Interim Management Statement

Shires Income PLC
25 January 2008

Shires Income plc
Interim Management Statement - 3 months to 31 December 2007



To the members of Shires Income plc

This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.


This interim management statement relates to the period from 1 October 2007 to
31 December 2007, and contains information that covers this period, and up to
the date of publication of this interim management statement, unless otherwise
specified.


Investment objective

To provide for shareholders a high level of income together with growth of both
income and capital from a portfolio substantially invested in UK Equities.



Benchmark

FTSE All-Share Index


Material events

On 23 November 2007, the Company mailed out its Interim Report for the six month
period to 30 September 2007.





Ten largest equity holdings at 31 December 2007
                                       % of net assets
Shires Smaller Companies                           6.4
Pennon                                             5.0
British American Tobacco                           4.3
Prudential                                         4.1
BAE Systems                                        3.9
Mackintosh High Income Fund                        3.6
Arriva                                             3.5
Severn Trent                                       3.4
BT                                                 3.3
Rio Tinto                                          3.0
Total                                             40.5
Total number of investments                         52





Sector allocation as at 31 December 2007
                                          %
Financials                             50.4
Industrials                            15.4
Consumer Goods                          9.5
Utilities                               8.6
Consumer Services                       6.7
Basic Materials                         5.9
Telecommunications                      3.4
Technology                              0.1

Total                                 100.0



General description of Company's financial position and performance as at 31
December 2007


                                                     £m
Gross Assets                                         110.7
Net assets                                           82.4

Equity Gearing                                       4.3%
Total gearing                                        37.8%





Cumulative performance (%)*
                                as at     1 month     3 months     6 months    1 year   3 years   5 years
                           31/12/2007
Share Price                    252.8p         0.3        -15.7        -15.5     -16.8      13.9      87.8
NAV                            277.3p        -5.1         -6.8        -11.1      -8.9      28.5      87.6
FTSE All-Share                                0.3         -0.3         -2.1       5.3      50.1     104.6



Discrete performance (%)*
                                             31/12/07     31/12/06     31/12/05     31/12/04     31/12/03
Share Price                                     -16.8         15.8         18.2         27.9         28.9
NAV                                              -8.9         15.9         21.7         22.1         19.6
FTSE All-Share                                    5.3         16.8         22.0         12.8         20.9



Total Return; NAV to NAV net income reinvested.  GBP.  Share price total return
is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date.

Source: Aberdeen Asset Managers Limited, Factset, Financial Times and
Fundamental Data





Since the 31 December 2007 the Net asset Value of the Company has fallen to a
NAV of 259.4p and a share price of 225.5p. These falls reflect the current high
volatility experienced in the stockmarket since 31 December 2007. Other than as
set out above, the Board is not aware of any significant events or transactions
which have occurred between 31 December 2007 and the date of publication of this
interim management statement which would have a material impact on the financial
position of the Company. For latest performance information, please refer to the
Company's website, www.shiresincome.co.uk.








*Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.





For Shires Income plc
Glasgow Investment Managers Limited, Secretary
25 January 2008




                      This information is provided by RNS
            The company news service from the London Stock Exchange