Final Results - Year Ended 31 January 2000

Fleming Mercantile Inv Trust PLC
7 April 2000

           THE FLEMING MERCANTILE INVESTMENT TRUST PLC
                                
     Unaudited Results for the year ended 31st January, 2000


The  Board  of The Fleming Mercantile Investment Trust plc  today
announced its results for the year ended 31st January, 2000.

The investment performance of the Company for the year was strong
with  the net asset value per ordinary share increasing by  67.6%
over  the period to 679.5p as at 31st January 2000, compared with
the benchmark index, the FTSE All-Share Index (excluding FTSE 100
constituents  and investment trusts), which increased  by  31.5%.
On  a  total  return  basis the ordinary shares  increased  79.1%
compared with a benchmark total return of 32.1%

The  Board  have  previously declared that  the  total  dividends
payable  for the year be 12.3p per ordinary share (1999:  11.0p),
an increase of 11.8% over the total dividends paid last year.

It  is  the Board's intention to pay 3.0 pence (1999: 2.7 p)  per
ordinary  share  for  each of the first  three  quarters  of  the
current  financial year.  This increase is to further reduce  the
difference between the first three quarterly payments and that of
the  anticipated  fourth  quarterly rate.   This  should  not  be
considered a profit forecast.



Fraser Easton
For Secretary
The Fleming Investment Trust Management Limited

The Fleming Mercantile Investment Trust Plc          0171 880 3425

           THE FLEMING MERCANTILE INVESTMENT TRUST PLC
     UNAUDITED FIGURES FOR THE YEAR ENDED 31ST JANUARY 2000

                                        2000      1999

                                       £'000     £'000

REVENUE

Income

     Franked dividends                 27,193   17,743
     Foreign income dividends              52    2,726
     Scrip dividends                      992    1,804
     UK unfranked income                  463      319
     Deposit interest                     538    3,389
     Underwriting commission               76       87
                                        _____    _____
Gross Revenue                          29,314   26,068

Less Management fee                     1,951    1,795
     Other administrative expenses        997      442
     Interest payable                   4,271    3,076
                                       ______    _____
Return before Taxation                 22,095   20,755

Less Taxation                           2,918    4,081
                                        _____    _____
Return after Taxation                  19,177   16,674

Less Dividends on preference stock          -      133
                                        _____    _____
Return available to ordinary 
 shareholders                          19,177   16,541
                                         ====     ====


                                        2000      1999

                                       £'000     £'000

CAPITAL

     Movements on investments         394,331  (49,396)
     Less: Expenses charged to Capital  1,951    1,795
     Less: Interest charged to Capital  4,271    3,076
                                       ______   ______
Return before Taxation                388,109  (54,267)

     Taxation                             150      562
                                       ______   ______
Return attributable to ordinary 
                shareholders          388,259  (53,705)
                                        =====    =====

Dividends per ordinary share          12.30 p  11.00 p
Cost of dividends per ordinary
                share  (£'000)         17,527   15,896

Revenue return per ordinary share     13.39 p  11.45 p
Capital return per ordinary share    271.09 p (37.16)p
Total return per ordinary share      284.48 p (25.71)p


At 31 January 2000

Total Net Assets (£'000)              964,426  585,816
Net Asset Value per Ordinary Share    679.5 p  405.4 p




           THE FLEMING MERCANTILE INVESTMENT TRUST PLC
     UNAUDITED FIGURES FOR THE YEAR ENDED 31ST JANUARY 2000
                                
                                
CASH FLOW STATEMENT
                                              2000           1999

                                             £'000          £'000


Net cash inflow from operating activities   20,211         17,017

Net cash outflow from servicing of finance  (8,120)        (6,282)

Total tax recovered                             26            893

Net cash (outflow)/inflow from capital 
 expenditure and financial investment      (57,129)        34,009

Total equity dividends paid                (16,405)       (15,896)

Net cash inflow from financing              34,095            575
                                             _____          _____
(Decrease)/increase in cash in the year    (27,322)        30,316
                                              ====           ====

The  above  financial  information does not constitute  statutory
accounts  as  defined in Section 240 of the Companies  Act  1985.
The  comparative financial information is based on the  statutory
accounts  for the year ended 31st January 1999.  These  accounts,
upon  which the auditors issue an unqualified opinion, have  been
delivered to the Registrar of Companies.

FLEMING INVESTMENT TRUST MANAGEMENT LIMITED

7th April 2000