Interim Results - 6 Months to 26 December 1999

Belgo Group PLC
28 February 2000

                               
    Interim Results for the 26 weeks ended 26 December 1999


Belgo Group PLC, the leading restaurant group, announces its
interim results for the 26 weeks ended 26 December 1999.


Highlights

*    Sales up from £11.1 million to £17 million
*    Profit before taxation and goodwill amortisation of  £2.0
     million
*    Interim dividend of 0.01p
*    Basic earnings per share (excluding goodwill) of 0.147p
*    Continued expansion of Bierodrome brand with latest
     opening in Clapham performing ahead of expectations
*    Developed an additional roll out concept, 'Strada', with
     two units already opened
*    Strong performance from Caprice Holdings
*    The Group remains debt free and expansion continues

Andy Bassadone, Chief Executive, commented:

'Trading across the group has shown a marked improvement since
September.  Le Caprice, the Ivy and J. Sheekey have all traded
particularly strongly.  The Bierodrome expansion continues
with the latest opening in Clapham which is performing ahead
of expectations.'

'Our two latest openings are a new concept, Strada.  These
have been well received and we believe this brand can be
expanded alongside Belgo and Bierodrome from internal cash.
We are actively seeking new sites and the Group's future
prospects remain exciting.'


For further information please contact:

Andy Bassadone,                         Tel: [phone]
Chief Executive Belgo Group

Simon Rigby/Kylie Child                 Tel: [phone]
Citigate Dewe Rogerson
                               
                     Chairman's Statement
                26 Weeks ended 26 December 1999

During the period the Group has continued to expand with the
opening of the second Bierodrome in Clapham, London and the
development and opening of a new concept, 'Strada' in
Battersea, London.  Profit before taxation and goodwill
amortisation was £2.0m on sales of £17m.  Basic earnings per
share, excluding goodwill amortisation, were 0.147p.  The
board is proposing a maintained interim dividend of 0.01p per
share (1998 - 0.01p), which will be paid on 7 April 2000 to
shareholders on the register on 10 March 2000.

As outlined in the statement on 11 January, results in the
first half were affected by the unsatisfactory performance of
the overseas restaurants in Dublin and New York.   In these
new markets it has taken longer to establish the brand than
originally anticipated.  The board has taken steps to improve
the performance of these restaurants and a strategic plan is
in place for both operations.

On 2 February the Group announced the departure of Tim Power,
Operations Director.  A senior executive who has been with
Belgo since its inception has taken up this role.

Review of operations

The Group's trading has improved in recent months after a
sector wide disappointing first quarter.

The original Belgo restaurants, Belgo Noord and Belgo
Centraal, continue to trade in line with expectations although
Centraal was disrupted slightly due to a fire in the adjoining
building which resulted in the restaurant being closed for
some eight weeks.   With the exception of Dublin and New York
the remainder of the Belgo restaurants are performing in line
with expectations.  The Bierodrome concept has been well
received and the second unit, which opened in Clapham in
November 1999, is performing ahead of expectations.

The original Signature restaurants, with the exception of the
Collection, are generally performing in line with
expectations.  Daphne's is trading strongly and appears to
have benefited from the publicity surrounding the publication
of the Daphne's cookbook in September 1999.  The Collection
experienced a mixed first quarter. However, in recent months
trade has started to recover and the restaurant is showing
signs of matching previous sales levels.

Caprice Holdings has performed well throughout the period with
very strong like for like sales growth.  J Sheekey is well
established and is now enjoying a reputation similar to its
sister restaurants, The Ivy and Le Caprice.

During the period the Group opened a new concept, Strada,
which offers affordable high quality wood burning oven pizzas
and pasta in comfortable surroundings.  The first Strada
opened in November 1999 in Battersea Rise, London and the
second in Parsons Green, London in February.  Both have been
well received.  Although in its early stages, the Group
believes that Strada will be a roll-out concept that can be
expanded alongside the Belgo and Bierodrome brands.

Prospects

The Group came to the market in January 1998 with two
restaurants, Belgo Centraal and Belgo Noord.  It now has 18
restaurants, remains debt free and is well positioned to
continue its organic expansion. The Group is actively seeking
further sites for the development of Belgo and Bierodrome and
the initial trading of the first two Stradas is encouraging.
The board remains confident about the future prospects of the
Group.

Luke Johnson
Chairman                                     28 February 2000
            
                Consolidated Profit And Loss Account

                                      26 weeks       26 weeks
                                       ended          ended
                              Notes 26 December    27 December
                                        1999           1998
                                    (unaudited)    (unaudited)
                                       £'000          £'000

Turnover                          1
 Continuing                            17,423         8,142
 Acquisition                                -         2,993
Loss share of joint ventures            (462)             -
                                      _______       _______
Group turnover                         16,961        11,135

Cost of sales                         (4,714)       (3,123)
                                      _______       _______
Gross profit                           12,247         8,012

Administrative expenses              (10,053)       (6,040)
                                      _______       _______
Trading profit                          2,194         1,972

Amortisation of goodwill
- acquisition                     2     (367)         (189)

Operating profit
- (after goodwill amortisation)
 Continuing                             1,827         1,664
 Acquisition                                -           119

                                        1,827         1,783
Operating loss - joint ventures   3     (146)             -
                                      _______       _______
                                        1,681         1,783
Net interest received                       9           127
Share of joint venture
 interest payable                        (56)
                                      _______       _______
Profit on ordinary activities
 before taxation                        1,634         1,910

Taxation                          4     (499)         (567)
                                      _______       _______
Profit on ordinary activities
 after taxation                         1,135         1,343

Dividends - equity                5     (102)         (102)
                                      _______       _______
Profit for the period                   1,033         1,241
                                      _______       _______
Earnings per ordinary share
 - basic                          6     0.111p       0.141p
 - diluted                        6     0.100p       0.122p
Earning per ordinary share
 excluding goodwill
 - basic                          6     0.147p       0.161p
 - diluted                        6     0.133p       0.139p
                               
                               
                  Consolidated Balance Sheet

                                        At 26         At 27
                                       December      December
                                         1999          1998
                                     (unaudited)   (unaudited)
                                        £'000         £'000

Fixed Assets
Intangible assets                 2     13,762       14,741
Tangible assets                         15,706       10,133
Investments                                120          409
Joint ventures
 Share of gross assets            3      1,333          787
 Share of gross liabilities       3    (1,571)        (692)
                                       _______      _______
                                        29,350       25,378

Current Assets
Stock                                    1,006          426
Debtors                                  1,872        1,386
Cash at bank and in hand                 6,227        9,128
                                       _______      _______
                                         9,105       10,940
Creditors: amounts falling due
 within one year                       (7,213)      (5,911)
                                       _______      _______
Net current assets                       1,892        5,029
                                       _______      _______
Total assets less current
 liabilities                            31,242       30,407

Creditors: falling due after
 more than one year                    (4,516)      (6,003)
Provision for liabilities
 and charges                             (288)        (268)
                                       _______      _______
Net assets                              26,438       24,136
                                       _______      _______
Capital and Reserves
Called up share capital                 10,244       10,213
Reserves                                16,194       13,923
                                       _______      _______
                                        26,438       24,136
                                       _______      _______

Analysis of shareholders' funds
Equities                                26,438       24,136
Non-equity                                   -            -
                                       _______      _______
                                        26,438       24,136
                                       _______      _______

Notes forming part of the financial statements


1.   Group   turnover  arises  substantially  in  the   United
     Kingdom.   Turnover, results and net assets  derive  from
     the  Group's  ongoing  principal  activity  of  operating
     restaurants.   The  acquisition in the  period  ended  27
     December  1998 related to Caprice Holdings  Limited,  the
     principal  business  of  which is  the  operation  of  Le
     Caprice, The Ivy and J. Sheekey.  The total cost of sales
     and  administrative expenses relating to this acquisition
     amounted to £900,000 and £1,785,000 respectively.

2.   Results are consolidated from the date of acquisition  of
     subsidiary  undertakings.  In  accordance  with  FRS  10,
     goodwill arising on the difference the fair value of  the
     consideration paid and the fair value of the  net  assets
     acquired is capitalised and amortised over 20 years being
     the estimated useful economic life.

3.   In  accordance  with  FRS  9  joint  ventures  are
     accounted  for  using  the gross  equity  method.   Joint
     ventures  preciously stated at cost, have been  accounted
     for  in  accordance  with  FRS 9,  and  goodwill  arising
     thereon has been charged against reserves.

4.   The tax charge for the six months ended 26 December
     1999 has been calculated based on the estimated effective
     tax rate for the full year.

5.   Proposed  interim  dividend  represents  0.01p  per
     ordinary share (1998 interim - 0.01p).

6.   The  calculation of earnings per share is based  on
     the  weighted  average number of issued  ordinary  shares
     during  the  period of 1,023,230,535 (1998 - 950,617,553)
     and   earnings  of  £1,135,000  being  the  result  after
     taxation (1998 - £1,343,000).

     Diluted  earnings  per share  includes  107,043,860
     (1998  -  154,084,869) shares in respect of  options  and
     warrants,   giving   a   total  number   of   shares   of
     1,130,274,395 (1998 - 1,104,702,422).  Earnings per share
     excluding the amortisation of goodwill of £367,000  (1998
     -  £189,000) is based on adjusted earnings of  £1,502,000
     (1998 - £1,532,000).

7.   These  interim results are unaudited and unreviewed
     and  have been prepared utilising the accounting policies
     adopted  by  the  Group in the audited accounts  for  the
     period  ended  27 June 1999.  The statutory accounts  for
     the  period ended 27 June 1999 have been delivered to the
     Registrar of Companies and were unqualified and  did  not
     contain a statement under section 237 (2) or 237  (3)  of
     the Companies Act 1985.