Final Results

VALUE AND INCOME TRUST PLC

                               PRELIMINARY RESULTS
                        FOR THE YEAR ENDED 31 MARCH 2004



SUMMARY


                                31 March 2004       31 March 2003

Net asset value per share        170.9p               138.8p
Share price                      143.3p               114.0p
Total dividends per share          6.0p                 5.8p
Portfolio total                £113.4 million       £98.8 million


THE YEAR

-    VIT's share price total return was  +31.0% compared with the FTSE All-Share
  Index total return of +30.7%

-    VIT's share price total return over the last three years was +18.3% (FTSE
  All-Share Index total return -11.0%)

-    Net dividend for the year 6.0p, up 3.4% - the seventeenth consecutive
  increase above inflation


Value and Income Trust invests in higher yielding, less fashionable areas of the
UK  commercial property and equity markets, particularly in medium  and  smaller
sized  companies.   It aims for long-term real growth in dividends  and  capital
values without undue risk.


Outlook

The  rating  of  the  UK equity market is still low by historic  standards,  and
commercial  property is still a relatively high yielding asset  class.   At  the
year  end  our  equity and property portfolios were yielding 4.6% net  and  7.5%
respectively.  VIT is fully invested at present.
Dividend

The  Directors are recommending a final dividend of 3.0p net per Ordinary  Share
to be paid on 12 July 2004 to shareholders registered on 18 June 2004.

The Annual Report will be posted to shareholders at the end of May 2004.  Copies
can  be obtained from Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket
Terrace,  Edinburgh, EH12 5HD or OLIM Limited, Pollen House, 10-12 Cork  Street,
London, W1S 3NP


For further information, please contact:-

Matthew Oakeshott or Angela Lascelles of OLIM Limited
Tel: [phone]



VALUE AND INCOME TRUST PLC
CONSOLIDATED STATEMENT OF TOTAL RETURN
(incorporating the revenue account*) for the year ended 31 March 2004

                                            2004                           2003
                                     Revenue  Capital   Total      Revenue  Capital   Total
                                        £000     £000    £000         £000     £000    £000
Income

Securities
Dividends from UK Companies            3,667        -   3,667        3,269        -   3,269
Interest from UK Companies               216        -     216          189        -     189
Properties
Rental Income                          2,764        -   2,764        3,155        -   3,155
Interest receivable on                   190        -     190          224        -     224
short-term deposits
Underwriting commission                    8        -       8           16        -      16
Other income                               -        -       -           10        -      10
                                       _____    _____   _____        _____    _____   _____
                                       6,845        -   6,845        6,863        -   6,863

Expenses
Investment management fee              (401)    (854) (1,255)        (401)    (401)   (802)
Administration expenses                (434)        -   (434)        (344)        -   (344)
                                       _____    _____   _____        _____    _____   _____
                                       6,010    (854)   5,156        6,118    (401)   5,717

Capital profits/(losses)
Net realised gains/(losses)                -    2,370   2,370            -  (1,250) (1,250)
on investments
Movement in unrealised appreciation        -   13,315   13,315           - (19,478)(19,478)
                                       _____    _____   _____        _____    _____   _____


Net return before finance              6,010   14,831  20,841        6,118 (21,129)(15,011)
costs and taxation
Interest payable and                 (3,501)        - (3,501)      (3,501)        - (3,501)
similar charges
                                       _____    _____   _____        _____    _____   _____


Return on ordinary                     2,509   14,831  17,340        2,617 (21,129)(18,512)
activities before taxation
Taxation                                   -        -       -            -        -       -
                                       _____    _____   _____        _____    _____   _____


Return attributable to                 2,509   14,831  17,340        2,617 (21,129)(18,512)
equity shareholders
Dividends in respect of              (2,733)        - (2,733)      (2,642)       -  (2,642)
ordinary shares
                                       _____    _____   _____        _____    _____   _____
Transfer (from)/to reserves            (224)  14,831   14,607         (25) (21,129)(21,154)
                                       _____    _____   _____        _____    _____   _____

Return per ordinary share              5.51p   32.56p  38.07p        5.74p (46.39p)(40.65p)
                                       _____    _____   _____        _____    _____   _____

Dividend per ordinary share            6.00p                         5.80p
                                       _____                         _____

* The revenue column of this statement is the Revenue Account of the Group.


VALUE AND INCOME TRUST PLC
CONSOLIDATED BALANCE SHEET
at 31 March 2004
                                      2004                      2003
                                        £000     £000     £000           £000

Investments
Listed in UK                                   73,333                  55,207
Investment properties                          40,400                  41,165
                                              _______                 _______

                                              113,733                  96,372
Current Assets
Debtors                                1,134               554
Cash and short term deposits           3,913             4,534
                                     _______           _______
                                       5,047             5,088
                                     _______           _______


Current Liabilities (due
within one year)
Creditors                              4,031             1,339
Dividend payable                       1,366             1,321
                                     _______           _______
                                       5,397             2,660
                                     _______           _______


Net Current (Liabilities)/Assets                (350)                   2,428
                                              _______                 _______
Total Assets less Current                     113,383                  98,800
Liabilities
Creditors (due after one year)                 35,539                  35,563
                                              _______                 _______
TOTAL NET ASSETS                               77,844                  63,237
                                              _______                 _______



Capital and Reserves Share Capital

Ordinary                                        4,555                   4,555

Reserves
 Share Premium                        18,446            18,446
 Capital Reserve - realised           33,216            31,700
 Capital Reserve - unrealised          9,746           (5,824)
 Revaluation Reserve                  10,842            13,097
 Revenue Reserve                       1,039             1,263
                                     _______           _______
                                               73,289                  58,682
                                              _______                 _______
Equity Shareholders' Funds                     77,844                  63,237
                                              _______                 _______

Net Asset Value per ordinary share            170.89p                 138.82p




VALUE AND INCOME TRUST PLC
CONSOLIDATED CASHFLOW STATEMENT
for the year ended 31 March 2004
                                         2004                  2003
                                        £000    £000     £000           £000
Operating activities:
 Income received from investments              3,297                   3,341
 Rental received                               2,760                   3,223
 Interest received                               190                     224
 Other income                                      8                      26
 Investment management fees paid               (802)                   (803)
 Administration fees paid                      (110)                   (161)
 Directors' fees paid (including NI)            (32)                    (32)
 Other cash payments                           (343)                   (120)
                                              ______                  ______
Net cash inflow from operating                 4,968                   5,698
activities

Servicing of finance:
 Interest paid                       (3,525)           (3,525)
                                      ______            ______


Net cash outflow from servicing              (3,525)                 (3,525)
of finance

Taxation:
 UK tax repaid                                     -                      13

Capital expenditure and financial
investment:
 Purchases of investments           (16,714)         (27,654)
 Sales of investments                 17,338           21,503
                                      ______           ______

Net cash inflow/(outflow) from
financial investment                             624                 (6,151)

Ordinary dividends paid                      (2,688)                 (2,596)
                                              ______                  ______
Net cash (outflow) before financing            (621)                 (6,561)
                                              ______                  ______
(Decrease) in cash                             (621)                 (6,561)
                                              ______                  ______


NOTES :
1.    The accounts are prepared under the same accounting policies used for  the
   year to 31 March 2003.
2.    The  final dividend, subject to shareholder approval, will be paid  on  12
   July 2004 to shareholders on the register at the close of business on 18 June
   2004. The ex-dividend date is 16 June 2004.
3.    The  financial information contained within this preliminary  announcement
   does not constitute the company's statutory accounts as defined in section 240
   of  the Companies Act 1985 for the years ended 31 March 2004 or 2003, but  is
   derived from those accounts.  Statutory accounts for 2003 have been delivered to
   the Registrar of Companies and those for 2004 will be delivered following the
   company's  annual general meeting which will be held at Donaldson  House,  97
   Haymarket  Terrace, Edinburgh on 9 July 2004 at 12.30 pm.  The auditors  have
   reported on those accounts; their reports were unqualified and did not contain
   statements  under  s237(2)  or (3) Companies  Act  1985.   The  accounts  and
   preliminary announcement were approved by the board of directors on 17 May 2004.
4.   The Annual Report and Accounts will be posted to shareholders at the end of
   May 2004 and copies will be available from the company secretary.

For Value and Income Trust plc
Edinburgh Fund Managers plc, Secretary