Interim Results

Temple Bar Investment Trust PLC
25 July 2000

CHAIRMAN'S STATEMENT

Results

After a difficult period in the last months of 1999 and the early part of the
current year I am able to report that the asset performance in the six months
to 30 June 2000 has been encouraging. Total assets rose marginally by 0.26%
(including accrued income) and this compares favourably with a fall of 6.55%
in the FTSE All-Share Index. The FTSE 350 Higher Yield Index continued to be
volatile and fell by 0.8% despite a strong rally in the last couple of
months.

The Trust's earnings have made further progress, and there has been a small
benefit in this half year deriving from the use of the debenture proceeds over
the full period. The directors have declared an interim dividend of 7.53p, an
increase of approximately 10% and expect, barring unforeseen circumstances,
that the same rate of dividend increase will be proposed in respect of the
final dividend.  The interim dividend will be paid on 30 September 2000 to
those shareholders on the register on 15 September 2000.

Investment Background

Attention continues to be focused on whether the US economy can achieve a
controlled slowdown after such a strong and sustained period of growth. The UK
prospects have continued to improve and although the recent fall in Sterling
may result in slightly higher interest rates, the important elements of
consumer spending and average earnings growth are both showing clear signs of
easing.

The UK equity markets have continued to show sizeable share price
fluctuations. Our view that there would be a switch back into value stocks
from the higher growth technology, media and telecom sectors proved correct,
and in March conditions started to improve for higher yielding shares. Because
of the Trust's  liquidity arising from last year's gearing the managers were
able to make further substantial purchases across a range of 'old economy'
sectors ahead of their recovery. Some profits have subsequently been taken on
these investments.

Outlook

We remain convinced that investment in companies with strong market positions,
excellent management teams and good financial performance will provide sound
value and enable us to continue to provide our shareholders with a growing
income.

We have some concerns that the overall equity market has failed to make
progress in the first half of the year despite an economic background which
has been showing signs of improvement and the market shows few signs of
breaking out of its current tight trading range. What is required to move
shares higher is greater clarity over the outlook for UK interest rates and,
crucially, how successful the US authorities are in achieving a soft landing. 
We are, therefore, reverting to a more cautious stance for the time being.


25 July 2000                                               Ronald Scott Brown





                       Twenty largest equity holdings                         
                              at 30 June 2000                                 
                                                                             
Company                                 Valuation                 % of
                                          £'000                 portfolio

BP Amoco                                  31,542                  7.36
Shell Transport & Trading                 21,377                  4.99
Glaxo Wellcome                            16,744                  3.91
Lloyds TSB                                16,092                  3.75
Cable & Wireless                          13,456                  3.14
Royal Bank of Scotland                    13,096                  3.05
Boots                                     12,327                  2.88
CGNU                                      12,229                  2.85
British Telecom                           11,593                  2.70
Safeway                                   10,490                  2.45
Diageo                                     9,472                  2.21
Carlton Communications                     9,104                  2.12
HSBC                                       8,278                  1.93
Rio Tinto                                  8,200                  1.91
Abbey National                             7,963                  1.86
Hilton                                     7,810                  1.82
Whitbread                                  7,779                  1.81
Guinness Flight Institutional UK Smaller   
  Companies Trust                          7,049                  1.64
National Grid                              6,892                  1.61
BAA                                        6,821                  1.59
                                         _______                 _____
                                         238,314                 55.58
                                         _______                 _____


                                                       

STATEMENT OF TOTAL RETURN
(incorporating the revenue account)
of the group for the six months ended
30 June 2000

                                          Six months ended
                                            30 June 2000
                                             (unaudited)                     
                             Notes       Revenue       Capital       Total
                                          £'000         £'000        £'000
                            
Gains on investments            4             -            51           51
Income                          5         8,666             -        8,666
Investment management fee                  (337)         (337)        (674)
Other expenses                             (280)            -         (280)
                                         -------       ------        -----
Net return before finance costs                              
 and taxation                             8,049          (286)       7,763
Interest payable                         (1,140)       (1,140)      (2,280)
                                         -------       ------       ------

Return on ordinary activities before
 taxation                                 6,909        (1,426)       5,483

Taxation*                                  (193)          193            -
                                         ------        ------       ------
Return on ordinary activities after
 taxation                                 6,716        (1,233)       5,483
Preference dividends                          -             -            -
                                         ------        ------       ------
Available for equity shareholders         6,716        (1,233)       5,483
Ordinary dividends                       (4,352)            -       (4,352)
                                         ------        ------       ------
Transfer to reserves                      2,364        (1,233)       1,131
                                         ------        ------       ------

Return per ordinary share                 11.62p        (2.13)p      9.49p
Dividends per ordinary share               7.53p  


*Comparative figures have been re-stated to show UK dividends net of related
tax credits.     

 



           Six months ended                        Year ended       
            30 June 1999                        31 December 1999
        (unaudited-re-stated*)                 (audited-re-stated*)     
Revenue       Capital         Total     Revenue       Capital        Total
 £'000          £'000         £'000       £'000         £'000        £'000
     -         43,364        43,364           -        37,443       37,443
 8,971              -         8,971      15,870             -       15,870
  (335)          (335)         (670)       (672)         (672)      (1,344)
  (259)             -          (259)       (580)            -         (580)
 -----         ------        ------      ------        ------       ------
 8,377         43,029        51,406      14,618        36,771       51,389
  (951)          (951)       (1,902)     (2,090)       (2,089)      (4,179)
 -----         ------        ------      ------        ------       ------
 7,426         42,078        49,504      12,528        34,682       47,210
  (228)           214           (14)       (406)          393          (13)
 -----         ------        ------      ------        ------       ------
 7,198         42,292        49,490      12,122        35,075       47,197
   (19)             -           (19)        (20)            -          (20)
 -----         ------        ------      ------        ------       ------
 7,179         42,292        49,471      12,102        35,075       47,177 
(3,959)             -        (3,959)    (12,310)            -      (12,310)
------         ------        ------      ------        ------       ------
 3,220         42,292        45,512        (208)       35,075       34,867
______         ______       _______      ______        ______       ______

 12.45p         73.35p        85.80p      20.96p        60.74p       81.70p
  6.85p                                   21.30p


CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2000

                                           30 June    30 June     31 December
                                              2000       1999            1999
                                             £'000      £'000           £'000
                                          (unaudited) (unaudited)    (audited)

Cash flow from operating activities           7,301     7,852          13,601

Return on investments and servicing
 of finance                                  (2,280)   (1,284)         (3,067)
Interest paid                                (2,280)   (1,250)         (3,033)
Preference dividends paid                         -       (34)            (34)

Taxation
UK tax (paid)/recovered                        (107)     (941)            464

Capital expenditure and financial investment (6,467)   (8,519)        (33,140)
Purchases of investments                    (59,875)  (55,470)       (112,857)
Sales of investments                         53,408    46,951          79,717

Equity dividends paid                        (8,351)   (7,558)        (11,517)
                                              _____     _____          ______ 
Cash outflow before management of liquid
resources and financing                      (9,904)   (10,450)       (33,659)
Management of liquid resources
 Money market deposits withdrawn/(placed)     9,830    (25,548)        (2,710)

Financing
  Gross proceeds from issue of debenture stock    -     38,000         38,000
  Payments on cancellation of preference stocks   -       (996)          (996)
                                             ______     ______          ______
(Decrease)/increase in cash                     (74)     1,006             635
                                             ______     ______          ______
Reconciliation of net cash flow to
 movement in net debt
(Decrease)/increase in cash                    (74)     1,006             635
Issue of debenture stock                         -    (38,000)        (38,000)
Non cash movements                               -        456             456
Cash used to (decrease)/increase  
  liquid resources                          (9,830)    25,548           2,710

Change in net debt                          (9,904)   (10,990)        (34,199)
Net debt at 1 January                      (46,249)   (12,050)        (12,050)
                                            ______     ______          ______ 

Net debt at 30 June                        (56,153)   (23,040)        (46,249)
                                            ______     ______          ______




Consolidated summary balance sheet
at 30 June 2000
                                        30 June        30 June     31December
                                           2000           1999           1999
                                          £'000          £'000          £'000
                                     (unaudited)    (unaudited)      (audited)
Investments                             428,757        405,969        422,261
Net current assets                        4,765         36,708         10,130
Amounts falling due after one year      (63,000)       (63,000)       (63,000)
                                        _______        _______        _______
Net assets                              370,522        379,677        369,391
                                        _______        _______        _______

Attributable to ordinary   shareholders 370,522        379,677        369,391
                                        _______        _______        _______ 
                      

Net asset value per ordinary share:      641.12p        658.25p       639.16p






Notes to the interim results

1. Principal activity

   The principal activity of the Company remains that of an investment trust.
   The principal activity of its trading subsidiary is investment dealing.

2. Recharges to capital and Accounting policies
   One half of the management fee and interest payable on the debenture stocks
   is charged to the revenue account and the other half is charged to capital
   reserves, net of corporation tax relief, and inclusive of any related
   irrecoverable value added tax.

   The unaudited interim financial statements have been prepared on a basis
   consistent with the statutory financial statements for the year ended 31
   December 1999 except for the restatement of the dividends net of related
   tax credits. This change has been made to comply with the recently
   issued FRS 16 'Current Tax'. The effect of this change in presentation is
   to decrease UK dividend income and the tax charge by equal amounts of
   £774,000 (1999 - Interim £823,000), (1999 - Final £1,416,000). There is no
   effect on the net income after tax.

3. Dividend  

   The interim dividend of 7.53p (1999, 6.85p) per ordinary share will absorb
   £4,352,000 and will be paid on 30 September 2000 to shareholders registered
   on 15 September 2000.

4. Gains on investments
                                               30 June 30 June 31 December
                                                  2000    1999        1999
                                                 £'000   £'000       £'000
Net realised gains on sales                      8,519  10,752      17,138
Net (decrease)/increase in unrealised 
  appreciation                                  (8,468) 32,612      20,305
                                                 _____  ______      ______  
Gains on investments                                51  43,364      37,443
                                                 _____  ______      ______

5. Income
                                          30 June      30 June 31 December
                                             2000         1999        1999
                                            £'000        £'000       £'000
                                                    (re-stated) (re-stated)
UK dividends net of tax credits             6,963        7,043      12,390
Income from UK fixed interest securities    1,087          727       1,468
Foreign income dividends                        -          286         286
Scrip dividends                               177            -          52
Other special dividends                         -            -          29
Bank interest                                 331          915       1,632
Underwriting commission                         -            -          13
Dealing profit                                108            -           -
                                            _____        _____      ______
                                            8,666        8,971      15,870
                                            _____        _____      ______

6. Comparative figures

   The information for the year ended 31 December 1999 does not constitute
   statutory accounts, but has been extracted from the latest published
   audited accounts, which have been filed with the Registrar of Companies.
   The report of the auditors on those accounts contained no qualification or
   statement under section 237(2) or (3) of the Companies Act 1985.

7. Publication

   This interim report is being sent to shareholders and copies will be made
   available to the public at the registered office of the Company.






25 July 2000

Contact:  Chris Burvill, Investec Investment Management Limited
Telephone: [phone]