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TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Wednesday 13 February, 2008

TR European Growth

Interim Results

TR European Growth Trust PLC
13 February 2008

                                                                    Page 1 of 12

13 February 2008



                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007


HIGHLIGHTS


    31 December                                                            31 December     30 June
           2006                                                                   2007        2007
    (unaudited)                                                            (unaudited)   (audited)
          £'000                                                                  £'000       £'000     % change
        408,649     Total net assets                                           406,114     460,078        -11.7

              %     Divided between:                                                 %           %
          104.2     Quoted equities                                               97.5       102.2
            2.1     Unquoted equities                                              2.8         2.0
          (6.3)     Net current liabilities                                      (0.3)       (4.2)
        -------                                                                -------     -------
          100.0                                                                  100.0       100.0
           ====                                                                   ====        ====

        471.74p     Net asset value per ordinary share                         525.41p     564.96p         -7.0

        416.75p     Ordinary share price                                       467.75p     509.00p         -8.1
         11.66%     Discount to NAV                                             10.97%       9.91%

              -     Benchmark                                                        -           -         -5.4
         498.00     HSBC Smaller Europe (ex UK) Index *                         526.93      569.07         -7.4
                    S&P/Citigroup EMI Europe (ex UK)
         561.31       Index *                                                   608.02      629.97         -3.5

         653.16     FTSE World Europe (ex UK) Index *                           755.84      727.68         +3.9

                    * Indices expressed on a total return basis, source Datastream






                                    - MORE -
                                                                    Page 2 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007





Interim Management Report



Chairman's Statement



The first half of our fiscal year proved to be a difficult one for the Company.
The net asset value per share fell by 7%. This compared to a fall of 5.4% for
our benchmark index. The share price fell by 8.1% as the discount widened
slightly during the market turmoil towards the end of the period. There was a
marked difference in performance during the period between larger companies, mid
caps and smaller companies. Positive performance was clearly correlated with
size as the returns ranged from a small positive for larger companies to a large
negative for smaller companies, in Sterling terms. However, the weakness of
Sterling enhanced returns for UK based investors.



The majority of our dividend income usually falls due in the second half of our
financial year. However, I am pleased to announce that, despite this, we are
able to report a positive revenue result of £622,000. This is mainly due to the
VAT reclaim on management fees, as explained below.



The Company has continued to repurchase its shares for cancellation. These have
all been executed at discounts to net asset value per share and so have enhanced
the net asset value attributable to the remaining shareholders. During the six
months to 31 December 2007, 4.1m shares were repurchased.





Reclaim of VAT on past management fees

HM Revenue & Customs has now accepted the judgement of the European Court of
Justice, made in response to the test case initiated by the Association of
Investment Companies (the 'AIC').  As a result, investment management fees paid
by investment trust companies are now exempt from VAT and in due course the
Company will receive, via the Manager, refunds of some of the VAT borne in past
years and up to June 2007.  To the extent that recovery is certain, the Company
is required by the accounting rules to recognise the amount in the Income
Statement and Balance Sheet.  This has been done by including the amount that
the Company is certain of receiving in due course, £4,604,000,  allocated
between capital and revenue in the proportions in which it was originally
expensed.  Eventually the Company may recover more of the VAT borne in past
years but there are currently many uncertainties and the timetable to conclusion
of this issue will be a long one. A more detailed commentary is provided in note
6 to the financial statements.





Related party transactions

Details of related party transactions are contained in the last annual report.
There have been no material transactions with these related parties affecting
the financial position or performance of the Company during the first six months
of our financial year.





                                    - MORE -


                                                                    Page 3 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Interim Management Report

Chairman's Statement continued

Prospects, principal risks and uncertainties

The European economic outlook for the rest of the year is uncertain. We are in
that rather strange period, where equity markets have already started to
discount a slowdown, but to date, most companies have yet to see much evidence
in their day to day businesses. However, it is fair to say that caution is
widespread and growing. It is clear that the US is struggling with a number of
problems, the credit crunch and falling house prices to name but two; however,
the full impact of this has yet to be fully felt in the rest of the world.



The result of economic concerns, and hence market uncertainty, as to the likely
level of company earnings is that markets will probably remain volatile for some
time and subject to strong swings in sentiment. However, this is an environment
which we believe should provide our Manager with some attractive opportunities
for careful stockpicking. The market will likely remain difficult and will
certainly require much hard work during the second half of our fiscal year but I
look forward to updating you on our progress with our full year results.




Audley Twiston-Davies

Chairman

13 February 2008





                                    - MORE -


                                                                    Page 4 of 12



                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007





Consolidated Income Statement

for the half year ended 31 December 2007


                             Half year ended                  Half year ended                     Year ended
                             31 December 2007                 31 December 2006                   30 June 2007
                               (unaudited)                      (unaudited)                       (audited)
                        Revenue    Capital               Revenue    Capital               Revenue    Capital
                         Return     Return      Total     Return     Return      Total     Return     Return      Total
                          £'000      £'000      £'000      £'000      £'000      £'000      £'000      £'000      £'000

Investment income           797          -        797        617          -        617      4,689          -      4,689
Other income                 58          -         58         26          -         26        112          -        112
(Losses)/gains on
investments held at
fair value through profit     -   (33,191)   (33,191)          -     54,026     54,026          -    130,591    130,591
or loss
                     ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total income                855   (33,191)   (32,336)        643     54,026     54,669      4,801    130,591    135,392
                     ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------

Expenses
Management fees (note 2)  (212)    (2,941)    (3,153)      (222)    (4,237)    (4,459)      (483)    (7,577)    (8,060)
Write back of prior year
VAT (notes 2 and 6)        673      3,931      4,604          -          -          -          -          -          -
Other expenses            (323)          -      (323)      (299)          -      (299)      (618)          -      (618)
                     ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Profit/(loss) before
finance costs and 
taxation                   993   (32,201)   (31,208)        122     49,789     49,911      3,700    123,014    126,714

Finance costs              (95)      (380)      (475)       (43)      (172)      (215)      (104)      (415)      (519)
                     ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Profit/(loss) before       898   (32,581)   (31,683)         79     49,617     49,696      3,596    122,599    126,195
taxation

Taxation                  (276)        195       (81)       (65)      (146)      (211)    (1,090)        565      (525)
                     ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Profit/(loss) for the       622   (32,386)   (31,764)         14     49,471     49,485      2,506    123,164    125,670
period
                         ======     ======     ======     ======     ======     ======     ======     ======     ======

Earnings per ordinary share
(note 3)                 0.78p     (40.79p)   (40.01p)     0.02p     56.64p     56.66p      2.92p    143.35p    146.27p
                         ======     ======     ======     ======      =====      =====      =====     ======     ======


The total column of this statement represents the Consolidated Income Statement,
prepared in accordance with IFRS. The revenue return and capital return columns
are supplementary to this and are prepared under guidance published by the
Association of Investment Companies.

All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of TR European Growth Trust
PLC, the parent company. There are no minority interests.




                                    - MORE -


                                                                    Page 5 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007





Consolidated Statement of Changes in Equity

for the half year ended 31 December 2007




                                  Called up                    Capital          Other
                                      Share                 Redemption
Half Year Ended                                    Share       Reserve        Capital       Revenue
                                    Capital                                                 Reserve
31 December 2007                                 Premium                     Reserves                      Total
(unaudited)                           £'000        £'000         £'000          £'000         £'000        £'000

Balance at 30 June 2007              10,179      115,451         9,999        309,316        15,133      460,078
Buy-backs of ordinary shares          (518)            -           518       (19,970)             -     (19,970)
(Loss)/profit for the period              -            -             -       (32,386)           622     (31,764)
Ordinary dividend paid                    -            -             -              -       (2,230)      (2,230)
                                 ----------   ----------    ----------     ----------     ---------  -----------
Balance at 31 December 2007           9,661      115,451        10,517        256,960        13,525      406,114
                                     ======       ======        ======         ======         =====       ======



                                  Called up                    Capital          Other
                                      Share                 Redemption
Half Year Ended                                    Share       Reserve        Capital       Revenue
                                    Capital                                                 Reserve
31 December 2006                                 Premium                     Reserves                      Total
(unaudited)                           £'000        £'000         £'000          £'000         £'000        £'000

Balance at 30 June 2006              10,953      115,451         9,225        214,903        14,902      365,434
Buy-backs of ordinary shares          (125)            -           125        (3,995)             -      (3,995)
Profit for the period                     -            -             -         49,471            14       49,485
Ordinary dividend paid                    -            -             -              -       (2,275)      (2,275)
                               ------------ ------------  ------------   ------------  ------------ ------------
Balance at 31 December 2006          10,828      115,451         9,350        260,379        12,641      408,649
                                    =======      =======       =======        =======       =======      =======



                                  Called up                    Capital          Other
                                      Share                 Redemption
                                                   Share       Reserve        Capital       Revenue
                                    Capital                                                 Reserve
Year Ended                                       Premium                     Reserves                      Total

30 June 2007
(audited)                             £'000        £'000         £'000          £'000         £'000        £'000

Balance at 30 June 2006              10,953      115,451         9,225        214,903        14,902      365,434
Buy-backs of ordinary shares          (774)            -           774       (28,751)             -     (28,751)
Profit for the year                       -            -             -        123,164         2,506      125,670
Ordinary dividend paid                    -            -             -              -       (2,275)      (2,275)
                               ------------ ------------  ------------   ------------  ------------ ------------
Balance at 30 June 2007              10,179      115,451         9,999        309,316        15,133      460,078
                                    =======      =======       =======        =======       =======      =======



                                    - MORE -


                                                                    Page 6 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Consolidated Balance Sheets

at 31 December 2007


                                                    31 December 2007      31 December 2006        30 June 2007
                                                         (unaudited)           (unaudited)           (audited)
                                                              £'000                 £'000                £'000
Non-current assets
Investments held at fair value
 through profit or loss                                      407,171               434,245             479,607
                                                         -----------           -----------         -----------
Current assets
Sales for future settlement                                      824                   333               8,164
Taxation recoverable                                             178                   225                 298
Other receivables                                              4,688                   378                 300
Cash and cash equivalents                                        266                   292               4,590
                                                         -----------           -----------         -----------
                                                               5,956                 1,228              13,352
                                                         -----------           -----------         -----------

Total assets                                                 413,127               435,473             492,959
                                                         -----------           -----------         -----------
Current liabilities
Purchases for future settlement                                (353)                  (74)                (25)
Accruals                                                     (2,886)               (4,766)             (6,583)
Amounts due on repurchase of shares                             (20)                  (84)             (3,188)
Bank loans and overdrafts                                    (3,754)              (21,900)            (23,085)
                                                         -----------           -----------         -----------
                                                             (7,013)              (26,824)            (32,881)
                                                         -----------           -----------         -----------

Net assets                                                   406,114               408,649             460,078
                                                             =======               =======             =======
Equity attributable to equity shareholders
Called up share capital                                        9,661                10,828              10,179
Share premium                                                115,451               115,451             115,451
Capital redemption reserve                                    10,517                 9,350               9,999
Retained earnings:
   Other capital reserves                                    256,960               260,379             309,316
   Revenue reserve                                            13,525                12,641              15,133
                                                         -----------           -----------         -----------
Total equity                                                 406,114               408,649             460,078
                                                              ======                ======              ======
Net asset value per ordinary
   share (note 5)                                            525.41p               471.74p             564.96p
                                                              ======                ======              ======




                                    - MORE -


                                                                    Page 7 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Consolidated Cash Flow Statement

for the half year ended 31 December 2007


                                                    Half year ended     Half year ended
                                                   31 December 2007    31 December 2006         Year ended
                                                        (unaudited)         (unaudited)       30 June 2007
                                                                                                 (audited)
                                                              £'000              £'000               £'000
Net cash inflow/(outflow) from
   operating activities (note 7)                             41,712            (21,754)              2,908
                                                         ----------          ----------          ---------
Net cash inflow/(outflow) before
   use of financing                                          41,712            (21,754)              2,908
Net cash (outflow)/inflow from
   financing activities                                    (42,901)              14,823            (7,338)
                                                         ----------         -----------        -----------
Net decrease in cash and cash
   equivalents                                              (1,189)             (6,931)            (4,430)
Cash and cash equivalents at the
   start of the period                                        2,821               6,897              6,897
Realised (loss)/profit on foreign currency                  (1,447)                 326                354
                                                         ----------          ----------          ---------
Cash and cash equivalents at the
   period end                                                   185                 292              2,821
                                                             ======              ======              =====



                                    - MORE -


                                                                    Page 8 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Notes



1.    Accounting policies



(a)        Basis of preparation

The condensed set of financial statements has been prepared using the same
accounting policies as are set out in the Company's Report and Accounts for the
year ended 30 June 2007 and in accordance with IAS 34.



The condensed set of financial statements has not been either audited or
reviewed by the Company's auditors.



(b)       Basis of consolidation

            The Group accounts consolidate the accounts of the Company and of
its wholly owned subsidiary undertaking, TREG Finance Limited.



2.   Management fee and performance fee


                           Half year ended                Half year ended                   Year ended
                          31 December 2007                31 December 2006                 30 June 2007
                             (unaudited)                    (unaudited)                      (audited)
                       Revenue   Capital     Total     Revenue   Capital    Total     Revenue   Capital     Total
                         £'000     £'000     £'000       £'000     £'000    £'000       £'000     £'000     £'000
Performance fee
  provision/paid             -     2,025     2,025           -     2,970    2,970           -     4,936     4,936
Management fee             210       840     1,050         195       781      976         421     1,685     2,106
Write back of
  prior year VAT         (673)   (3,931)   (4,604)           -         -        -           -         -         -
Irrecoverable
  VAT thereon                2        76        78          27       486      513          62       956     1,018
                       -------   ------- ---------     -------   ------- --------     -------   ------- ---------
                         (461)     (990)   (1,451)         222     4,237    4,459         483     7,577     8,060
                          ====      ====     =====        ====      ====     ====        ====      ====     =====



For the half year ended 31 December 2007 and half year ended 31 December 2006 a
performance fee has been accrued on a full year effect of rewarding the Manager,
under the terms of the Management Agreement, for outperformance achieved so far
during the respective performance fee period.  The actual fee payable to the
Manager for the year ended 30 June 2008 will depend on the outperformance over
the three years to 30 June 2008.  The performance fee is set at 15% of the
outperformance, subject to the total management fee and performance fee not
exceeding 2.4% of the income inclusive net asset value of the Company as at
close of business on the last day of the accounting period ending 30 June 2008.



                                    - MORE -




                                                                    Page 9 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Notes (continued)



3.   Earnings per ordinary share

The earnings per ordinary share figure is based on the loss for the half year of
£31,764,000 (half year ended 31 December 2006: £49,485,000; year ended 30 June
2007: £125,670,000) and on 79,401,809 (half year ended 31 December 2006:
87,339,154; year ended 30 June 2007: 85,917,710) ordinary shares, being the
weighted average number of ordinary shares in issue during the period.



The return per ordinary share detailed above can be further analysed between
revenue and capital, as below.


                                          31 December 2007            31 December                30 June
                                               (unaudited)                   2006                   2007
                                                                      (unaudited)              (audited)
                                                     £'000                  £'000                  £'000
Net revenue profit                                     622                     14                  2,506
Net capital (loss)/profit                         (32,386)                 49,471                123,164
                                                ----------             ----------             ----------
Net total (loss)/profit                           (31,764)                 49,485                125,670
                                                    ======                 ======                 ======
Weighted average number of ordinary
shares in issue during the period               79,401,809             87,339,154             85,917,710

                                                     Pence                  Pence                  Pence
Revenue return per ordinary share                     0.78                   0.02                   2.92
Capital (loss)/return per ordinary                 (40.79)                  56.64                 143.35
share
                                                ----------             ----------             ----------
Total earnings per ordinary share                  (40.01)                  56.66                 146.27
                                                    ======                 ======                 ======



4.   Ordinary share capital

At 31 December 2007 there were 77,294,355 ordinary shares in issue (31 December
2006: 86,625,355; 30 June 2007: 81,435,355).  During the half year ended 31
December 2007 the Company bought 4,141,000 of its own issued ordinary shares in
the market for cancellation (31 December 2006: 1,000,000; 30 June 2007:
6,190,000).  The cost of the share buy-backs, including stamp duty, amounted to
£19,970,000 (31 December 2006: £3,995,000; 30 June 2007: £28,751,000).



5.   Net asset value per ordinary share

The net asset value per ordinary share is based on the net assets attributable
to equity shareholders of £406,114,000 (31 December 2006: £408,649,000; 30 June
2007: £460,078,000) and on 77,294,355 (31 December 2006: 86,625,355; 30 June
2007: 81,435,355) ordinary shares, being the number of ordinary shares in issue
at the period end.


                                    - MORE -


                                                                   Page 10 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Notes (continued)



6.   VAT on management fees

In 2004 the Association of Investment Companies (the 'AIC'), together with
JPMorgan Claverhouse Investment Trust plc, launched a case against HM Revenue &
Customs ('HMRC') to challenge whether Value Added Tax ('VAT') should be charged
on fees paid for management services provided to investment trust companies. On
28 June 2007 the European Court of Justice delivered its judgement on the case
in favour of the AIC. Since then, HMRC has accepted that the provision of
investment management services to investment trust companies is VAT exempt and
has acknowledged its liability to pay claims in respect of VAT borne by
investment companies. The Manager (Henderson Global Investors Limited) will now
be able to reclaim from HMRC the amount of VAT charged to the Company in respect
of investment management services from 1 October 2000 to 30 June 2007, to the
extent that such VAT was paid by the Manager to HMRC. VAT has not been applied
to investment management fees invoiced since June 2007.



Accordingly, VAT borne by the Company on investment management fees invoiced in
the period from 1 October 2000 to 30 June 2007 has been written back, in
accordance with an agreement reached between the Manager and the Company. An
amount of £4,604,000 has been recognised, reflecting the extent to which
recovery by the Company is considered to be certain. The write-back has been
allocated between revenue return and capital return according to the allocation
of the amounts originally paid.



The Company may be able to recover further amounts of the VAT charged on
investment management fees back to 1990, in particular in respect of the period
from 1 January 1990 to 4 December 1996 (following the decision of the House of
Lords in the Fleming/Conde Nast case). However, the Board considers that
currently there are too many uncertainties for any reasonable estimate of the
amounts potentially recoverable during that period to be calculated.



The Company will receive from the Manager any interest paid by HMRC on the
amounts eventually recovered.



7.   Reconciliation of profit before taxation to net cash inflow/(outflow) from
operating activities


                                                    Half year ended       Half year ended          Year ended
                                                        31 December           31 December             30 June
                                                               2007                  2006                2007
                                                        (unaudited)           (unaudited)           (audited)
                                                              £'000                 £'000               £'000

(Loss)/profit before taxation                              (31,683)                49,696             126,195
Losses/(gains) on investments held at
   fair value                                                33,191              (54,026)           (130,591)
Decrease/(increase) in accrued income                           216                 (152)               (199)
Increase in other debtors                                   (4,604)                 (124)                   -
(Decrease)/increase in accruals                             (3,692)               (1,582)                 235
Taxation on overseas investment income                           47                   114               (509)
Decrease/(increase) in sales settlement debtor                7,340                   230             (7,601)
Increase/(decrease) in purchases
   settlement creditor                                          328               (3,344)             (3,393)
Net sales/(purchases) of investments                         40,569              (12,566)              18,771
                                                         ----------           -----------          ----------
                                                             41,712              (21,754)               2,908
                                                             ======                ======              ======

                                    - MORE-


                                                                   Page 11 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Notes (continued)



8.   Interim dividend

The Company has not declared an interim dividend (2006: nil).



9.   Transaction costs

Purchase transaction costs for the half year ended 31 December 2007 were £84,000
(half year ended 31 December 2006: £63,000; year ended 30 June 2007: £195,000).
These comprise mainly stamp duty and commission. Sales transaction costs for the
half year ended 31 December 2007 were £237,000 (half year ended 31 December
2006: £143,000; year ended 30 June 2007: £645,000).



10.   Comparative information

The financial information contained in this half year report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985.  The
information for the year ended 30 June 2007 has been extracted from the latest
published audited financial statements. The audited financial statements for the
year ended 30 June 2007 have been filed with the Registrar of Companies. The
report of the auditors on those accounts contained no qualification or statement
under section 237(2) or (3) of the Companies Act 1985.





Directors' Responsibility Statement



The Directors confirm that, to the best of their knowledge:



(a)    the condensed set of financial statements has been prepared in accordance
with the Accounting Standards Board's statement 'Half-Yearly Financial Reports';



(b)    the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.7R (indication of important
events during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and



(c)    the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party
transactions and changes therein).





Audley Twiston-Davies
Chairman
13 February 2008




                                   -  MORE -






                                                                   Page 12 of 12

                          TR EUROPEAN GROWTH TRUST PLC

           Unaudited Results for the Half Year ended 31 December 2007



Thirty Largest Investments

Market Value at 31 December 2007


Stock                            Activity                                                                 £'000
Turkiye Halk Bankasi             Banking group                                                           14,584
Fortis                           Bancassurance                                                           12,920
STS Group                        Legal archiving software                                                10,813
Temenos                          Banking software                                                        10,668
Gerresheimer                     Speciality glass containers                                             10,606
Lundin Mining                    Base metals mining                                                       9,998
Selcuk Ecza Deposu               Pharmaceutical distribution                                              9,567
Velcan Energy                    Green energy producer                                                    8,907
Givaudan                         Flavours and fragrances                                                  8,714
Urals Energy                     Oil and gas exploration and production in Russia                         8,483
Batla Minerals                   Diamond mining                                                           8,422
RGI International                Real estate development in Moscow                                        8,177
NDS                              Conditional access software                                              8,113
Lundin Petroleum                 Oil exploration and production                                           7,870
Marfin Investment Group          Investment group                                                         7,853
Seadrill                         Offshore drilling and well services                                      7,784
Smartrac                         Inlays for smart cards                                                   6,986
Parmalat                         Dairy products                                                           6,812
Bauer                            Specialist construction and equipment                                    6,770
Azimut                           Investment management                                                    6,519
Binckbank                        Online broking                                                           6,497
Rhodia                           Speciality chemicals producer                                            6,439
Continental                      Automotive components                                                    6,367
Schoeller-Bleckmann              Directional drilling components                                          6,331
Wavin                            Plastic piping                                                           6,029
Realia                           Real estate                                                              5,894
Poweo                            Electricity supplier                                                     5,877
Tau Capital                      Investment company                                                       5,840
Fugro                            Geological services                                                      5,817
BrainLAB *                       Medical technology                                                       5,737



These investments total £241,394,000 or 59.3% of the portfolio.

All classes of equity in any one company are treated as one investment.

* Unquoted investment



                                    - ENDS -



For further information please contact:



Stephen Peak, Fund Manager

TR European Growth Trust PLC, Telephone: 020 7818 4334



James de Sausmarez, Head of Investment Trusts

Henderson Global Investors, Telephone: 020 7818 3349



Sarah Gibbons-Cook, Investor Relations and PR Manager

Henderson Global Investors, Telephone: 020 7818 3198




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