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UK Select Trust Ld (UKT)

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Wednesday 10 September, 2003

UK Select Trust Ld

Interim Results and Dividend

UK Select Trust Limited
10 September 2003


The unaudited figures for the six months to 30 June 2003 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 2003

                              Six months ended                   Six months ended                  Year ended   
                                   30.06.03                         30.06.02                        31.12.02 
                                  unaudited                        unaudited                         audited            
                      Revenue      Capital       Total    Revenue    Capital     Total   Revenue    Capital      Total
                        £'000        £'000       £'000      £'000      £'000     £'000     £'000      £'000      £'000

  (Loss)/gain                -       2,792       2,792          -    (5,106)   (5,106)         -   (11,804)   (11,804)
  on investments                                                                                                      
  Income                  819            -         819      1,081          -     1,081     1,735          -      1,735
  Investment             (24)         (70)        (94)       (35)      (106)     (141)      (59)      (178)      (237)
  managers' fee                                                                                                       
  Other expenses        (111)         (13)       (124)      (156)          -     (156)     (300)          -      (300)
                       ------       ------      ------     ------      ------   ------    ------     ------     ------ 
  Net return              684        2,709       3,393        890    (5,212)   (4,322)      1376   (11,982)   (10,606)
  finance costs                                                                                                       
  Interest               (30)         (90)       (120)       (60)      (180)     (240)      (99)      (296)      (395)
                       ------       ------      ------     ------      ------   ------    ------     ------     ------ 
  Return on                                                                                                           
  for the                                                                                                             
  period before                                                                                                       
  taxation                654        2,619       3,273        830    (5,392)   (4,562)     1,277   (12,278)   (11,001)
                       ------       ------      ------     ------      ------   ------    ------     ------     ------ 
  Taxation                (6)            -         (6)        (1)          -       (1)       (1)          -        (1)
                       ------       ------      ------     ------      ------   ------    ------     ------     ------ 
  Return on                                                                                                           
  for the                                                                                                             
  period after                                                                                                        
  taxation                648        2,619       3,267        829    (5,392)   (4,563)     1,276   (12,278)   (11,002)
                       ------       ------      ------     ------      ------   ------    ------     ------     ------ 
  Interim               (351)            -       (351)      (346)          -     (346)   (1,171)          -    (1,171)
  dividend of                                                                                                         
                       ------       ------      ------     ------      ------   ------    ------     ------     ------ 
  Transfer to             297        2,619       2,916        483    (5,392)   (4,909)       105   (12,278)   (12,173)
                       ======       ======      ======     ======      ======   ======    ======     ======     ====== 
  Return per             0.71p        6.24p       6.95p     1.59p   (10.36)p   (8.77)p     2.72p   (26.22)p   (23.50)p
  ordinary share                                                                                                      
                       ======       ======      ======     ======      ======   ======    ======     ======     ====== 

Balance sheet 
At 30 June 2003 
                                           30.06.03     30.06.02   31.12.02
                                          unaudited    unaudited    audited
                                              £'000        £'000      £'000

  Investments at market value                39,180       41,330     35,836
  Net current assets/(liabilities)            1,034        2,835      1,209
  Creditors: amounts falling due after                                     
  more than one year                        (5,200)      (5,200)    (5,200)
                                             ------       ------     ------
                                             35,014       38,965     31,845
                                             ------       ------     ------
  Called up share capital                     4,235        4,164      4,186
  Capital reserves                           27,398       31,340     24,575
  Revenue reserve                             3,381        3,461      3,084
                                             ------       ------     ------
                                             35,014       38,965     31,845
                                             ------       ------     ------
  Net assets per 10p ordinary share           82.7p       93.58p      76.1p
                                             ------       ------     ------

At 30 June 2003
                                      Share       Capital      Capital       Capital    Revenue       Total 
                                    premium    redemption    reserve -     reserve -    reserve    reserves 
                                                  reserve     realised    unrealised                        
                                      £'000         £'000        £'000         £'000      £'000       £'000 

  At 1 January 2003                   4,288         2,029       21,706       (3,448)      3,084      27,659
  Shares repurchased during the                                                                            
  period                                  -            21        (135)             -          -       (114)
  Realised deficit on disposal                                                                             
  of investments                          -             -      (1,159)             -          -     (1,159)
  Increase in unrealised                                                                                   
  appreciation                            -             -            -         3,951          -       3,951
  Investment managers' fee                                                                                 
  attributable to capital                 -             -         (70)             -          -        (70)
  Other expenses attributable                                                                              
  To Capital                              -             -         (13)             -          -        (13)
  Loan interest attributable to                                                                            
  capital                                 -             -         (90)             -          -        (90)
  Premium arising on share                                                                                 
  - 2002 final dividend                 318             -            -             -          -         318
  Retained revenue                        -             -            -             -        297         297
  At 30 June 2003                     4,606         2,050       20,239           503      3,381      30,779 

Shares will go ex-dividend on 17 September 2003 and the record dated will be 19
September 2003.

The interim dividend of 0.83p will be payable on 14 November 2003 to ordinary
shareholders who are registered at the close of business on 19 September 2003.

Chairman's Statement

I am pleased to present your Company's interim report for the six months to 30
June 2003, and it is my particular pleasure to present this report following an
encouraging six months both for investors in the UK stock market and for
investors in your Company. The pre-war pessimism that saw markets reach seven
year lows in mid-March soon evaporated, and the rapid gains registered during
the spring propelled the FTSE All-Share index towards a capital only gain of
4.1% over the first half of the year.

Against this backdrop of a highly volatile, but rising, equity market, the net
asset value of your Company rose more sharply than the benchmark index,
increasing by 8.18%. In this rising market, the financial gearing employed by
the Company, which acted as a drag on performance during the difficult market
conditions experienced last year, proved beneficial. Meanwhile, the discount at
which shares in your Company trade relative to net asset value narrowed slightly
over the first half of the year, falling from 10.9% to 9.8%. Net revenue per
share fell to 0.71p. The Board are declaring an unchanged interim dividend of

Manager's Report

For investors bruised by the bear market, the first half of the year has been an
encouraging period; April saw the UK stock market recording its best monthly
performance for ten years. We are pleased to say that shareholders in the
Company have fully participated in this rally.

Sector weighting allocation was one of the key drivers to the Company's
encouraging performance over the first half of the year, with holdings in the
Construction & Building Materials and General Retailers sectors making key
contributions to the Company's returns to shareholders.

The Construction & Building Materials sector rebounded from an oversold position
at the end of 2002 as the widely-predicted meltdown in the housing market failed
to materialise, and as the bid activity surrounding housebuilding companies
drove share prices rapidly upwards. Secondly, the Company's substantial exposure
to the General Retailers sector also proved beneficial as, in defiance of the
forecasts of some commentators and analysts, the British consumer continued to
spend. As with housebuilding, share prices in the sector were given a further
boost by a wave of bid speculation.

An underweight position in the Oil & Gas sector was another positive sectoral
call for the Company, as oil prices fell back swiftly when it became apparent
that the outbreak of war in Iraq had a far smaller impact on crude supplies than
had been initially been anticipated. The Company's relatively low levels of
exposure to the sharp bounce in technology-related sectors such as IT Hardware
and Software & Computer Services, were the main negative sector positions.
However, we continue to see little value in many 'TMT' stocks and are
maintaining the Company's low levels of exposure to this area.

The first half of the year has been generally encouraging, particularly in the
tentative signs of economic recovery emerging from the US and the absence of the
widespread corporate disappointments that characterised 2002. In spite of the
advances recorded in the first half of the year, the potential for UK equities
to register further gains remains. However, the over-optimism of some analysts
and the fragility of the global economic recovery emphasise the need for
continuing caution and rigorous stock-selection.

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