Gartmore British Inc - 9 Months Results, etc

RNS No 9466e
GARTMORE BRITISH INCOME & GROWTH TRUST PLC
12 October 1999


        GARTMORE BRITISH INCOME & GROWTH TRUST P.L.C.
       ANNOUNCEMENT OF QUARTERLY RESULTS AND DIVIDENDS
       -----------------------------------------------


THE DIRECTORS ANNOUNCE THE COMPANY'S UNAUDITED RESULTS FOR
THE NINE MONTHS TO 30TH SEPTEMBER 1999 AS FOLLOWS:-


HIGHLIGHTS
----------

- CAPITAL RETURN ON TOTAL ASSETS OF 3.4% FOR THE NINE MONTHS
  TO 30TH SEPTEMBER 1999

- GROWTH IN TOTAL ASSETS OF 4.7% PER ANNUM COMPOUND REQUIRED
  TO REPAY THE ORDINARY SHARES ON 31ST MARCH 2006 AT THE
  30TH SEPTEMBER 1999 MID-MARKET PRICE OF 68.0P PER SHARE

- THE DIRECTORS EXPECT THAT DIVIDENDS OF 6.80P NET PER
  INCOME SHARE AND OF 4.20P NET PER ORDINARY SHARE WILL BE
  PAID FOR THE YEAR TO 31ST DECEMBER 1999

- ZERO DIVIDEND PREFERENCE SHARES PRESENTLY COVERED FOR FULL
  REPAYMENT ON 18TH DECEMBER 2002, AND THE GBIGT SECURITIES
  ZERO FOR FULL REPAYMENT AT 31ST MARCH 2006



                                   NINE      NINE          
REVENUE                          MONTHS    MONTHS
-------                              TO        TO
                                30-9-99   30-9-98
                                  #'000     #'000
GROSS REVENUE:                                             
 INVESTMENT INCOME (SEE NOTE)     2,673     2,027          
 INTEREST ON DEPOSITS               138       230          
                                  -----     -----          
                                  2,811     2,257               
ADMINISTRATIVE EXPENSES (SEE NOTE)  371       271          
                                  -----     -----          
NET REVENUE BEFORE TAXATION       2,440     1,986          
TAXATION                            256       256          
                                  -----     -----          
NET REVENUE FOR THE PERIOD        2,184     1,730          
                                  =====     =====          
                                                           
COST OF DIVIDENDS:                                         
 INCOME SHARES                                            
  - 5.10P (4.404P) PER SHARE      1,402       903
 INITIAL DIVIDEND PAID ON                                 
  NEW INCOME SHARES                   -        41
 ORDINARY SHARES                                          
  - 3.15P (2.721P) PER SHARE        646       558
                                  =====     =====          
                                                           
EARNINGS PER ORDINARY SHARE       3.81P     3.83P          
                                  =====     =====          
                                                           

THE DIRECTORS HAVE DECLARED A THIRD INTERIM DIVIDEND OF
1.70P (1.468P) PER SHARE ON 27,500,000 (20,500,000) INCOME
SHARES AND OF 1.05P (0.907P) PER SHARE ON 20,500,000
ORDINARY SHARES IN RESPECT OF THE YEAR ENDING 31ST DECEMBER
1999. BOTH DIVIDENDS WILL BE PAID ON 30TH NOVEMBER l999 TO
SHAREHOLDERS ON THE REGISTER ON 12TH NOVEMBER l999 AND
QUOTED EX-DIVIDEND ON 8TH NOVEMBER l999.


IN THE ABSENCE OF UNFORESEEN CIRCUMSTANCES, THE DIRECTORS
EXPECT THAT DIVIDENDS OF 6.80P NET PER INCOME SHARE AND OF
4.20P NET PER ORDINARY SHARE WILL BE PAID FOR THE YEAR TO
31ST DECEMBER 1999.

NOTE:
----
INVESTMENT INCOME FOR THE NINE MONTHS TO 30TH SEPTEMBER 1999
COMPARED WITH THE SAME PERIOD LAST YEAR PRIMARILY REFLECTS
THE EFFECTS OF THE NEW CAPITAL RAISED IN AUGUST 1998. THE
RESULTS FOR THE NINE MONTHS TO 30TH SEPTEMBER 1999 SHOULD
NOT BE TAKEN AS INDICATIVE OF THE LIKELY RESULTS FOR THE
FULL YEAR TO 31ST DECEMBER 1999.

ADMINISTRATIVE EXPENSES ARE ALLOCATED AS TO 55% TO REVENUE
AND 45% TO CAPITAL.



                                     AT        AT          
CAPITAL                         30-9-99  31-12-98    CHANGE
-------                           #'000     #'000         %
                                                           
TOTAL ASSETS,                                              
  LESS CURRENT LIABILITIES       90,911    87,919      +3.4
MARKET CAPITALISATION                                      
  OF SHARES IN ISSUE             96,178    93,334      +3.0

FTSE ALL-SHARE INDEX             2826.1    2673.9      +5.7
DRESDNER KLEINWORT BENSON                                  
  TOPSI-100 INDEX                4906.7    4451.4     +10.2

NET ASSET VALUE PER SHARE:                                 
 ZERO DIVIDEND PREFERENCE SHARES 178.3P    167.6P      +6.4
 GBIGT SECURITIES ZERO           178.1P    167.4P      +6.4
 INCOME SHARES                    70.0P     70.0P         -
 ORDINARY SHARES                  84.4P     85.8P      -1.6



                                   NINE      NINE          
TOTAL RETURN                     MONTHS    MONTHS
------------                         TO        TO
                                30-9-99   30-9-98
                                                           
TOTAL RETURN PER ORDINARY                                  
SHARE:
     REVENUE                     3.81P.    3.83P.          
     CAPITAL                    (2.05P)  (31.36P)          
                                 -----.   ------.          
                                 1.76P.  (27.53P)          
                                 =====.   ======.          

NOTE:
----
TOTAL RETURN FOR THE NINE MONTHS TO 30TH SEPTEMBER 1999 HAS
BEEN CALCULATED ON THE TOTAL RETURN ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS OF #360,000, WHICH COMPRISES REVENUE OF
#782,000 LESS A DECREASE IN CAPITAL OF #422,000, AND
20,500,000 ORDINARY SHARES IN ISSUE THROUGHOUT THE PERIOD.


THE RESULTS FOR THE NINE MONTHS TO 30TH SEPTEMBER 1999 ARE
UNAUDITED AND DO NOT CONSTITUTE STATUTORY ACCOUNTS UNDER THE
COMPANIES ACT 1985. FULL STATUTORY ACCOUNTS FOR THE YEAR TO
31ST DECEMBER 1998 INCLUDED AN UNQUALIFIED AUDIT REPORT AND
WERE FILED WITH THE REGISTRAR OF COMPANIES ON 20TH FEBRUARY
1999. THERE HAVE BEEN NO CHANGES IN ACCOUNTING POLICIES
SINCE 31ST DECEMBER 1998.



QUARTERLY REPORT
----------------

THE QUARTERLY REPORT FOR THE NINE MONTHS TO 30TH SEPTEMBER
1999 WILL BE POSTED TO SHAREHOLDERS SHORTLY. COPIES WILL BE
AVAILABLE FROM THE REGISTERED OFFICE OF THE COMPANY:
GARTMORE HOUSE, 8 FENCHURCH PLACE, LONDON EC3M 4PH.



GARTMORE BRITISH INCOME & GROWTH TRUST P.L.C.
GARTMORE INVESTMENT LIMITED - SECRETARIES


END

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