Final Results

LAWRENCE PLC
3 September 1999

FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 1999

Lawrence plc, listed on AIM, comprises a group of companies specialising in
pet care accessories and high quality chemical products within niche areas of
animal feed, animal health and metal finishing.

HIGHLIGHTS

*       Another successful year despite the strength of Sterling.
*       Profit before tax increased by 14% to £3.33m (1998:  £2.91m)
*       Earnings per share up 17% to 33.3p (1998:  28.4p) before prior year   
        tax adjustment - up 6% to 30.2p after total tax.
*       Final dividend up 15% to 8.10p (net) per share making a total for the 
        year of 10.3p (net).
*       Purchase of Blagdon Garden Products business in winter 1998.
*       Gearing 22%


Commenting on the results Peter Lawrence, Chairman, said:  'This has been
another exciting year for Lawrence plc in which we acquired the Blagdon water
garden products business and added many new products to all the ranges of our
businesses.  It would be rewarding to see the return of investors in smaller
listed companies as we seek to continue to expand the company.  We have again
set ourselves strong targets for the year and I am pleased to report that it
has begun well and we remain optimistic about achieving our budgets and
delivering further good growth in earnings per share at the year end.'

Enquiries:           Peter Lawrence, Lawrence plc
                     0208-336 2900

                     Robin Dunham, Charles Stanley & Company Limited
                     0207-739 8200
___________________________________________________________________
NOTES

1.       The preliminary results for the year ended 31st March 1999 have been
extracted from accounts which are still subject to audit.  The 1998 accounts
carry an unqualified audit report.

2.       Earnings per share are based on the weighted  average number of
shares in issue for each period. The average number in issue was 7,058,338
(1998:  6,910,475).

3.       Copies of the Annual Report and Accounts will be posted to
shareholders and will be available to members of the general public from the
Company's registered office:  Lawrence plc, 78 Coombe Road, New Malden,
Surrey, KT3 4QS.

4.       The Annual General Meeting of the Company will be held at the
registered office on 7th October 1999 at 4.00pm.

5.       Copies of this announcement will be available for a period of 14 days
from Charles Stanley and Company Limited, 25 Luke Street, London EC2A 4AR.


RESULTS
       I  am  pleased  to report  another  year  of  record  profits up 14% to
£3.33 million inclusive of minority interest.  As was stated in our Interim
Results, this year is the first one which consolidates the businesses of ECO
Animal Health.  Export turnover accounted for some 51% of sales and it is the
speciality nature of our product ranges that enables us to overcome pricing
pressure still being caused by the strong value of the Pound. The acquisition
of Blagdon Garden Products last Christmas is proving to be a good addition to
the Interpet range of water gardening products in a market which is still fast
growing.

       Earnings per share increased 6% to 30.2p and but allowing for the prior
year tax adjustment (caused by a refinement to the accounting treatment of an
inter group loan) the earnings growth would be 17%.  Approval will be sought
at the A.G.M. for the payment of a final dividend of 8.10p net per Ordinary
Share, an increase of almost 15% making a total of 10.3p net per share for the
year.   The dividend will be payable on the 1st November 1999 to shareholders
on the register on the 17th September 1999.  Our share price currently stands
at around £4.00 close to the level 12 months ago and our holding in Amberley
Group plc, also suffering from the 'small company' syndrome, is worth
approximately £1.2 million.

       During June you received a letter from me and an offer document from
VDC plc which was to have merged our businesses.  Ultimately the offer lapsed
as VDC was acquired by Genus plc.  I would like to thank those shareholders
who wrote, telephoned and completed documentation to support the directors of
your company and please be assured that your support is always very much
appreciated.  There is good business to be done with VDC and I see no reason
why we should not benefit from the even closer relationships that have
developed over the few weeks we were working together.  We remain committed to
growing the company both organically from our sound young businesses but also
by acquisition and we are currently working on some exciting prospects about
which I hope to report to you quite soon.  While the mood in the City is
currently unfavourable towards smaller public companies we consider it even
more of a priority than before to expand the size of our Group which we shall
seek to do with our usual diligence.  

AGIL
       Agil  has continued to make progress in the international animal feed
market in what has been a tough year, mainly as a result of the strength of
Sterling.  Producers of chickens and pigs around the world have been under
considerable financial pressure caused both by political and economic events
and markets remain difficult.  However our distributors have maintained their
positions and have held business against the problems facing them.  In Asia we
are now experiencing the upturn in sales which was forecast earlier in the
year and confidence is returning to these markets which are again opening up
to our distributors who are regaining sales in most of the areas.  It is good
to see the return of this business although the effect is not fully reflected
in the last financial year.  During the year we took part in a number of
international trade shows in conjunction with our distributors which proved
very successful in promoting the Agil range of products which are particularly
suited to drug-free growth enhancement.  We continue to support our
distributors with technical and sales visits and we have recently appointed a
new international sales director to strengthen the existing sales team. We are
encouraged by the EC  ban on the majority of antibiotic growth promoters from
the 1st July 1999 and sales of our drug free products which promote health and
growth should benefit from these new regulations.  There has certainly been a
great deal more interest from animal producers to evaluate our alternatives to
antibiotics.  This EC ban is also influencing governments in many other
countries worldwide to examine their own production methods.  Once again, Agil
is well positioned through its extensive distributive network to
capitalise on opportunities when new legislation eventually takes place in
those areas.  Our new pig and poultry product formulated to assist in natural
drug-free feed production, PRE-FECT has been launched and commercial results
are very satisfactory.  Early indications show that the growth status of
animals can be maintained without the use of antibiotic growth promoters and
once confidence has been confirmed within the industry we should expect to see
good growth in the pig and poultry sectors.  Continuing trials are taking
place with two other new products that will slot into our natural product
range and Agil looks forward to the next trading year with confidence.

BLACKFAST CHEMICALS
       Blackfast Chemicals, which manufactures a unique room temperature
blacking process for precision engineers to finish components manufactured to
tight tolerances, has maintained its tradition of growth again this year. 
Because the products are simple to use and environmentally friendly, they are
an alternative to the lower technology,hot metal finishing process offered by
the electroplating industry which is still our largest competition. The
cleanliness and simplicity of the process also means that Blackfast is able to
short cut the supply chain and sell directly to the end user, thus offering a
more competitively priced product.  The international sales of Blackfast have
in recent years seen steady growth.  This upward trend was affected by the
weakness of the Far East markets last year, but I am pleased to be able to
report that due to concentrated efforts elsewhere, the balance has been
redressed by substantial growth in European sales this year.  A commitment to
this more eco-sophisticated market required Blackfast to develop a system to
guarantee that rinse water used in the process is contained, polished and
recycled, which is a pre requisite for the European market. Without this
assurance, the German and Scandinavian markets would have had to close. 
Trials on our purifying system have been completed successfully and our
equipment is now in the market place.  In order to take full advantage of the
Far East markets which are recovering slowly we have opened a sales office in
Guangzhou from where we can heavily promote our unique black finish which has
no measurable effect upon the dimension of the item being  processed.  With
this and steady growth in the European engineering industry, Blackfast looks
forward with optimism toward the millennium.   

ECO GROUP
       During the financial year, ECO Group has continued to make good
progress towards becoming a substantial force in worldwide Animal Health
markets.  The number of registrations has increased to over 160 and active
sales for our animal health product range are now occurring in 86 countries. 
Sales of our therapeutic antibiotic, AIVLOSIN and our anti-parasitic ECOMECTIN
continue to grow in all markets.  We have moved to a new and larger office in
Shanghai and a joint venture to produce and sell ECO finished products in
China is expected to be in production during the first half of next year. 
European registrations for our endectocide, ECOMECTIN, are in the process of
being granted.  Thereafter  sales of ECOMECTIN in Europe will sharply increase
ECO's sales and profits from the second half of the next financial year.  In
order to take full advantage of the new registrations, we have appointed a new
sales director who has good experience in our markets.  We expect to now enjoy
the benefits of the investment made in this business over the last six years
and show a good growth in profits.  

INTERPET
       Interpet achieved a commendable result considering that we experienced
an exceptionally cold summer known to be the worst conditions for a decade.
Algae grow best in warm and sunny weather and the freak very cold conditions
resulted in a much lower market for our pond treatments.   In all other
respects, there are several significant events which are laying the
foundations for yet further expansion of this progressive business.  Just
before Christmas, Blagdon Garden Products, based in Bridgwater, Somerset was
acquired and has been integrated successfully into the overall operation. 
Blagdon has an excellent name for its ranges of pond pumps, filters, preformed
ponds, waterfalls, terrace ponds and an impressive range of accessories for
the water garden. Together with the market leading Interpet pond treatments
and pond fish food, this means we have a pond products portfolio which is
second to none in a market which continues to grow strongly.  At the same time
in the year we reached an agreement with Red Sea Pharm, Israel for the
exclusive UK distributorship of their range of accessories for the marine
fishkeeper. Red Sea is a well known and respected brand in this specialised
sector and complements well our own aquatic product range.  You will recall
that last year we purchased the publishing rights to the Salamander range of
pet and aquatic books which we had been selling for a considerable time, and
this year, to accelerate the development of this business we have formed a
separate Book Division which has made an encouraging start.  Blagdon and Red
Sea have together brought with them over 500 additional new products and
Interpet alone has launched more than 130 new products across 21 product
ranges in the year.  The vast majority of the new products have been developed
by our research and development team and manufactured in our Dorking factory
for  the Pet Products division and include a stunning range of Mikki Dog
Shampoos in our spill-proof bottle, on-animal hygiene and grooming sprays,
disinfectants, cleaners and 7 additions to our very successful PetSafe wipes
range, including a pet tooth cleaner.  China  is of increasing importance to
us as a supply base and we opened an office in Guangdong province in January
to assist in future development there and in the Pacific Rim region.  In order
to secure the successful implementation of these exciting developments we have
strengthened the sales and marketing teams and we promoted two senior managers
in February. These are exciting times for Interpet and there is much work to
do.  We look forward to reporting further growth from this division next year.

EMPLOYEES
       We currently employ a total of 149 people at our offices, warehouses
and factories and I would like to express my thanks to everyone associated
with the company without whose hard work and loyalty the company could not
continue to flourish.  

OUTLOOK
       We have again set ourselves strong targets and  I am pleased to report
that the year has begun well.  The weather has been satisfactory for  pond
treatments and provided that our drug registrations are received on schedule,
we remain optimistic about achieving our budgets and delivering further good
growth in earnings per share.  We remain committed to working hard to increase
value for our shareholders.   

Peter Lawrence
Chairman                                                               


CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
FOR THE YEAR ENDED 31 MARCH 1999
                                                      1999             1998
                                                         £                £ 
                            
       Turnover                     
       Continuing operations                         18,277,670   17,707,330
       Acquisitions                                   6,220,777            -  
                                                     24,498,447   17,707,330
                            
       Cost of sales                                (15,059,241) (10,331,452)
                            
       Gross profit                                   9,439,206    7,375,878
                            
       Net operating expenses                        (6,317,766)  (4,636,114)
                            
       Operating profit                     
       Continuing operations                          2,434,862    2,739,764
       Acquisitions                                     686,578            -  
                                                      3,121,440    2,739,764
                            
       Share of profits of associates                    57,255      235,564
                            
       Income from other fixed asset investments         54,157       55,145
                            
       Net interest                                    (204,860)    (116,989)
                            
       Profit on ordinary activities before taxation  3,027,992    2,913,484
                            
       Tax on profit on ordinary activities          (1,202,101)    (949,735)
                            
       Profit on ordinary activities after taxation   1,825,891    1,963,749
                            
       Minority interest                                303,377            -  
                            
       Profit for the financial year                  2,129,268    1,963,749
                            
       Dividends                                       (728,325)    (628,229)
                            
       Retained profit transferred to reserves        1,400,943    1,335,520
                            
                            
       Earnings per share                                30.16p       28.42p
                            
       Diluted earnings per share                        29.44p       27.51p



  
CONSOLIDATED BALANCE SHEET AT 31 MARCH 1999 (UNAUDITED)

                                                           1999         1998
                                                              £            £ 
       Fixed assets                     
       Intangible assets                                989,084       45,197
       Tangible assets                                1,873,360    1,314,922
       Investments                                    1,606,846    1,601,967
       Investment in associate                          823,557      820,696
                            
                                                      5,292,847    3,782,782
                            
       Current assets                     
       Stocks                                         6,342,995    2,869,357
       Debtors                                        8,507,611    7,754,736
       Cash at bank and in hand                       1,691,769    2,113,320
                            
                                                     16,542,375   12,737,413
                            
       Creditors: amounts falling due within one year                         
                                                    (10,840,416)  (5,088,227)
                            
       Net current assets                             5,701,959    7,649,186
                            
       Total assets less current liabilities         10,994,806   11,431,968
                            
       Creditors: amounts falling due after more than one year                
                                                        (518,145)    (915,460)
                            
       Provisions for liabilities and charges                 -     (750,000)
                            
                                                      10,476,661   9,766,508
                            
       Capital and reserves                     
       Called up share capital                           707,432     698,031
       Share premium account                           3,156,828   3,060,228
       Capital redemption reserve                        105,829     105,829
       Profit and loss account                         7,186,732   5,981,628
                            
       Shareholders' funds - equity                   11,156,821   9,845,716
                            
       Minority interest - equity                       (680,160)    (79,208)
                            
                                                      10,476,661   9,766,508


  CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
  FOR THE YEAR ENDED 31 MARCH 1999
                                                            1999         1998 
                                                               £            £ 

       Net cash (outflow)/inflow from operating activities
                                                        (655,300)   4,100,101

       Returns on investment and servicing of finance
       Interest received                                  12,460      106,713
       Interest paid                                    (217,320)    (223,702)
       Dividends received                                 54,157       55,145

       Net cash outflow from returns on investments
       and servicing of finance                         (150,703)     (61,844)

       Taxation                                         (929,590)    (807,062)
 
       Capital expenditure and financial investment
       Purchase of intangible fixed assets              (402,857)           -
       Purchase of tangible fixed assets                (777,740)    (232,605)
       Sale of investments                                26,468      264,948
       Sale of tangible fixed assets                      30,082       22,884

       Net cash (outflow)/inflow from capital expenditure
       and financial investment                       (1,124,047)      55,227

       Acquisitions
       Purchase of businesses                           (397,461)    (435,500)
       Net cash balances acquired with subsidiary 
       undertaking                                        41,649            -

       Net cash outflow from acquisitions                (355,812)   (435,500)

       Equity dividends paid                            (512,546)    (556,389)

       Financing
       Issue of shares                                   106,000    1,187,838
       Repayment of borrowing                            (46,134)     (84,540)
       Capital element of finance lease rentals                -       (3,644)

       Net cash inflow from financing                     59,866    1,099,654

       (Decrease)/increase in cash                     (3,668,132)  3,394,187
                            

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (UNAUDITED)
FOR THE YEAR ENDED 31 MARCH 1999

       Profit for the financial year                    1,400,943   1,335,520
       Exchange differences                              (195,839)          - 

                            
       Total recognised gains and losses for the year   1,205,104   1,335,520


NOTES TO THE PRELIMINARY STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1999

1 BASIS OF PREPARATION
The figures for the year ended 31 March 1999 attached are extracted without
material adjustment from the Group's full accounts which are still subject to
audit. The financial information set out above does not constitute full
accounts within the meaning of Section 240 of the Companies Act 1985.

The figures for the year ended 31 March 1998 are extracted without material
adjustment from the Group's  full accounts which received an unqualified
auditor's report and have been filed with the Registrar of Companies.


2 COST OF SALES AND OTHER OPERATING INCOME 
                        Continuing   Acquisitions         Total        Total  
                        operations           1999          1999         1998  
                                                                  Continuing  
                                 £             £              £            £  
                                
Cost of sales           10,706,895     4,352,346     15,059,241   10,331,452
                                   
Net operating expenses                            
Distribution costs         245,742             -        245,742      233,714
Administrative expenses  5,032,256     1,187,087      6,219,343    4,698,799
Other operating income    (147,319)            -       (147,319)    (296,399)
                                   
                         5,130,679     1,187,087      6,317,766    4,636,114


3 TAXATION

The tax charge on the profit on ordinary activities for the year was as
follows:

                                                        1999         1998
                                                           £            £ 
                     
UK corporation tax at 31% (1998: 31%)                951,767      949,735
Adjustment for prior year                            221,514            -  
Tax credit on Franked Investment Income               10,851            -  
Share of tax of associate                             17,969            -  
                     
                                                   1,202,101      949,735

4 DIVIDENDS

                                                        1999         1998
                                                           £            £  
Equity dividends:              
                     
Ordinary shares              
Interim dividend of 2.2p per share (1998: 1.9p)      155,305       132,151
Proposed final dividend of 8.1p per share (1998: 7.05p)       
                                                     573,020       496,078
                     
                                                     728,325       628,229


5 EARNINGS PER SHARE
The calculation of earnings per share is based upon the profit for the
financial year divided by the weighted average number of ordinary shares in
issue during the year as follows:

                                       1999                     1998       
                                   Weighted                 Weighted 
                                    average   Per            average       Per
                                  number of  share         number of     share
                         Earnings    shares amount Earnings   shares    amount
                             £000      £000  pence     £000     £000     pence
                                                 
Basic earnings per share                                          
Earnings attributable to                                          
ordinary shareholders       2,129     7,058   30.16     1,964   6,910   28.42
                          
Dilutive effect of securities                                          
Options                         -       173   (0.72)        -    (228)  (0.91)
                                             
                            2,129     7,231   29.44     1,964   7,138   27.51

  

6 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                                  1999           1998
                                                     £              £ 
                     
Profit for the financial year                2,129,268      1,963,749
Dividends                                     (728,325)      (628,229)
                     
                                              1,400,943     1,335,520

Exchange differences                           (195,838)            -  
Increase in shares                              106,000     1,187,838
Goodwill written off to reserves                      -      (435,500)
                     
Net increase in shareholders' funds           1,311,105     2,087,858
                    
Shareholders' funds at 1 April 1998           9,845,716     7,757,858
                   
Shareholders' funds at 31 March 1999         11,156,821     9,845,716


7 NET CASH INFLOW FROM OPERATING ACTIVITIES
              
                                                   1999          1998
                                                      £             £ 
                     
Operating profit                              3,121,440     2,739,764
Depreciation charge                             276,243       235,968
Amortisation charge                             104,846         3,411
Profit on disposal of fixed assets investments  (20,259)      (29,395)
(Increase)/decrease in stocks                (1,406,853)     (174,181)
Decrease in debtors                           1,241,924        10,899
(Decrease)/increase in creditors             (3,972,641)      965,273
                     
                                               (655,300)    4,100,101

8 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

                                                   1999          1998
                                                      £             £ 
                    
(Decrease)/increase in cash in the year      (3,668,132)    3,394,187
Cash outflow from financing                      46,134        84,540
Cash outflow from finance leases                      -         3,644
Change in net debt resulting from cashflows  (3,621,998)    3,482,371
Effect of foreign exchange changes              138,162             -  
                                             (3,483,836)   (3,482,371)
                     
Net debt at 1 April 1998                      1,105,310    (2,377,061)
                     
Net debt at 31 March 1999                    (2,378,526)    1,105,310