RNS Number:6559K
Royal London UK Eqty&Income SecsPLC
01 May 2003


ROYAL LONDON UK EQUITY & INCOME SECURITIES PLC
Preliminary Announcement of unaudited interim results for the half year 
ended 28 February 2003

Statement of Total Return (unaudited)
(incorporating the revenue account)
for the half year ended 28 February 2003

                                                                                                                      
                                     (Unaudited)                        (Unaudited)                          (Audited)
                                 Half year ended                        Period from                        Period from
                                28 February 2003                  31 August 2001 to                  31 August 2001 to
                                                                   28 February 2002                     31 August 2002
                    Revenue   Capital      Total    Revenue     Capital       Total    Revenue     Capital       Total
              Notes       #         #          #          #           #           #          #           #           #
                                                                                                                   
  Accrued                
  redemption                                                                                         
  premium                                                                                                             
  receivable                                                                                                          
  from                                                                                                                
  parent                                                                                                              
  company                 -   741,044    741,044          -     781,875     781,875          -   1,678,781   1,678,781  
                                                                                          

  Transfer                
  on buy                                                                                                            
  back of                                                                                                             
  ZDP shares              -  (675,472)  (675,472)         -           -           -          -           -           -  
                                                                                         

  Other                 
  interest        
  receivable           
  and                                                                                                                 
  similar                                                                                                             
  income                204         -        204          -           -           -         57           -          57  
                                                                                           
                  ---------  --------  ---------  ---------  ----------  ----------  ---------  ----------  ----------

  Gross                 
  revenue                                                                                                             
  and                                                                                                                 
  capital                                                                                                             
  gains                 204    65,572     65,776          -     781,875     781,875         57   1,678,781   1,678,838  
                                                                                           

  Administrative          -         -          -          -           -           -          -           -           -
  expenses  
                  ---------  --------  ---------  ---------  ----------  ----------  ---------  ----------  ----------
             
  Net                  
  return on                                                                         
  ordinary                                                                                                            
  activities              
  before                                                                                                              
  taxation              204    65,572     65,776          -     781,875     781,875         57   1,678,781   1,678,838  
                                                                                             


                   
  Taxation                
  on net          
  return on            
  ordinary                                                                                                            
  activities              -         -          -          -           -           -          -           -           -  
                                                                                                
                  ---------  --------  ---------  ---------  ----------  ----------  ---------  ----------  ----------


  Net                   
  return on                                                                                                           
  ordinary                                                                                                            
  activities                                                                                                          
  after                                                                                                               
  taxation              204    65,572     65,776          -     781,875     781,875         57   1,678,781   1,678,838  
                                                                                           


  Appropriations   
  in               
  respect              
  of                                                                                                   
  non-equity                                                                                                          
  shares                  -  (65,572)   (65,572)          -   (781,875)   (781,875)          -  (1,678,781) (1,678,781) 
                  ---------  --------  ---------  ---------  ----------  ----------  ---------  ----------  ----------
                                                                               
                

  Transfer              204         -        204          -           -           -         57           -          57
  to
  reserves
                   ========   =======    =======    =======    ========    ========    =======    ========    ========
                                                                                                             
  Return                                                                                                              
  per share:                                                                                                          

  Ordinary     1      0.41p         -      0.41p          -           -           -      0.11p           -       0.11p

  ZDP          1          -     4.59p      4.59p          -       3.91p       3.91p          -       8.40p       8.40p


The revenue column of this statement represents the revenue account of the 
company.


Balance Sheet (unaudited)
at 28 February 2003

                                                                                                           
                                                           (Unaudited)        (Unaudited)         (Audited)
                                                      28 February 2003   28 February 2002    31 August 2002
                                              Notes                  #                  #                 #
            Current assets                                                                                 
            Debtors                                         21,786,272         20,831,875        21,719,661
            Cash at bank                                         8,276                  -             9,177
                                                       ---------------    ---------------   ---------------
            Total net assets                                21,794,548         20,831,875        21,728,838
                                                             =========          =========         =========
            Capital and reserves                                                                           
            Called-up share capital                             50,134             50,200            50,200
            Share premium                                   19,999,800         19,999,800        19,999,800
            Reserve for redemption premium                   1,744,353            781,875         1,678,781
            Revenue reserve                                        261                  -                57
                                                       ---------------    ---------------   ---------------
                                                            21,794,548         20,831,875        21,728,838
                                                             =========          =========         =========
            Funds attributable to:                                                                         
            Equity shareholders                              6,626,095             50,000            50,057
            Non-equity shareholders                         15,168,453         20,781,875        21,678,781
                                                       ---------------    ---------------   ---------------
                                                            21,794,548         20,831,875        21,728,838
                                                             =========          =========         =========
            Net asset value per share:                                                                     
            ZDP                                   2            112.99p            103.91p           108.40p

Approved by the Board of Directors on 1 May 2003

Jonathan Carr
Chairman



NOTES TO THE ACCOUNTS

1. Return per share

Revenue return per ordinary share is based on the net revenue attributable to
the ordinary shares of #204 (period ended 28 February 2002: #nil; period ended
31 August 2002: #57) and on 50,000 ordinary shares (period ended 28 February
2002 and period ended 31 August 2002: 50,000), being the weighted average number
of ordinary shares in issue during the half year ended 28 February 2003.

The capital return per ZDP share is based on appropriations of #741,044 (period
ended 28 February 2002: #781,875; period ended 31 August 2002: #1,678,781), and
on 16,146,622 ZDP shares (period ended 28 February 2002; period ended 31 August
2002: 20,000,000), being the weighted average number of ZDP shares in issue
during the half year ended 28 February 2003.

2. Net asset value per ZDP share

The net asset value per ZDP share is based on net ZDP shareholders' funds of
#15,168,453 (28 February 2002: #20,781,875; 31 August 2002: #21,678,781) and on
13,424,100 (2002: 20,000,000) ZDP shares, being the number of ZDP shares in
issue at 28 February 2003.

3. Parent undertaking

The company is a wholly owned subsidiary undertaking of Royal London UK Equity &
Income Trust plc, an investment company registered in England and Wales and
operating in the United Kingdom.

4. Cash flow statement

The company has taken advantage of the exemptions allowed by FRS1 not to prepare
a cash flow statement as it is a wholly owned subsidiary undertaking of Royal
London UK Equity & Income Trust plc.

5. 2003 interim accounts

The figures and financial information for the period ended 28 February 2003 do
not constitute statutory accounts under Section 240 of the Companies Act 1985.


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