Interim Results

Man Group PLC
2 November 2000



          UNAUDITED INTERIM RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2000

HALF YEAR BUSINESS SUMMARY

*     Asset  Management recurring net management fee income
      up 16%  to  £31.5 million
*     Brokerage result up 37% to £14.0 million
*     Underlying earnings per share up 32% to 13.7 pence **
*     Interim dividend up 7% to 4.6 pence
*     Change of name to Man Group plc effective 29 September
*     Funds under management at 30 September £2.8 billion ($4.2 billion)
*     Further  strategic development of both Asset Management  and  Brokerage
      activities since 30 September:
      *     Completion  of  the acquisition of Glenwood, a leading  US        
            alternative investment fund of funds manager
      *     Completion of the First American acquisition, a US private client 
            futures and options broker
*     Funds  under management at 31 October, including Glenwood, £3.6 billion
      ($5.2 billion)***

**  Underlying   earnings  per  share  represents  earnings   from            
    continuing operations  excluding  net performance income from Asset       
    Management,  Sugar Australia and goodwill amortisation
*** Estimated, including funds under advice

FINANCIAL HIGHLIGHTS
                           Half year             Half year               Year
                               to 30                 to 30              to 31
                           September             September              March
                                2000                  1999               2000
                                
Asset Management net
management fee income         £31.5m                £27.1m            £55.5m

Asset Management
net performance
fee income                     £1.0m                £15.7m            £30.2m

Brokerage                     £14.0m                £10.2m            £23.7m

Sugar Australia                £1.0m                 £0.7m             £2.1m

Profit before tax
- continuing operations       £47.5m                £53.7m           £111.5m

Loss before tax
and exceptional items -         -                  (£10.6m)          (£34.5m)
discontinued operations

Profit before tax
and exceptional items         £47.5m                £43.1m            £77.0m

Exceptional items
- discontinues operations     (£6.8m)              (£42.8m)         (£113.5m)

Profit before tax             £40.7m                 £0.3m           (£36.5m)

Man Group plc is a world leader in the fast growing field of alternative
investment products where it has a powerful market presence and a strategic   
position in the high-margin private client sector.

The Group is also amongst the world's leading providers of brokerage services
in futures and options for both institutional and private clients, and
is also an intermediary in the world's metals, foreign exchange and
equities markets.



Stanley Fink, Chief Executive said:

'We have made significant progress in both our businesses.  The recurring    
component of Group profits has been substantially increased and we have made 
two strategic acquisitions.  Investor interest in alternative investment   
products continues to broaden and the acquisition of Glenwood provides our   
Asset Management business with a US based fund of funds product that is in  
strong demand, and which is complementary to our existing manager styles.  Our
Brokerage business continues to capitalise on its international customer base,
and the order flows that this generates leaves us well positioned to benefit 
from industry consolidation and the expansion of electronic trading on world 
exchanges.  The Board is pleased with the developments in the first half and
are confident about the Group's prospects.'

Enquiries

Man Group                                              020 7285 3000
Stanley Fink
Peter Clarke

Gavin Anderson                                         020 7457 2345
Marc Popiolek
Lindsey Harrison


HALF YEAR REVIEW to 30 September 2000

Group strategy and overview

Man  has become a focused Financial Services group following the disposal  of
its  Agricultural  Products activities in March 2000, and now  comprises  a
specialist   Asset   Management  business  and  an international Brokerage
operation.  To reflect this change, and following shareholder approval at the
Annual General Meeting in August, the Group changed its name to Man Group plc
with effect from 29 September 2000.

Our  businesses have continued to capitalise on their strong market positions
and  international scale.  Although continuing Group pre-tax profit at £47.5
million  is  down  slightly on the comparable period, these businesses  have
together  made significant progress in the first half of the year, increasing
the  recurring component of profits and continuing to improve the quality  of
the  Group's income.  Compared to the prior year, net management  fee  income
from  Asset  Management is up 16% and the Brokerage result is  up  37%.  The
total  contribution from Asset Management in the first half is less than for
the  comparable period due to lower overall product performance from AHL,  in
common  with  other  managed futures funds, resulting in reduced  performance
related  income.   Glenwood,  and some of our other new  managers,  did  see
positive performance in the first half but overall performance related income
was  modest.  Since 30 September we have seen positive performance, with  AHL
on  average  up  nearly 4% for the month of October.  The bulk  of  AHL  fund
products are now about 6% below incentive fee highs.

The  Board's  strategy is to enhance shareholder value through continuing  to
improve  the  financial performance of its existing businesses and expanding
them  both  organically and through acquisition.  The first  half  has  seen
progress  in  both elements of this strategy.  The Group's primary  financial
objective  is  growth in  underlying  earnings  per  share,  comprising  the
recurring net  management  fees  from  Asset  Management  and  income   from
Brokerage.  On this measure, diluted earnings per share are up 32%  on  the
comparable   period  last  year.   The  Board  also strives  for continual
improvement in return on capital.  Annualised post-tax return on capital  for
the  first  half  is 26.1% compared to 20.8% for the equivalent  period  last
year.

Both  businesses have seen further development through acquisition since  30
September  2000.  On 4 October we completed the acquisition of  Glenwood  for
£74.3  million  ($110 million).  Glenwood provides the Group with  additional
product  structuring skills and complementary investment  management  styles
whose performance is uncorrelated with our other main manager AHL.  Glenwood
is  a  long-established Chicago-based alternative investment  fund  of  funds
manager  with over £0.9 billion ($1.4 billion) of funds under management  and
£203 million ($300 million) of funds under advice.  The Group has had a joint
venture with Glenwood for over five years, marketing Glenwood products to
the Group's  non-US  client base.  The Glenwood acquisition  is expected  to 
be earnings  enhancing  in the second half of this year before  amortisation 
of goodwill.

In  Brokerage,  we  announced on 4 October the further expansion of  our  US
operations  through  the  acquisition  of  the  customer  accounts of  First
American,  a private client futures and options brokerage business  based  in
Chicago.  The integration of First American into Man's existing  operations
should access economies of scale and is expected to be earnings enhancing  in
the second half of this year.  The Group incurred total exceptional costs of
£6.8 million in the first half, relating to the disposal of its Agricultural
Products activities, as detailed in 'Financial summary' below.

Dividend

To reflect the progress made in the first half the Board proposes to increase
the  interim dividend by 7% to 4.6p per share.  The interim dividend will  be
paid  on  10  January 2001 to shareholders on the register at  the  close  of
business on 17 November 2000.  Man shares will be quoted ex-dividend from  13
November  2000.   The  Board has decided not to continue the scrip  dividend
scheme, given the low level of take-up over the last few years.  In its place
however,  shareholders  can participate in a  dividend  re-investment  plan,
details of which will be sent to shareholders on 24 November 2000.

Outlook 

The  market  for alternative investment products continues to grow strongly.
Our  Asset  Management business has been offering this style  of  investment
product,  principally  to  high net worth private investors,  for  nearly  20
years.   Our long track record and international sales network leave us  well
placed  to continue  to  participate in this  growth.   The  acquisition  of
Glenwood  is strategically important, allowing direct access to a wide  range
of   complementary  investment  management  styles and a successful US
institutional  marketing team.  Our Brokerage business continues to  benefit
from  increased activity on the world's financial markets, and is well placed
to  take  advantage of industry consolidation triggered by  the  adoption  of
electronic trading by many leading exchanges.

The  Board is excited by the prospects for both these businesses and  pleased
with  the  recent  strategic developments.  The Group remains  on  track  to
achieve its financial objectives for the year.

Asset Management

Continued  progress  has been made by Asset Management,  with  the level  of
recurring  net management fee income increasing 16% to £31.5 million  in  the
first half.  The total Asset Management result was £32.5 million compared  to
£42.8 million last first half since we were unable to match the high level of
performance related income generated in the comparable period given  slightly
negative  performance  by most of our AHL products.   These trading  systems
suffered  from  range bound markets for the first four months  of  the  first
half,  and although performance picked up in August, some of this was  offset
by  the  effects  of government intervention in world  currency  and  energy
markets in  September.  However, Glenwood and certain of our other managers
had positive performance in the period, producing £1.0 million of performance
related income for us in the first half.

Investor  interest  in  alternative  investment  products  has continued  to
broaden.  Given recent performance of our main manager AHL, sales have  been
below  their recent high levels but are in line with our expectations.   £236
million ($351 million) of new money was raised in the first half, principally
from  our  high  net worth private client base.  New money  has  been  raised
primarily in Europe, and the Middle East and Asia Pacific.  Our sales network
continues  to expand and we now have 730 intermediaries globally.  Six  funds
have  been  launched in the first half, with an average launch  size  of  £31
million ($46 million).  Redemption levels for the first half were within  the
range  we have experienced over the long term.  In addition however,  one  of
our oldest managers, MINT, whose main trading system has not been marketed by
Man  for  a number of years, is in the process of being closed and the  £214
million  ($342 million) it had under management has largely been returned  to
investors.   MINT  has  not contributed any significant  net  management  fee
income  to  the  Group for several years and its closure is  not  financially
material.  Overall, the impact of the closure of MINT and negative investment
performance  means  that funds under management stood at £2.8 billion  ($4.2
billion) as at 30 September, against £2.9 billion ($4.7 billion) at 31  March
2000.   In  US  dollars, funds under management have also  been  impacted  by
adverse currency movements.

On  4 October 2000 we completed the acquisition of Glenwood for £74.3 million
($110  million) in cash.  We have had a 60% interest in an offshore US  joint
venture with Glenwood for a number of years.  The recent acquisition  was  of
the 40% joint venture interest we did not already own, together with 100%  of
Glenwood's on-shore US business.  At 30 September 2000  the  Glenwood  joint
venture accounted for £589 million ($870 million) of the Group's stated funds
under management.  On-shore US, Glenwood managed a further £338 million ($500
million),  and it also had £203 million ($300 million) of money under  advice
from  Japanese  investors.  Including Glenwood, funds  under  management  and
under advice as at 31 October were £3.6 billion ($5.2 billion).  

The  acquisition  of  Glenwood  is  of strategic  importance  to the  Group.
Glenwood  specialises  in  constructing, and actively managing,  hedge  fund
portfolios  using  a  risk-averse,  multi- strategy,  multi-adviser  approach.
Using  its  extensive database of investment managers and  its  13  years  of
experience, Glenwood allocates funds across a range of strategies and selects
advisers  expert in the utilisation of these strategies on a dynamic  basis.
Glenwood  provides Asset Management with a valuable combination of specialist
product   structuring  skills and  US  institutional  marketing   expertise.
Furthermore, Glenwood and AHL products have almost no  correlation  to  each
other  in terms of investment performance.  This will provide the Group  with
more  stability in overall performance related income and allow us  to  offer
clients an extended range of complementary
products.

Brokerage

The  first half has seen a strong result from our Brokerage business, up  37%
to  £14.0 million.  Our established market positions on the world's principal
futures  exchanges have allowed us to benefit from the high levels of trading
activity  across many markets during the first six months.  Additionally,  we
have seen  positive  contributions from several of our recent acquisitions,
most notably Tullet & Tokyo futures.  We enjoyed a broadly based contribution
from  our  product lines.  Financial futures, energy and securities all  made
particularly  strong contributions, along with our  growing  private  client
business.      Across  our  major product lines we have maintained  or 
improved market share.

Our  international  scale  provides  us  with  effective  market access  and
substantial  customer order flows.  This has enabled us to benefit  from  the
transition  of many European exchanges to electronic trading in a  number  of
ways.  First it has led to a consolidation in the industry, with many smaller
participants either unable to maintain critical mass, or to  invest  in  the
requisite  trading platforms.  Secondly we have been able  to reduce  costs,
whilst  maintaining or enhancing customer service levels.  In  addition,  our
international  customer  order  flows allow us  to  provide  advice,  product
structuring and liquidity through order matching where required.

Today  over  90%  of  our European futures and options  trades are  executed
electronically.  In the US, where the transition of exchanges  to  electronic
trading  is  at  an early stage, we expect to benefit from cost  savings  and
further  market consolidation when it occurs.   Across  our  various  retail
businesses,  over  75%  of  customer orders are  now  transmitted or  routed
electronically,  either to electronic exchanges or to open  outcry  markets.
Our  proprietary Internet account data retrieval product, eMIDAS, has allowed
us to enhance customer service levels and significantly increase our clearing
capability with minimal additional staffing costs.

On  4 October 2000, we announced the acquisition of the customer accounts  of
First  American, a Chicago based private client futures and options brokerage
business,  which was completed on 27 October 2000.  First American  has  over
3,000 active trading accounts and its integration into Man's existing private
client  operations  will allow us to access economies of  scale  through  the
expansion of the client base without material increase in the cost base.  The
acquisition  is expected to be earnings enhancing in the second half of  the
current year.

Financial summary

The  first  half exceptional costs of £6.8 million relate to the disposal  of
the  Agricultural Products activities comprising adjustments of £3.9  million
to  the  loss  on  sale reported last year,  which  have  been  incurred  in
accordance with the management buyout disposal documentation, £1.3 million in
respect  of  the  sale of the US Nuts activities after year-end  and  further
Agricultural Products restructuring costs of £1.6 million.

The tax charge for the first half amounted to £10.0 million with an effective
tax  rate  for  continuing operations of 24.0%, compared with 22.9%  for  the
first half last year.

We had a net cash inflow of £31.6 million in the first half before the impact
of  an  increase  in  Group loans to funds managed by our  Asset  Management
business.  Most of our fund products have credit facilities provided by third
parties  but  in  some  cases the  Group has extended  facilities  directly.
Negative investment performance for some funds in the first half has resulted
in  these funds increasing drawings under Group facilities by £87.7 million.
Group cash outflow was £56.1 million.

At  30  September, shareholders' funds were up 12% since year-end at  £280.9
million and net debt was £118.7 million giving gearing of 42.3%.

Stanley Fink
Chief Executive

Peter Clarke
Finance Director



GROUP PROFIT AND LOSS ACCOUNT


                Half year to 30 September 2000  Half year to 30 September 1999
           Note                   
                 Continuing Discontinued        Continuing  Discontinued 
                 operations   operations Total  operations    operations Total
                        £m            £m   £m           £m            £m    £m

Net         
operating 
income       2,3      94.8            -   94.8       105.7        53.5  159.2

Operating 
expense              (79.6)           -  (79.6)      (68.9)      (54.0)(122.9)
    
Exceptional             
operating 
expense                -              -    -           -           -      -
         
Operating             
profit/(loss)        15.2            -   15.2        36.8       (0.5)   36.3

Share of
operating
profit/(loss)         
from joint
ventures and
associates            3.0            -    3.0         3.4        0.1     3.5

Total operating      
profit/(loss)        18.2            -   18.2        40.2       (0.4)   39.8

Exceptional items

  Loss on sale of
  Agricultural 
  Products 
  businesses     4     -          (5.2)  (5.2)         -          -       -
  
  Restructuring
  costs          4     -          (1.6)  (1.6)         -       (42.8)  (42.8)

Net interest
income/(expense) 5   29.3           -    29.3        13.5      (10.2)    3.3

Profit/(loss)  on
ordinary         
activities before      
taxation         3   47.5         (6.8)  40.7        53.7     (53.4)     0.3

Taxation            (11.4)         1.4  (10.0)      (12.3)      6.8     (5.5)
               
Profit/(loss)  on
ordinary             
activities  after        
taxation             36.1         (5.4)  30.7        41.4     (46.6)    (5.2)
 
Equity minority
interests             -             -     -          (0.3)     (1.0)    (1.3)

Profit/(loss) for    
the period           36.1         (5.4)  30.7        41.1     (47.6)    (6.5)

Ordinary    
dividends  6                            (11.5)                         (11.0) 
                                
Dividend in
specie     6                               -                              -

Retained
profit/(loss) for                        
the period                               19.2                          (17.5)

Earnings per
share on   
continuing             
operations 7 
            
  Basic                14.7p                                            16.3p
  Diluted              14.1p                                            15.3p

Underlying
earnings per
share      7
             
  Basic                14.3p                                            11.1p 
  Diluted              13.7p                                            10.4p
                
Earnings/(loss)
per share
including           
exceptional
items     7

  Basic                                  12.4p                         (2.6p)
  Diluted                                12.0p                         (2.4p)

Dividends per                                                               
share                                     4.6p                          4.3p

Historical cost profits and losses are not materially different from those
shown above.


GROUP PROFIT AND LOSS ACCOUNT continued


               
                                       Year to 31 March 2000
                           Continuing     Discontinuted
                           operations        operations          Total
                   Note            £m                £m             £m
Net operating 
income             2,3          216.2             107.6          323.8        
         
Operating expense              (141.5)           (109.6)        (251.1)

Exceptional                        
operating expense                 -                (3.0)          (3.0)

Operating                      
profit/(loss)                   74.7               (5.0)          69.7

Share of operating
profit/(loss)
from joint                         
ventures and
associates                       6.7               (0.7)           6.0

Total operating
profit/(loss)                   81.4               (5.7)          75.7

Exceptional items
  Loss on sale of
  Agricultural Products              
  businesses        4            -               (69.2)          (69.2)      


  Restructuring
  costs             4            -               (44.3)          (44.3)       
    



Net interest
income/(expense)   5           30.1             (28.8)             1.3

Profit/(loss)on
ordinary              
activities  before  
taxation           3          111.5            (148.0)           (36.5)
            
Taxation                      (24.5)              7.8            (16.7)

Profit/(loss)   on
ordinary activities            
activities   after
taxation                       87.0            (140.2)           (53.2)
                   
Equity minority
interests                       -                (1.1)            (1.1)

Profit/(loss) for              
the period                     87.0            (141.3)           (54.3)

Ordinary dividends 6                                             (33.8)

Dividend in specie 6                                             (60.2)

Retained
profit/(loss) for
the period                                                      (148.3)

Earnings per share
on continuing    
operations        7                
  Basic                       34.2p
  Diluted                     32.3p

Underlying
earnings per 
share             7
  Basic                       24.5p
  Diluted                     23.2p

Earnings/(loss)
per share
including             
exceptional items 7
  Basic                                                         (21.3p)
  Diluted                                                       (20.2p)

Dividends per                                                            
share                                                            13.6p

Historical cost profits and losses are not materially different from
those shown above.

GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                      Half year          Half year               Year
                          to 30              to 30              to 31
                      September          September              March
                           2000               1999               2000
                             £m                 £m                 £m

Profit/(loss) for          
the period                 30.7               (6.5)             (54.3)

Currency           
translation                 
differences taken
directly to reserves        9.8               (7.5)              (3.1)

Tax on                       
translation
differences taken
through reserves             -                  -                (0.1)

Total recognised   
gains and losses
relating to the
period                     40.5              (14.0)             (57.5)


GROUP BALANCE SHEET


                                 At 30         At 30             At 31
                             September     September             March
                                  2000          1999              2000 
                   Note             £m            £m                £m
Fixed assets
Intangible fixed              
assets                             8.5           8.4               6.5

Tangible fixed                
assets                            23.3         138.9              27.8

Investments
  Investments
  in joint 
  ventures                        

    Share of            
    gross assets                  11.7          43.9              12.1
    Share of            
    gross liabilities             (2.1)        (21.5)             (2.7)
                                   9.6          22.4               9.4

  Investments                     18.2          38.3              17.0
  in associates
  Other investments               14.6          19.5              13.3

                                  74.2         227.5              74.0

Current assets

Stocks                             -           321.2               3.0

Debtors            8          1,086.7        1,290.6           1,277.7

Investments                     165.8          132.0              75.0

Cash at bank and              
in hand                        242.4           142.7            268.1
                             1,494.9         1,886.5          1,623.8

Creditors: amounts 
falling due within
one year           9         (947.9)       (1,594.7)         (1,164.3)

Net current assets            547.0           291.8             459.5

Total assets less             
current liabilities           621.2           519.3             533.5

Creditors: amounts 
falling due after
more than one year 9        (330.5)         (140.2)            (275.7)

Provisions for                
liabilities and 
charges                      (9.8)           (15.6)             (7.5)

Net assets                  280.9            363.5             250.3

Capital and reserves
Called up share               
capital                      25.5             26.9              27.0

Share premium                 
account                      36.3             35.5              36.1

Capital reserve               1.6              0.1               0.1

Profit and loss               
account                     217.5            290.4             187.1

Shareholders'                 
funds (including
non-equity
interests)                  280.9            352.9             250.3

Equity minority           
interests                    -                10.6               -
                           280.9             363.5             250.3



GROUP CASH FLOW STATEMENT


                           Half year            Half year                 Year
                               to 30                to 30                to 31
                           September            September                March
                                2000                 1999                 2000
                Note              £m                   £m                   £m

Net cash outflow    
from operating
activities        11           (48.9)                (0.1)              (12.8)

Dividends from            
joint ventures                   0.4                   -                   -

Dividends from            
associates                        -                  3.9                  9.3

Returns on                
investments and
servicing of
finance                        21.9                  1.7                 (5.5)

Taxation paid                 (3.9)                 (1.6)               (13.9)

Capital                   
expenditure and
financial investment         (7.6)                 (11.3)               (17.1)

Acquisitions and          
disposals                     3.4                    4.4                (17.3)

Equity dividends          
paid                        (21.4)                 (19.1)               (28.8)

Net cash outflow            (56.1)                 (22.1)               (86.1)

Management of             
liquid resources             (8.1)                 (53.8)                (7.5)

Financing                    41.6                   46.2                200.7

(Decrease)/         
increase in cash            (22.6)                 (29.7)               107.1


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

                                 Half year       Half year             Year
                                     to 30           to 30            to 31
                                  September      September            March
                                      2000            1999             2000
                                                                              
                  Note                  £m              £m               £m

(Decrease)/                   
increase in cash                     (22.6)          (29.7)           107.1

Cash inflow from                     
movement in debt                     (41.3)          (46.2)          (200.0)

Cash outflow from         
movement in
liquid resources                       8.1            53.8              7.5

Change in net             
debt resulting
from cash flows                      (55.8)          (22.1)           (85.4)

Net debt of businesses    
and subsidiaries acquired               -              -               (9.2)

Debt disposed of with     
facilities, businesses
and subsidiaries                       3.7            3.4             582.2

Currency translation                 
difference                            (5.2)          10.9              (2.1)

Movement in net debt                 (57.3)          (7.8)            485.5

Opening net debt                     (61.4)        (546.9)           (546.9)

Closing net debt    12              (118.7)        (554.7)            (61.4)



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS


                             Half year            Half year             Year
                                 to 30                to 30            to 31
                             September            September            March
                                  2000                 1999             2000
                                    £m                   £m               £m

Profit/(loss) for  
the period                        30.7                (6.5)            (54.3)

Ordinary dividends               (11.5)              (11.0)            (33.8)

Dividend in specie                  -                   -              (60.2)

Retained           
earnings/(loss)                   19.2               (17.5)           (148.3)

Other recognised   
gains and losses
relating to the period             9.8                (7.5)             (3.2)

Issue of ordinary  
share capital                      0.2                  -                0.7

Amount added back                  
in respect of
scrip dividends                    1.4                 3.0               4.0

Goodwill written   
back on disposals                   -                 (0.1)             22.1

Net increase/
(decrease) in
shareholders' funds               30.6               (22.1)           (124.7)

Opening            
shareholders'funds               250.3               375.0             375.0

Closing            
shareholders'funds               280.9               352.9             250.3




NOTES TO THE INTERIM FINANCIAL STATEMENTS

1.   Basis of preparation

The  unaudited  results  for  the half year to 30  September  2000 have  been
prepared in accordance with UK generally accepted accounting principles.   The
accounting policies applied are those set out in the Group's Annual Report for
the year to 31 March 2000.

The financial information contained herein is abridged and does not constitute
statutory  accounts  as  defined by Section 240 of  the Companies  Act  1985.
Statutory accounts for the year to 31 March 2000, upon which the auditors have
given  an  unqualified  opinion, have been  delivered  to  the  Registrar  of
Companies.   In accordance with Section 272(4) of the Companies  Act  1985,  a
profit  and  loss account for the Company for the period to 30 September  2000
and  a  balance sheet as at that date have been delivered to the Registrar  of
Companies.

2.   Net operating income

                               Half year          Half year               Year
                                   to 30              to 30              to 31
                               September          September              March
                                    2000               1999               2000
                                      £m                 £m                 £m
Continuing operations
Fees and commissions               
receivable                         199.2              186.5             391.7
Fees and            
commissions payable               (115.7)            (102.9)           (212.8)
                                    83.5               83.6             178.9
Other operating income              11.3               22.1              37.3

Total continuing operations         94.8              105.7             216.2
Discontinued operations               -                53.5             107.6

Net operating income                94.8              159.2             323.8


3.   Segmental analysis
(a)  Segmental analysis of net operating income

                             Half year            Half year               Year
                                 to 30                to 30              to 31
                             September            September              March
                                  2000                 1999               2000
                                    £m                   £m                 £m
Business segment
Continuing operations
   Asset Management               49.3                 62.5              126.4
   Brokerage                      45.5                 43.2               89.8

Financial Services                94.8                105.7              216.2

Discontinued operations            -                   53.5              107.6
                                 94.8                 159.2              323.8

                   



NOTES continued

3. Segmental analysis continued
(b) Segmental analysis of profit on ordinary activities before taxation


                            Half year             Half year              Year
                                to 30                 to 30             to 31
                            September             September             March
                                 2000                  1999              2000
                                   £m                    £m                £m
Business segment
Continuing operations
    Asset Management -           
    management fee income        31.5                  27.1              55.5
    Asset Management -            
    performance fee income        1.0                  15.7              30.2
    Brokerage                    14.0                  10.2              23.7
Financial Services               46.5                  53.0             109.4
Sugar Australia                   1.0                   0.7               2.1
                                 47.5                  53.7             111.5
Discontinued operations          (6.8)                (53.4)           (148.0)
                                 40.7                   0.3             (36.5)

4.   Exceptional items

The  loss on sale of the Agricultural Products businesses of £5.2m (£4.3m net
of  tax) represents an adjustment of £3.9m (£3.9m net of tax) to the loss  on
sale  reported  last year incurred in accordance with the  management  buyout
disposal documentation, and £1.3m (£0.4m net of tax) is in  respect  of
the sale  of  the  US  Nuts activities which took place after year-end.  
Further Agricultural  Products restructuring costs of £1.6m (£1.1m net of 
tax)  were also incurred.

5.   Net interest income/(expense)


                           Half year              Half year              Year
                               to 30                  to 30             to 31
                           September              September             March
                                2000                   1999              2000
                                  £m                     £m                £m
Interest receivable             47.8                   36.5              83.4
Interest payable               (18.5)                 (33.2)            (82.1)
                                29.3                    3.3               1.3
NOTES continued

6.   Dividends

                             Half year              Half year             Year
                                to 30                  to 30             to 31
                             September             September             March
                                  2000                  1999              2000
                                    £m                    £m                £m
Ordinary shares
   Interim                        11.5                  11.0              11.0
   Final                            -                     -               22.8
                                  11.5                  11.0              33.8

Under  the scrip dividend arrangements, £1.4m of the final dividend for  the
year  to 31 March 2000 was paid by way of shares and has therefore been added
back  to  reserves.  In addition, on 24 March 2000 a dividend  in specie  of
£60.2m was paid to holders of E D & F Man Group plc 'A' ordinary shares.
An  interim  dividend of 4.6p per share will be paid on 10  January 2001  to
shareholders  on the register at the close of business on 17  November  2000.
The shares will be quoted ex-dividend from 13 November 2000.

7.  Earnings per share

The  calculation of basic earnings per ordinary share is based on profit  for
the  period  of £30.7m (30 September 1999: £6.5m loss, 31 March 2000:  £54.3m
loss)  and  on  246,276,308 (30 September 1999: 252,336,022, 31  March  2000:
254,438,521) ordinary shares, being the weighted average number  of  ordinary
shares in issue during the period after excluding the shares owned by the Man
Group plc employee trusts.

The  diluted earnings per share is based on profit for the period of  £30.7m
(30  September  1999:  £6.5m  loss,  31  March  2000: £54.3m  loss)  and  on
255,935,797  (30  September 1999: 268,795,732, 31  March  2000:  269,061,048)
ordinary shares, calculated as follows:

                                  30                  30                   31 
                           September            September                March
                                2000                 1999                 2000
                              Number               Number               Number
                                                                            
Basic weighted    
average number of
shares                   246,276,308          252,336,022          254,438,521

Dilutive potential
ordinary shares
  Share awards under            
  incentive schemes       8,725,433           15,513,173           13,713,935
  Employee share options    934,056              946,537              908,592
                        255,935,797          268,795,732          269,061,048
                            

The  following  tables reconcile the earnings per share on the total  result
with  the earnings per share on continuing operations and underlying earnings
per  share.   Underlying earnings per share excludes the net performance  fee
income  from our Asset Management business, the result of our Sugar Australia
operations and goodwill amortisation.

NOTES continued

7.  Earnings per share continued

                                  Half year to 30 September 2000

                                              Basic                 Diluted
                                       earnings per            earnings per
                           Earnings          share                    share
                                 £m          Pence                    Pence   
Earnings per share             30.7           12.4                     12.0
Loss on discontinued            
operations                      5.4            2.3                      2.1
Earnings per share             
continuing operations          36.1           14.7                     14.1
Performance                    
related income and       
Sugar Australia                (1.3)          (0.5)                    (0.5)
Goodwill amortisation           0.4            0.1                      0.1
Underlying         
earnings per share             35.2           14.3                     13.7

                                  Half year to 30 September 1999
                                             
                                                 Basic                 Diluted
                                          earnings per                earnings
                              Earnings           share                   share
                                    £m           Pence                   Pence
Earnings per share                (6.5)          (2.6)                   (2.4)
Loss on discontinuted             
operations                        47.6           18.9                    17.7
Earnings per       
share -continuing
operations                        41.1           16.3                    15.3
Performance        
related income
and Sugar Australia             (13.3)           (5.3)                  (5.0)
Goodwill amortisation             0.2             0.1                    0.1
Underlying earnings per          
share                            28.0            11.1                   10.4

                                   Year to 31 March 2000
                                             
                                             Restated                  
                                                Basic                 Diluted 
                                         earnings per             earnings per
                             Earnings           share                    share
                                   £m           Pence                    Pence
                                                                              
Earnings per share              (54.3)          (21.3)                  (20.2)
Loss on discontinued            
operations                      141.3            55.5                    52.5
Earnings per       
share -
continuing operations            87.0            34.2                    32.3

Performance                     
related income
and Sugar Australia             (25.2)           (9.9)                   (9.3)
Goodwill amortisation             0.6             0.2                     0.2
Underlying         
earnings per share               62.4            24.5                    23.2


8.   Debtors


                                 At 30           At 30                   At 31
                             September       September                   March
                                  2000            1999                    2000
                                    £m              £m                      £m
Trade debtors
  Amounts owed by broker 
  dealers on secured stock         
  lending and borrowing          396.2            266.5                  576.5
  Securities                      
  transactions in
  the course of settlement        89.6            175.9                  183.9
  Futures transactions           183.9            162.2                  198.3
  Other trade                     29.3            444.4                   38.1
Amounts owed by funds            206.3            123.9                  118.6
Other categories of debtors      181.4            117.7                  162.3
                               1,086.7          1,290.6                1,277.7



NOTES continued

9.   Creditors


                                 At 30            At 30                  At 31
                             September        September                  March
                                  2000             1999                   2000
                                    £m               £m                     £m
Amounts falling due
within one year
Bank loans and overdrafts         36.7            570.6                   62.8
Private placement notes            3.4              -                      3.1
Trade creditors
   Amounts owed to broker
   dealers on secured stock      
   lending and borrowing         373.7            280.9                  551.6
   Securities transactions in    
   the course of settlement      101.4            108.9                  169.0
   Futures transactions          157.3            154.6                   63.2
   Other trade                    30.6            128.6                   41.5
Other categories of creditors    244.8            351.1                  273.1
                                 947.9          1,594.7                1,164.3


                                 At 30            At 30                  At 31
                             September        September                  March
                                  2000             1999                   2000
                                    £m               £m                     £m
Amounts falling due
after more than one year
Loans
   Bank loans                    310.9             89.9                  250.8
   Private placement notes        10.1             30.3                    9.4
   Other                            -               6.6                    3.4
Other creditors                    9.5             13.4                   12.1
                                 330.5            140.2                  275.7
10.    Segregated funds

As  required  by  the United Kingdom Financial Services Act  and by  the  US
Commodity  Exchange Act, the Group maintains certain balances  on  behalf  of
clients  with  banks,  exchanges, clearing houses and brokers  in  segregated
accounts  totalling  £1,939m (30 September 1999:   £1,619m,  31  March  2000:
£1,631m).   These amounts  and  the related liabilities  to  clients,  whose
recourse is limited to the segregated accounts, are not included in the
Group balance sheet.


NOTES continued

11.  Net cash outflow from operating activities

                            Half year                Half year           Year
                                to 30                    to 30          to 31
                            September                September          March
                                 2000                     1999           2000 
                                  £m                       £m              £m
Operating profit                 15.2                     36.3           69.7
Depreciation of                   
tangible fixed assets             3.8                      9.8           20.5
Amortisation of goodwill          0.7                      0.5            1.0
Loss on sale of    
tangible fixed assets              -                        -             0.1
Profit on sale of                
fixed asset investments          (1.0)                      -              -
Decrease in stocks                0.2                     51.2            8.4
Decrease/(increase) 
in debtors                      287.4                   (264.3)        (565.3)
(Increase)/decrease 
in investments                  (84.4)                   (13.6)          43.8
(Decrease)/increase            
in creditors                    (267.9)                   182.8         413.5
Restructuring costs               (2.9)                    (2.8)         (4.5)
Net cash outflow                 
from operating activities        (48.9)                    (0.1)        (12.8)


12.  Analysis of net debt

                           Half year                Half year             Year
                               to 30                    to 30            to 31
                           September                September            March
                               2000                      1999             2000
                                 £m                        £m               £m
Cash at bank and in hand      242.4                     142.7           268.1
Overdrafts                    (36.7)                     (9.4)          (38.9)
Loans due within one year      (3.4)                   (561.2)          (27.0)
Loans due after one year
   Bank loans                (310.9)                    (89.9)         (250.8)
   Private placement notes    (10.1)                    (30.3)           (9.4)
   Other loans                   -                       (6.6)           (3.4)
Closing net debt             (118.7)                   (554.7)          (61.4)

13.  Exchange rates

The  following  US dollar exchange rates have been used in the preparation  of
this financial information:

                        30 September             30 September         31 March
                                2000                     1999             2000

Average exchange rate           1.49                     1.60             1.61
Period end exchange rate        1.48                     1.65             1.60