Final Results - Year Ended 31 December 1999

Keller Group PLC
9 March 2000


            Keller Group plc ('Keller'/'the Group')

     14% INCREASE IN PRE-TAX PROFITS ON AN 18% INCREASE IN
                           TURNOVER
                               
Keller   Group,  the  global  construction  services  group, announces
preliminary results for the year ended 31 December 1999.

Highlights

Pre-tax  profits  up 14% to £19.0m (1998: £16.7m); turnover rises 18% to
£314.9m (1998: £266.9m)
  
Earnings per share up 16% to 21.5p (1998:  18.6p)
  
Final dividend of 5.2p; total dividend for the year up 10% at 7.8p (1998:
7.1p)

Strong organic growth by Makers in the UK concrete repair and refurbishment
market
  
Excellent performance in North America; operating profit up 24%
  
Substantial progress made in Continental Europe and Overseas; operating profit
up 36% against a turnover increase of 18%

Good progress in France

Strong balance sheet with no gearing, giving scope to fund future acquisitions

Keller Chairman, Dr J M West, commented:
  
'The  Group's proven combination of technical  strength and market spread give
grounds for continued  optimism. Our strategy remains to grow our core ground
engineering business by selective acquisition and penetration of new markets, 
while increasing the range and scale of specialist services that the Group can
offer through our well established international network.
   
Specialist concrete repair and related services show considerable   promise, 
especially as the Government commits additional funding for the upgrading of 
the country's housing stock, and I expect to see continued growth in this
segment of our business both in the UK and overseas.'
  
For more information:

Tom Dobson, Chief Executive                   Keller Group     020 7398 0800*
Justin  Atkinson,  Finance  Director          Keller   Group   020 7398 0800*
* on Thursday 9 March - thereafter on 020 8341 6424
Stephanie Highett / Nick    Lambert           GCI Focus        020 7398 0800

Chairman's Statement

I am delighted to report a very strong performance by Keller Group with
another double digit increase in profits and earnings. Significantly, these
results come primarily from organic growth with the Group ending the year in a
very healthy financial position and well placed to pursue opportunities for
expansion.

In 1999 Group revenue increased 18% to £314.9m, Group profit before tax rose
14% to £19.0m while earnings per share were 21.5p, an improvement of 16% on
the previous year. Maintaining a progressive dividend policy, the Board are
recommending a final dividend of 5.2p per share. This brings the total
dividend for the year to 7.8p, an increase of 10% over the previous year. The
final dividend will be paid on 31 May 2000 to shareholders on the register at
the close of business on 8 May 2000.

Highlights of the year were a much improved performance from our operations in
Continental Europe, another excellent result from North America and strong
progress in developing our specialist concrete repair and refurbishment
business in the UK.

In Continental Europe, improved results in the core German and Austrian
operations were complemented by encouraging progress in other European
markets, most notably France and Poland. Group operations in North America
produced another exceptional result with all parts of the business performing
well despite some strengthening of competition on major projects.  In the
UK, an excellent performance from our Makers specialist concrete repair and
refurbishment business was balanced by a continuing weakness in ground
engineering, a situation aggravated by a current lack of major infrastructure
work in the UK.

In the interim statement I announced the appointment of Dr. Kevin Bond and
Keith Payne as non-executive directors of the Group and they are already
making a valuable contribution to the Board. At the beginning of October we
announced the resignation of Rob Painting as finance director and we wish
him every success in pursuing new interests. Justin Atkinson was appointed
group finance director on 11 October 1999. Justin joined the Group in 1990
shortly after our management buy out and had been group financial controller
for the last four years.

During the latter part of the year we invited our senior managers from around
the world to join with the Board in reviewing the Group's strategy thus giving
them the opportunity to meet our new non-executive directors.

The Management Training Programme introduced in 1997 is now well established
and the first group of 18 senior managers have successfully completed this
executive programme. We are committed to offering our staff the opportunity to
broaden their skills and are indebted to them for their hard work and
commitment to the Group.

Looking ahead, the Group's proven combination of technical strength and market
spread give grounds for continued optimism. Our strategy remains to grow our
core ground engineering business by selective acquisition and penetration
of new markets, while increasing the range and scale of specialist services
that the Group can offer through our well established international network.
Specialist concrete repair and related services show considerable promise and
I expect to see continued growth in this segment of our business both in
the UK and elsewhere.

Earlier, I referred to the Group's good financial position and this, combined
with an increasing number of international opportunities, gives me every
confidence for the continued progress of the Group.

Dr J M West
Chairman
8 March 2000

Operating Review

Keller Group results for 1999 show strong growth in sales, operating profit
and earnings, despite the fact that no significant acquisitions were completed
in the period. These results underline the effectiveness of the Group's
strategy and the inherent strength provided by taking leading positions
in the major national markets of Europe and the USA.

The Group's well balanced geographical profile again proved successful in
reducing the effect of the cyclical nature of the markets in which it
operates. In the USA, our national coverage allowed Keller to take full
advantage of a strong market whilst, in Europe, we outperformed a flat market
in Germany, complemented by growth in France, Poland and Austria.
In market terms, the weakness of the UK foundation sector was mitigated by the
buoyant repair and renovation sector.

The Americas

Results from our North American operations were once again excellent in 1999
with sales growing 9% to £107.4m and operating profit increasing 24% to
£12.0m. The operating profit  margin increased by over one percentage point on
last year to reach a record 11.2% with both major subsidiaries,
Hayward Baker and Case, performing well. In Hayward Baker, all regions of the
business performed at or above budget with a particularly strong performance
from the Southern and Central Regions.

The strength of these regions lies in their coverage of the local markets with
their sales derived from a large number of small to medium sized contracts.
The result from the Central Region includes a full year's trading from Denver
Grouting whose results were in line with expectations. In other regions, major
contracts completed included the third phase of a jet grouting job in Battery
Park, New York, and a substantial vibro contract for the extension of the
airport at Manchester, New Hampshire. Hayward Baker, along with Case and
a third partner, were the general contractors for a highway realignment and
slope stability contract on State Road 9 in Kentucky which was completed on
budget and some six months ahead of schedule. In the western half of the USA,
major projects included a tunnel grouting contract for the Los Angeles subway,
a jet grouting project in Idaho, an anchorage contract for a dam in
California, along with several large ground improvement projects using our
vibro systems.

The performance by Case was the best since acquisition in 1994 with sales
growing 18%. All divisions of Case performed well with the Western Division
producing an excellent result. Major projects included caissons and a
diaphragm wall and retention system for a high-rise development at the River
East Center in Chicago and caissons for a multistorey condominium development
at One North Wacker Drive, also in downtown Chicago. In the Eastern Division,
caissons were constructed to support a light rail transit system in New Jersey
and the Harborside Financial Center in Jersey City. Furthermore,  work was
substantially completed on the I23 and I90 intersection contract in Boston.
Case's Florida based subsidiary, Case Atlantic, saw considerable benefit from
the TEA 21 money approved by Congress with work for the upgrading of highway
bridges in Florida, Alabama, Georgia and North Carolina.

Outside the USA, volumes fell below expectations with Keller Cimentaciones in
Mexico failing to meet budget after a very slow first half but showing steady
improvement in the second half of the year. In Canada, work was successfully
completed on the underpinning of the Capitol Building in Saskatchewan while
vibro work was undertaken in the port of Vancouver to support new wharf
structures. In Puerto Rico, several medium sized jobs were completed during
the year.

United Kingdom

In the UK, Keller Ground Engineering operated in a flat foundation sector
whilst Makers operated within the rapidly growing concrete repair and
refurbishment sector.

The ground engineering market remained very competitive in 1999 with little
sign of any real consolidation despite realignment within the wider general
construction market. This, combined with the lack of large projects, in
particular in the infrastructure sector, gave rise to difficult market
conditions. Despite this lack of opportunities, sales in the ground
engineering business increased over 1998 but at the expense of depressed
margins. Going forward, therefore, we will reposition our ground engineering
business in the UK to concentrate on sectors which produce higher margins.
Notable projects completed during the year included several contracts at
Canary Wharf and further work for both London Underground and Railtrack.

At the end of the year a major driven piling job in South Wales was completed
while, further north, Keller successfully relevelled the floor slab of a major
shopping centre where settlement has disrupted operations. In Scotland, work
commenced on compensation grouting to the Royal Scottish Academy in Edinburgh.

By contrast, the concrete repair and refurbishment markets in which Makers
operated were strong with a high level of opportunities available. Taking
advantage of this good market allowed Makers' volume to grow by some 40% with
obvious benefits to operating profit. It is anticipated that this good
market will continue as the Government commits additional funding for the
upgrading of the country's housing stock.

Major projects undertaken during the year included the repair of the
Hammersmith Bridge, London, which was completed in time to allow reopening
prior to the year end and also substantial completion of the refurbishment of
the Russell Coates Museum, Bournemouth. Several tower block renovations were
also undertaken in the year not only in the London area but also in
the Midlands and the North of England. The Car Park Division had a busy year
with the completion of several contracts and ongoing work at both Heathrow and
Gatwick airports.

Continental Europe and Overseas

Our Continental Europe and Overseas operations had a highly successful year in
1999 with operating profit some 35% ahead of last year on sales 18% up on
1998. In Continental Europe, we achieved improved performance in Germany
whilst successfully pushing ahead with aggressive growth in other
European countries. In Germany, we reversed the trend of declining sales
despite a flat market and, in addition, improved margins from productivity
gains in our major product lines and by tighter quality control at both design
stage and site level. We continued to achieve good results at the
Lausitz sites where up to six vibrators worked to densify deep deposits of
waste from old coal workings. In the fourth quarter we undertook a large void
filling contract on the Frankfurt to Cologne high speed railtrack which
required a rapid response and had to be completed to a very tight time
schedule.

Outside Germany, we continued our successful penetration of the French market
with sales growing strongly in part as a result of opening two new regional
offices to bring us closer to our clients. Our French company also performed a
major piling contract for EXPO 2002 at Neuchatel, Switzerland, with the work
for the second phase at Bienne to follow this year. The pile installations are
in the lakes to support a major deck structure. Significant growth was also
achieved in Poland where projects for foundation support of a Tesco
supermarket at Czestochowa and a deep soil mixed wall for flood control to
protect the city of Krakow were successfully completed. We will continue to
push ahead aggressively in Poland and prospects for 2000 are excellent.
Results from Austria were very good with major projects being undertaken to
rehabilitate both a quay wall and three historical gasometers near Vienna,
whilst in Italy a large excavation some 28 metres deep using Soilcrete and
anchors was undertaken. In Portugal, a major dewatering contract for a new dry
dock at Setubal was completed.

In our Overseas operations, the results from the Middle East were strong and
included for the first time a full year of results from Genco in Egypt. Genco
performed well with the completion of major contracts in Alexandria in the El
Mex industrial area and also a number of jobs in Cairo. Whilst opportunities
were weak in Saudi Arabia, our operations in the Gulf States were very busy
with major projects in Qatar, Abu Dhabi and Dubai. The Far East continues to
be difficult as the economic recovery is progressing at a slower than
anticipated pace. Despite this, however we continue to work at Changi
Airport in Singapore and also at Putra Jaya in Malaysia. Late in the year we
commenced work in the Phillipines on a ground improvement project at an on
shore gas receiving station.

Australia

In its first full year as a member of the Keller Group, Franki Pacific
Holdings performed well with sales slightly ahead of last year in the
equivalent period with profit however some 20% behind last year's excellent
result. The continuing uncertainties in Indonesia contributed to the decline
in profits as this market remains depressed. As anticipated at the time of the
acquisition, the New South Wales market declined in 1999 on completion of some
of the structures related to the 2000 Olympics and margins hardened as a
result. The decline in New South Wales was to some extent offset by strong
activity in Melbourne where several high rise residential developments were
completed using driven precast piles. Franki installed the piling for a major
shopping centre in Queensland whilst in Victoria we installed the bored piles
to support an important eye clinic.

Strategy

The Group will continue to pursue organic growth in its core ground
engineering business together with acquisitions to enhance geographical
coverage, product range and technical excellence. Continental Europe offers
opportunities for organic growth in countries such as France, Italy and Poland
while in North America and Australia there is scope for additional
acquisitions to reinforce our leading position in these markets. The success
of our Makers business in the UK concrete repair and refurbishment sector
gives us confidence to continue the expansion of these and related services in
both the UK and overseas.

While the dynamics of the markets in which we operate are constantly changing,
I am confident that the Group's well balanced geographical and product base
combined with an aggressive approach to those acquisitions which offer growth
opportunities, will ensure continued success in the future.

T Dobson
Chief executive
8 March 2000

Financial review

Turnover for the Group increased 18% year on year to £314.9m. Of this amount,
only 26% originated in the UK with one third coming from the USA and 40%
coming from more than 20 other countries in Continental Europe and Overseas.
This means that a large proportion of the Group's net assets are denominated
in currencies other than Sterling which gives the Group an exposure to
translational exchange risk. The difference in average exchange rates year on
year resulted in a positive effect on operating profit of £232,000 in 1999. 
Of the two main currencies to which the Group is exposed, the US dollar
strengthened by 3% whilst the Euro weakened by 13% during the year. The Group
is present in a large number of national markets and therefore there is little
cross border activity necessary to service contracts.  The Group's management
of currency risk is explained in detail on page 20.

The net interest charge for the year was similar to last year at £345,000. 
Although the net cash positions improved during the year, such benefits were
primarily offset by a year on year reduction in interest rates in the UK.

In the period since flotation in 1994, the Group's gearing position has not
been higher than single figures in percentage terms at the end of each year. 
At December 1999, however, the Group had net funds of some £5.3m.  Indeed,
throughout the year, the gearing ratio was never more than single figures
compared to an average of 11% and a peak of 24% in 1998. This improved
position arose as a result of excellent cash inflows particularly in the USA
and Continental Europe and further because the Group did not have major
expenditure on acquisitions during the year.  The controls of working capital
were particularly strong such that year end levels reduced over last year even
though activity levels increased considerably.

The Group increased its capital expenditure over recent years in its main
areas of operations to ensure that its fleet of equipment was either replaced
or enhanced appropriately to cope with the increasing volumes of activity.

The effective tax charge increased only marginally in the year to 35.4% but
was lower than the anticipated effective rate because there was a higher than
expected proportion of profits earned either in locations that were subject to
low tax rates or where there were prior year tax losses to utilise.  The
effective rate is still considerably higher than the UK corporation tax rate
of 30% because of the proportion of profits earned in several countries where
the tax rate is higher than in the UK.

The minority interest charge for the year reduced over 1998 directly as a
result of the losses sustained in our Indonesian subsidiary where there is a
40% minority and because the activity from our Saudi operations, where there
is a 35% minority, was 30% lower than in 1998.

The weighted average number of shares in issue during the year increased by
some 306,000, as a result of the exercise of share options by senior
executives during the latter part of 1998 and during 1999.  This had a
marginal impact on earnings per share which nevertheless increased by 16% to
21.5p. The share issue proceeds in 1999 were only £133,000 compared to
£658,000 last year leaving some 225,000 share options currently outstanding.

The dividend cover increased to a healthy 2.8 times based upon a dividend
increase of 10% on last year.  The final ACT repayment of £0.9m, arising out
of the foreign income dividend regime, was received in October 1999.

The acquisitions that were made in 1998 all performed well in the first full
year of operations although the Franki business was affected by the losses in
Indonesia.  An impairment review of the goodwill arising from these
acquisitions resulted in no change to the existing amortisation policy.  No
acquisition of any size was made in 1999 although, as a result of our due
diligence process, a potential acquisition was aborted in mid year. During the
year cash payments of £550,000 were made in relation to deferred purchase
considerations in respect of acquisitions undertaken in prior years.

Compliance with the UK financial reporting standards numbers 12 and 13 which
were followed for the first time have had no material effect on the Group's
reporting this year.

The net asset base of the Group increased by some 15% to £51.9m over the last
year despite a negative impact of currency movement of £0.9m. With no gearing
and available headroom on unutilised banking facilities, the Group is in a
good position to make further acquisitions in 2000 and beyond.

J R Atkinson
Finance director
8 March 2000

Consolidated Profit and Loss account
For the year ended 31 December 1999

                                             1999                1998
                                       Continuing          Continuing
                                       operations          operations
                                            Total               Total
                                             £000                £000
                                                      
Turnover                                  314,899             266,854 
Operating costs                          (295,513)           (249,811)        
Operating profit                           19,386              17,043         
Net interest payable                         (345)               (341)        
Profit on ordinary                                            
activities before taxation                 19,041              16,702
Taxation                                   (6,749)             (5,870)        
Profit on ordinary                                            
activities after taxation                  12,292              10,832
Equity minority interests                    (112)               (354)   
Profit  for  the  financial                                   
year                                       12,180              10,478
Dividends paid and proposed                (4,428)             (4,021)        
Retained profit for the                                       
financial year                              7,752               6,457
Earnings per share                           21.5p              18.6p         
Diluted earnings per share                   21.4p              18.5p         
       
There is no difference between the profit on ordinary activities before
taxation and the retained profit for the financial year stated above, and
their historical cost equivalents.
                                                              
Consolidated Statement of Total Recognised Gains and Losses
for the year ended 31 December 1999
              
                                                 1999         1998         
                                                 £000         £000
Profit for the financial                                      
year                                           12,180       10,478
Currency translation                                          
differences on overseas                                       
investments                                    (1,039)       1,129
Tax effect of currency                                        
translation differences                           113          102
Total recognised gains and                                    
losses relating to the year                    11,254       11,709            
                                           

Consolidated Balance Sheet
As at 31 December 1999
         
                                                   1999        1998          
                                                   £000        £000
Fixed assets                                                  
Positive goodwill                                 1,613       1,594           
Negative goodwill                                  (314)       (419)          
                                                  1,299       1,175
Other intangible assets                             305         331        
Intangible assets                                 1,604       1,506           
Tangible assets                                  43,688      42,839           
Investments                                           -           -
                                                 45,292      44,345
                                                 
Current assets                                               
Stocks                                            6,149       5,929          
Debtors                                          73,400      67,298       
Cash at bank and in hand                         16,965      14,131           
                                                 96,514      87,358
Creditors: amounts falling due                                
within one year                                 (72,668)    (66,971)
Net current assets                               23,846      20,387           
Total assets less current                                     
liabilities                                      69,138      64,732
Creditors: amounts falling due                                
after more than one year                        (11,451)    (13,740)
Provision for liabilities and                                 
charges                                          (5,744)     (5,958)
Net assets                                       51,943      45,034           
                                                 
Capital and reserves                                                  
Called up share capital                           5,677       5,664           
Share premium account                            14,508      14,388          
Capital redemption reserve                        7,629       7,629           
Profit and loss account                          23,230      16,404           
Equity shareholders' funds                       51,044      44,085           
Equity minority interests                           899         949         
                                                 51,943      45,034
                                                              
                                                
Consolidated Cash Flow Statement
 For the year ended 31 December 1999

                               1999         1999        1998        1998
                               £000         £000        £000        £000
Net cash inflow from                                            
operating activities                      27,402                  22,676      
Returns on investment and                                         
servicing of finance
Interest received               619                      820                  
Interest paid                  (991)                    (889)             
Interest element of finance                                       
lease rental payments          (108)                    (154)
Finance costs of new bank                                         
loans                             -                      (48)
Payments to minority                                              
interests                      (243)                     (11)
                                                                  
                                            (723)                   (282)
Taxation                                                          
UK corporation tax paid        (679)                    (967)                 
Overseas tax paid            (6,473)                  (4,279)                 
                                          (7,152)                 (5,246)
Capital expenditure                                               
Purchase of intangible                                            
fixed assets                    (38)                    (342)
Purchase of tangible fixed                                        
assets                       (8,861)                  (5,996)
Sale of tangible fixed                                            
assets                          621                      776
                                          (8,278)                 (5,562)
Acquisitions and disposals                                                
Acquisition of subsidiary                        
undertakings                   (725)                  (7,091)
Net cash acquired with                                            
subsidiary undertakings           -                      933
                                            (725)                 (6,158)
Equity dividends paid                     (4,166)                 (3,767)     
                  
Net cash inflow before use                                        
of liquid resources and                                           
financing                                  6,358                   1,661
Management of liquid                                              
resources                    
Repayments from/(payments                                         
into) short term bank                                             
deposits                                     642                  (1,428)
                                                                  
Financing                                                         
Issue of new shares             133                      658                  
New bank loans drawn          3,935                    5,972                  
Repayment of bank loans and                                       
loan notes                   (7,101)                  (3,035)
Sale and lease back                                               
transactions                      -                    1,031
Capital element of finance                                        
lease rental payments          (339)                    (510)
Net cash (outflow) / inflow                                       
from financing                            (3,372)                  4,116
Increase in cash in the                                           
year                                       3,628                   4,349

                               
Notes to the accounts

1.   Geographical analysis
Turnover, operating profit and net assets may be analysed by geographical
segment as follows:

                                           1999          1998
                                     Continuing    Continuing
                                     operations    operations
                                          Total         Total         
                                           £000          £000
Turnover                                                       
United Kingdom                           82,301        67,674
The Americas                            107,410        98,563
Continental Europe and overseas         104,382        88,361
Australia                                20,806        12,256
                                        314,899       266,854
                                                      
Operating profit                                             
United Kingdom                            2,934         3,492
The Americas                             12,042         9,716
Continental Europe and overseas           5,503         4,056
Australia                                   705           896
Unallocated central costs                (1,798)       (1,117)
                                         19,386        17,043
Net interest payable                       (345)         (341)
                                         19,041        16,702
                                                                             
Net assets                                                   
United Kingdom                             6,138        4,836           
The Americas                              22,857       22,319            
Continental Europe and Overseas           13,352       15,261            
Australia                                  4,332        3,266           
                                          46,679       45,682
Net funds / (debt)                         5,264         (648)           
                                          51,943       45,034
                                                      
In the opinion of the directors:  (i) the Group does not operate in more than
one class of business as defined by SSAP 25; (ii) it is not deemed appropriate
to analyse net funds / (debt) and interest thereon by geographical segment,
and (iii) turnover by destination is not materially different from turnover by
origin.

2.  Taxation                                                   
                                                               
The taxation charge comprises:
                                         1999         1998             
                                         £000         £000
UK corporation tax at 30.25%                          
(1998:31%)                                747        2,938
Double Tax relief                        (163)      (1,912)
Overseas tax                             6,190       5,179             
Deferred tax                               231        (675)             
(Over)/under provisions in respect of                 
prior years                               (256)        340
                                         6,749       5,870             
                                         
                                                             
3. Dividends paid and proposed
                                              1999         1998
Ordinary dividends on equity shares           £000         £000
Interim paid                                 1,476        1,330
Final proposed                               2,952        2,691
                                             4,428        4,021
                                                             
An interim ordinary dividend of 2.6p (1998: foreign income dividend 2.35p) per
share was paid on 29 October 1999. The final proposed ordinary dividend of
5.2p (1998: 4.75p) per share will be paid on 31 May 2000.


4.   Earnings per share
Earnings per share is calculated as follows:

                             1999           1999           1998           1998
                            Basic        Diluted          Basic        Diluted
                                                              
Profit after tax and  
minority interests    £12,180,000    £12,180,000    £10,478,000    £10,478,000
                    No. of shares  No. of shares   No. of shares No. of shares
Weighted average of                                           
ordinary shares in          
issue during the 
year                   56,664,581     56,664,581     56,359,063    56,359,063
Add:  Weighted                                                
average of shares                 
under option during 
the year                        -        257,414              -       640,937
Add:  Weighted                                                
average of own shares        
held                            -         78,005              -             -
Subtract:  Number of                                          
shares assumed                                                
issued at fair value          
during the year                 -       (100,676)             -      (318,129)
Adjusted weighted                                             
average ordinary          
shares in issue        56,664,581     56,899,324     56,359,063    56,681,871
                            pence          pence          pence         pence 
Earnings per share           21.5           21.4           18.6          18.5 
    
5.   Foreign Currencies

Balance sheet items in foreign currencies are translated into Sterling at
closing rates of exchange at the balance sheet date. However, if amounts
receivable and payable in foreign currencies are covered by a forward
contract, the contract rate of exchange is used for translation. Profit and
loss accounts and cash flows of overseas subsidiary undertakings
are translated into Sterling at average rates for the year.

Exchange differences arising from the retranslation of opening net assets and
profit and loss accounts at closing rates of exchange are dealt with as
movements on reserves. All other exchange differences are charged to the
profit and loss account.

The exchange rates used in respect of principal currencies
are:

                                          1999         1998
US Dollar: Average for year               1.62         1.66
US Dollar: Year end                       1.61         1.66
Australian Dollar: Average for                     
year/period                               2.51         2.71
Australian Dollar: Year End               2.46         2.71
Euro: Average for year                    1.52         1.49
Euro: Year End                            1.61         1.42

6.  Basis of preparation

The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 1998 or 1999 but is derived
from those accounts. Statutory accounts for 1998 have been delivered to the
Registrar of Companies and those for 1999 will be delivered following the
Company's Annual General Meeting. The auditors have reported on those
accounts: their reports were unqualified and did not contain statements under
section 237 (2) or (3) of the Companies Act 1985.

Accounts will be posted to shareholders on 31 March 2000. The Annual General
Meeting will be held on 11 May 2000.