Final Results

Holidaybreak PLC
10 December 2001

                             Holidaybreak plc

          Preliminary Results for the Year Ended 30 September 2001

Holidaybreak plc ('HBR'), the provider of specialist holidays, today announces
its Preliminary results for the year ended 30 September 2001.

Highlights

-        The Group's fifth year of record profits

-        Camping division, consists of pre-sited mobile homes and tents on
         sites across Europe

         -       Profit up by 5% to £17.8m (2000: £17m)
         -       Excellent high season occupancy underpinned by a strong UK     
                 market

-        Hotel Breaks, which sells short breaks within the UK

         -       Profit up by 25% to £5.5m (2000: £4.4m)
         -       Superbreaks' success boasted by on-line booking facility

-        Adventure division formed by  acquisitions of Explore Worldwide and
         Regal Diving

         -       Profit  £3.4m
         -       Explore Worldwide and Regal Diving successfully integrated into
                 the Holidaybreak Group

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

'Holidaybreak has had another successful year in 2001 and achieved a
significant increase in shareholder value.  Camping and Hotel Breaks should
not be affected whilst Adventure continues to trade profitably and should,
reasonably soon, resume its previous high growth rates. All our divisions, and
the Holidaybreak group as a whole, have a bright future.'

For further information, please contact:

Richard Atkinson                                    01656 787100
CEO, Holidaybreak

Tim Anderson / Nicola How                           020 7466 5000
Buchanan Communications

CHAIRMAN'S STATEMENT

Holidaybreak has enjoyed another year of substantial progress in 2001. For the
fifth successive year, we are reporting record profits and are recommending a
commensurate increase in the annual dividend. In the year to 30 September
2001, profits before goodwill amortisation, exceptional costs and tax rose by
15% to £23.8m on turnover of £192.5m (2000: £164.5m).  Headline earnings per
share rose from 34.0p to 38.1p and we are proposing to increase the annual
dividend to 18.0p (2000: 16.0p).

September 11th had only a small impact on 2001 profits and we are confident
that 2002 will prove the resilience of the Group's business and result in
further progress being made.

DIVIDEND

The Board is recommending a final dividend of 12.6p (2000: 11.2p), payable on
23 April 2002, to shareholders on the register on 22 March 2002, making a
total of 18.0p (2000: 16.0p) for the year.  Dividend cover will be 2.1 times,
in line with our policy of maintaining approximately two times cover.

THE DIVISIONS

2001 proved to be a good year for our two main Camping Division businesses,
Eurocamp and Keycamp, and an outstanding one for Hotel Breaks. Our Adventure
companies, Explore Worldwide and Regal Diving, also made pleasing progress.

Camping Division operating profits increased once again as did bookings  and
margins. The margin improvement was largely due to a continuation of the trend
away from tented accommodation to mobile-homes but also the success of our
marketing campaign in the all-important UK market which, together with various
product improvements, will also have long term benefits.

Despite the potentially negative effects of foot and mouth and rail
disruption, Hotel Breaks profits grew by 25% in line with turnover.
Superbreak, our principal brand, is increasingly broadening its distribution
and gaining recognition from consumers, not least because of the success of
our on-line booking facility which now accounts for more than 10% of total
revenues.

Explore Worldwide and Regal have bedded in well in their first full year as
part of the Holidaybreak group. Simon Tobin, formerly managing director of
Keycamp, replaced Explore Worldwide founder Travers Cox as divisional managing
director in January and has instigated a series of measures to improve the
marketing and operation of the business. Like for like turnover was 12% up on
the equivalent 2000 figure.  We estimate that Adventure lost approximately £
300,000 of revenue as a result of the September 11th attacks, taking virtually
no late bookings for September holidays and also suffering numbers of last
minute cancellations. This, together with reduced load factors on some of our
tours, resulted in operating profits being reduced by approximately £130,000
compared to the previously anticipated figure.

CURRENT TRADING AND PROSPECTS

Most travel businesses are experiencing more than normal uncertainty in their
trading outlook following the events of September 11th.   There is also the
prospect of a further economic downturn. However, there are good reasons to
believe that consumers will not be deterred from taking their normal holidays
whether these be in the UK or overseas, albeit certain destinations will
suffer badly and some customers will be reluctant to fly.

After the initial shock of the terrorist attacks, demand for holidays from UK
consumers has recovered strongly although booking lead times appear to have
shortened and the market as a whole is still well down.  With the major air
package operators, who have been most affected by recent events, announcing
substantial capacity cuts for summer 2002, it seems likely that pricing levels
will hold up.

In overall terms, because of the mix of our businesses with relatively few
flight based holidays, Holidaybreak has every prospect of making further
progress, although this may well be at a reduced rate compared to recent
years. Only our Adventure Division operations, Explore Worldwide and Regal,
which together represented 16% of turnover and 13% of profits in 2001, have
direct exposure to the effects of recent events.

There is a more detailed review of current trading by our various divisions in
the Chief Executive's Review which accompanies this statement but the main
points are summarised here.

Camping

Virtually all camping and mobile-home customers travel by road rather than air
to their holiday destinations which are entirely in western and southern
Europe. Bookings in recent eight weeks have run well ahead of last year and
are currently level with 2001. We have now received nearly half of our
estimated final total for the year which is on track with previous years.
Another good year is in prospect.

Hotel Breaks

We anticipate another year of strong profits growth from Hotel Breaks. In the
weeks following September 11th demand for London breaks and airport hotels
fell away markedly, reducing 2001 profits by an estimated £30,000.  However,
we were still achieving year on year increases in overall terms and since
mid-October we have seen a strong rebound. Current growth rates are on a par
with those we experienced in 2001.

We recently launched a new European 'accommodation only' hotel breaks
programme. The early signs are encouraging.

Adventure Holidays

With Explore Worldwide and Regal directly affected by the fallout from
September 11th these businesses will almost certainly suffer a set-back in
2002. Early booking trends for both businesses were extremely encouraging and,
despite the disruption to normal holiday booking patterns, the division will
remain profitable and is well placed for future growth. After the initial
cancellations and drop in bookings, a situation closer to normality is
returning and underlying demand is good.  However, there will be some load
factor erosion for a period before full profitability returns. Very much the
same observations apply to Regal albeit on a rather smaller scale.

STRATEGY

Notwithstanding the current uncertain environment, all our divisions enjoy
attractive growth prospects.  Our priority is to exploit these. We have not
allowed recent events to deter us from new initiatives, most notably
Superbreak' s European programme launch. Whilst we have not made acquisitions
over the past year, we are active in this area and continue to seek out
suitable opportunities to add to our existing businesses or to form a further
stand-alone division.

EMPLOYEES

The enthusiasm, skills and commitment of the group's 780 permanent employees
in six countries, are paramount to our success.  Many, particularly those in
our Adventure Division, have been under additional pressure in recent months
and have performed admirably in difficult circumstances.  I take this
opportunity to thank all our employees for their continuing vital contribution
to the Holidaybreak group.

IN CONCLUSION

Holidaybreak has had another successful year in 2001 and achieved a
significant increase in shareholder value.  We have resilient businesses and
expect the group to make further profitable progress in 2002. Of our three
divisions Camping and Hotel Breaks appear unlikely to be significantly
affected by the events of September 11th whilst Adventure continues to trade
profitably and should, reasonably soon, resume its previous high growth rates.
All our divisions, and the Holidaybreak group as a whole, have a bright
future.

Angus Crichton-Miller
Chairman

                           CHIEF EXECUTIVE'S REVIEW

As Angus Crichton-Miller has reported in his Chairman's Statement,
Holidaybreak has had another very good year continuing its consistent record
of 'double-digit' earnings growth.  The most obvious highlight has been the
exciting progress made by our Hotel Breaks division. There are also good
reasons to take considerable satisfaction from another very solid performance
from Camping as well as the progress made by the Adventure Holidays Division
and the success of various investor relations initiatives which we have
undertaken.

Whilst there have been and still are some concerns following the events of
September 11th , particularly in our Adventure Division, we are confident in
our ability to make further progress in 2002 despite the changed trading
environment.

AN OUTSTANDING YEAR FOR HOTEL BREAKS

The success of our Hotel Breaks division, whose operating profits grew by 25%
to £5.5m in 2001, is all the more noteworthy in the light of the difficulties
that so much of the UK domestic sector has experienced over the past year.
Floods in autumn 2000, rail disruption following the Hatfield and Selby
accidents and foot and mouth were all potential negatives. In the event, foot
and mouth may have worked marginally to our benefit as town, city and seaside
were substituted for countryside breaks and the dearth of overseas visitors
prompted London hoteliers to make attractive offers to the domestic market.
Our own inbound business did fall away but this is only a very small part of
the total.

The acquisition of a competitor Rainbow Holidays in September 2000 made a
contribution to good rates of growth and enhanced market share in the core
high street travel agency channel.  Nevertheless, direct and internet bookings
grew more quickly and now account for over 30% of revenues. Our on-line
booking facility has proved an outstanding success.  Internet revenues
exceeded £5.5m and by the end of the year were accounting for 12% of sales.

There is no reason, at present, to think that September 11th has caused more
than a very short-term interruption to the progress and prospects of the
division.  Immediately after the attack there were some cancellations and
sales did fall away, particularly for London and airport hotels.  This effect
straddled the two financial years and reduced 2001 profits by an estimated £
30,000.  There is now every sign that demand has bounced back strongly. Whilst
London growth is still lagging other destinations, in part due a very strong
performance by the capital in autumn 2000, there is still healthy demand,
fuelled by the outstanding deals being put out by hoteliers to combat the
absence of foreign visitors. Our new European programme has started well with
initial booking levels exceeding expectations.

UK MARKET STRONG FOR CAMPING

Our Camping business enjoyed rather better market conditions than in 2000 when
the Brittany oil spill affected demand for resorts on the west coast of
France.  Demand for peak season holidays from UK customers was very strong
resulting in healthy average sales values and excellent occupancy rates in
July and August, counterbalancing some weakness in low season.

Mobile-homes are now the preferred accommodation type for two in three  of our
UK customers and are growing in popularity in all markets. These holidays grew
by 12% in the UK and 9% overall. Tents retain a greater share of our Dutch,
German and Swiss business but overall 'under canvas' bookings continue to
decline.

A feature of the year was an innovative campaign from the Eurocamp marketing
team and the successful use of both TV and the internet by both Eurocamp and
Keycamp. This has provided an excellent resource for our database marketing in
2002. Higher customer satisfaction levels are also generally a useful
indicator for the following year and we were able to record an improvement in
2001.

We do not believe that any reluctance to travel on the part of consumers will
affect self-drive holidays in Europe although the unusual market conditions
may delay some bookings.  With nearly half of anticipated final bookings now
taken, Camping is on course for another good performance.

ADVENTURE HOLIDAYS RESILIENT

Overall in 2001 Adventure sales grew by 12%. Even before September 11th we had
experienced rather more than usual disruption to our programme due to the
problems, mainly in Nepal and Sri Lanka but this was counterbalanced by strong
growth in Europe, South America and some African destinations.

The past year has been one of transition for our adventure businesses under
new managing director Simon Tobin.  Reorganisation and development costs,
largely anticipated at the time of acquisition, resulted in increased
overheads and a modest reduction in net margins but overall we are satisfied
with the progress that has been made.

The September 11th attacks came at a time when prospects were looking
extremely positive. Bookings for the first quarter of the year were well ahead
of 2001 equivalents, reflecting increasing consumer demand for adventure
travel, the launch of Explore Worldwide's new, very extensive and high quality
internet site in August and the introduction of over 50 new tour itineraries.
Bookings for Regal's autumn holidays, a popular period for the diving market,
were also very strong.

The immediate effects of September 11th on Explore were manifold -
cancellation by customers and of tours, no last minute bookings, reduced tour
load factors and severe operational disruption caused by airlines changing
their flying schedules. We estimate that, for the year to 30th September 2001,
the cost was approximately £300,000 in sales revenues and £130,000 in
operating profit. However, this reduction is not a reliable indicator for the
longer term as the initial weeks were the most affected.

In recent weeks we have begun to take significant numbers of new bookings and
are now returning to normal levels of intake.  Islamic destinations account
for some 25% of our total sales in most years.  We are still operating tours
to most of these countries whilst giving customers the opportunity to switch
to other tours or take a credit against future travel if they prefer.

A strength of the Explore business is that there are no fixed commitments to
either airline seats or ground costs.  Because of the high number of short
notice cancellations and tour transfers in September load factors suffered and
there will be a residue effect in October and November.  However, looking
further forward we expect to operate at or close to normal levels. In terms of
booking prospects, we anticipate strong interest in our tours in Europe, South
America and Africa from the UK market but weakness in demand through overseas
agents who normally account for about 15% of the total.

Regal, which is a much smaller business than Explore, also continues to see
reasonable levels of new bookings.  The initial indications are that the core
diving market will prove very resilient but that 'cheap sunshine'' customers
who are an important part of the mix in softer periods are likely to stay away
for the immediate future. We have taken steps to reduce our air charter
commitments, which will reduce the impact of any shortfall, and to date have
continued to achieve healthy load factors.

ACQUISITION ACTIVITY

As well as the major acquisition of Explore Worldwide in February 2000, last
year we also acquired Regal, Hotelnet and Rainbow.  Since then we have been
active in examining various opportunities which, for one reason or another,
did not come to fruition. Whilst this is to a degree disappointing, it does
reflect the degree of caution we exercise in assessing potential additions to
the group.

INVESTOR RELATIONS

We have increasingly felt that we needed to improve our communication of the
qualities and prospects of the Holidaybreak business to both institutional and
private investors.  Whilst we have always been fairly active in our investor
relations efforts, we put more effort and resources into this area in 2001
with encouraging results.  There is, however, no substitute for consistent
performance and exploitation of opportunities for growth and these, together
with enhancement of shareholder value, remain our priorities.

STRATEGY AND PROSPECTS

We believe that, despite the challenges presented by the current trading
environment, we are capable of achieving growth in earnings in 2002. In the
longer term, we believe that all our businesses enjoy attractive growth
prospects and that we will be able to add new holiday businesses to the group
through acquisition.

Richard Atkinson
Chief Executive

FINANCE DIRECTOR'S REVIEW

In the year to 30 September 2001 Holidaybreak plc showed a strong financial
performance in all its activities and the Group achieved increases in profit
before tax and earnings per share of 15% and 12% respectively, before goodwill
amortisation and exceptional operating costs. Net debt has been significantly
reduced and the continued underlying trend of profitability and strong
operational cash flows of all our businesses will enable us to build interest
cover and pay down debt over the coming years.

GROUP PROFIT AND LOSS ACCOUNT

Turnover in 2001 was up 17% on 2000 at £192.5m. Operating profit before
exceptional operating costs and amortisation of goodwill increased by 13% to £
26.7m.

The interest charge of £2.9m was down slightly despite the costs of the
acquisition expenditure being included for a full year. Interest cover
increased from 7.7 times in 2000 to 8.6 times in 2001.

We have adopted FRS 19 'Deferred Tax' and full provision has been made for
deferred tax. The comparative results for 2000 have been restated to reflect
this change in Accounting Policy. The Group's tax charge, including full
provision for deferred tax, was £6.3m and the tax rate was 29% (2000 restated:
30%).

Headline earnings per share, stated before exceptional operating costs and
amortisation of goodwill, were 38.1p per share, an increase of 12 % over 2000
(34.0p).

The proposed final dividend represents an increase of 12.5% to 12.6p, giving a
total dividend for the year of 18.0p per ordinary share (2000: 16.0p). Our
policy is to increase dividends in line with growth in earnings per share
whilst maintaining dividend cover at over 2 times.

DIVISIONAL RESULTS

Our Camping Division's operating profit grew by 5% to £17.8m on sales up by 1%
to £103.7m. Operating margin at 17.2% (2000: 16.6%) benefited from increased
sales in mobile home holidays and excellent high season occupancy underpinned
by a strong U.K. market.

Hotel Breaks revenues were 25% higher at £57.8m. Operating margin was
maintained at 9.5% and operating profits increased by 25% to £5.5m.

The results of the businesses in our Adventure Division are included for a
full year for the first time following their acquisitions during 2000. Sales
were £31.0m and operating profit was £3.4m. The comparative results for the
previous period of seven months following the acquisition of Explore Worldwide
showed an operating profit of £2.3m and sales of £16.1m.

We estimate that the financial impact on the Adventure Division, of the
terrorist attacks on September 11th was a loss of sales revenues of
approximately £0.3m and lost operating profit of £130,000.  In the case of
Hotel Breaks the estimated profits decrease was £30,000. There was no impact
on Camping.

EXCEPTIONAL OPERATING COSTS

The Group suffered exceptional operating costs of £463,000 following the
collapse of Independent Insurance plc in June 2001. These included additional
premiums for the Group's Business Interruption and Public and Employee
Liability cover and a full provision for potential outstanding claims.

BALANCE SHEET

Net assets of the group increased to £28.0m (2000 restated: £19.9m).  Full
provision has been made for deferred tax and this resulted in an adjustment to
prior year reserves of £4.9m. Net debt gearing at 30 September 2001 was 89.5%
compared to 162% at the previous year end.

Investments of £1.9m (2000: £1.1m) represent shares in the company purchased
by the wholly owned subsidiary, Holidaybreak Trustee Limited, in respect of
the company's various share option and share award schemes. Full details of
all such schemes will be included in the Annual Report and Accounts.

CAPITAL EXPENDITURE

Net capital expenditure in the year to 30 September 2001 was £15.6m

(2000: £15.8m). All but a small part of this was accounted for by the Camping
Division with Hotel Breaks and Adventure investing £0.5m, largely in IT
development.

The Camping Division spent a total of £17.6m on tents, equipment and mobile
homes, which accounted for the bulk of this figure at £11.2m. Disposal
proceeds in respect of mobile homes sold at the end of their useful life were
£2.9m. Overall sales achieved net book value. It is the normal policy to
replace mobile homes at the end of their sixth season. The number of units for
replacement for 2002 is below 2001 and hence we expect a lower level of
capital expenditure in the year ended 30 September 2002.

CASH FLOW

The group's net borrowings at 30 September 2001 were £25.1m, compared with £
32.2m in 2000. Cash flow from our operating activities was £39.7m, another
very strong performance. All our businesses have strong positive cash flow
characteristics that will enable us to build interest cover and repay term
debt in the coming year and beyond.

During the previous year we negotiated new facilities with our principal banks
including £30.0m of Medium Term Loans to finance the acquisitions during that
year and to provide headroom for further acquisitions. We have made repayments
under these facilities of £12.0m. Available facilities are now  £68.0m 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 £28.0m has been covered
for periods up to four years through the purchase of interest rate swaps.

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 Euros and US Dollars,
represent approximately 25% of total group revenues. Currency outflows account
for 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 has completed its preparation for the introduction of the single
European currency, in terms of commercial and banking arrangements and
financial systems.  There have been no material costs involved.   UK entry
into the single currency, the timing and likelihood of which remains
uncertain, would, we believe, 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 2001

                                          2001        2001      2001       2000
                                        Before Exceptional           (Restated)
                                   exceptional   operating
                                     operating       costs
                                         costs         and
                                  and goodwill    goodwill
                                          £000        £000      £000       £000

Turnover                               192,489           -   192,489    164,518
Cost of sales                        (136,485)           - (136,485)  (116,210)
Gross profit                            56,004           -    56,004     48,308

Administrative expenses               (29,330)       (463)  (29,793)   (24,641)
Goodwill amortisation                        -     (1,703)   (1,703)      (865)
Operating profit                        26,674     (2,166)    24,508     22,802

Investment income                          725                   725        436
Interest payable                       (3,590)           -   (3,590)    (3,394)

Profit on ordinary activities           23,809     (2,166)    21,643     19,844
before taxation

Tax on profit on ordinary                                    (6,289)    (5,854)
activities

Profit on ordinary activities                                 15,354     13,990
after taxation
Dividends paid and proposed                                  (8,343)    (7,725)
Retained profit for the year                                   7,011      6,265

Earnings per ordinary share:
Headline - pre- goodwill and exceptional operating costs           38.1p  34.0p
Basic                                                              33.4p  32.0p
Diluted headline - pre - goodwill and exceptional operating costs  37.5p  33.4p
Diluted basic                                                      32.8p  31.4p

Dividend per share:
Interim                                                             5.4p   4.8p
Final                                                              12.6p  11.2p
Total                                                              18.0p  16.0p



Holidaybreak plc - Consolidated statement of total recognised gains and losses
For the year ended 30 September 2001

                                                                2001       2000
                                                                     (Restated)
                                                                £000       £000

Profit for the financial year                                 15,354     13,990
Loss on foreign currency translation                            (52)      (288)
Total recognised gain relating to the year                    15,302     13,702
Prior year adjustment                                        (4,907)
Total gains and losses recognised since last annual report    10,395
and financial statements


Holidaybreak plc - Consolidated Balance Sheet
As at 30 September 2001


                                                           2001 2000 (Restated)
                                                           £000            £000
Fixed assets

Intangible assets : Goodwill                             31,600          32,753
Tangible assets                                          57,728          53,779
Investments                                               1,896           1,079
                                                         91,224          87,611
Current assets
Assets held for disposal                                  2,626           3,463
Debtors                                                  13,421          12,690
Cash at bank and in hand                                 49,169          47,803
                                                         65,216          63,956

Creditors: amounts falling due within one year         (61,925)        (52,553)
                                                       
Net current assets                                        3,291          11,403
                                                          
Total assets less current liabilities                    94,515          99,014
                                                         
Creditors: amounts falling due after more than one      (60,499)        (73,619)
year
                                                       
Provisions for liabilities and charges                  (6,022)         (5,482)
                                                        
Net assets                                               27,994          19,913

Capital and reserves

Called up share capital                                   2,317           2,290
Share premium account                                    28,728          27,411
Other reserves                                               87              87
Profit and loss account                                 (3,138)         (9,875)

Equity shareholders' funds                               27,994          19,913


Holidaybreak plc - Consolidated Cash Flow Statement
For the year ended 30 September 2001


                                                  2001     2001    2000    2000
                                                  £000     £000    £000    £000

Net cash inflow from operating activities                39,684          39,726

Returns on investments and servicing of
finance
Interest received                                  725              436
Interest paid                                  (1,772)          (2,082)
Interest element of hire purchase payments     (1,445)          (1,312)
                                                        (2,492)         (2,958)
Taxation
UK Taxation paid                               (6,482)          (3,964)
Overseas Taxation paid                         (1,118)          (1,116)
                                                        (7,600)         (5,080)
Capital expenditure
Purchase of own shares                           (817)          (1,059)
Purchase of other investments                        -             (20)
Purchase of tangible fixed assets              (9,839)          (9,371)
Receipts from sale of tangible fixed assets      2,936            5,015
                                                        (7,720)         (5,435)
Acquisitions and disposals
Purchase of subsidiary undertakings (net of cash
acquired)                                                    -          (7,843)
                                                              
Equity dividends paid                                   (7,639)         (6,569)

Cash inflow before management of liquid resources and    14,233          11,841
financing
Financing
Issue of ordinary share capital                  1,122              560
(Decrease) increase in loans                   (8,500)           16,535
Capital element of hire purchase payments      (7,213)          (6,776)
                                                       (14,591)          10,319

(Decrease) increase in cash in the year                   (358)          22,160

NOTES

1.                 Segment information

                                                       Year ended    Year ended
                                                     30 September  30 September
                                                             2001          2000
                                                             £000          £000
Group turnover by geographical area was as follows:

United Kingdom                                            158,989       130,732
Netherlands and Belgium                                    15,659        15,939
Germany, Switzerland and Austria                           13,650        14,126
Others                                                      4,191         3,721
                                                          192,489       164,518

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

                        Turnover                        Operating profit before
                                                    exceptional operating costs
                                                      and goodwill amortisation
                                 2001        2000           2001           2000
                                 £000        £000           £000           £000

Camping Holidays              103,691     102,357         17,833         17,001
Hotel breaks                   57,768      46,054          5,466          4,390
Adventure holidays             31,030      16,107          3,375          2,276
                             192,489      164,518         26,674         23,667

2.                Dividends

                                                                    2001   2000
                                                                    £000   £000

Under provision in respect of final dividend                          13    406
Interim dividend paid of 5.4p per ordinary share (2000 : 4.8p)     2,497  2,190
Final dividend proposed of 12.6p per ordinary share (2000 :11.2p)  5,833  5,129
                                                                   8,343  7,725

If approved by shareholders, the proposed final ordinary dividend will be paid
on 23 April 2002 to those ordinary shareholders on the register on 22 March
2002 and will absorb £5,833,000.

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

                                                                2001      2000
                                                                £000      £000

Operating profit                                              24,508    22,802
Depreciation charges and amortisation of goodwill             13,397    12,147
Non-cash fair value adjustment to goodwill                     (550)         -
(Increase) decrease in debtors                                 (414)     1,971
Increase in creditors                                          2,743     2,806
Net cash inflow from operating activities                     39,684    39,726

4.                Reconciliation of net debt

                                                                 2001     2000
                                                                 £000     £000

(Decrease) increase in cash in the year                         (358)   22,160
Cash inflow (outflow) from increase in debt and lease          15,713  (9,759)
financing
Change in net debt arising from cash flows                     15,355   12,401
New hire purchase contracts                                   (8,217) (10,243)
New loan notes                                                      -  (9,465)
Net debt at beginning of year                                (32,203)  (24,896
Net debt at end of year                                      (25,065) (32,203)

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 2001 are extracts from the 2001 Group accounts which, if
adopted by the members in General Meeting on 26 February 2002 will be filed
with the Registrar of Companies.  These have been audited and reported upon
without qualification.

The results for the year ended 30 September 2000 are extracts from the 2000
Group statutory accounts, as filed with the Registrar of Companies. These were
audited and reported upon without qualification.

These extracts have been restated to reflect the adoption of FRS 19 'Deferred
Tax' in the year ended 30 September 2000.