Interim Results

Buckland Investments PLC
20 September 2002





                               BUCKLAND GROUP PLC

                        Report and financial statements

                         for the six month period ended


                                  30 June 2002




Chairman's Statement for the six month period ended 30 June 2002 
 
I am pleased to present the interim results for Buckland for the six month period ended 30th June 2002 . The results
show a consolidated profit before exceptional item and tax of £ 149,000 on sales of £ 2.29m .An exceptional charge of
£ 210,000 has been taken as a provision against the potential final balance sheet write-downs relating to the
liquidation of the Group's former operations in France. It should be noted that these are not cash costs. There is no
tax liability for the period. Before the exceptional charge, earnings per share were 0.15p ; after the exceptional
item, the attributable loss was equivalent to 0.11p per share. No interim dividend is proposed. 
 
Trading  
 
The trading results to 30th June 2002 reflect for the first time the benefits of the extensive restructuring of the
Group's operations over the last few years and the cessation of all activities in France. Our principal product lines
continue to be CRT sockets and SCART connectors, supplemented by steadily growing sales of power input sockets. We
are also at an advanced stage in adding additional types of connectors to our product range, although their
contribution to sales will be only modest to begin with. 
 
Like for like sales in the first half of 2002 compared with 2001 were marginally lower due to the depressed computer
monitor market which affected our CRT sales. However, overall demand for CRTs for colour televisions and monitors now
seems to have stabilized for the time being and we see various encouraging signs that we may pick up some market
share over the rest of 2002/ 2003. Demand for Scarts has been impacted in recent months by the sharp fall in sales of
set top boxes in Europe, for which the rapidly growing market for DVD players has not yet been able to fully
compensate. However, we are now seeing a good seasonal upturn in demand and our customers' volume forecasts for 2003
look promising. 
 
Balance sheet 
 
Following the issue of new shares for cash earlier this year, the Group has a greatly strengthened balance sheet. Net
assets at the end of June were in excess of £ 1.1m with net gearing being below 20%. Operating cash flow for the
period was positive. 
 
Exceptional Item 

Although we ceased all activities in France in 2001, there still remain certain issues to be resolved concerning the
liquidation of the French subsidiaries. Whilst these are expected to be insignificant in cash terms, there are
various inter-group balances which previously were eliminated on consolidation of the group accounts which will need
to be written down. As a provision against these balances, we have therefore thought it prudent to provide an
exceptional item of £ 210,000 in the interim accounts.  
 
Outlook 
 
Prospects for the rest of 2002 look satisfactory for our existing operations and we continue to seek opportunities to
develop the Group by further acquisition.  
 
 
 
 
Patrick Rogers 
Chairman 
 
19th September 2002  
 

Consolidated profit and loss account for the six month period ended 30 June 2002 
 
 

                                                                                                                
                                                                     Unaudited      Unaudited       Twelve month
                                                                     Six month      Six month       Period ended
                                                                  Period ended   Period ended   31 December 2001
                                                                       30 June        30 June                   
                                                                          2002           2001                   
                                                                         £'000          £'000              £'000
        Turnover                                                         2,289          3,064              5,808
        Operating profit / (loss) before interest                          163            116                178
                                                                                                                
        Exceptional item                                                 (210)                             (100)
        Net Interest payable                                              (14)           (91)              (164)
        Profit / (loss) on ordinary activities before taxation            (61)             25               (86)
        Taxation                                                             -              -                  -
        Profit / (loss) on ordinary activities after taxation             (61)             25               (86)
        Minority Interests                                                (30)              -                  -
        Retained profit / (loss) for the period                           (91)             25               (86)
        Earnings /(loss) per ordinary share                                                                     
        Before exceptional item, basic                                   0.15p          0.16p            (0.14)p
        After exceptional item, basic                                  (0.11)p          0.16p            (0.58)p
 
Notes to the Interim Results
 

1. The consolidated profit and loss account incorporates the unaudited results of Buckland Group Plc and all of its
subsidiary undertakings made up to 30 June 2002, and has been prepared on a basis consistent with the accounting
policies set out in the audited financial statements for the year ended 31 December 2001. Earnings/ (loss) per share
for the six months to June 2002 have been calculated based on the weighted average number of shares in issue for the
period of 80.972m.

2. This Interim Report was approved by the board of directors on 19th September 2002.

This interim financial information does not comprise statutory accounts as defined in Section 240 of the Companies
Act 1985.

The financial information for the period ended 31 December 2001 is an extract from the latest company accounts. The
accounts received an unqualified auditors report and have been filed with the Registrar of Companies.

The financial information for the period ended 30 June 2002 has not been subject to review by the auditors.

3. Copies of this Interim Report are being sent to shareholders and are available from the Company Secretary at
Buckland Group plc, 106 Ebury Street, London SW1W 9QD.

 



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