Interim Results

North Atlantic Smlr Co Inv Tst PLC
25 September 2000


Interim Report (for the six months to 31 July 2000)

Manager's Review
During the six month period the Trust's fully-diluted net asset value per
Ordinary Share increased by 22.9% to 735p.  This compares with a rise in the
Sterling-adjusted Standard and Poor's Composite Index of 10.6% and a rise in
the Sterling-adjusted Russell 2000 of 8.7%.

Interim Results
The results for the six months to 31 July 2000 show a net loss of £264,000
(1999 net revenue profit of £372,000).  The Directors do not recommend the
payment of a dividend (1999: nil).

Quoted Investments
The quoted portfolio performed well during the period with Redbus Interhouse
(formerly Horace Small) in particular doing notably well.  Allied Textiles was
taken over at an 80% profit and the holding in Wembley sold at a good profit.
Denison rose sharply following the first quarter results although this was to
some extent offset by weaknesses in Lonrho Africa and Stratagem.  Finally
Arinco, a recent purchase, also performed well, rising nearly 400% since
purchase.

Unquoted Investments

The only new investments during the period under review were Claims Direct and
Executive Air Support.

Claims Direct was bought and subsequently sold for a profit of just over 200%
yielding a net profit to the Trust of approximately £5 million.  This was to
some extent off-set by write-offs in Whitworth, Gateway and Southern Dental
although it is expected that there will be modest recoveries in all these
investments.  The current environment for unquoteds is extremely competitive
and although we are working on four transactions, there can be no assurances
that any of these will close.  A number of the current investments are
expected to go public, complete further rounds of financing or be sold and I
have a high degree of confidence that the portfolio will continue to perform
well over the balance of the year.

Executive Air Support was set up to take advantage of the opportunity to build
a significant business in the FBO industry (Fixed Base Operator).  These
companies provide service to the business jet market in the United States
which is experiencing growth in the region of 6-7% per annum.  The company has
completed three small acquisitions and is currently in negotiations to make a
major acquisition in the near future.

Finally, Wildfire Communications and Dewhurst Butchers were both sold for a
good profit although the impact on the Trust was limited as they were
relatively small investments.

The Future
Inflation and interest rates are rising and, in my view, stock markets
continue to look fairly valued based on historical valuation methodologies. 
The Trust has invested in a number of new investments which I believe will
benefit the net asset value over the coming period and I look forward to the
balance of the year with some optimism.

C H B Mills
Chief Executive


Consolidated Statement of Total Return (incorporating the revenue account*)
for the six months to 31 July
                         
                      Six months to                    Six months to
                       31 July 2000                     31 July 1999
                                                         Restated**
                       (Unaudited)                      (Unaudited)
                  Revenue    Capital     Total      Revenue    Capital   Total
                   £'000      £'000     £'000         £'000      £'000   £'000

Net gains on 
investments            -     29,512    29,512             -     16,873  16,873
Premium on repurchase of
Loan Stock             -          -         -             -    (9,870) (9,870)
Income             2,071          -     2,071         1,878         -    1,878
Investment management
fee                 (675)         -      (675)         (376)        -    (376)
Performance fee^    (724)         -      (724)            -         -       -
Other expenses      (454)         -      (454)         (538)        -    (538)
                  --------   -------   --------      --------  -------  ------

Net return before finance
costs & taxation     218     29,512    29,730           964     7,003    7,967
Interest payable and
similar charges     (446)         -      (446)         (505)        -    (505)
                  --------   -------   --------      --------  -------  ------

Return on ordinary activities
before taxation     (228)    29,512    29,284           459     7,003    7,462
Taxation on ordinary
activities           (36)         -       (36)          (87)        -     (87)
                  --------   -------   --------      --------  -------  ------

Return on ordinary activities after
taxation for the period
                    (264)    29,512    29,248           372     7,003    7,375
                  --------   -------   -------       --------  -------  ------

Return per Ordinary Share:
Basic              (2.45)p   273.79p   271.34p          3.45p   65.08p  68.53p
Diluted            (1.03)p   141.28p   140.25p          1.91p   33.73p  35.64p

                                 Year to     
                            31 January 2000
                                Restated**
                                (Audited)
                       Revenue   Capital     Total
                         £'000     £'000     £'000

Net gains on
investments                  -    18,782    18,782
Premium on repurchase of
Loan Stock                   -    (9,870)   (9,870)
Income                   3,131         -     3,131
Investment management 
fee                       (767)        -      (767)
Performance fee^             -         -         -
Other expenses          (1,222)        -    (1,222)
                       ---------  -------  ---------

Net return before finance costs
and taxation             1,142     8,912    10,054
Interest payable and
similar charges         (1,014)        -    (1,014)
                       ---------  -------  ---------

Return on ordinary activities
before taxation            128     8,912     9,040
Taxation on ordinary
activities                 (76)        -       (76)
                       ---------  -------   --------

Return on ordinary activities
after taxation for the period
                            52     8,912     8,964
                       ---------  -------   --------

Return per Ordinary Share:
Basic                     0.48p    82.74p    83.22p
Diluted                   0.48p    41.66p    42.14p

* The revenue column of this statement is the consolidated revenue account of
the Group.

** See note 1.

^ See note 2.

Summarised Consolidated Balance Sheet

                              31 July            31 January            31 July
                                 2000                  2000               1999
                           (Unaudited)             (Audited)       (Unaudited)
                                £'000                 £'000              £'000

Fixed asset investments*      152,996               135,595            134,947
Net current assets/
(liabilities)                  10,643                  (499)           (2,482)
                             ---------             ----------        ---------

Total assets less current
liabilities                   163,639               135,096            132,465

Creditors: amounts falling due after
more than one year 
Bank loans                      9,338                10,043              9,005
Debenture loan - Convertible Unsecured
Loan Stock 2013                   486                   486                486
                             ---------             -----------       ---------
                              153,815               124,567            122,974
                             ---------             -----------       ---------

Capital and reserves:

Share capital                     539                   539                538
Share premium account             629                   629                629
Capital reserve               152,507               122,995            121,086
Revenue reserve                   130                   394                714
                              ---------             -----------       --------

Equity shareholders' funds    153,805               124,557            122,967
Minority interests                 10                    10                  7
                              ---------             -----------       --------
                              153,815               124,567            122,974
                              ---------             -----------       --------

* See note 3.

Summarised Consolidated Statement of Cash Flows

                                           Six months to              Year to 
                                           31 July 2000       31 January 2000
                                           (unaudited)              (audited) 
   
                                           £'000  £'000      £'000      £'000

Net cash inflow from operating activities            34                 1,350
Net cash outflow from servicing of finance         (377)               (1,023)
Taxation recovered/(paid)in the period                1                   (18)

Investing activities
Purchases of investments                 (68,648)            (70,172) 
Sales of investments (including option    77,451              80,020
 premiums                                 -------             ------

Net cash inflow from investing activities          8,803                9,848
                                                   -----                -----
Net cash inflow before financing                   8,461               10,157
                                                   -----                -----

Financing

Repurchase of Loan Stock for cancellation   -                  (120)
Premiums paid on repurchase of Loan Stock   -                 (9,870)
Net increase in fixed term borrowings       1,199              1,482

Net cash inflow/(outflow) from financing           1,199               (8,508)
                                                   -----                -----
Increase in cash                                   9,660                1,649
                                                   -----                ----- 


NOTES

1.  Basis of preparation
The figures for the half year to 31 July 2000 have been prepared on a basis 
consistent with the accounting policies set out within the audited accounts
for the year ended 31 January 2000, with the exception of taxation.  The 
taxation charge has been calculated in accordance with the recently issued
Financial Reporting Standard No.16: 'Current Tax', and consequently the
comparative figures for income and taxation have been restated to reflect this
change.  The return after taxation for the period remains unchanged.

2.  Performance fees
As set out in the Annual Report, a performance fee, payable to Growth
Financial Services Limited in respect of C H B Mills, is calculated annually
to 31 March.  This fee is only payable if the investment portfolio outperforms
the sterling-adjusted S & P Composite Index, and is limited to a maximum
payment of 0.5% of Shareholders' funds.  A fee became payable in respect of
the year to 31 March 2000 and has been charged to the revenue account.

3. Distribution of fixed asset investments

                               31 July 2000    31 January 2000    31 July 1999
                                      £'000              £'000           £'000

Listed at market value:
     Overseas                        30,030             29,784          38,178
     United Kingdom                  50,564             42,468          37,503
Listed at Directors' valuation        9,721              8,393           9,445
                                    --------           --------        -------
Total listed investments             90,315             80,645          85,126
Unlisted at market value             12,045             11,645          13,058
Unlisted at Directors' valuation     50,636             43,305          36,763
                                    --------           --------        -------
Total fixed asset investments       152,996            135,595         134,947
                                    --------           --------        -------

4.  Net asset value per Ordinary Share
The consolidated basis of calculation of the fully diluted net asset value
includes current period revenue and takes into account both the full
conversion of all of the 2013 Loan Stock outstanding at the period end and
also assumes the conversion of all 900,000 management options at the
prevailing exercise prices, giving 14,194,861 potential Ordinary Shares in
issue at the period end (1999: 13,813,791).  

5.  Financial information
The financial information shown above does not constitute full statutory
accounts as defined in Section 240 of the Companies Act 1985.  The financial
information for the six months ended 31 July 1999 and 31 July 2000 has not
been audited.

The information for the year ended 31 January 2000 has been extracted from the
latest published audited financial statements, which have been filed with the
Registrar of Companies and restated to reflect the requirements of Financial
Reporting Standard No.16: 'Current Tax'.  The report of the auditors on those
accounts contained no qualification or statement under sections 237(2) or (3)
of the Companies Act 1985.

A copy of the Interim Report will be sent to Shareholders shortly and will be
available on request from the Company Secretary, J O Hambro Capital Management
Limited at Ground Floor, Ryder Court, 14 Ryder Street, London SW1Y 6QB.