Final Results

INVESCO Asia Trust PLC
20 June 2001

                              INVESCO ASIA TRUST

                           Preliminary Announcement
                           Unaudited Final Results



Chairman's Statement

May 2001



The pressure on global equity markets over the period under review took its
toll on Asian stock markets. The unwinding of the excesses in the
Telecommunication-Media-Technology sectors and fears of recession triggered a
massive sell-off in Asian markets. In these testing conditions, the net asset
value of the Company fell by 31.0% by comparison with a fall of 26.3% in the
MSCI Index over the year to 30 April 2001.



In response to the sharp deterioration in markets and outlook, the Company's
borrowings were repaid and the portfolio has not been geared since the interim
stage.  Liquidity levels were increased in the latter half of the year,
peaking at around £13 million.  Over half of this amount was recommitted to
equity markets before the year-end, as opportunities were taken to reposition
the portfolio towards what were seen to be better quality stocks with good
earnings prospects.



More recently, Asian stocks have shown signs of improving performance as
investors have returned, attracted to oversold stock positions and cheap
valuations and encouraged by improving liquidity as interest rates fall. The
pick up in liquidity that has accompanied an easing in monetary policy by
global central banks can be seen as a precursor to a return to growth, and
investors have been buying in anticipation.



Outlook



It has been evident for some time that many of the Region's better-managed
companies have acknowledged the need to restructure their operations so as to
meet the increasing challenge of international competition.  Previous high
levels of gearing have been reduced and operating improvements introduced, and
the forward-looking companies are well placed to benefit from a pick-up in the
global economy.



Against this background, Asian markets should be able to deliver better
performance in both absolute and relative terms.



Dividends



In my statement at this time last year I advised shareholders that in future
years only the net revenue of the current year would be considered for
distribution to shareholders as dividend.  In the year under review income
fell from £1,390,000 to £1,216,000 and, although management expenses were
lower, the resulting net revenue available for distribution fell from £392,000
to £338,000.  Accordingly, your Board recommends payment of a final dividend
of 0.3p per ordinary share (2000:0.65p) which, if approved, will allow the
transfer to reserves of £20,000. The dividend, if approved , will be payable
on 27 July 2001 to shareholders registered on 29 June 2001.





Share Buy-Backs



For much of the year the Company's ordinary shares have traded on a wider than
average discount.  To ease the demand/supply flow we have again exercised the
share buy-back authority to purchase for cancellation a total of 5 million
shares, bringing the ordinary shares in issue at the year-end to 105,961,992.
The 5 million shares were acquired at discounts to the then prevailing net
asset values to the benefit of investors continuing to hold the shares.



Annual General Meeting



Your Board believe it prudent in these volatile market conditions, to maintain
the flexibility both to buy back shares and to issue new shares as and when
appropriate.  Therefore, as Special Business of the Annual General Meeting,
two Resolutions will be proposed as Special Resolutions.  Under the first, we
are seeking renewal of the authority to issue new ordinary shares within
prescribed limits. To avoid dilution of the interests of existing
shareholders, these powers will not be exercised at an issue price below the
prevailing net asset value per share. Second, we seek renewal of the authority
to buy back up to 14.99% of the Company's issued ordinary shares. Acquisitions
under this authority will be subject to the restrictions described in the
Notice of Annual General Meeting and will only be made at market prices below
the prevailing net asset value.



I look forward to meeting you at the Annual General Meeting when there will be
a presentation by Alfred Ho, the investment manager, who will speak about the
Company's performance and the outlook for investment in the Region.  This will
be followed by an opportunity to meet informally over refreshments after the
meeting.






Robin Baillie

Chairman

14 June 2001


Statement of Total Return (incorporating the revenue account)
for the year ended 30 April

                                    2001 Unaudited                 2000

                           Note Revenue  Capital   Total Revenue Capital   Total
                                  £'000    £'000   £'000   £'000   £'000   £'000

Gains/(losses) on             1       - (26,536)(26,536)       -  16,181  16,181
investments
Gains/(losses) on foreign             -      122     122       -    (86)    (86)
currency revaluation
Income                        2   1,216        -   1,216   1,390       -   1,390
Investment management fee     3   (147)    (441)   (588)   (177)   (532)   (709)
Other expenses                4   (393)     (14)   (407)   (461)    (22)   (483)

Net return before finance           676 (26,869)(26,193)     752 1 5,541  16,293
costs and taxation
Interest payable and similar  5    (81)    (244)   (325)    (76)   (228)   (304)
charges

Return on ordinary                  595 (27,113)(26,518)     676  15,313  15,989
activities before tax
Tax on ordinary activities    6   (257)      181    (76)   (284)     204    (80)

Return on ordinary                  338 (26,932)(26,594)     392  15,517  15,909
activities after tax for the
financial year
Dividend in respect of        7   (318)        -   (318)   (695)       -   (695)
equity shares

Transfer to/(from) reserves          20 (26,932)  26,912   (303)  15,517  15,214

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Return per ordinary share:
Basic                         8   0.32p (25.19)p (24.87)p  0.35p  13.82p  14.17p
                                                        

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The Revenue column of this statement is the Revenue account of the Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.

Reconciliation of Movement in Shareholders' Funds
for the year ended 30 April
                                                                 2001     2000
                                                            Unaudited
                                                                £'000    £'000

Revenue return for the year                                        20    (303)
Capital return for the year                                  (26,932)   15,517
Proceeds from liquidation of Drayton Far Eastern Trust              -    1,001
Shares purchased for cancellation                             (3,132)  (1,072)

Net movement in Shareholders' funds                          (30,044)   15,143
Opening Shareholders' funds                                    97,054   81,911

Closing Shareholders' funds                                    67,010   97,054

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Balance Sheet at 30 April                                       2001       2000
                                                           Unaudited
                                                               £'000      £'000
Fixed assets
Investments                                                   60,226     92,616

Current assets
Debtors                                                        1,211      3,072
Cash at bank                                                   6,197      5,451

                                                               7,408      8,523

Creditors: amounts falling due within one year                   624      4,085

Net current assets                                             6,784      4,438

Total assets less current liabilities                         67,010     97,054

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Capital and reserves
Called-up share capital                                       10,596     11,096
Share premium account                                         74,588     74,588
Other reserves
Capital redemption reserve                                       650        150
Special reserve                                               25,796     28,928
Capital reserve - realised                                  (41,547)   (37,205)
Capital reserve - unrealised                                 (3,601)     18,989
Revenue reserve                                                  528        508

Equity Shareholders' funds                                    67,010     97,054

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Net asset value per ordinary share
Basic                                                          63.2p      87.5p
Fully-diluted (AITC Basis)                                     69.6p      89.6p

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Cash Flow Statement
for the year ended 30 April
                                                                   2001    2000
                                                              Unaudited
                                                                  £'000   £'000

Cash (outflow)/inflow from operating activities                    (18)     229
Servicing of finance                                              (331)   (299)
Taxation                                                            204     338
Capital expenditure and financial investment                      7,654     420
Equity dividends paid                                             (695) (1,057)

Net cash inflow/(outflow) before management of liquid             6,814   (369)
resources and financing
Management of liquid resources                                  (1,640)   1,372
Financing                                                       (6,192)   2,989

(Decrease)/increase in cash                                     (1,018)   3,992

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Reconciliation of cash flow to movement in net funds
                                                                  2001     2000
                                                             Unaudited
                                                                 £'000    £'000

(Decrease)/increase in cash                                    (1,018)    3,992
Cash outflow/(inflow) from decrease/(increase) in debt           3,060  (3,060)
Cash outflow/(inflow) from increase/(decrease) in liquid         1,640  (1,372)
resources

Change in net funds/(debt) resulting from cash flows             3,682    (440)
Translation difference                                             124     (86)

Movement in net funds/(debt) in the year                         3,806    (526)
Net funds at beginning of year                                   2,391    2,917

Net funds at end of year                                         6,197    2,391

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The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2001 or 2000.  The financial
information for 2000 is derived from the statutory accounts for 2000 which
have been delivered to the Registrar of Companies.  The auditors have reported
on the 2000 statutory accounts and their report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985.
The statutory accounts for 2001 will be finalised on the basis of the
information presented by the directors in this preliminary announcement and
will be delivered to the Registrar of Companies following the Company's Annual
General Meeting.

Notes to the Financial Statements *
for the year ended 30 April 2001


                                                              2001         2000
                                                             £'000        £'000
1. Gains on investments

Realised (losses)/gains on sales                           (3,946)        8,886
(Decrease)/increase in unrealised
     appreciation                                         (22,590)        7,295

(Losses)/gains on investments                             (26,536)       16,181



2. Income
                                                              2001         2000
                                                             £'000        £'000
Income from investments
Overseas dividends                                           1,044        1,278
Overseas fixed interest income                                   -            6

                                                             1,044        1,284
Other income
Deposit interest                                               172          106

Total income                                                 1,216        1,390

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Total income comprises:
Dividends                                                    1,044        1,278
Interest                                                       172          112

                                                             1,216        1,390

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3. Investment management fee
                                        2001                      2000
                            Revenue  Capital   Total  Revenue  Capital   Total
                              £'000    £'000   £'000    £'000    £'000   £'000
Investment management fee       147      441     588      177      532     709

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4. Other expenses
                                               2001                  2000
                                    Revenue Capital Total Revenue Capital Total
                                      £'000   £'000 £'000   £'000   £'000 £'000
General expenses                        300       -   300     371       -   371
Directors' fees                          68       -    68      68       -    68
Auditors' remuneration - for audit       17       -    17      17       -    17
services
Auditors' remuneration - for other        8       -     8       5       -     5
services
Transaction dealing charge                -      14    14       -      22    22

                                        393      14   407     461      22   483

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5. Interest payable and similar charges
                                        2001                      2000
                            Revenue  Capital   Total  Revenue  Capital   Total
                              £'000    £'000   £'000    £'000    £'000   £'000
Overdraft interest               10       30      40        9       27      36
Term loan repayable within       71      214     285       67      201     268
1 year, not by instalment

                                 81      244     325       76      228     304

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6. Tax on net revenue from ordinary activities
                                               2001                  2000
                                    Revenue Capital Total Revenue Capital Total
                                      £'000   £'000 £'000   £'000   £'000 £'000
Tax relief attributable to              181   (181)     -     204   (204)     -
management fee and interest,
allocated to capital reserve -
realised
Overseas tax                             76       -    76      80       -    80

                                        257   (181)    76     284   (204)    80

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7. Dividends
                                                                   2001    2000
                                                                  £'000   £'000
Dividend on equity shares
Ordinary - proposed dividend of 0.3p per share (2000: 0.65p)        318     695

                                                                    318     695

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8. Return per ordinary share

Basic revenue return per ordinary share is based on the net revenue return on
ordinary activities after taxation and on 106,915,417 (2000: 112,289,389)
ordinary shares, being the weighted average number of ordinary shares in issue
throughout the year.

Basic capital return per ordinary share is based on the net capital return on
ordinary activities after taxation and on 106,915,417 (2000: 112,289,389)
ordinary shares, being the weighted average number of ordinary shares in issue
throughout the year.

Following the adoption of FRS 14 ''Earnings per Share'', as the ordinary share
price remained under the warrant exercise price, the warrants are not dilutive
and therefore no diluted or fully-diluted return per ordinary share has been
calculated.
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*          These notes are an abridged version of what will be published in
the Annual Report and Accounts which are expected to be published shortly.