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JPMorgan Flem.Claver (JCH)

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Friday 12 August, 2005

JPMorgan Flem.Claver

Interim Results - Relpacement

JPMorgan Fleming Claverhouse IT PLC
12 August 2005


The following replaces the 'Interim Results' announcement released on 12 August
2005 at 15.41 hrs under RNS: 0674Q

Under the heading Accounting Standards, the phrase 'final dividend' should read
'fourth quarterly dividend'.

All other details remain unchanged.  The full amended text appears below.


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

               JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST PLC

                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS


The Directors of JPMorgan Fleming Claverhouse Investment Trust plc announce the
Company's results for the six months ended 30th June 2005.

The Board

I am pleased to report to you for the first time as Chairman of the Company
following the retirement of the previous Chairman, Robert Walther, at the AGM on
19th April 2005. I would like to take this opportunity to thank Robert for his
hard work and dedication to the Company over the past 12 years. Virginia Holmes
has succeeded me as Chairman of the Audit Committee with effect from 1st July
2005.

Performance

The Company showed a further period of sound investment performance in the six
months to 30th June 2005. The Company produced a total return on net assets of
+8.1%, compared with a total return of +8.2% from the Company's benchmark, the
FTSE All-Share Index.

Accounting Standards

UK Accounting Standards have changed in anticipation of UK companies moving to
Financial Reporting Standards. The main alteration affecting the Company is the
recognition of dividends payable only after they have been declared. Therefore
the accounts for the year to 31st December 2004 have been restated to add back
the fourth quarterly dividend of 3.15p per share, increasing the net asset value
at that date from 400.7p to 403.9p.

Revenue and Dividends

Earnings per share for the six months to 30th June 2005 were 6.29p, which
compares with 5.74p for the corresponding period last year. The Directors have
already declared two quarterly dividends of 2.60p each for the current financial
year. It is the Directors' intention to pay three quarterly dividends of 2.60p
each and at least maintain the fourth quarterly dividend of 3.15p for the
current financial year.

Share Buy-backs

The Company continues to maintain an active share buy-back programme and has
repurchased a total of 954,000 shares at an average discount of 5.2% since
shareholders renewed the Board's authority on 19th April 2005. For the full six
months to 30th June 2005, 1,869,000 shares were repurchased at an average
discount of 5.3% and a total cost of £7,305,000.


Sir Michael Bunbury bt., kcvo, dl
Chairman            12th August 2005


JPMorgan Asset Management (UK) Limited- Secretary


For further information please contact:

Jonathan Latter
JPMorgan Asset Management (UK) Limited
Telephone 0207 742 6000


JPMorgan Fleming Claverhouse Investment Trust plc
Unaudited figures for the  period ended 30 June 2005

Statement of Total Return (Unaudited)

                                                                  Restated                        Restated
                        Six months to 30 June 2005       Six months to 30 June 2004       Year to 31 December 2004
                          Revenue    Capital     Total   Revenue   Capital      Total    Revenue    Capital      Total
                            £'000      £'000     £'000     £'000     £'000      £'000      £'000      £'000      £'000

Realised gains/(losses)
on investments                  -      3,696     3,696         -     (926)      (926)          -      3,099      3,099
Unrealised gains on
investments                     -     14,616    14,616         -    11,019     11,019          -     36,362     36,362
Other capital charges           -       (36)      (36)         -         -          -          -          -          -
Income from investments     5,077          -     5,077     5,295         -      5,295      9,648          -      9,648
Other income                   74          -        74       184         -        184        293          -        293
                          _______   ________   _______   _______  ________    _______    _______    _______    _______

Gross return                5,151     18,276    23,427     5,479    10,093     15,572      9,941     39,461     49,402
Management fee              (365)      (678)   (1,043)     (378)     (703)    (1,081)      (736)    (1,366)    (2,102)
Other administrative
expenses                    (160)          -     (160)     (146)         -      (146)      (332)          -      (332)

Transaction costs               -      (390)     (390)         -     (483)      (483)          -      (921)      (921)
Performance fee
reversal/ (payable)             -         44        44         -         -          -          -      (614)      (614)
Interest payable            (451)      (837)   (1,288)     (725)   (1,347)    (2,072)    (1,219)    (2,263)    (3,482)
Breakage costs                  -          -                   -         -          -          -    (3,210)    (3,210)
                          _______    _______   _______   _______   _______    _______    _______    _______    _______

Return before taxation      4,175     16,415    20,590     4,230     7,560     11,790      7,654     31,087     38,741
Taxation                        -          -         -         -         -          -        (1)          -        (1)
                           ______    _______   _______    ______   _______    _______    _______    _______    _______

Total return
attributable to
ordinary shareholders       4,175     16,415    20,590     4,230     7,560     11,790      7,653     31,087     38,740
                           ______    _______   _______    ______   _______    _______    _______    _______    _______

Transfer to reserves        4,175     16,415    20,590     4,230     7,560     11,790      7,653     31,087     38,740

Return per ordinary                             31.03p                         16.00p                           52.36p
share


JPMorgan Fleming Claverhouse Investment Trust plc
Unaudited figures for the period ended 30 June 2005

                                                                                        Restated        Restated
BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2005            2004            2004
                                                                           £'000           £'000           £'000

Investments at valuation                                                 314,901         304,059         306,730

Net current (liabilities)/assets                                         (3,448)           7,825         (4,706)

Creditors (amounts falling due after more than one year)                (29,948)        (44,365)        (29,980)
                                                                         _______         _______         _______
Total net assets                                                         281,505         267,519         272,044
                                                                           =====           =====           =====
Net asset value per share                                                 429.8p          368.6p          403.9p

CASH FLOW STATEMENT                                                      30 June         30 June     31 December
                                                                            2005            2004            2004
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  3,627           3,964           7,184

Net cash outflow from returns on investments and servicing
of finance                                                               (1,263)         (3,031)         (7,610)

Net cash inflow from capital expenditure and financial
investment                                                                 8,990          14,573          41,535

Total equity dividends paid on ordinary shares                           (3,825)         (4,056)         (7,643)

Net cash outflow from financing                                          (3,048)        (13,295)        (40,922)
                                                                         _______         _______         _______
Increase/(decrease) in cash for the period                                 4,481         (1,845)         (7,456)
                                                                           =====           =====           =====



Due to the introduction of Financial Reporting Standard 21, the company is no
longer permitted to accrue unpaid dividends in its accounts. Also, FRS25 states
that dividends can no longer be presented on the Statement of Total Return. In
respect of the year ended 31st December 2004, the company paid dividends of
10.65p per share (£7,525,000). For the six months ended 30th June 2004,
dividends totalling 5.00p per share (£3,638,000) were paid. Dividends totalling
2.60p (£1,714,000) have been paid in relation to the six months ended 30th June
2005, with another dividend of 2.60p having been declared.

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st December
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED

12th August 2005




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