2001 Preliminary Statement

De La Rue PLC
23 May 2001

PART 1
                          2001 PRELIMINARY STATEMENT

                            Year to 31 March 2001

                                  HIGHLIGHTS


*     Operating profits from continuing operations (before exceptional items)
      up £11.2m at £66.4m

*     Solid performance from Currency division with further improvement in
      margins building on restructuring gains made last year

*     Cash Systems exits the year at operating margins of 10%, as predicted

*     Following pension revaluation, results have benefited from £1.8m increase
      in amortisation of pension surplus

*     Profit before taxation and exceptional items up £2.8m at £77.8m after
      lower contribution from associates

*     Headline earnings per share (before exceptional items) of 32.4p, up 5.9p
      or 22% on comparable period

*     Recommended 7.5% increase in the final dividend to 8.6p

*     Continued strong cash generation with £68.6m of cash inflow from
      operating activities.  Closing net cash position of £36.1m up from £2.1m
      last year

*     Excellent all round performance reflected in the Group's profitability,
      leading market positions and strong cash generation


Brandon Gough, Chairman of De La Rue plc, commented on the results:

'This is an excellent all round performance.  Our results for the year ended
31 March 2001 show a further improvement which underlines the continued
progress in the revitalisation of our operations.  The increase of 7.5% in the
final dividend to our shareholders demonstrates the Board's confidence in the
ongoing strength of the Group's operations.

'It was particularly pleasing to announce last week the settlement of the
arbitration proceedings brought by the other shareholders in our associate
company, De La Rue Giori SA.  Coupled with the disposal of our shareholding in
the business for good value, which we expect to complete shortly, this
represents a very satisfactory outcome for De La Rue shareholders.

'We believe we are well placed to take advantage of the opportunities to
deliver a broad range of secure transaction solutions to our customer base.
The success of the reorganisation and the strength of our financial position
provide a strong base from which to concentrate on growth opportunities in the
year ahead.'

For further information please contact:

Paul Hollingworth    Finance Director                 [phone]
Mark Fearon          Head of Corporate Affairs        [phone]
Stephen Breslin      Brunswick                        [phone]

23 May 2001


Group Results & Key Achievements

De La Rue is pleased to report an excellent all round performance for the year
ended 31 March 2001, showing a further improvement which underlines the
continued progress in the revitalisation of our operations.  Overall trading
performance was strong with operating profit from continuing operations
(before re-organisation costs) up £11.2m compared to last year at £66.4m.  The
main driver behind this increase has been a further improvement in the
operating performance by the Cash Systems division with margins sharply higher
in the second half.  This result was achieved despite the planned revenue
investment in the Global Services division, where profits were reduced by £
5.9m.

Despite the £5.1m decline in associates' profit before tax (and exceptional
items), because of poor trading at De La Rue Giori, profits before tax and
exceptional items increased by £2.8m to £77.8m. Compared with last year,
headline earnings per share (before exceptional items) increased by 22% to
32.4p.

Cash flow continues to be positive with £68.6m being generated by operations
during the period, and the overall net cash position increased to £36.1m, up
from £2.1m last year.

We have taken significant steps in expanding the Group's operations,
consolidating our strong financial position and concentrating on future growth
opportunities.  The main achievements have been:

*     A strong balance sheet which provides us with an excellent platform to
      grow the business

*     Improvement in the profitability of Cash Systems with the division
      exiting the year at margins of 10% as predicted and with a much stronger
      order book

*     Several bolt-on acquisitions in Cash Systems expanding the product range
      and geographical reach of the division

*     Bringing together our non-banknote Security Products operations and
      Global Services division under common management so as to take better
      advantage of common market opportunities in a more cost effective manner

*     Excellent cash generation for a second consecutive financial year

Dividend

Subject to shareholders' approval, the Board is recommending an increased
final dividend of 8.6p per share, up 7.5% on last year's, which will be paid
on 13 August 2001 to shareholders on the register on 13 July 2001.  This will
give a total dividend for the year of 12.6p, an overall increase of 5% on last
year.

Strategic Overview and Business Development

While the Group is structured along divisional lines there are many strong
links between our various businesses which are not reflected by our reporting
structure.  It is one of our key objectives to encourage our people to work
more closely together and to ensure our customers get the best solution in the
most efficient manner.  More recently, much work has also been undertaken in
identifying the broad focus for the Group's activities in the future which
will enable us to grow our core businesses but also maintain a common focus to
our operations through leveraging our core competencies in secure
transactions.  Increasingly, we see the De La Rue of the future developing its
business in three core operating areas, each centred around delivering a broad
mix of both products and 'end-to-end' solutions tailored to our customers'
needs.  These are:

*     Payment - producing secure payment instruments including high security
      banknotes and travellers cheques and providing cash processing solutions
      to a range of customers including financial institutions and retailers.

*     Identity - securing the physical and digital identity of individuals by
      providing a range of high security identity documents such as passports
      and identity cards and document issuing systems for the world's
      governments.

*     Brand Protection - helping brand owners protect their products from
      counterfeiting or copying and maintain the integrity of their supply
      chains where they are at risk from product counterfeit, tampering and
      diversion.

While the Group will continue to report financially on existing divisional
lines, increasingly the way we structure, grow and manage our operations will
be around developing our offerings in the payment, identity and brand
protection sectors.

Global Services

Since launch, the Global Services division has concentrated on identifying
growth opportunities in three core areas; payment services; brand protection
and digital and identity security.  Following a recent strategic review we
believe that there is a much larger opportunity for De La Rue in the brand and
identity business streams than previously recognised.  Both Global Services
and Security Products see these two markets as key areas for expansion.

In response, we have announced our intention to bring together all of De La
Rue's capabilities in Global Services and Security Products under common
leadership and management.  The combined Global Services and Security Products
operation will be managed by Dr Jon Marx, the managing director of De La Rue's
non-banknote security products business.  As a consequence, Chris Chadwick,
managing director of Global Services, is leaving the Group and we would like
to express our gratitude to Chris on behalf of the Board for his contribution
to De La Rue.

These organisational changes will now consolidate the broad range of the
Group's capabilities in brand protection and identity into a single
organisation structure which will allow us to serve these markets better.  In
addition, we will continue to serve, through a finance business stream, the
traditional non-banknote markets within Security Products, such as travellers
cheques, vouchers and stamps.  Each of the three businesses (brand, identity
and finance) will deliver the full range of the Group's capabilities to our
customers encompassing both products and end-to-end solutions.

Acquisitions

The strength of the Group's financial position is such that it gives us
considerable scope for making further acquisitions.  We have adopted a
rigorous approach when looking at opportunities and have set strict criteria
for their evaluation and selection and will not be rushed into making them.
Critical to this is that they must be complementary to the overall strategic
direction of the Group in the areas of payment, identity and brand protection
and that they must represent fair market value for shareholders' funds.  Cash
Systems recently announced the acquisition of ATS Money Systems Inc. (subject
to ATS shareholders' approval) and Ascom Business Unit Cash Handling (BUCH)
Switzerland and we estimate that both will be earnings enhancing in the first
full year of trading.

Extracts from the Operational Reviews

CASH SYSTEMS                  2001           2000               change
                              £m             £m                 £m

Sales                         262.4*         257.3                5.1

Operating profit               16.8*           4.4               12.4

*  includes acquisitions (sales of £23.4m and operating profits of £1.0m,
   before reorganisation costs of £0.8m; 2000 : £19.2m)

The profit of £16.8m for the year was a substantial improvement on the £4.4m
(before reorganisation costs) recorded in 1999/2000.  It was also pleasing to
exit the final quarter with operating margins at 10%, as predicted.  Second
half performance was in line with expectations with operating profits at £
13.1m, up £9.3m on the comparable period last year.  The main reason for lower
sales, excluding acquisitions, as highlighted in our interim statement, was a
slowdown in sales of large sorters within the Cash Processing business stream
and the resignation from an unprofitable account in the Original Equipment
Manufacture (OEM) business.  Closing order books are, however, well up on last
year.

The emphasis has now moved away from restructuring towards generating sales
growth.  Our strategy is to design and offer market focused end-to-end
solutions to our customers in cash management logistics and transaction
automation.  We have also announced several small and medium sized bolt-on
acquisitions in line with this strategy.

We have also seen the launch of several new products across all three business
streams.  It is pleasing to report continued expansion in new product sales
(i.e. those products introduced after 1 January 1998) which as a percentage of
total product sales were 26% compared with 20% for the previous year.

The launch of the euro in January 2002 represents a significant opportunity
for the division, which is well placed to generate solution-based sales to
commercial banks, the retail market and in cash logistics.  We hope to take
further advantage of these opportunities, and estimate that the benefit for
the division over the next financial year will be approximately 4% of sales.

Branch Cash Solutions

During 2000/2001 the business performed very well and the order book remains
strong in all key regions.  Following the acquisition of Ascom Banking
Automation, the international cash handling activities of Ascom Autelca AG
(Ascom) in April 2000, orders taken of 1,750 units for the Twin SafeTM Teller
Cash Recycler (TCR) have exceeded expectations and given us excellent
penetration in Europe particularly in Germany, Spain and France.  The start up
losses incurred as a result of the acquisition have now given way to
substantial sales backed by a strong order book.  During 2001/2002 we plan to
launch the TCR Twin SafeTM machine into the US banking market.  Sales of
Teller Cash Dispensers have also been good with geographic expansion in
countries where banks are moving towards open plan layouts and greater
automation.

We have also recently expanded our geographical sales, service and
distribution network in Europe through the acquisition in April 2001 of
Ascom's BUCH businesses in Switzerland and a smaller operation in Belgium.
The businesses were acquired for a consideration of £9.0m.  The Swiss business
is focused on sales, installations and maintenance of hardware and software of
teller assist units and self-service cash automation products across the
territory.  The acquisitions will strengthen De La Rue's presence,
particularly in the Swiss cash handling market, and enhance its existing
sales, service and distribution network in these regions.

OEM

The OEM business, which makes dispensing mechanisms for ATM machines,
maintained profitability, a major achievement despite it resigning from a key
customer account last year which affected volumes.  During the year we
launched the MiniMechTM range of ultra compact and secure cash dispensing
mechanisms, and we have already had significant interest from customers. While
we expect volumes to be high, the MiniMechTM range has a lower selling price
relative to the rest of the range which will limit the impact on sales
revenues.  Demand has also increased since the half year on the back of euro
cassette sales.

Desktop Products

Desktop Products has made good progress during the year and in September 2000
we announced the appointment of Ian McCormick as managing director.  Ian
joined De La Rue from Money Controls Group, a manufacturer of money handling
equipment for the vending, gaming, ticketing and telecommunications markets,
where he held a number of senior management positions.  This year the business
has concentrated on enhancing the quality and breadth of the product range,
including the launch of a range of euro-ready note and coin counters for
businesses involved in the changeover to the euro in January 2002.

In March 2001, we exchanged contracts to acquire ATS Money Systems, Inc.
(ATS), a leading US provider of cash handling solutions hardware and software,
predominantly to the retail sector.  The transaction, which is subject to ATS
shareholder approval, is likely to complete by the end of May 2001 for
consideration of approximately US$14.0m.  The acquisition of ATS will allow us
to develop new sales opportunities in the retail sector where we see
significant potential, particularly in the retailing, vending, travel and
gaming sectors.

Cash Processing

Sales in our Cash Processing business, whilst up on the first half, have
continued to be slow with the market for large sorters being fiercely
competitive with long sales conversion lead times.  During the year we were
delighted to implement a cash handling solution for J Sainsbury plc, one of
the UK's leading grocery supermarkets using our DeprosTM deposit processing
software.

Customer Service

The division's Customer Service business continues to benefit from its focus
as a separate profit centre and sales increased by 8.7% compared to the
previous year, with the business now accounting for 28% of divisional sales.
It has had an excellent period supporting the business streams and ensuring we
provide a consistent level of service, support and installations both to end
users and to our distributor partners.  The business is now a major area of
focus for the division.  We have built up a strong international management
team and will be seeking acquisitions to complement the organic growth.


SECURITY PAPER AND PRINT               2001       2000            change
                                       £m         £m              £m

Sales                                  212.8      214.0           (1.2)

Operating profit                        50.4       45.7*           4.7

* before reorganisation costs of £4.4m

Banknotes

The business has again benefited from the focus on achieving a better quality
mix of business with profits and margins rising despite lower volumes.  In
addition, cash generation was excellent with operating cash flow in excess of
operating profits.  The banknote business has also benefited over the last two
years from a large overspill order which was completed during the second half
of the year.

The technological advances available to the counterfeiter, with greater
sophistication of colour copying, scanning and printing technologies mean we
continue to invest in developing the latest banknote features such as wide
threads, holographic devices and iridescent features to provide high
technology solutions for our customers.

New features have again sold well and reflect customers' increasing
recognition of the counterfeiting threats in the market.  Starwide(R) and
Cleartext(R), our machine readable holographic threads, also sold well as did
Intaglio Gold, our world leading metallic intaglio ink.  The current order
book for banknotes is healthy, benefiting in particular from a significant new
overspill order received in April 2001.

Valora, the joint venture with the Bank of Portugal for the production of euro
banknotes, has developed well during the year and is nearing completion of
first phase production, ready for the issue of new banknotes in January 2002.

Papermaking

The papermaking business performed satisfactorily, although overall volumes
fell by around 7.4% compared with last year, as we continued to pursue a
value-not-volume driven strategy. However, as noted at the interims, volumes
will be further impacted in the current financial year by the pause in
production of the India contract as the customer runs down existing high
levels of paper stocks. The contract currently accounts for about 15% of
banknote paper volumes. The full effects of this shortfall will be felt during
the current financial year but the strength of the banknote order book should
partly offset the impact on the Currency division.

During the year we invested approximately £5.0m in upgrading a second
papermaking machine based in Overton, to allow it to accept wide threads.  In
addition, during 2000/2001 we were delighted to secure orders for PlatinumTM,
De La Rue's durable paper alternative to polymer banknotes.

Security Products

The non-banknote security printing business performed in line with
expectations.  Our strategy continues to focus on moving the division from a   
'products' to a 'products and solutions' base and we have invested in upgrading
our manufacturing capabilities to improve quality and service while reducing
costs.

The UK printing operations (in High Wycombe, Dunstable and Peterborough)
overall had a satisfactory year.  The performance at Dunstable was
particularly strong, buoyed by better than expected demand.

At High Wycombe, which performed below expectations, management concentrated
on an overhaul of manufacturing disciplines and inventory procedures in the
travellers cheques business and considerable progress has been made in
improving quality and service.  The effect on revenues was however, muted due
to extensive de-stocking by a customer (now completed) throughout the year.
In the coming year we plan to perform a similar overhaul of our passport
printing business to optimise use of plant and machinery in the factory.  We
were delighted to retain a three year contract with the Royal Mail for stamp
production which is moving to a self adhesive substrate later this year.

The US printing business based in Dulles (which mainly manufactures travellers
cheques) also reported a satisfactory performance.  Production volumes for our
Bathford pulp-based security paper business were below capacity as the effects
of overstocking by some customers due to the millennium bug in the previous
year caused a shortfall. De La Rue Tapes, which produces security threads for
banknotes, had an excellent year buoyed by strong banknote orders.  The
relocation of the business to a more modern facility will be completed in the
summer and the business should benefit from greater capacity and the higher
levels of security required to meet euro specifications.

As discussed earlier we are merging the management of De La Rue's Security
Product's operations with Global Services under the leadership of Jon Marx who
is assuming the role of managing director.

GLOBAL SERVICES                          2001       2000         change
                                         £m         £m           £m

Sales                                    55.3       50.5          4.8

Operating (loss) / profit                (0.8)       5.1         (5.9)

Global Services continued to grow its top line in its first year of trading
and, excluding Microsoft, sales in the division were up 14%.  In March, we
were delighted to secure a further contract with Microsoft to produce labels
for its new X-box games console.  However, the contract with Microsoft for
Windows(R) labels is scheduled to move to a plastic substrate through another
supplier later this year.   While the X-box contract has considerable
potential sales will take time to build up and there may well be an adverse
impact on sales in the current year.

Considerable progress has been made this year in building divisional
capability with investment priorities in recruitment and continuing work in
process design.  The division made a small loss of £0.8m, as a consequence of
this revenue investment.

Business Stream Performance

Brand Protection has won business with brand owners in the apparel, luxury
goods, wines and spirits and consumer goods sectors.  The strategy of
selective business development in target sectors is proving beneficial and our
approach has been to develop close relationships through in-depth knowledge of
our customers.  This has led to a number of new contracts from leading brand
owners across a range of market sectors, the benefits of which should be seen
in the current year.

The Holographics business continues to identify opportunities presented by the
euro and the wider banknote market following euro accreditation last year.
During the year we have further refined our strategy to concentrate on the
banknote, fiscal stamp and brand protection markets and have aligned our sales
efforts to match these markets.

Identity Systems has won significant business this year for government
national identity and international travel document issuing solutions on a
truly global scale. New projects included Bahrain's passport and national
identity card schemes, Estonia's passport and a consultancy assignment for
Jersey looking at the development of a smart national identity card.  The
Mexico contract, which we announced last year, is the largest in the history
of the business and has been invaluable in giving us experience of delivering
large scale complex infrastructure projects.

Transaction Services' revenues were affected by delays in the UK mobile phone
operators launch of e-Top Up pre-pay service for mobile phones.  All four
major operators have selected De La Rue's PayZoneTM network of terminals and
during the year we have invested in expanding our agents' network which
currently stands at 9,500.  Vodafone and Orange have now launched their
pre-pay services and the remaining mobile phone operators are expected to
launch their services later this year.  British Gas has also recently launched
a pre-pay service using the PayZoneTM network.

We are currently reviewing the best way for InterClear, our digital security
business, to support our brand protection and identity initiatives.

Associates

The share of operating profits (before exceptional items) from Camelot was
similar to last year at £10.4m (1999/2000: £10.8m). Profits have held up well
as Camelot approaches the end of the current licence period.  We were
delighted that Camelot successfully retained the contract to operate the next
lottery licence.  As previously announced, The Post Office which has worked in
partnership with Camelot during the recent bid, has now become a shareholder
in Camelot Group plc so that each shareholder has a 20% stake (compared with
our previous holding of 26.67%).

The current contract to run the lottery ends on 30 September 2001 although
due, to the delays in awarding the licence, the National Lottery Commission
has granted an interim licence to Camelot which expires in January 2002.  The
new lottery licence, which commences on 27 January 2002, will reduce the
shareholders' return from each 100p collected from around 1.0p to just under
0.5p.  The impact on overall profitability will, of course, depend on actual
lottery ticket sales levels. It is also anticipated that there will be some
start up costs associated with the development of new platforms and the
replacement of terminals for the second licence period.

Operating results from other associates, principally De La Rue Giori (Giori),
were down £6.1m to a loss of £2.2m.  Although the second half saw Giori record
a small profit, overall the business incurred a loss for the year.  On 18 May
2001, we announced the disposal of our shareholding in Giori to Koenig and
Bauer, the German manufacturer of printing presses, for a total consideration
of CHF50m (£20m) resulting in an exceptional pre-tax gain of £14m (to be
recorded in 2001/2002).  Koenig and Bauer, which already manufactures banknote
machinery for Giori is also purchasing the other shareholder's interests in
the company so that it will be the sole proprietor of the business.
Completion of the sale is expected to take place shortly.

The resolution of the arbitration for the payment of  approximately 5% of the
original claim was also announced on 18 May 2001 and is dependant on the
completion of the above sale to Koenig and Bauer.  De La Rue announced in
November 1999 that arbitration proceedings were being taken against it by the
other shareholders in Giori.  At the time the claim was quantified at
approximately £125m.

We believe that the resolution of the arbitration and the sale of the company
(both still conditional) represents a very satisfactory outcome for De La Rue
shareholders.

Interest Charge

The Group's net interest income was £3.2m (including interest received by
associates of £4.4m). Excluding interest received by associates, the Group net
interest charge was £1.2m, a £1.8m improvement on the same period last year as
a result of lower average debt levels.

Taxation

Excluding exceptional items, the underlying tax rate was 23%, which is similar
to last year's effective tax rate.  The main reason for the low tax rate is
utilisation of available tax losses and the location of some De La Rue
operations in low tax rate regimes.  The strong return to profitability of the
Group over the past two years will probably result (depending on the
geographic mix of results) in an increase in the effective tax rate over the
coming years.

Pension Revaluation

The Group's UK pension fund was revalued as at 6 April 2000 as part of the
usual tri-annual valuation exercise.  In summary, the valuation showed that
the pension fund remained in surplus with assets as a percentage of
liabilities amounting to 113% (at the last valuation the percentage was 111%).
As a result of the valuation exercise and the funding assumptions
recommended by the actuaries, the annual amortisation benefit resulting from
the surplus has risen from £3.7m to £5.5m as can be seen in the table below.

                                                         2001         2000
                                                          £m           £m
Regular pension cost                                     7.2          7.8
Variation from regular cost                             (5.5)        (3.7)
Net pension cost                                         1.7          4.1

Exceptional Items

A columnar approach has again been adopted in presenting exceptional items on
the face of the Group profit and loss account to aid users in understanding
the underlying performance of the business.  For the year ended 31 March 2001
the net exceptional gain is £6.2m (1999/2000 - gain of £30.8m).  A summary
analysis of the major exceptional items is shown below.

                                                                           £m
Costs of integrating Ascom acquisition                                   (0.8)
Disposal of Cash Systems South Africa operation*                         (3.0)
Costs incurred in Camelot (associate) related to winning second UK       (2.5)
lottery licence**
Release of excess provision following resolution of several major        12.5
taxation issues
                                                                          6.2

 * statutory exceptional item under FRS3
** net of related tax relief of £0.9m

The costs of £0.8m incurred in integrating the Ascom acquisition were lower
than expected as the decision has been taken to continue to outsource
manufacture to the original parent company and not move production as
originally planned.

Cash Systems disposed of the assets of its South African business for net
proceeds of £0.6m.  The loss on disposal of £3.0m was after charging £3.8m of
goodwill to the profit and loss account (this goodwill was written off
directly to reserves when the business was originally acquired).

As a result of Camelot securing the licence for running the UK lottery for a
second period, which is due to commence on 27 January 2002, certain costs were
incurred which have been classified as exceptional in Camelot's accounts.

It is pleasing to note that several major outstanding tax issues (both UK and
overseas) were resolved during the year with the net result that there was a
release to profits of £12.5m of provisions no longer required.

Cash flow and Bank Balances

Cashflow continues to be strong with net cash inflow from operating activities
of £68.6m.  Net cash position at the end of the year was £36.1m, up £34.0m on
last year.  Stock levels ended the year £7.3m higher, mainly because of the
impact of acquisitions and a build up of stock in Cash Systems to satisfy the
strong order book particularly for euro related products for delivery early in
the new financial year.

Capital expenditure, at £27.9m, was £4.9m more than depreciation (excluding
intangibles), primarily as a result of two major projects which were
commissioned during the year, the conversion of a paper making machine at
Overton to wide threads and relocation of our Horwich Tapes factory to a new
site.  For the next financial year (2001/2002) we estimate capital expenditure
will be at a similar level to depreciation.

Outlook

We believe we are well placed to take advantage of the many opportunities to
deliver a broad range of secure transaction solutions to existing and future
customers.  The success of the reorganisation and the strength of our
financial position provide a strong base for concentrating on growth
opportunities in the year ahead.  Currency has a good banknote order book
which should help partly offset the expected softness on the banknote paper
side.  Within Cash Systems we expect to make further progress in the
profitability of the division based on current good order levels and
maintaining the momentum on profit margins.  In Global Services we look
forward to realising synergies from closer working and common control with our
Security Products businesses.  Overall, De La Rue is well placed to make
continued progress next year.

Notes to Editors

1  An interview with CEO Ian Much can be viewed at the De La Rue
  (www.delarue.com) and Cantos websites (www.cantoscomms.com)

2  High resolution images can be downloaded from NewsCast at www.newscast.co.uk

GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2001

Notes                   2001        2001  2001         2000        2000  2000
                         £m          £m    £m           £m          £m    £m
                      Before Exceptional             Before Exceptional
                Exceptionals       Items Total Exceptionals       Items Total
Turnover
Continuing
 operations           501.4               501.4       518.9             518.9
Acquisitions           23.4                23.4           -                 -
                      524.8               524.8       518.9             518.9
Discontinued              -                   -        98.2              98.2
 operations
1                     524.8               524.8       617.1             617.1
Operating profit
Continuing 
 operations            65.4                65.4        55.2              55.2
Reorganisation and                     -      -                  (25.6) (25.6)
 arbitration costs
                       65.4            -   65.4        55.2      (25.6)  29.6
Acquisitions            1.0                 1.0           -                 -
Reorganisation                      (0.8)  (0.8)                     -      -
      costs
                        1.0         (0.8)   0.2           -          -      -
                       66.4         (0.8)  65.6        55.2      (25.6)  29.6
1 Discontinued            -                   -         5.1               5.1
   operations
Group operating        66.4         (0.8)  65.6        60.3      (25.6)  34.7
   profit
Share of operating      8.2         (3.4)   4.8        14.7          -   14.7
   profits of
   associated
   companies
Total operating        74.6         (4.2)  70.4        75.0      (25.6)  49.4
   profit
Loss on the
   disposal                         (3.0)  (3.0)                     -      -
   of continuing
   operations
Profit on the                          -      -                   56.1   56.1
   disposal of
   discontinued
   operations
Profit on sale of                      -      -                    2.0    2.0
   investments
Scheme of arrangement                  -      -                   (1.1)  (1.1)
   costs
2 Non-operating items               (3.0)  (3.0)                  57.0   57.0
Profit/(loss) on       74.6         (7.2)  67.4        75.0       31.4  106.4
  ordinary activities
  before interest
Net interest: Group    (1.2)               (1.2)       (3.0)             (3.0)
         Associates     4.4                 4.4         3.0               3.0
                        3.2                 3.2           -                 -
Profit/(loss) on       77.8         (7.2)  70.6        75.0       31.4  106.4
 ordinary activities
 before taxation
3 Tax on profit/(loss)(18.0)        13.4   (4.6)      (17.1)      (0.6) (17.7)
   on ordinary
   activities
Profit on ordinary     59.8          6.2   66.0        57.9       30.8   88.7
   activities after
   taxation
Equity minority        (0.2)               (0.2)       (1.0)             (1.0)
   interests
Profit for the         59.6          6.2   65.8        56.9       30.8   87.7
   financial year
Dividends (including  (24.0)              (24.0)      (24.3)            (24.3)
 non-equity dividends)
Transferred to         35.6          6.2   41.8        32.6       30.8   63.4
 reserves
4 Earnings per
  ordinary share       31.3p        3.3p  34.6p        25.9p     14.0p  39.9p
4 Diluted earnings
  per ordinary share   30.9p        3.2p  34.1p        25.7p     13.9p  39.6p
4 Headline earnings 
  per ordinary share   32.4p        4.9p  37.3p        26.5p    (10.7p) 15.8p

Dividends per          12.6p              12.6p        12.0p            12.0p
 ordinary share                                

A reconciliation between earnings per share, as calculated according to
Financial Reporting Standard No 14 'Earnings per Share' (FRS14) issued by the
Accounting Standards Board, and headline earnings per share, as calculated
according to the definition of headline earnings in Statement of Investment
Practice No 1 is shown in the following notes.  'The Definition of Headline
Earnings' is issued by the Institute of Investment Management and Research.

GROUP BALANCE SHEET
AT 31 MARCH 2001

                                                                2001       2000
                                                                  £m         £m
Fixed assets
Intangible assets                                                4.9        3.2
Tangible assets                                                177.0      167.4
Investments:            Associates                              43.3       61.0
                        Other investments                        4.8        4.2
                        Own shares                               5.6        6.2
                                                               235.6      242.0
Current assets
Stocks                                                          80.1       72.8
Debtors                                                        114.6      107.9
Cash at bank and in hand                                        89.5       85.7
                                                               284.2      266.4
Creditors: amounts falling due within one year
Short term borrowings                                          (27.7)     (25.5)
Other creditors                                               (206.8)    (199.4)
                                                              (234.5)    (224.9)
Net current assets                                              49.7       41.5

Total assets less current liabilities                          285.3      283.5

Creditors: amounts falling due after more than one year
Long term borrowings                                           (25.7)     (58.1)
Other creditors                                                 (0.7)      (2.2)
                                                               (26.4)     (60.3)
Provisions for liabilities and charges                         (45.3)     (60.1)
                                                               213.6      163.1
Capital and reserves
Called up share capital                                         48.3       48.0
Share Premium                                                    3.2        0.4
Revaluation reserve                                              1.8        1.8
Merger reserve                                                 (83.8)     (83.8)
Profit and loss account                                        241.5      193.7
Shareholders' funds                                            211.0      160.1

Equity minority interests                                        2.6        3.0
                                                               213.6      163.1

GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2001

Notes                                                              2001    2000
                                                                     £m      £m

5a    Net cash inflow from operating activities                    68.6    68.0
      Dividends received from associated companies                 21.2    20.6
5b    Returns on investments and servicing of finance              (1.6)   (5.0)
      Taxation                                                     (5.4)    3.7
5c    Capital expenditure and financial investment                (20.8)  (22.0)
5d    Acquisitions and disposals                                   (4.2)  185.9
      Equity dividends paid                                       (24.1)  (27.0)
      Net cash inflow before use of liquid resources and           33.7   224.2
      financing
5e    Management of liquid resources                                0.3   (55.6)
5f    Financing                                                   (31.4) (161.4)
      Increase in cash in the period                                2.6     7.2
      Reconciliation of net cash flow to movement in net debt
      Increase in cash in the period                                2.6     7.2
      Cash (inflow)/outflow from (decrease)/increase in liquid     (0.3)   55.6
      resources
      Cash outflow from decrease in debt                           34.2    56.9
      Decrease in net debt resulting from cash flows               36.5   119.7
      Loans and finance leases disposed with subsidiary               -     3.7
      Translation difference                                       (2.5)    5.0
      Movement in net debt in the period                           34.0   128.4
      Net funds/(debt) at start of period                           2.1  (126.3)
      Net funds at end of period                                   36.1     2.1
      Analysis of net funds
      Cash                                                         25.4    21.9
      Liquid resources                                             64.1    63.8
      Overdrafts                                                   (3.3)   (2.9)
      Other debt due within one year                              (24.4)  (22.6)
      Other debt due after one year                               (25.7)  (58.1)
      Net funds at end of period                                   36.1     2.1

GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2001

                                                                    2001   2000
                                                                      £m     £m

Profit for the financial year:                   Group              63.6   75.2
                                                 Associates          2.2   12.5
                                                                    65.8   87.7
Currency translation difference on foreign currency net              2.2  (2.8)
investments
Total recognised gains for the year                                 68.0   84.9

There is no material difference between the reported profit shown in the
consolidated profit and loss account and the profit for the relevant periods
restated on an historical cost basis.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 31 MARCH 2001

                                                                   2001    2000
                                                                     £m      £m

Profit for the financial year                                      65.8    87.7
Dividends                                                         (24.0)  (24.3)
                                                                   41.8    63.4
Share capital issued                                                3.1     0.4
Currency translation differences on foreign currency net            2.2   (2.8)
investments
Goodwill:      Cash Systems South Africa disposal                   3.8       -
               Card activities disposal                               -    71.9
               Others                                                 -     0.8
Scheme of arrangements                                                -  (103.7)
Preference shares repaid                                              -    (0.5)
Net increase in shareholders' funds                                50.9    29.5
Opening shareholders' funds                                       160.1   130.6
Closing shareholders' funds                                       211.0   160.1


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