Interim Results

FOREIGN AND COLONIAL ENTERPRISE TRUST PLC
28 July 1999


       UNAUDITED RESULTS FOR THE HALF YEAR TO 30 JUNE 1999


SUMMARY

                          30 June       31 Dec       % Change to
                            1999         1998        30 June 1999
                           £'000s       £'000s       
                     
Shareholders' Funds       263,883      252,555       +4.5%
Net Assets per Share       280.6p       268.5p       +4.5%
Share Price                276.5p       262.5p       +5.3%


KEY POINTS

*       Shareholders' funds rose by 4.5% in the six months to 30 June 1999.

*       Share price rose by 5.3% in the six months to 30 June 1999.

*       £17.1m committed to investments, £16.0m realised in cash

The Chairman, John Sclater, commented:

In the six months to 30 June 1999 the net assets attributable to shareholders
of Foreign & Colonial Enterprise Trust PLC ('FACET') rose by 4.5% to £263.9
million, or 280.6p per share.  The share price rose by 5.3% from 262.5p to
276.5p.  These movements compare with a rise of 10.2% in the FTSE All-Share
Index.  FACET's investment portfolio increased in value by 5.5%, but the
overall performance was held back by the substantial liquid holdings which
rose slightly during the period.

In recent reports to shareholders we have emphasised the long term nature of
FACET's unquoted investments and the likelihood that in individual years
performance may be out of line with quoted markets.  We have also explained
that FACET's strong performance over longer periods has been driven primarily
by the flotation and sale of a number of successful investments, the proceeds
from which are now held in cash or near-cash.  While FACET remains listed in
the Financial Times as the best performing of all investment trusts over the
last five and ten years, it should continue to be seen as a long term
investment, with future performance determined primarily by the quality of
investments made as the high liquid holdings are reinvested.

We invested £12.9 million in cash in the unquoted portfolio in the period and
made total commitments of £17.1 million.  The flow of new investment
opportunities has continued to be strong and we have considered a large number
of potential investments.  After the uncertainty in the second half of last
year, however, confidence has recovered and competition has intensified.  We
have frequently chosen not to match this competition and there have been a
number of cases where we have been outbid by competitors offering terms which
we considered to be over-generous.

A total of £16.0 million was received in cash from disposals, of which £11.4
million was from the quoted portfolio and the balance from unquoted
investments. We sold three investments from the US unquoted portfolio, in all
cases generating a surplus over their holding values at the beginning of the
year.  As a result of the net disposals in the period, FACET's liquid assets
in Treasury Bills, zero coupon preference shares and cash, net of debtors and
creditors, rose from £87.9 million to £92.6 million.  At 30 June liquid
holdings accounted for 34.9% of FACET's net assets and the unquoted portfolio
accounted for 23.4%.

Over the next twelve months relative performance is likely to be determined
primarily by movements in the quoted portfolio and will continue to be
affected by FACET's high liquid holdings.  While we expect to take further
opportunities to reduce the quoted portfolio where we believe that valuations
are attractive, the main emphasis will be on seeking new investments to add to
the unquoted portfolio.

For further information, please contact:



James Nelson/
Rod Richards       F&C Ventures       0171-825 5300


 
       FOREIGN & COLONIAL ENTERPRISE TRUST PLC

       UNAUDITED RESULTS FOR THE HALF YEAR TO 30 JUNE 1999


ASSETS

                                           30 June          31 Dec
                                       1999       1998       1998
                                      £'000s     £'000s     £'000s
                            
Listed investments                   120,856   152,249     119,630
Unlisted investments at directors' 
valuation                             63,623    42,127      58,091
Total investments                    184,479   194,376     177,721
Net current assets                    80,601    97,443      76,039
Total net assets                     265,080   291,819     253,760
Minority Interests                    (1,197)   (2,835)     (1,205)
Total net assets                     263,883   288,984     252,555
Net asset value per share              280.6p    307.3p      268.5p
                            


                            
Geographic distribution
of investments
at 30 June 1999       

                              UK       Europe  North America  Total
                               %         %          %            %
Listed                        59%        1%         3%          63%
Unlisted                      26%        7%         4%          37%
                            
                              85%        8%         7%         100%
                            
        FOREIGN & COLONIAL ENTERPRISE TRUST PLC

       UNAUDITED RESULTS FOR THE HALF YEAR TO 30 JUNE 1999

STATEMENT OF TOTAL RETURN
(incorporating the Revenue Account)       

                                           Half year to           Year to
                                      30 June      30 June        31 Dec
                                       1999          1998          1998
                                      £'000s        £'000s        £'000s
Revenue Return 
                   
Income                                4,300         4,308         8,955
Investment management fee              (561)         (477)       (1,105)
Other expenses                         (225)         (484)         (873)
Net revenue before finance 
 costs and taxation                   3,514         3,347         6,977
Interest payable and similar charges    (29)          (28)          (67)
Revenue return on ordinary activities
 before taxation *                    3,485         3,319         6,910
Taxation on ordinary activities        (952)         (848)       (2,011)
Revenue return attributable to  
 equity shareholders                  2,533         2,471         4,899
Dividends on ordinary shares (equity)     -             -        (4,044)
Transfer to reserves                  2,533         2,471           855

Capital Return   
                  
Gains on investments                  9,860        98,437        64,105
Investment management fee            (1,684)       (1,643)       (3,313)
Other expenses                          173           (80)         (195)
Taxation on ordinary activities         522           471         1,029
                                      8,871        97,185        61,626
Minority Interests                      (76)       (2,291)       (1,545)
Net capital return                    8,795        94,894        60,081
Total return                         11,328        97,365        60,936

Revenue return per ordinary share *    2.70p         2.63p        5.21p
Capital return per ordinary share      9.35p       100.90p       63.88p
Total return per ordinary share       12.05p       103.53p       69.09p


*      Net revenue return on ordinary activities before taxation and revenue
return per share during the half year are not necessarily indicative of the
total likely outcome for the full year.




The abridged financial statements at 31 December 1998 have been compiled from
the latest published accounts.  Those accounts have been sent to the Registrar
of Companies: the report of the auditors thereon was unqualified.


Copies of the Interim Report will be posted to all shareholders on or around
14 August 1999 and copies may be obtained during normal business hours from
the Company's registered office, Exchange House, Primrose Street, London EC2A
2NY thereafter.

By order of the Board                                       Registered Office
Foreign & Colonial Management Limited                          Exchange House
Secretary                                                     Primrose Street
                                                              London EC2A 2NY
                                                     Telephone: [phone]
 


EDITORS' NOTE

Foreign & Colonial Enterprise Trust PLC ('FACET')

FACET is a UK listed investment trust whose investment objective is to provide
shareholders with long term capital appreciation by investing primarily in
unquoted companies.  A secondary aim is to provide shareholders with a rising
dividend revenue.


F&C Ventures Limited - The Manager

F&C Ventures, the manager of Foreign & Colonial Enterprise Trust PLC, has a
long established position in the private equity market and extensive
experience of making unquoted investments.  It invests in companies at all
stages of development with particular emphasis on finance for expansion,
acquisitions and management buy-outs.