Final Results

Solitaire Group PLC
24 April 2001

24 April 2001

                             SOLITAIRE GROUP Plc

   Solitaire is a leading national provider of property management services


           PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000


        ' Solitaire increases profits and properties under management'


Results Highlights

                                                          Year           Year
                                                         ended          ended
                                                        31 Dec         31 Dec
                                                          2000           1999

Turnover                                            £4,136,000     £3,588,000
                                                      
Profit before tax, amortisation,                    £1,472,000     £1,279,000
exceptional costs &  interest                                              

Profit before tax                                   £1,212,000       £670,000
                                                     

Earnings per share before amortisation and               21.2p          18.9p
exceptional costs

Earnings per share                                       17.6p           6.7p
                                                         


Final dividend                                           6.25p          5.55p
Total dividend                                           8.80p          8.00p

  * Residential property business continues to expand, and properties under
    management have increased by over 11% in the last year
  * The number of new development schemes where the group has been appointed
    as the property manager continues at record levels

Graham Shapiro, Joint Managing Director, Solitaire Group Plc commented:


'The housing market remains reasonably buoyant and against this background we
have expanded our property management portfolio. We are continuing to receive
instructions from existing clients on major residential development schemes
and are also adding new developers to our client base.'


Enquiries to:

Graham Shapiro, Joint Managing Director

Solitaire Group Plc Tel: [phone]


David Millham

Millham Communications Tel: [phone]


Chairman's statement

Our residential property management business continues to expand and we have
secured a substantial pipeline of new schemes, which will generate additional
revenue in the current financial year and beyond. We are instructed by many of
the national and regional housebuilders who, as a result of government
planning guidelines and a housing market that remains reasonably buoyant, are
likely to bring forward an increasing number of schemes where there will be a
requirement for our property management services.

Results

The operating profit for the year ended 31 December 2000, before charging
exceptional expenses and amortisation, increased by 15.1% to £1,472,000 (1999:
£1,279,000). Turnover increased by 15.3% to £4,136,000 (1999: £3,588,000).
Adjusted earnings per share, before exceptional costs and amortisation;
increased by 12.2% to 21.2p (1999: 18.9p).

The acquisition of the property management portfolio of Hazelvine in June 1999
has increased amortisation by £28,000 to £109,000 (1999: £81,000). The group
incurred additional costs relating to an abortive acquisition in 1999 and
certain costs relating to the exploration of another acquisition in 2000.
These have been treated as an exceptional item. Accordingly after exceptional
costs, interest and amortisation, pre-tax profits were £1,212,000 (1999: £
670,000). Basic earnings per share were 17.6p (1999: 6.7p).

The board is recommending the payment of an increased final dividend of 6.25p
(1999: 5.55p) per share making a total for the year of 8.8p (1999: 8:0p). This
will be paid on 22 June 2001 to shareholders on the register on 25 May 2001.

These results reflect the board's strategy of developing the company's core
activities and at the same time increasing earnings per share for the benefit
of shareholders.

People

2000 saw the group continue to strengthen its property management teams to
provide the highest level of service to both its housebuilder clients and to
the residents of properties being managed. On behalf of the directors and
shareholders, I would like to thank all our staff for their hard work and
contribution to the group's success.

The future

Your company has established itself as one of the UK's leading residential
management businesses and properties under management have increased by over
11% in the last year. We have in place a well-developed service infrastructure
supported by advanced IT systems, enabling the group to compete for major new
instructions. We will however remain alert to other opportunities for growth
and expansion including the acquisition of similar organisations.

George Brutton FRICS

Chairman

24 April 2001

Solitaire Group Plc

Consolidated profit and loss account



Year ended 31 December
                                                                     2000  1999
                                                                    £'000 £'000


Turnover                                                            4,136 3,588

Operating expenses
External fees and commissions                                         282   210
Other administration expenses                                       2,382 2,099
-------------------------------------------------------
                                                                    1,472 1,279
Amortisation of goodwill and development costs                        109    81
Exceptional costs                                                      53   478
-------------------------------------------------------

Operating profit                                                    1,310   720

Interest receivable                                                    22    73

Interest payable                                                    (120) (123)
-------------------------------------------------------
Profit on ordinary activities before taxation                       1,212   670

Taxation on ordinary activities                                       410   366
-------------------------------------------------------

Profit on ordinary activities after taxation                          802   304

Dividends                                                             401   365
-------------------------------------------------------
Retained profit / (loss) for the year                                 401  (61)
-------------------------------------------------------

Basic earnings per share                                            17.6p  6.7p
Adjustment for amortisation costs                                    2.4p  1.8p
Adjustment for exceptional costs                                     1.2p 10.4p
-------------------------------------------------------
Adjusted earnings per share                                         21.2p 18.9p









Solitaire Group Plc

Balance Sheets



31 December
                                                     Group        Company
                                                      2000   1999   2000   1999
                                                     £'000  £'000  £'000  £'000

Assets employed

Fixed assets
Intangible assets                                    1,005  1,114      -      -
Tangible assets                                      5,899  5,549  3,190  3,190
----------------------------------------------
                                                     6,904  6,663  3,190  3,190
----------------------------------------------
Current assets
Debtors                                              1,693  1,634  1,876  1,643
Cash and deposits                                      198    328      2      2
----------------------------------------------
                                                     1,891  1,962  1,878  1,645


Creditors: amounts falling due within one year       1,799  1,930  1,210  1,239
----------------------------------------------
Net current assets                                      92     32    668    406
----------------------------------------------
Total assets less current liabilities                6,996  6,695  3,858  3,596
----------------------------------------------
Creditors: amounts falling due after more than         996  1,096    350    450
one year
----------------------------------------------
                                                     6,000  5,599  3,508  3,146
----------------------------------------------

Financed by
Called-up share capital                                456    456    456    456
Share premium                                        2,486  2,486  2,486  2,486
Revaluation reserve                                  1,731  1,731      -      -
Profit and loss account                              1,327    926    566    204

----------------------------------------------
Equity shareholders' funds                           6,000  5,599  3,508  3,146
----------------------------------------------





Solitaire Group Plc

Consolidated cash flow statement





Year ended 31 December
                                                                  2000     1999
                                                                 £'000    £'000


Cash flow from operating activities                              1,410        7

Returns on investments and servicing of finance                   (98)     (50)
Taxation                                                         (286)    (396)
Capital expenditure and financial investment                     (413)     (30)
Acquisition and disposals                                            -    (755)
Equity dividends paid                                            (369)    (331)
--------------------------------------------------------
Cash outflow before use of liquid
resources and financing                                            244  (1,555)

Financing                                                        (280)    1,376
--------------------------------------------------------

Decrease in cash in the year                                      (36)    (179)
--------------------------------------------------------

Reconciliation of net cash flow to movement in net debt

Decrease in cash in the year                                      (36)    (179)
Cash inflow from increased debt                                    280  (1,376)
--------------------------------------------------------

Changes in net funds resulting from cash flows                     244  (1,555)

Net (debt) / funds at the beginning of the year                (1,365)      190
--------------------------------------------------------

Net debt at the end of the year                                (1,121)  (1,365)
--------------------------------------------------------




SOLITAIRE GROUP Plc

Notes


 1. The results and balance sheet incorporate the audited results of Solitaire
    Group Plc and all its subsidiaries made up to 31 December 2000 and have
    been prepared on a basis consistent with the audited financial statements
    for the year ended 31 December 1999.

 2. Certain costs resulting from abortive acquisitions have been written off as
    exceptional items. These costs are not an allowable expense in the
    calculation of the tax charge for the year.

 3. Debtors include the sum of £255,000, which is the subject of a claim by the
    group and which counsel has advised is likely to succeed.

 4. During the year the company paid an interim dividend of 2.55(1999: 2.45p)
    pence per share. The company has proposed a final dividend of 6.25 (1999:
    5.55p) pence per share making a total of 8.8p (1999: 8.0p) for the year.

 5. The calculation of earnings per share for the year ended 31 December 2000
    is based on earnings of £802,000 (1999: £304,000) and a weighted average
    number of shares in issue of 4,561,831 (1999: 4,561,831). There is no
    difference between basic and diluted earnings per share in 2000 and 1999.
    The adjusted earnings per share are based on the profits for the year
    after tax adjusted for amortisation of goodwill and development costs and
    exceptional costs.

 6. The results for the year ended 31 December 2000 have been extracted from
    the audited financial statements, which will shortly be sent to
    shareholders and filed with the Registrar of Companies. The auditor's
    report on these accounts was unqualified.