Final Results

Midas Income & Growth Trust PLC
03 July 2007


MIDAS INCOME AND GROWTH TRUST PLC
PRELIMINARY ANNOUNCEMENT OF AUDITED ANNUAL RESULTS
for the year ended 30 April 2007


Chairman's Statement


Highlights
     
•    Strong investment performance - diluted net asset value total return
     of 13%

•    Diluted net asset value return since change of investment objective
     and manager almost double benchmark of 8% per annum.

•    Shares traded at a premium to NAV throughout the year

•    Quarterly dividends increased by 5%

•    Further significant increase in size of Trust following a second
     successful C share issue
     

Performance

I am delighted to report that the Company's diluted net asset value total return
for the period (including dividends) was 13.0%, which compares favourably with
the benchmark return of 8.0%. The equivalent figures for the period since Midas
Capital Partners ('Midas') were appointed as managers to the Trust, on 19 August
2005, is 27.2%, which is well ahead of the benchmark return of 13.9%. The share
price advanced by 12.0% over the year, which with dividends reinvested, gave a
total return of 15.8%. (Source: Bloomberg). The Trust's shares have traded at a
premium throughout the year, averaging 4.8% and finishing the period at a 5.3%
premium.

Market and Investment Commentary

Equity markets have experienced a generally positive environment despite two
periods of weakness during the year. The first, and most severe setback, came in
May and early June last year, with a less severe fall being seen in late
February. On both occasions the catalyst had been sharp falls experienced by the
Chinese market, which was further compounded by concerns regarding the slow-down
of the economy in the United States. However, in both cases, markets recovered
quickly and investors' appetite for equities continues to be fuelled by
corporate activity, which now appears to be moving into a different gear, as
larger deals become much more the norm.

Equity valuations have become stretched in many areas and the Trust has moved to
a more defensive position over the period. Overall equity exposure has been
reduced slightly with more being invested in larger companies, particularly in
the UK market where the very large companies have lagged the general market,
resulting in valuations being more attractive.

In this year's Interim Report I commented on the difficulties being experienced
in bond markets. This poor environment has continued into the second half of the
period. Prices have continued to fall in most of the major bond markets, as
concerns about inflation have become more prevalent in investors' minds. Central
Banks have raised rates to dampen further inflationary pressures. However,
prices in shorter dated fixed interest stocks may now be discounting much of the
potential for further interest rate rises. Corporate bond yields still do not
appear to offer much value compared to the higher level of security provided by
government issues. The opportunity has been taken during the period to make a
further investment although emphasis has been on more specialised markets rather
than conventional gilts and bonds.

The UK Commercial Property market is showing some signs of fatigue, with yields
in many key sectors looking very low following aggressive buying, mainly by
overseas and retail investors. The Trust has reduced exposure over the course of
the year ending the period with less than 2.5% invested in UK Property. However,
several new overseas property investments have been made, with emphasis on the
improving economies in Germany and Japan, where property values have been
depressed for many years and where yields look considerably more attractive than
in the UK.

In addition, further investment has been made over the second half of the year
in Hedge Funds which show a very low level of correlation with other assets and
just after the period end an investment was made into a vehicle investing in
global forestry assets, thus adding another level of diversification to the
Trust's portfolio of investments.

Exercise of Warrants

There were 1,043,589 warrants exercised at 100p at the end of August, which
leaves a further 2,034,111 in issue.

Fund raising

A second C share issue was successfully concluded in March 2007 with net
proceeds of £21.6 million being raised. The C shares were converted to Ordinary
shares on 27 April at the respective net asset values prevailing at that date. I
would like to take this opportunity to thank both existing and new shareholders
for supporting the issue, which will not only improve the liquidity of the Trust
but also help towards a lower total expense ratio (TER) going forward.

Gearing

A further £1 million was drawn down in March from the Trust's existing borrowing
facility, bringing the increase in borrowings over the course of the year to
£1,750,000. Total borrowings were £4,250,000 at the end of the financial year.
However, the growth in the Trust's assets during the year from both asset
performance, the successful C share issue (which converted towards the end of
April) together with the increase in assets following the exercise of warrants
has resulted in gearing being maintained at 5%.

Management Fee

In addition to their basic fee of 1% of net assets, Midas are entitled to
receive a performance fee of 10% of any returns in excess of the benchmark of 8%
per annum since 14 February 2006. This benchmark has been exceeded by 6.9%
during the reporting period, therefore Midas are entitled to a performance fee
of £450,000.

Dividends

On 16 April a fourth interim dividend of 1.45p was declared, bringing the total
dividends declared in respect of the year to 5.8p. The quarterly dividends paid
during the year represented a 5% increase over the two quarterly dividends paid
in the previous year. Your Board and manager fully appreciate the importance of
the quarterly dividends to many of the Company's shareholders and remain
committed to following a progressive dividend policy.

Annual General Meeting

This year's AGM will be held at One Bow Churchyard, Cheapside, London at
12.30p.m. on 11 September 2007. I would be delighted for shareholders to take
this opportunity to meet with Board members and the investment manager over a
post AGM buffet lunch.

Outlook

The slow-down in the United States appears mainly confined, at this stage at
least, to the housing market and global growth is expected to remain at, or
slightly above 2006 levels, despite the recent increases in interest rates in
the United Kingdom, Europe and Japan. Equity markets are likely to demonstrate
further volatility and some markets now look fully valued. However, corporate
activity seems set to continue, with record levels of takeovers and ever larger
deals offering comfort to investors. The Trust's investment objective remains
challenging but the multi asset, highly diversified approach employed by Midas
continues to offer the potential for attractive returns whilst also managing
risk.


H V Reid
Chairman
3 July 2007




Manager's Review


We are pleased to report that in the year to 30 April 2007 the Company's diluted
net asset value total return was 13.0%. Over the same period the share price
increased by 12.0%, and the total return was 15.8% including net dividends.
These returns bear favourable comparison to not only the benchmark return for
the year of 8.0%, but also the return from the FT All Share Index which gave a
total return of 12.7%. Quarterly dividends have increased by 5% over those paid
last year, establishing a progressive dividend policy, which we know is very
important to the shareholders of the Trust.

Since we took over the management of the Trust on 19 August 2005 the fully
diluted NAV total return has been 27.2%, nearly doubling the benchmark return of
13.9%, whilst the shares have given a total return of 35.3% which has beaten the
return from the FT All Share, which has produced a total return of 32.7% over
that period.

We are particularly pleased to note that the Trust has now traded at a premium
to net asset value since late December 2005 and the average premium to net asset
value over the current period has been 4.8%.

Market Commentary

This year has again turned out to be generally very positive for equity market
returns, despite two distinct 'wobbles' in May/early June last year, and again
in late February/early March this year. On both occasions the catalyst for the
falls was a severe setback of the rampant Chinese equity market, which combined
with more fundamental issues elsewhere, then caused ripples to spread to other
equity markets around the world. However, these setbacks have been absorbed by
investors, whose appetite for riskier assets appears unrequited. Merger and
acquisition (M&A) activity has continued to provide succour to equity markets
with corporate and private equity buyers competing for deals. In addition
companies have been buying back shares as strong balance sheets and cash-flows
have been used to shrink their equity bases.

Whilst earnings growth appears to be slowing in the United States and United
Kingdom, with growth prospects in both countries coming under scrutiny, there
appears to be more reason to be hopeful in Europe, with Germany now emerging
from many years of poor economic conditions. As with the US and UK, M&A activity
has been strong in Europe and even Japanese investors may begin to see a pick up
in corporate deals as the value 'valve' is finally released, particularly from
real estate and possibly supported by a recovery in domestic consumption.

Although on a number of key valuation measures the UK equity market has appeared
static over recent years, this aggregate valuation is somewhat misleading. There
has been a significant re-rating within the small and particularly mid sized
company sectors, driven by a combination of higher profits, strong cash-flows
and more competent management. However, the corporate activity has also been
concentrated in this part of the market, driving valuations to historically
higher levels than may be sensible at this point in the economic cycle.
Meanwhile, the larger (so called 'mega cap') companies have seen their market
valuations fall as investors have sought their equity exposure elsewhere. There
now appears to be evidence that this trend may reverse as the strong financial
position of the larger FTSE 100 constituents may begin to attract attention from
the private equity industry, which is both awash with cash and struggling to
justify valuations on smaller deals. In any event there now appears to be more
latent potential in the larger cap universe, which will either be released by
current management, or perhaps by others.

Concerns over inflation have been prevalent, particularly to those central bank
representatives entrusted with controlling price rises, and interest rates have
been increased in most major economies over the course of the year. Commodity
and energy prices rises look set to remain a feature as the emerging economies
of China and India demand more resources. This more inflationary backdrop has
weighed heavily on sentiment towards bond markets, which have turned from being
seen as safe haven investments, to assets which will see their value eroded by
any prolonged uplift in inflation. The dull environment for bonds seen in the
first half of the period has turned into something of a rout in the second part
of the year, with major losses being experienced in long dated issues. Whilst
the rate of price falls can be expected to reduce, there can still be little
confidence that yields will not have to rise further to reward investors
properly for holding long dated, fixed return assets, especially from corporate
issuers.

UK commercial property has continued to attract interest from investors
following several years of impressive performance. Headline yields have now come
down to levels which make further yield compression unlikely. Whilst rental
growth is still positive in many sectors, there would appear to be a need for a
period of catch-up, as yields now look poor in comparison with cash, bonds and
other 'real' assets. Although there is still evidence that money flows into
property are positive, we feel that more astute investors will increasingly look
elsewhere for their returns.

Portfolio Report

We have maintained our preference for equities throughout the year but have
reduced exposure slightly over the course of the period. We have also changed
the emphasis towards overseas equities to further diversify the portfolio, but
also in the belief that sterling may come under some pressure later this year.
The C share issue in March was used to move the UK equity portfolio exposure
towards larger companies, where we now see greater value. Investment in
alternative assets has been increased with even more attention being paid to
investments with a strong degree of capital protection and low correlation with
other assets held. Whilst property exposure has been increased slightly over the
period, the UK commercial property element has been reduced in favour of more
internationally based real estate opportunities. Fixed interest exposure has
been reduced and new investment has been committed outside of the more
conventional bond markets.

Asset Allocation

The asset allocation across the portfolio at 30 April 2007 is shown in the table
below.

Asset Class                      Portfolio Weight       Core Allocation        Allocation Range
                                                %                     %                       %

UK Equities                                  36.6                    35                   20-50
Overseas Equities                            16.3                    15                   10-20
Total equities                               52.9                    50                   35-65
Fixed Interest (inc Cash)                    20.1                    25                   15-40
Alternative Assets                           16.2                    15                   10-20
Property                                     10.8                    10                    5-15

All figures are as % of Total (Gross) assets.


UK Equities (36.6%)

The UK market has developed something of a split personality over recent years,
with the mid and small cap sectors being revalued, whilst their larger brethren
have fallen from grace. This trend was still very much in evidence through the
majority of this year, as merger activity swept across many mid cap sectors, and
investors sought evidence of the next company to be acquired or taken private.
However, the relative cheapness of the larger cap stocks and potential for
leverage to be used to finance very large deals, has more recently thrown focus
back onto the larger UK companies. Although investment in some of these
companies still requires something of a leap of faith, there is little doubt
that valuations offer good value.

During the second half of the year, we have been selling some of our old
favourites, which have been substantially re-rated, such as Wolverhampton &
Dudley (now renamed Marstons) and Enterprise Inns. These remain well managed
cash generative companies but they have been caught up in the market's search
for property plays and we feel valuations, based on the prospects for their core
businesses, are now full. We have then used the money raised to increase
exposure to the very large companies (so called mega caps) such as BP, Royal
Dutch Shell, GlaxoSmithKline and Vodafone. This process was further advanced by
deploying the C share proceeds towards these very large companies, whilst still
ensuring that positions did not become too concentrated (shareholders may recall
our strong belief in diversification).

In general the UK portfolio has performed well over the period, with companies
such as British Telecom, Scottish & Newcastle, Enterprise Inns, Halfords,
Premier Foods and The Hotel Corporation providing excellent returns. More
recently we have identified an apparent undervaluation not only in very large
companies but also at the opposite end of the market in the very small (sub £100
million market cap) sector. To this end we have invested in Throgmorton Trust,
which has significant exposure to this end of the market and trades on a
worthwhile discount to its net asset value.

There have been some disappointments during the year with the Trust's holdings
in  Royal Dutch, GlaxoSmithKline and HSBC showing small losses, whilst BP has
been even more disappointing as they have managed to find a remarkable number of
'banana skins'  which have led investors to lower their expectations for the
company. However, we believe that valuations for these companies now represent
good value and most potential disappointments are fully allowed for in prices.

Europe continues to be an area offering considerable potential we believe for
further corporate restructuring. With this in mind we have invested in ACP
Capital, a company specialising in providing integrated financial solutions to
mainly small and mid sized European companies. Remaining in the financial
sectors our largest equity holding is now Legal & General, where we see an
overcapitalised business, now growing strongly with potential to return
considerable value to shareholders.

We cannot leave the UK without some reference to the mining stocks, which have
dominated sector performance over recent months, albeit with a very high level
of volatility. We have been underweight within the UK equity portfolio, only
holding BHP Billiton, but have preferred to have a broader based investment, in
what we still believe to be a fundamentally attractive area, through the
specialist managers at Blackrock, (Merrill Lynch Commodities Income Trust).

European Equities (6.4%)

European markets have performed well over the period supporting double digit
returns and attracting the largest allocation within the Trust's international
equity portfolio. At the country level the best performance came from Sweden,
Germany and Spain, where markets showed 20% gains over the period. Laggards
included Switzerland (mainly due to weak currency), the Netherlands and France.
However even these markets supported gains in excess of 10%.

Investment in European equities is held through three managers, all of whom have
matched or beaten the headline market advance over the period. Emphasis has been
very much on the small to mid cap area within Europe, where valuations appear
more modest than in the UK. Of particular note has been the performance of the
European Assets Trust, which through a combination of capital growth, dividend
distributions and a narrowing discount, has produced a return of 25% over the
period.

As with our domestic market, larger companies have been lagging over recent
years and it is likely that we will look to rebase holdings a little more
towards larger companies early in the new financial year.

United States Equities (1.8%)

The United States market produced very satisfactory returns to US domestic
investors over the period. However, the dollar weakened over the year to provide
only anaemic returns to most international investors. The Trust entered the
period with no direct allocation to the US market (although there was some
exposure through international equity managers). However, investment was
introduced through a Structured Product, issued by BNP Paribas, which offered an
attractive yield of 7% with a limited exposure to the upside in some of the
largest US companies. Importantly this product was hedged against further dollar
falls and provided a degree of capital protection through a PUT option taken on
the S&P 100 (the largest 100 companies in the United States). Later in the
period, investment was increased in an unhedged version of this product, as we
feel the US dollar may well perform better over the course of the coming year.

Japanese Equities (3.0%)

The Japanese market has been by far the worst performer of the major equity
markets as conflicting signs of domestic recovery and severe Yen weakness have
been met with little by way of policy response from the government. We continue
to believe that value exists in corporate Japan, and feel that expected changes
to the rules governing takeovers by foreign companies may well prove a catalyst
to much needed M&A activity, currently largely absent from the Japanese
landscape.

The Trust's main exposure to Japan remains the Merrill Lynch Japan High Income
Structured Product, which gives an attractive combination of capital protection,
currency hedging (very important over the past year) and 1 for 1 participation
in any rise in the TOPIX index. The Trust also invests in the actively managed
fund run by Close Finsbury and managed by Michael Lindsell, a manager with many
years' experience of investing in Japan. This fund performed well relative to
the market but saw gains pared by falls in the Yen.

Other International Equities (5.1%)

The Trust also has equity exposure through a range of diversely invested
specialist investment trusts investing in Asian equities (Aberdeen Asian Income
Fund), water and power industries worldwide (Ecofin Water & Power) and
commodities (Merrill Lynch Commodities Income Trust). Of particular note was the
Ecofin holding which produced a very healthy return of 46%.

Fixed Interest (18.8%)

Bond markets have been under pressure during the period and returns from this
part of the portfolio have, on the whole, been pedestrian. However, the Trust's
largest holding, the M&G Leveraged European Loan Fund, has produced a return of
over 11%, fully justifying our decision to seek fixed interest exposure beyond
the conventional bond markets. On a similar theme we invested in ACP Mezzanine
(offering mezzanine finance to smaller European companies) and CQS Rig Finance
Fund (a company investing in bonds issued to finance oil and gas
infrastructure), both of which have provided solid returns. Preference share
holdings have also produced satisfactory returns although they have seen price
falls after the period end as longer dated bond markets have come under extreme
pressure. The Trust's holding in Real Estate Opportunities Convertible has
produced very strong returns, as the bond has now moved to reflect the strong
gains being seen in the underlying shares of the Dublin based property company.

Alternative Assets (7.8%)

The most significant addition to the portfolio during the year was the
investment in A J Bell Holdings, an unquoted company based in Manchester. The
company is one of the market leaders in the provision of services to the fast
growing SIPP market. The transaction was made in August at just over 100p per
share, which offered a very attractive entry price to this fast growing company.
In March Invesco Perpetual took a 15% stake in the business at 200p per share.
This third party transaction enabled the holding to be written up to 200p,
nearly double the price we had paid seven months earlier. We still believe there
to be significant further potential for this holding and returns will be
commensurate with the additional risk taken with any unquoted investment.

On a less positive note the Trust's holding in Aberdeen Development Capital, a
company involved in investing development capital to private companies,
experienced a difficult year, with several portfolio write downs and one very
large write off.

We have had several meetings with the manager and believe the situation has
stabilised and there remains potential for significant returns from the rest of
their unquoted equity portfolio.

Hedge fund exposure was increased during the second half of the year through an
investment in Acencia Debt Strategies Limited, which invests across a range of
managers involved in debt markets around the world. The Fund manager has
demonstrated an ability to deliver low double digit returns with low volatility
and little correlation with either equity or, more surprisingly, bond markets.
The Fund will also deliver up to 3.5% of annual net asset value increases by way
of a dividend.

The Trust continues to hold exposure to gold through an investment in the CF
Ruffer Baker Steel Gold Fund, which invests in small and mid sized producers on
a global basis. The investment has disappointed over the course of the year as
the price of Gold has shown only a small rise. However, we still believe that
the case for Gold exposure in a portfolio remains strong and are hopeful that
the increasingly tight supply and increased demand will lead to advances over
the next 12 months.

Structured Products (8.4%)

Several further investments have been made in structured products during the
year. All have in common the potential to produce a defined return coupled with
very strong levels of capital protection. Potential for returns vary from 7% to
16.3% with varying degrees of risk and generally have very little correlation
with either bond or equity markets at the point of investment. The most
significant new investment during the year was in a one year note issued by
Barclays Capital and offering a dividend of 16.3%, which is paid quarterly,
provided any one of a basket of three companies, in this case Rio Tinto,
Billiton and GlaxoSmithKline, do not fall by 30% during the year. Capital is
protected unless one of the stocks breaches this level. Importantly the dividend
is guaranteed. In this case we commissioned the note following the fall in
markets in late February and we felt confident that all stocks had limited
downside from that point. All three companies are now trading well above the
levels at which this product was struck.

Property (10.8%)

The Trust's property holdings have made a major contribution to returns over the
year. Interests now encompass a very diverse range of both commercial and
residential investments, although through the year we have been reducing the
Trust's exposure to UK commercial property.  The most impressive performance
seen during the year belongs to Dolphin Capital, a developer of high end resorts
in Greece, Cyprus and Croatia. The company is managed by a very impressive and
entrepreneurial team, who were previously part of the George Soros property
empire. The Trust invested in a placing made by the company in October at 93p
and the shares have risen sharply as the news-flow on new projects have pointed
to the quality of the company's assets. The shares stood at 160p by the period
end and have moved to even higher levels over recent weeks.

Other property investments made during the year include Summit Germany, which
has seen a strong run as the relative attractions of the German commercial
property market have become more widely appreciated; Dawnay Day Carpathian,
where the Trust's holding was increased following the C share issue in March
with the company investing in shopping centres throughout Eastern Europe, where
there remains huge potential to create value as yields converge with the more
developed Western European markets; and in December we commissioned Credit
Suisse to create a Structured Product which would give the Trust exposure to a
basket of quoted Japanese residential real estate investment trusts (REITs),
which were then trading at a significant discount to the value of their
underlying property portfolios. This product provides 222% participation to any
upward move in the basket of 10 REITs together with full currency hedging and
capital protection up to a fall of 40% in that basket. Other areas of exposure
for the Trust include German residential property and infrastructure assets in
the UK, Europe and Australia.

Outlook

As we enter the fifth year of the current bull market for equities, there
remains support for further advances, as recent interest rate rises around the
world have still left monetary and economic conditions accommodative to further
gains. Although headline valuations offer succour to this view, there are now
some distinct pockets of forward looking pricing beginning to appear. With
further interest rate hikes likely in the UK and Europe (and possibly the United
States) over the course of the next year, there will be considerable attention
on the inflation figures, which show more signs of stress than for many years.

We commented in last year's annual report that the investment environment would
become more challenging and this remains our belief. However, we continue to
feel optimistic that we are able to identify enough investment opportunities to
again look forward to further positive returns for the Trust's shareholders.
Returns will continue to be achieved with a strong emphasis on capital
preservation and from a broadly diversified range of assets.


3 July 2007                                       Midas Capital Partners Limited




AUDITED INCOME STATEMENT

                                                 Year ended 30 April 2007           Year ended 30 April 2006
                                               Revenue      Capital      Total     Revenue     Capital       Total
                                                 £'000        £'000      £'000       £'000       £'000       £'000

Gains on investments                                 -        6,365      6,365           -       4,373       4,373
Income                                           2,892            -      2,892       1,330           -       1,330
Investment management fee                        (342)        (342)      (684)       (213)       (214)       (427)
Performance fee                                      -        (450)      (450)           -        (61)        (61)
Administrative expenses                          (307)            -      (307)       (432)       (156)       (588)
Exchange losses                                      -         (23)       (23)           -         (4)         (4)

Net return on ordinary activities before         2,243        5,550      7,793         685       3,938       4,623
interest payable and taxation
Finance costs                                    (105)        (524)      (629)        (82)       (653)       (735)

Return on ordinary activities before             2,138        5,026      7,164         603       3,285       3,888
taxation
Taxation                                             -            -          -           -           -           -

Return on ordinary activities after              2,138        5,026      7,164         603       3,285       3,888
taxation

Return per share (pence):
Basic                                             6.40        15.04      21.44        3.75       20.44       24.19

Diluted                                           6.22        14.62      20.84        3.54       19.29       22.83


The total column of this statement represents the profit & loss 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.

A Statement of Total Recognised Gains and Losses has not been prepared as all
gains and losses are recognised in the Income Statement.


AUDITED BALANCE SHEET

                                                                                         As at              As at
                                                                                 30 April 2007      30 April 2006
                                                                                         £'000              £'000
Non-current assets
Investments at fair value through profit or loss                                        84,861             55,537

Current assets
Debtors and prepayments                                                                    839                367
Cash and short term deposits                                                             1,614                272

                                                                                         2,453                639

Creditors: amounts falling due within one year
Bank loan                                                                              (4,250)            (2,500)
Other creditors                                                                        (1,608)              (206)

                                                                                       (5,858)            (2,706)

Net current liabilities                                                                (3,405)            (2,067)

Net assets                                                                              81,456             53,470

Capital and reserves
Called-up share capital                                                                 11,564              8,147
Share premium account                                                                   40,918             22,067
Special reserve                                                                         10,538             10,538
Warrant reserve                                                                            648                980
Capital reserve - realised                                                              10,468              8,527
Capital reserve - unrealised                                                             6,528              2,688
Revenue reserve                                                                            792                523

Equity Shareholders' funds                                                              81,456             53,470

Net asset value per share (pence):
Basic                                                                                   176.10             164.07

Diluted                                                                                 172.90             158.54




AUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

For the year ended 30 April 2007
                                       Share       Share  Special    Warrant     Capital     Capital  Revenue
                                                 premium                       reserve -   reserve -
                                     capital     account  reserve    reserve    realised  unrealised  reserve    Total
                                       £'000       £'000    £'000      £'000       £'000       £'000    £'000    £'000

Balance at 30 April 2006               8,147      22,067   10,538        980       8,527       2,688      523   53,470
C shares issued                        3,156      18,491        -          -           -           -        -   21,647
C share issue expenses                     -       (423)        -          -         423           -        -        -
Exercise of Warrants                     261         783        -      (332)         332           -        -    1,044
Return on ordinary activities after        -           -        -          -       1,186       3,840    2,138    7,164
taxation
Dividends paid (see note 2)                -           -        -          -           -           -  (1,869)  (1,869)

Balance at 30 April 2007              11,564      40,918   10,538        648      10,468       6,528      792   81,456

For the year ended 30 April 2006
                                       Share       Share  Special    Warrant     Capital     Capital  Revenue
                                                 premium                       reserve -   reserve -
                                     capital     account  reserve    reserve    realised  unrealised  reserve    Total
                                       £'000       £'000    £'000      £'000       £'000       £'000    £'000    £'000

Balance at 30 April 2005 (restated)    3,984           -   10,536        981         550       6,832      220   23,103
C shares issued                        4,162      22,614        -          -           -           -        -   26,776
C share issue expenses                     -       (547)        -          -         547           -        -        -
Exercise of Warrants                       1           -        2        (1)           1           -        -        3
Return on ordinary activities after        -           -        -          -       7,429     (4,144)      603    3,888
taxation
Dividends paid (see note 2)                -           -        -          -           -           -    (300)    (300)

Balance at 30 April 2006               8,147      22,067   10,538        980       8,527       2,688      523   53,470


The revenue reserve represents the amount of the Company's reserves
distributable by way of dividend.



AUDITED CASH FLOW STATEMENT


                                                                            Year ended           Year ended
                                                                          30 April 2007         30 April 2006
                                                                            £'000      £'000     £'000     £'000

Net cash inflow/(outflow) from operating activities                                    1,956                 (9)

Servicing of finance
Bank and loan interest paid                                                            (191)               (202)

Financial investment
Purchases of investments                                                 (36,491)             (57,812)
Sales of investments                                                       13,942               32,242
Net cash outflow from financial investment                                          (22,549)            (25,570)

Equity dividends paid                                                                (1,869)               (300)

Net cash outflow before financing                                                   (22,653)            (26,081)

Financing
Share capital issued - C shares                                            21,647               26,776
Share capital issue expenses                                                (423)                (547)
Loan breakage costs                                                             -                 (27)
Exercise of Warrants                                                        1,044                    3
Net cash inflow from financing                                                        22,268              26,205

(Decrease)/increase in cash                                                            (385)                 124

Reconciliation of net cash flow to movements in net debt
(Decrease)/increase in cash as above                                                   (385)                 124
Exchange movements                                                                      (23)                 (4)

Movement in net debt in the year                                                       (408)                 120
Net debt at 1 May                                                                    (2,228)             (2,348)

Net debt at 30 April                                                                 (2,636)             (2,228)



Notes:


1. Income
                                                                                           2007         2006
                                                                                          £'000        £'000
Income from investments
UK franked income                                                                         1,412          795
UK unfranked income                                                                         854          112
Overseas dividends                                                                          575          235

                                                                                          2,841        1,142

Other income
Deposit interest                                                                             43           92
Treasury Bill interest                                                                        -           96
Other commission                                                                              8            -

                                                                                             51          188

Total income                                                                              2,892        1,330



2. Dividends
                                                                                     2007         2006
                                                                                    £'000        £'000
Amounts recognised as distributions to equity holders in the period:
Final dividend for 2005 - 0.50p                                                         -           80
Second interim dividend for 2006 - 1.38p (2005 - nil)                                 220            -
Special C share dividend for 2006 - 0.75p (2005 - nil)                                201            -
First interim dividend for 2007 - 1.45p (2006 - 1.38p)                                473          220
Second interim dividend for 2007 - 1.45p                                              488            -
Third interim dividend for 2007 - 1.45p                                               487            -

                                                                                    1,869          300



There is no final dividend proposed for the year (2006 - nil).



We set out below the total dividends paid and proposed in respect of the
financial year, which is the basis on which the requirements of Section 842 of
the Income and Corporation Taxes Act 1988 are considered. The revenue available
for distribution by way of dividend for the year is £2,123,000 (2006 -
£603,000).


                                                                                     2007         2006
                                                                                    £'000        £'000
To Ordinary Shareholders prior to C share conversion :
First interim dividend for 2007 - 1.45p (2006 - 1.38p)                                473          220
Second interim dividend for 2007 - 1.45p (2006 - 1.38p)                               488          220
Third interim dividend for 2007 - 1.45p (2006 - nil)                                  487            -
Fourth interim dividend for 2007 - 1.45p (2006 - nil)                                 488            -
To C Shareholders:
Special dividend for 2007 - 0.4p (2006 - 0.75p)                                        87          201

                                                                                    2,023          641



3. The financial information above comprises non-statutory accounts within the
meaning of Section 240 of the Companies Act 1985. The financial information for
the year ended 30 April 2006 has been extracted from the Annual Report and
Accounts of the Company which have been filed with the Registrar of Companies.
The auditors' report on those accounts was unqualified and contained no
statement under section 237(2) or (3) of the Companies Act 1985. The auditors
have reported on the statutory accounts for 2007 and their report is unqualified
and contained no statement under section 237(2) or (3) of the Companies Act
1985. Those accounts will be delivered to the Registrar of Companies following
the Company's Annual General Meeting which will be held at, One Bow Churchyard,
Cheapside, London EC4M 9HH on 11 September 2007 at 12.30 p.m.


4. Copies of the Annual Report will be posted to all Shareholders in due course
and further copies may be obtained from the Registered Office, One Bow
Churchyard, Cheapside, London EC4M 9HH.


Aberdeen Asset Management PLC
Secretaries
3 July 2007


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