Final Results

Holidaybreak PLC
4 December 2000





           PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2000

                              Another record year

*        Turnover, profit before tax, earnings per share and annual dividend
         increased for fourth year in a row:
-        Turnover increased by 16% to £164.5 million (1999: £142.4 million)
-        Profit before tax increased by 20% to £20.7 million* (1999: £17.3
         million)
-        Earnings per share up 16% to 34.0 pence* (1999: 29.3 pence)
-        Annual dividend increased by 14% to 16.0 pence (1999: 14.0 pence)
*        Acquisitions all integrated and performing well
*        Excellent performance from Hotel Breaks
*        Adventure Holiday Division established and comprising of Explore
         Worldwide and Regal Holidays
*        Solid performance from Camping Division with increased operating
         profits

*    Profit before tax and earnings per share are both stated before goodwill
     amortisation.

Commenting on the results Angus Crichton-Miller, Chairman, said:

'This has been another year of significant achievement for Holidaybreak plc.
As well as recording record profits, we have made a number of acquisitions
which have enhanced the prospects, scope and resilience of the Group.'

Enquiries:                      Richard Atkinson, Chief Executive
                                Bob Baddeley, Finance Director
                                Holidaybreak plc
Telephone:                      020 7796 4133 on Monday, 4 December 2000
                                Thereafter 01606 787 100

                                Lesley Allan
                                Wendy Baker
                                Hudson Sandler Limited
Telephone:                      020 7796 4133


CHAIRMAN'S STATEMENT

I am pleased to report another year of significant achievement for
Holidaybreak plc.  As well as recording record profits we have made a number
of acquisitions which have enhanced the prospects, scope and resilience of the
Group.

In the year to 30 September 2000, profits before goodwill amortisation and tax
were up 20% at £20.7m on turnover of £164.5m (1999: £142.4m).  Earnings per
share rose 16% from 29.3p to 34.0p and we are proposing to increase the annual
dividend by 14% to 16.0p.

Our turnover, profit before tax, earnings per share and the annual dividend
have all increased each year since 1996.  EPS and the dividend have increased
by 86% and 45% respectively over this four year period.  In a sector which has
a reputation for volatility this is a noteworthy achievement.

DIVIDEND

The Board is recommending a final dividend of 11.2p, payable on 23 April 2001,
to shareholders on the register on 23 March 2001, making a total of 16.0p for
the year.  Dividend cover will be 2.1 times, in line with our policy of
maintaining approximately two times cover.

TRADING

After an outstanding year in 1999, Camping Division operating profits
increased once again, despite difficult market conditions.  Overall bookings
declined slightly but this was more than compensated for by healthy increases
in sales values, effective yield management and cost efficiencies.  In
addition, the proportion of more profitable mobile-home sales relative to
tents improved once again.  This tended to favour our Keycamp brand, a
predominantly mobile-home business, which gained market share in the UK.
Eurocamp benefited from a notably strong performance in the German market and
similar share gains.

Hotel Breaks have had a highly satisfactory year, increasing sales revenues by
19%.  Highlights were a very strong performance through retail travel agents,
a boom in theatre packages and exponential growth in internet sales after the
introduction of on-line transactions.

Our results include seven months trading from Explore Worldwide, the principal
component of our newly formed Adventure Holidays Division.   Bookings for the
post-acquisition summer period grew strongly at 11%, in line with expectations
at the time of the acquisition.

ACQUISITIONS

Holidaybreak made four acquisitions in 2000. The largest and first, in
February, was Explore Worldwide the market leading adventure holidays
operator, for £29m.  Adventure holidays are an exciting growth sector of the
overseas holidays market.  Explore is the largest European operator of these
holidays.

In August, we expanded the newly formed Adventure Holidays Division with the
acquisition of Regal Holidays, the diving holidays specialist, for £3.2m.
There is an excellent fit between Explore and Regal and, although we are still
in a transitional period, the integration of both businesses has gone well.

The other two acquisitions have been integrated into our Hotel Breaks
Division.  Hotelnet, acquired in July for an initial consideration of £1.3m,
is an internet hotel booking business which already enjoyed a close working
relationship with Superbreak.  Rainbow Holidays, a direct competitor of
Superbreak also based in York, was acquired from First Choice in September.
Both the new acquisitions have bedded in well and have given us more
widespread distribution opportunities.

BOARD CHANGES

Travers Cox, former majority shareholder of Explore Worldwide, joined the
Board at the time of the acquisition.  As planned, he will step down from both
positions at the end of the year.  He will be succeeded at Explore by Simon
Tobin, who is currently managing director of Keycamp Holidays which forms part
of our Camping Division.

We thank Travers for his contribution during his short time on the Board and
also for his valuable role in guiding his former business through the
challenging post-acquisition transition period.  Happily, his unparalleled
knowledge and experience will not be lost as he continues with Explore in a
consultancy capacity.

EMPLOYEES

All our businesses are 'people' businesses. This year we have welcomed some
100 new employees into the Group, following the various acquisitions.
Overall, we now have over 700 permanent employees, in five countries, and
employ 3,000 seasonal staff, mainly in our Camping Division. Their enthusiasm,
skills and commitment are central to the continued success of the Holidaybreak
Group.

PROSPECTS

Camping remains the Group's principal business.  Profits have been growing
consistently in recent years and we benefit from healthy margins and a loyal
customer base.  Bookings for 2001 have been strong in recent weeks after a
slow start and sales are now ahead of last year's equivalents.  With the main
destination for our UK customers, France, unlikely to suffer from the
unhelpful media coverage experienced in 2000, we have a positive outlook for
2001.

Hotel Breaks sales, in the early part of the new financial year, have
continued the strong growth trends which we enjoyed throughout 1999/2000.  To
date, the recent transport problems have had only a minor impact.  We are well
positioned for further growth.

Winter period bookings for both Explore Worldwide and Regal are showing good
year on year growth, reflecting the overall momentum in their respective
sectors.  Both businesses have an excellent platform for future expansion.

Overall, we anticipate another year of progress by the Group, continuing the
positive earnings growth trend of the past four years.

Angus Crichton-Miller
Chairman

CHIEF EXECUTIVE'S REVIEW

The past year has been an exciting and extremely satisfactory one for
Holidaybreak.  Profits have grown in all our businesses, pre-goodwill earnings
per share are up by 16% and we have made four exciting acquisitions.

EXPLORE WORLDWIDE

We have long held the view that the Adventure and Activity sectors of the
holiday market are likely to show significant growth as more and more people
seek something different from the standard sea, sand and sun package.  Finding
suitable acquisition candidates was another matter, given the fragmented
nature of the sector and narrow specialism of so many operators within it.

The availability of Explore Worldwide, the long established UK leader in the
Adventure Travel sector and the largest operator of these holidays in Europe,
represented an ideal opportunity.  To date we have concentrated on integrating
Explore into the Group and establishing an appropriate management structure.
We have been fortunate in having, within the Group, such a suitable candidate
as Simon Tobin, MD of Keycamp to succeed Travers Cox as managing director.
John Baines, currently marketing director of Keycamp, will succeed Simon and
we have also strengthened Explore's marketing capability with the appointment
of Joanne Field to the new marketing director position.

Explore's bookings were up 11.2% up for the summer period having been held
back during the winter due to millennium influences.  Forward bookings are
encouraging and we anticipate a resumption of winter period growth in 2000/1.

As well as continuing to expand Explore's business along its current tried and
tested lines, we believe there are a number of good opportunities for
developing the company's products and distribution beyond the current scope.

OTHER ACQUISITIONS

Explore's own research had identified a close affinity between many of their
customers and scuba diving.  The opportunity to acquire Regal Holidays, which
has built a fine reputation as market leader in its specialist sector, was a
good one which we took.  Regal has now joined Explore in our newly formed
Adventure Holidays division.

At present, the Red Sea is Regal's main destination and this is set to
continue.  However, there are many excellent diving areas in attractive
long-haul destinations and this is a segment which we expect to develop
rapidly.

Hotelnet was one of a number of potential internet investments which we
examined but the only one with which we decided to proceed.  As planned,
Hotelnet will require further investment if its full potential as an internet
hotel portal is to be realised.  However, we are already benefiting from
significant revenue streams which are on a strong growth trend.

Internet investments inevitably have a speculative element to them.  By
contrast, the acquisition of Rainbow, by our Hotel Breaks Division, has given
an immediate pay-back.  We have been immediately able to profitably exploit
Rainbow's retail agency distribution and have the long-term benefit of a
market with fewer direct competitors.

EXCELLENT YEAR FOR HOTEL BREAKS

Our Hotel Breaks business has powered ahead over the past twelve months.  More
favourable market conditions have been helpful but we should also recognise
the management team's success in building market share in the core retail
travel agency sectors, launching a whole range of product and distribution
extensions and reaping the reward of on-line internet bookings.  Overall Sales
increased by 19% and, whilst the growth in commissionable agency bookings
resulted in some margin reduction, operating profits rose 15% to £4.4m.

Demand for domestic short-breaks, especially to London, remains buoyant.  The
supply side is also favourable with European visitor numbers down, due to the
weak Euro, and new capacity coming on stream.  The Rainbow acquisition has put
us in a stronger position, for both building up hotel room allocations and
sales through retail agents.  Year on year growth figures for on-line sales
continue to be spectacular.

PROFIT IMPROVEMENT FROM CAMPING

Camping bookings got off to a sluggish start.  This was in common with most
overseas travel markets across Europe.  The 'millennium' factor was clearly an
influence.  In our own case, the decision to raise prices during the school
holidays period was also a contributory factor.  However, as we had
anticipated, we were eventually able to fill peak season capacity at higher
yields.  Margins were also improved by a continuation of the move from tents
to more profitable mobile-home accommodation.

Booking trends improved through the year with an exceptionally strong finish.
We could not, however, completely overcome the effects of the oil spill, which
had a significant impact on demand for Brittany and the French Atlantic coast.
Ironically the beaches were as clean as ever after the massive clean-up
operation.  Also, the Euro 2000 football depressed June and early July demand
from the Dutch market which impacted on our low season figures.  Our other
major European market, Germany, made good progress, with bookings growth of
9.6%.

In the final outcome, bookings for our two principal brands, Eurocamp and
Keycamp, fell by 4.8% whilst total sales for the division (including other
brands) were also down, by 1.4%. Keycamp fared better in the UK due to its
higher proportion of mobile-homes and gained share in our main market, whilst
Germany was Eurocamp's best performer. Operating profit came in 5% ahead, a
resilient performance and a creditable achievement by the management team
given the difficult market environment.

Camping continues to be the main business of the Group and has established a
consistent profits record in recent years.  Eurocamp and Keycamp remain the
two major brands in a sector which has proved remarkably resilient over the
years.

STRATEGY AND PROSPECTS

We are confident that our record of consistent earnings growth will continue.
Looking further ahead, we believe that all our businesses enjoy attractive
growth prospects.  We have particularly high hopes for the Adventure Holidays
Division and for growth in our internet based hotel booking services.

With the formation of the Adventure Division, the Group has a more balanced
look and there are likely to be opportunities for further tactical
acquisitions.  We are also prepared to make more sizeable additions to the
Group but, as ever, we will strike an appropriate balance between caution and
enterprise.  The highly cash generative nature of our businesses leaves us
well placed from a financing standpoint.  This, together with a strong and
stable management team and successful acquisitions track record, puts us in an
excellent position to further expand Holidaybreak's activities and to enhance
shareholder value.

Richard Atkinson
Chief Executive


FINANCE DIRECTOR'S REVIEW

The highlight of the year to 30 September 2000 was the significant investment
in new businesses. We purchased Explore and Regal to form the Adventure
Holidays Division and expanded our Hotel Breaks Division with the purchases of
Hotelnet and Rainbow. With strong financial performances in our existing
activities, the group achieved increases in profit before tax and earnings per
share (before goodwill amortisation) of 20% and 16% respectively.  Net debt
has increased due to the investment in acquisitions. However the continued
underlying trend of profitability and strong operational cash flows of all our
businesses continues to enable us to build interest cover and pay down debt
over the coming years.

GROUP PROFIT AND LOSS ACCOUNT

Turnover in 2000 was up 16% on 1999 at £164.5m. Of this increase the newly
acquired businesses in the Adventure Holidays Division contributed £16.1m.
Operating profit before amortisation of goodwill increased by 18% to £23.7m.
As a result of adopting the provisions of FRS 10 'Goodwill & Intangible Assets
', goodwill arising on acquisition is now capitalised and amortised over its
estimated economic life. The charge to operating profit in 2000 was £865,000.

The interest charge of £3.0m represented a slightly increased level of
interest cover from 7.2 times in 1999 to 7.7 times in 2000, despite the
interest cost of the acquisition debt raised during the year. The Group's tax
charge was £5.9m and the tax rate of 30% was the same as 1999.

Earnings per share before amortisation of goodwill was 34.0p per share, an
increase of 16% over 1999 (29.3p). This reflects the impact of the new shares
issued in February 2000 to part finance the acquisition of Explore Worldwide
Limited.

The proposed final dividend represents an increase of 17% to 11.2p, giving a
total dividend for the year of 16.0p per ordinary share, an increase of 14%
over 1999.  Dividend cover remains at 2.1 times.

DIVISIONAL RESULTS

Camping Division sales were marginally down at £102.4m. Operating profit was
up 5% to £17.0m with margins increasing from 15.6% to 16.6%.   Hotel Breaks
turnover was 19% higher at £46.1m. and the division recorded a 15% increase in
operating profit to £4.4m. Margin however was slightly reduced to 9.5%

The results of the businesses acquired during the year are included from their
respective dates of acquisition. Adventure Holidays Division operating profit
was £2.3m from the dates of acquisition and net margin was 14.1%.

ACQUISITIONS

The main event during the year was the acquisition of Explore Worldwide
Limited in February. The total consideration was £24.7m net of cash balances
acquired (£5.4m) and was financed by a combination of the issue of new
ordinary shares and debt. During the year we also acquired for a net cash
consideration of £2.5m, Regal Diving & Tours Limited and our Hotel Breaks
Division acquired Hotelnet and Rainbow Holidays.

BALANCE SHEET

Net assets of the group increased to £24.8m. Goodwill of £33.6m was
capitalised and is now shown in the Group Balance Sheet. Investments held for
disposal at 30 September 1999 were reduced by the sale of the remaining
overseas properties acquired at the time of the acquisition of Baldwin plc in
1998. We still hold preference shares in the two companies that comprised
Baldwin's former printing division.  These were valued at £1.1m and the first
three redemption payments amounting to £500,000 in total have now been
received.

FUNDING AND TREASURY MANAGEMENT

The group's net borrowings at 30 September 2000 were £32.2m, compared with £
24.9m in 1999. During the year we negotiated new facilities with our principal
banks including £30.0m of Medium Term Loans to finance the acquisitions during
the year and to provide headroom for further acquisitions. Total available
facilities were £80.0m and are sufficient to meet the working capital,
investment and bonding requirements of the Group.  In addition to these
facilities we entered into hire purchase agreements with various UK financial
institutions to finance the purchase of mobile-homes. Interest on our core UK
borrowings of £34.5m has been covered for periods up to thirty months through
the purchase of interest rate swaps.

CASH FLOW

Net debt increased in the year to 30 September 2000 by £7.3m. This included
the net cash outflow of £28.9m in respect of the acquisitions. Cash flow from
our operating activities was £39.7m, a very strong performance. Our existing
activities contributed £34.4m and the new business generated £5.3m in the
periods following acquisition.  All our businesses, including the new members
of the Group, have strong positive cash flow characteristics.  Capital
expenditure, principally in the camping businesses was £19.6m, reflecting a
further increase in the mobile-home fleet of 6%.

THE EURO AND CURRENCY MANAGEMENT

The Group has continued to adopt its policy of hedging net foreign currency
exposures arising from the sales in overseas markets and the costs of
operating overseas. Currency revenues (principally D marks, Guilders and US
Dollars) represent approximately 25% of total group revenues. Currency
outflows (principally French Francs, Lire and US Dollars) account for
approximately 35% of all group costs. To hedge the net exposure for the coming
year, we have entered into forward contracts to sell currency revenues and buy
other currencies to finance outflows.

The Group continues to prepare for the phased development of the single
European currency, particularly the withdrawal of legacy currencies, in terms
of commercial and banking arrangements and financial systems.  There are
unlikely to be any material costs involved.   UK entry into the single
currency, the timing and likelihood of which remains uncertain, would be of
some benefit to the Group, eradicating significant currency exposures and
reducing transaction costs.

Robert Baddeley
Finance Director

Holidaybreak plc - Consolidated Profit and Loss Account
For the Year Ended 30 September 2000

                                                   2000                    1999

                                          Continuing operations

                                               Acquisitions
                                                          Total            £000

                                        £000    £000       £000

Turnover                               148,349 16,169      164,518     142,436

Cost of sales                         (104,904)(11,306)   (116,210)   (102,444)

Gross profit                            43,445   4,863      48,308      39,992

Administrative expenses                (22,094) (2,547)    (24,641)    (19,942)
                                               
Operating profit before goodwill       21,351    2,316      23,667      20,050
amortisation

Goodwill amortisation                                         (865)           -

Operating profit                                            22,802      20,050

Investment income                                              436         134

Interest payable                                            (3,394)     (2,913)

Profit on ordinary activities before                        19,844      17,271
taxation

Tax on profit on ordinary activities                        (5,900)     (5,165)

Profit on ordinary activities after                         13,944      12,106
taxation

Dividends paid and proposed                                 (7,725)     (5,800)

Retained profit for the year                                 6,219       6,306

Earnings per ordinary share
 On earnings before goodwill                                  34.0p       29.3p
 amortisation
 On basic earnings                                            32.0p       29.3p
 On diluted earnings before goodwill                          33.4p       29.3p
 amortisation                                                  
 On diluted basic earnings                                    31.4p       29.3p

Dividend per share:
Interim                                                        4.8p        4.4p
Final                                                         11.2p        9.6p
Total                                                         16.0p       14.0p


Note:

Headline earnings per share are based on Group profit on ordinary activities
after taxation but before goodwill amortisation of £14,809,000 (1999 - £
12,106,000). The directors consider that this gives a better understanding of
the Group's earnings following the change in the accounting treatment of
goodwill.

Holidaybreak plc - Consolidated Balance Sheet
As at 30 September 2000

                                                             2000          1999
                                                             £000          £000

Fixed assets

Tangible assets                                           53,779        48,666
Intangible assets: Goodwill                               32,753             -
Investments                                                1,079             -
                                                          87,611        48,666
Current assets

Assets held for disposal                                   3,463         5,019
Debtors                                                   12,690        11,905
Cash at bank and in hand                                  47,803        26,194
                                                          63,956        43,118

Creditors: amounts falling due within one year           (52,553)      (39,438)

Net current assets/(liabilities)                          11,403         3,680

Total assets less current liabilities                     99,014        52,346


Creditors: amounts falling due after more than           (73,619)      (45,591)
one year

Provisions for liabilities and charges                      (621)          (74)


Net assets                                                24,774         6,681


Capital and reserves
Called up share capital                                    2,290         2,069
Share premium account                                     27,412        15,470
Other reserves                                                87            87
Profit and loss account                                   (5,015)      (10,945)

Equity shareholders' funds                                24,774         6,681




Holidaybreak plc - Consolidated Cash Flow Statement
For the Year Ended 30 September 2000


                                            2000    2000          1999    1999
                                            £000    £000          £000    £000

Net cash inflow from operating                    39,726                28,562
activities


Returns on investments and servicing of
finance

Interest received                           436                   134
Interest paid                            (2,082)               (1,887)
Interest element of hire purchase        (1,312)               (1,026)
payments
                                                 (2,958)               (2,779)

Taxation
UK Taxation paid                         (3,964)               (2,836)
Overseas Taxation paid                   (1,116)                 (696)
                                                                 
                                                 (5,080)               (3,532)

Capital expenditure
Purchase of tangible fixed assets        (9,371)               (9,219)
Receipts from sale of tangible fixed      5,015                 2,706
assets
                                                 (4,356)               (6,513)

Acquisitions and disposals
Purchase of subsidiary undertakings
 (net of cash acquired)                          (28,911)                  (37)
Disposal of subsidiary undertakings                  -                  6,737

Equity dividends paid                            (6,569)               (5,330)


Cash inflow (outflow) before management
of liquid resources and financing                (8,148)               17,108

Financing
Issue of ordinary share capital          12,163                   324
Purchase of own shares                   (1,059)                    -
Purchase of other investments               (20)                    -
Increase in loans                        26,000                     -
Capital element of hire purchase        (6,776)                (7,989)
payments                                 
                                                 30,308                (7,665)

Increase in cash in the year                     22,160                 9,443



NOTES

1.                   Segment information


                                                     Year ended      Year ended
                                                   30 September    30 September
                                                           2000            1999
                                                           £000            £000

Group turnover by geographical area was as
follows:

United Kingdom                                          130,732         109,518
Netherlands and Belgium                                  15,939          16,527
Germany, Switzerland and Austria                         14,126          13,168
Others                                                    3,721           3,223
                                                        164,518         142,436

Group turnover and profit before goodwill amortisation, interest and tax by
class of business was as follows:


                       Turnover      Turnover                PBIT          PBIT
                           2000          1999                2000          1999
                           £000          £000                £000          £000

Camping Holidays        102,357       103,739              17,001        16,231
Hotel breaks             46,054        38,697               4,390         3,819
Adventure                16,107             -               2,276             -
holidays

                        164,518       142,436              23,667        20,050


2.                  Dividends


                                                                2000       1999
                                                                £000       £000
Final dividend for 1999 in respect of shares issued '            406          -
cum-div' after 1 October 1999
Interim dividend paid of 4.8p per ordinary share (1999:        2,190      1,820
4.4p)
Final dividend proposed of 11.2p per ordinary share            5,129      3,980
(1999: 9.6p)
                                                               7,725      5,800


If approved by shareholders, the proposed final ordinary dividend will be paid
on 23 April 2001 to those ordinary shareholders on the register on 23 March
2001 and will absorb £5,129,000 (1999: £3,979,392).


3.                  Reconciliation of operating profit to net cash inflow from
                    operations



                                                  2000           1999
                                                  £000           £000
Operating profit                                  22,802         20,050
Depreciation charges and amortisation of          12,147         10,649
goodwill
Profit on sale of tangible fixed assets           -              74
(Increase) decrease in debtors                    1,971          (540)
Increase (decrease) in creditors                  2,806          (1,671)
                                              
Net cash inflow from operating activities         39,726         28,562
                                                  __________     __________


4.                  Reconciliation of net debt


                                                      2000         1999
                                                      £000         £000
Increase in cash in the year                          22,160       9,443
Cash (outflow) inflow from increase in debt and       (19,224)     7,989
lease financing
                                                      
Change in net debt resulting from cash flows          2,936        17,432
New HP contracts                                      (10,243)     (7,062)
(Debt) at beginning of year                           (24,896)     (35,266)
                                                   
Net debt at end of year                               (32,203)     (24,896)
                                                     

5.                  Accounting  policies

The principal Group accounting policies applied during the year ended 30
September 2000 are consistent with those applied in the previous year with the
exception of the adoption of FRS 10 'Goodwill and Intangible Assets'. Goodwill
arising on acquisition is now capitalised and amortised over its estimated
economic useful life.

6.                  Non-statutory accounts

The results set out in this announcement are non-statutory accounts within the
meaning of Section 240 of the Companies Act 1985.  The results for the year
ended 30 September 2000 are extracts from the 2000 Group accounts which, if
adopted by the members in General Meeting on 15 February 2001 will be filed
with the Registrar of Companies. The results for the year ended 30 September
1999 are extracts from the 1999 Group statutory accounts, as filed with the
Registrar of Companies. The accounts for both years have been audited and
reported upon without qualification.