Interim Results - 6 Months to 31 January 2000

Henderson Eurotrust PLC
23 February 2000

                                 
                      HENDERSON EUROTRUST PLC
   Unaudited Interim Results for half year ended 31 January 2000


Henderson EuroTrust plc today announces unaudited interim results
for the half year ended 31 January 2000.

Financial Highlights
                           (Unaudited)  (Unaudited)  (Audited)
                             Half year                    
                                 ended   Half year      Year
                            31 January       ended     ended
                                  2000  31 January   31 July
                              in pence        1999      1999
                                          in pence  in pence
Net asset value per                                         
Ordinary share                   377.0       279.6     281.2
Zero dividend preference          50.1        44.4      47.2
share
Unit                             427.1       324.0     328.4
Dividends per ordinary            1.00        1.00      2.50
share/unit
Earnings per ordinary           (0.45)        0.02      2.24
share/unit

Dividend
An  interim dividend of 1.00p (1999:1.00p) per ordinary share/unit
has  been declared payable on 14 April 2000 to shareholders on the
register  of  the Company on 17 March 2000.  The Company's  shares
will be quoted ex dividend on 13 March 2000.

Chairman's Statement
During  the six months to 31 January 2000, the net asset value  of
Henderson EuroTrust plc rose to £75.12m, representing an  increase
of 30.1% since 31 July 1999 and an increase of 31.8% over the past
twelve  months.   Both  of these figures are significantly  higher
than  the  change in the FT/S&P Europe Ex UK Index which  rose  by
10.7% and 8.7% over the same periods.

Gross  revenue  for  the six months amounted to  £176,000.   After
administrative  expenses, interest payable and taxation,  the  net
loss  amounted to £79,000 equivalent to a loss per share of 0.45p.
This  compares with gross revenue of £176,000 and net  revenue  of
£4,000  for the corresponding period ended 31 January 1999.   This
change reflects the rapid growth in the Trust's assets and,  as  a
result,  a higher management fee, without a corresponding increase
in  income from these assets.  It is quite normal for the  greater
part of revenue to accrue in the second half year.
                                 

Chairman's Statement:

The  directors have declared an unchanged interim dividend of 1.0p
per ordinary share and expect to maintain a total dividend of 2.5p
for the full year.

Portfolio Review
In  the annual report, I wrote that 'we expect European markets to
show  a good return over the next twelve months'.  At the time  we
did not expect an increase of this magnitude to happen so quickly.
However, with the benefit of hindsight, it is entirely justifiable
for  there  to have been such a rise in the European markets  over
this  period.   In particular, technology related  companies  have
performed very strongly and the Trust has continued to have a very
high  weighting  in  this sector.  At the  end  of  January  2000,
approximately  54% of the portfolio was invested in  what  is  now
regarded  as the category 'Technology, Media and Telecoms'.   Some
of  these  holdings have seen substantial gains in the six  months
since  the  end  of  our  financial  year.   Sonera,  the  Finnish
telephone operator, has risen by over 200% in sterling terms.   ST
Microelectronics  has  more than doubled, as have  KPN,  Getronics
and Nokia.  In some of these, we have taken part of the profit.

The  valuation  of  many  of  these technology  related  (or  'New
Economy') companies has clearly risen significantly over the  last
six  to  twelve months.  As mentioned above, we have taken profits
in  a  number  of these stocks, whilst continuing to  buy  quality
companies  which trade at a lower rating compared with  others  in
their peer group.  This has stood us in good stead and is a policy
which we shall continue to pursue.  Given the level to which  some
markets have risen, we expect to see some profit taking.  However,
we  believe it risky to be out of this sector and are inclined  to
add  to  our holdings should there be a sell-off, rather  than  to
ignore  companies which are involved in some of the most  exciting
technologies in the world.

The counterweight to this policy has been a continuing underweight
position in the oil and heavy cyclical sectors, as well as in  the
banking  sector.   Once  again this is  not  a  criticism  of  the
management  in  these companies, but a reflection of  our  caution
towards  businesses  which operate in an increasingly  competitive
environment with limited benefit from new technologies.

Outlook
The  economic growth to which we have referred a number  of  times
over the last twelve months is now clearly well established in the
European area.  For this reason, the downward trend in short  term
interest  rates  has been reversed and we have  already  seen  the
European Central Bank make two rate increases.  In spite of  this,
we  see nothing from the macro-economic field that should threaten
further progress for the European markets.

Valuation levels have clearly risen to worrying heights.  However,
there  is  better visibility for future earnings,  and  from  this
point  of  view we feel markets will be prepared to accept  higher
valuation  levels.  Furthermore, there continues  to  be  interest
from domestic investors keen to put more money into equities.

Merger  and acquisition activity is the other main feature of  the
European  market  and we expect this to continue.   Following  the
takeover of Mannesmann by Vodafone, further consolidation  in  the
telecoms  area is expected.  We are well exposed here, and  indeed
to the technology and media sectors.

We would not be surprised to see profit-taking in European markets
at  some stage over the next few months: we would consider this to
be  a  healthy correction. Overall we maintain a positive  outlook
for the European markets over the coming year.

                                 
Statement of Total Return (incorporating the revenue account)
for the half year ended 31 January 2000
                                 
                               (unaudited)         (unaudited)
                             Half year ended     Half year ended
                             31 January 2000     31 January 1999
                                                                  
                            Reven Capit  Total  Reven  Capit Total
                               ue    al            ue     al
                            £'000 £'000  £'000  £'000  £'000 £'000
Total capital gains from        - 17,84  17,84      -    492   492
investments                           6      6
Income from fixed asset       124     -    124     97      -    97
investments
Other interest receivable      52     -     52     79      -    79
and similar income          ----- -----  -----  -----  ----- -----
                           
Gross revenue and capital     176 17,846 18,022    176    492   668
gains                                       

Management fee              (173) (173)  (346)  (117)  (117) (234)
Other administrative         (47)  (47)   (94)   (40)   (40)  (80)
expenses                    ----- -----  -----  -----  ----- -----
                              
Net (loss)/return on                                              
ordinary activities before   (44) 17,626  17,582     19    335   354
interest payable and                        
taxation

Interest payable              (1)     -    (1)    (3)      -   (3)
                            ----- -----  -----  -----  ----- -----
                         
Net (loss)/return on                                              
ordinary activities before   (45) 17,626  17,581     16    335   351
taxation                                    

Taxation on net return on                                         
ordinary activities          (34)     -   (34)   (12)      -  (12)
                            ----- -----  -----  -----  ----- -----
                              
Net (loss)/return on                                              
ordinary activities after    (79) 17,626  17,547      4    335   339
taxation                                    

Capital gain attributable                                         
to zero dividend                - (521)  (521)      -  (460) (460)
preference shares           ----- -----  -----  -----  ----- -----
                            
Net (loss)/return                                                 
attributable to ordinary     (79) 17,105 17,026      4  (125) (121)
shareholders                                

Dividend declared                                                 
Interim: 1.00p (1999:       (176)     -  (176)  (176)      - (176)
1.00p)                      ----- -----  -----  -----  -----  -----
                             
                                                                  
Transfer (from)/to          (255) 17,105 16,850  (172)  (125) (297)
reserves                    -----  -----  -----  -----   ---   -----  
                                 
                                                                  
(Loss)/return per ordinary (0.45)p 97.26p  96.81p  0.02p  (0.71)p (0.69)p
share                                                


The revenue columns of this statement represent the revenue
accounts of the Company
                                 
                                 
                                 
Summary of Net Assets
at 31 January 2000

                        (unaudited)   (unaudited)  (audited)
                         31 January    31 January    31 July
                               2000          1999       1999
                              £'000         £'000      £'000
---------------------  ------------  ------------  ---------

Investments at market        69,867        53,379     53,675
value
Net current assets            5,255         3,605      4,081
                       ------------  ------------  ---------
                                                      
                             75,122        56,984     57,756
Provision for                     -           (1)        (5)
liabilities and        ------------  ------------  ---------
charges                                                
Total net assets             75,122        56,983     57,751
                       ------------  ------------  ---------
                                                       
Attributable to :                                           
  Zero dividend               8,819         7,808      8,298
preference shares
  Ordinary shares            66,303        49,175     49,453
                       ------------  ------------  ---------
                                                       
                             75,122        56,983     57,751
                       ------------  ------------  ---------
                                                   
Net asset value per                                         
share :
  Zero dividend               50.1p         44.4p      47.2p
preference
  Ordinary                   377.0p        279.6p     281.2p


Notes

1.   Shares and Units
     There are 17,587,348 shares of each class of share in issue.
     Units comprise one ordinary share and one zero dividend
     preference share and are listed on the London Stock Exchange.
          
2.   Accounts for the year ended 31 July 1999
     The figures and financial information for the year ended 31
     July 1999 are extracted from the latest published accounts of
     the Company and do not constitute 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 either under
     section 237(2) or 237(3) of the Companies Act 1985.
          
3.   Year 2000
     The directors of Henderson EuroTrust plc have been advised by
     Henderson plc and its subsidiaries ('Henderson'), which
     provide investment management, UK custodian, accounting,
     administrative and company secretarial services to Henderson
     EuroTrust plc that the corporate action programme initiated
     by Henderson has been satisfactorily completed and that at
     the date of this document no material or significant problems
     affecting Henderson EuroTrust plc have arisen from the Year
     2000 date change. Costs relating to this project were borne
     by Henderson.
     

4.   Interim Report
     The interim report will be posted to shareholders in March
     2000 and will be available thereafter from the Secretary at
     the Registered Office, 3 Finsbury Avenue, London EC2M 2PA.
     
                                 
                                 
                                 
                                 
                                 
For further information please contact :

Tim Stevenson/Stephen Westwood                 Vicki Staveacre
Henderson EuroTrust plc                 Henderson Press Office
020 7410 4100                                    020 7410 4222