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UK Select Trust Ld (UKT)

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Tuesday 03 September, 2002

UK Select Trust Ld

Interim Results

UK Select Trust Limited
03 September 2002


Stock Exchange Announcement - 3 September 2002

The unaudited figures for the six months to 30 June 2002 have been drawn up
under The Statement of Recommended Practice for Investment Trusts and have been
prepared on the basis of the accounting policies set out in the company's annual
financial statements for the year ended 31 December 2002.

Statement of total return of the company

The unaudited results below cover the six months ended 30 June 2002

                                Six months ended                  Year ended                   Six months ended
                                    30.06.02                       31.12.01                        30.06.01
                                    unaudited                      audited                        unaudited
                           Revenue   Capital     Total   Revenue   Capital    Total       Revenue   Capital   Total
                            £'000    £'000     £'000     £'000     £'000     £'000       £'000      £'000

(Loss)/gain on            -          (5,106)   (5,106)   -         (16,349)  (16,349)    -          (9,404)   (9,404)
Income                    1,081      -         1,081     2,168     -         2,168       1,264      -         1,264
Investment managers' fees (35)       (106)     (141)     (85)      (256)     (341)       (45)       (136)     (181)
Other expenses            (156)      -         (156)     (210)     -         (210)       (109)      -         (109)
                          ------     -------   -------   --------  --------  --------    -------    --------- ---------
Net return before finance 890        (5,212)   (4,322)   1,873     (16,605)  (14,732)    1,110      (9,540)   (8,430)
                          ------     -------   -------   -------   --------  ---------   -------    --------  --------
Interest payable          (60)       (180)     (240)     (132)     (394)     (526)       (65)       (196)     (261)
                          ------     -------   -------   -------   --------  --------    -------    --------  --------
Return on ordinary
activities for the
financial period before   830        (5,392)   (4,562)   1,741     (16,999)  (15,258)    1,045      (9,736)   (8,691)
                          ------     -------   --------  -------   --------  ---------   -------    --------  --------

Taxation                  (1)        -         (1)       (6)       -         (6)         (5)        -         (5)
                          ------     --------  --------  -------   --------  --------    -------    --------  --------
Return on ordinary
activities for the
financial period after    829        (5,392)   (4,563)   1,735     (16,999)  (15,264)    1,040      (9,736)   (8,696)
                          -------    -------   --------  -------   --------  --------    -------    --------  --------
Interim dividend of 0.83p (346)      -         (346)     (1,590)   -         (1,590)     (471)      -         (471)
                          -------    -------   --------  -------   --------  --------    --------   --------  -------
Transfer to reserves      483        (5,392)   (4,909)   145       (16,999)  (16,854)    569        (9,149)   (8,580)
                          -------    -------   -------   -------   --------  --------    --------   --------  --------
Return per ordinary share 1.59p      (10.36)p  (8.77)p   3.05p     (29.91)p  (26.86)p    1.84p      (17.19)p  (15.35)p

Unaudited balance sheet

At 30 June 2002

                                                         30.06.02                    31.12.01                   30.06.01
                                                        unaudited                     audited                  unaudited
                                                            £'000                       £'000                      £'000

Investments at market value                                41,330                      65,118                     74,231
Net current assets/(liabilities)                            2,835                       1,763                        156
Creditors: amounts falling due                            (5,200)                     (7,200)                    (7,200)
after more than one year
                                                         --------                    --------                   --------
                                                           38,965                      59,681                     67,187
                                                         --------                    --------                   --------
Called up share capital                                     4,164                       5,717                      5,694
Capital reserves                                           31,340                      50,985                     58,089
Revenue reserve                                             3,461                       2,979                      3,404
                                                         --------                    --------                   --------
                                                           38,965                      59,681                     67,187
                                                         --------                    --------                   --------
Net assets per 10p ordinary share                          93.58p                      104.4p                     118.0p
                                                         --------                    --------                   --------

The interim report has been prepared on the basis of the accounting policies set
out in the company's annual financial statements for the year ended 31 December

                            UK Select Trust Limited


                                At 30 June 2002

                        Share          Capital      Capital reserve Capital reserve    Revenue          Total
                                      redemption      - realised       unrealised      reserve
                       Premium         reserve                                                        reserves
                        £'000           £'000            £'000           £'000          £'000           £'000

At 1 January 2002       3,826           435              46,807          (83)             2,979        53,964
Shares repurchased                                                      
during the year         -               1,594            (16,189)        -                -            (14,595)
Realised deficit on                                                                                   
disposal of investments -               -                (7,736)         -                -            (7,736)
Increase in unrealized  -               -                -               2,630            -            2,630
Investment manager's    -                -               (106)           -                -            (106)
fee attributable to
Loan interest           -               -                (180)           -                -            (180)
attributable to capital
Premium arising on      342             -                -               -                -            342
share elections;
- 2001 final dividend
Retained revenue        -               -                -               -                482          482

                        4,168           2,029            22,596          2,547            3,461        34,801

Shares will go ex-dividend on 11 September 2002 and the record date will be 13
September 2002.

The dividend will be payable on 12 November 2002.

Chairman's Statement

Over the six months to 30 June 2002 the net asset value total return to
shareholders, which combines capital return and dividend income, was -10.9%. The
total return from the FTSE All-Share index, which is the performance benchmark
set by the board, over the same period was -8.93%. No special dividends have
been paid so far this year. Net revenue per share fell to 1.59p. The board are
declaring an unchanged interim dividend of 0.83p.

This is my first Chairman's Statement since the change of investment managers
from 3i to Scottish Widows Investment Partnership. It was unfortunate for the
new managers that they took over at the beginning of a period which has
witnessed some of the sharpest declines in stock market indices for many years.
However, in welcoming them as the new managers of the Trust, I know that they
are keen to take advantage of falling share prices to build shareholder value.

Manager's Report

1. Background

The economic picture in the UK remains mixed. Economic data has been distorted
by the timing of the Jubilee holiday and the World Cup, making it more difficult
than usual to gauge economic activity. Statistics released showed that
industrial production plummeted by 4.2% on the month during June. However,
domestic demand held firm, driven by buoyant consumer spending and by a booming
housing market. In this uncertain economic environment, there is some debate as
to whether the Bank of England's monetary policy committee (MPC) should try to
cool the housing market by raising interest rates.

Despite the lack of any change of direction in the UK economy, share prices have
experienced one of the most volatile periods in recent stock market history as
an across the board stock market rout wiped around 17% off UK share prices. The
selling was prompted by a rash of accounting scandals in the US which brought
the accounting, auditing and reporting systems of companies across the developed
world into question. The negative sentiment was reinforced by speculation that
life insurance companies might be forced to dump equity holdings onto the market
in order to comply with solvency regulations.

However, in more recent weeks, some of these losses have begun to be recouped as
share price indices have regained some ground.

2. Strategy

On assuming responsibility for the Trust, Scottish Widows Investment Partnership
undertook a thorough review of the portfolio, disposing of over fifty stocks and
initiating twenty new holdings in companies which we have identified as
possessing superior long term growth potential. The cash acquired from the
disposal of stocks earlier in the year was reinvested during periods of price
weakness in more economically-sensitive stocks which we expect to do well going
forward. These additions included Shell, and advertising group WPP along with
broadcasters BSkyB and Granada. Other additions included chemicals group British
Vita, the electronic components distributor Premier Farnell and Enterprise Inns,
which is Britain's leading pub company. Holdings in retailers such as Boots and
Next, which are dependent on the continuing strength of consumer spending, were
pared back.

3. Outlook

Economic growth seems to be picking up even though consumer spending appears to
be slowing. The driving forces now are stronger exports, increased public
spending and (potentially) a swing in business investment from contraction to
expansion. However, our forecasts of growth of 1.5% this year and of 2.6% in
2003 remain significantly below the optimistic forecasts made by the Chancellor.

Turning to the stock market, good value has now emerged in UK shares both
relative to bonds and in absolute terms; many of the excesses of the late 1990s
investment boom have now worked their way out. Therefore, we look forward to
good returns from our carefully selected portfolio of equities on a one year

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