Final Results - Year Ended 31 December 1999

Foreign&Colonial Enterprise Tst PLC
7 March 2000


FOREIGN & COLONIAL ENTERPRISE TRUST PLC
PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR
TO 31 DECEMBER 1999


HIGHLIGHTS OF THE YEAR

- Shareholders' funds increased by 18.5%

- The share price rose by 23.0%

- The investment portfolio rose in value by 26.4%

- The Board has proposed a dividend of 4.3p


PERFORMANCE SUMMARY
       
                                        1999          1998      % Change

Share price and comparable index
              
Share price                            323.0p        262.5p       +23.0%
                     
FTSE All-Share Index                 3,242.06      2,673.92       +21.2%
                     
                     
Attributable to ordinary shareholders 
       
                     
Shareholders' funds                  £299.2m        £252.6m       +18.5%
                      
Net assets per share                  318.1p         268.5p       +18.5%
                     
Dividend per share                      4.3p           4.3p            -

Commenting on the results, John Sclater, Chairman, said:

'Foreign & Colonial Enterprise Trust  ('FACET') continued to make good
progress in 1999.  Net assets attributable to shareholders rose by 18.5% to
£299.2 million (318.1p per share) and the share price rose by 23.0% to 323p. 
By comparison the FTSE All-Share Index, FACET's long term benchmark, rose by
21.2%.

Balance Sheet
At the year-end, the investment portfolio was valued at £211.1 million and
accounted for 70.6% of net assets attributable to shareholders, a slight rise
compared with 65.7% a year earlier.  The distribution of this portfolio
remained broadly unchanged with quoted investments, valued at £142.8 million,
accounting for 47.7% of net assets attributable to shareholders and unquoted
investments, valued at £68.3 million, accounting for 22.9%.

Liquid assets in the form of Treasury Bills, zero coupon preference shares and
cash net of debtors, creditors and minority interest accounted for the
remaining 29.4% of net assets attributable to shareholders. 

Statement of Total Return and Dividend
The revenue return after taxation fell marginally owing to a fall in interest
income from liquid assets.  This fall was sufficiently small that we are able
to propose that the dividend should remain unchanged at 4.3p per share and to
make a transfer to reserves of £0.8 million.  After this year's transfer to
reserves, retained profits will still cover the dividend by more than 1.2
times.

Investment Policy
In response to FACET's increased size, high levels of liquidity and the
changed shareholder base, we have concluded that we should adopt a wider
investment policy.  In future, in addition to making direct investments in
unquoted companies, we will also invest in funds focusing on the unquoted
sector and will make investments in smaller quoted companies.  If appropriate
opportunities arise we will also consider acquiring existing portfolios of
unquoted investments or secondary interests in unquoted portfolios. 

Directors
Christopher Weston retired from the board at the end of 1999 and Peter Burton
will retire at the AGM in April.  We intend to appoint at least one new
director by the end of the year.

Outlook
FACET has begun the current year with approximately 30% of its net assets
attributable to shareholders in liquid holdings and it is therefore well
placed to take advantage of opportunities for new investments.  Following the
adoption of our broader investment policy the range of opportunities will be
wider.  In the meantime we have decided that we may index part of any surplus
liquidity to the UK stockmarket in some form.

The performance of the UK economy in 1999 exceeded most forecasts and the
general outlook is positive.  The strength of sterling continues adversely to
affect the manufacturing sector and inflationary concerns are putting upward
pressure on interest rates, but there remains a consensus that the economy
will perform well in 2000.  This optimism is reflected in many quoted company
valuations and these indirectly drive valuations in the unquoted sector. 
Substantial funding is available in this sector which tends to increase
competitive pressure and to hold up prices, particularly for larger companies.
 We do, however, expect our focus on medium-sized companies to shield us from
much of this pressure and we shall continue to apply strict return criteria to
new investments.'


For further information, please contact:

Rod Richards/William Eccles
F&C Ventures       Tel:  [phone]
       

FOREIGN & COLONIAL ENTERPRISE TRUST PLC
Preliminary Statement (unaudited) for the year ended 31 December 1999

CONSOLIDATED ASSETS
                                                      At 31 December
                                                    1999           1998
                                                  £'000s         £'000s
              
Investments listed in Great Britain              143,894        114,714
Investments listed outside Great Britain           4,574          4,916
Unlisted investments at directors' valuation      74,654         58,091
Net current assets                                80,934         76,039
Total assets less current liabilities            304,056        253,760
Minority interest                                 (4,862)        (1,205)
Net assets attributable to ordinary shareholders 299,194        252,555

CONSOLIDATED STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT)

For the year ended 31 December       
                                  1999                    1998
                         Revenue Capital  Total  Revenue  Capital  Total
                          £'000s  £'000s £'000s   £'000s   £'000s £'000s   
                                          
Gains on investments           -  51,912 51,912        -   64,105 64,105
Income                     8,525       -  8,525    8,955        -  8,955
Investment management fee (1,200) (3,600)(4,800)  (1,105)  (3,313)(4,418)
Other expenses            (1,002)    209   (793)    (873)    (195)(1,068)
Net return before finance
 costs and taxation        6,323  48,521 54,844    6,977   60,597 67,574
Interest payable and 
similar charges              (54)      -    (54)     (67)       -    (67)
Return on ordinary 
activities before tax      6,269  48,521 54,790    6,910   60,597 67,507
Tax on ordinary activities(1,409)  1,089   (320)  (2,011)   1,029   (982)
Return on ordinary 
activities after tax       4,860  49,610 54,470    4,899   61,626 66,525
Minority interest              -  (3,787)(3,787)       -   (1,545)(1,545)
Return attributable to 
equity shareholders        4,860  45,823 50,683    4,899   60,081 64,980
Dividends in respect of 
ordinary shares  (equity) (4,044)      - (4,044)  (4,044)       - (4,044)
Transfer to reserves         816  45,823 46,639      855   60,081 60,936

Return per ordinary share  5.17p  48.73p 53.89p    5.21p   63.88p  69.09p

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 December                      1999             1998
              
Net cash inflow from operating activities          2,547            3,340 
Net cash outflow from servicing of finance           (58)             (65)
Net cash outflow from taxation                      (240)            (293)
Net cash inflow from investing activities          6,698           15,619  
Equity dividends paid                             (4,044)          (3,668)
Net cash inflow/(outflow) from movement in liquid 
resources                                         27,378          (12,148)
Net cash outflow from financing                     (147)            (344)
Increase in cash                                  32,134            2,441  



The Directors propose a dividend of 4.3p (1998 - 4.3p) per share payable on 26
April 2000 to shareholders registered on 17 March 2000.

The Annual General Meeting will be held at 2.30pm on 25 April 2000 at the
registered office of the Company, 8th Floor, Exchange House, Primrose Street,
London, EC2A 2NY.

Copies of the Report and Accounts will be posted to shareholders on or about
23 March 2000 and copies may be obtained during normal business hours from the
Company's registered office thereafter.

By order of the Board

Foreign & Colonial Management Limited

Secretary