RNS No 3234a
WELSH INDUSTRIAL INVESTMENT TRUST PLC
22nd September 1998
            


The headline for the Welsh Industrial Investment Trust Plc announcement released
today should read Final Results.  The Preliminary Final Statement has been added
to the end of the announcement.




This is to advise you that the Board of Directors of this Company have today
approved the following Preliminary Final Statement and Dividend for the year
ended 5th April 1998.

The Record date for the final dividend will be 9th October 1998 and the dividend
will be payable on 17th November 1998 with Warrants posted by First Class mail
on 16th November 1998.


                       CHAIRMAN'S STATEMENT

The results for the year, as shown in the Statement of Total Return, show a
revenue profit of #108,301 before taxation compared with #88,901 for 1997, an
increase of 21%.

The portfolio has been kept very liquid through the year in anticipation of
weaker markets which did not occur until after the year end. The Net Asset Value
disappointingly fell by 3.67p to 244.7p. This was substantially below the
performance of the FTSE All Shares Index (which rose 37.16% over the same
period), however this index is no longer so relevant in view of the altered
profile of the portfolio. Moreover, the level of fixed interest investments and
cash has been further increased since the year end and has proved a welcome
cushion as the Index has sharply retreated.

The Board proposes to maintain the dividend of 4p per share and cautiously
continues to look for capital growth, at a time when market conditions are
proving more volatile.



                          1998 GROUP RESULTS
                       PRELIMINARY FINAL STATEMENT
                   for the year ended 5th April, 1998

                                        1998                    1997
                             Revenue  Capital  Total  Revenue  Capital  Total 
                             #'000    #'000    #'000  #'000    #'000    #'000

(Losses)/gains on investments    -    (78,669) (78,669)  -      31,899  31,899

Income                       170,010     -    170,010  146,389    -    146,389
Other expenses               (61,709)     -   ( 61,709)(57,488)   -    (57,488)
                             -------------------------  ----------------------

Return on ordinary activities
before taxation               108,301 (78,669)  29,632  88,901  31,899 120,800

Taxation                     ( 21,289)    -    (21,289)(17,550)   -    (17,550)
                             -------------------------  ----------------------
Return on ordinary activities
after taxation                87,012  (78,669)   8,343  71,351  31,899 103,250

Dividends in respect of non-
equity shares                 (3,938)     -     (3,938) (3,938)    -   ( 3,938)
                             -------------------------  ----------------------

Return on ordinary activities
attributable to equity 
shareholders                   83,074 (78,669)   4,405  67,413  31,899  99,312

Dividends in respect of
equity shares                 (54,000)    -    (54,000)(54,000)    -   (54,000)
                             -------------------------  ----------------------

Transfer to/(from) reserves    29,074 (78,669) (49,595) 13,413  31,899  45,312
                             -------------------------  ----------------------

Basic return/(loss) 
per ordinary share:              2.15p  (5.82p)  (3.67)p  0.99p  2.36p   3.35p
                               -------------------------  --------------------  


Net asset value per Ordinary Share of 5p:         244.71p               248.38p

Notes
(i)   The revenue column of this statement is the consolidated profit and loss
      account of the group

(ii)  Dividends: 
      In respect of non-equity shares
      8.75% cumulative Preference shares 
      of 20p each                                  3,938            3,938

      In respect of equity shares
      Proposed final dividend of 4p per
      share (1997:4p) payable on 17th 
      November, 1998 to shareholders
      on the Register at 9th October,
      1998                                        54,000           54,000

(iii) The summary of results for the year ended 5th April, 1998 does not
      constitute statutory accounts within the meaning of s240 of the Companies
      Act 1985.  The full statutory accounts which will be available to
      shareholders by 30th September, 1998 have not been reported on by the
      Company's auditors and have not been delivered to the Registrar of
      Companies. Full accounts in respect of the year ended 5th April, 1997 have
      been delivered to the Registrar of Companies and the Auditor's Report on
      those accounts was unqualified.

(iv)  Net Asset Value per Ordinary share is calculated by reference to the group
      net assets as at 5th April, 1998 of #3,348,524 (1997: #3,398,119) as
      adjusted for the preference share capital of #45,000 and 1,350,000 (1997:
      1,350,000) shares in issue.



END

FR SEWFMEUAUFFU
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