RNS No 3902e
INVESTEC INVESTMENT TRUST PLC
22nd December 1998


INTERIM ANNOUNCEMENT

UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 1998

                                   Six months       Six months           Year
                                        ended            ended          ended
                                 30 September     30 September       31 March
                                         1998             1997           1998
                                    Unaudited        Unaudited        Audited
                                     (note 2)         (note 2)       (note 2)
                                            #                #              #
Interest receivable from fellow
subsidiary undertaking                     35              315            397
Income from other fixed asset
investments                             4,732           10,299         17,048
Investment gains/(losses)             (90,792)             513        (10,033)
Administrative expenses                (3,769)          (3,618)        (3,901)

(Loss)/Profit on ordinary activities
before taxation                       (89,794)           7,509          3,511

Tax on (loss)/profit on ordinary
activities                             (5,464)          (8,257)       (12,195)

Loss on ordinary activities after
taxation                              (95,258)            (748)        (8,684)

Dividends on preference stock         (21,970)         (21,970)       (43,940)

Retained loss                        (117,228)         (22,718)       (52,624)

Loss per ordinary share                 (0.20)p          (0.04)p        (0.09)p



Notes

1. Investec Group Investments (UK) Limited (formerly Hambro Group
Investments Limited), a wholly-owned subsidiary of Investec I Limited
(formerly Hambros PLC), owns all of the ordinary shares of the Company, #20,427
nominal of the 3.5 per cent (now 2.45 per cent plus tax credit) cumulative
preference stock and #17,718 nominal of the 5 per cent (now 3.5 per cent plus
tax credit) cumulative preference stock, in issue. The issued #1,300,000
nominal 3.5 per cent and #345,438 nominal 5 per cent preference stocks are
listed on the London Stock Exchange.

On 30th April 1998 the Investec Group Limited, an international investment and
private banking group based in the Republic of South Africa, announced a
conditional offer for Hambros PLC, the company's ultimate holding company. The
conditions were completed on 19th June 1998 and on 31st July the offer became
unconditional. Hambros PLC subsequently changed its name to Investec I Limited.

2. Basis of preparation
The results for the six months ended 30th September 1998 are unaudited and have
been prepared on a basis consistent with the statutory accounts for the Year
ended 31st March 1998.

The comparative results for the year ended 31st March 1998 do not constitutute
statutory accounts within the meaning of Section 240 of the Companies Act 1985
but have been extracted from the audited statutory accounts delivered to the
Registrar of Companies upon which the auditors issued an unqualified report.

3. Taxation
The interim tax charge is based on the estimated effective tax rate for the full
year. The current period tax charge includes surplus ACT written off.

4. Loss per share
The loss per share is calculated on the loss after taxation in each period and
on the weighted average of 57,744,387 25p Ordinary shares in issue in all
periods.

5. Dividends
The directors do not recommend the payment of an interim dividend on the
ordinary shares (1997 : # Nil).

6. Surplus liquidity arising front time to time was loaned by the company during
the period on an interest-free basis to its parent company. The loan is
repayable on demand and the company has the right, at any time and at its sole
discretion, to charge interets thereon at a commercial rate.

7. Copies of this announcement have been posted to all shareholders and are
available to the public at the registered office of the Company.


Registered office
32 St Mary at Hill
London EC3P 3AJ  

END

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