Interim Results

BEMROSE CORPORATION PLC
1 September 1999

                  BEMROSE CORPORATION PLC
                             
   Interim Results for the Six Months Ended 3 July 1999
                             
Bemrose  Corporation, the leading supplier  of  promotional
products  and security printing, announces interim  results
for the six months ended 3 July 1999.

The  sale  of the US Supplier Division for £80  million  in
April  1999 make direct comparison with the first  half  of
1998 impossible.


Key Points

(Disposals restrict comparison with prior year
(Turnover                           £80.0m (1998 £82.2m)
(Operating  profit  from continuing  operations   £2.24m
                                              (1998 £3.31m)
(Profit before tax                                £1.15m
(Dividend per share 6.45p, an increase of 4.9%
(Specialist Print weaker in some areas, with significant
   improvement expected in the second half
(Good  first  half for Nelson Marketing with  sales  and
   profit well ahead of the prior year
(Launch  of Nelson e-commerce site which has substantial
  future potential


Rodger Booth, Chairman of Bemrose Corporation commented:

'1999  is a year of major change involving some short  term
cost to the Group. We have successfully disposed of the  US
Supplier   businesses  at  a  premium   price,   and   have
repositioned the promotional marketing side of the business
to  focus on international distribution activities. We have
good growth opportunities here through organic development,
through  operational synergy and through further  strategic
acquisition.   Specialist  Print Services  is  expected  to
contribute  more  strongly  in the  second  half  when  the
seasonal calendar and diary businesses come into profit.'

For further information:

Bemrose Corporation
Rodger Booth, Chairman                (today: 0171 466 5000
Richard  Harrison,  Finance Director     
                                 (thereafter:  01482 867862)

Buchanan Communications
Mark Edwards                                  0171 466 5000
Jennie Roberts
                             

                 1999 INTERIM ANNOUNCEMENT
                    CHAIRMANS SUMMARY

Comments on the Financial Summary
The  major changes which have taken place during the  first
six  months  of  1999  make  direct  comparisons  with  the
previous year impossible.

Sales  from discontinued operations are principally the  US
Supplier  businesses which were sold to  Norwood  in  early
May.   The  largest  component  of  this  business  was  US
calendar  printing, which is of course loss making  in  the
first  half of the year.  Sales from acquisitions represent
the  first few months of our new supplier businesses Bourne
and  PPI.   These are expected to come into profit  in  the
second half.

We  are pleased that the provision we established last year
against  the potential loss on disposal of the US  Supplier
businesses is greater than the actual cost, and we are  now
able to release £1.25m of this provision (see note 3).

Profits for the first half cannot be directly compared with
last years total, and are discussed segment by segment  in
the  sections  following.  UK Calendars and  Diaries  still
represent over 20% of our business and this accentuates the
seasonality of our earnings.  We expect total profits to be
significantly higher in the second half of the year.

The  number of shares in issue was reduced pro rata in  May
in  conjunction  with the payment of the Special  Dividend.
The  interim ordinary dividend per share has been increased
by 4.9% to 6.45p


Segmental Review of Operations

Specialist Print Services

1998 (six months) sales £28.05m      Operating Profit £1.95m
1999 (six months) sales £27.88m      Operating Profit £0.73m

This  segment  includes  security  printing  activities  at
Bemrose  Derby and the Henry Booth Group, diary  publishing
at   Letts  and  calendar  production  at  Bemrose   Derby.
Although the first half results are disappointing we expect
a significant improvement in the latter part of the year.

At our Derby plant sales of our Russian Lottery product are
recovering  only slowly.  Margins on commercial print  work
are weak.  We are developing a substantial new business  in
secure  direct mail to replace more mature products.   This
is  expected  to  produce significant  sales  in  2000  and
beyond.   Specialist  ticket  production  at  Henry   Booth
continues  to perform well, and our newly opened  US  sales
office is already showing results.

Orders for calendars and diaries are similar to prior year.
We  are  prepared  for additional late business  associated
with  the  Millennium.  These products are of  course  loss
making  in  the first half.  We are focussing on  improving
operational  efficiencies, and  we  expect  the  full  year
contribution to be in excess of 1998.

Promotional Marketing

1998 (six months) sales £21.39m     Operating Profit £1.35m
1999 (six months) sales £32.61m     Operating Profit £1.05m

This segment includes Direct Marketing at Nelson in the US,
Canada  and  the  UK,  the  continuing  businesses  of  the
Broadway group, and the newly acquired businesses of Bourne
and PPI.

The figures exclude the discontinued businesses referred to
separately.

We  have  made  an excellent start to the  year  in  Nelson
Marketing with sales and profits well ahead of prior  year.
Margins  are  back  to  their  historic  levels.   We  have
continued  aggressive prospecting for  new  customers,  and
launched  our  new  e-commerce site which  has  substantial
future potential.

Broadway  Incentives is performing well and  continuing  to
win   new  contracts  with  major  organisations  including
Alliance  &  Leicester and KPMG.  In the short  term  sales
have  been  reduced  by  the ending  of  two  long  running
promotional programs.  However, we have established a broad
customer  base  and  we  are not unduly  dependent  on  any
individual contracts.

Disposals

1998 (six months) sales £32.78m Operating Profit £2.62m
1999 (four months) sales Operating Loss (£1.04m) £19.45m

The above comparisons are not on a like for like basis,  as
the  US Supplier businesses include sales for 1999 only  up
to  the  end  of April.  We have also closed  the  supplier
activities   of   our  Dutch  operation,   Meridian.    The
distributor activities of Meridian have been transferred to
Kreyer in Germany.


Year 2000 Compliance Issues

In  order  to address the Year 2000 (Y2K) issue a programme
of  work  was established for completion by all the Groups
operations.  This includes establishing a full inventory of
relevant commercial and embedded systems and the completion
of  a  review  and  testing programme to  assess  risk  and
compliance.   The programme is now largely  completed  with
all  outstanding  matters  scheduled  to  be  resolved   by
September this year.

Whilst the Directors consider that they have addressed  the
issues  and  reduced  the  risks associated  with  software
failure  to a minimum, there can be no assurances that  the
Group  will  be  able  to take all the necessary  steps  to
ensure Y2K compliance or that they will not have a material
effect on the Groups operations.  Nevertheless, the  Group
believes that the programme of work carried out in all  its
businesses has minimised these risks and should lead  to  a
satisfactory  solution  to  the  Y2K  issue.   The  current
estimate  of  total (internal and external) costs  is  £2m,
split  between capital and revenue based upon  the  Groups
accounting policies.

Summary and Outlook

1999  is  a year of major change involving some short  term
cost to the Group.  We have successfully disposed of the US
Supplier   businesses  at  a  premium   price,   and   have
repositioned the promotional marketing side of the business
to focus on international distribution activities.  We have
good growth opportunities here through organic development,
through  operational synergy and through further  strategic
acquisition.

Specialist  Print Services is expected to  contribute  more
strongly in the second half when the seasonal calendar  and
diary businesses come into profit.



SRG Booth
Chairman
September 1 1999

                  BEMROSE CORPORATION plc
                             
                             
Financial Summary

                             Unaudited             Restated
                                  1999                 1998
                                                           
Turnover                                                   
Continuing                     £54.18m              £49.44m
operations
Acquisitions                    £6.31m                    -
Discontinued                   £19.45m              £32.78m
operations
                               £79.94m              £82.22m
                                                           
Operating                                                  
profit/(loss)
Continuing                      £2.24m               £3.31m
operations
Acquisitions                  £(0.46)m                    -
Discontinued                  £(1.04)m               £2.62m
operations
                                £0.74m               £5.93m
                                                           
Dividends per                                              
share
Ordinary                         6.45p                6.15p
Special                        100.00p                    -
                                                           
Earnings per share                                         
Basic                            2.04p                8.49p
Diluted                          2.04p                8.42p
                                                           
Shareholders                  £59.53m              £62.72m
funds
                                                           
Net debt                        £4.77m              £24.70m
                                                           
Gearing                             8%                  39%

                  BEMROSE CORPORATION plc
                             
                             
Consolidated Profit & Loss Account

Unaudited, for the six months to 3 July 1999


                                               
                                               
                                               
                           Continuing  Discontinued
                           Operations  Operations
                     Existing Acquisi          
                               -tions
                        £000   £000     £000
                                               
Turnover               54,180   6,315    19,448
                                               
Operating               2,244    (460)   (1,040)
profit/(loss)
                                               

                                            
                                            
    
                         Half    Restated       
                         Year      Half       Full
                         1999      Year       Year
                                   1998       1998
                                            
                        £000     £000      £000
                                            
Turnover               79,943    82,227    216,666
                                            
Operating                 744     5,925     23,031
profit/(loss)
                                            
Exceptional item:         
release/(establishment)                      
of provision for          
loss on disposal of       
subsidiaries              998               (9,486)
                                            
Interest                 (594)     (729)    (1,921)
                                            
Profit before           1,148     5,196     11,624
taxation
                                            
Taxation                 (344)   (1,559)    (6,945)
                                            
Profit after              804     3,637      4,679
taxation
                                            
Dividends: Ordinary    
& Preference           (1,822)   (2,635)    (7,524) 
      Special         (43,003)
(paid 24 May 1999)        
                                            
Transfer (from)/to    
reserves              (44,021)    1,002     (2,845)
                                            
E.P.S  Basic             2.04p     8.49p     10.91p
   Diluted               2.04p     8.42p     10.87p
                                            
Ordinary dividend                           
per ordinary share:     6.45p      6.15p     17.50p
                                            
                                            
Special dividend per  100.00p
ordinary share:

These financial statements should be read in conjunction
with the notes on page 8.
                 

 BEMROSE CORPORATION plc
                             
                             
Reconciliation of Movement in Shareholders Funds


Unaudited                                                
                                       Restated          
                                 At 3     At 27      At 2
                                 July      June   January
                                 1999      1998      1999
                                 £000      £000      £000
                                                          
Profit for the financial          804     3,637     4,679
period
Dividends: Ordinary            (1,822)   (2,635)   (7,524)
      Special                  (43,003)                    

                                                         
                               (44,021)   1,002    (2,845)
                                    
                                                         
Other recognised gains and       
losses for the period            1,034       68      (166)
Shares issued in the period     
Shares to be issued              1,388       81       570                     
(107)
Net increase in goodwill in                           
the period                                            (56) 
Goodwill written back on       
disposals                       42,168                    
                                                         
                                   569    1,151    (2,604)
                                                         
Opening shareholders funds    
as previously reported         58,960    62.318    61,564
Restatement to prior period                (754)          
                               58,960    61,564    61,564
                                                         
Closing shareholders funds    59,529    62,715    58,960
                                                         

BEMROSE CORPORATION plc
                             
                             
Consolidated Balance Sheet

Unaudited                                            
                                Restated             
                        At 3  At 27 June         At 2
                        July        1998      January
                        1999                     1999
                        £000        £000         £000
                                                     
Fixed assets          34,154      46,791       54,905
                                                     
Current assets        60,820      72,349       83,625
                                                     
Current liabilities  (33,633)    (36,680)     (48,163)
                    
                                                     
Net current assets    27,187      35,669       35,462
                                                     
Pension cost          
prepayment            11,618      11,306       11,604 
                                                     
Total assets less     72,959      93,766      101,971
current liabilities
                                                     
Other liabilities    
and provisions       (13,430)    (31,051)     (43,011)
                                                     
Net assets            59,529      62,715       58,960
                                                     
Capital and reserves                                 
                                                     
Called up share       
capital               11,028      10,901       10,935 
Other reserves        48,501      51,814       48,025
                                                     
Shareholders funds   59,529      62,715       58,960
                                                     
                                                     
Analysis of                                          
shareholders funds
                                                     
Equity                59,321      62,507       58,752
Non-equity               208         208          208
                                                     
                                                     
                      59,529      62,715       58,960
                                                     
Net debt               4,770      24,704       24,939
                                                     
Gearing                   8%         39%          42%

These financial statements should be read in conjunction
with the notes on page 8.

                             
Consolidated Cashflow

Unaudited, for the six months to 3 July 1999


                                                        
                                         Restated        
                                   Half     Half    Full
                                   Year     Year    Year
                                   1999     1998    1998
                                   £000     £000    £000
                                                        
Cash inflow/(outflow) from                              
operating activities
Operating profit and              4,293    9,481  29,622
depreciation
(Increase)/decrease in stocks   (10,881) (10,474)    283

Decrease in debtors              22,677   23,515   4,079
  
Decrease in creditors            (7,941) (12,281) (5,166)

Expenditure against provisions       (5)    (110) (1,598)
    
                                                        
                                  8,143   10,131  27,220
                                                        
Returns on investment and        
servicing of finance             (1,057)    (455) (1,591)
                                                        
Taxation                           (977)  (2,061) (5,547)
                                                        
Capital expenditure              (4,840)  (4,857)(11,529)
                                                        
Acquisitions                     (5,638)          (3,429)
                                                        
Disposals                        73,208                 
                                 
                                                        
Equity dividends paid           (47,881)  (4,491) (7,128)
                                                        
Issue of shares                     408       81     396
                                                        
                                 21,366   (1,652) (1,608)
        
                                                        
Debt acquired with subsidiaries    (951)             (65)
New finance leases                           (69)   (298)
Translation difference             (246)     (65)    (50)
                                                        
Cash inflow/(outflow) in the     
period                           20,169   (1,786) (2,021)
                                                        
Opening net debt                (24,939) (22,918)(22,918)
                                                        
Closing net debt                 (4,770) (24,704)(24,939)

                             
                             
Notes to the Financial Statements


1. Basis of preparation

  This  Interim Report for the half year ended 3 July  1999
  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
  groups  Annual Report & Accounts for the  year  ended  2
  January   1999.   These  accounts  carry  an  unqualified
  auditors   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  restatement  of  the  1998  half  year  comparatives
  arises  as a result of the implementation of FRS12,  full
  details  of which are given in the 1998 Annual  Report  &
  Accounts.
  
2. Segmental Analysis

                             1999        1998 (Restated)
                          Sales     Op.   Sales      Op.
                                 profit           profit
                          £000   £000     £000      £000
                                                        
   ORIGIN                                               
   United Kingdom        45,810     673  37,372    2,406
   United States         14,685   1,111  12,071      900
   Businesses            
   disposed of           19,448  (1,040) 32,784    2,619                       
    
                                       
   TOTAL                 79,943     744  82,227    5,925
                                                        
   PRODUCT                                              
   Specialist  Print     
   Services              27,884     732  28,050    1,953 
   Promotional           32,611   1,052  21,393    1,353
   Marketing
   Businesses            
   disposed of           19,448  (1,040) 32,784    2,619                
                                       
   TOTAL                 79,943     744  82,227    5,925

3. Exceptional item                                   £000
                                                           
  -Release of provision for loss on sale of US        1,249
Supplier businesses                                    (251)
 -Closure costs relating to Meridian
Promotional Products BV,  Holland
                                                        998
  
The release relating to the disposal of the US Supplier
businesses represents the Directors best current estimate
of the final outcome of this transaction; certain issues
remain to be finalised. The variance to the original
provision arises principally from exchange rate movements.

4. Taxation

  The taxation charge is calculated by applying the
  Directors best estimate of the Groups annual tax rate
  to the profit before taxation for the period.
  
5. Dividend

  The interim dividend for 1999 of 6.45p per ordinary
  share (1998: 6.15p) will be paid on 15 November 1999 to
  ordinary shareholders on the register at the close of
  business on 22 October 1999.
  
6. Earnings Per Share (EPS)

  EPS for the half year is based on profits after tax and
  preference dividends of £793,000 (1998: £3,632,000) and
  weighted average shares in issue of 38,979,000 (1998:
  42,766,000).
  
  Diluted Earnings Per Share (DEPS) for the half year 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 39,079,000
  (1998: 43,143,000).