Preliminary Annual Results

Taverners Trust PLC
23 June 2000



TAVERNERS TRUST PLC
PRELIMINARY ANNOUNCEMENT OF THE ANNUAL UNAUDITED RESULTS
for the year ended 30 April 2000

Following the good progress we were able to report at the half year it is
disappointing to have to acknowledge that the fully diluted Net Asset Value of
Taverners Trust shares fell back during the second half of the year from
124.9p to 106.3p while the benchmark FTSE Actuaries Restaurants and Pubs index
recovered by 4.3%.  However, over the full year the benchmark index declined
by 17.8% while the Trust's NAV proved more resilient, falling by 5.8% from
112.8p to 106.3p.  It can be seen from these figures that our benchmark index
has been volatile during the past year.  On the other hand in contrast to
their behaviour during the late summer and autumn of 1998 the prices of the
smaller companies in which your Trust invests have experienced less movement,
tending instead to follow the gentle decline which has been the lot of many
shares in the medium size and smaller end of the market apart from the
technology stocks since the autumn.

Two factors in particular caused industry share prices to move lower during
the autumn.  First, like-for-like sales failed to achieve a positive level as
had been expected against the supposedly soft comparatives of the previous
year.  Secondly, J D Wetherspoon subjected the industry to a discounting
campaign which some other companies felt constrained to copy.  This caused a
concern in the market that margins and profits would be damaged, a fear that
in the case of Woverhampton and Dudley Breweries appears to have proved
justified.

Another reason for the depressed rating of the sector has been the uncertainty
created by the announcement from the Office of Fair Trading on 14 January that
it proposed to review the 1989 Beer Orders.  In fact we believe, along with
most of the analyst community, that this review is likely to be relatively
benign although a view exists that it may recommend measures to ensure greater
transparency over discounts which would cause difficulty for brewers. The OFT
announcement damaged the price of Enterprise Inns, one of our largest
holdings, on account of the fear that the tenanted pubcos, which are not
regulated by the Beer Orders and therefore do not have to comply with the
guest beer rule, might be referred to the Competition Commission; however, the
OFT have insisted that all matters connected with the Beer Tie have already
been dealt with by the Enquiry into Brewers' Wholesale Prices that took place
in 1995 and gave the industry a clean bill of health.  It is also important to
remember that at least 60% of the Trust's holdings are most unlikely to be
affected by any OFT ruling because they are either Restaurant or Leisure
Companies or Managed Pubcos.  The OFT have indicated that they wish to
complete their review expeditiously by the end of August and sentiment should
improve when this uncertainty is removed.

More recently we have seen proposals by two of the major brewers to sell their
brewing businesses and there is a possibility that in due course this
development may cause some turbulence to pubco margins.  It is however ironic
that the outcome of all the negative regulatory interference that the industry
has suffered at the hands of such as Lord Young and Mrs Beckett is likely to
deliver large swathes of the British brewing industry into foreign ownership.

The Trust has made many of its most successful investment decisions in
connection with Alternative Investment Market ('AIM') stocks such as Chorion. 
When the Trust was launched in 1996 a cap of 25% was placed on investment in
stocks that were not listed on the London Stock Exchange.  Since 1996 AIM has
developed considerably and it is fair to say that we have found the 25% cap a
constraint.  We believe that the performance of the Trust could be improved if
this cap were eased.  We therefore draw shareholders' attention to the fact
that we will in future cease to differentiate for investment purposes between
main market and AIM stocks but will instead restrict investment on OFEX and in
unquoted stocks to a maximum of 10% of the portfolio value.

At the half-year I wrote that we were seeing a number of well-managed
businesses whose share prices we expected would move significantly higher, and
that there were 'grounds for expecting an improvement in the Trust's NAV'. 
Although this has not yet come to pass, we remain convinced that we are well
positioned in the right stocks for the moment when the market realises the
value in our sub-sectors, a re-rating which surely must come eventually. 
Recently there have been one or two signs that the sector may be about to
advance e.g. the improvement in the share prices of Greene King and in
particular Belhaven Brewery which earlier this month produced an excellent set
of finals.  Although as yet there has been no significant recovery, so far in
the results season, in spite of one or two downgrades, trading statements have
had the effect of moving share prices ahead rather than the reverse; the
indications therefore are that we are witnessing the early stages of a
recovery in the sector's rating.

Finally, it gives us great pleasure to take advantage of the improvement in
our revenue account to recommend an increase in our dividend of 33% from 0.3p
to 0.4p per Ordinary share.  If approved by shareholders, the dividend will be
paid on 22 September 2000 to Ordinary shareholders on the register on the
record date of 18 August 2000.


L J Ross
Chairman
23 June 2000



Unaudited statement of total return (incorporating the revenue account *) 
For the year ended 30 April 2000

                                       Year ended 30 April 2000
                                            (unaudited)
                                      Revenue    Capital     Total
                                        £'000      £'000     £'000
                     
Losses on investments                       -     (1,032)   (1,032)
Income                                    588          -       588
Investment management fee                (160)      (160)     (320)
Other expenses                           (199)         -      (199)
                                      _______    _______   _______
Net return/(loss) before
finance costs and taxation                229     (1,192)     (963)
Interest payable and similar charges     (103)      (102)     (205)
                                      _______    _______   _______
Return/(loss) on
ordinary activities before tax            126     (1,294)   (1,168)
Tax on ordinary activities                 (8)         5        (3)
                                      _______    _______   _______
Return/(loss) on
ordinary activities after tax             118     (1,289)   (1,171)
Dividends in respect of equity shares     (64)         -       (64)
                                      _______    _______   _______
Transfer to/(from) reserves                54     (1,289)   (1,235)
                                      =======    =======   =======            
        
Return/(loss) per Ordinary share
(pence)                     
   - Basic                               0.74      (8.10)    (7.36)
                                      =======    =======   =======            
               

 
For the year ended 30 April 1999

                                       Year ended 30 April 1999
                                              (audited)
                                              (restated)
                                      Revenue    Capital     Total
                                        £'000      £'000     £'000

Losses on investments                       -     (2,945)   (2,945)
Income                                    534          -       534
Investment management fee                (142)      (141)     (283)
Other expenses                           (190)         -      (190)
                                      _______    _______   _______
Net return/(loss) before
finance costs and taxation                202     (3,086)   (2,884)
Interest payable and similar charges     (119)      (117)     (236)
                                      _______    _______   _______
Return/(loss) on
ordinary activities before tax             83     (3,203)   (3,120)
Tax on ordinary activities                (12)         7        (5)
                                      _______    _______   _______
Return/(loss) on
ordinary activities after tax              71     (3,196)   (3,125)
Dividends in respect of equity shares     (48)         -       (48)
                                      _______    _______   _______
Transfer to/(from) reserves                23     (3,196)   (3,173)
                                      =======    =======   =======            

Return/(loss) per Ordinary share 
(pence) 
   - Basic                               0.45     (20.17)   (19.72)
                                      =======    =======   =======            
               

* The statements of total return presented above are in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies.
 
Balance Sheet of the Company as at 30 April 2000

                                     30 April 2000     30 April 1999
                                      (Unaudited)        (Audited)
                                         £'000             £'000
Fixed assets
Investments                             19,308            20,216
                                       _______           _______
Current assets
Debtors                                     56               549
Cash at bank and in hand                 1,540               664
                                       _______           _______
                                         1,596             1,213
Creditors:
amounts falling due within one year       (772)           (3,150)
                                       _______           _______
Net current assets                         824            (1,937)
                                       _______           _______
Total assets less current liabilities   20,132            18,279
Creditors: amounts falling due
after more than one year                (3,000)                -
                                       _______           _______
                                        17,132            18,279
                                       =======           =======
Capital and reserves              
Called-up share capital                  3,984             3,962
Share premium account                   10,536            10,442
Other reserves:
    Warrant reserve                        981             1,009
    Capital reserve - realised           2,064               883
    Capital reserve - unrealised          (595)            1,875
Revenue reserve                            162               108
                                       _______           _______
Total equity shareholders' funds        17,132            18,279
                                       =======           =======
              
Net asset value per Ordinary share
(pence)              
    - Basic                             107.51            115.34
                                       =======           =======
    - Fully diluted                     106.29            112.78
                                       =======           =======


Notes:-

1   The breakdown of income for the periods to 30 April 2000 and 1999 was as
follows:
                                            30 April     30 April
                                              2000         1999
                                                         (restated)
                                             £'000        £'000
    Income from investments              
    Franked investment income
    (net of tax credits)                       541          466
    Unfranked investment income (gross)         20           20
    Overseas dividends                           8           17
                                           _______      _______
                                               569          503
                                           _______      _______
    Other Income              
    Deposit interest                            19           28
    Other                                        -            3
                                           _______      _______
    Total Income                               588          534
                                           =======      =======
                     
       With effect from 1 May 1999, franked investment income is presented
excluding attributable tax credits.  Previously, franked investment income was
presented including attributable tax credits, which were then also included
within the charge for taxation. This change in presentation, which has no
effect on the revenue return on ordinary activities after tax, has been made
to comply with the recently issued FRS 16 'Current Tax'; Comparative figures
have been restated accordingly.  The effect of this change in presentation is
to decrease franked investment income and the tax charge by equal amounts of
£60,000 (1999 - £103,000) resulting in no net change in the net income after
taxation for the year for either 2000 or 1999.
       
2  The basic revenue return per share is based on the earnings of £118,000
(1999 - £71,000) and on 15,906,426 (1999 - 15,848,000) Ordinary shares of 25p
each, being the weighted average number of Ordinary shares in issue during the
year.
       
3  The basic capital return per share is based net capital losses for the year
of £1,289,000 (1999 - losses of £3,196,000) and on 15,906,426 (1999 -
15,848,000) Ordinary shares of 25p each, being the weighted average number of
Ordinary shares in issue during the year.
       
4  The Company has today proposed a first and final dividend of 0.4p per
Ordinary 25p share (1999 - 0.3p), which, if approved by shareholders, will be
payable on 22 September 2000 to shareholders on the register on the record
date of 18 August 2000.
       
5  The financial information for the year ended 30 April 2000 comprises
non-statutory accounts within the meaning of Section 240 of the Companies Act
1985. The financial information for the year ended 30 April 1999 has been
abridged from published accounts that have been delivered to the Registrar of
Companies and on which the report of the auditors was unqualified.
       
6  The Annual Report will be posted to shareholders in due course and further
copies will be available from the registered office, One Bow Churchyard,
Cheapside, London EC4M 9HH.


23 June 2000                            Aberdeen Asset Management PLC
                                                        - Secretaries