Final Results

HENDERSON EUROTRUST PLC
29 September 1999


       Preliminary Unaudited Results for the Year Ended 31 July 1999
                                     
Financial Highlights                                     
                             31 July    31 July    Change
                                1999       1998         %
                               pence      pence
Net Asset Value                                          
per ordinary share            281.19     281.29         -
per zero dividend              47.18      41.78     +12.9
preference share
per unit (one ordinary                                   
share and one zero            328.37     323.07      +1.6
dividend preference
share)
Earnings                                                 
per ordinary share/unit         2.24       2.31      -3.0
Dividends                                                
per ordinary share/unit         2.50       2.50         -


Dividend
The  recommended  final  dividend  of 1.5p  per  ordinary  share/unit,  if
approved,  will  be  paid  on  9  November 1999  to  holders  of  ordinary
shares/units on the register of members at close of business on 15 October
1999.  The Company's shares will be quoted ex-dividend on 11 October 1999.


    Preliminary Unaudited Results for the Year Ended 31 July 1999

Chairman's Statement

The  year  ended 31 July 1999 has been a challenging  one  for
European markets, although not particularly rewarding in terms
of  gains achieved.  After their very strong advances  in  the
Company's  previous financial year, our markets experienced  a
sharp setback in the third quarter of calendar 1998.  This was
triggered partly by the crisis in Asia, and partly by the poor
situation in Russia.  Although by early July 1999 markets  had
recovered  virtually all of their earlier losses,  once  again
the  final two weeks of our financial year saw a sharp decline
which  returned the net asset value of the Company to a  level
only  marginally above that of a year ago.  At the end of  the
year, the net assets of the fund had risen by 1.6% to £57.75m

From  a  number of points of view, we are encouraged  by  this
lengthy period of consolidation.  For some time now, there has
been  widespread  concern  about the  state  of  the  European
economies.  Growth has been less than expected and  less  than
seen  elsewhere  in  the  world.  Furthermore,  some  European
governments  appear to be slow to re-structure  and  modernise
their  economies.   As  so  often the  degree  of  concern  is
exaggerated and positive change is clearly beginning  to  take
place.   We  therefore expect the economic outlook to  improve
over  the next twelve months and there are further encouraging
signs such as the recently proposed tax reform in Germany.

Some  of the other long-term factors to which we have referred
in  the  past  have  also  continued to establish  themselves.
There  is  greater  evidence  that  individual  investors  and
pension funds are increasing their equity weighting.  This  is
providing  a natural flow of ready buyers for the high  number
of new issues seen in the first half of 1999. These new issues
serve  to  broaden  the  European markets  and  therefore  are
ultimately  a  very  positive  development.   Finally,   there
continues  to  be  growing evidence that  the  performance  of
European   companies   is   improving.    Certainly,   in   an
increasingly  global environment and given  the  pressures  of
meeting higher demands from domestic investors, it is only  to
be  expected that the performance levels of European companies
will continue to improve.

Results

The net asset value per unit increased by 1.6% during the year
under review which is the equivalent of a total return of 2.5%
with  dividends re-invested.  By comparison the FT/S&P  Europe
Index ex-UK showed a total return of minus 4.1%.

These good figures continue a trend of outperformance relative
to  both the index and the European peer group, as compiled by
the  AITC. Over the two years to the end of July 1999, the net
asset  value of the units has appreciated by 47.6% on a  total
return basis. This is 14.3% more than the FT/S&P Europe  ex-UK
Index  (33.3%) over the same period, and 15.2% more than  the
peer group average (32.4%).
                               

 Preliminary Unaudited Results for the Year Ended 31 July 1999

Revenue and Dividend

Gross  revenue  for  the  year  amounted  to  £926,000  (1998:
£956,000).  Net revenue on ordinary activities after  taxation
and  administration  expenses,  amounted  to  £394,000  (1998:
£407,000)  producing  earnings  of  2.24p  (1998:  2.31p)  per
ordinary share/unit.  An unchanged final dividend for the year
of  1.5p  (1998: 1.5p) per share is being recommended and,  if
approved, will be paid on 9 November 1999.

Outlook

At  the time of year when this report is written, there always
seem  to be concerns of one sort or another about the markets.
This  year  is  no exception, the main worry being  the  level
which the American market has reached and the possibility that
a  global  recovery embracing the American, European  and  Far
Eastern   economies  will  lead  to  inflationary   pressures,
countered by higher interest rates.  At this time volumes  are
low,  and  therefore movements within the markets are  greater
than usual, which accentuates these fears.

Specifically  in Europe, the outlook is much more  encouraging
than  it  was  twelve months ago.  Valuations,  compared  with
historical  levels and those now seen in Wall  Street,  appear
reasonable  relative  to the earnings  growth  which  European
companies  look  set to achieve over the  next  two  to  three
years.  There are also clear signs that European economies are
beginning to recover, and we therefore expect earnings  growth
to accelerate in the year 2000 from an already reasonable rate
in  1999.  As mentioned above, domestic investors continue  to
shift  more money into equities, and we see this as a positive
development.

Against  this backdrop, we expect European markets to  show  a
good return over the next twelve months, once the usual summer
and  autumn volatility is passed.  Over the years, our manager
has  tended  to  concentrate  more  on  growth  situations  in
preference to cyclical companies.  Over the last seven months,
this  has  been a strategy which might have been  expected  to
disadvantage  the  fund.   However,  the  fact  that  we  have
continued  to outperform the index shows that there are  still
some  very attractive growth companies available at reasonable
ratings.   Although we expect cyclical companies will  produce
better  results  over the next twelve months, we  continue  to
encourage our manager to focus on the more promising  European
growth  opportunities.  In summary, after a  year  of  healthy
consolidation,  we  would  expect  better  returns  from   the
European markets over the next twelve months.



 Preliminary Unaudited Results for the Year Ended 31 July 1999


Statement of Total Return (incorporating the revenue account)
for the year ended 31 July 1999

                                                           (Audited)
                            Year Ended 31 July 1999 Year ended 31 July 1998
                            Revenue Capital  Total  Revenue Capital  Total
                             £'000   £'000   £'000   £'000   £'000   £'000
                                                                          
Total capital gains from          -   1,246   1,246       - 17,332  17,332
investments
Income from fixed asset         796       -     796     820      -     820
investments
Other interest receivable       130       -     130     136      -     136
and similar income
                            ------- ------- ------- ------- ------- -------
                                
Gross revenue and capital       926   1,246   2,172     956 17,332  18,288
gains
                                                                          
Management fee                (259)   (259)   (518)   (234)  (234)   (468)
Other administrative           (80)    (80)   (160)    (65)   (65)   (130)
expenses
                            ------- ------- ------- ------- ------- -------
                                
Net return on ordinary                                                    
activities before
   interest payable and         587     907   1,494     657 17,033  17,690
taxation
                                                                          
Interest payable                (4)       -     (4)     (2)      -     (2)
                            ------- ------- ------- ------- ------- -------
                                
Net return on ordinary                                                    
activities
   before taxation              583     907   1,490     655 17,033  17,688
                                                                          
Taxation on net return on     (189)      70   (119)   (248)     64   (184)
ordinary activities
                            ------- ------- ------- ------- ------- -------
                                
Net return on ordinary                                                    
activities after taxation       394     977   1,371     407 17,097  17,504
                            ------- ------- ------- ------- ------- -------
                                
Capital gains attributable                                                
to zero dividend
   preference shares              -   (950)   (950)       -  (840)   (840)
                            ------- ------- ------- ------- ------- -------
                                
Net return attributable to                                                
ordinary
   shareholders                 394      27     421     407 16,257  16,664
                            ------- ------- ------- ------- ------- -------
                                                                              
Dividends - ordinary shares                                               
Interim paid 1.0p (1998:      (176)       -   (176)   (176)      -   (176)
1.0p)
Final proposed 1.5p (1998:    (264)       -   (264)   (264)      -   (264)
1.5p)
                            ------- ------- ------- ------- ------- -------
                              (440)       -   (440)   (440)      -   (440)
                            ------- ------- ------- ------- ------- -------
                                                                          
Transfer (from)/to reserves    (46)      27    (19)    (33) 16,257  16,224
                              =====   =====   =====   =====  =====   =====
Return per                                                                
Zero dividend preference          -   5.40p   5.40p       -  4.78p   4.78p
share
Ordinary share                2.24p   0.15p   2.39p   2.31p 92.44p  94.75p
                              =====   =====   =====   =====  =====   =====

The  revenue  columns of this statement represent the  revenue
accounts of the Company.


 Preliminary Unaudited Results for the Year Ended 31 July 1999


Summary of Net Assets
at 31 July 1999                                      (Audited)
                                   31 July 1999   31 July 1998
                                          £'000               
Fixed asset investments                                       
Listed abroad                            53,675         53,690
                                   ------------   ------------
Current assets                                                
Debtors                                   1,634          2,394
Cash at bank and short term               3,320          3,126
deposits
                                   ------------   ------------
                                          4,954          5,520
                                                              
Creditors: amounts falling due            (873)        (2,388)
within one year
                                   ------------   ------------
Net current assets                        4,081          3,132
                                   ------------   ------------
                                                              
Total assets less current                57,756         56,822
liabilities
Provisions for liabilities and              (5)            (2)
charges
                                   ------------   ------------
                                                              
Total net assets                         57,751         56,820
                                        =======        =======
Shareholders funds attributable                               
to
Non-equity interests - zero                                   
dividend
preference shares                         8,298          7,348
Equity interests - ordinary              49,453         49,472
shares
                                   ------------   ------------
                                         57,751         56,820
                                   ------------   ------------
Net asset value per:                                          
Zero dividend preference share           47.18p         41.78p
Ordinary share                          281.19p        281.29p
                                          =====          =====

Notes :

1. Return per share
   Return  per  zero  dividend preference share  reflects  the
   predetermined growth in capital entitlement for the year of
   £950,000  (1998:  £840,000)  and  on  the  17,587,348  zero
   dividend preference shares in issue (1998: 17,587,348).

   Revenue  return  per ordinary share is  based  on  earnings
   attributable   to   ordinary  shares  of  £394,000   (1998:
   £407,000)  and  on the number of ordinary shares  in  issue
   during the year of 17,587,348 (1998: 17,587,348).

   Capital  return per ordinary share is based on net  capital
   gains,   after  deduction  of  the  zero  dividend  capital
   entitlement  of  £27,000  (1998: £16,257,000)  and  on  the
   number  of  ordinary shares in issue during  the  year  (as
   above).



 Preliminary Unaudited Results for the Year Ended 31 July 1999


2. 1998 Accounts
   The figures and financial information for the year ended 31
   July  1998 are extracted from the latest published accounts
   and do not constitute the statutory accounts for that year.
   Those  accounts  have been delivered to  the  Registrar  of
   Companies and included the report of the auditors which was
   unqualified  and did not contain a statement under  Section
   237(2) or Section 237(3) of the Companies Act 1985.

3. 1999 Accounts
   The preliminary figures for the year ended 31 July 1999 are
   an  extract from the latest accounts of the Company.  These
   accounts  have not yet been delivered to the  Registrar  of
   Companies, nor have the auditors yet reported on them.

4. Annual General Meeting
   Copies  of the Annual Report will be posted to shareholders
   in  early  October  1999  in time for  the  Annual  General
   Meeting  on 4 November 1999 and will be available from  the
   Secretary at 3 Finsbury Avenue, London EC2M 2PA thereafter.


For further information please contact :

Tim Stevenson                                  Vicki Staveacre
Henderson EuroTrust plc                 Henderson Press Office
0171 410 4100                                    0171 410 4222