Final Results - Year Ended 31 October 1999

Anglo-Welsh Group PLC
17 March 2000


Anglo Welsh Group Plc

Results for the year to 31 October 1999


CHAIRMAN'S STATEMENT

I am pleased to present the Group's results for the year ended 31 October
1999. 

The profit after taxation for the year was £19,816 and a final dividend of
0.25p is recommended which, subject to shareholders' approval, will be paid
on 21 July 2000 to shareholders on the Register on 7 April 2000. This will
make a total dividend of 0.50p for the year.

These results reflect the extremely difficult trading circumstances faced by
much of the domestic holiday industry during the year.

The reduced level of bookings reported in my Interim Statement was only
marginally recovered, despite increased marketing activity.  This resulted in
decreased turnover for the core business of providing narrow boat holidays on
the canals of England and Wales, with a consequent adverse effect upon
profitability.

The modest increase in Group turnover for the year, from £3.051m to £3.062m
includes the first five months turnover of £145,000 from Time Afloat Ltd, our
developing timeshare division, and external boat sales of £232,000 from
Falcon Boats, our boatbuilding operation.  These gains were offset by lower
sales from holidays and Falcon Agricultural sales.

Our 2000 brochure shows that we ceased operating from bases at North Kilworth
and New Mills. Continuing operational problems on the Cheshire Ring seriously
affected bookings from New Mills to the extent that we no longer operate from
that base although we will continue to turn round our popular one-way
holidays from there.

The year was not without good news, however, and I am very encouraged to
report that the start up phase of Time Afloat Ltd has now been successfully
completed. Sales of Water Time Club membership are expected to increase this
year which will reinforce the Group's strategy in developing complementary
activities to build long term income streams which will make the Group less
dependent upon the seasonality of the holiday boat trade.

Our boat building division too became further established during the year and
turned out 12 first class steel craft for both our hire fleet and the Water
Time Club, as well as a number of boats for the private market.  These
included a 70 feet long, wide beam, restaurant boat supplied to a private
buyer in Dublin.

Our pub at Norbury, the Junction Inn, continued to make a useful
contribution.

The introduction of our new top of the range Gold Class fleet of holiday
narrow boats  has proved very popular.  Further boats of this Class are
scheduled to join the fleet in the current season.

A further success during the year was the granting of planning permission to
develop seven acres of land at Great Haywood, which were acquired with the
Falcon Engineering purchase in 1998.  Plans for developing this strategically
important site for waterside leisure purposes are currently in hand.


Current Prospects

Having carefully reviewed our pricing strategy, and with a re-designed
brochure, I am very pleased to report that the advance holiday bookings for
the 2000 season are substantially ahead of the comparable period last year,
and marginally ahead of 1998, which was a successful year.  This has given us
confidence that the Group will return to trading profitability in 2000.

Additionally, the continued performance of Time Afloat Ltd. is particularly
pleasing, and as I reported in my Interim Statement, we are confident of
seeing a positive contribution from the timeshare operation in the current
year.

Performance prospects of both the hire fleet and timeshare operations have
been enhanced by the recent appointment of a specialist manager to take
charge of all the Group's marketing activities.

Plans are at an advanced stage to dispose of some under-performing non-core
activities, and overhead costs are constantly under close review.

The Group is determined to be at the forefront of electronic information and
marketing, and our web site, already successful, is being  upgraded.

It would be remiss of me to close this report without recording the thanks of
the Board of Directors to our staff, at all levels throughout the Group, for
their support and loyalty during a particularly difficult year.


David Court
Chairman, Anglo-Welsh Group Plc


Anglo-Welsh Group Plc
Consolidated Profit & Loss Account for the year ended 31 October 1999


                                          1999          1998
                                                  ten months
                                         Total         Total
                                             £             £                  
                              
Turnover                             3,063,722     3,051,552

Cost of sales                       (1,591,704)   (1,574,101)
Gross profit                         1,472,018     1,477,451

Operating expenses                  (1,345,405)   (1,017,923)

Interest payable                      (130,857)      (54,767)
Loss before taxation                    (4,244)      404,761

Taxation                                24,060       (17,050)
Profit after taxation                   19,816       387,711

Dividends                              (15,707)      (92,745)
                                      ________       _______
Retained profit                          4,109       294,966


Basic earnings per share                  0.6p         12.5p



Anglo Welsh Group Plc
Consolidated Balance Sheet as at 31 October 1999

                                       £              £
                                    1999           1998

Fixed assets                   4,679,508      4,220,345

Fixed asset investments           15,686         15,686

Current asset investments              -          8,320
Stock                            745,098        625,412

Debtors                          394,656        309,345

Cash                              12,073         12,208

Creditors falling due within 
one year                      (1,993,733)    (1,466,688)

Creditors falling due after 
more than one year              (733,963)      (604,414)

Provision for liabilities 
and charges                      (29,550)       (34,550)     
                               __________     __________
Net Assets                      3,089,775     3,085,666
Capital & Reserves
Called up share capital          309,145        309,145
Share premium                  1,784,377      1,784,377
Capital redemption reserve       164,667        164,667
Profit and loss account          199,286        195,177
Capital reserve                  632,300        632,300
                                _________     _________
Equity shareholders' funds     3,089,775      3,085,666

 
Anglo Welsh Group Plc
Notes

1.   Turnover represents sales to external customers excluding VAT.

2.   Earnings per share have been computed on the basis of profit after
     taxation of £19,816 (1998: 387,711) and the weighted average number of   
     shares in issue during the period of 3,091,450.

3.   The figures for the year ended 31 October 1999 have been abridged from
     the full group financial statements which are unaudited and have not yet 
     been delivered to the Registrar of Companies.
  
    The figures in respect of the period to 31 October 1998 are an abridged
    version of the full financial statements which have been filed with the
    Registrar of Companies and on which the auditors have issued an           
    unqualified report.

    The Report and financial statements for the year to 31 October 1999 will  
    be mailed to shareholders and will be available for members of the public 
    at the company's registered office, 5 Pritchard Street, Bristol, BS2 8RH.
  
For further information, contact:

David Daynes, managing director      Tel: [phone]