Interim Results

Liontrust Asset Management PLC
16 November 2000


               LIONTRUST ASSET MANAGEMENT PLC
                              
   INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2000

Liontrust  Asset Management PLC ('Liontrust'), the specialist
UK  equities  fund  management  group,  announced  today  its
interim results for the six months to 30 September 2000.

Highlights

      Total operating profits increased by 213% to £2.032
     million.
  
      Core operating profits increased by 107% to £1.346
     million.

      Funds under management at 30 September 2000 were £1,188
     million, up 50% from 30 September 1999 (£1,114 million at 31
     March 2000).

       Earnings per share (adjusted), at 4.67 pence, were up
     238% from 1.38 pence for the six months to 30 September 1999
     (8.32 pence for the year to 31 March 2000).

       Have been appointed to manage an additional 6 pension
     fund accounts worth £320 million, all of which are currently
     in transition.

       Total funds under management at 10 November 2000 were
     £1,219 million.

Commenting   on  the  results,  Nigel  Legge,   Joint   Chief
Executive, said:

'Our  half  year results show solid progress on  all  fronts.
Both core and total operating profits are up strongly on  the
equivalent period last year, funds under management  continue
to grow, despite a fairly volatile market, and our costs have
been controlled.

We  continue  to  be supported by many of  the  UK's  leading
investment   consultants   and  an   increasing   number   of
intermediaries.  Leading consultants who  have  supported  us
include  Aon  Consulting Limited, William M  Mercer  Limited,
Stamford  Associates Limited and Watson Wyatt Partners.  Also
we  have recently been appointed by a major US multi manager,
SEI,  as  one of their three UK managers to manage UK assets,
which is a significant milestone for us.

The new pension fund assets include the first four mandate
wins for William Pattisson's Large Cap. Process.'


For further information, please contact:

Nigel Legge, Joint Chief Executive
Liontrust Asset Management PLC               020-7412 1720

John Mellett
HSBC Investment Bank plc                     020-7336 9000


A broadcast, in which extracts from these interim results
will be presented, can be viewed from 17 November 2000
onwards. Log onto Liontrust's web site, www.liontrust.co.uk,
to access it.



LIONTRUST ASSET MANAGEMENT PLC

Chairman's Statement

I  am pleased to present our interim financial statements and
be  able  to report that your Company has continued  to  make
excellent  progress in its stated strategy and in  developing
the key areas of the business.

The  Group's  financial  results  demonstrate  our  continued
growth   and  development.  Total  operating  profits  before
exceptional  items  increased by 213% to £2,032,000  compared
with  the  six months ended 30 September 1999. These  profits
include  performance related fees earned during  the  period,
but   core  operating  profits  (i.e.  excluding  performance
related fees) still rose by 107% to £1,346,000.

Basic  earnings per share on our core business  for  the  six
months to 30 September 2000, at 3.21 pence, were 132% up from
1.38 pence for the six months to 30 September 1999 and on our
total  business, at 4.67 pence (adjusted), were up 238%  from
1.38 pence.

These results have further strengthened our balance sheet and
our  profit and loss account reserve - the retained  earnings
of the business - now stands in positive territory.

As  I  said in the Annual Report & Accounts, whilst  we  have
every faith in our investment managers' processes we are well
aware  that  the inflow of performance related  fees  may  be
erratic with the bulk of such fees, when earned, falling  due
around the calendar year end. Therefore, we continue to  base
our   financial  budgets  on  core  earnings  and  focus   on
controlling costs appropriately. Our total cost: income ratio
(excluding exceptional costs) has fallen to 66.6% from  75.6%
in  the  six months to 30 September 1999 and from 69% in  the
year to 31 March 2000.

Funds  under management at 30 September 2000 stood at  £1,188
million, an increase of 50% from the position at 30 September
1999 when they were £789 million and 7% up from 31 March 2000
when  they stood at £1,114 million. The FTSE All-Share  Index
was  down  3% between 31 March and 30 September 2000.  At  10
November 2000 funds under management were £1,219 million.

We have been appointed to manage an additional 6 pension fund
accounts  worth £320 million, all of which are  currently  in
transition. We are advised to expect half of this  amount  to
be  in  our  hands by the end of the calendar  year  and  the
balance by the end of the financial year.

Despite  volatility  in the market solid  progress  has  been
made. Interest in our investment processes continues to  grow
among  professional investors and intermediaries both in  the
UK  and  overseas  and many opportunities  exist  for  us  to
increase funds under management.

Ellen Winser
Chairman, 16 November 2000
LIONTRUST ASSET MANAGEMENT PLC

Consolidated Profit and Loss Account

Six months to 30 September 2000


                                  6           6       12
                             months     months     months
                         to 30.9.00 to 30.9.99 to 31.3.00
                        (unaudited) (unaudited) (audited)


                       Note   £'000      £'000      £'000

Gross profit                  6,078      2,680     12,541

Staff costs                 (2,784)    (1,288)    (6,739)

Exceptional items      2      (154)    (1,942)    (2,044)

Total staff costs           (2,938)    (3,230)    (8,783)

Other operating charges     (1,262)      (742)    (1,942)

Operating profit/(loss)       1,878    (1,292)      1,816

Net interest 
receivable/(payable)            148       (21)       (24)

Profit/(loss) on ordinary activities
before tax                     2,026   (1,313)      1,792

Taxation               3      (598)        388      (539)

Profit/(loss) on ordinary activities
after tax transferred
to/(from) reserves             1,428     (925)      1,253


                              Pence      Pence      Pence

Basic earnings per share  4    4.34     (2.93)       3.88

Basic earnings per 
share (adjusted)          4    4.67       1.38       8.32

Basic earnings 
per share (core)          4    3.21       1.38       3.72

Diluted earnings 
per share                 4    4.16     (2.91)       3.80

Diluted earnings 
per share (adjusted)      4    4.47       1.37       8.15

Diluted earnings 
per share (core)          4    3.08       1.37       3.64


                                  6           6       12
                             months     months     months
                         to 30.9.00 to 30.9.99 to 31.3.00
                        (unaudited) (unaudited) (audited)


                              £'000      £'000      £'000

Core earnings                  1,346       650      1,741

Performance related earnings     686         -      2,119

                               2,032       650      3,860

Exceptional costs              (154)   (1,942)    (2,044)

Operating profit/(loss)        1,878   (1,292)      1,816

LIONTRUST ASSET MANAGEMENT PLC
                              
Consolidated Balance Sheet

At 30 September 2000


                             30.9.00    30.9.99   31.3.00
                        (unaudited) (unaudited) (audited)

                              £'000      £'000      £'000

Fixed assets                    320        300        338
Current assets

  Short term investments         53         21         92

  Debtors                     5,235      2,281      4,771

  Cash at bank and in hand    4,372      1,426      6,515

                              9,660      3,728     11,378

Creditors - amounts
falling due within one year (6,646)    (3,246)    (9,964)

Net current assets            3,014        482      1,414

Total assets less 
current liabilities           3,334        782      1,752

Creditors - amounts falling due
after more than one year      (263)    (1,317)      (109)

                              3,071      (535)      1,643

Capital and reserves

Called up ordinary 
share capital                  329        329         329

Share premium account          1,543    1,543       1,543

Profit and loss account        1,199   (2,407)      (229)

                               3,071     (535)      1,643

LIONTRUST ASSET MANAGEMENT PLC
                              
Consolidated Cash Flow Statement

Six months to 30 September 2000

                                  6          6         12
                             months     months     months
                         to 30.9.00 to 30.9.99 to 31.3.00
                        (unaudited) (unaudited) (audited)

                              £'000      £'000      £'000

Operating profit/(loss)       1,878    (1,285)        871

Depreciation charges
                                 52         40         44
Decrease/(increase) in
short term investments           39         21       (15)

Decrease/(increase) 
in debtors                    (464)      3,595    (3,859)

Increase/(decrease) 
in creditors                (3,524)    (6,530)     4,644
 
Net cash inflow/(outflow) from
operating activities        (2,019)    (4,159)      1,685

Net cash inflow/(outflow) from
operating activities        (2,019)    (4,159)      1,685

Returns on investment and servicing
of finance                      148      (379)      (161)

Taxation                      (238)        (3)       (24)

Capital expenditure and
financial investment           (34)       (21)      (308)

                            (2,143)    (4,562)      1,192

Financing                         -      3,572      (720)

Increase/(decrease) 
in cash                     (2,143)      (990)        472

LIONTRUST ASSET MANAGEMENT PLC
                              
Notes to the Financial Statements

  1.   Basis of  preparation

       The  unaudited  interim financial  information,  which
       has  been approved by the Board of Directors, has been
       prepared  on the basis of the accounting policies  set
       out  in  the  Group's accounts for the year  ended  31
       March  2000 except for the change in accounting policy
       in  respect  of  the National Insurance  liability  on
       unapproved  share options as set out in  note  2.  The
       financial  information for the  year  ended  31  March
       2000  has  been abridged from the financial statements
       which  received an unqualified audit report and  which
       have been filed with the Registrar of Companies.
       
  2.   Exceptional items

       Exceptional   costs  were  incurred  in   respect   of
       'phantom  option' arrangements, which crystallised  on
       the  listing  of the Company's shares  on  the  London
       Stock  Exchange  and the National Insurance  liability
       on  unapproved  share  options, as  disclosed  in  the
       Company's Prospectus.
       
       In  presenting its results for the year ended 31 March
       2000,  Liontrust adopted the recommendations contained
       in  a  draft Urgent Issues Task Force (UITF)  Abstract
       relating  to  employer's National Insurance  liability
       on  unapproved  share options. Accordingly,  Liontrust
       provided  in  full  for this liability  based  on  the
       share price at 31 March 2000 (£470,000). In July  2000
       the  Accounting Standards Board issued the final  UITF
       Abstract  which now requires companies to  spread  the
       liability  over the period from the date of  grant  to
       the  end  of the performance period. This is a  change
       in  accounting policy and we are required  to  restate
       the  accounts  for previous periods  to  reflect  this
       change in accounting policy.
       
       Exceptional staff costs as restated:
       
                            30.9.00    30.9.99   31.3.00
                              £'000     £'000      £'000
       
       Phantom option agreement   -     1,935      1,935
       
       Provision for National Insurance
       on unapproved 
       share options            154         7        109
       
                                154     1,942      2,044
       
       The  exceptional cost for the year ended 31 March 2000
       in   respect  of  the  Company's  National   Insurance
       liability  on  unapproved  share  options   has   been
       restated  as £109,000 and a tax credit of £33,000  has
       been   applied  against  this  expense.  This   is   a
       reduction  in cost of £361,000 and increases  the  tax
       charge  by £108,000 compared to the accounts  prepared
       for  that period, and increases profit after tax  from
       £1,000,000 to £1,253,000.

       No  Abstract  had  been issued  at  the  time  of  the
       interim  results for the six months ended 30 September
       1999  and  no  cost was accrued in those accounts.  In
       accordance  with  the change in accounting  policy  we
       have  accrued  costs of £7,000 and  a  tax  credit  of
       £2,000.  The net effect is to increase the loss  after
       tax for that period from £920,000 to £925,000.
       
  3.   Taxation
       
       The  interim  tax  charge has been calculated  at  the
       corporation tax rate of 30%.
       
  4.   Earnings per share
       
       The  calculation of basic earnings per share is  based
       on  profit  after taxation and the weighted number  of
       ordinary   shares  in  issue  for  each  period.   The
       weighted   average  number  of  ordinary  shares   was
       32,927,459  for  the  six months  ended  30  September
       2000,   31,568,655  for  the  six  months   ended   30
       September  1999 and 32,254,146 for the year  ended  31
       March 2000.
       
       In  accordance  with the methodology set  out  in  the
       Annual  Report & Accounts we have stated  two  further
       measures  of  basic earnings per share.  The  adjusted
       figure  is  calculated after removing the  exceptional
       item  and  associated tax credit. The core  figure  is
       calculated  after removing both the exceptional  item,
       the  performance  related fees and costs  and  related
       tax  charge.  For the six months to 30 September  2000
       these  are reconciled to the basic earnings per  share
       as follows:
       
                                   Earnings     EPS
                                      £'000    pence

       Basic earnings                 1,428     4.34
       
       Exceptional item less 
       tax credit                       108
       
       Adjusted earnings              1,536     4.67
       
       Performance related fees and costs
       less tax charge                 (480)
       
       Core earnings                   1,056    3.21
       
       The  calculation  of  diluted earnings  per  share  is
       based  on  profit  after  taxation  and  the  weighted
       average  number of ordinary shares in issue  for  each
       period,  as above, adjusted for the effect of  options
       to  subscribe for shares that were in existence at  30
       September  2000. The adjusted weighted average  number
       of  ordinary  shares so calculated was 34,371,251  for
       the  six  months  ended 30 September 2000,  31,765,490
       for  the  six  months  ended  30  September  1999  and
       32,932,772 for the year ended 31 March 2000.
       
  5.         Dividends

       The  directors  do  not  propose  to  pay  an  interim
       dividend in respect of the current period.