Final Results - Part 3

Pathfinder Properties PLC
29 March 2001



PART 3

NOTES

1   BASIS

The figures shown for the year to 31 December 2000 are unaudited and do not
constitute statutory financial statements within the meaning of the Companies
Act 1985.   The financial statements for the year ended 31 December 1999 have
been reported on by the Company's auditors and delivered to the Registrar of
Companies.   The report of the auditors was unqualified and did not contain a
statement under s.237(2) or (3) of the Companies Act 1985.



2   ACCOUNTING POLICIES

The accounting policies adopted are consistent with those applied in previous
periods.








3 SEGMENTAL ANALYSIS
                                            12           12 
                                        months       months
                                            to           to
                                        31 Dec       31 Dec 
                                          2000         1999
                                         £'000        £'000
Turnover:
          Development                    8,613       11,356
          Investment                        96          188
                                         8,709       11,544

Operating profit
          Development                    1,992        1,802
          Investment                       (95)         (96)
                                         1,897        1,706
          Common costs                    (457)        (373)
                                         1,440        1,333


4  DIVIDENDS ON ORDINARY SHARES
                                            12           12 
                                        months       months
                                            to           to
                                        31 Dec       31 Dec 
                                          2000         1999
                                         £'000        £'000

Interim dividend - 0.15p (1999 -           106          88
0.125p) per share
Final dividend 0.5p (1999 -                351         264
0.375p) per share
                                           457         352


5  NOTE OF HISTORICAL COST PROFIT AND LOSSES

                                            12           12 
                                        months       months
                                            to           to
                                        31 Dec       31 Dec 
                                          2000         1999
                                             £           £

Profit on ordinary activities            1,366       2,729
before taxation
Realisation of property revaluation        724         791
gains of previous years

                                         2,090       3,520





6  INVESTMENT IN ASSOCIATES AND JOINT VENTURES




The Investment in Associates and Joint Ventures comprises the Group's 50%
interests in Excelmode Limited, Pathfinder (River Quay) Limited (previously
Holdmark Limited) and Pathfinder (Scotland) Ltd which are developing
properties at 25 Church Street, Manchester,  River Quay, Manchester and
Merchant Village, Glasgow respectively.   A summary of the Group's share of
their assets and liabilities at 31 December 2000 is as follows:





                                31 Dec       31 Dec 
                                  2000         1999
                                 £'000        £'000
Work-in-progress                 9,877       10,030
Debtors                            336          235
Cash                               332          302
                                10,545       10,567
Creditors: amounts falling due
within one year:
Bank                            (1,250)      (1,459)
loan
Other                             (317)      (1,377)
creditors                                
                                (1,567)      (2,836)

Group's share of                 8,978        7,731
net assets


7  PROFIT AND LOSS ACCOUNT
                                    12           12 
                                months       months
                                    to           to
                                31 Dec       31 Dec 
                                  2000         1999
                                 £'000        £'000

Brought                          2,165          571
forward
Transfer from                      519           -
revaluation reserve
Profit in                          295        1,594
period
Carried forward at               2,979        2,165
end of year


8  SHAREHOLDERS' FUNDS
                                    12           12 
                                months       months
                                    to           to
                                31 Dec       31 Dec 
                                  2000         1999
                                 £'000        £'000

Brought                         14,295       11,716
forward
Profit in                          295        1,594
year
Increase in revaluation             35          985
reserve, net of deferred tax
Carried forward at              14,625       14,295
end of year


9  STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                    12           12 
                                months       months
                                    to           to
                                31 Dec       31 Dec 
                                  2000         1999
                                     £           £

Profit for the
financial year
        attributable to            752        1,946
        members
Surplus on revaluation of           35          985
investment properties
Total recognised gains and
losses relating to the
        year                       787        2,931


10  RECONCILATION OF OPERATING PROFIT TO OPERATING CASH FLOWS

                                    12           12 
                                months       months
                                    to           to
                                31 Dec       31 Dec 
                                  2000         1999
                                     £           £

Operating                        1,440        1,333
profit
Depreciation                        29           73
Share of profits in               (704)           -
joint ventures                                  
Other income                       (79)           -
Decrease/(increase) in           2,184         (447)
work-in-progress
Decrease in                        411        8,981
debtors
Increase/(decrease)              1,095          (71)
in creditors
                                 4,376        9,869





A copy of the full financial statements of the Group for the year ended 31
December 2000 is being sent to all shareholders and further copies of this
statement or the full financial statements may be obtained by writing to
Pathfinder Properties PLC, Capital House, Michael Road, London  SW6 2YH.



For further information, contact:



Malcolm Bacchus, Director                          Tel: [phone]

Andrew Marshall, Marshall Robinson Roe             Tel: [phone]