Interim Results - 6 Months to 31 December 1999

McBride PLC
2 March 2000




                                  McBride plc
           Interim results for the six months ended 31 December 1999

McBride is Europe's leading supplier of household and personal care retailer
brand products and Europe's leading independent retailer brand and contract
supplier of OTC pharmaceuticals


Results highlights
*    A 5.9% increase in sales in local currency excluding the share of the
     joint venture
*    Operating profit of £17.8 million, before goodwill amortisation and share
     of the joint venture, increased by 7.2% from £16.6 million
*    Profit before taxation, goodwill amortisation and share of the joint
     venture increased by 8.5% to £15.3 million with strong growth from
     Continental Europe
*    Basic earnings per share were 6.4p compared with 6.0p, an increase of
     6.7%
*    Interest cover was 7.1 times compared with 6.7 times
*    Interim dividend increased by 0.1p to 2.6p

Strategic actions
*    The acquisition of Wrafton has taken McBride into the growth activity of
     OTC pharmaceuticals
*    Aerosol Products Limited, a joint venture with Nichol Beauty Products
     Limited, created the UK's largest manufacturer of retailer brand aerosols
*    The Eastern European business based in Poland performed strongly in the
     first half year

Prospects
*    Expectations for the year remain in line with market projections. The
     trading environment is expected to be similar to the first half with     
     McBride benefiting from new product developments, investment programmes  
     and efficiency gains from the nearly completed rationalisation programme

Commenting on the results, Mike Handley, Chief Executive said:

'The  strategic direction of the Group is clear and further progress has  been
made  in the first half of the year in difficult trading conditions. We expect
the  trading  environment in the second half of the year  to  be  similar  but
McBride will continue to benefit from new product developments, the effect  of
recent  investment  programmes  and  the  efficiency  gains  from  the  nearly
completed rationalisation programme.'


For further information please contact:

McBride plc                                       01494 607050
Mike Handley, Chief Executive
Terry Monks, Group Finance Director

Financial Dynamics                                0171 831 3113
Andrew Dowler



Interim review
In  the  first six months of the financial year, McBride succeeded in  growing
both  sales  and  profits compared with the first half of the  previous  year.
Sales in local currency, excluding the sales of Aerosol Products Limited,  the
recently established joint venture, increased by 5.9% compared with the  first
half  of last year. However, the continuing strength of the pound, principally
against the Euro, resulted in sterling reported sales, including the share  of
the  joint venture, being £247.4 million compared with £236.9 million  in  the
first  half  of  last  year.  Wrafton Laboratories,  which  was  purchased  in
September  1999,  contributed  sales of £6.8 million  in  the  period  and  is
expected to be earnings enhancing in the financial year.

Profits  before  goodwill  amortisation  and  the  contribution  from  Aerosol
Products  Limited  increased to £17.8 million compared with £16.6  million  in
1998/99.  This  growth  reflected the continued improvement  in  most  of  the
Continental European markets together with a growing contribution from  Poland
and  the  benefit of the Wrafton acquisition partly offset by  the  continuing
difficult trading environment in the United Kingdom. Profit before taxation in
the  six  months  was  £14.6  million compared  with  £14.0  million  for  the
comparable period last year, an increase of 4.3%.

The  Board  has  declared  an increased interim dividend  of  2.6p  per  share
compared  with  2.5p which will be paid on the 18 May 2000 to shareholders  on
the register on 14 April 2000.

United Kingdom
Sales  of  household  and personal care products in the  United  Kingdom  were
£128.9 million compared with £132.8 million in the first half of last year.

The  competitive  activity in the UK market, which was noted  in  last  year's
review,  persisted  throughout the first six months of the  current  financial
year  and was the primary cause of the 2.9% decline in sales. During the first
six  months McBride successfully launched further variants of textile  washing
tablets  which can be placed in either the drawer or the drum of  the  washing
machine. These faster dissolving tablets have been successful and have  gained
an  increased share of the tablet market, which has now grown to one fifth  of
the  total  textile  washing  market. The market for  personal  care  products
remained  especially competitive in the period.  The marketing initiatives  of
the  branded  manufacturers,  together with the  retailers'  focus  on  price,
combined to further reduce private label and minor brand shares.

Operating  profit  in  the  UK,  before goodwill  amortisation  and  operating
exceptional  items, was £9.1 million and compared with £11.2  million  in  the
first half of last year.

Continental Europe
Sales  of household and personal care products in Continental Europe expressed
in  local  currencies increased by 6.4% but the further strengthening  of  the
pound resulted in sterling reported sales showing a marginal decline to £115.2
million compared with £115.6 million.

The  acquisitions made by McBride in France, the Netherlands and Poland in the
last  two years have strengthened the Group's position with the major European
retailers. This, together with further growth in demand for private label  and
minor  brand  products, produced a good performance in the first half  of  the
year.  The  level  of demand in France was particularly strong  showing  sales
growth of 11.2% over the first half of last year. Sales in Spain, Benelux  and
Poland also showed good progress and McBride opened its first sales office  in
Germany.  Offices  in the Czech Republic and Hungary will  be  opened  in  the
second half of the year.

In November there was a serious fire at the Estaimpuis factory which destroyed
the  raw  material  and packaging warehouse, together with the  blow  moulding
department.  However, management action successfully minimised the  effect  on
both  sales and customer service and the process of rebuilding the factory  is
progressing  well  with  the full support and co-operation  of  the  insurance
companies.

In  Continental Europe, the operating profit before goodwill amortisation  and
exceptional  items was £8.1 million, a 47.3% increase when compared  with  the
first half of last year.

Wrafton Laboratories
In  September  1999, McBride announced the acquisition of  80%  of  the  share
capital of Wrafton Laboratories for £17.3 million. This acquisition followed a
strategic review of the opportunities for McBride to expand its product range,
which  identified the Over-The-Counter (OTC) medicines market as an  important
and  growing  market  sector.  The purchase  of  Wrafton  is  McBride's  first
strategic  move  outside  the household and personal  care  sectors  and  will
provide  a base from which to build its business in the OTC medicines  market.
The UK market for OTC medicines is worth some £1.6 billion and is expected  to
continue to grow as the combination of higher NHS prescription charges and the
increased  awareness of the efficacy, safety and value of OTC  pharmaceuticals
is  recognised by consumers. Wrafton operates in three main areas of  the  OTC
market, namely oral analgesics, gastrointestinal and cold/flu remedies, all of
which are experiencing solid growth.  UK supermarkets have strategically grown
their share of traditional chemist products with a major part of their product
offering being the development of retailer brand alternatives. In the last two
years the UK grocers have raised their share of the OTC market from 28% to 34%
and within these sales retailer brand has increased from 18% to 21%. Prior  to
the   acquisition  by  McBride,  Wrafton  had  implemented  a  retailer  brand
development  strategy alongside its long standing contract  business.  In  the
three  months as part of McBride, the growth of retailer brand has accelerated
although sales to contract customers have been adversely affected, in  certain
export markets, by the strength of sterling. Overall Wrafton has performed  in
line with expectations and will be earnings enhancing in the current financial
year.

Joint venture
In October 1999 McBride announced the creation of a joint venture company with
Nichol  Beauty  Products Limited.  The joint venture, which is called  Aerosol
Products Limited, comprises the Hull site of Robert McBride together with  the
aerosol  activities of Nichol Beauty Products. The closure of the Nichol  site
at  Thetford is now substantially completed with almost all production  having
been  moved  into the Hull factory. The joint venture is now well  established
although the inevitable disruption during the process of rationalisation  gave
rise  to  customer  service difficulties resulting in a trading  loss  in  the
period  to  the  end of December of which the McBride share was  £0.1  million
before goodwill amortisation.

Financial summary
In  the  six months to the end of December 1999 net interest costs  were  £2.5
million  which  was  the same as in the first half of the  previous  financial
year.  The  level  of interest expense reflected continued  tight  control  of
working  capital together with the impact of marginally lower average interest
rates  and the impact of exchange rates in the translation of Euro denominated
interest costs into sterling. Interest cover before goodwill amortisation  was
7.1  times  compared with 6.7 times in the first six months of last year.  The
charge  for  taxation has been calculated at 25% which is the same  percentage
rate  as last year and represents the estimated effective rate for the current
financial  year.  In  the  first  six months of  the  financial  year  capital
expenditure  amounted to £9.5 million compared with £7.2  million  last  year.
The main items of expenditure included the final phase of the extension of the
Barrow  textile  washing powder factory, which is due to  be  commissioned  in
March  2000,  additional  equipment for the  manufacture  of  textile  washing
tablets and completion of a further extension to the factory and warehouse  in
Poland.

Cash  flow  from  operating activities was £24.5 million compared  with  £18.2
million,  with  the increase of £6.3 million reflecting an improved  operating
profit  together with better control of working capital. Net  debt  of  £105.0
million  at the end of December 1999 compared with £86.3 million at June  1999
and  £90.0 million at December 1998. The increase of £18.7 million since  June
is  less than the cost of purchasing Wrafton and the acquisition of the liquid
products business of Nichol Beauty Products.

An  agreement with BP Amoco concerning the deferred consideration relating  to
the  buy-in  has resulted in a reduction in the provision for liabilities  and
charges  of  £9.0  million with the consequent reduction in goodwill  and  the
increase in shareholder's funds.

Equity shareholders funds at 31 December 1999 were £63.3 million compared with
£50.9 million at June 1999 and £56.5 million at December 1998.

Prospects
Although  the  UK  market  for household and personal  care  products  remains
challenging,  McBride continues to trade well from a strong  market  position.
In  Continental Europe, market conditions have improved which,  together  with
the  benefit  of recent acquisitions, has given rise to the improved  results.
The  purchase  of  Wrafton  takes McBride into an important  new  market  with
considerable growth potential.

The  strategic direction of the Group is clear and further progress  has  been
made  in the first half of the year in difficult trading conditions. We expect
the  trading  environment in the second half of the year  to  be  similar  but
McBride will continue to benefit from new product developments, the effect  of
recent  investment  programmes  and  the  efficiency  gains  from  the  nearly
completed rationalisation programme.

Lord Sheppard of Didgemere           Mike Handley
Chairman                             Chief Executive and Deputy Chairman


Consolidated profit and loss account
                                                                           
                                                                           
                                                           UK              
                                         Before       aerosol              
                                     UK aerosol    activities     Unaudited
                                     activities        before      6 months
                                    transfer to   transfer to     to 31 Dec
                                           J.V.          J.V.          1999
                             Note            £m            £m            £m
Turnover: Group and share of                                               
joint venture                             247.4           7.8         255.2
Less: share of joint                                                       
venture's turnover                        (4.3)             -         (4.3)
Group turnover (including                                                  
acquisitions of £6.8                                                       
million)                      1           243.1           7.8         250.9
Cost of sales                           (151.1)         (5.8)       (156.9)
Gross profit/(loss)                        92.0           2.0          94.0
Distribution costs                       (11.5)         (0.2)        (11.7)
Administrative costs                     (63.2)         (2.4)        (65.6)
Group operating                                                            
profit/(loss) before                                                       
goodwill amortisation                                                      
(including acquisitions of                                                 
£0.8 million)                 1            17.8         (0.6)          17.2
Goodwill amortisation                     (0.5)             -         (0.5)
Group operating                                                            
profit/(loss)                                                              
(including acquisitions of                                                 
£0.6 million)                              17.3         (0.6)          16.7
Share of joint venture's                                                   
operating loss before                                                      
goodwill amortisation                     (0.1)             -         (0.1)
Goodwill amortisation on                                                   
joint venture                             (0.1)             -         (0.1)
Share of joint venture's                                                   
operating loss                            (0.2)             -         (0.2)
Goodwill previously written                                                
off to reserves                               -         (1.4)         (1.4)
Loss on transfer of business                                               
to joint venture                              -         (1.4)         (1.4)
Group interest receivable/                                                 
(payable) and similar                                                      
charges                                   (2.5)             -         (2.5)
Profit/(loss) on ordinary                                                  
activities before taxation                 14.6         (3.4)          11.2
Tax on profit/(loss) on                                                    
ordinary activities           2           (3.8)           0.1         (3.7)
Profit/(loss) on ordinary                                                  
activities after taxation                  10.8         (3.3)           7.5
Equity minority interest                  (0.2)             -         (0.2)
Profit/(loss) for the period               10.6         (3.3)           7.3
Dividends                     4           (4.6)             -         (4.6)
Retained profit/(loss) for                                                 
the period                                  6.0         (3.3)           2.7
Earnings per ordinary share   3                                            
* Basic and diluted                        6.0p                        4.1p
* Basic before operating                                                   
exceptional items, share of                                                
joint venture and goodwill                                                 
amortisation                               6.4p                            



                                      Before UK                            
                                        aerosol                            
                                     activities                            
                                    transfer to    UK aerosol              
                                       J.V. and    activities              
                                      operating        before     Operating
                                    exceptional   transfer to   exceptional
                                          items          J.V.         items
                                             £m            £m            £m
Turnover: Group and share of                                               
joint venture                             236.9          11.5             -
Less: share of joint venture's                                             
turnover                                      -             -             -
Group turnover (including                                                  
acquisitions of £6.8 million)             236.9          11.5             -
Cost of sales                           (146.9)         (7.9)         (0.4)
Gross profit/(loss)                        90.0           3.6         (0.4)
Distribution costs                       (11.0)         (0.2)             -
Administrative costs                     (62.5)         (3.3)         (5.1)
Group operating profit/(loss)                                              
before goodwill amortisation                                               
(including acquisitions of £0.8                                            
million)                                   16.6           0.1         (5.5)
Goodwill amortisation                     (0.1)             -             -
Group operating profit/(loss)                                              
(including acquisitions of £0.6                                            
million)                                   16.5           0.1         (5.5)
Share of joint venture's                                                   
operating loss before goodwill                                             
amortisation                                  -             -             -
Goodwill amortisation on joint                                             
venture                                       -             -             -
Share of joint venture's                                                   
operating loss                                -             -             -
Goodwill previously written off                                            
to reserves                                   -                            
Loss on transfer of business to                                            
joint venture                                 -             -             -
Group interest receivable/                                                 
(payable) and similar charges             (2.5)             -             -
Profit/(loss) on ordinary                                                  
activities before taxation                 14.0           0.1         (5.5)
Tax on profit/(loss) on ordinary                                           
activities                                (3.5)             -           0.1
Profit/(loss) on ordinary                                                  
activities after taxation                  10.5           0.1         (5.4)
Equity minority interest                      -             -             -
Profit/(loss) for the period               10.5           0.1         (5.4)
Dividends                                 (4.5)             -             -
Retained profit/(loss) for the                                             
period                                      6.0           0.1         (5.4)
Earnings per ordinary share                                                
* Basic and diluted                        6.0p                            
* Basic before operating                                                   
exceptional items, share of joint              
venture and goodwill amortisation          6.0p


All operations above are continuing


                                                                            
                                              Before                        
                              Unaudited    operating   Operating     Audited
                               6 months  exceptional exceptional  Year ended
                              to 31 Dec        items       items     30 June
                                   1998                                 1999
                                     £m           £m          £m          £m
Turnover: Group and share of                                                
joint venture                     248.4        496.8           -       496.8
Less: share of joint                                                        
venture's turnover                    -            -           -           -
Group turnover (including                                                   
acquisitions of £6.8                                                        
million)                          248.4        496.8           -       496.8
Cost of sales                   (155.2)      (307.8)       (0.4)     (308.2)
Gross profit/(loss)                93.2        189.0       (0.4)       188.6
Distribution costs               (11.2)       (22.2)           -      (22.2)
Administrative costs             (70.9)      (132.3)      (11.3)     (143.6)
Group operating                                                             
profit/(loss) before                                                        
goodwill amortisation                                                       
(including acquisitions of                                                  
£0.8 million)                      11.2         34.9      (11.7)        23.2
Goodwill amortisation             (0.1)        (0.4)           -       (0.4)
Group operating                                                             
profit/(loss)                                                               
(including acquisitions of                                                  
£0.6 million)                      11.1         34.5      (11.7)        22.8
Share of joint venture's                                                    
operating loss before                                                       
goodwill amortisation                 -            -           -           -
Goodwill amortisation on                                                    
joint venture                         -            -           -           -
Share of joint venture's                                                    
operating loss                        -            -           -           -
Goodwill previously written                                                 
off to reserves                       -            -           -           -
Loss on transfer of business                                                
to joint venture                      -            -           -           -
Group interest receivable/                                                  
(payable) and similar                                                       
charges                           (2.5)        (4.9)           -       (4.9)
Profit/(loss) on ordinary                                                   
activities before taxation          8.6         29.6      (11.7)        17.9
Tax on profit/(loss) on                                                     
ordinary activities               (3.4)        (7.5)         1.2       (6.3)
Profit/(loss) on ordinary                                                   
activities after taxation           5.2         22.1      (10.5)        11.6
Equity minority interest              -        (0.1)           -       (0.1)
Profit/(loss) for the period        5.2         22.0      (10.5)        11.5
Dividends                         (4.5)       (13.4)           -      (13.4)
Retained profit/(loss) for                                                  
the period                          0.7          8.6      (10.5)       (1.9)
Earnings per ordinary share                                                 
* Basic and diluted                2.9p        12.4p                    6.5p
* Basic before operating                                                    
exceptional items, share of                                                 
joint venture and goodwill                                                  
amortisation                                   12.7p                        




Consolidated Balance sheet
                                            Unaudited   Unaudited    Audited
                                               31 Dec      31 Dec    30 June
                                                 1999        1998       1999
                                     Note          £m          £m         £m
Fixed assets                                                                
Intangible assets                                34.8         9.5        9.6
Tangible assets                                 146.7       145.2      147.7
Total fixed assets                              181.5       154.7      157.3
Current assets                                                              
Stocks                                           58.6        54.1       52.6
Debtors                                          93.3        97.5       93.1
Cash at bank and in hand                          1.0         5.6        4.7
                                                152.9       157.2      150.4
Creditors: amounts falling due                                              
within one year                               (160.3)     (152.6)    (150.2)
Net current assets/(liabilities)                (7.4)         4.6        0.2
Total assets less current                                                   
liabilities                                     174.1       159.3      157.5
Creditors: amounts falling due                                              
after more than one year                      (104.4)      (92.4)     (90.2)
Provisions for liabilities and                                              
charges                                         (2.9)      (10.3)     (16.3)
Investments in joint ventures                                               
  Share of gross assets                          13.1           -          -
  Share of gross liabilities                   (15.5)           -          -
  Net investment in joint venture               (2.4)           -          -
Net assets                                       64.4        56.6       51.0
                                                                            
Capital and reserves                                                        
Called up share capital                          17.8        17.8       17.8
Share premium account                           139.3       139.3      139.3
Profit and loss account               5        (93.8)     (100.6)    (106.2)
Equity shareholders' funds                       63.3        56.5       50.9
Equity minority interest                          1.1         0.1        0.1
Net assets                                       64.4        56.6       51.0




Consolidated cash flow statement
                                            Unaudited   Unaudited    Audited
                                             6 months    6 months Year ended
                                            to 31 Dec   to 31 Dec    30 June
                                                 1999        1998       1999
                                     Note          £m          £m         £m
Cash flow from operating activities   6          24.5        18.2       48.2
Returns on investments and                                                  
servicing of finance                             (2.3)       (2.6)      (5.1)
Taxation                                         (0.5)       (0.9)      (6.8)
Operating cash flow after taxation                                          
and finance costs                                21.7        14.7       36.3
Capital expenditure                              (9.5)       (7.2)     (19.2)
Acquisitions                                    (22.7)      (16.4)     (22.5)
Equity dividend paid                             (8.9)       (8.8)     (13.2)
Financing                                        15.7        14.6       14.8
Decrease in cash in the period                   (3.7)       (3.1)      (3.8)



Reconciliation of net cash flow to movement in net debt
                                           Unaudited  Unaudited     Audited
                                            6 months   6 months  Year ended
                                           to 31 Dec  to 31 Dec     30 June
                                                1999       1998        1999
                                                  £m         £m          £m
Decrease in cash in the period                 (3.7)      (3.1)       (3.8)
Cash outflow from movement in debt and                                     
lease financing                               (15.7)     (14.6)      (14.7)
Change in net debt resulting from cash                                     
flows                                         (19.4)     (17.7)      (18.5)
Loans and finance leases acquired with                                     
subsidiary                                     (2.6)      (1.5)       (1.5)
Translation differences                          3.3      (4.4)         0.1
Movement in net debt in the period            (18.7)     (23.6)      (19.9)
Net debt at the beginning of the period       (86.3)     (66.4)      (66.4)
Net debt at the end of the period            (105.0)     (90.0)      (86.3)


Statement of total recognised gains and losses
                                           Unaudited  Unaudited     Audited
                                            6 months   6 months  Year ended
                                           to 31 Dec  to 31 Dec     30 June
                                                1999       1998        1999
                                                  £m         £m          £m
Profit after tax                                 7.3        5.2        11.5
Unrealised foreign currency differences        (0.7)        2.0         0.5
Total recognised gains and losses                6.6        7.2        12.0




Reconciliation of movements in total shareholders' funds
                                           Unaudited  Unaudited     Audited
                                            6 months   6 months  Year ended
                                           to 31 Dec  to 31 Dec     30 June
                                                1999       1998        1999
                                                  £m         £m          £m
Opening shareholders' funds                     50.9       51.0        51.0
Profit for the financial period                  7.3        5.2        11.5
Equity dividends                                (4.6)      (4.5)      (13.4)
                                                53.6       51.7        49.1
Unrealised foreign currency differences         (0.7)       2.0         0.5
New share capital subscribed (including                                    
merger reserve)                                    -        2.8         2.8
Goodwill written back/(off) to profit                                      
and loss account                                10.4          -        (1.5)
Closing shareholders' funds                     63.3       56.5        50.9

Notes to the interim financial statements

1. Segmental information
                                           Unaudited  Unaudited     Audited
                                            6 months   6 months  Year ended
                                           to 31 Dec  to 31 Dec     30 June
                                                1999       1998        1999
                                                  £m         £m          £m
Turnover by destination is analysed by                                     
geographical area as follows:
UK                                             131.9      130.9       258.1
Continental Europe                             116.6      116.0       232.9
Rest of World                                    2.4        1.5         5.8
                                               250.9      248.4       496.8
Turnover by geographical origin is                                         
analysed as follows:
UK                                             135.7      132.8       265.1
Continental Europe                             115.2      115.6       231.7
                                               250.9      248.4       496.8
Turnover by class of business is                                           
analysed as follows:
Household products                             203.0      200.6       406.1
Personal care products                          41.1       47.8        90.7
Pharmaceuticals                                  6.8          -           -
                                               250.9      248.4       496.8
Operating profit by geographical origin                                    
is analysed as follows:
UK                                               8.7        8.2        18.6
Continental Europe                               8.0        2.9         4.2
Operating profit                                16.7       11.1        22.8
Share of joint venture after goodwill           (0.2)         -           -
Goodwill previously written off to                                        
reserves                                        (1.4)         -           -
Loss on transfer of business to joint                                      
venture                                         (1.4)         -           -
Net interest payable                            (2.5)      (2.5)       (4.9)
Profit on ordinary activities before tax        11.2        8.6        17.9

Operating profit by class of business is                         
analysed as follows:
Household products                              15.1       13.7        27.2
Personal care products                           1.0       (2.6)       (4.4)
Pharmaceuticals                                  0.6          -           -
Operating profit                                16.7       11.1        22.8
Share of joint venture after goodwill           (0.2)         -           -
Goodwill previously written off to              (1.4)         -           -
reserves
Loss on transfer of business to joint           (1.4)         -           -
venture
Net interest payable                            (2.5)      (2.5)       (4.9)
Profit on ordinary activities before tax        11.2        8.6        17.9


2.  Tax on profit on ordinary activities
                                                                              
The  Group  tax  charge  is calculated at 25% of the  profit  before  taxation
excluding  non taxable deductions, being the estimated effective rate  of  tax
for the year to 30 June 2000.

3.  Earnings per ordinary share
Earnings  per  ordinary share is calculated on profit after tax in  accordance
with  FRS  14.   The calculation of earnings per ordinary share  for  the  six
months  ended 31 December 1999 is based on 177,639,197 ordinary shares of  10p
each, which was the number of ordinary shares in issue at 30 June 1999 and  31
December  1999.  The weighted average number of shares in issue at 31 December
1998 and 30 June 1999 was 176,178,267 and 176,869,413 respectively.

4.   Dividend
The Directors will pay an interim dividend of 2.6p per ordinary share on 18
May 2000 to shareholders registered at the close of business on 14 April 2000.

5.  Profit and loss account
                                           Unaudited  Unaudited     Audited
                                              31 Dec     31 Dec     30 June
                                                1999       1998        1999
                                                  £m         £m          £m
Goodwill reserve                             (146.4)    (155.3)     (156.8)
Profit and loss account                         52.6       54.7        50.6
                                              (93.8)    (100.6)     (106.2)

6.  Reconciliation of operating profit to operating cash flow
                                           Unaudited  Unaudited     Audited
                                            6 months   6 months  Year ended
                                           to 31 Dec  to 31 Dec     30 June
                                                1999       1998        1999
                                                  £m         £m          £m
Group operating profit                          16.7       11.1        22.8
Depreciation                                     8.8        8.3        16.9
Other non cash items                               -        5.5         9.9
Goodwill amortisation                            0.5        0.1         0.4
Movement in stocks                              (7.8)       4.0         4.0
Movement in debtors                             (2.1)      (4.7)       (0.2)
Movement in creditors                            8.4       (6.1)       (5.6)
Cash flow from operating activities             24.5       18.2        48.2

7.    Unaudited half year results
The  results for the half year ended 31 December 1999 and 31 December 1998 are
unaudited and have been prepared on the basis of accounting policies  set  out
in  the  Report and Accounts for the year ended 30 June 1999.  The comparative
figures  for the year ended 30 June 1999 do not constitute statutory accounts.
Those  accounts have been reported on by the Company's auditors and  delivered
to  the  Registrar  of  Companies.  The report of  the  auditors  thereon  was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.  The Group has implemented FRS 15 - Tangible fixed  assets
in preparing these financial statements.

Financial calendar for the year ending 30 June 2000

Dividends                                                  
Interim                                Announcement        2 March 2000
                                       Payment             18 May 2000
Final                                  Announcement        September 2000
                                       Payment             November 2000
Results                                                    
Interim                                Announcement        2 March 2000
Preliminary statement for full year    Announcement        September 2000
Report and Accounts                    Circulated          September 2000
Annual General Meeting                 To be held          October 2000