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Jupiter Split Trust (JRTC)

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Monday 01 September, 2003

Jupiter Split Trust

Interim Results

Jupiter Split Trust PLC
01 September 2003


                            JUPITER SPLIT TRUST PLC

  Preliminary announcement of the unaudited results for the six months to 30th
                                   June 2003



                              CHAIRMAN'S STATEMENT

Your Company's total assets for the six month to 30 June 2003 rose by 11.9% to
£325.9 million.  This compares with a rise of 4.1% in the benchmark FTSE All
Share Index over the same period.

Revenue before tax for the six months was £5.2 million, which compares with £3.8
million for the same period last year.  An unchanged interim dividend of 3.62p
net per income share has been declared.

Significant outperformance of the benchmark during the six months was mainly the
result of a view that extreme caution was appropriate in the lead up to the
conflict in Iraq but that subsequently a far more positive view was appropriate.
This more positive view was and is based upon factors such as low valuations
of equities relative to bonds, growth in corporate activity and cost cutting,
and a likely recovery of economic activity given the stimulus of lower interest
rates.

Since March, the portfolio has been gradually shifted away from more defensive
companies into more economically sensitive companies.  At the period end, the
majority of the portfolio remained invested in the financial sector.  This
sector contains some especially lowly rated companies, which are geared into
stronger economic and stockmarket conditions.  By contrast, there are no oil or
pharmaceutical sector investments and only modest telecommunication sector
investments.

The geographical split of investments at the period end was 53% of total assets
in UK equities, 34% in European equities, principally Irish, with 4% in other
equities and hedge funds.

Since the end of June there has been a material rise in shareholders' funds.
There is room for cautious optimism that shareholders will see further
attractive returns as the Company approaches its final year of existence.
Careful consideration is now being given by the board to ongoing options which
can be offered to shareholders after October 2004 when the Company is due to be
wound up.


G Howard-Spink
Chairman

1st September 2003




                            JUPITER SPLIT TRUST PLC

                    CONSOLIDATED STATEMENT OF TOTAL RETURN
                      (Incorporating the Revenue Account)
                     for the six months to 30th June 2003
                                 (Unaudited)

                                                                                     2003                          2002
                                                              Revenue   Capital     Total   Revenue   Capital     Total
                                                                £'000     £'000     £'000     £'000     £'000     £'000

Realised gains on investments                                       -     7,605     7,605         -     5,281     5,281
Increase in unrealised appreciation of investments                  -    27,659    27,659         -     6,086     6,086
                                                              _______   ______    _______   _______   ______    _______

Total capital gains on investments                                  -    35,264    35,264         -    11,367    11,367
Foreign exchange losses                                             -       (20)      (20)        -       (18)      (18)
Income from fixed asset investments                             5,741         -     5,741     4,022         -     4,022
Bank interest                                                     242         -       242       366         -       366
Profit on dealings by subsidiary                                  105         -       105       393         -       393
Investment management fee                                        (646)     (646)   (1,292)     (689)     (689)   (1,378)
Investment performance fee                                          -    (2,142)   (2,142)        -         -         -
Other expenses                                                   (252)        -      (252)     (173)        -      (173)
                                                               ______    ______    ______    ______    ______    ______

NET RETURN BEFORE FINANCE COSTS AND TAXATION                    5,190    32,456    37,646     3,919    10,660    14,579
Interest payable                                                   (1)        -        (1)      (75)      (75)     (150)
                                                               ______    ______    ______    ______    ______    ______

RETURN ON ORDINARY ACTIVITIES BEFORE TAX                        5,189    32,456    37,645     3,844    10,585    14,429
                                           
Tax on ordinary activities                                       (328)      282       (46)     (478)      208      (270)
                                                               ______    ______    ______    ______    ______    ______

RETURN ON ORDINARY ACTIVITIES AFTER TAX 
FOR THE FINANCIAL PERIOD                                        4,861    32,738    37,599     3,366    10,793    14,159
Dividends in respect of non-equity shares                      (2,953)        -    (2,953)   (2,953)        -    (2,953)
Other appropriations in respect of non-equity shares                -    (5,010)   (5,010)        -    (4,550)   (4,550)
                                                               ______   _______   _______    ______   _______   _______

TRANSFER TO RESERVES                                            1,908    27,728    29,636       413     6,243     6,656
                                                               ======    ======    ======    ======    ======    ======
RETURN PER INCOME SHARE                                          7.46p        -      7.46p     4.45p        -      4.45p
RETURN PER CAPITAL SHARE                                            -     79.14p    79.14p        -     17.82p    17.82p
                                                               ======    ======    ======    ======    ======    ======



The revenue column of this statement is the profit and loss account of the
Group.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were discontinued or acquired in the period.

The financial information does not constitute 'accounts' as defined in section
240 of the Companies Act 1985.





                            JUPITER SPLIT TRUST PLC

                           CONSOLIDATED BALANCE SHEET
                               at 30th June 2003

                                                   30th June     31st December
                                                         2003             2002
                                                  (Unaudited)        (Audited)
                                                        £'000            £'000

FIXED ASSETS
Investments                                           295,684          256,712

CURRENT ASSETS
Investments                                               654            1,128
Debtors                                                 6,501            2,456
Cash at bank                                           36,473           35,562
                                                       ______          _______
                                                       43,628           39,146

CREDITORS: amounts falling due within one year        (13,359)          (4,551)

NET CURRENT ASSETS                                     30,269           34,595
                                                      _______          _______
TOTAL ASSETS LESS CURRENT LIABILITIES                 325,953          291,307
                                                       ======          =======

CAPITAL AND RESERVES
Called up share capital                                 4,243            4,243
Share premium                                          73,978           73,978
Special reserve                                        90,000           90,000
Capital reserve - realised                             72,186           72,117
Capital reserve - unrealised                           23,822           (3,837)
Redemption reserve                                     54,747           49,737
Revenue reserve                                         6,977            5,069
                                                      ________        ________
TOTAL SHAREHOLDERS' FUNDS - NON EQUITY                325,953          291,307
                                                       =======         =======

NET ASSET VALUE PER CAPITAL SHARE                      393.91p          317.77p
                                                      ________         _______
                                                                     





                            JUPITER SPLIT TRUST PLC

                        CONSOLIDATED CASH FLOW STATEMENT
                      for the six months to 30th June 2003
                                  (Unaudited)
                                                              2003        2002
                                                             £'000       £'000

OPERATING ACTIVITIES                                         
Net cash inflow/ (outflow) from operating activities         3,591      (4,397)           
                                                            ______      ______

SERVICING OF FINANCE                                            
Interest paid                                                   (1)       (253)
Non-equity dividends paid                                   (4,273)     (4,025)
                                                           _______     _______

Net cash outflow from servicing of finance                  (4,274)     (4,278)
                                                           _______     _______
TAXATION                                                      
Net tax paid                                                  (125)        (82)
                                                            ______      ______

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT              
Purchase of fixed asset investments                       (351,093)   (187,539) 
Sale of fixed asset investments                            352,832     226,560            
                                                           _______     _______

Net cash inflow from capital expenditure and                 
financial investments                                        1,739      39,021           
                                                            ______      ______

Increase in cash                                               931      30,264
                                                            ======      ======


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH

                                                                         £'000

Net cash at 1st January 2003                                            35,562
Increase in cash in period                                                 931
Foreign exchange losses                                                    (20)
                                                                        ______
Net cash at 30th June 2003                                              36,473
                                                                        ======


The interim report will be sent to all registered shareholders and copies may be
obtained from the Registered Office, 1 Grosvenor Place, London, SW1X 7JJ.


By order of the Board
Jupiter Asset Management Limited
Secretaries


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