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Fleming Claverhouse (JCH)

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Friday 30 August, 2002

Fleming Claverhouse

Interim Results

Fleming Claverhouse Inv Trust PLC
30 August 2002



                  THE FLEMING CLAVERHOUSE INVESTMENT TRUST plc



                          STOCK EXCHANGE ANNOUNCEMENT



30th August 2002


Performance

In the six months to 30th June 2002, the Company produced a total return on net
assets of -10.4% compared with a -8.9% total return from the Company's
benchmark, the FTSE All-Share Index. This underperformance was more than
entirely due to gearing, which reduced the Company's total return by 2.4% during
the period. In contrast, the Company's asset allocation and stock selection
contributed positively to the relative return. Despite its impact on
performance, I would like to re-iterate the Board's belief that the gearing we
have in place will enhance investment returns over the long-term.

The total return to shareholders for the six months was -16.2%, with the share
price falling from 432.5p to 358.5p. As at 30th June 2002 the share price stood
at a discount to net asset value of 4.2%, down from a premium of 2.3% at the
year end.


Revenue and Dividends

Revenue after taxation for the six months to 30th June 2002 was £5,238,000,
compared with £4,684,000 for the corresponding period last year.

The Company's dividend policy remains unchanged and the Directors have already
declared two quarterly dividends of 2.30p each for the current financial year.
The first quarterly dividend was paid on 31st May 2002. The second quarterly
dividend is payable on 2nd September 2002 to shareholders on the Register at the
close of business on 2nd August 2002.  It is expected that the total dividend
for the year will be increased in line with, or above, the rate of inflation.



For and on behalf of
The Fleming Claverhouse Investment Trust plc

Jonathan Latter
Authorised Signatory
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary




The Fleming Claverhouse Investment Trust plc
Unaudited figures for the six months ended 30 June 2002
Statement of Total Return (Unaudited)

                        Six months to 30 June 2002        Six months to 30 June 2001      Year to 31 December 2001
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000


Realised gains/(losses)         -       2,498     2,498         -       988         988         -   (6,198)   (6,198)
on investments
Net change in                   -    (41,368)  (41,368)         -  (25,965)    (25,965)         -  (53,324)  (53,324)
unrealised appreciation
Other capital charges           -         (2)       (2)     -         (348)       (348)         -         -         -
Franked dividends           6,602           -     6,602     5,857         -       5,857    10,629         -    10,629
Scrip dividends               245           -       245       216         -         216       216         -       216
Deposit interest               66           -        66       399         -         399       665         -       665
Stock lending fees              3           -         3         -         -           -         -         -         -
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return                6,916    (38,872)  (31,956)     6,472  (25,325)    (18,853)    11,510  (59,522)  (48,012)

Management fee              (521)       (967)   (1,488)     (561)   (1,040)     (1,601)   (1,086)   (2,016)   (3,102)
Other administrative        (166)           -     (166)     (249)         -       (249)     (375)         -     (375)
expenses
Performance fee                 -           -         -         -     (624)       (624)         -       190       190
Interest payable            (978)     (1,815)   (2,793)     (904)   (1,678)     (2,582)   (1,853)   (3,441)   (5,294)
                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return before taxation      5,251    (41,654)  (36,403)     4,758  (28,667)    (23,909)     8,196  (64,789)  (56,593)
Taxation                     (13)          13         -      (74)        74           -     (126)       126         -

                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Total return                5,238    (41,641)  (36,403)     4,684  (28,593)    (23,909)     8,070  (64,663)  (56,593)
attributable to
ordinary shareholders
Dividends on ordinary     (3,839)           -   (3,839)   (3,577)         -     (3,577)   (7,318)         -   (7,318)
shares
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)          1,399    (41,641)  (40,242)     1,107  (28,593)    (27,486)       752  (64,663)  (63,911)
reserves
Return per ordinary         6.29p    (49.98)p  (43.69)p     5.76p  (35.14)p    (29.38)p     9.83p  (78.74)p  (68.91)p
share
Dividends per ordinary      4.60p           -         -     4.00p         -           -     8.50p         -         -
share



The Fleming Claverhouse Investment Trust plc
Unaudited figures for the six months ended 30 June 2002


BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Investments at valuation                                                 380,217         441,824         421,481

Net current (liabilities)/assets                                         (8,560)          13,660        (10,790)

Creditors (amounts falling due after more than one year)                (59,221)        (69,681)        (59,181)
                                                                         _______         _______         _______
Total net assets                                                         312,436         385,803         351,510
                                                                           =====           =====           =====

Net asset value per share                                                 374.4p          466.6p          422.7p



CASH FLOW STATEMENT
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  4,843           4,128           8,035

Net cash outflow from returns on investments and servicing
of finance                                                               (2,009)         (2,264)         (5,986)

Total tax paid                                                                 -            (89)            (89)

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                       1,362        (56,779)        (73,260)

Total equity dividends paid on ordinary shares                           (3,999)         (3,830)         (7,145)

Net cash outflow from financing                                            1,169          71,202          73,334
                                                                         _______          ______          ______
Increase/(decrease) in cash for the period                                 1,366          12,368         (5,111)
                                                                           =====            ====            ====




The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 December 2001 have been delivered to the Registrar of Companies.




J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
30th August 2002






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