Unaudited Interim Statement

Investment Company PLC
16 November 2000




The Investment Company plc

Unaudited Interim Statement

For the period 1 April 2000 to 30 September 2000


                                     Half-year to    Half-year to     Year to
                                       30-Sep-00      30-Sep-99      31-Mar-00
                                                      
                                           £              £             £
Total income                             683,137        842,494     1,546,100
Expenses                                 208,020        170,408       345,681
Net revenue, before taxation             475,117        672,086     1,200,419
Taxation                                 (32,697)       (12,761)      (79,714)
Net revenue, after taxation              507,814        684,847     1,280,133

Dividends Participating Pref.            359,253        476,893       858,407 

          Ordinary                       111,944         69,964       237,880
Transfer to reserves                      36,617        137,990       183,846


Earnings per ordinary share after
preference dividend                        5.31p          7.43p        15.07p

NAV per ordinary share                   322.46p        339.34p       342.46p


Statement of total recognised gains and losses

Distributable profits:-
Net revenue, after taxation              507,814        684,847      1,280,133

Non-distributable profits:-
Net profit on disposal of investments    382,882        975,022      1,267,128
Tax on realised gains                    (54,531)      (117,992)      (204,002)
Decrease in unrealised appreciation     (905,532)      (909,979)    (1,060,442)
                                        (577,181)       (52,949)         2,684

Total recognised (losses)/gains          (69,367)       631,898      1,282,817


The Directors have declared an interim dividend of 4p per Ordinary Share
payable on 20 December 2000 to shareholders on the register at 1 December
2000.  This payment represents an increase of 60% over the interim dividend of
2.5p paid last year.  The Directors expect to recommend a maintained final
dividend of 6p to make a total dividend for the current financial year of 10p
(1999/00: 8.5p).  On that assumption, the increase in the interim dividend
will result in an additional 0.375p per share becoming payable on 1st October
2001 to holders of the Participating Preference Shares, making a total annual
payment of 9p per Participating Preference Share (1999/00: 8.625p).

Following the purchase for cancellation of 3,890,602 participating preference
shares at 100p in April, the Directors had warned of the inevitable reduction
in income from the smaller remaining portfolio of investments.  In the event,
total income in the six months fell from £842,494 to £683,137.  

The results for the year to 31st March 2000 are extracted from the Company's
full accounts for the year which received an unqualified auditor's report and
have been filed with the Registrar of Companies.

This Statement is being sent to all shareholders and is available to the
public at the Company's registered office.

Registered Office:                                                 
18th Floor  Royex House                                          
Aldermanbury Square                                          P F SIMMS
London EC2V 7HR                                               Chairman

Registered No. 4205 England                           16 November 2000