Final Results - Year Ended 31 March 2000

Dart Group PLC
22 June 2000


PRELIMINARY RESULTS FOR THE YEAR ENDED 31 March 2000

Dart Group plc, the distribution and aviation services group,
announces results for the year ended 31 March 2000

Chairman's Statement

I am pleased to report another year of good progress for the
Group.   Profit before tax and after goodwill amortisation for
the year to 31 March 2000 has risen to £7.3m (1999 - £6.1m) on
turnover of £131.5m (1999 - £105.7m).  Earnings per share were
14.69p (1999 - 12.91p). The Company follows a progressive
dividend policy and accordingly the Board is pleased to
recommend a final dividend of 3.46p (1999 - 3.0p) making a total
dividend of  4.92p for the year (1999 - 4.27p), an increase of
15%. The dividend will be payable on 25 August 2000 to
shareholders on the register on 7 July 2000.

On 30 November 1999 the Group acquired the entire issued share
capital of Coolchain Group Limited for a total consideration of
£14.6m.  Coolchain is the leading distributor of fruit grown in
and imported through Kent and provides an excellent geographical
fit with the existing Dart Group distribution businesses.  The
net assets of Coolchain have been consolidated in the Group's
balance sheet at the year end and the Group's consolidated
profit and loss reflects the results of Coolchain since the date
of acquisition.  The continuing performance of that company is
encouraging.

In September 1999, £2.9m was raised by means of a placing of
1,622,150 new ordinary shares and in January 2000 an Airbus
A300B4 was sold for £8.8m net of expenses.   As a result of
these actions net debt at 31 March 2000 stood at £10.0m  (1999:
£7.1m).  Year end gearing was 39% (1999: 36%), with interest
being covered 11 times.

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


DISTRIBUTION DIVISION

The Distribution Division is now the UK's leading consolidator
and distributor of fresh produce,  having distribution
arrangements with each of the major supermarket groups and with
many of their suppliers.

The companies within this division, Fowler Welch, Coolchain and
Channel Express (CI), specialise in the temperature-controlled
distribution of fresh produce and horticultural products to
supermarkets and wholesale markets throughout the UK, and are
developing services to continental Europe.

During the year substantial new distribution business has been
won, whilst the division's geographical coverage and market
position have been enhanced by the acquisition of Coolchain,
which has operating centres in Paddock Wood and Teynham in Kent.
The division's businesses now have key coverage and strengths in
the prime produce areas of Lincolnshire, Kent, and the Solent
region of Hampshire and West Sussex.

We are particularly pleased to welcome the strong and
experienced Coolchain management team to the Group.   The
handling and efficient distribution of highly perishable produce
on behalf of demanding suppliers, wholesalers and supermarkets,
requires experienced and dedicated management and staff.
Fowler Welch, Coolchain and Channel Express (CI) have all proved
to be successful at developing their facilities and services to
meet their customers' expectations.

Whilst the management of each company will continue to run their
individual businesses, maximising the benefits of their local
trading relationships,  synergies will be gained both from the
pooling of the distribution vehicle fleets to form a national
network and the enhancement of IT and information systems in
close co-operation with our customers.   We are confident that
an increasingly efficient and cost-effective network will result
and that the division is well positioned to expand the range of
services it offers and thereby profitably grow its shared-user
distribution business.

The Group is committed to on-going investment in this division
to enable continuing organic growth and to facilitate strategic
acquisitions.


AVIATION SERVICES DIVISION

The two companies in the Aviation Division are Channel Express
(Air Services), our cargo airline, and Benair Freight
International, our freight management and forwarding company.
The companies serve two different markets.   Channel Express
(Air Services) operates cargo aircraft on behalf of express
parcel companies, postal authorities, forwarders and other
airlines, whilst Benair manages worldwide freight movements for
manufacturers and shippers.  The air cargo market is currently
growing at a rate of nearly 6% per year and provides
considerable opportunities for the development of these
businesses.

Channel Express (Air Services) operates 8 six tonne capacity
Fokker F27s, 4 fifteen tonne capacity Lockheed Electras and 3
forty-five tonne capacity Airbus A300B4 'Eurofreighters' on
contract services within Europe and to the Middle East.  The
A300B4-100, which was sold in January 2000, was replaced by a
leased, longer range, A300B4-200. Channel Express (Air Services)
specialises in providing the express parcels industry with cost-
effective, reliable cargo aircraft.  The range of payloads
offered allows the company to match its customers' needs as
their routes develop.  It is forecast that there will be an
increasing need for cargo aircraft as global trade increases,
together with the associated expectation of time-definite
delivery.

In order to build the company's operations and profits, it is
likely that the aircraft fleet will be increased over the coming
year, both by the selective acquisition of further aircraft and
by leasing in additional capacity.    We believe that we are
well placed in our specialist market to expand our operations
and services.

Over the past year Channel Express (Air Services) has also
successfully developed its aircraft parts trading activities,
supporting both its own aircraft and similar types operated by
other airlines.    I am pleased to say that this business, which
fits so well with our existing operations, shows every sign of
becoming a useful contributor to the Group.

Benair has continued to grow its business in a competitive
market.   The company gives a personal and efficient service in
an industry dominated by large multi-national operators.    To
succeed in this market, Benair concentrates on its niche
businesses - the importation and distribution of ornamental fish
and the management of freight on its chosen key routes,
particularly to the USA and the Far East.  This continues to be
a successful strategy enabling Benair to maintain its
contribution to the Group.

The activities of each of the companies in both divisions is
more fully detailed in the Review of Operations which follows
this statement.

I am extremely encouraged at the progress the Group has made in
the past year and  am pleased to say that the current year's
trading has commenced satisfactorily.  None of this could be
achieved without the hard work and commitment of all our staff
and I am very grateful to them for their continued enthusiasm
and support.




PHILIP MEESON
CHAIRMAN

22 June 2000



REVIEW OF OPERATIONS

DISTRIBUTION

The Group's Distribution Division comprises, Fowler Welch,
Channel Express (CI) and, since 30 November 1999, the Coolchain
Group.  In the period since Coolchain's acquisition by Dart
Group, good progress has been made in integrating its operations
within the division and the business is making a valuable
contribution to the continuing development of the division's
national temperature-controlled fresh produce distribution
network.  It is especially pleasing to record the positive way
in which the management and staff of Coolchain have embraced the
change of ownership and this has greatly helped to make a
seamless transition possible.

In order to continue to build upon their important existing
trading relationships, Fowler Welch, Coolchain and Channel
Express (CI) will each retain their individual trading
identities, with their business activities controlled by their
respective Managing Directors, reporting directly to the
Divisional Chief Executive.   However, as sister companies
within the Distribution Division, they will also work in
partnership to realise the cost efficiencies and operational
synergies to be gained through the pooling of their vehicle
fleets, common practices and from other benefits of scale.

The division made further substantial progress during the year
in its specialist market sector.  In the UK, Fowler Welch and
Coolchain have continued to win important new supermarket
distribution business as a result of the development of the
shared-user distribution network.  The European business,
operating to and from The Netherlands, has also successfully
expanded and Channel Express (CI), which serves Guernsey and
Jersey, has seen improvements in its performance mainly as a
result of operational efficiencies achieved in the mainland
distribution network.

Fowler Welch has fresh produce consolidation centres situated at
Spalding, Lincolnshire, and Portsmouth, Hampshire, and secondary
facilities at Earith and Yaxley  in Cambridgeshire and Selby in
North Yorkshire. From these sites, the business has continued to
grow with more than 600 trailer loads per day of locally grown
and imported fresh produce now being managed and distributed to
supermarket regional distribution centres. During 1999, Fowler
Welch BV, a Dutch registered company, was formed to manage the
division's international business and to enable the division to
benefit from the many operational cost advantages available to
operators within the EC.

Coolchain provides a broadly similar distribution service to
that of Fowler Welch, operating from two consolidation centres
at Teynham and Paddock Wood in Kent and a secondary facility at
Haydock on Merseyside.  The company deals almost exclusively
with supermarkets and their suppliers and distributes a wide
variety of fruit and other fresh produce to regional
distribution centres.  Coolchain's Paddock Wood centre serves
the West Kent region, whilst the Teynham facility provides a
full range of consolidation and distribution services to East
Kent growers and importers.  The company offers its customers
additional value-added services such as sorting, grading,
packing and labelling as well as the medium-term storage of
products under controlled ripening conditions, prior to
delivery.

Together, Fowler Welch, Coolchain and Channel Express (CI)
employ nearly 1,000 staff, utilise over 450,000 sq ft of purpose-
built warehousing and operate a large combined fleet of modern
temperature-controlled road vehicles.  Managing the complex and
time-critical operation is a workforce of dedicated management
and staff with many years' industry experience at their
disposal.

To strengthen the senior management structure and support the
Divisional Chief Executive, an experienced Divisional Finance
Director has recently been appointed.   There has also been a
realignment of executive responsibilities within Coolchain, with
all its UK operations now under the control of that company's
Managing Director.  A separate role of Commercial Director has
also been created to bring added focus to Coolchain's business
development.  To provide continuity and maintain the depth of
industry expertise, one of the company's former senior
executives has been appointed a non-executive director of  the
new Coolchain board.

The division's IT capabilities are currently under review prior
to the development of a single operating platform.  Much work
has already taken place, including detailed discussions with
retailers and their major suppliers regarding the specification
for a new system. It is clearly important that this offers a
common interface with our customers' systems as well as meeting
the needs of the division's emerging single distribution
network.  This will be a major catalyst for achieving synergies.

Fowler Welch has maintained its pace of development over the
past year, winning  a number of important supermarket
distribution initiatives which are expected to lead to new and
exciting opportunities as the company moves forward.

In February 2000, Fowler Welch was awarded the Tesco national
horticulture distribution business.  Phase 1 of this process
involves the consolidation at Spalding of cut flowers and pot
plants prior to delivery to Tesco's regional distribution
centres.  The next stage, due to commence in Spring 2001, will
see a further refinement of Tesco's supply chain requirements to
meet their 'just in time' store delivery programmes.  This new
process will require the 'continuous replenishment' of
horticultural products and is being pioneered by Tesco in
partnership with Fowler Welch.  The intention is to extend this
to a wide range of short shelf-life perishable goods and we
believe that each of our distribution companies is well
positioned to play an increasing role in this programme as it
gains momentum.

To deal effectively with the increased distribution business, a
new two storey modular office block has been erected within the
Spalding complex, and a further extension of the warehouse is
planned for the coming year.

The new Fowler Welch, Portsmouth, consolidation centre is now
fully commissioned and has completed its first full year of
operations.  The centre recently attracted its first supermarket
initiative, winning Tesco's  distribution for Solent and West
Sussex fresh produce suppliers.  New contracts with a number of
major growers and importers supplying retailers nationally from
the same region have also commenced resulting in a significant
increase in throughput. The secondary sites at Earith and
Yaxley,  which feed products into the shared-user distribution
network have also experienced further growth. The Selby
operation, established last year, has made its first full year
contribution.

Fowler Welch has also successfully expanded its range of
distribution services with the introduction of a groupage
service for horticultural products from Europe to the UK which
are fed into the division's UK distribution network.

Since acquisition, Coolchain has continued to successfully
expand its operations, winning new produce packing, storage and
distribution business from supermarkets and their suppliers.

A significant development for the division since the acquisition
of Coolchain has been the award to that company by Asda of its
Kent fresh produce distribution business which commenced in
February 2000.  Following the successful commencement of the
service for Asda, this important win led to a subsequent
decision by Asda also to award Fowler Welch the major portion of
their remaining national fresh produce distribution, which
commenced in May 2000.

Channel Express (CI)'s prime business continues to be supplying
the Channel Islands of Guernsey and Jersey with a vital air and
sea link to the UK - the company is a leading freight carrier on
these routes.

The air service,  operated jointly by Channel Express (CI) and
Channel Express (Air Services) from Bournemouth International
Airport, provides an important link between the Channel Islands
and the UK mainland for urgent freight.   Cut flowers, pot
plants and fresh produce comprise the main exports by air and
sea from the Islands with chilled foods, mail, national
newspapers and a wide range of consumer goods making up
consignments for the return journeys.

The new Portsmouth distribution centre has enabled the
consolidation of the division's long-established UK-wide flower
distribution service from a multi-site operation into a more
cost-effective single site, whilst at the same time offering
Channel Islands growers the opportunity to take advantage of
improved facilities for the handling and distribution of their
high-quality flower exports.  This, together with the increased
volumes now being handled from many South Coast and Continental
sources through Portsmouth, has allowed the division to continue
to build its cost-effective horticultural distribution service
to wholesale markets, packers and supermarkets.

Channel Express (CI) has also experienced significant growth in
the transport of chilled foodstuffs from the UK to the Channel
Islands, particularly into Guernsey where the company has
invested in extended coldstore facilities as well as additional
and improved local delivery vehicles.

The division is now the market leader in its specialist
temperature-controlled distribution sector having secured fresh
produce and horticulture distribution business from all four
major multiple retailers, together with other leading
supermarkets and their suppliers.  The Group will continue to
invest in the IT systems and infrastructure necessary to support
the division's growth and to facilitate its strategic
development in this rapidly evolving market place.

The Distribution Division's companies are well positioned to
take advantage of the considerable opportunities that are
believed to lie ahead, including the distribution of a wider
range of temperature-controlled products and the development of
'just in time' store delivery techniques.  The Group believes
that there will be continuing important business opportunities
resulting from the fulfilment of the supermarkets' and their
suppliers' evolving supply chain needs.

AVIATION SERVICES

Channel Express (Air Services) is one of Europe's leading
operators of cargo aircraft, flying on behalf of express parcel
companies, postal authorities, freight forwarders and other
airlines.    The Company's fleet of eight Fokker F27s, four
Lockheed Electras and three Airbus A300s fly throughout Europe
and to the Middle East on long-term contract services.  This
business is  supplemented by ad hoc' charters.   Typically,
these charters are operated at short notice to meet the need for
'just in time' stock replenishment by such customers as vehicle
manufacturers and their suppliers who may be facing disruption
in their supply chains.

MergeGlobal, a specialist airfreight management consultancy
firm, estimates that world air freight volumes will average 5.8%
annual growth to 2004.   It is separately reported that the air
express industry continues to grow at rates in excess of twice
this figure.   The air express market is served by integrated
carriers offering time-definite package collection and delivery
services for an increasingly global client base and utilising
continually expanding airfreight networks.   Industry leaders
are Fedex, UPS, DHL and TNT all of whom are long-standing
customers of Channel Express (Air Services).  These well-
established and very successful 'integrators' are now being
challenged by leading forwarding  and logistics companies and
national post offices, which will also need cargo aircraft.
The company, therefore,  expects a continuing demand for its
services and believes that, with its 20 years experience in this
market, Channel Express (Air Services) is well placed to expand
its operations over the foreseeable future.

In order to help its customers develop their air cargo routes,
the company's 3 aircraft types offer payloads of 6, 15 and 45
tonnes.   Each of the aircraft types meets Chapter 3 noise
regulations making them welcome at noise-sensitive European
airports at night when the majority of customers' air freight
and sorting operations take place.

The choice of aircraft is obviously crucial to the company's
success.   Although each of the company's fleets is normally
contracted to a customer's route, often flying services from a
European city to the customer's central sorting hub nightly,
utilisation is relatively low and, whilst this may well be
boosted with additional charter work,  it is unlikely that any
aircraft will exceed 1,500 hours flying per year.  Cost of
ownership, therefore, plays a significant role in the aircraft
acquisition decision.   Each of the Company's three aircraft
types has previously been in service with passenger airlines
before being replaced with newer models, offering more
attractive, direct operating costs -  a major consideration for
higher utilisation daytime passenger operations.  Specialist
cargo airlines such as Channel Express (Air Services) have
traditionally acquired these ex-passenger aircraft and converted
them into freighters.

To operate these aircraft successfully, Channel Express (Air
Services) relies on the excellent teamwork of all its
operational, engineering and  administrative staff and this has
enabled the company to achieve a technical on-time despatch
reliability of 99% over the past year.   Whilst obviously price
is important to our customers, the delay of an aircraft's
arrival at a hub with parcels destined for multiple destinations
can cause havoc to their operations.  Our company, therefore,
spends much time and effort in reviewing and developing its
aircraft support and operating systems to improve its services
to its customers.

Whilst the Group prefers to purchase aircraft to obtain the long-
term benefits of ownership, additional capacity is leased in to
meet demand.   The Group has replaced an owned A300B4-100 with a
leased in, longer range, A300B4-200, and further supplemented
its fleet with a leased Electra and two leased Fokker F27s.
Each of the aircraft are integrated into the fleet and are
supported, engineered and operated by Channel Express (Air
Services)' staff in order to achieve the same level of
reliability and service as the owned aircraft.

In 1996, Channel Express (Air Services) pioneered the conversion
of 300+ seat passenger Airbus A300B4s into 45 tonne capacity
freighters, placing the first order for such a conversion with
BAE Systems Aviation Services Ltd at Filton, England.   The
introduction of the type into the company's service has also
given it the opportunity to develop an international aircraft
parts support business.  Called Channel Express Parts Trading,
this operation has grown over the past year and has gained
important contracts to support other Airbus aircraft.  In order
to cost-effectively build its stocks of Airbus parts, the Group
has now purchased and dismantled 4 early model A300s.   As well
as enabling Channel Express Parts Trading to supply its
customers, the parts from these aircraft have also, of course,
given the company valuable resource for its own fleet, further
enhancing its own service standards.  The Group's aim is to
develop the parts trading activities in line with the
development of the company's aircraft fleet.

Channel Express (Air Services) expects to expand its aircraft
fleet as its customers' requirements grow.  Potential fleet
opportunities are continually being assessed - the company
believes that its future growth is likely to be organic rather
than by the acquisition of other businesses.

Benair trades in a competitive market place that predominantly
offers opportunities either to global companies or niche
operators.    Benair is fortunate to have two important niche
businesses - the importation of ornamental, tropical and cold
water fish and air and sea freight management on key routes to
and from USA and the Far East.

The business has offices at London Heathrow, Manchester, East
Midlands and Newcastle airports, a subsidiary in Singapore and
associates and agents in other key central trade centres.   A
personal service is offered to customers with the company's
reputation for the careful handling of live fish being used as a
benchmark for the standards of the operation as a whole.

In order to develop its business, Benair has a very strong
commitment to the development of its staff which has been
recognised during the year through the successful attainment of
Investor in People status, and the development of its
information technology capabilities.

The company believes that there are considerable opportunities
to expand in both of its niche areas.    The distribution of
fish is fragmented in the UK and there are probably
opportunities for consolidation and to take advantage of the
consequent benefits of scale.   At the same time, the company
will continue to strengthen its focus on its specialist freight
routes with additional sales and operational resources being
deployed to maximise performance.

Benair contributes operationally and financially to the Group's
results - we look forward to continuing to develop and build the
company over the coming years.





For further information contact:

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

Michael Forder, Group Chief Financial Officer
Mobile:     [phone]



CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2000
                                              2000      1999
                                   Notes     £'000     £'000
TURNOVER
Existing operations                        120,176   105,730
Acquisitions                                11,274         -
                                            ______    ______

Continuing operations                  1   131,450   105,730
                                           _______   _______

Net  operating  expenses,  
excluding  amortisation  of  goodwill     (123,680)  (98,920)

Amortisation of goodwill                      (165)        -

Net operating expenses                    (123,845)  (98,920)            


OPERATING PROFIT
Existing operations                          7,223     6,810
Acquisitions                                   382         -
                                            ______    ______



Continuing operations                        7,605     6,810
                                            ______    ______
Surplus on disposal of fixed assets            358       299
Net    interest   payable                     (702)   (1,004)                  
                                            ______    _____
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                              7,261     6,105
Taxation                                    (2,376)   (1,936)                  
                                            ______     _____

PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                               4,885     4,169
Dividends                                   (1,676)   (1,380)
                                            ______     _____
RETAINED PROFIT FOR THE YEAR                 3,209     2,789
                                            ______     _____

EARNINGS PER SHARE

- basic                                4      14.69p   12.91p

- basic, excluding the 
amortisation of goodwill               4      15.19p   12.91p

- diluted                              4     14.57p    12.78p
                                            ______    ______


STATEMENT OF TOTAL
RECOGNISED GAINS AND LOSSES

                                              2000      1999
                                             £'000     £'000
Profit on ordinary activities     
after taxation                               4,885     4,169
Exchange gain/(loss) on foreign 
equity investment                                8       (15)                  
                                            ______     _____

                                             4,893     4,154
                                            ______     _____
BALANCE SHEETS
at 31 March 2000
                                            Group          Company
                              Notes      2000   1999    2000      1999
                                       £'000  £'000   £'000     £'000
FIXED ASSETS
Intangible assets                       9,768      -       -         -
Tangible assets                        32,686 38,820  22,232    31,211
Investments                                59    106  18,279     3,725
                                       ______ ______  ______    ______
                                       42,513 38,926  40,511    34,936
CURRENT ASSETS
Stock                                   1,773  1,435       -         -
Debtors                                25,189 14,122   4,812     4,890
Cash at bank and in hand                7,655  9,147   3,010     5,025
                                       ______ ______   _____     _____
                                       34,617 24,704   7,822     9,915
CURRENT LIABILITIES
CREDITORS: amounts falling due
within one year                      (34,868)(25,867)(24,217) (22,393)
                                       ______ ______  ______   _______

NET CURRENT LIABILITIES                 (251)(1,163)(16,395)  (12,478)
                                       ______ ______  ______    ______
TOTAL ASSETS LESS CURRENT
LIABILITIES                            42,262 37,763  24,116    22,458
CREDITORS: amounts falling due after
more than one year                   (13,485)(14,942)(10,956) (11,812)
PROVISION FOR LIABILITIES AND
CHARGES                               (3,029)(3,251) (3,449)   (2,949)
                                       ______ ______  ______    ______

                                     (16,514)(18,193)(14,405) (14,761)
                                       ______ ______  ______    ______

                                       25,748 19,570   9,711     7,697
                                       ______ ______  ______    ______
CAPITAL AND RESERVES
Called up share capital                 1,704  1,617   1,704     1,617
Share premium account                   7,438  4,564   7,438     4,564
Profit and loss account                16,606 13,389     569     1,516
                                       ______ ______   _____     _____
SHAREHOLDERS FUNDS -
equity interests                  2    25,748 19,570   9,711     7,697
                                       ______  _____   _____     _____


CONSOLIDATED CASH FLOW STATEMENT
for the year ended  31 March 2000

                                                2000      1999
                                        Notes  £'000     £'000

NET CASH INFLOW FROM
OPERATING ACTIVITIES                        3 16,619    24,480

RETURNS ON INVESTMENT AND
SERVICING OF FINANCE                           (702)   (1,004)

TAXATION                                     (1,790)     (512)

CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT                         (2,789)  (15,091)

ACQUISITIONS                                (14,283)         -

EQUITY DIVIDENDS PAID                        (1,467)   (1,217)
                                               _____     _____

CASH (OUTFLOW)/INFLOW BEFORE
MANAGEMENT OF LIQUID RESOURCES
AND FINANCING                                (4,412)     6,656

MANAGEMENT OF LIQUID RESOURCES                 4,549   (4,549)

FINANCING                                      2,920
(4,106)
                                               _____     _____
INCREASE/(DECREASE) IN CASH
IN THE YEAR                                    3,057   (1,999)
                                               _____     _____



RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT


                                                2000      1999
                                               £'000     £'000
Increase/(decrease) in cash in the year        3,057    (1,999)
Cash (inflow)/outflow from short 
term deposits                                 (4,549)    4,549
Cash outflow from decrease in net 
debt in the year                                  41     4,143
Debt acquired with acquisition 
of subsidiary undertaking                     (1,476)        -
                                               _____    ______

Change in net debt in the year               (2,927)     6,693
Net debt at 1 April                          (7,072)  (13,765)
                                               _____     _____

Net debt at 31 March                         (9,999)   (7,072)
                                               _____     _____



NOTES

1.   Turnover
                                               2000    1999
                                              £'000   £'000
     Distribution                            70,164  44,942
     Aviation Services                       61,286  60,788
                                            _______  ______
     
                                            131,450 105,730
                                            _______  ______
     Turnover arising within:
     The United Kingdom and the 
     Channel Islands                        129,515 104,663
     Mainland Europe                            663       -
     The  Far  East                           1,272   1,067
                                            _______  ______
                                            131,450 105,730
                                              _____________
                                             
2.   Reconciliation Of Movements In Shareholders Funds

                                   Group           Company
                               2000   1999     2000     1999
                              £'000  £'000    £'000    £'000
     Profit for the year      4,885  4,169      729    1,137
     Dividends               (1,676)(1,380)  (1,676)  (1,380)
                              _____  _____    _____    _____
                              3,209  2,789    (947)    (243)

     Currency  translation 
     differences                 8    (15)       -        -

     Issue  of  shares under 
     share option schemes       84     37       84       37
     Issue of shares under 
     placing                 2,877      -    2,877        -
                              _____  _____    _____    _____

     Net addition/(reduction) 
     to shareholders'
     funds                    6,178  2,811    2,014    (206)
     Opening shareholders' 
     funds                   19,570 16,759    7,697   7,903
                             ______ ______    _____    _____

     Closing  shareholders'  
     funds                   25,748 19,570    9,711   7,697
                             ______  ______  _____    _____


3.   Reconciliation of Operating Profit
     to Net Cash Flow from Operating Activities

                                               2000     1999
                                              £'000    £'000
     Operating Profit                         7,605    6,810
     Depreciation                            11,455   15,315
     Amortisation of goodwill                   165        -
     (Increase)/Decrease in stock              (251)      43
     Increase in debtors                     (5,806)  (1,689)
     Increase in creditors                    3,443    4,016
     Exchange differences                         8      (15)
                                             ______   ______

     Net cash inflow from 
     operating activities
                                             16,619   24,480
                                             ______   ______


4.   Earnings Per Share

     The calculation of basic earnings per share is based on
     earnings for the year ended 31 March 2000 of £4,885,000
     (1999 - £4,169,000) and on 33,250,926 shares (1999 -
     32,299,341) 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
     £5,050,000, as calculated below, for the year ended 31
     March 2000 (1999: £4,169,000) and on 33,250,926 shares
     (1999: 32,299,341) being the weighted average number of
     shares in issue for the year.

                                                2000    1999
                                               £'000   £'000
     Profit on ordinary activities 
     after taxation                            4,885   4,169
     Amortisation of goodwill                    165       -
                                               _____   _____

                                               5,050   4,169
                                               _____   _____

     The diluted earnings per share is based on earnings for the
     year ended 31 March 2000 of  £4,885,000 (1999 -
     £4,169,000), and on 33,521,700 ordinary shares (1999 -
     32,622,517)  calculated as follows:

                                               2000       1999
                                              000's      000's
     Basic weighted average number of shares 33,251     32,299
     Dilutive potential ordinary share:
     Employee share options                     271        324
                                            _______     ______

                                             33,522     32,623
                                            _______     ______

5.   The financial information for the years ended 31 March 1999
     and 2000 do not constitute statutory accounts, as defined
     in Section 240 of the Companies Act 1985, but are based on
     the statutory accounts for the years then ended.  Statutory
     accounts for the year ended 31 March 1999, 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 2000, 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 3.46 pence per share will,
     if approved, be payable on 25 August 2000 to shareholders
     on the Company's register at the close of business on 7
     July 2000.

7.   The 2000 Annual Report and Accounts (together with the
     Auditors Report) will be posted to shareholders on 7 July
     2000.  The Annual General Meeting will be held on 3 August
     2000.