Final Results

NEWS RELEASE


               DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC

         PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JANUARY 2004



Highlights

·    NAV total return for the year of 34.0% compared to a total return for
the FTSE All-Share Index of 31.6%

·    During the year gearing fell from 19.3% to 16.4%

·    Proposed total dividend to increase by 3.6% from last year to 7.25p
per share

·    Revenue per share increased from 7.08p to 7.27p




- END -

For further information, please contact:-


Max Ward, Chairman
Dunedin Income Growth Investment Trust PLC   0131 220 4167

David Binnie, Investment Manager
Edinburgh Fund Managers plc                  0131 313 1000



Chairman's Statement

For  the first time since I assumed the chair at DIGIT, I am pleased  to
be  able to report on a year of substantial progress. In the year to  31
January 2004, we achieved an NAV total return of 34.0%, which was rather
better than the notional total return of 31.6% produced by the FTSE  All
Share  Index.  Our outperformance was attributable to our  gearing,  but
your  board  regards the total return of 31.8% generated by  our  equity
portfolio  as  satisfactory given the change in market  leadership  that
took place during the year.

Dividend
We  are paying a second interim dividend of 5.0p per share in lieu of  a
final  to  give a total dividend for the year of 7.25p, a rise  of  some
3.6%  on last year's 7.0p. For comparison, the rise in the RPI over  the
period  was 2.6% and that in RPIX, which excludes the impact of  changes
in  mortgage  interest rates, was 2.4%. Our earnings per share  rose  by
2.7%  from 7.08p to 7.27p. Thus our dividend continues to be covered  by
our earnings and we also have a substantial revenue reserve to draw upon
should  the  need  arise. However, the strength of our revenue  position
owes  much  to  our  policy  of charging to  capital  some  70%  of  our
management  fee  and our interest costs. The board reviews  this  policy
regularly and is satisfied that it remains appropriate.

Gearing
During the year under review our net gearing (valuing debentures at par)
fell  from 19.3% to 16.4%. We continue to believe that a judicious level
of  gearing  will  enhance long term returns to  shareholders,  but  the
experience  of  the last two years has made us more ready  to  vary  the
level  as  circumstances change. Currently, the rise in valuations  that
has  resulted from the recovery in the market has taken the edge off our
appetite for gearing.

Discount
The  discount  to  net  asset value is an important  indicator  of  your
company's  standing in the market. It can be measured in two ways:  with
debentures  valued at par and with debentures deducted at  their  market
value.  Each basis has its merits for particular purposes and we monitor
both  closely. On either basis, the discount widened over our year: from
12.4%  to  15.2% on the par basis and from 2.3% to 8.8%  on  the  market
basis.  The  widening of the discount is to be regretted, but  it  is  a
problem  we shared with many other investment trusts and it does provide
us  with opportunities to add value by buying in our own shares. We  did
this in a modest way towards the end of the year and will be prepared to
do  it on a larger scale should suitable opportunities arise. In future,
we  should  like  to take advantage of the flexibility provided  by  the
recent   legislation  on  treasury  shares  when  buying  back   shares.
Resolution  7  at the AGM seeks your approval for the disapplication  of
pre-emption rights in the event of the re-issue of treasury  shares.  We
undertake not to re-issue treasury shares at a discount to the net asset
value calculated by deducting debentures at market value.

Marketing
Minimizing our discount - however calculated - is the primary  objective
of  our marketing efforts, which are directed at stimulating demand  for
DIGIT  shares  through  the manager's Investment Trust  Initiative.  The
company's  website,  www.itsdigit.com, highlights  all  aspects  of  the
company's   performance   and  strategy.  It  also   contains   detailed
information  on investing in the shares of DIGIT in a low  cost  manner,
either through regular savings or a lump sum.

Our  manager  has  a regular programme of visits to financial  advisors,
investors  and  potential  investors, and we  continue  to  support  the
Association  of Investment Trust Companies and their active  campaigning
to attract more retail investors to the industry.

We  are  often told that greater disclosure would enhance the appeal  of
DIGIT.  With  this  in  mind,  we have published  a  full  list  of  our
investments  this  year and given a more comprehensive  account  of  our
activities  in  this year's Manager's Review than has been  our  custom.
There  is  always a risk with such changes that one takes them too  far;
your feedback on this would be welcome.

Management
We informed you in the interim report that Edinburgh Fund Managers (EFM)
was  the subject of an agreed takeover by Aberdeen Asset Management  PLC
and  that satisfactory assurances had been received as to the continuity
of  our management arrangements. The takeover duly went through and  EFM
is  now  a wholly owned subsidiary of Aberdeen. As you can see from  our
literature  and  our  website,  Aberdeen has  retained  the  EFM  brand.
Although  it  is  too early to form a considered judgement  of  our  new
circumstances, we are satisfied with what we have seen so far and, based
on  the  performance of the trust's portfolio both  in  the  year  under
review  and  over  longer periods, we are firmly of the  view  that  EFM
should be retained as DIGIT's manager.

Outlook
A  year  ago, the market was confronted with a broad array of  problems:
forced selling by financial institutions; a fragile global economy;  the
threat  of war in Iraq; and a clutch of the financial scandals that  are
the  unhappy  legacy  of a protracted global bull  market.  A  year  on,
financial misconduct still features prominently in the headlines, but in
other respects matters have improved, and this has been reflected  in  a
much more confident mood in markets. The main threat we see now lies  in
the need for more restrictive economic policies after a prolonged period
of  fiscal and monetary ease. We shall monitor this carefully,  but  for
the  moment at least we consider equities to represent sound  long  term
value.




STATEMENT OF TOTAL RETURN (AUDITED)
For the year ended 31 January

                                                         2004                             2003
                                Revenue     Capital     Total    Revenue     Capital     Total
                                   £000        £000      £000       £000        £000      £000

Realised losses on investments        -     (2,413)   (2,413)          -    (26,949)  (26,949)
Unrealised gains/(losses)
on investments                        -      79,939    79,939          -    (89,300)  (89,300)
                                 ______      ______    ______     ______      ______    ______

TOTAL CAPITAL GAINS/                  -      77,526    77,526          -   (116,249) (116,249)
(LOSSES) ON INVESTMENTS

Income from investments          13,810           -    13,810     13,698           -    13,698
Interest receivable on
short term deposits                 941           -       941        773           -       773
Other income                          -           -         -         14           -        14
Investment management fee         (441)     (1,029)   (1,470)      (506)     (1,181)   (1,687)
Administrative expenses           (584)           -     (584)      (546)           -     (546)
                                 ______      ______    ______     ______      ______    ______

NET RETURN BEFORE FINANCE        13,726      76,497    90,223     13,433   (117,430) (103,997)
COSTS AND TAXATION

Interest payable and
similar charges                 (2,093)     (4,883)   (6,976)    (2,092)     (4,883)   (6,975)
                                 ______      ______    ______     ______      ______    ______

RETURN ON ORDINARY               11,633      71,614    83,247     11,341   (122,313) (110,972)
ACTIVITIES BEFORE TAXATION

Taxation                              -           -         -          -           -         -
                                 ______      ______    ______     ______      ______    ______

RETURN ON ORDINARY               11,633      71,614    83,247     11,341   (122,313) (110,972)
ACTIVITIES AFTER TAXATION

Dividends in respect of
equity shares                  (11,602)           -  (11,602)   (11,204)           -  (11,204)
                                 ______      ______    ______     ______      ______    ______

                                     31      71,614    71,645        137   (122,313) (122,176)
                                 ______      ______    ______     ______      ______    ______

RETURN PER ORDINARY SHARE         7.27p      44.73p    52.00p      7.08p    (76.40p)  (69.32p)
                                 ______      ______    ______     ______      ______    ______


The revenue column of this statement represents the revenue account of
the company
All revenue and capital items in the above statement derive from
continuing operations



BALANCE SHEET (AUDITED)
As at 31 January
                                                   2004           2003
                                                   £000           £000
FIXED ASSETS
Investments                                     372,618        296,469

CURRENT ASSETS
Debtors                                           2,107          2,183
UK Treasury Bills                                     -          2,979
AAA Money Market Funds                           23,600         20,000
Cash and short term deposits                        421          5,196
                                                _______        _______

                                                 26,128         30,358
CREDITORS: Amounts falling due within one year    8,686          8,340
                                                _______        _______

NET CURRENT ASSETS                               17,442         22,018
                                                _______        _______


TOTAL ASSETS LESS CURRENT LIABILITIES           390,060        318,487

CREDITORS: Amounts falling due after one year    69,793         69,779
                                                _______        _______

                                                320,267        248,708
                                                _______        _______


CAPITAL AND RESERVES
Called up share capital - equity                 40,013         40,025
Share premium                                     4,543          4,543
Capital redemption reserve                           12              -
Capital reserve - realised                      250,394        258,805
Capital reserve - unrealised                     18,191       (61,748)
Revenue reserve                                   7,114          7,083
                                                _______        _______


TOTAL EQUITY SHAREHOLDERS' FUNDS                320,267        248,708
                                                _______        _______

Net asset value per ordinary 25p share          199.97p        155.21p


CASHFLOW STATEMENT (AUDITED)
For the year ended 31 January
                                          2004   2004       2003    2003
                                          £000   £000       £000    £000
Net cash inflow from operating
activities                                     12,736             12,068

Servicing of finance
Interest paid                          (6,962)           (6,962)

Net cash outflow from servicing of
finance                                       (6,962)            (6,962)

Taxation
UK tax paid                                  -                 -
                                       _______           _______
Total tax paid                                      -                  -


Financial investment
Purchase of investments               (59,800)          (91,635)
Sales of investments                    61,242           104,269
                                       _______           _______

Net cash inflow from financial
investment                                      1,442             12,634

Equity dividends paid                        (11,284)           (10,884)
                                              _______            _______

Net cash (outflow)/inflow before use          (4,068)              6,856
of liquid resources and financing

Net cash outflow from management of             (621)            (5,019)
liquid resources

Financing
Buyback of ordinary shares               (86)                  -
                                      _______            _______

Net cash outflow from financing                  (86)                  -
                                              _______            _______

(Decrease)/Increase  in cash                  (4,775)              1,837
                                              _______            _______


Notes:
1.    The directors recommend that a second interim dividend of 5.0p per
ordinary  share be paid, making a total of 7.25p for the year  ended  31
January  2004 (2003 - 7.00p).  The second interim dividend will be  paid
on  2 April 2004 to shareholders on the register at 19 March 2004.   The
ex-dividend  date is 17 March  2004.
2.    The accounts have been prepared under the same accounting policies
used  for  the  year ended 31 January 2003.  The statutory accounts  for
2004  contain an unqualified audit report and will be delivered  to  the
Registrar  of  Companies following the company's Annual General  Meeting
which will be held at Discovery Point, Dundee.
3.    The  financial information for the year ended 31 January 2003  has
been  extracted from the annual report and accounts of the company which
has  been  filed  with  the  Registrar of Companies  and  on  which  the
auditors' report was unqualified.
4    The statement of total return  (incorporating the revenue account),
balance sheet and cash flow statement do not represent full accounts  in
accordance with Section 240 of the Companies Act 1985. The accounts have
been  prepared in accordance with the Statement of Recommended  Practice
'Financial Statements of Investment Trust Companies'.
5.   The annual report will be posted to shareholders mid March 2004 and
copies will be available at the head office of the Secretary - Edinburgh
Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh EH12
5HD.

Please  note  that past performance is not necessarily a  guide  to  the
future  and that the value of investments and the income from  them  may
fall  as  well  as  rise.  Investors may not get back  the  amount  they
originally invested.