RNS Number:0429P
Gartmore British Inc & Gwth Tst PLC
4 August 2000


UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2000

Chairman's Statement

Performance/Asset Values
For the six months under review ended 30 June 2000, the total return on
capital employed (with net dividends re-invested) was a loss of 5.2 per cent.
This compares with a negative return of 5.7 per cent. for the FTSE All-Share
Index and a positive return of 3.7 per cent. on the Dresdner Kleinwort Benson
TOPSI-100 Index of higher-yielding shares. 

The Total Assets of the Group fell 6.5 per cent. in the period which matched
the fall in the FTSE All-Share Index in the six months to 30 June 2000. The
asset value performance of the Company's securities is set out below.

Dividends
Second interim dividends of 1.73p net (1.70p - 1999) per Income Share and
1.07p net (1.05p - 1999) per Ordinary Share were declared on 1 August 2000,
payable on 31 August 2000 to shareholders on the register on 11 August 2000.

Outlook
The stable economic conditions in the UK economy continue to provide a
favourable backdrop to equity investment. They have also strengthened
Government finances which underpin the recently announced increases in public
expenditure. Despite this the FTSE All Share Index continues to drift sideways
with no clear sector leadership.

Vodafone, the largest stock in the UK stockmarket remains highly volatile and
is a key influence on overall market movements.

Equities continue to gain support from a build up in institutional liquidity,
strong corporate activity and upgrades to earnings growth notably in the oil
sector.

With this relatively positive background, and the likelihood that UK short
term interest rates are close to their peak, equities in this country should
recoup some of their recent underperformance. 

Other Matters
Shareholders will have received my letter of 28 June 2000 advising that the
Board had completed a programme of presentations from a number of fund
management houses and had agreed to proceed with the appointment of Aberdeen
Asset Managers Limited to take effect from 1 July 2000.

The Board is proposing a placing and open offer, an adjustment to the
investment policy and that the Company's name be changed to The Income &
Growth Trust PLC and that of its subsidiary to Income & Growth Securities PLC.
Details are contained in the document which is being posted to Shareholders
today. The Directors believe the Proposals will be of benefit to all
shareholders.

The Rt. Hon. The Lord Marsh of Mannington, Kt
Chairman
4 August 2000

Financial Statistics
                                                      At     At 31 
                                                 30 June  December   Change
                                                    2000      1999        %
Capital
Total assets less current liabilities (#'000)     90,816    97,127     (6.5)
FTSE All-Share Index                             3,029.7   3,242.1     (6.5)
Dresdner Kleinwort Benson TOPSI-100 Index        4,912.1   4,845.6*     1.4
Capital Employed (#'000)                          90,816    97,127     (6.5)
Market Capitalisation of shares in issue (#'000)  91,169    96,151     (4.7)
Net Asset Value per Ordinary share                 66.8p    109.1p    (38.8)
Mid-market Price per Ordinary share                61.0p     73.0p    (16.4)
Net Asset Value per Income share                   70.0p     70.0p        -
Mid-market Price per Income share                  74.0p     81.0p     (8.6)
Net Asset Value per ZDP Share 2002                189.8p    182.1p      4.2
Mid-market Price per ZDP Share 2002              197.75p   197.25p      0.3
Net Asset Value per ZDP Share 2006                189.6p    181.9p      4.2
Mid-market Price per ZDP Share 2006              182.25p   184.75p     (1.4)
*Revised by Dresdner Kleinwort Benson


                                                            Six          Six
                                                      months to    months to
                                                        30 June      30 June
                                                           2000         1999
Revenue
Revenue return before and after taxation (#'000)          1,613        1,512
Dividends per Income Share                                3.46p        3.40p
Dividends per Ordinary Share                              2.14p        2.10p
Revenue return per Ordinary Share                         3.22p        2.81p
Total Return
Revenue Return per Ordinary Share:
   Revenue                                                3.22p        2.81p
   Capital                                              (43.33p)      31.33p
                                                        ________     ________ 
                                                        (40.11p)      34.14p
                                                        ========     ========
Total Return on:
Capital Employed**                                        (5.2%)       11.5%
FTSE All-Share Index                                      (5.7%)       11.2%
Dresdner Kleinwort Benson TOPSI-100 Index                  3.6%        22.7%
**Net dividends reinvested


Analysis of Total Assets and Capital Employed

                         Valuation at    Trans-       Net       Valuation at
                      31 December 1999   actions Appreciation/  30 June 2000
                                                (Depreciation)
                       #'000        %     #'000      #'000      #'000       %
Listed Investments
Equities              92,682     95.4    (4,678)    (6,212)    81,792    90.1
Convertibles           3,691      3.8     1,187       (122)     4,756     5.2
                      ______    _____     _____      _____     ______   _____
Total Listed
Investments           96,373     99.2    (3,491)    (6,334)    86,548    95.3
Net Current Assets       754      0.8     3,514          -      4,268     4.7
                      ______    _____     _____      _____     ______   _____
Total Assets less
Current Liabilities   97,127    100.0        23     (6,334)    90,816   100.0
                      ______    _____     _____      _____     ______   _____
Attributable to:
ZDP Shares 2002       37,330     38.5         -      1,579     38,909    42.8
ZDP Shares 2006       18,188     18.7         -        770     18,958    20.9
Income Shares         19,250     19.8         -          -     19,250    21.2
Ordinary Shares       22,359     23.0         -     (8,660)    13,699    15.1
                      ______    _____     _____      _____     ______   _____
Capital Employed      97,127    100.0         -     (6,311)    90,816   100.0
                      ======    =====     =====      =====     ======   =====

Group Total Return
To 30 June 2000
                                                 Six months to 30 June 2000
                                                                       Total
                                               Revenue    Capital     Return
                                                 #'000      #'000      #'000
Income and Capital Profits
Dividends and other income                       1,857          -      1,857
Net profit/(loss) on listed investments              -     (6,334)    (6,334)
                                                 _____     ______     ______
Return before Expenses and Taxation              1,857     (6,334)    (4,477)
Expenses
Management fees                                   (170)      (139)      (309)
Other expenses                                     (74)       (30)      (134)
                                                 _____     ______     ______
Return before and after Taxation                 1,613     (6,533)    (4,920)
Appropriated to Non-Equity Shareholders
Minority interest:
ZDP Shares 2006:
Redemption premium reserve                           -       (770)      (770)
                                                 _____     ______     ______
                                                 1,613     (7,303)    (5,690)
Redemption premium reserve -
ZDP Shares 2002                                      -     (1,579)    (1,579)
                                                 _____     ______     ______
                                                 1,613     (8,882)    (7,269)
Dividends on the Income Shares -
3.46p per share                                   (952)         -       (952)
                                                 _____     ______     ______
Return to Equity Shareholders                      661     (8,882)    (8,221)
Appropriated to Equity Shareholders
Dividends on the Ordinary Shares-
2.14p per share                                   (439)         -       (439)
                                                 _____     ______     ______
                                                   222     (8,882)    (8,660)
Transferred to/(from) Reserves:
Ordinary Shares                                    222     (8,882)    (8,660)
                                                 _____     ______     ______
Total Return per Ordinary Share                  3.22p    (43.33p)   (40.11p)
                                                 =====     ======     ======

Group Total Return
To 30 June 1999

                                                 Six months to 30 June 1999
                                                                       Total
                                               Revenue    Capital     Return
                                                 #'000      #'000      #'000

Income and Capital Profits
Dividends and other income                       1,760          -      1,760
Net profit/(loss) on listed investments              -      8,776      8,776
                                                 _____     ______     ______
Return before Expenses and Taxation              1,760      8,776     10,436
Expenses
Management fees                                   (183)      (150)      (333)
Other expenses                                     (65)       (53)      (118)
                                                 _____     ______     ______
Return before and after Taxation                 1,512      8,573     10,085
Appropriated to Non-Equity Shareholders
Minority interest:
ZDP Shares 2006:
Redemption premium reserve                           -       (705)      (705)
                                                 _____     ______     ______
                                                 1,512      7,868      9,380
Redemption premium reserve-
ZDP Shares 2002                                      -     (1,445)    (1,445)
                                                 _____     ______     ______
                                                 1,512      6,423      7,935
Dividends on the Income Shares-
3.40p per share                                   (935)         -       (935)
                                                 _____     ______     ______
Return to Equity Shareholders                      577      6,423      7,000
Appropriated to Equity Shareholders
Dividends on the Ordinary Shares -
2.10p per share                                   (431)         -       (431)
                                                 _____     ______     ______
                                                   146      6,423      6,569
Transferred to/(from) Reserves:
Ordinary Shares                                    146      6,423      6,569
                                                 _____     ______     ______
Total Return per Ordinary Share                  2.81p     31.33p     34.14p
                                                 =====     ======     ======


Group Balance Sheet
As at 30 June 2000
                                                         At 30        At 31
                                                          June     December
                                                          2000         1999
                                                         #'000        #'000
Fixed Assets
Listed investments valued at mid-market prices          86,548       96,373
Current Assets
Debtors: Amounts receivable within one year                403          419
Short-term deposits                                      4,652        1,129
Bank balances                                               10           10
                                                        ______       ______
                                                         5,065        1,558
Creditors: Amounts payable within one year                 797          804
                                                        ______       ______
Net Current Assets                                       4,268          754
                                                        ======       ======
Total Assets, less Current Liabilities                  90,816       97,127
                                                        ======       ======
Capital and Reserves 
Called-up share capital                                 28,435       28,435
Share premium account                                   19,700       19,700
Redemption premium reserve-
ZDP Shares 2002                                         12,874       11,295
Other capital reserves:
  Capital reserve                                        2,154        2,200
  Unrealised appreciation/(depreciation) 
  of listed investments                                  8,268       17,104
Revenue reserve                                            427          205
                                                        ______       ______
                                                        71,858       78,939
Minority interest:
ZDP Shares 2006                                         18,958       18,188
                                                        ______       ______
Capital Employed                                        90,816       97,127
                                                        ======       ======
Net Asset Value per Share:
ZDP Shares 2002                                         189.8p       182.1p
ZDP Shares 2006                                         189.6p       181.9p
Income Shares                                            70.0p        70.0p
Ordinary Shares                                          66.8p       109.1p

Group Cash Flow
At as 30 June 2000

                                                    Six months   Six months
                                                    to 30 June   to 30 June
                                                          2000         1999
                                                         #'000        #'000
Revenue Activities
Dividends and other income received                      1,847        1,767
Expenses paid, allocated to revenue                       (259)        (253)
                                                        ______       ______
                                                         1,588        1,514
Servicing of Finance
Non-equity share dividends paid:
Income Shares                                             (944)        (935)
                                                        ______       ______
Taxation Recovered
Income Tax                                                  27           23
                                                        ______       ______

Investment Activities
Acquisitions of listed investments                     (23,326)     (12,823)
Disposals of listed investments                         26,824       11,994
Expenses paid, allocated to capital                       (212)        (207)
                                                        ______       ______
                                                         3,286       (1,036)
                                                        ======       ======
Equity Share Dividends Paid
Ordinary Shares                                           (434)        (430)
                                                        ______       ______
Net Cash Inflow/(Outflow)                                3,523         (864)
                                                        ======       ======
Reconciliation of Net Cash Inflow/(Outflow)
to Movement in Cash Balances
Balance brought forward                                  1,139        4,170
Net cash inflow/(outflow)                                3,523         (864)
                                                        ______       ______
Balance at                                               4,662        3,306
                                                        ======       ======
Comprising:
Short-term deposits                                      4,652        3,296
Bank balances                                               10           10
                                                        ______       ______
                                                         4,662        3,306
                                                        ======       ======


Notes to the Accounts
1.  The Group accounts comprise the unaudited results of the Company and its
subsidiary, GBIGT Securities PLC, for the six months to 30 June 2000, and do
not constitute statutory accounts under the Companies Act 1985. Full statutory
accounts for the year to 31 December 1999 included an unqualified audit report
and were filed with the Registrar of Companies on 23 February 2000.

2.  There have been no changes in accounting policies since 31 December 1999.
Expenses are allocated as to 55 per cent. to revenue and 45 per cent. to
capital.

3.  Total return per Ordinary Share has been calculated on the negative return
to equity shareholders of #8,221,000 (positive return of #6,569,000) and
20,500,000 (20,500,000) Ordinary shares in issue throughout the period.

4.  Listed investments are all listed in the UK.

5.  Net asset values per share have been calculated on attributable assets and
shares in issue at the period-end as follows:

                                At 30 June    At 31 December
                                      2000              1999
                                     #'000             #'000

25,500,000 ZDP Shares 2002          38,909            37,330
10,000,000 ZDP Shares 2006          18,958            18,188
27,500,000 Income Shares            19,250            19,250
20,500,000 Ordinary Shares          13,699            22,359
                                    ______            ______
                                    90,816            97,127
                                    ======            ======


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