Final Results

Monks Investment Trust PLC
30 May 2001


 
                     THE MONKS INVESTMENT TRUST PLC 
                  Results for the year to 30 April 2001 
                             30 May 2001 

- NAV up 2.8% to 1,238.5p over the year, compared with a fall of 7.4% in the
FTSE World Index (in sterling terms). In the 2nd half of the year NAV fell
1.1%, compared with a fall of 9.7% in the FTSE World Index (in sterling
terms).

- Flexible investment approach. The Company's second successive year of
outperformance has been due to its flexible approach to investment markets.
Over the year the Company's weighting in telecoms and IT has been reduced
with an increase in investments in the oil and gas sector.

- US weighting increased to 33% from 13%, at the expense of the UK (reduced
from 28% to 21%), Europe and Asia Pacific. Stock selection in the US was
outstanding with the portfolio returning 26% in a year when the index was
down.

- Final dividend reduced from 6.20p to 6.00p. The total dividend for the year
will be 9.00p compared with 9.70p last year, and is expected to be lower
again next year. The Company is aiming to become more fully invested in
equities and as a result the Board anticipates lower earnings in the future.

- 6,792,811 shares bought back at discounts between 16.8% and 10.2%, adding
1.3% to NAV per share. The Company renewed its authority to repurchase up to
14.99% of its shares at the EGM in May. The aim of the buy-back programme
continues to be to enhance NAV for continuing shareholders.

- Discount reduced. Over the course of the year the discount has reduced from
16.2% to 11.5%, probably as a result of strong performance combined with the
effects of the share repurchase programme and the AITC's 'its' campaign.

- Market Outlook. Markets should do better over the next 12 months, assuming
that the monetary and fiscal stimulus being applied in the US is sufficient
to boost economic growth in the latter part of this year.

- Stock split proposed. The Board is proposing that shares are split in the
ratio of 5 new shares for each existing share to reduce the nominal value per
ordinary share from 25p to 5p.

                               - ends -
                                                                        -/more

The Monks Investment Trust PLC (Monks), with total assets of £867 million,
invests internationally in order to achieve capital growth. An ISA, PEP
Transfer and Share Plan are available.

Monks is managed by Baillie Gifford & Co., the leading independent Edinburgh
based fund management group with over £22 billion funds under management and
advice.

For further information please contact:

Richard Burns, Manager     
The Monks Investment Trust PLC 0131 222 4000
Gill Meekison, Director
Baillie Gifford & Co. 0131 222 4000
Mike Lord, Director
Broadgate Marketing     020 7726 6111

Baillie Gifford & Co. is regulated by IMRO. 
 

                       THE MONKS INVESTMENT TRUST PLC 

The following is the unaudited preliminary statement for the year to 30 April
2001 which was approved by the Board on 29 May 2001. The Directors of The
Monks Investment Trust PLC are recommending to the Annual General Meeting of
the Company to be held on 24 July 2001 the payment of a final dividend of
6.00p net (6.20p net last year) per ordinary share, making a total of 9.00p
net (9.70p net last year) per ordinary share for the year ended 30 April 2001.

                           STATEMENT OF TOTAL RETURN 
                      (incorporating the revenue account*) 

                                                                              
                    For the year ended            For the year ended          
                    30 April 2001                 30 April 2000   
            
                    Revenue   Capital   Total     Revenue   Capital   Total   
                    £'000     £'000     £'000     £'000     £'000     £'000   

  Gains on          -         12,796    12,796    -         129,793   129,793 
  investments                                                                 

  Currency          -         (1,682)   (1,682)   -         407       407     
  (losses)/gains                                                              


  Income (note 1)   20,758    -         20,758    17,560    -         17,560  

  Investment        (4,581)   -         (4,581)   (4,075)   -         (4,075) 
  management fee                                                              

  Other             (950)     -         (950)     (964)     -         (964)   
  administrative                                                              
  expenses                                                                    

  Net return        15,227    11,114    26,341    12,521    130,200   142,721 
  before finance                                                              
  costs and                                                                   
  taxation                                                                    

  Finance costs     (8,524)   -         (8,524)   (7,065)   -         (7,065) 
  of borrowings                                                               

  Return on         6,703     11,114    17,817    5,456     130,200   135,656 
  ordinary                                                                    
  activities                                                                  
  before taxation                                                             

  Tax on ordinary   (809)     -         (809)     (386)     -         (386)   
  activities                                                                  

  Return on         5,894     11,114    17,008    5,070     130,200   135,270 
  ordinary                                                                    
  activities                                                                  
  after taxation                                                              

  Dividends in      (5,477)   -         (5,477)   (6,752)   -         (6,752) 
  respect of                                                                  
  equity shares                                                               
  (note 2)                                                                    

  Transfer          417       11,114    11,531    (1,682)   130,200   128,518 
  to/(from)                                                                   
  reserves                                                                    

  Return per        9.16p     17.28p    26.44p    6.89p     176.84p   183.73p 
  ordinary share                                                              
  (note 3)                                                                    

  Dividends per     9.00p                         9.70p                       
  ordinary share                                                              
 
 
* The revenue column of this statement is the profit and loss account of the
Company. 

All revenue and capital items in the above statement derive from continuing
operations. 

                          THE MONKS INVESTMENT TRUST PLC 
                              SUMMARISED BALANCE SHEET 
                                  at 30 April 2001 
                                     (unaudited) 

                                                                              
                                                30 April 2001   30 April 2000
                                                £'000           £'000        
 
  Net assets                                    
  Investments at market value                   850,565         879,964         

  Net liquid assets                             16,194          46,486        

  Total assets (before deduction of loans and   866,759         926,450       
  debentures)                                                                 

  Debentures and short term borrowings (note    (110,269)       (108,373)     
  4)                                                                          
                                                756,490         818,077       

  Capital and Reserves                                                        
  Called-up share capital                       15,257          16,955        
  Capital reserves                              724,149         784,455       
  Revenue reserve                               17,084          16,667        

  Equity shareholders' funds                    756,490         818,077       
                                                                         
  Net asset value per ordinary share            1,238.5p        1,205.2p        

  after deducting prior charges at par)                   

  Ordinary shares in issue (note 5)             61,026,059      67,818,870 


                                DISTRIBUTION OF ASSETS 
                                    at 30 April 2001 
                                       (unaudited) 

                                                                              
                                                  30 April 2001  30 April 2000
                                                  %              %
                                                                             
  Equities:           United Kingdom              20.8           28.5         
                      Continental Europe          10.9           17.4         
                      North America               33.5           13.2         
                      Latin America               1.4            0.6          
                      Japan                       9.2            11.8         
                      Asia Pacific                4.5            6.0          
                                                  80.3           77.5  
       
  Bonds:     UK                                   1.1            1.0          
  Continental Europe                              2.9            2.4          
  North America                                   13.8           14.1         
  Net liquid assets                               1.9            5.0          
  Total assets (before debentures and short       100.0          100.0        
  term borrowings)                                                            


                        THE MONKS INVESTMENT TRUST PLC 

                        SUMMARISED CASH FLOW STATEMENT 
                                 (unaudited)                                    
                         
                                     For the year ended   For the year ended 
                                     30 April 2001        30 April 2000  
                                  £'000       £'000      £'000       £'000 
   
  NET CASH INFLOW FROM                        14,477                 12,276   
  OPERATING ACTIVITIES                                                        

  NET CASH OUTFLOW FROM                       (8,533)                (6,976)  
  SERVICING OF FINANCE                                                        

  TOTAL TAX PAID                              (650)                  (404)    

  FINANCIAL INVESTMENT                        

  Acquisitions of investments     (413,292)              (535,501)             

  Disposals of investments        461,435                579,826                
 
  Realised currency (loss)/gain   (104)                  135                    
                        

  NET CASH INFLOW FROM                        48,039                 44,460   
  FINANCIAL INVESTMENT                                                        

  EQUITY DIVIDENDS PAID                       (6,021)                (7,311)  

  NET CASH INFLOW BEFORE USE OF               47,312                 42,045   
  LIQUID RESOURCES AND FINANCING                                              

  MANAGEMENT OF LIQUID RESOURCES              -                      5,000    
  Decrease in term deposits                                                   

  FINANCING                                    
  Shares purchased for            (73,118)               (86,508)               
  cancellation                                 
  Bank loans repaid               (30,705)               -                      
  Bank loans drawn down           30,991                 29,389                 
                            
  NET CASH OUTFLOW FROM                       (72,832)               (57,119) 
  FINANCING                                                                   

  DECREASE IN CASH                            (25,520)               (10,074) 

  RECONCILIATION OF NET CASH                                                  
  FLOW TO MOVEMENT IN NET DEBT                                                

  Decrease in cash in the period              (25,520)               (10,074) 

  Decrease in short term                      -                      (5,000)  
  investments                                                                 

  Net inflow from bank loans                  (286)                  (29,389) 

  Exchange movement on bank                   (1,578)                272      
  loans                                                                       

  Other non-cash changes                      (32)                   (33)     

  MOVEMENT IN NET DEBT IN THE                 (27,416)               (44,224) 
  PERIOD                                                                      

  NET DEBT AT 1 MAY                           (65,964)               (21,740) 

  NET DEBT AT 30 APRIL                        (93,380)               (65,964) 


                            THE MONKS INVESTMENT TRUST PLC 
                                         NOTES 
                                                      
                                                  30 April 2001   30 April 2000 
                                                  £'000           £'000         
1. Income                                                    
                                                                           
Income from investments and interest receivable   20,743          17,560 
Other income                                      15              -      

2. The total cost of the dividends for the year is £5,477,000 (2000 -
£6,752,000). If approved, the final dividend will be paid on 6 August 2001 to
all shareholders on the register at the close of business on 13 July 2001.

3. Return per ordinary share 
                                                           
Revenue return                                    5,894           5,070   

Capital return                                    11,114          130,200 

Return per ordinary share is based on the above totals for revenue and
capital and on 64,327,120 (2000 - 73,625,591) ordinary shares, being the
weighted average number of ordinary shares in issue during the year.

4. Loans and debentures includes Euro50 million (2000 - Euro50 million) drawn
down under a multi-currency loan facility repayable on 27 July 2001.

5. During the year 6,792,811 (2000 - 9,023,130) ordinary shares with a nominal
value of £1,698,000 were bought back at a total cost of £73,118,000 (2000 -
£86,508,000). At 30 April 2001 the Company had authority to buy back a
further 3,373,237 ordinary shares.

The Company's buy-back authority was renewed at the EGM on 9 May 2001 in
respect of 9,147,806 ordinary shares.

6. The financial information set out above does not constitute the Company's
statutory accounts for the year ended 30 April 2001. The financial
information for 2000 is derived from the statutory accounts for 2000 which
have been delivered to the Registrar of Companies. The Auditors have reported
on the 2000 accounts, their report was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985. The
statutory accounts for 2001 will be finalised on the basis of the financial
information presented in this preliminary announcement and will be delivered
to the Registrar of Companies following the Company's Annual General Meeting.

K:/BAILLIEG/RELEASES/Monks Ann to April 2001.doc