Interim Results - Share Price Up 17.3%

Dunedin Enterprise Inv Trust PLC
1 December 1999


Contact:       Brian Finlayson  Tel: [phone]



                                       
                    DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
                                       
             INTERIM RESULTS FOR THE SIX MONTHS TO 31 OCTOBER 1999
                                       


Dunedin  Enterprise  Investment Trust specialises in the provision  of  equity
finance  for  management buy-outs, management buy-ins and growing  businesses.
The company's primary objective is to achieve substantial long-term growth  in
its assets through capital gains from its investments.

                                  Highlights


*    Net assets increased by 1% from £89.89 million at 30 April 1999 (376.2p
     per share) to £90.83 million at 31 October 1999 (380.1p per share).

*    Total return over five years 128.3% compared to 74.0% for the benchmark
     index over the same period.

*    Interim dividend increased by 4% from 2.5p to 2.6p.

*    Share price increased by 17.3%.




MANAGERS' REVIEW

Results

In  the six months to 31 October 1999, the net asset value per share increased
by 1.0% to 380.1p from 376.2p.  Over the same period, the FTSE Small Cap Index
(excluding investment trusts) increased by 2.3%.  Over a five year period, the
total return has been 128.3% compared to 74.0% for the Index.

In  the  Chairman's Statement of 10 June 1999, your chairman commented on  the
poor share price performance during the year to 30 April 1999.  During the six
months  to 31 October 1999, there has been a substantial improvement with  the
share price rising by 17.3% from 277.5p to 325.5p.

This  period is often a quiet one on which to report as it covers  the  summer
months  when  investment activity is more limited.  Furthermore,  because  the
majority  of portfolio companies have March or December year ends re-valuation
of these investments tends to take place for your company's April year end.

The major valuation change during the six months followed the sale of Scottish
Highland  Hotels  plc  to Paramount Hotels Investment Limited.   Your  company
received  cash proceeds of £4.63 million compared to a valuation at  30  April
1999  of  £2.97  million.   Original cost was  £458,541.   This  represents  a
realisation to an investment which was originally made in 1989.  The  internal
rate  of  return on the investment was 31%.  Another listed holding,  Aberdeen
Development Capital PLC, was also realised giving proceeds of £315,000 against
a  valuation  at  30 April 1999 of £258,000.  The other major  improvement  in
valuation resulted from the increase in the share price of Latchways plc.  You
will  note that at 31 October 1999 this was the largest investment at a  value
of  £9.73  million, an increase of £975,000 over the period.  Because  of  the
uncertainty  surrounding Daewoo, its joint venture partner, the  valuation  of
LDV Limited has, as a precaution, been reduced by just under £1 million to  £3
million.

Investments

Total  realisations  during the period amounted to £5.53 million,  whilst  new
investment  totalled  £840,000 as referred to above.  The  major  realisations
were  the  sale of the two listed holdings, Scottish Highland Hotels  plc  and
Aberdeen  Development Capital PLC, totalling £4.94 million.  There  were  four
other  realisations  totalling £590,000.  In  a  very  quiet  period  for  new
investments,  a  further investment of £369,000 was made in Bluecrest  Seafood
Limited  following  the merging of its business with the seafood  business  of
Young's,  a  subsidiary of United Biscuits, to form Young's Bluecrest  Seafood
Limited.  This creates a substantial company with a combined turnover of  over
£200  million.   Young's  Bluecrest Seafood  Limited  was  one  of  three  new
investments  made in our last financial year.  The other two  investments  are
performing  well.  CGI International Limited is trading ahead of  expectations
whilst  Thomson  Brothers  Limited has been extremely  active,  acquiring  two
businesses and thereby extending its coverage from nine branches to  seventeen
branches.  These transactions were funded by debt.

Development since half year end

On  12  November  1999, Blacks Leisure plc announced that it had,  subject  to
shareholder approval, agreed to acquire The Outdoor Group Limited, the  second
largest  holding in the portfolio.  The transaction will require the agreement
of  Blacks Leisure plc shareholders at a meeting convened for 6 December 1999.
Your  company  will receive a mixture of cash and shares for its shareholding.
At  the Blacks Leisure plc share price of 284p on 29 November 1999, the  value
of  the offer equates to £11.83 million which compares to the valuation at  31
October  1999  of  £9.68 million.  If the transaction is  completed,  it  will
represent an internal rate of return of 63% since the investment was taken  in
1996.

Interim Dividend

The  directors have declared a 4% increase in the interim dividend to 2.6p per
ordinary share (1998 - 2.5p) at a cost of £621,270.  The interim dividend will
be  paid  on  28  January 2000 to shareholders on the  register  at  close  of
business on 6 January 2000.  The ex dividend date is 29 December 1999.

Outlook

Following the realisations in the first six months and expected realisation of
the  investment in The Outdoor Group Limited together with other  realisations
which are imminent, your company now has substantial funds available for fresh
investment.   There are no shortage of fresh opportunities for new investment.
However, your managers are determined not to overpay for investments and  will
continue  to  concentrate  on  seeking  investments  in  their  target   area,
management  buyouts  in the United Kingdom in the range  £10  million  to  £30
million.   We  believe  such investments are expected to continue  to  provide
excellent returns for your company.

Overall,  the  investment portfolio is in good shape and your managers  remain
cautiously optimistic going forward.

Dunedin Capital Partners
30 November 1999


UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 1999


BALANCE SHEET                 31 OCTOBER 1999     30 APRIL 1999
                                            £                 £
                                          
Investments                        90,147,235        93,190,556
Net Current Assets /                  683,495       (3,303,417)
(Liabilities)
                                    _________         _________
Net Assets                         90,830,730        89,887,139
                                    _________         _________
                                          
Net asset value per share               380.1p            376.2p


UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO
31 OCTOBER 1999

                                         
                                Half year to               Half year to 
                               31 October 1999            31 October 1998     
   
STATEMENT OF      Revenue   Capital      Total    Revenue  Capital      Total
 TOTAL RETURN           £         £          £          £        £          £ 
         
Revenue         1,920,161 1,648,212  3,568,373  2,438,490 (207,882) 2,230,608
Administrative   (657,431) (704,621)(1,362,052)  (566,283)(577,500)(1,143,783)
 expenses
                --------- ---------  ---------  ---------  -------  ---------
                  
Revenue before  1,262,730   943,591  2,206,321  1,872,207 (785,382) 1,086,825
 taxation             
Taxation         (120,651)        -   (120,651)  (324,579)       -   (324,579)
                --------- ---------  ---------  ---------  -------  ---------
Revenue after   1,142,079   943,591  2,085,670  1,547,628 (785,382)   762,246
 taxation             
Dividends        (621,270)        -   (621,270)  (597,375)       -   (597,375)
                --------- ---------  ---------  ---------  -------  ---------
Revenue reserve   520,809   943,591  1,464,400    950,253 (785,382)   164,871
 transfer
                --------- ---------  ---------  ---------  -------  ---------

Return per            4.8p      3.9p       8.7p       6.5p    (3.3p)      3.2p
 ordinary share


1.   The directors recommend an interim dividend of 2.6p per share for the    
     half year to 31 October 1999.  The dividend will be paid on 28 January   
     2000 to shareholders on the register at close of business on 6 January   
     2000.  The ex-dividend date is 29 December 1999.

2.   The above Balance Sheet and Statement of Total Return are abridged
     extracts from the interim report.

3.   The interim report will be sent to shareholders in December 1999 and will
     also be available to members of the public at the company's Registered
     Office, Napier House, 27 Thistle Street, Edinburgh, EH2 1BT.


TEN LARGEST INVESTMENTS

The ten largest investments account for 65.6% of the total net assets of
Dunedin Enterprise as listed below :

Company name                 * Approx    Cost of   Directors'   Percentage of
                           percentage investment    Valuation       total net
                            of equity                                  assets
                                    %       £000         £000    at valuation
                                                                            %
                                                    
Latchways plc                    23.2        214        9,731            10.7
The Outdoor Group Limited        22.1      3,224        9,682            10.6
Motherwell Bridge Holdings       13.6      1,826        9,071            10.0
 Limited
UniPoly S.A.                      2.0      5,998        5,998             6.6
DeMure Limited                   38.6      3,000        5,819             6.4
Golden Wonder Holdings            6.9      1,995        5,499             6.1
 Limited
Prism Group Limited              49.4      5,000        4,000             4.4
Thomson Brothers Limited         44.6      3,535        3,535             3.9
CPL Industries Limited            1.1      2,877        3,221             3.5
Portman Holdings Limited         16.8      2,516        3,051             3.4
                                          ------       ------            ----
                                          30,185       59,607            65.6
                                          ------       ------            ----
                                    
* 'Approx. percentage of equity' relates to the ordinary share capital of the 
  relevant company and assumes full exercise of outstanding options, warrants 
  and conversion rights.


NOTES TO EDITORS

1.   Dunedin Enterprise Investment Trust floated in 1987 as Melville Street
     Investments

2.   On 2 July 1996, Dunedin Capital Partners Limited (formerly Dunedin
     Ventures Limited) was purchased by its management team in a management
     buy-out for a consideration of £1.272 million.  The buy-out was supported
     by Legal & General Ventures Limited which has taken a minority stake in
     the management company.