Final Results - Replacement

Delyn Group PLC 27 April 2000 The issuer has made the following amendment to the Final Results announcement released today at 08:43 am under RNS No 6722J. The second interim dividend will be paid on '19 May 2000' to shareholders on the register as at '12 May 2000' and not as previously shown. All other details remain unchanged. The full corrected version is shown below. Delyn Group plc ('Delyn' or the 'Company') PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000 Chairman's Statement and Operational Review I am pleased to be able to report that for the 12 months to 31 March 2000 profit before taxation and exceptional items was £539,000 (1999: £595,000). The fall in interest rates during the period was partly offset by a further reduction in overhead costs. Earnings per share, after exceptional items for the 12 months to 31 March 2000, were 4.43p (1999: 9.35p). Last year the Group had the benefit of the exceptional tax credit of £222,000. The Board is paying a second interim dividend of 2.0p per ordinary share. Thus the total dividends for the year will be 3.0p per ordinary share. The second interim dividend will be paid on 19 May 2000 to shareholders on the register as at 12 May 2000. The Group continues to trade profitably and had net cash as at 31 March 1999 in excess of £8 million and a net asset value per share of £1.22. This is, of course, without taking into account any potential profit participation on the joint venture with M J Gleeson Group PLC in the development site in Hamilton, Scotland. I have for some time reported to you that your Board has been actively seeking a major acquisition of a quality company in the hi-tech sector. On 10 March of this year we announced that negotiations were taking place for a substantial acquisition. I am now pleased to report the proposed acquisition of ingenta Limited. ingenta is a world leader in creating on-line knowledge communities and is already one of the UK's top 20 web services. You are referred to the circular to shareholders dated 27 April 2000 for further information. G A Naggar Chairman 27 April 2000 For further information, please contact: Delyn Group plc 020 7834 8060 Guy Naggar, Chairman 0498 755 444 FINANCIAL HIGHLIGHTS Year ended Year ended 31 March 31 March 2000 1999 £'000 £'000 Turnover 318 318 Profit before taxation 539 595 Pence Pence Basic earnings per ordinary share of 5p 4.43 9.35 ======= ======= Dividends - Interim paid 1.00 1.00 - Second interim proposed (1999: Final) 2.00 2.00 ________ ________ 3.00 3.00 ======= ======= CONSOLIDATED PROFIT AND LOSS ACCOUNT Year to Year to 31 March 31 March Notes 2000 1999 £'000 £'000 Turnover 318 318 Cost of sales (1) (13) ________ ________ Gross profit 317 305 Net operating expenses (215) (267) ________ ________ Operating profit 102 38 Share of operating loss in joint ventures (1) (7) ________ ________ Total operating profit: group and share of joint ventures 101 31 Net interest receivable - Group 434 549 - Joint ventures 4 15 ________ ________ 438 564 ======= ======= Profit on ordinary activities before taxation 539 595 Taxation on profit on ordinary activities (152) 222 ________ ________ Profit on ordinary activities after taxation 387 817 Dividends paid and proposed (261) (261) ________ ________ Retained profit for the year 126 556 2000 1999 Pence Pence Basic earnings per ordinary Share of 5p 4.43 9.35 ======= ======= There is no difference between the basic earnings per share and the diluted earnings per share amounts. The above results are derived solely from continuing operations. There is no difference between the profit on ordinary activities before taxation and the retained profit for the years stated above, and their historical cost equivalents. The company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented. CONSOLIDATED BALANCE SHEET AS AT 31 MARCH Notes 2000 1999 £'000 £'000 Fixed assets Tangible assets 2,952 2,962 Interests in joint ventures: - Share of gross assets 211 226 - Share of gross liabilities (156) (174) ________ _______ 55 52 ________ _______ 3,007 3,014 ________ ________ Current assets Debtors 225 175 Short term bank deposits 4 8,172 7,953 Cash at bank and in hand 4 50 110 ________ ________ 8,447 8,238 Creditors: amounts falling due within one year (476) (411) ________ ________ Net current assets 7,971 7,827 ________ ________ Total assets less current liabilities 10,978 10,841 ________ ________ Provisions for liabilities and charges (312) (301) ________ ________ Net assets 10,666 10,540 ======= ======= Capital and reserves Called up share capital 437 437 Share premium account 181 181 Revaluation reserve 1,150 1,150 Profit and loss account 8,898 8,772 ________ ________ Equity shareholders' funds 5 10,666 10,540 ======= ======= 2000 1999 Pence Pence Net assets per ordinary share of 5p each 122 121 ======= ======= CONSOLIDATED CASH FLOW STATEMENT Year to Year to 31 March 31 March 2000 1999 £'000 £'000 Net cash inflow/(outflow) from operating activities 10 (41) ________ ________ Returns on investments and servicing of finance Interest received 434 549 ________ ________ Net cash inflow from returns on investments and servicing of finance 434 549 ________ ________ Taxation UK Corporation tax (paid)/repaid (31) 517 ________ ________ Capital expenditure Sale of tangible fixed assets 7 63 ________ ________ Net cash inflow from capital expenditure 7 63 ________ ________ Equity dividends paid to shareholders (261) (218) Cash inflow before management of liquid resources and financing 159 870 ________ ________ Management of liquid resources Increase in short term bank deposits (219) (953) ________ ________ Decrease in cash in year (60) (83) ======== ======== NOTES 1. Financial information This financial information, which has been audited, does not constitute statutory accounts, within the meaning of section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 March 2000 and the year ended 31 March 1999 each received an unqualified auditors' report. The accounts for the year ended 31 March 1999 have been filed with the Registrar of Companies; those for the year ended 31 March 2000 will be filed in due course. 2. Change in accounting policies and presentation of financial information The group has adopted FRS 15 'Tangible Fixed Assets'. This has had no material impact on the accounts. 3. Earnings per share The calculation of the earnings per share is based on profit after tax of £387,000 (1999: £817,000) and 8,740,124 (1999: 8,740,124) ordinary shares of 5p each, being the weighted average number of ordinary shares in issue and ranking for dividend during the year. 4. Net funds 2000 1999 £'000 £'000 Short term bank deposits 8,172 7,953 Cash at bank and in hand 50 110 ________ ________ Net funds 8,222 8,063 ======== ======== 5. Reconciliation of movement in shareholders' funds 2000 1999 £'000 £'000 Profit for the financial year 387 817 Dividends (261) (261) Net addition to shareholders' funds 126 556 Opening shareholders' funds 10,540 9,984 ________ ________ Closing shareholders' funds 10,666 10,540 ======== ========

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