at 30 June
                                                    2005              2004                 2005
                                              (unaudited       (unaudited)            (audited)
                                               restated)          restated             restated
                                                   £'000             £'000                £'000
Fixed assets
Investment Properties                             24,487            18,998               23,142
Investments                                            -                91                    -
Equipment & vehicles                                   4                 4                    4
                                                  24,491            19,093               23,146
Current assets
Debtors                                            1,044               142                1,018
Cash at bank and in hand                           3,579             6,233                4,762
                                                   4,623             6,375                5,780
Creditors: Amounts falling due
within one year                                  (3,594)           (3,975)              (3,583)

Net current assets                                 1,029             2,400                2,197


Total assets less current liabilities             25,520              21,493             25,343

Creditors: Amounts falling due
after more than one year                         (1,006)             (1,056)                (710)

Net assets                                        24,514              20,437             24,633



Capital and reserves
Called up share capital                            2,377               2,377              2,377
Share premium account                              2,745               2,745              2,745
Capital redemption reserve                           175                 175                175
Revaluation reserve                                4,551                 376              4,647
Profit and loss account                           14,666              14,764             14,689

Shareholders' funds equity                        24,514              20,437             24,633





Unaudited Consolidated Cash Flow Statement

for the six months to 31 December 2005

                                   6 Months to   6 Months to         Year to
                                   31 Dec 2005   31 Dec 2004    30 June 2005
                                   (unaudited)   (unaudited)       (audited)
                                         £'000         £'000           £'000
                                        
Net cash inflow/(outflow) from
operating activities                       218         (254)         (1,959)
Returns on investments and
servicing of finance                      (34)          (36)            (36)
Equity dividends paid                    (178)         (148)           (267)
Capital expenditure and financial
investment                             (1,142)           625           1,015
                                    __________    __________      __________

Cash inflow before management of
liquid resources and financing         (1,136)           187         (1,247)

Financing                                 (42)         (261)           (294)
                                    __________    __________      __________

Decrease in cash in period             (1,178)          (74)         (1,541)


Reconciliation of net cash flow to
movement in net debt

Decrease in cash in the period         (1,178)          (74)         (1,541)

Cash (outflow )/inflow from
movement in debt                          (42)           569             602
                                    __________    __________      __________

Movement in net debt in the period     (1,220)           495           (939)
Net cash at the start of the period        878         1,816           1,817
                                    __________    __________      __________
Net cash/ at the end of the period       (342)         2,311             878
                                    __________    __________      __________




Notes to the unaudited consolidated cash flow statement

(a)Reconciliation of operating profit to net cash outflow from operating
activities
                                      6 Months to   6 Months to         Year to
                                      31 Dec 2005   31 Dec 2004    30 June 2005
                                      (unaudited)   (unaudited)       (audited)
                                            £'000         £'000           £'000

Operating (loss)/profit                     (124)           285           (128)
Profit on disposal of property                  -         (321)               -
(Increase)/decrease in debtors               (25)          (19)           (897)
Increase/(decrease) in creditors              367         (199)           (934)
                                      ___________       __________    __________
Net cash inflow/(outflow) from
operating activities                          218         (254)         (1,959)


(b)Analysis of cash flows

Returns on investment and
Servicing of Finance
Interest received                             125              141           280
Interest paid                               (159)            (177)         (316)
                                      ___________       __________    __________
                                             (34)             (36)          (36)

Capital expenditure and
financial investment
Purchase of tangible fixed assets             (1)                -       (3,447)
Purchase of investment property           (2,070)          (1,316)             -
Sale of investment property                   929            1,941         2,236
Sale of investments                             -                -           176
Contribution to dilapidations                   -                -         2,050
received
                                      ___________       __________    __________

                                          (1,142)             625          1,015

Financing
Purchase of ordinary share capital              -                -             -
capital
Issue of ordinary share capital                 -              308           308
Debt due within a year
Increase/(decrease) in short term           (338)            (373)           940
debt debt
Debt due beyond a year
(Decrease) in long-term debt                  296            (196)       (1,542)
                                      ___________       __________    __________
                                             (42)            (261)         (294)




Unaudited Statement of Total Recognised Gains and Losses
For the six months to 31 December 2005

                                    6 Months to       6 Months to          Year to
                                  31 Dec  2005      31 Dec  2004      30 June 2005
                                    (unaudited)       (unaudited)        (audited)
                                          £'000             £'000            £'000

Profit for period                           155               276              412

Unrealised surplus/ on
revaluation of properties                     -                 -            4,178
                                          
Total gains and losses recognised
relating to the period                      155               276            4,590



Notes
          
1    The figures for the six months to 31 December 2005 and 31 December 2004 do 
     not constitute the company's statutory accounts within the meaning of 
     Section 240 of the Companies Act 1985 (as amended) and are unaudited. The 
     figures for the year to 30 June 2005 do not constitute full accounts. The
     audited accounts for that year were unqualified and have been delivered to 
     the Registrar of Companies.
     
2    The interim statement has been prepared in accordance with the accounting 
     policies set out in the group's statutory accounts for the year ended 30 
     June 2005. As a result of the adoption of FRS21 'Events after the balance
     sheet date', a prior year adjustment has been made in respect of the 
     recognition of proposed dividend. The adjustments have resulted in an 
     increase of £119,000 in the reported net assets at 31 December 2005 (June 
     2005 = £178,000, December 2004 = £119,000)
     
3    The calculation of earnings per ordinary share is based on the reported 
     profit for the six months to 31 December 2005 and on the weighted average 
     number of ordinary shares in issue in the period being 11,882,921.
     
4    An interim dividend of 1.0p per share will be paid on 28 April 2006 to 
     shareholders on the register on 7 April 2006.

5    Copies of the Interim Results for the six months to 31 December 2005 will 
     be posted to shareholders shortly and will be available, free of charge, 
     from the company's Nominated Adviser, Noble & Company Limited, 76 George
     Street, Edinburgh, EH2 3BU, for a period of one month from the date 
     thereof.



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