Final Results - Year Ended 1 January 2000

Bemrose Corp PLC
3 March 2000

                  BEMROSE CORPORATION Plc

              PRELIMINARY RESULTS FOR THE YEAR
                    ENDED 1 JANUARY 2000


This announcement was due to be made on Monday 6th March, but due
to the volatility in the share price it has been brought forward
to today.


Bemrose Corporation Plc, a leading international supplier of
promotional products and security printing announces Preliminary
results for the year ended 1 January 2000.

  Planned disposal of print based activities and refocus of
  activities on Promotional Products and Business to Business e-
  commerce.
  
         Promotional Products accounts for approximately 50%
         of sales and 30% of Group operating Profit(excluding
         discontinued busiensses)

  Nelson Marketing's e-commerce business 4imprint.com launched
  in September 1999
   
         already accounts for 10%  of Nelson's sales. Substantial
         growth predicted

  New Board appointments, - Dick Nelson to CEO and Martin
  Varley responsible for European Promotional Products.

  Profit before tax £12.7m (1998 £11.6m) in line with December
  trading statement.

  Gearing reduced to 1%, with shareholders funds up 8.1% to
  £63.8m.
 
  Final Dividend of 12.2p per share (1998 11.35p) making 18.65p
  for the year (1998 17.5p), up 6.8% for the year.

Commenting on today's announcement Rodger Booth, Chairman of
Bemrose said :

'The past 12 months have seen the transformation of our company
from a print based group to a progressive internet driven
distribution business.  Our experience in Direct Marketing,
Purchasing and Customer service will be highly relevant as we
build upon our existing profitable base.  Dick Nelson who succeeds
me as CEO, is well qualified to lead our outstanding team. Our
printing businesses are market leaders and among the most
successful in the industry.  As chairman I shall retain a special
responsibility to oversee their transfer to new ownership.'

There will be an analyst briefing at 
Buchanan Communications, 
107 Cheapside EC2 
at 10.00am Monday 6th March 2000

For further information contact:

Dick Nelson, Rodger Booth, Bemrose Corporation Plc          
0171 466 5000

Mark Edwards, Kirsty Robeson, Buchanan Communications       
0171 466 5000

CHAIRMAN'S STATEMENT


Financial Highlights

                                  1999      1998
Turnover                        £180.3m   £216.6m
Turnover (excluding             £160.3m   N/A
disposals)9                     £12.66m   £11.6m2
Profit before Tax (after        £12.15m   N/A
exceptional)2                   £8.82m    £4.7m
Profit Before Tax (continuing
businesses)9, 2
Earnings

Shareholders Funds              £63.8m    £59.0m
Net Debt                        £0.6m     £24.9m
Debt/Equity                     1%        42%
                                          
EPS                             26.28p    10.91p
Net Ordinary Dividend           18.65p    17.5p
Special Dividend                100p      N/A

9    Disposals relate primarily to US Supplier businesses sold to
     Norwood in May 1999.
2    1998 PBT is after £9.5m provision for loss on US disposals.


Review of 1999 Results

A significant transformation of our company began in 1999.  It
started with the sale of our US Supplier Division to Norwood
completed on May 13th.  The special dividend of 100p paid on May
24th returned some £43m to shareholders, and reduced the shares in
issue by 35 percent.  The balance of the £80m proceeds have been
retained within the company.  We have achieved another excellent
year in our US distributor business, but in the UK we have
encountered tougher trading conditions.  In spite of this we have
completed some important strategic moves, including two
acquisitions and the launch of our interactive e-commerce site.  I
reported at the half year the losses from our discontinued US
operations had substantially reduced earnings.  We looked forward
to a stronger second half which was indeed achieved, but fell
short of our hopes.  On December 2nd I announced that results from
our Specialist Print Services division would be behind 1998, and
that the newly acquired businesses of Bourne and PPI would be loss
making in 1999.

The profit before tax of £12.15m for continuing operations is in
line with our trading update.  The turnover and profit figures
cannot be meaningfully compared with prior year as a result of the
significant disposals and acquisitions.  The financial position of
the company is sound, with shareholders funds increasing 8.1% to
£63.8m, and debt almost eliminated following the disposal of the
US Supplier businesses.  We are proposing a final dividend of
12.2p up 7.5% from 1998 (11.35p).  The underlying dividend cover
is 1.4 times  Earnings per share is a composite figure as a result
of the reduction of the number of shares in issue in May following
the payment of the special dividend.

The Way Forward

In December 1999 we instructed N M Rothschild and Sons to
undertake a review of the strategic options available to the
company.  The board has now considered their report.

We have reached the conclusion that the two divisions of the
company, Promotional Marketing and Specialist Print Services have
very different characteristics, and will benefit from separate
development in the future.

Promotional Products

Our Promotional Products business operates companies in the USA,
UK and other European Countries.  We purchase globally, and can
offer a global distribution service to clients.  We supply
merchandise imprinted with corporate messages and logos to all
kinds and sizes of organisations, from Microsoft and British
Airways to local clubs and associations.  Our different businesses
can source container loads of specially imprinted merchandise from
Asia, or deliver 100 coffee mugs printed with a corporate logo.
This is accomplished by highly trained and experienced staff using
the latest technologies. A major source of growth in recent years
has been the direct marketing catalogue business Nelson Marketing.
In September 1999 Nelson launched the e-commerce business
4imprint.com.  In order to capture the opportunities that the
internet will bring, Nelson Marketing's core activity, the
distribution to a large customer base of promotional products
catalogue (currently some 6 million catalogues per annum) and the
subsequent sourcing from a wide range of manufacturers, is ideally
placed to benefit from the cost savings and incremental growth
that e-commerce can bring.  To date, in just four months trading e-
commerce sales have grown progressively to represent more than 10%
of Nelson Marketing's sales.  We perceive that this channel will
grow substantially in the years ahead, increasing our market share
and changing the way we do business with many of our customers.
So far we have invested very limited sums in developing and
marketing this service, but it may be necessary to invest
substantially larger sums in future to achieve optimum growth,
with a consequential short term effect on net earnings.  In
conjunction with this investment we will also review the
possibility of partnering with organisations which can offer
complementary products or services.

Specialist Print Services

Specialist Print Services comprises businesses with leading
positions within a number of markets related to the printing
process. We have historically achieved margins among the best in
the industry, with strong positive cash flows.  Growth however is
expected to be more limited than that currently available from
Promotional Marketing.

The Board has decided to seek to dispose of the Specialist Print
Services division, completing the transformation to a global
distributor of promotional products.  N M Rothschild & Sons are
handling this process, and have already received a number of
expressions of interest including an approach from existing
management, led by Mr Graham Bennington, the Director responsible
for this division.  We anticipate that under new ownership
operational management will continue in place and that the service
to customers will continue without interruption.

In due course we will consider returning a proportion of the
proceeds of the disposal to shareholders.  A part of the proceeds
will be retained for the development of the continuing businesses.
Future dividend policy will take into account the capital
reduction and the earnings profile of the ongoing businesses.

Ongoing Management

It is appropriate that the new business should be led by those
best equipped to do so.  After the disposal of Specialist Print
Services is completed I shall become non executive chairman of the
company.   I have worked for Henry Booth and Bemrose for more than
30 years, the last 8 as Group Chief Executive.   Effective from
today, March 6th Dick Nelson takes over as Chief Executive of
Bemrose Corporation plc.  Martin Varley, the founder of our
Broadway Division, is appointed to the Group Board responsible for
European Promotional Products.  In May - following the AGM, Brian
Ford will retire as a non executive Director at the end of his six
years service.  I would personally like to thank Brian for his
advice and support through this challenging period.  It is when
questions have been the most difficult that his contribution has
been the most valuable.  In the months ahead we shall seek to
recruit a further non executive director with experience specific
to our continuing businesses.

In order to build and retain a strong team to develop the new
promotional products distribution and e-commerce business the
board proposes to introduce a new incentive share plan.  The plan,
which will be subject to shareholder approval at an EGM, will
involve the grant of options over 4.2 million shares (15% of the
issued share capital) at 350p.   The share plan will have
challenging performance requirements, requiring the doubling and
trebling of the share price within the next 3/5 years for the
options to vest.  This plan is described in detail in the circular
to shareholders which will be despatched in the next few days.

Our priorities for the months ahead are to develop our ongoing
businesses, and to complete the restructuring of the company in a
reasonable timescale.  Trading in the first weeks of the year is
satisfactory, with continuing growth in e-commerce and direct
marketing, but with reduced volumes in some print markets where
customers built stocks against possible Millennium disruption.

BEMROSE CORPORATION PLC
GROUP  CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 1 JANUARY 2000

                                 
                                 
                             Cont Ops  Discontinued  1999   1998
                 Existing Aquisitions    Operations Unaudited Audited
                                      
                     
                    £'000      £'000          £'000   £'000    £'000            
 


                                                          
Turnover          142,829     17,500        19,966  180,295  216,616
                                                          
Changes in stocks of  (9)       (581)        1,228      638      219 
finished goods and                                        
work in progress                                          
                  142,820      16,919       21,194  180,933  216,835
                                                          
Operating 
expenses         (129,253)    (17,537)     (22,280)(169,070)(193,804)
                    
Operating profit   13,567        (618)      (1,086)  11,863   23,031
(loss)                                                    
                                                    
Exceptional item:                                     1,600   (9,486)
release/(establishment)
of Provision for
loss on disposal of
subsidiaries

                                 
Net interest payable                                  (803)   (1,921)
                                                        
                                 
Profit on ordinary activities before tax            12,660    11,624
                                                          
Tax on profit on ordinary activities                (3,842)   (6,945)
                                                          
Profit for the financial period                      8,818     4,679
                                                          
Dividends                                          (48,252)   (7,524)
                                               
                                                          
                                                          
Transfer (from) reserves                           (39,434)   (2,845)
                                               
                                                                               
                                     
                                                          
Earnings per Ordinary Share                               
                                                          
Basic                                                26.28p   10.91p
                                                          
Diluted                                              26.21p   10.87p
                                 

These financial statements should be read in
conjunction with the notes attached.

BEMROSE CORPORATION PLC
GROUP  CONSOLIDATED BALANCE SHEET
AT 1 JANUARY 2000


                                               1999     1998
                                          Unaudited  Audited
                                               £000     £000
                                                     
  Fixed assets                                       
  Tangible assets                            27,401   51,865
  Goodwill                                    5,447    3,014
  Investments                                   483       26
                                             33,331   54,905
  Current assets                                     
  Stocks                                     13,134   22,960
  Debtors                                    54,181   58,254
  Cash at bank and in hand                    3,208    2,411
                                             70,523   83,625
  Creditors: amounts falling due within              
  one year                                   (3,595)  (1,037)
  Bank loans and overdrafts                    (213)    (354)
  Obligations under finance leases          (41,658) (46,772)
  Other creditors                                    
  Net current assets                         25,057   35,462
                                                     
  Pension cost prepayments                   11,631   11,604
                                                     
  Total assets less current liabilities      70,019  101,971
                                                     
  Creditors: amounts falling due after               
  more than one year                              - (25,443)
  Bank loans                                    (4)    (516)
  Obligations under finance leases             (35)  (3,358)
  Other long term liabilities                        
                                              
  Provisions for liabilities and charges    (6,158) (13,694)
                                                     
                                                     
  Net assets                                63,822   58,960
                                                     
                                                     
                                                     
                                                     
                                                     
                                                     
  Called up share capital                            
  Share premium account                     11,042   10,935
  Revaluation reserve                       36,113   34,721
  Profit and loss account                    4,288    3,463
                                            12,379    9,841
                                                     
                                                     
  Shareholders' funds                       63,822   58,960
                                                     



BEMROSE CORPORATION PLC
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 1 JANUARY 2000


                                               1999       1998
                                          Unaudited    Audited
                                               £000       £000
                                                       
  Profit for the financial year               8,818      4,679
  Dividends                                 (48,252)    (7,524)
                                             
                                             
                                            (39,434)    (2,845)
                                                      
                                                       
  Other recognised gains and losses in the             
  period                                       (246)      (166)
  Surplus on revaluation                        536          -
  Shares issued in the period                 1,499        570
  Shares to be issued                             -       (107) 
  Net movement in goodwill in the period     42,507        (56)
                                             
  Net movement in shareholders' funds         4,862     (2,604)
                                             
  Opening shareholders' funds                58,960     61,564
                                             
                                                       
  Closing shareholders' funds                63,822     58,960
                                             


                     1.BEMROSE CORPORATION PLC
              GROUP  CONSOLIDATED SUMMARISED CASHFLOW
                 FOR THE YEAR ENDED 1 JANUARY 2000

                                 
                                 

                                                1999       1998
                                           Unaudited    Audited
                                                £000       £000
                                                               
  Cash inflow/(outflow)  from   operating activities 

  Operating profit and depreciation           17,896     29,622
  (Increase)/decrease in stocks               (1,699)       283
  Decrease in debtors                          3,074      4,079
  (Decrease) in creditors                     (2,477)    (5,166)
  (Expenditure against)  provisions              (16)    (1,598)
                                              16,778     27,220
                                                               
  Returns on investment and 
  servicing of finance finance                (1,256)    (1,591)
  Taxation                                    (3,258)    (5,547)
  Capital expenditure                         (6,207)   (11,529)
  Acquisitions                                (6,589)    (3,429)       
  Disposals                                   73,953          -

  Equity dividends paid                      (49,688)    (7,128)
  Issue of shares                                569        396
                                                    
                                              24,302    (1,608)
                                                               
  Debt acquired with subsidiaries              (150)       (65)
  Debt disposed of                              386          -
  New finance leases                              -       (298)
  Translation difference                       (203)       (50)
                                                               
  Cash inflow/(outflow) in the period         24,335    (2,021)
                                                               
  Opening net debt                           (24,939)  (22,918)
                                                
                                                               
  Closing net debt                              (604)  (24,939)
                                                              


                      BEMROSE CORPORATION PLC
               NOTES TO THE PRELIMINARY ANNOUNCEMENT
                 FOR THE YEAR ENDED 1 JANUARY 2000


1    Basis of Preparation

     This  preliminary announcement for the year ended  1  January
     2000  has  not been audited and does not constitute statutory
     accounts  within  the meaning of S240 of  the  Companies  Act
     1985.   The  financial information has been prepared  on  the
     basis  of  the  accounting policies set out  in  the  Group's
     Annual Report and Accounts for the year ended 2 January 1999.
     These  accounts  carry an unqualified auditor's  report,  and
     have  been  delivered  to the Registrar  of  Companies.   The
     comparative  results for the year ended 2  January  1999  are
     abridged,  and  as such do not represent statutory  accounts.
     The  full  Annual Report and Accounts for the  year  ended  1
     January  2000  will  be posted to shareholders  shortly  and,
     after  adoption at the Annual General Meeting,  delivered  to
     the Registrar of Companies.
     
2    Segmental Analysis
                                 1999                  1998
                              Sales      Op.       Sales       Op.
                              £'000   Profit       £'000    Profit
                                       £'000                 £'000
     ORIGIN                 127,083    9,978     109,994    12,743
     United Kingdom          53,212    1,885     106,622    10,288
     United States
                            180,295   11,863     216,616    23,031
                                                                  
     PRODUCT                                                      
     Specialist Print        84,415    9,271      85,363    10,879
     Services                75,914    3,678      52,620     4,475
     Promotional             19,966  (1,086)      78,633     7,677
     Products
     Discontinued
     Businesses
                            180,295   11,863     216,616    23,031

3    Exceptional Item
                                                    1999      1998
                                                   £'000     £'000
                                                        
     Release/(creation) of  provision for loss     1,973   (9,486)
     on sale of US Supplier businesses             (271)         -
     Closure costs relating to Meridian            (102)         -
     Promotional Products BV, Holland
     Loss on disposal of Rowton Crystal Limited
                                                   1,600         -
                                                                               
                                
     The variance to the original provision relating to the
     disposal of the US Supplier  businesses arises principally
     from exchange rate movements and a favourable outcome on the
     purchase price adjustment.

4    Taxation
                                                    1999      1998
                                                   £'000     £'000
                                                                  
     United Kingdom                                2,605     3,698
     Overseas                                        245     2,646
     Exceptional item                                992       601
                                                   3,842     6,945

                      BEMROSE CORPORATION PLC
         NOTES TO THE PRELIMINARY ANNOUNCEMENT (CONTINUED)
                 FOR THE YEAR ENDED 1 JANUARY 2000



5    Dividends
                                                    1999      1998
                                                       p         p
                                                                  
     Special dividend (paid 24 May 1999)          100.00         -
     Interim dividend (paid 15 November 1999)       6.45      6.15
     Final dividend                                12.20     11.35
                                                  118.65     17.50
     
     The final dividend in respect of 1999 of 12.20p will be paid
     on 22nd May 2000 to shareholders on the Register at close of
     business on 25th April 2000.

6.   Earnings per share (EPS)

     The EPS calculation is based on profits after tax and
     preference dividends of £8,802,000 (1998 : £4,668,000), and
     weighted average shares in issue of 33,493,000 (1998 :
     42,801,000)
     
     Diluted earnings per share (DEPS) is based on the same
     profits figures as for EPS, but takes into account the
     dilutive effect of share options outstanding, which increases
     the weighted average number of shares in issue for DEPS
     purposes to 33,586,000 (1998 : 42,959,000)