Final Results

Dart Group PLC
19 June 2003



For Immediate Release                                              19 June 2003


                                 DART GROUP PLC
               PRELIMINARY RESULTS FOR YEAR ENDED 31 MARCH 2003

Dart Group PLC, the aviation services  and distribution group, announces its
preliminary results for the year ended 31 March 2003.


CHAIRMAN'S STATEMENT

I am pleased to report on the Group's trading for the year ended 31 March 2003.

Profit before tax, excluding Jet2 operations and goodwill amortisation, amounted
to £10.0m (2002 - £10.0m).    Total turnover was  £198.2m (2002 - £194.2m).
Jet2, the Group's low cost airline, operating from Leeds Bradford International
Airport, did not commence flying until 12 February.  As a result, minimal
chargeable revenue accrued in the 2003 financial year, whilst the initial set up
costs resulted in an operating loss in Jet2 of £2.0m (2002 - £Nil).  This is in
line with our statement released on 23 October 2002.  Earnings per share before
the amortisation of goodwill were 15.78p  (2002 - 19.87p).  The Board is
recommending an unchanged final dividend of 4.26p,  taking the total dividend
for the year to 6.11p (2002 - 6.11p).    The dividend, if approved, will be
payable on 22 August 2003 to shareholders on the register on 27 June 2003.

Capital expenditure amounted to £36.4m (2002 - £26.9m) and mainly related to the
expansion of the Group's Boeing 737-300 aircraft fleet.   Net borrowings at 31
March 2003 amounted to £28.2m (2002 - £22.5m), which represented gearing of 76%
(2002 - 66%).   The majority of the Group's debt is denominated in US Dollars
reflecting the Group's policy of matching long-term US Dollar assets, namely
Boeing 737-300 aircraft, with US Dollar liabilities.  Interest cover remained a
healthy 8.5 times.

During the financial year the Group purchased six Boeing 737-300 aircraft (the
sixth aircraft being delivered post year end), four for use by  Jet2,  and two
for conversion to a Freighter and a Quick Change (allowing the aircraft to be
rapidly converted between passenger and freighter roles).  On 4 June 2003, the
Group announced that it had entered into an agreement with receivers appointed
by HSBC Bank Plc (Sydney Branch) to purchase a further six Boeing 737-300
aircraft, two of which have now been delivered.  The remainder will also be
delivered during the first half of the current financial year and will be used
to both expand Jet2 and to be converted to Freighter or Quick Change
configuration in order to service the Group's contract freighter and passenger
operations.

The Group is committed to building its business-to-business services, providing
air transportation on behalf of express parcel companies, postal authorities,
freight forwarders and passenger charterers in the Aviation Division and
temperature-controlled road distribution services primarily on behalf of UK
supermarkets in our Distribution Division. We believe, however, that the Jet2
retail scheduled passenger business may offer more opportunity for profitable
growth in the foreseeable future.  The low cost passenger market is, however,
very competitive and much hard work lies ahead in order to be successful in this
new business.

Aviation Services

Following the recent agreement to acquire six further Boeing 737-300 aircraft,
the Group will own 14 of the type.   Channel Express (Air Services) currently
operates two Quick Change aircraft which fly for Royal Mail at night and operate
passenger charters during the day.  The Quick Change concept gives higher
aircraft utilisation, facilitating  the provision of cost-effective services to
both passenger charterers and to overnight express parcel and mail operators.
Two further aircraft will shortly be converted, one to a Freighter and one to
Quick Change.    We see a considerable future demand for the Boeing 737-300 in
the European express parcel and mail markets and are in discussions with several
customers for the provision of  both freighter and passenger charter services.

Channel Express (Air Services) also operates four Airbus A300 'Eurofreighters'
(two of which are owned by the Group) on behalf of express parcel companies
within Europe and five Fokker F27s on behalf of Royal Mail and  newspaper
publishers and  on its own scheduled cargo services to the Channel Islands.

In May 2003, our last Lockheed Electra was retired.  The type had been in
service with us since 1988 and had made a significant contribution to profits.
The Electra is being replaced with Boeing 737-300s.   The new type has also
given Channel Express Parts Trading the opportunity to widen its activities.
In the current economic climate the parts support business is difficult but our
parts operation remains profitable and a continuing future opportunity.

Jet2, a trading name of Channel Express (Air Services), commenced low cost
services to Amsterdam from Leeds Bradford International Airport on 12 February.
Since May, Jet2 has also  been serving Alicante,  Barcelona, Malaga, Milan, Nice
and Palma.    Every effort has been made to run the Jet2 operation as
cost-effectively as possible, utilising existing Channel Express resources.
Since taking the decision to enter this market, competition in  the North of
England  has increased considerably.  In addition to services from East Midlands
and Liverpool airports, further competing services are now offered or planned
from Newcastle, Manchester and Teeside.  The ability to succeed in this
environment depends on our having the lowest possible operating costs, which we
strive to augment with a friendly service.   Whilst trading to-date is on
budget, at this stage it is too early to predict with confidence the financial
outcome for Jet2 this year.

I am delighted to report a year of profitable growth from the Group's freight
forwarder, Benair Freight International.   Progress was seen in both the niche
tropical and ornamental fish importing business and in international freight
forwarding.

Distribution

The Group's two main produce and horticulture distribution companies, Fowler
Welch and Coolchain, were amalgamated into one operating entity, Fowler Welch -
Coolchain Ltd on 1 April 2003.    The combined name retains both staff and
customer loyalty to the operations and brands.   Our supermarket customers
expect the highest operational standard at the most competitive cost.   In
return they are rationalising their logistics suppliers,  offering increased
volumes to their chosen contractors.   To meet the challenge, Fowler Welch -
Coolchain has ceased its operations at Paddock Wood, Kent, ceased produce
packing at Teynham, Kent, to enable that site to accommodate business
transferred from Paddock Wood and closed its produce and horticulture
distribution operations at Portsmouth, relocating to smaller premises in the
local growing area at Littlehampton, West Sussex.   Unfortunately, this
rationalisation  has meant redundancies at all levels, but the result is an
integrated operation more capable of reacting to its customers' needs.

Fowler Welch - Coolchain's commercial and operating headquarters are at the
Division's 20 acre site in Spalding, Lincolnshire, where the company is headed
by the Managing Director, David Inglis, supported by the former Managing
Director of Coolchain, David Cottam, in the role of National Operations
Director.   Our customers now have one point of contact for all commercial and
operational needs and have welcomed the re-organisation of the past year.  We
aim to position Fowler Welch - Coolchain as the preferred supplier of national
temperature-controlled distribution services to the supermarkets.

The activities of the Group's two operating divisions - Aviation Services and
Distribution - are more fully described in the Review of Operations that follows
this statement.

Our Staff

I would like to sincerely thank all my colleagues within both divisions for
their support and hard work over a year in which we have seen much change.  I am
very grateful for the resilience and determination everyone has shown in a
demanding trading environment.

Outlook

The combination of our  Aviation Services and Distribution operations
considerably enhances the Group's overall strength.   However, the
business-to-business trading environment is challenging with continuing pricing
pressures in our contract distribution and aviation services activities and
higher national insurance contributions and general insurance costs which we
cannot pass on.  It is hoped that Jet2 with its wide customer base will enable
us to restore profits growth.    There is obviously some way to go before the
success of this strategy can be judged.  Therefore, at this stage,  whilst
trading is in line with budget, the outlook for the year remains uncertain.



Philip Meeson
Chairman                                                            19 June 2003


For further information about Dart Group PLC and its subsidiary companies please
visit our website, www.dartgroup.co.uk


REVIEW OF OPERATIONS

Aviation Services

The Group purchased its first two Boeing 737-300 Quick Change aircraft from
Lufthansa in 2001.  It has now taken the opportunity to expand its aircraft
fleet in a period of soft aircraft prices.

With the addition of the six Boeing 737-300 aircraft which the Group has agreed
to purchase, Channel Express (Air Services) will operate 14 of the type.
Currently four are flying Jet2 low cost services, whilst two Quick Change
aircraft are flying for Royal Mail at night and serve the passenger charter
market during the day.  These aircraft can be converted between their freight
and passenger roles in approximately 40 minutes. The ability to serve both
markets allows increased utilisation and delivers an efficient and competitive
service.  The Quick Change aircraft are based at Edinburgh and Stansted
airports.  The Company also leases an additional Boeing 737-300 to operate an
intensive passenger charter contract from Prestwick Airport.

The Group has entered into a contract to convert up to 12 further Boeing
737-300s to either Freighter or Quick Change configuration over the next six
years.   The first aircraft, a Freighter, is due to be re-delivered to us in
August 2003 with the second, a Quick Change, at the end of November 2003.
Thereafter, we expect to convert further aircraft as demand justifies.  We
believe that the Boeing 737-300 will be the 17 tonne payload freighter of choice
for express parcel and mail air services in the future.

Channel Express (Air Services) also operates four 45 tonne payload Airbus
A300-B4  'Eurofreighters'  on behalf of leading express parcel delivery
companies and five 6.5 tonne payload Fokker F27s for Royal Mail, newspaper
publishers and on its own scheduled services to the Channel Islands.   Two
Airbus A300s are owned by the Group and two are leased-in under a flexible
structure which allows the company to match its commitment to its contractual
arrangements with its customers.  The A300-B4 Eurofreighter provides a reliable
cost-effective service.   We expect to add a further leased aircraft to the
fleet during the current financial year.

The Group's Fokker F27s have for many years served Royal Mail's air network,
flying dedicated services over the longer distances within the UK to enable
first class mail to be delivered the next day.  Royal Mail recently announced
that more mail would be transported by road and air in the future as mail train
services are ceased.   We are not yet aware of Royal Mail's final requirement
for aircraft but very much hope that we will be invited to meet their increased
needs both with Fokker F27s and converted Boeing 737-300s.

Whilst the Group's traditional contract aviation operations will remain a
significant and hopefully expanding business there is considerable dependence on
a relatively small number of customers.  We have, therefore, for some time, been
looking to widen our operations to the retail sector.  The availability of
Boeing 737-300 aircraft at attractive prices and the growing demand for low cost
'no frills' passenger services combined to prompt Channel Express (Air
Services), trading as Jet2, to utilise its existing infrastructure to offer such
services from Leeds Bradford.

It is estimated that over nine million people live within one and a half hour's
drive time from Leeds Bradford and the airport, which has excellent facilities,
was keen to attract a low cost airline to serve the region.

In order to undertake this new business, the Group has recruited a number of
scheduled passenger service professionals.  The Jet2 routes selected from Leeds
Bradford - Alicante, Amsterdam, Barcelona, Malaga, Milan, Nice and Palma - are
predominantly leisure destinations which surveys indicated would be well
supported by the region.   The inaugural flight took place on 12 February to
Amsterdam which is served twice daily with, from 1 May, each other destination
being served daily except Alicante (six times per week) and Nice (three times
per week).  The services have been publicised by poster, bus, national and
regional newspaper and radio advertising.   Reservations are made on-line at
www.jet2.com or through the contracted call centre.  Whilst the operational
infrastructure is provided by Channel Express (Air Services), the Jet2
management team is based at Leeds Bradford with many aircrew, engineers and
cabin staff having been recruited locally.

Jet2 aims to provide a friendly reliable service at the lowest possible cost.
Services will be operated both to primary and secondary airports, the criteria
for route selection being customer demand and the ability to deliver competitive
low cost flights.   To date both yield and average load factor are on budget.
We regard this as a satisfactory start to the operation.

Since the decision was taken to commence services from Leeds Bradford,
competitive services are now being offered from Manchester and Newcastle with
further services planned from Teeside.   Obviously the increasing competition is
concerning, but we believe that our cost base is low enough to enable us to
profitably develop the business.   It is currently planned to increase the
number of aircraft based at Leeds Bradford for the summer of 2004.   Flights to
Prague and Faro are commencing on 4 September and Geneva will be served for
skiing during the winter season.

Channel Express Parts Trading, the Company's aircraft parts operation that
supports both the Group's and other customers' aircraft, has had a challenging
year but has managed to remain profitable in a difficult market.   Previously
Parts Trading specialised in supporting Airbus A300 aircraft from its
comprehensive stock of parts which have been built up through the acquisition
and dismantling of six A300s.   The introduction of the Boeing 737-300 has given
Parts Trading new opportunities to support the type and a suitable stock is
being selectively acquired.  The operation has succeeded in widening its
customer base for both Airbus and Boeing parts and we believe that the current
financial year will see the resumption of growth in this business.

Benair Freight International, the Group's air, sea and road freight forwarder,
with offices at London Heathrow, Manchester, East Midlands and Newcastle
airports, has had a successful year.   The company has won a number of new
accounts and has improved its trading with its overseas partners.   Every effort
will be made to continue this growth this year.

Distribution

The Group's Distribution Division comprises Fowler Welch - Coolchain Ltd, which
specialises in the distribution of fresh produce, horticulture and chilled
foods, primarily for leading UK supermarkets and Channel Express (CI) Ltd, a
Guernsey company, which transports flowers and produce from Guernsey and Jersey
to the UK mainland with vehicles returning with temperature-controlled and
general freight.

Fowler Welch, based in Spalding, Lincolnshire, and Coolchain, whose operating
centre is at Teynham, Kent, were acquired by the Group in 1994 and 1999
respectively to expand the Division's temperature-controlled fresh produce
distribution business.  Both companies had individually won considerable produce
consolidation and distribution business with suppliers to the leading UK
supermarkets on a shared user basis.  Whilst the Division's customer base was
comprised mainly of those regional suppliers to the supermarkets, Fowler Welch
and Coolchain were run separately with their own management teams, but with an
increasingly integrated distribution operation.  Recently, however, the
supermarket companies themselves have taken control of their logistics supply
chains, negotiating 'factory gate' pricing structures with their suppliers.
Consequently, the Division's customers have increasingly become the
supermarkets, who have appointed selected logistics service providers, such as
Fowler Welch and Coolchain, to handle their total produce distribution needs,
negotiating reduced pricing in return for larger volumes.

In this new environment it was clear that in order to remain competitive Fowler
Welch and Coolchain needed to become a single organisation, both commercially
and operationally.   At the same time, the distribution infrastructure needed to
be rationalised to enable the combined operation to offer the most
cost-effective service.

On 1 April, 2003 Fowler Welch - Coolchain Ltd became the UK produce distribution
operating and legal entity.  The company is  headed by David Inglis, Managing
Director, and David Cottam, National Operations Director.   The Division's
Finance Director is John Butler.   Due to the changes in the business structure,
  it was decided to rationalise the southern operation by closing the former
Coolchain site at Paddock Wood, Kent, and concentrating the Kent operation at
Teynham.   To facilitate this, fruit packing operations at Teynham ceased with
other local providers taking over this business.   Simultaneously, the Coolchain
site at Portsmouth, which primarily handled Channel Islands and local south
coast produce and flower distribution, was closed in March.  As a result of the
careful planning and hard work of the management and staff of the Distribution
Division these major changes to the companies' distribution system and
infrastructure were accomplished seamlessly and with minimum disruption to the
service levels provided to customers.   Much credit is due to the Division's
team.

Fowler Welch - Coolchain's southern distribution needs are now handled from
smaller premises at Littlehampton whilst alternative arrangements have been made
by Channel Express (CI) for the distribution of the reduced volumes of Channel
Islands' produce and horticulture now handled.

Regrettably the rationalisation led to redundancies at all levels within the
business, however, the result is a much streamlined operation, with clearer and
faster decision making processes and an integrated distribution network.

In order to continue building on the substantial progress made during the year,
systems are being put in place to take advantage of the enlarged division's
buying power and to improve procedures in a number of  areas such as
consolidation centre operations, driver recruitment and training, vehicle
utilisation and health and safety.   The project to implement a common
computerised operating system throughout the Division has now been completed and
efforts are ongoing to utilise the improved information emanating from this
system, to drive cost out of the network.   The overall result has proven to be
improved customer satisfaction and a more reliable customer-focused distribution
system, able to meet the very demanding supermarkets' requirement for a service
at very competitive pricing.

Fowler Welch - Coolchain has continued to win new business and is, through its
close relationships with its supermarket customers, being offered new
distribution  opportunities in areas such as chilled foods and also to serve
more regions in the UK.   Every effort is also being made to work closely with
customers and their suppliers to ensure that vehicles run as economically as
possible and are fully loaded both on outward and return journeys.  Efforts are
also being made to develop the company's international business which is
primarily concentrated on the delivery of horticulture and produce from Holland
to the UK.

There is no doubt that Fowler Welch - Coolchain has considerable potential for
future growth in its distribution business.  However, margins are tight and
costs have to be kept under continuous review and control to achieve a near
reasonable return.

Channel Express (CI), based in Guernsey, has traditionally provided
temperature-controlled services to the UK mainland for Guernsey flower growers
and Jersey produce growers  serving both wholesale markets and supermarkets.
Vehicles return to the Islands with chilled foods and other supplies.    The
company also contracts Channel Express (Air Services) to operate daily scheduled
cargo services to the Islands carrying, on a shared-user basis, express parcels
and other urgent goods.

Whilst the Islands' growers have suffered from international competition and the
demise of the UK wholesale markets in favour of the supermarkets, who have
preferred to deal with year-round suppliers especially in the horticultural
sector, a thriving postal export business for flowers, health foods, plants and
other products has developed taking advantage of the Islands' tax regimes.
Channel Express has continued to benefit from these developing businesses.

The company's distribution of flowers in the UK has now been rationalised with
fewer markets being served direct from the Islands but with service levels being
maintained through arrangements with other transport companies.

Our Channel Islands business has always been a valuable part of the Group's
activities.   The recent re-organisation of the UK mainland distribution
operation has brought cost benefits to Channel Express (CI) which will enable it
to remain very competitive in its market.

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]


Group  Profit And Loss Account
for the year ended 31 March 2003

                                                                            Notes              2003         2002
                                                                                              £'000        £'000
Turnover

Continuing operations, excluding Jet2                                                       197,464      194,242
Jet2 operations                                                                                 712            -
Total continuing operations                                                   1             198,176      194,242


Net Operating Expenses
Continuing, excluding Jet2 operations and goodwill amortisation                           (186,592)    (183,233)
Jet2 operations                                                                             (2,762)            -
Goodwill amortisation                                                                         (497)        (497)
Total continuing  operations                                                              (189,851)    (183,730)


Operating Profit/(Loss)
Continuing, excluding Jet2 operations and goodwill amortisation                              10,872       11,009
Jet2 operations                                                                             (2,050)            -
Goodwill amortisation                                                                         (497)        (497)
Total continuing operations                                                                   8,325       10,512


Profit on Disposal of Fixed Assets                                                               82          232
Net Interest Payable                                                                          (989)      (1,257)

Profit on ordinary activities before taxation                                                 7,418        9,487
Taxation                                                                                    (2,499)      (3,179)

Profit on ordinary activities after taxation                                                  4,919        6,308
Dividends                                                                                   (2,094)      (2,094)

Retained profit for the year                                                                  2,825        4,214

Earnings per share

- basic                                                                       4              14.33p       18.41p
- basic, excluding the amortisation of goodwill                               4              15.78p       19.87p
- diluted                                                                     4              14.27p       18.25p




Statement of Total Recognised Gains and Losses
                                                                                               2003        2002
                                                                                              £'000       £'000
Profit on ordinary activities after taxation                                                  4,919       6,308
Exchange gain/(loss) on foreign equity investment                                                 8        (18)

                                                                                              4,927       6,290



Balance Sheets
at 31 March 2003

                                                                      Group                   Company
                                                                      2003       2002        2003        2002
                                                     Note            £'000      £'000       £'000       £'000
Fixed assets

Intangible assets                                                    8,277      8,774           -           -
Tangible assets                                                     73,484     54,790      66,264      43,271
Investments                                                              -          -      18,279      18,279

                                                                    81,761     63,564      84,543      61,550
Current assets

Stock                                                                2,452      2,507           -           -
Debtors                                                             31,043     29,817       5,783       7,639
Cash at bank and in hand                                             6,940      1,356           3           4

                                                                    40,435     33,680       5,786       7,643
Current liabilities
Creditors: amounts falling due
within one year                                                   (48,496)   (39,546)    (42,082)    (35,754)

Net current assets/liabilities                                     (8,061)    (5,866)    (36,296)    (28,111)

Total assets less current liabilities                               73,700     57,698      48,247      33,439

Creditors: amounts falling due after
more than one year                                                (30,444)   (18,970)    (30,364)    (17,630)

Provision for liabilities and charges                              (6,112)    (4,432)     (5,778)     (3,987)

                                                                  (36,556)   (23,402)    (36,142)    (21,617)

Net assets                                                          37,144     34,296      12,105      11,822

Capital and reserves
Called up share capital                                              1,716      1,716       1,716       1,716
Share premium account                                                7,674      7,659       7,674       7,659
Profit and loss account                                             27,754     24,921       2,715       2,447

Shareholders' funds - equity interests                 2            37,144     34,296      12,105      11,822



Group Cash Flow Statement
for the year ended  31 March 2003
                                                                                         2003              2002
                                                                   Note                 £'000             £'000

Net cash inflow from operating activities                           3                  33,713            21,566

Returns on investment and servicing of finance                                          (989)           (1,257)

Taxation                                                                              (2,283)           (2,343)

Capital expenditure and financial investment                                         (36,209)          (36,205)

Equity dividends paid                                                                 (2,094)           (2,052)

Cash outflow before financing                                                         (7,862)          (20,291)

Financing                                                                              13,734            13,805

Increase/(decrease) in cash in the year                                                 5,872           (6,486)



Reconciliation of net cash flow to movement in net debt

                                                                   Note                  2003              2002
                                                                                        £'000             £'000

Increase/(decrease) in cash in the year                                                 5,872           (6,486)
Cash inflow from increase in net debt in the year                                    (13,719)          (13,691)

Change in net debt resulting from cash flows                                          (7,847)          (20,177)
Exchange differences                                                                    2,183                 -
Net debt at 1 April                                                                  (22,503)           (2,326)

Net debt at 31 March                                                                 (28,167)          (22,503)


1.   Turnover

                                                                                           2003            2002
                                                                                          £'000           £'000
Distribution                                                                            119,154         120,313
Aviation Services (including Jet2)                                                       79,022          73,929

                                                                                        198,176         194,242

Turnover arising within:
  The United Kingdom and the Channel Islands                                            192,072         188,671
  Mainland Europe                                                                         5,077           4,143
  The Far East                                                                            1,027           1,428

                                                                                        198,176         194,242

Turnover to  third parties by destination is not materially different to that by
source and relates to continuing activities.

Analyses of profit before taxation and net assets between the different segments
of the Group are not given as, in the opinion of the directors, such analyses
would be seriously prejudicial to the commercial interests of the Group.

2.             Reconciliation of movements in shareholders' funds

                                                             Group                    Company
                                                           2003         2002        2003          2002
                                                          £'000        £'000       £'000         £'000

Profit for the year                                       4,919        6,308       2,357         2,688
Dividends                                               (2,094)      (2,094)     (2,094)       (2,094)

                                                          2,825        4,214         263           594
Currency translation differences                              8         (18)           5             -
Issue of shares under share option schemes                   15          114          15           114

Net addition to
shareholders' funds                                       2,848        4,310         283           708
Opening shareholders' funds                              34,296       29,986      11,822        11,114

Closing shareholders' funds                              37,144       34,296      12,105        11,822


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

                                                                                    2003             2002
                                                                                   £'000            £'000

Operating Profit                                                                   8,325           10,512
Depreciation                                                                      15,341           12,527
Amortisation of goodwill                                                             497              497
Decrease/(increase) in stock                                                          55            (751)
(Increase)/decrease in debtors                                                   (1,164)              148
Increase/(decrease) in creditors                                                  10,651          (1,349)
Exchange differences                                                                   8             (18)

Net cash inflow from operating activities                                         33,713           21,566


4.              Earnings per share

                The calculation of basic earnings per share is based on earnings
for the year ended 31 March 2003 of £4,919,000  (2002 - £6,308,000) and on
34,323,441 shares  (2002 - 34,255,405) 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 £5,416,000, as calculated
below, for the year ended 31 March 2003 (2002 - £6,805,000) and on 34,323,441
shares (2002 - 34,255,405)  being the weighted average number of shares in issue
for the year.


                                                                                            2003         2002
                                                                                           £'000        £'000

Profit on ordinary activities after taxation                                               4,919        6,308
Amortisation of goodwill                                                                     497          497

                                                                                           5,416        6,805

The diluted earnings per share is based on earnings for the year ended 31 March
2003 of £4,919,000 (2002 - £6,308,000)  and on 34,464,530 ordinary shares (2002
-  34,571,105)  calculated as follows:


                                                                                        2003         2002
                                                                                       000's        000's

Basic weighted average number of shares                                               34,323       34,255
Dilutive potential ordinary share:
   Employee share options                                                                142          316

                                                                                      34,465       34,571


5.             The financial information for the years ended 31 March 2002 and
2003 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 2002, 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 2003, 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 4.26 pence per share will, if
approved, be payable on 22 August 2003 to shareholders on the Company's register
at the close of business on 27 June 2003.

7.             The 2003 Annual Report and Accounts (together with the Auditors
Report) will be posted to shareholders on 11 July 2003.  The Annual General
Meeting will be held on 7 August 2003.




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