Interim Results

Anglo-Welsh Group PLC
21 July 2000


                            Anglo-Welsh Group Plc                             
                                                                              
             Interim Results for the Six Months to 30 April 2000              
                                                                              
                             Chairman's Statement                             

Results

Turnover to 30 April 2000 was £947,000, which resulted in a pre-exceptional
loss of £1,044,000. Despite substantial improvement in year on year sales of
canal boat hire holidays, overall sales are below budget and expenditure was
significantly above budget.

A review of the Company's operations has also resulted in significant write
offs to a number of the Company's assets and investments and costs in respect
of discontinued operations. This has further depressed the half year loss to
£1,530,000.

Whilst the business has a seasonal nature these are unacceptable results and
as a result the company is selling a number of non-core assets and reviewing
its core activities.

In view of this trading result there will be no interim dividend (1999: 0.25
pence per share).

Current Trading

Bookings for the hire fleet continue to be significantly ahead of last year's
figures for the equivalent period.

Trading performance in the Company's wholly owned subsidiary, Time Afloat
Limited, has been disappointing with sales slow in building up and costs
unacceptably high. This operation has been restructured and it is planned that
this will allow profitable trading to be resumed in due course.

Board Changes

There have been significant board changes. I was appointed director of the
Company on 17 April and then appointed executive chairman following the AGM.
David Court stepped down as non-executive Chairman and continues as
non-executive director. Mike Hill was appointed finance director of the
Company on 9 June. David Medlock joined the board as non-executive director on
the 17 April 2000. David Daynes, who was Managing Director, resigned from the
Company on the 10 May 2000. David McCall, who was non-executive director, did
not seek re-election to the board at the AGM. I would like to thank David
McCall for his support and advice.

Following these appointments, the board is conducting a review of all the
Company's operations.

Stephen Thomson
21 July 2000


CONSOLIDATED PROFIT & LOSS ACCOUNT
for the six months to 30 April 2000         
                                     Six months    Six months   Twelve months 
                                   to 30-Apr-00  to 30-Apr-99    to 30-Oct-99 
                                      Unaudited     Unaudited         Audited 
                                                        
                                              £             £               £ 

Turnover from continuing operations     946,956       673,105       3,063,722 
Cost of sales                          (885,392)     (666,485)     (1,591,704)
                                      ---------     ---------       --------- 
Gross Profit                             61,564         6,620       1,472,018 

Operating expenses                   (1,482,191)     (865,118)     (1,345,405)
                                      ---------     ---------       ---------
Operating (loss)/profit from 
continuing operations                (1,420,627)     (858,498)        126,613

Interest payable                       (109,387)      (35,656)       (130,857)
                                      ---------     ---------       ---------
(Loss)/profit on ordinary activities 
before taxation                      (1,530,014)     (894,154)         (4,244)

Taxation                                      -             -          24,060 
                                      ---------     ---------       ---------
(Loss)/profit on ordinary activities 
after taxation                       (1,530,014)     (894,154)         19,816 

Dividends                                     -        (7,729)        (15,707)
                                      ---------     ---------       ---------
Retained (loss)/profit for the 
period                               (1,530,014)     (901,883)          4,109 
                                      =========     =========       =========
Basic Earnings per Share (in pence)       (48.9)        (28.9)            0.6
                                      =========     =========       =========
Statement of Retained Profits     
Retained profit brought forward         199,286       195,177         195,177
Retained (loss)/profit for the 
period                               (1,530,014)     (901,883)          4,109 
                                      ---------     ---------       ---------
Accumulated losses carried forward   (1,330,728)     (706,706)        199,286 
                                      =========     =========       =========

SUMMARY CONSOLIDATED BALANCE SHEET
as at 30 April 2000                                                         
                                      30-Apr-00     30-Apr-99       31-Oct-99
                                      Unaudited     Unaudited         Audited 
                                              £             £               £ 

Fixed Assets                          4,427,163     4,268,999       4,711,194 

Stock                                   618,240       598,529         742,098 

Debtors                                 437,267       601,497         401,656 
                                                        
Cash                                     12,321        11,849          12,073 

Creditors falling due within 
one year                             (2,315,416)   (2,368,880)     (1,930,712)

Creditors falling due after more 
than one year                        (1,543,764)     (893,661)       (816,984)
                                                        
Provison for liabilities and charges    (29,550)      (34,550)        (29,550)
                                      ---------     ---------       ---------
Net Assets                            1,606,261     2,183,783       3,089,775
                                      =========     =========       =========

Capital & Reserves
Called up share capital                 319,145       309,145         309,145 
Share premium account                 1,820,877     1,784,377       1,784,377 
Capital redemption reserve              164,667       164,667         164,667 
Profit and loss account              (1,330,728)     (706,706)        199,286 
Capital reserve                         632,300       632,300         632,300 
                                      ---------     ---------       ---------
Equity shareholders' funds            1,606,261     2,183,783       3,089,775 
                                      =========     =========       =========

Notes: 

1.  The Group results have been prepared in accordance with the accounting
    policies stated in the 1999 annual report. 

2.  The calculation of earnings per share is based upon the weighted average
    number of shares in issue during the period of 3,124,966 (April 1999 and
    October 1999 3,091,450). 

3.  The results for the periods to 30 April 2000 and 30 April 1999 are
    unaudited.  The comparative figures for the year ended 31 October 1999 are
    an abridged version of the full accounts which have been reported on
    without qualification by the auditors, and have been filed with the
    Registrar of Companies. 

4.  Exceptional costs of £486,000 contained within costs of sales (£167,000)
    and operating expenses (£319,000) relate to the write down of assets that
    have been or are to be disposed of, and costs in respect of discontinued
    operations. 

5.  This statement is being sent to all shareholders and further copies can be
    obtained from the Company's Registered Office at 5 Pritchard Street,
    Bristol BS2 8RH. 

For further information please contact:

Stephen Thomson, Anglo-Welsh Group plc, 0117 924 0332
John Wakefield, Rowan Dartington & Co. Limited, 0117 933 0020