Interim Results - 6 Months to 31 Oct 1999, Part 1

Mentmore Abbey Plc
7 December 1999


PART 1

                       MENTMORE ABBEY plc
                 ANNOUNCEMENT OF INTERIM RESULTS
            FOR THE SIX MONTHS ENDED 31 OCTOBER 1999
                                
Mentmore Abbey plc, the largest space management group in the UK,
announces  results  for  the six months ended  31  October  1999.
These results include the impact of the acquisition of Birkby plc
from  1 September 1999 and treat BDM as a joint venture following
the  alliance with Iron Mountain Incorporated on 4 January  1999.
The  effect of these transactions makes comparison with  previous
periods difficult.

HIGHLIGHTS

*    Acquisition  of  Birkby  plc on 1 September  1999  for  £172
     million
     -   integration process ahead of schedule
     -   confident that anticipated benefits can be fully 
         realised

*   Before goodwill amortisation and exceptional costs:
     -   profit before tax of £5.4 million, up 65% on 1998
     -   earnings per share increased 19.5% to 3.56p

*   Personal storage - Abbey Storage and Space Base
     -   operating profits £2.5 million, an increase of 12% on 1998
     -   two new centres opened; accelerated opening programme
         with further five under construction
     -   first  Space Base storage centre to open within an  IMEX
         building early in 2000

*   Serviced business space - Birkby businesses
     -   operating  profits of £2.9 million for two months since
         acquisition
     -   trading reflects space added pre acquisition and is 
         in line with expectations

*   Records management - BDM
     -   period of investment with focus on new capacity and
         European development
     -   acquisitions in France, Spain, Scotland and Germany
     -   49.9% share of operating profits £1.1 million 
         (1998 : 100% share £2.2 million)

*   Financing
     -   EBITDA £5.4 million (excludes £1.4 million share of BDM)
         against £5.1 million 1998 (includes 100% BDM)
     -   net borrowings at 31 October 1999 were £100.6 million
         (1998 : £21.0 million) with gearing of 58% (1998 : 88%)

*   Interim dividend increased by 7.5% to 0.402p per share
    (1998 : 0.374p)

Commenting on prospects, Nick Smith, chairman, said:

'Returns to shareholders in terms of earnings per share continue
to grow.  The integration of the Birkby businesses is being
achieved remarkably quickly and we are confident that the
benefits anticipated from the acquisition can be fully realised.
Prospects for the enlarged group remain exciting.'

Contacts:
Mentmore  Abbey plc, Nicholas Smith,  Chairman     020 8946 3159
Buchanan  Communications,
Charles Ryland/Jennie Duschenes                    020 7466 5000
Singer  &  Friedlander, Ian Dighi                  020 7623 3000

                      
Chairmans statement

The  six  months  to  31  October  1999  were  dominated  by  the
acquisition of Birkby plc. The integration process is  proceeding
ahead of schedule.

Trading results
I  am pleased to report continued growth and progress in all  our
key  activities.   Before goodwill amortisation  and  exceptional
costs,  group profit before tax increased by 65% to £5.4  million
(1998: £3.3 million) with earnings per share increasing by  19.5%
to  3.56p.  The impact of the acquisition of Birkby  plc  from  1
September 1999 and the effect of the sale of 50.1% of BDM to Iron
Mountain  Incorporated  on 4 January 1999 make  comparisons  with
previous periods difficult.  However, results for the six  months
to  31  October 1999 before goodwill amortisation and exceptional
costs were:

                              1999        1998        % change
                              £ million   £ million

Turnover                         15.6       16.0       (  2.4)
Total operating profit            6.4        4.3         46.4
Profit before tax                 5.4        3.3         65.1
Profit for period                 4.1        2.5         60.4
Earnings per share                3.56p      2.98p       19.5
Dividend per share                0.402p     0.374p       7.5

Personal storage
Abbey Storage operating profits were £2.5 million, an increase of
12%  on 1998.  During the six months two new centres opened under
the Abbey Space Base branding.  The business now operates from 22
locations   with   a  further  five  under  construction.    This
acceleration in openings will be helped by operating joint  Abbey
and  IMEX  centres where initial operating losses can be reduced.
We  will open the first Abbey Space Base storage centre within an
IMEX building early in the New Year.

Serviced business space
In  the  two  months following acquisition the serviced  business
space division generated operating profits of £2.9 million.

IMEX,  which provides serviced work space, has continued  to  add
new  centres, most notably in Bristol, Birmingham and  the  North
East.   We  currently  operate from 135  centres  which  are  now
depreciated  as  operating assets (£0.2  million  charge  in  the
period).  Trading has increased over the previous year reflecting
space  added  pre  acquisition and is in line with  expectations.
Enquiry levels remain good.

In  Shops, which provides serviced retail space from 56  centres,
is  trading ahead of last year and on plan.  We have continued to
refurbish  centres  and have been successful  in  attracting  new
retailers.  We have announced that the unprofitable centre in  St
Albans is to close early in the New Year.

Records management
Trading  at  BDM,  our  records  management  alliance  with  Iron
Mountain  Incorporated, remained level as they  invested  in  new
capacity  and  European development.  Our 49.9%  share  of  their
operating  profits  was  £1.1  million  (1998:  100%  share  £2.2
million).   A  new  records facility was opened in  North  London
which  will  relieve pressure on space and consequent high  costs
caused by inefficient working.

During  the period we took the first steps towards our plans  for
leadership  of  the  European  market.   In  June  BDM   acquired
Memogarde SA, the leading supplier of magnetic media services  in
France.   In  September both Datavault SA, a  major  supplier  in
Madrid  and  Bilbao, and Stortext Limited who  have  the  leading
position in Edinburgh, were added.
                                                                 
During  November  BDM acquired 50.1% of SecurArchiv  GmbH  as  a
first step into the German market.
                        
Non core activities
We  have identified twelve properties acquired with Birkby  which
do  not meet our criteria for operating assets.  These have  been
separately  disclosed in the balance sheet as  'Assets  held  for
resale'.  Since 31 October a number of these have been sold;  the
remainder  will  be  disposed  of as appropriate  purchasers  are
identified.

Financing
Earnings  before  interest,  tax, depreciation  and  amortisation
(EBITDA)  remain  strong with £5.4 million generated  during  the
period  (1998:  £5.1 million).  The current period  excludes  our
£1.4  million  share  of EBITDA arising from  BDM  which  is  now
accounted  for  as a joint venture; 1998 includes  BDM  in  full.
During   the   period  the  group  invested  £50.5   million   on
acquisitions and capital expenditure.

Interest  cost  was covered 6.9 times by total  operating  profit
before goodwill amortisation and exceptionals (1998 : 4.1 times).
Net  borrowings at 31 October were £100.6 million, which  equates
to gearing of 58% (1998: 88%).

We are negotiating new bank facilities which will better suit our
future requirements.

Dividend
We  are  increasing the interim dividend by 7.5%  to  0.402p  per
ordinary  share (1998 : 0.374p).  This will be paid  on  6  April
2000 to shareholders on the register on 17 December 1999.

Year 2000 compliance
Projects  have been in place for sometime to consider  the  risks
and  uncertainties  connected with this issue and  the  potential
implications for the groups business.  As a result of these, and
confirmations  received  from our suppliers  and  customers,  the
Board  do  not  anticipate that any material disruption  will  be
experienced  within our operations.  However, the  complexity  of
this matter prevents any business offering absolute assurance  on
this  issue.   Contingency plans have been drawn  up  to  address
issues that may arise.

Summary
Returns  to shareholders in terms of earnings per share  continue
to  grow.  The changes within the group make direct comparison of
financial  periods  difficult but each area of  the  business  is
performing in line with our expectations.

Our  alliance with Iron Mountain continues to work  well  and  is
developing across Europe as anticipated.

The  integration  of  the  Birkby businesses  is  being  achieved
remarkably  quickly  and  we  are  confident  that  the  benefits
anticipated   from  the  acquisition  can  be   fully   realised.
Prospects for the enlarged group remain exciting.

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