Final Results

Manx & Overseas PLC
17 February 2000


Manx & Overseas Plc (the 'Company')

Chairman's Statement

In the year ended 30 September 1999 the Company operated at a loss of £630,000
(1998 profit £449,000).  A substantial factor has been the increased overhead
cost caused as a result of having two cost bases, one on the Isle of Man and a
second in London where the directors are based.  The Isle of Man costs have
now been substantially eliminated as the various Isle of Man based businesses
have been sold.  The only parts of the original businesses remaining are
Waltons TV and Pascoes and I anticipate that both Waltons TV and Pascoes will
be disposed of during the coming year.  A number of other write-offs have been
made which the Directors believe are prudent and provide shareholders with a
more accurate indication of the Company's position.  During the year we have
sold Irvings Limited and the businesses of Waltons Finance Limited, Tods and
Norths.  The disposal of Irvings Limited has resulted in a loss of £118,000. 
The purchasers are respectively an Isle of Man based company, Conister Trust
PLC and Travis Perkins.  Manx & Overseas Plc has achieved satisfactory prices
and I believe that the long term interests of those businesses and their staff
are better served under their new owners who are better placed and experienced
to deal with their future development.

We have retained the freehold of the Milestone property in Peel Road in
Douglas and this property will produce long term secure rental income from
Travis Perkins who have signed a new 25 year lease (with an option to break
after 15 years) over part of the property at an initial rent of £129,000 per
annum.

Other acquisitions completed during the year are a retail and offices
investment in Crawley Town Centre, and a portfolio of nine freehold shops
across the United Kingdom.  The property portfolio now produces approaching
£700,000 of annual rental income with prospects for increasing this figure in
the near future.  We have, therefore, during 1999 replaced businesses which
produced erratic trading profits with properties producing long term and
secure rental income from a range of excellent tenants, thereby greatly
enhancing the quality of our income.

The net assets of the group have increased by 14% during the year to £6.5m
(1998 £5.7m) providing the group with a solid base for future expansion.  

The publication of the 1999 annual report and accounts was not completed
within our normal time scale.  We are required to hold an Annual General
Meeting ('AGM') within each calendar year.  We have been unable to do so and,
accordingly, have requested formal consent of the Courts to hold our AGM
outside of the required period which I am grateful has been granted.  The
Company's finance director has tendered his resignation which will take effect
in the near future.

As the Company continues to grow we will be seeking a higher public profile in
order to attract more investment interest.  We will continue to seek further
good quality acquisitions and will be searching for innovative and substantial
transactions in the hope of making a quantum leap in terms of the size of the
Company and, accordingly, I view the future with considerable optimism and
confidence.

Desmond L Bloom
Chairman/Managing Director

14th February 2000


Consolidated profit and loss account 
for the year ended 30 September 1999

                                              1999                        1998
                                             £'000                       £'000

Turnover 
Continuing operations                        3,782                       3,948
Acquisitions                                    36                           -

                                             3,818                       3,948
Discontinued operations                      7,009                       7,145

Total turnover                              10,827                      11,093

Operating (loss)/profit                     
Continuing operations                         (693)                      (136)
Acquisitions                                    36                           -
 
                                              (657)                      (136)
Discontinued operations                        532                         580

                                              (125)                        444
Exceptional operating costs                   (234)                       (95)

Total operating (loss)/profit                 (359)                        349

Loss on disposal of subsidiary                (118)                          -
Profit on disposal of business                  29                           -
Profit from associated undertaking               -                         308

(Loss)/profit on ordinary activities
before interest                               (448)                        657

Interest income                                 10                          11
Interest payable and similar charges          (218)                      (219)

(Loss)/profit on ordinary activities
before taxation                               (656)                        449

Taxation                                        26                           -

(Loss)/profit for the financial year          (630)                        449

Dividend                                         -                           -

Retained (Loss)/profit for the year           (630)                        449

(Loss)/earnings per share                     (0.8)p                      0.7p



Balance sheets
at 30 September 1999

                                        Group                      Company
                                    1999      1998             1999       1998
                                   £'000     £'000            £'000      £'000

Fixed assets
Tangible assets                   10,341     4,805            2,262      2,282
Investments                          541        39            3,840      3,317

                                  10,882     4,844            6,102      5,599

Current assets                        
Cash at bank                          67       369               25        289
Debtors: amounts falling due
within one year                    1,324     2,152            1,339        864
Debtors: amounts falling due
after one year                         -       607                -          -
Stocks                             1,581     1,985                -          -

                                   2,972     5,113            1,364      1,153

Creditors: amounts falling
due within one year               (2,451)   (3,334)            (716)   (1,699)

Net current assets/(liabilities)     521     1,779              648      (546)

Total assets less current
liabilities                       11,403     6,623            6,750      5,053

Creditors: amounts falling
due after more than one year      (4,919)     (953)            (954)     (941)

                                   6,484     5,670            5,796      4,112

Capital and reserves
Called-up share capital            4,762     3,750            4,762      3,750
Reserves                           1,722     1,920            1,034        362

Equity shareholders' funds         6,484     5,670            5,796      4,112

The financial statements on pages 7 to 24 were approved by the board of
directors on 14 February 2000 and were signed on its behalf by:

Chairman                              Finance Director   



Notes to the financial statements
for the year ended 30 September 1999

1. The financial information contained in this report does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985
(as amended).  The accounts for the year ended 30 September 1999 were approved
and the audit completed on 14th February 2000.  The results for the year ended
30 September 1998 were reported on by the auditors and received an unqualified
report and contained no statement under Section 237(2) or (3) of the Companies
Act 1985 (as amended).  Full accounts will be delivered to the Registrar of
Companies.

2.  The calculation of (loss)/earnings per share on the net basis is based on
a loss on ordinary activities after taxation of £630,000 (1998: profit
£449,000) and on 79,515,440 (1998: 64,843,921) ordinary shares, being the
weighted average number of ordinary shares in issue during the year.

3.  There has been no change to the accounting policies set out in the 1998
statutory accounts.

4.  Copies of the Annual Report and Accounts for the year ended 30 September
1999 will be mailed to shareholders on 18 February 2000 and will be available,
free of charge, from the Company's registered office at The Milestone, Peel
Road, Douglas, Isle of Man, IM1 5ED.


Contact:   Manx & Overseas                          Tel: [phone]
           Desmond Bloom, 
           Chairman and Managing Director