Final Results

Safeland PLC
24 June 2002

Safeland Plc



Preliminary Announcement
31 March 2002


CHAIRMAN'S STATEMENT OF SAFELAND PLC



As I advised Shareholders in my statement last year market conditions were such
that the identification of suitable trading stock was proving difficult.  Those
conditions have continued throughout the year, and as I write this year's
statement I do not see any significant improvement in the near future.

Notwithstanding the above I am able to advise you that for the year ended March
31 2002 we have returned to a profit before tax amounting to £257,000 (2001,
loss £1,382,000).

During the year under review Safeland undertook 79 transactions compared with 72
the previous year with an average lot size of in excess of £500,000, slightly
higher than the previous year.

As shareholders may be aware over the last six years Safeland Plc has undertaken
three demergers, namely Hercules Property Services Plc., Safestore Plc., and
Bizspace Plc., and retains a shareholding in all three of the above.

With regards to both Safestore and Bizspace the current market value has fallen
below cost for a sustained period and the Board has therefore taken the decision
to write down the value of these investments by £1,195,000 on the basis of their
current market price.

Activity has increased slightly during the course of this year as is reflected
by the rise in turnover to £25,254,000 from £19,641,000 in 2001, some 30% higher
as a comparison.

The Company has continued its policy of purchasing its own shares which has had
a positive effect on net asset value which has risen to 74p compared to 73p in
March 2001.

The Board believes that the continued purchasing of shares for cancellation in
the current difficult market conditions is a policy that is in the best
interests of both the Company and its shareholders and therefore wishes to
ensure that it has sufficient capital with which to pursue this policy.
Accordingly the Board has decided not to declare a dividend at this time.

Safeland Plc has always been at the forefront of changing market conditions and
your Board believes that a favourable market environment will return in the not
too distant future and that we are extremely well positioned to take advantage
of these changes as and when they occur.



RAYMOND Lipman

Chairman

24 June 2002
                                                   Note                                  2002           2001
                                                                                        £'000          £'000
                                                                                      Unaudited      Audited
TURNOVER - continuing opertations                    3
   Group and share of joint venture                                                    25,254        19,641
   Less: share of joint venture                                                         (777)          (65)

   Group turnover                                                                      24,477        19,576

Cost of sales                                                                        (21,350)      (16,589)

GROSS PROFIT                                                                            3,127         2,987
Sales and distribution costs                                                            (301)         (239)
Administrative expenses
   Continuing operations                                                              (2,531)       (3,112)
Other operating income                                                                    251           346

OPERATING PROFIT/(LOSS)
   Continuing operations                                                                  546          (18)

   Share of operating profit of joint venture                                             570           179

Group operating profit                                                                  1,116            51

Profit on disposal of investment                                                          376            22
properties
Loss on disposal of investments                                                          (98)             -
Profit on disposal of subsidiary and associated
undertakings
                                                                                          490           118

PROFIT ON ORDINARY ACTIVITIES BEFORE
INTEREST
                                                                                        1,884           191

Interest receivable and similar income:                                                   570           884
Amounts written off investments                                                       (1,195)             -
Interest payable and similar charges:                                                 (1,002)       (2,457)

Profit/(loss) on ordinary activities
before taxation                                      3                                   257       (1,382)

Tax (charge)/credit on profit/(loss) on ordinary                                        (463)           281
activities

Loss on ordinary activities after                                                       (206)       (1,101)
taxation

Equity dividend paid and proposed                   4                                   (252)         (528)

Retained loss for the financial year                5                                   (458)       (1,629)

Basic loss per share                                2                                 (0.81)p       (3.91)p



                                                                                           2002         2001
                                                                                          £'000        £'000
                                                                                       Unaudited    Audited

Profit for the financial year                                                              (206)      (1,101)

Unrealised gain on disposal of subsidiary                                                      -          515

Unrealised surplus on revaluation of investment                                              545        1,184
properties

Total recognised gains and losses for the year                                               339          598





                                             Note                                       2002             2001
                                                                                       Group            Group
                                                                                       £'000            £'000
                                                                                   Unaudited          Audited

FIXED ASSETS
Tangible assets                                                                        2,103              740
Investment properties                                                                  5,008            4,936
Investment in joint venture
   Shares of gross assets                                                              2,213            2,172
   Shares of gross liabilities                                                       (1,295)          (1,824)

                                                                                         918              348
Investments                                                                            4,732            5,828

                                                                                      12,761           11,852

CURRENT ASSETS
Stocks                                                                                 9,375           15,921
Debtors:
   Amounts falling due within one year                                                 1,967              704
   Amounts falling due after more than one                                             4,185            5,149
year
Cash at bank and in hand                                                               3,402            6,094

                                                                                      18,929           27,868

CREDITORS: amounts falling due within one
year
                                                                                     (3,576)          (4,637)

NET CURRENT ASSETS                                                                    15,353           23,231

TOTAL ASSETS LESS CURRENT LIABILITIES

                                                                                      28,114           35,083

CREDITORS: amounts falling due after more
than one year
                                                                                     (9,395)         (16,192)

                                                                                      18,719           18,891

CAPITAL AND RESERVES
Called up equity share capital                                                         1,260            1,288
Share premium account                                                                  5,304            5,304
Capital redemption reserve                                                               427              399
Investment property revaluation reserve                                                1,979            1,434
Profit and loss account                                                                9,749           10,466

EQUITY SHAREHOLDERS' FUNDS                          5                                 18,719           18,891



                                                  Note                                     2002         2001
                                                                                          £'000        £'000
                                                                                      Unaudited    Audited

Net cash inflow/(outflow) from operating
activities                                           6                                      238      (4,131)

Returns on investment and servicing of                                                    (432)      (1,218)
finance

Taxation                                                                                      -        (818)

Capital expenditure and financial investment                                              (985)        4,585

Acquisitions and disposals                                                                7,892           34

Equity dividends paid                                                                     (510)        (270)

Cash inflow /(outflow) before financing                                                   6,203      (1,818)

Financing                                                                               (8,895)        (508)

Decrease in cash                                    7,8                                 (2,692)      (2,326)

1.              BASIS OF PREPARATION

The financial information set out in the announcement does not constitute the
Company's statutory accounts within the meaning of Section 240 of the Companies
Act 1985, for the years ended 31 March 2001 or 31 March 2002.  The statutory
accounts for the year ended 31 March 2002 will be finalised on the basis of the
financial information presented by the directors in this preliminary
announcement and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.  The results for the year ended 31 March 2001
have been extracted from the full accounts for that year which have been
delivered to the Registrar of Companies on which the auditors have given an
unqualified report and which did not contain a statement under Sections 237(2)
or (3) of the Companies Act 1985.

This announcement is prepared on the basis of the accounting policies as stated
in the previous year's financial statements save for the adoption in the year of
FRS19 'Deferred Tax'.

Copies of this announcement are available from the company's registered office
at 144 Great North Way, London NW4 1EG.  The Annual Report and Accounts will be
sent to shareholders shortly.

2.              LOSS per share

                                                                                           2002         2001
                                                                                              £            £
                                                                                      Unaudited      Audited
Basic
Net loss for the year                                                                  (206,000)   (1,101,000)
Weighted average number of ordinary shares outstanding

                                                                                      25,498,569    28,125,500
Loss per share                                                                           (0.81)p       (3.91)p

FRS 14 requires presentation of diluted EPS when a company could be called upon
to issue shares that would decrease net profit or increase net loss per share.
For a loss making company with outstanding share options, net loss per share
would only be increased by the exercise of out-of-the-money options.  Since it
seems inappropriate to assume that option holders would act irrationally, no
adjustment has been made to diluted EPS for out-of-the-money share options and,
diluted EPS has not been presented

3.         SEGMENTAL INFORMATION

The analyses of turnover, profit on ordinary activities before taxation and net
assets attributable to the different classes of the group's business all of
which were carried out in the United Kingdom were as follows:

                                                                                            2002         2001
                                                                                           £'000        £'000
                                                                                        Unaudited    Audited
Turnover
Property trading and refurbishment                                                        24,261       18,851
Investment properties                                                                        216          725

                                                                                          24,477       19,576

Profit/(loss) on ordinary activities before taxation
Property trading and refurbishment                                                           871        (721)
Investment properties                                                                        581        (661)
Amounts written off investments                                                          (1,195)            -

                                                                                             257      (1,382)

Net assets
Property trading and refurbishment                                                        11,976       12,807
Investment properties                                                                      6,743        6,084

                                                                                          18,719       18,891

4.              EQUITY DIVIDENDS PAID AND PROPOSED

                                                                                            2002         2001
                                                                                           £'000        £'000
                                                                                       Unaudited    Audited
Interim dividend paid  -    1p per  5p ordinary share
(2001 - 1p per 5p ordinary share)
                                                                                             252          270
Final dividend proposed -   nil per 5p ordinary share
(2001 - 1p per 5p ordinary share)
                                                                                               -          258

                                                                                             252          528

5.              RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                                                           2002         2001
                                                                                           £'000        £'000
                                                                                       Unaudited    Audited

Loss on ordinary activities after taxation                                                 (206)      (1,101)
Dividends                                                                                  (252)        (528)

                                                                                           (458)      (1,629)

Revaluation gains                                                                            545        1,184
Unrealised gain on disposal of subsidiary                                                      -          515
Repurchase of shares (including expenses)                                                  (259)      (1,373)

Net reduction in equity shareholders' funds                                                (172)      (1,303)

Opening equity shareholders' funds                                                        18,891       20,194

Closing equity shareholders' funds                                                        18,719       18,891

6.              RECONCILIATION OF OPERATING PROFIT/(loss) TO NET CASH (outflow)/
INFLOW FROM OPERATING ACTIVITIES

                                                                                            2002         2001
                                                                                           £'000        £'000
                                                                                       Unaudited      Audited

Operating profit/(loss)                                                                      546         (18)
Depreciation                                                                                 148          140
Profit on sales of fixed assets                                                             (17)         (22)
Increase in stocks                                                                         (713)      (3,723)
Increase in debtors                                                                        (299)        (197)
Increase/(decrease) in creditors                                                             573        (311)

Net cash inflow /(outflow) from operating activities                                         238      (4,131)

7.              RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
   
                                                                                         2002          2001
                                                                                        £'000         £'000
                                                                                    Unaudited      Audited

Decrease in cash in the year                                                           (2,692)      (2,326)
Cash outflow /(inflow) from decrease/(increase) in debt                                  8,636        (869)

Change in net debt resulting from cash flows                                             5,944      (3,195)

Net debt at 1 April                                                                   (12,300)      (9,105)

Net debt at 31 March                                                                   (6,356)     (12,300)

8.              ANALYSIS OF NET DEBT
                           
                                                                                 At                        At
                                                                           31 March         Cash     31 March
                                                                               2001        Flows         2002
                                                                              £'000        £'000        £'000
                                                                            Audited     Unaudited   Unaudited

Cash at bank and in hand                                                       6,094      (2,692)        3,402

Debt due within one year                                                     (2,202)        1,839        (363)
Debt due after one year                                                     (16,192)        6,797      (9,395)

Total                                                                       (12,300)        5,944      (6,356)





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