Interim Results - Amendment

Shires Income PLC
19 December 2000



The issuer has made the following amendment to the Interim Results
announcement released 19 December 2000 at 14:11 under RNS No 0495W.

A second interim dividend of 4.35p has been declared to be paid on 31 January
2001 to shareholders on the register at close of business on 12 January 2001 and
not 8 January 2001 as previously stated.

All other details remain unchanged.

The full corrected version is shown below.


                                SHIRES INCOME PLC

                Results for the Half Year Ended 30 September 2000

Shires Income plc, with total assets of £170.5 million aims to provide
shareholders with a high level of income together with growth of both income 
and capital from a portfolio substantially invested in UK equities.

-  The total return on net assets was +0.8% for the six months to 
   30 September 2000, compared with a total return of -1.5% on the FTSE 
   All-Share Index.

-  The return to shareholders was +10.5%, better than the return on net
   assets due to a reduction in the discount of share price to underlying net   
   asset value per share to 3.5% at 30 September 2000.

-  A second interim dividend has been declared of 4.35p per share, making
   dividends for the year to date 8.7p, compared with 8.6p last year.

-  The Company's shareholding in Glasgow Investment Managers is now
   included within the portfolio of investments at the directors' valuation, 
   and dividends received are included in the revenue account.

-  The Company's shareholding in Shires Smaller Companies plc is now
   included in the portfolio at market value. Last year it was accounted for 
   as an associated undertaking at net asset value.

-  As interest rates fall equities are likely to respond favourably, in
   particular the cyclical stocks which offer above average yields and are well
   represented in the Company's portfolio.

For further information please contact:

David Williams, Managing Director
Glasgow Investment Managers                    0141 572 2700


                              Shires Income plc
                             Interim Report 2000
                             Chairman's Statement

Background
In  the six months under review the UK stockmarket fell slightly and  the
pattern  of  sector  behaviour  changed.  The  surge  of  enthusiasm  for
telecommunications,  media  and  technology  stocks,  which  had  been  a
feature  of  the  last  months of 1999 and  the  early  months  of  2000,
evaporated  and  investors' attention returned to the  more  conventional
merits   of   companies  in  the  less  fashionable,  but  perhaps   more
sustainable, sectors of the economy.

Investment Returns
The  total return on net assets was 0.8%, somewhat better than the  return
of -1.5% on the FTSE All-Share Index.

The  return  to shareholders, at 10.5%, was well ahead of the  return  on
net  assets, as the share price rose and the discount at which the  share
price  stood  to net asset value per share fell, from 11.9% at  31  March
2000 to 3.5% at 30 September 2000.

Dividends
Earnings  of  10.10p per share were down from 12.10p  for  the  first
half  last year, due to lower premiums earned from traded option writing,
but  remain  more  than  adequate to cover  interim  dividends  paid  and
declared.

A  second interim dividend of 4.35p has been declared, to be paid  on  31
January  2001 to shareholders on the register at close of business  on  12
January  2001.  As a first interim dividend of 4.35p  was  paid  on  31
October  2000,  dividends paid and declared to date  in  respect  of  the
current year total 8.7p per share against 8.6p paid last year.

Shires Smaller Companies plc
1,047,801  warrants  to  subscribe at a price  of  £1.00  per  share  for
ordinary  shares  of Shires Smaller Companies plc, were  exercised  on  1
June  2000, the final date of exercise. As a result the Company's  interest
in  Shires  Smaller Companies plc rose from 26.7% to 28.7% of its  issued
share capital.

The  shareholding  in  Shires Smaller Companies  is  now  valued  in  the
portfolio  at  market  price,  consistent with  the  basis  of  valuation
applied  to  all  other listed security investments.  Last  year  it  was
accounted  for  as  an  associated undertaking and valued  at  net  asset
value.

Glasgow Investment Managers ('GIM')
Under  the agreement with the executive shareholders of GIM the Company's
shareholding in that company fell to 49.9%. GIM is now accounted  for  as
an  unlisted  investment. A valuation is included  in  the  portfolio  of
investments  and dividends received are included in the revenue  account.
Last  year  the  income from GIM was shown as 'Net investment  management
income'  less  the  'Minority equity interest.'  Due  to  the  change  in
accounting  treatment  comparison of GIM's performance  is  not  apparent
from  the  financial statements. Funds under management rose by 12%  over
the  half  year  to  exceed £1 billion at 30 September 2000  and  pre-tax
profit rose by 48% compared with the first six months last year.

Outlook
Aggregate  output in the USA grew more slowly in the third quarter of 2000  
than for  over  a  year  and the slowdown was accompanied by lower inflation. 
Higher interest  rates and the rise in the oil price appear to be combining to
restrain the  economy. In the UK the picture is similar, with output growth 
less  robust and  inflation  lower. If these developments presage a fall in 
interest  rates, equities  are  likely to respond favourably, in particular the 
cyclical  stocks  which  offer  above  average yields and are well represented 
in  the  Company's  portfolio.

The  Interim Report will be posted to shareholders on Friday 22nd December 2000.
Copies  may be obtained from the Managers, Glasgow Investment Managers  Limited,
Sutherland House, 149 St. Vincent Street, Glasgow G2 5DR, after that date.

A J R Izat
(Chairman)
   
                      Consolidated Statement of Total Return
                       (incorporating the Revenue Account)
                    for the half year ended 30 September 2000

                       Half year to 30 Sept 2000    Half year to 30 Sept 1999
                                     (unaudited)                  (unaudited)
                           £000      £000    £000        £000     £000    £000
                        Revenue   Capital   Total     Revenue  Capital   Total

Gains less losses on 
   investments              -      (1,232)  (1,232)       -    (8,360)  (8,360)
Income from investment
   activity (note 1)     4,171         -     4,171     4,051       -     4,051
Net investment 
  management income         -          -        -        649       -       649
Administrative expenses   (349)      (165)    (514)     (304)    (160)    (464)
Group operating return    3,822    (1,397)   2,425     4,396   (8,520)  (4,124)
Associated undertaking 
  (note 3)                  -          -        -        308    1,234    1,542
Net return before finance
  costs and taxation      3,822    (1,397)   2,425     4,704   (7,286)  (2,582)
Part disposal of
 subsidiary undertaking     -         (82)     (82)       -      (440)    (440)

Finance costs of borrowings:

Group                      (888)     (469)  (1,357)     (751)    (292)  (1,043)
Associated undertaking      -          -        -        (69)     (69)    (138)
Return on ordinary activities
  before taxation         2,934    (1,948)     986     3,884   (8,087)  (4,203)
Taxation                    (60)       -       (60)       89       -        89
Return on ordinary activities
  after taxation for the 
  period                  2,994    (1,948)   1,046     3,795   (8,087)  (4,292)
Preference dividend           1        -         1         1       -         1
Minority equity interest      -        -         -       206       -       206
Return attributable to
 equity shareholders      2,993   (1,948)    1,045     3,588   (8,087)  (4,499)
Dividends on equity 
 shares                   2,579        -     2,579     2,550       -     2,550

Transfer to/(from) reserves 414   (1,948)   (1,534)    1,038   (8,087)  (7,049)

Return per ordinary share 10.10p   (6.57)p    3.53p    12.10p  (27.27)p (15.17)p

Dividends per ordinary 
 share                     8.70p                        8.60p



                  Group Balance Sheet and Distribution of Assets
                               at 30 September 2000
                                                          
                      Valuation at   Valuation at   Net purchases/ Appreciation/
                      30 September    31 March 2000   (sales) or  (Depreciation)
                          2000                         transfer
                       (unaudited)     (audited)
                         £000     %     £000     %       £000          £000

Listed associated undertaking:
Shires Smaller Companies 
 (note 3)                   -     -     12,943   9.6     (12,943)          -
Other listed investments:
Ordinary shares       147,845  111.3  137,428  102.3      13,388      (2,971)
Convertibles           11,270    8.5   14,463   10.8        (729)     (2,464)
Other fixed interest    7,084    5.3    7,702    5.7        (220)       (398)

                      166,199  125.1  172,536  128.4        (504)     (5,833)
        
Former subsidiary undertaking:
Glasgow Investment Managers
 (note 2)               6,700    5.1        -      -         889       5,811
Other unlisted 
 investments              531    0.4      492    0.4         (13)         52

                      173,430  130.6  173,028  128.8         372          30

Tangible fixed assets       -      -      175    0.2
Net current 
 liabilities           (2,984)  (2.2)    (793)  (0.6)

Total assets
 (less current 
  liabilities)        170,446  128.4  172,410  128.4

Index-Linked Debenture 
 Stocks               (37,678) (28.4) (37,260) (27.8)
Minority equity 
 interest                   -      -     (848)  (0.6)

Net assets            132,768  100.0  134,302  100.0

Capital and Reserves

Called up share 
 capital               14,874          14,874

Share premium account  20,309          20,339

Other capital reserves
 Realised              69,332          69,440
 Unrealised            24,086          24,683

Revenue reserves
 Realised               3,891           4,430
 Unrealised               276             536

                      132,768         134,302

Net asset value per 
 ordinary share         447.6p         452.8p



                 Summarised Consolidated Cash Flow Statement
                  for the half year ended 30 September 2000

                                           Half year to         Half year to
                                        30 September 2000     30 September 1999
                                            (unaudited)          (unaudited)
                                       £000         £000       £000        £000

Net cash inflow from operating 
 activities                                        2,881                  4,761
Servicing of finance                                (900)                  (947)
Taxation                                             341                     64
       
Capital expenditure
 Purchases of investments           (23,363)                (30,210)
 Purchases of tangible fixed assets       -                     (31)
 Sales of investments                22,610                  26,806

                                                    (753)                (3,435)

Acquisitions and disposals
 Net cash disposed of with 
 subsidiary                          (2,224)                      -
 Expenses of group reorganisation         -                    (246)

                                                  (2,224)                  (246)
       
Equity dividends paid                             (2,980)                (2,719)

Net cash outflow before financing                 (3,635)                (2,522)

Financing
 Debt due within one year
-increase in short-term borrowings                 2,001                  3,182
-decrease in bank overdrafts                        (490)                  (452)


(Decrease)/Increase in cash at bank 
 and in hand                                      (2,124)                   208



                          Analysis of Changes in Net Debt

                                As at          Disposed      Other     As at
                             31 March   Cash   of with    non-cash  30 September
                                2000    flow  subsidiary  changes       2000
                                £000    £000     £000       £000        £000

Cash at bank and in band       3,574     100    (2,224)        -        1,450
Bank overdrafts                 (820)    490         -         -         (330)
Short-term borrowings         (2,010) (2,001)        -         -       (4,011)

5% Index-Linked
 Debenture 2008/2010         (22,441)      -         -      (277)     (22,718)
3.4375% Index/Linked
 Debenture 2017/2019         (14,819)      -         -      (141)     (14,960)

                             (36,516) (1,411)   (2,224)      418      (40,569)

                                
                                        NOTES

1. Income

   PARENT UNDERTAKING AND                               2000            1999
   INVESTMENT DEALING SUBSIDIARY                        £000            £000

   Income from listed investments
   Franked investment income                           3,384           3,264
   UK unfranked investment income                        112             112
 
                                                       3,496           3,376

   Other income from investment activity
   Unlisted franked investment income (note 2)           424               -
   Unlisted UK unfranked investment income                40               -
   Interest receivable                                    35              29
   Traded option premiums                                211             599
   Underwriting commission                                 -              37
   Profit less losses of dealing subsidiary              (35)             10

                                                         675             675

                                                       4,171           4,051

   INVESTMENT MANAGEMENT SUBSIDIARY

   Investment management fees                              -           1,830
   Interest receivable                                     -              36

                                                           -           1,866

   Total income comprises:
   Dividends                                           3,960           3,376
   Interest                                               35              65
   Other income from investment activity                 176             646
   Investment management fees                              -           1,830

   TOTAL INCOME                                        4,171           5,917

Listed franked investment income includes special dividends totalling £274,000
(1999 £406,000)

2. Investment Management Former Subsidiary Undertaking

With effect from 1 April 2000, the Company's interest in the investment
management subsidiary, Glasgow Investment Managers Limited (GIM) was reduced
from 54.9% to 49.9%.  At the same time, the directors and staff of GIM increased
their interest in GIM from 45.1% to 50.1%, giving them a controlling interest. 
Consequently, this investment is now accounted for as an unlisted investment and
is held through an intermediate holding company, GIM Holdings Limited, which
pays 8% Interest on an unsecured loan stock issued to Shires Income plc.

The Directors' valuation of this investment is based on a prudent assessment of
the value of listed fund management companies, appropriately discounted.  The
following table is a summary of the net assets of GIM which have been
reclassified or disposed of.

                                                     £000

Fixed assets                                          175
Dealings investments                                   50
Debtors                                               837
Cash at bank and in hand                            2,224
Creditors                                          (1,467)
Minority equity interest                             (848)
          
                                                      971

Reduction in group interest in net assets             (94)
Write back of overprovision for expenses of disposal   12

Net assets reclassified as an unlisted investment     889


3.  Shires Smaller Companies plc

In view of the change in control of GIM noted above, as a consequence the
Directors consider that the Company and the Group no longer exercises
significant influence over Shires Smaller Companies plc (SSC), a listed
investment trust company which is also managed by GIM.  The carrying value of
SSC has been written down to £12,511,000, being the market value of its shares
at 30 September 2000, in accordance with the policy now to treat SSC as part of
the Group's investment portfolio.

A subsidiary of the Company held 1,047,801 warrants to subscribe for ordinary
shares in SSC.  During the period, these warrants were transferred back to the
Company and exercised, increasing the Company's interest from 26.7% to 28.7% of
the issued share capital of this company.

4.  Assets at 31 March 2000

The information relating to the group balance sheets as at 31 March 2000 is an
extract from the latest audited accounts which have been delivered to the
Registrar of Companies; the report of the auditors on these accounts was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.