Final Results

Dart Group PLC
21 June 2001


FOR IMMEDIATE RELEASE                                              21 JUNE 2001



                                DART GROUP PLC

               PRELIMINARY RESULTS FOR YEAR ENDED 31 MARCH 2001

Dart Group PLC, the distribution and aviation services group, announces its
preliminary results for the year ended 31 March 2001.

CHAIRMAN'S STATEMENT

I am pleased to report a further successful year for the Group.   Turnover has
increased to £190.9m  (2000 - £131.5m),  which has arisen from both organic
growth and as a result of a full year's contribution from Coolchain Ltd.
Profit before tax and after goodwill amortisation for the year ended 31 March
2001 increased to £9.2m (2000 - £7.3m).   Earnings per share were 17.94p (2000
-  14.69p).  Your directors are recommending a final dividend of  4.16p (2000
- 3.46p) taking the total dividend for the year to 5.96p (2000 - 4.92p), an
increase of 21%. The dividend will be payable on 24 August 2001 to
shareholders on the register on 29 June 2001.

Capital expenditure amounted to £24.3m (2000 - £8.7m) and mainly related to
the purchase of a Boeing 737-300QC aircraft, aircraft maintenance, the
expansion of the trailer fleet and further upgrades to the Group's information
technology infrastructure.    The B737-300QC aircraft has now been refinanced
via an aircraft mortgage facility.   Net borrowings stood at £2.3m (2000 - £
10.0m), which represents gearing of 8% (2000 - 39%).

The Group has two operating divisions - Distribution and Aviation Services.

Distribution Division

The Group's temperature-controlled distribution companies, Fowler Welch Ltd,
Fowler Welch BV, Coolchain Ltd and Channel Express (CI) Ltd, have continued
the focused  development of their specialist businesses handling some 5
million pallets of fresh produce, chilled goods and horticultural products
through their  shared-user network over the past year.

The Group's results include the first full year of ownership of Coolchain
whose produce distribution operations have been successfully integrated into
the enlarged business.  Coolchain has proved to be a good strategic
acquisition, enlarging the division's  geographical coverage of the UK  and
widening and strengthening the scope of services offered to customers.   The
Coolchain management team has been particularly welcomed into the division's
already strong organisation.

The provision of time-critical temperature-controlled logistics to suppliers
serving multiple retailers requires expert management, the best possible
physical resources and advanced information technology.  During the year the
Group has continued to invest in the division's consolidation and distribution
infrastructure and vehicle fleet to ensure that the high standards set by its
customers for the distribution of their food products are exceeded.
Similarly, continuing and considerable investment is being made in information
technology to enable the division's management to develop more efficient and
cost effective services.   The last financial year saw the commencement of the
division-wide integrated IT project.    The new system has been selected
following detailed consultations with both customers and operational staff and
is expected to greatly enhance operational efficiency.   Implementation is
expected to be completed by June 2002.

The division continues to plan future development in close co-operation with
its customers in order to evolve strategies that meet changing industry needs.

As stated in the more detailed Review of Operations following this statement,
consumer demand for fresh produce and fresh prepared foods continues to grow
with the consequent increasing need for efficient distribution.   We are
confident that the Dart Distribution Division's focus on this market will lead
to continued success.

Aviation Services Division

The companies comprising the Aviation Services Division are Channel Express
(Air Services), its cargo airline, and Benair Freight International, its
freight management company.

The past financial year saw continued growth in the international air express
industry to which the majority of Channel Express (Air Services) aircraft are
contracted.  There was also a buoyant market for additional 'ad hoc' cargo
charters to meet the needs of 'just in time' manufacturers and to enable the
Royal Mail to deliver its required service levels during the difficulties on
the railways.

Channel Express (Air Services) operates aircraft offering payloads of 6 tonnes
(Fokker F27), 15 tonnes (Lockheed Electra) and 45 tonnes (Airbus A300 '
Eurofreighter').   In order to expand the mid-sized fleet, the Group announced
the purchase of its first Boeing 737-300QC on 30 March 2001 and the purchase
of a second aircraft on 18 June 2001.    Both aircraft have 'Quick Change'
capabilities allowing them to operate in both cargo and passenger
configuration and have been flying both by night and day in these roles for
Lufthansa prior to the sale.   Channel Express (Air Services) expects to
operate the aircraft on both night-time cargo operations and day-time cargo
and passenger services.   The company has a strong and experienced management
and commercial team which is well-qualified to successfully develop the
opportunities these aircraft offer.

The Group's aircraft parts business has had a second successful year and is
now regarded as the leading provider of spare parts for Airbus A300s in
Europe.   To provide the basis of the parts stock, since 1997 the Group has
purchased and dismantled six serviceable A300s that have been retired by other
airlines.   This is a cost effective way to provide a complete range of parts
needed by both the Group and its customers.

Benair Freight International continues to develop its specialist business
importing and distributing popular tropical and coldwater ornamental fish and
managing freight between the UK, USA and the Far East.  To further
differentiate it from system-driven  freight forwarders, the company is
developing at its Heathrow facility a Special Services operation offering
dedicated pro-active management for abnormal and time critical shipments.   To
complement the Dart Distribution Division's activities a multi-chamber
coldstore has also been installed at Heathrow which will further enhance
Benair's capabilities.

The activities of both Channel Express (Air Services) and Benair Freight
International are described further in the Review of Operations that follows.

The Group is entirely dependent on the enthusiastic contribution of its staff
and has every reason to thank each and everyone for their hard work over the
past year.   We recognise the importance of developing job skills in each area
of the business and are particularly proud of the training and personal
development programmes offered and encouraged.  We also recognise the
importance of health and safety and much work has been done to provide best
practice in this area throughout the Group this year.

Finally, although, of course, the present economic climate is less buoyant
than that which we have experienced over recent years, I am pleased to say
that the current year's trading has commenced satisfactorily.

Philip Meeson
Chairman
21 June 2001




REVIEW OF OPERATIONS

Distribution

The Dart Distribution companies,  consisting of Fowler Welch,  its Dutch
subsidiary, Fowler Welch BV,  Coolchain and Channel Express (CI)  have
experienced another year of  growth. Between them, they have handled some 5
million pallets of fresh produce, chilled foods and horticultural products
through their temperature-controlled, shared-user distribution network.

Based in Britain's prime produce growing and sourcing areas, Fowler Welch and
Coolchain provide quality distribution services for temperature-controlled
products originating in the UK and imported from around the world.  The
companies also offer value added services including stock management,
pre-packing and labelling prior to delivery.  Channel Express (CI) is the
principal provider of road, sea and air transport services to and from the
islands of Jersey and Guernsey. Led by the Divisional Chief Executive, these
regional companies are run by local managing directors supported by
experienced and dedicated management teams.  Over 1,200 staff are employed in
the division who control and operate some 450,000 sq ft of
temperature-controlled consolidation facilities and a fleet of   over 500 road
vehicles.

Around the clock deliveries are made to UK multiple retailers' distribution
centres and wholesale markets on behalf of producers, importers and
manufacturers.  The past year has seen the scope of these operations extend
further into supplying companies that service outlets such as brewery chains,
petrol stations, fast food restaurants and convenience stores.

As part of an ongoing process to streamline the organisation of the division's
UK operations, the Fowler Welch distribution facility at Portsmouth was
integrated into the Coolchain management structure and re-branded a Coolchain
centre with effect from 1 May 2001.  This has created the logical geographical
coverage by Coolchain of the south of England (Southampton and Portsmouth in
Hampshire and Teynham and Paddock Wood in Kent), with Fowler Welch being
pre-eminent in the east and north-east of England.

To allow customers to more readily identify with the scale the division has
now achieved, each operating company will, in future, incorporate the branding
'A Dart Distribution Company' within its logo.  Individually, the three
trading names command considerable brand loyalty with customers and staff
within their regions  -  their names being synonymous with experienced and
dependable services in the highly-specialised fresh produce sector.
Introducing Dart Distribution branding will add to this a strong and unified
national image at what is an important stage in the division's development.

To enable the division to set the standard in cost effective fresh logistics
services, it has commissioned a single IT platform for the operating
companies.  This is recognised to be essential to facilitate the continual
improvement in the management of resources for the growing division.  A major
consideration in the selection process was a detailed customer consultation
programme.  The system, which is currently being implemented, is scheduled for
completion by June 2002.  An exciting feature of this new technology which has
caught customers' imagination, is its ability to interface with their own
systems through the Internet.  This will allow them to track and trace their
consignments and simplify ordering, proof of delivery and other administration
processes associated with each movement.

The division has also commissioned a new trailer tracking system.  This
accurately monitors the location of trailers in real time using the Global
Positioning Satellite (GPS) network.  From the data produced, improved
deployment of resources is expected to be achieved by the companies' transport
management.    The system will also provide the companies' operational staff
and customers with up to the minute information on delivery times and will
considerably enhance overall fleet and load security.

The Group believes in developing its staff to help each of them to achieve
their full potential.  The Distribution Division has an evolving  programme of
training and career guidance to give staff the confidence and skills needed to
manage the growth of the business and to establish the key values that will
help deliver its success.

The Distribution Division's developments during the past year have been
designed to provide the platforms needed to take advantage of future growth
opportunities and to derive maximum benefit from the synergies within its
national distribution network, allowing its businesses to offer a cost
efficient, competitive service to existing and new customers.

Operations

Fowler Welch

From its 20-acre temperature-controlled consolidation centre in Spalding, in
the heart of Lincolnshire's produce growing area, the Fowler Welch team
manages the division's central and northern operations.  These are supported
by secondary consolidation facilities at Earith and Yaxley (Cambridgeshire)
and Selby (North Yorkshire).  The company's Dutch subsidiary, Fowler Welch BV,
also bases its UK business at the Spalding centre from where it operates
nightly services to and from its facility at Honslersdijk flower market in The
Netherlands.

Fowler Welch has continued to develop its UK operations during the past year,
tendering for and winning new business from major suppliers serving the retail
sector.  As well as handling fresh produce and horticultural products, the
range of goods carried has expanded into chilled foods and other complementary
areas.  The key to the company's success has been its ability to offer
comprehensive logistics packages tailored to the specific needs of customers,
regardless of the size of consignments involved.   It is also the result of
the continuing capital investment required to provide the highest quality
standards for handling and delivering food products under multi-temperature
regimes, to meet increasingly rigorous customer requirements.

In its first full year of trading, Fowler Welch BV has built its business
significantly, and now manages over 10,000 cross-Channel trailer movements per
annum between The Netherlands and the UK,  predominantly on behalf of major
suppliers of horticultural products to British retailers. After further
processing upon arrival, these are fed into the Fowler Welch national delivery
network. New opportunities for further expansion into mainland Europe are
being explored through co-operative joint ventures.

Coolchain

Coolchain has now completed its first full year of trading as a member of the
Dart Distribution Division and, like its sister distribution companies, has
enjoyed continuing growth in its core business.  The company offers a broadly
similar service in the south to that of Fowler Welch in the north and its
operations have been successfully integrated into the Distribution Division's
national network.  From its centres in Kent, Coolchain can offer its customers
a full range of value added services, such as stock management, sorting,
grading, poly-bagging, netting and labelling.  Supporting these operations and
completing the network are secondary facilities at Haydock (Merseyside) and
Gateshead (Tyne and Wear).

Coolchain has now fully absorbed the operations of A Wood & Sons (Detling), a
former local competitor whose business was taken over for a nominal
consideration on 4 October 2000.   The company specialised in the distribution
of fresh produce to UK wholesale markets and multiple retailers.

A new and important three-year agreement has also been reached between
Coolchain and the Canary Islands Federation of Produce Growers to provide
labelling, consolidation and nationwide distribution services from the Port of
Southampton.  The operation commenced in October 2000 and has already proved
to be a highly successful relationship from which mutual benefits have been
and are expected to continue to be realised by both organisations.

To accommodate expected future growth and to allow scope for expansion, since
acquiring the company, the Group has invested to improve Coolchain's
temperature-controlled facilities in order to provide the multi-temperature
regimes that the company's customers seek from their specialist logistics
partners.

Additional land has also been purchased at Teynham, adjoining the existing
site, which will facilitate its future development and a new modular office
complex has been erected to house support staff.  At Paddock Wood, there have
also been enhancements to premises to facilitate improved cross docking,
consolidation and storage within designated temperature regimes.



Channel Express (CI)

Channel Express (CI) is the leading provider of road, sea and air transport
services to the islands of Jersey and Guernsey.    As both islands depend on
imported goods for the majority of their needs, a wide range of products is
carried to sustain the local economies.   The company, and its sister company,
Channel Express (Air Services), co-operate to offer a daily service to both
Jersey and Guernsey for  urgent freight, national newspapers and mail.

Flowers, pot plants and produce are the main exports from the Islands and
these provide an important source of product for UK distribution by the
division. This has been augmented by recently won Guernsey tomato export
traffic as well as an increased flow of 'plant stock by post' business which
shows good year-on-year growth.

The Islands' exports arrive via the roll-on roll-off ferry service at the
division's Portsmouth distribution centre, where they are consolidated with
south coast and continental consignments for delivery throughout the UK.


Outlook

The overall temperature-controlled distribution market is massive and is still
growing, driven by today's consumer lifestyles.  UK consumer demand for fresh
and prepared foods of the highest quality has never been greater and the
division's customers (the suppliers of these products to consumers) continue
to respond to this market through new product developments and global sourcing
policies.

The Dart Distribution Division with its strong operating position in the
chilled, fresh produce and horticulture sector is ideally positioned to
develop its services into a wider range of fresh logistics and capitalise on
this consumer generated growth.  Through careful planning and clearly-defined
objectives, the division is entering new markets in chilled and pre-prepared
foods which will augment and complement its traditional areas of operations.

The multiple retailers' general trend towards 'continuous replenishment
logistics' (to keep their shelves constantly stocked) is likely to be
maintained.   Whilst retailers continue to evaluate carefully their versions
of the continuous replenishment concept, they are making advances in this
general direction.  This will offer the division further benefits from the
additional volumes that will ensue.

We believe that the division's strategy of encouraging its companies to take
local ownership within a national framework is the right formula to ensure its
customers' specialist requirements are fulfilled and to sustain further
growth.

Aviation Services

Channel Express (Air Services) operates 15 freighter aircraft flying on behalf
of express parcel companies, postal authorities, freight forwarders and other
airlines throughout Europe and to the Middle East.   The company's aircraft
are primarily contracted to operate freight flights on behalf of the
international air express industry and the Royal Mail.   Many additional 'ad
hoc' charters are operated, usually to meet the need for 'just in time' stock
replenishment on behalf of manufacturers and their suppliers.

As MergeGlobal, the specialist air freight management consulting firm comments
-  the airfreight industry, especially the air express sector, has seen rapid
growth over the past decade as world economic convergence, also known as
globalisation, naturally stimulates trade.   The resulting flow of equipment,
components and finished products thereby boosts trade and air freight demand.
Historically, many shippers moved their product by sea to minimise direct
transportation costs and reacted to inevitable emergencies by purchasing air
freight as needed.   Today shippers increasingly plan to use air freight as
part of a package to maximise competitive advantage whilst controlling total
distribution costs which include the carrying cost of the products being
shipped  -  Channel Express (Air Services)' growth has been fuelled by the
expansion of the air freight industry and its need for specialist freighter
aircraft.

Since the introduction of the company's Airbus A300 'Eurofreighter' in 1997,
Channel Express (Air Services) has operated three aircraft types - 6 tonne
capacity Fokker F27s, 15 tonne capacity Lockheed Electras and 45 tonne
capacity A300s.   This range of aircraft has enabled the company to
competitively offer increasing payloads to its customers as their volumes have
grown.   The choice of aircraft is governed by payload, capital cost,
operating costs and environmental considerations, especially noise, which is
particularly sensitive for night-time operations.

For some considerable time the company has wished to expand its fleet of
mid-sized freighter aircraft.   Having ruled out the option of purchasing
further Lockheed Electras, due to that type's age, several alternatives have
been evaluated over the past two years.   Traditionally, Channel Express (Air
Services), whose predominantly night-time operations require relatively low
aircraft utilisation, has purchased aircraft that have been retired from
passenger airlines, whose high utilisation operations demand the lowest
possible direct operating costs.   As these airlines retire their fleets in
favour of newer aircraft, many have been converted into freighters and flown
on less intensive operations where lower capital cost is a prime
consideration.    However, environmental constraints, especially noise, now
increasingly limit the economic life of older types reducing their potential
for a second life as freighters.

As a result of a comprehensive aircraft evaluation, the Boeing 737-300 has
been chosen as the Group's preferred type with which to expand its mid-sized
fleet. Over 1,000 B737-300 aircraft have been manufactured between 1984 and
1999.   The type is regarded as reliable and efficient and is in service with
airlines throughout the world.   In the early 1990s 31 Boeing 737-300 aircraft
were converted by Pemco Aviation Group, Inc, a US aircraft conversion
specialist, to enable them to carry approximately 16 tonnes of freight on
pallets or in containers or up to 142 passengers.

This conversion features a versatile Quick Change (QC) system allowing the
role change from freighter to passenger in under 30 minutes.   To facilitate
this role change the passenger seats are mounted on pallets which ride on the
aircraft's cargo roller bed floor.   The seat pallets are unloaded through the
large cargo door (fitted as part of the conversion) into purpose-built
vehicles for storage when not required.

This innovative Quick Change system allows the aircraft to be marketed to both
the cargo and passenger markets.

The Group was therefore pleased to announce the purchase of its first aircraft
of this type on 30 March 2001 and the second on 18 June 2001.  These Boeing
737-300QC aircraft were in daily service with Lufthansa carrying passengers
during the day and freight at night.   On 7 June 2001 the company's first
Boeing 737-300QC commenced contract freight revenue service on behalf of the
Royal Mail flying nightly between Stansted and Edinburgh and operating freight
and passenger services during the day.

Considerable work will be undertaken in future months to develop the company's
Boeing 737-300QC contract and charter operations.   The company's second
Boeing 737-300QC is expected to enter into service in August of this year.
The Group intends to expand its Quick Change fleet progressively as long-term
opportunities for this versatile aircraft are developed.

Channel Express Parts Trading, the division's aircraft parts business has
completed its second successful year of operations.   It specialises in
supporting the company's  A300-B4 Eurofreighters and the growing fleet of A300
freighters in Europe and the USA.   The Group has now purchased and dismantled
six A300 aircraft to provide the basis of its aircraft parts stock.

Channel Express Parts Trading is staffed by experienced airline personnel who
understand the importance of the timely delivery of quality aircraft parts to
its progressively widening customer base.    Their close understanding of the
challenges of daily aircraft operations is obviously a considerable advantage
for this business.   With over 70 A300-B4 aircraft in operation as freighters
worldwide, and the likelihood of a number still operating in passenger service
being converted into freighters in the future, there is considerable scope for
the further development of this market by the company's aircraft parts
division.    Furthermore, it is the company's aim to develop its parts trading
activities in line with the expansion of the Group's aircraft fleets and the
recent acquisition of Boeing 737-300QC aircraft presents further opportunities
for Channel Express Parts Trading.

Benair Freight International, the Group's freight management company, has
hitherto operated in two specialist business areas.   It has a highly
successful operation importing tropical and coldwater ornamental fish into the
UK.  The company also provides specialist freight services between the UK, USA
and the Far East.

Benair Freight International has now developed a new 'Special Services'
activity aimed at providing 'hands-on', pro-active management for critical
shipments.   Benair Special Services is based at the company's London Heathrow
offices and utilises the company's internal freight management expertise and
closely manages external logistics providers to deliver a tightly-controlled
customer-focused logistics solution for its customers.   The reaction of
service-orientated manufacturers and suppliers to this new service has been
extremely encouraging and gives confidence for the future growth of this
additional specialist business area.



For further information contact:


Dart Group PLC                                  Tel: [phone]
Philip Meeson,
Group Chairman and Chief Executive              Mobile:  [phone]

Mike Forder
Group Finance Director                          Mobile:  [phone]



Consolidated Profit And Loss Account
for the year ended 31 March 2001
                                                                 2001      2000
                                                 Note           £'000     £'000
Turnover
Continuing operations                               1         190,912   131,450

Net operating expenses, excluding                            (180,630) (123,680)
amortisation of goodwill
Amortisation of goodwill                                         (497)     (165)

Net operating expenses                                       (181,127) (123,845)

Operating profit
Continuing operations                                           9,785     7,605

Profit  on disposal of fixed assets                                18       358
Net interest payable                                             (592)     (702)
                                                                 
Profit on ordinary activities
before taxation                                                 9,211     7,261
Taxation                                                       (3,085)   (2,376)
Profit on ordinary activities
after taxation                                                  6,126     4,885
Dividends                                                      (2,040)   (1,676)

Retained profit for the year                                    4,086     3,209

Earnings per share

- basic                                             4           17.94p   14.69p
- basic, excluding the amortisation of              4           19.40p   15.19p
  goodwill
- diluted                                           4           17.77p   14.57p



Statement of Total Recognised Gains and Losses

                                                                  2001     2000
                                                                 £'000    £'000

Profit on ordinary activities after taxation                     6,126    4,885
Exchange gain on foreign equity investment                          33        8

                                                                 6,159    4,893

Balance Sheets
at 31 March 2001
                                                Group            Company
                                              2001     2000     2001      2000
                                    Note     £'000    £'000    £'000     £'000
Fixed assets
Intangible assets                            9,271    9,768        -         -
Tangible assets                             41,534   32,686   32,388    22,232
Investments                                     59       59   18,279    18,279

                                            50,864   42,513   50,667    40,511
Current assets
Stock                                        1,756    1,773        -         -
Debtors                                     29,965   25,189    4,841     4,812
Cash at bank and in hand                     7,061    7,655    1,101     3,010

                                            38,782   34,617    5,942     7,822
Current liabilities
Creditors: amounts falling due
within one year                           (49,301) (34,868) (37,421)  (24,217)

Net current liabilities                   (10,519)    (251) (31,479)  (16,395)

Total assets less current                   40,345   42,262   19,188    24,116
liabilities

Creditors: amounts falling due
after
more than one year                         (6,790) (13,485)  (4,867)  (10,956)

Provision for liabilities and              (3,569)  (3,029)  (3,207)   (3,449)
charges

                                          (10,359) (16,514)  (8,074)  (14,405)

                                            29,986   25,748   11,114     9,711


Capital and reserves
Called up share capital                      1,710    1,704    1,710     1,704
Share premium account                        7,551    7,438    7,551     7,438
Profit and loss account                     20,725   16,606    1,853       569

Shareholders' funds - equity        2       29,986   25,748   11,114     9,711
interests


Consolidated Cash Flow Statement
for the year ended  31 March 2001

                                                               2001        2000
                                                   Note       £'000       £'000

Net cash inflow from operating activities             3      24,909      16,619

Returns on investment and servicing of finance                (592)       (702)

Taxation                                                    (2,089)     (1,790)

Capital expenditure and financial investment               (12,877)     (2,789)

Acquisitions                                                     -     (14,283)

Equity dividends paid                                       (1,798)     (1,467)

Cash inflow/(outflow) before management of
liquid resources and financing                                7,553     (4,412)

Management of liquid resources                                    -       4,549

Financing                                                   (8,147)       2,920

(Decrease)/increase in cash in the year                       (594)       3,057



Reconciliation of net cash flow to movement in net debt

                                                                  2001     2000
                                                                 £'000    £'000

(Decrease)/increase in cash in the year                          (594)    3,057
Cash outflow from short-term deposits                                -  (4,549)
Cash outflow from decrease in net debt in the year               8,267       41
Debt acquired with acquisition of subsidiary                         -  (1,476)
undertaking

Change in net debt in the year                                   7,673  (2,927)
Net debt at 1 April                                            (9,999)  (7,072)

Net debt at 31 March                                           (2,326)  (9,999)



1.      Turnover

                                                               2001        2000
                                                              £'000       £'000

Distribution                                                116,065      70,164
Aviation Services                                            74,847      61,286
                                                            _______      ______

                                                            190,912     131,450
                                                            _______      ______
Turnover arising within:
  The United Kingdom and the Channel Islands                185,931     129,515
  Mainland Europe                                             3,300         663
  The Far East                                                1,681       1,272
                                                            _______     _______

                                                            190,912     131,450
                                                            _______     _______



Included within turnover above is £41,116,000 relating to Coolchain Limited
(2000 - £11,274,000) which was acquired on 30 November 1999.  Turnover to
third parties by destination is not materially different to that by source and
relates to continuing activities.

2.      Reconciliation of movements in shareholders' funds

                                                  Group            Company
                                                2001     2000     2001     2000
                                               £'000    £'000    £'000    £'000

Profit for the year                            6,126    4,885    3,324      729
Dividends                                    (2,040)  (1,676)  (2,040)  (1,676)
                                              ______   ______   ______   ______
                                               4,086    3,209    1,284    (947)
Currency translation differences                  33        8        -        -
Issue of shares under share option schemes       119       84      119       84
Issue of shares under placing                      -    2,877        -    2,877
                                              ______   ______   ______    _____
Net addition to
shareholders' funds                            4,238    6,178    1,403    2,014
Opening shareholders' funds                   25,748   19,570    9,711    7,697
                                              ______   ______    _____    _____

Closing shareholders' funds                   29,986   25,748   11,114    9,711
                                              ______   ______   ______    _____



3.      Reconciliation of operating  profit to net cash flow from
        operating activities

                                                              2001        2000
                                                             £'000       £'000

Operating Profit                                             9,785       7,605
Depreciation                                                14,690      11,455
Amortisation of goodwill                                       497         165
Decrease/(increase) in stock                                    17       (251)
Increase in debtors                                        (4,776)     (5,806)
Increase in creditors                                        4,663       3,443
Exchange differences                                            33           8
                                                            ______      ______

Net cash inflow from operating activities                   24,909      16,619
                                                            ______      ______

4.      Earnings per share

The calculation of basic earnings per share is based on earnings for the year
ended 31 March 2001 of £6,126,000 (2000 - £4,885,000) and on 34,143,816 shares
(2000 - 33,250,926) being the weighted average number of shares in issue for
the year.

The calculation of basic earnings per share, excluding the amortisation of
goodwill, is based on earnings of £6,623,000, as calculated below, for the
year ended 31 March 2001 (2000 - £5,050,000) and on 34,143,816 shares (2000  -
33,250,926)  being the weighted average number of shares in issue for the
year.




                                                                 2001      2000
                                                                £'000     £'000

Profit on ordinary activities after taxation                    6,126     4,885
Amortisation of goodwill                                          497       165
                                                                _____     _____

                                                                6,623     5,050
                                                                _____     _____



The diluted earnings per share is based on earnings for the year ended 31
March 2001 of  £6,126,000  (2000 - £4,885,000), and on  34,474,149 ordinary
shares (2000 - 33,521,700)  calculated as follows:


                                                                2001       2000
                                                               000's      000's

Basic weighted average number of shares                       34,144     33,251
Dilutive potential ordinary share:
  Employee share options                                         330        271
                                                              ______     ______

                                                              34,474     33,522
                                                              ______     ______


5.      The financial information for the years ended 31 March 2000 and
2001 does not constitute statutory accounts, as defined in Section 240 of the
Companies Act 1985, but is based on the statutory accounts for the years then
ended.   Statutory accounts for the year ended 31 March 2000, on which the
auditors issued an unqualified opinion pursuant to Section 235 of the
Companies Act 1985, have been filed with the Registrar of Companies.
Statutory accounts for the year ended 31 March 2001, on which the auditors
issued an unqualified opinion pursuant to Section 235 of the Companies Act
1985, will be filed with the Registrar of Companies in due course.

6.      The proposed final dividend of 4.16 pence per share will, if
approved, be payable on 24 August 2001 to shareholders on the Company's
register at the close of business on 29 June 2001.

7.      The 2001 Annual Report and Accounts (together with the Auditors
Report) will be posted to shareholders on 12 July 2001.  The Annual General
Meeting will be held on 9 August 2001.