Interim Results - 6 Months to 31 January 2000

Tottenham Hotspur PLC
2 March 2000
                                   
                          TOTTENHAM HOTSPUR PLC
                                    
                   INTERIM RESULTS FOR THE SIX MONTHS
                                    
                         ENDED 31ST JANUARY 2000


Highlights

Turnover up 34% to £29.8m
Operating profit up 31% to £3.0m
Profit before tax down 28% to £2.0m

Significant increases in all major sources of income.
Costs increased by 35% largely due to players payroll.
Profit before tax reduced by £1.6m due to cost of player disposals.


                                    
                          CHAIRMAN'S STATEMENT
Results

I am pleased to report our results for the six months ended 31st January
2000.  Turnover of £29.8m (1999 - £22.3m) was 34% ahead of the same
period last year, operating profit before amortisation of players was
£8.6m (1999 - £6.6m) and profit before tax was £2.0m (1999 - £2.8m).

League gate receipts were significantly up on the same period last year
at £10.4m (1999 - £8.7m) the Club having played the same number of games.
The average league attendance has been 35,100 compared to 33,700 during
the same period last year and we have a record number of season ticket
holders at 18,600, an increase of 3,000 on the previous year.  Our
memberships currently stand at 36,900, again another record figure.  This
year's Cup competition income of £3.6m includes gate receipts from the
two UEFA Cup ties as well as lucrative FA Cup ties home and away to
Newcastle.  There is, however, no more Cup income due this year as we are
now out of all Cup competitions.

Television and radio income increased by 77% to £7.8m (1999 - £4.4m) due
mainly to UEFA Cup income as well as the staged increase in the Premier
League Sky deal.  The initial fee, which was £3.6m, has been spread
evenly over the season.  This represents a change in policy from previous
years when the entire initial fixed TV fee was taken into the first half
of the year.  Last year's six-month comparatives have been restated to
reflect this.  Fees for individual matches continue to be taken when they
are played, with the TV merit award being taken in full during the second
half of the year.

Sponsorship income increased to £3.7m (1999 - £3.1m) as a result of
improved deals with our new sponsors adidas and Holsten, as well as
greater matchday and Premier League sponsorship income.

Merchandising turnover increased 74% to £3.5m (1999 - £2.0m).  Our new
Megastore at the ground opened last July and in November we opened a
further stand-alone store in Harlow.  In addition, the adidas brand has
given us a much more credible offering.  The first two weeks of the new
home kit launch which generated sales of £1m fell into last year's
results.

Costs of sales and distribution costs have risen due to the variable
costs of the increased merchandising turnover, player salary increases
(including a severance payment) and the direct costs of the new
Conference Centre.

Amortisation of players and coaching staff amounted to £5.5m, an increase
of £1.3m largely representing the cost of signings in the last year.  The
disposal of surplus players lead to a loss on disposal of player's
registrations of £0.9m.

Dividend

In keeping with the policy outlined previously the Board of Directors
have decided not to propose an interim dividend.  We will continue to
reinvest funds into strengthening the squad and the playing
infrastructure to create long term earning potential.

Football

We have experienced mixed fortunes on the football pitch since my last
Chairman's statement in October.  Most disappointingly we exited the UEFA
Cup after just two rounds with an unfortunate ending in our game at
Kaiserslautern.  Our domestic Cup performances were similarly
disappointing.

Despite these setbacks squad morale remains high.  We remain in the top
half of the Premiership and still have a possibility of European
qualification.

We have once again invested in our squad with emphasis on youth of high
quality and promise.  We have signed Simon Davies and Matthew Etherington
from Peterborough in a joint deal and the promising defender Anthony
Gardner from Port Vale.  These signings are investments for the future.
The Manager has highlighted the need to strengthen the first team squad
in a number of areas and the search for the appropriate players
continues.  Finance has been made available but quite correctly the
Manager refuses to compromise with short term solutions.

The latter point is illustrated well in our disposal of players with time
left in contract but no prospect of first team football.  Where
appropriate we have bought  players out of their contracts and written
off their values in our balance sheet.  This expensive hit of £1.6m in
these interim accounts will actually save us money over the next two
years.

The second half results will be inevitably affected by the seasonal
nature of our business where major expenditure is made but income is
relatively low due to fewer home games.  The full year result could also
be impacted by the outcome of a deliberate policy to dispose of players
surplus to our requirements.

Internet

I am pleased to announce that we have just concluded a five year
agreement with Sky New Media Ventures Plc ('Sky') to produce, host and
manage our Website.  Sky will offer the Club's supporters a Website of
the highest quality with the very latest news updates.  This will take
the burden of responsibility of updating the site away from the Club and
into the hands of a dedicated team of experts.  Other commercial income
streams by means of e-commerce will be developed.  Importantly, whilst
being very lucrative for the Club the contract does not compromise us in
any way for other media opportunities, and in no way inhibits our options
for future TV rights.

Outlook

The search for high quality players continues and I am confident that
good news in this respect is on the horizon.

In recognising the cost to our loyal supporters of attending matches the
Board have decided that there is to be no increase in ticket prices next
year.  Attendances have been near capacity so far this season.  We have
to recognise that the future revenues of the Club will soon come from
other forms of income, eventually bringing that derived from gate
receipts to a lower proportion of our overall turnover.  The televising
of so many matches offers a tempting alternative to attending a live
match for football supporters.  Attendances at some other clubs are
already showing signs of decline and we would prefer to have White Hart
Lane bursting at the seams every match.

Our new White Hart Lane Conference Centre has been commended widely by
clients as a highly impressive modern environment for all types of
conferences and banqueting.

As usual I would like to thank the Club's fans for their continued
support and to reassure them and shareholders alike that it is our
intention to take this Club back into the elite of football.


Sir Alan Sugar
Chairman

1st March 2000
  
                Consolidated Profit and Loss Account
               for the six months ended 31st January 2000
                                    

                                6 months     6 months     12 months
                                   ended       ended        ended
                            31st January   31st January   31st July
                                    2000        1999        1999
                                             (restated)
                                              (note 1)
                            Note   £'000        £'000       £'000


Turnover:

Gate receipts  - Premier League    10,430     8,726        15,907
               - Cup Competitions   3,623     3,323         6,411
Television and Radio                7,835     4,429         9,002
Sponsorship                         3,727     3,067         6,067
Merchandising                       3,489     2,009         3,758
Other                                 677       718         1,440
                                   29,781    22,272        42,585

Cost of sales                     (17,948)  (13,289)      (28,616)
                                          
Gross Profit                       11,833     8,983        13,969

Administrative expenses            (3,269)   (2,427)       (5,052)
                                          
Operating Profit before 
Amortisation of Registrations       8,564     6,556         8,917

Amortisation of registrations      (5,532)   (4,244)       (9,087)
                                          
Operating Profit/(Loss)             3,032     2,312          (170)

(Loss)/Profit on disposal 
of registrations             2      (856)       628         1,889
                                          
Profit before Interest 
and Taxation                        2,176     2,940         1,719

Net interest payable                 (165)     (132)         (426)
                                          
Profit on Ordinary Activities 
before Taxation                     2,011     2,808         1,293

Tax charge on profit on      3       (623)     (927)         (447)
ordinary activities      
                                          
Profit on Ordinary                  1,388     1,881           846             
Activities after Taxation           

Equity dividends             4          -         -             -
                                          
Retained Profit for the period      1,388     1,881           846

Earnings per Share - basic   5       1.4p      1.9p          0.8p
Earnings per Share - diluted 5       1.4p      1.9p          0.8p


There were no recognised gains or losses other than those included in the
Profit and Loss Account.  The results for each period are from continuing
operations.


                       Consolidated Balance Sheet
                         as at 31st January 2000



                                      31st January    31st July
                                              2000         1999
                                             £'000        £'000


Fixed assets:

Intangible                                  26,654       27,627
Tangible                                    47,114       46,842
                                            73,768       74,469

Current assets:

Stocks                                         881          450
Debtors                                      2,467        5,799
Cash at bank and in hand                         -            -
                                             3,348        6,249

Creditors - Amounts falling due 
within one year                            (26,652)     (32,003)
                                                
Net current liabilities                    (23,304)     (25,754)
                                                
Total assets less current liabilities       50,464       48,715

Creditors - Amounts falling due 
after more than one year                    (5,171)     (3,617)
                                            45,293      45,098

Provisions for liabilities and charges:

Deferred taxation                           (2,734)     (3,950)

Net assets                                  42,559      41,148
                                                
Capital and reserves:

Called-up share capital                      5,080       5,075
Share Premium Account                       11,277      11,259
Revaluation reserve                          2,692       2,716
Profit and Loss Account                     23,510      22,098
Equity shareholders' funds                  42,559      41,148
                                                


                    Consolidated Cash Flow Statement
               for the six months ended 31st January 2000
                                    
                                    
                            6 months ended      12 months ended
                          31st January 2000      31st July 1999
                           £'000   £'000         £'000    £'000

Net cash inflow from 
operating activities (note 6)       2,524                13,531

Returns on investments and servicing
of finance:
Interest received              1                    48
Interest paid               (116)                 (278)
Interest element of hire 
 purchase and finance 
 lease payments              (52)                 (196)
Net cash outflow for 
 returns on investments 
 and servicing of finance             (167)                (426)

Taxation
UK corporation tax 
 (including advanced
  corporation tax)                    (114)                (287)

Capital expenditure and 
financial investment:
Payments to acquire 
 intangible fixed assets   (6,488)             (13,902)
Receipts from sales 
 of intangible fixed assets   372                1,436
Payments to acquire 
 tangible fixed assets       (979)              (2,661)
Receipts from sales of 
 tangible fixed assets          3                    5
Net cash outflow for 
 capital expenditure               
 and financial investment           (7,092)              (15,122)

Equity dividend paid                   -                    (252)

Cash outflow before 
 use of liquid resources                 
 and financing                     (4,849)                (2,556)

Management of liquid resources:
Cash taken off short-term deposit              -             399

Financing:
Net decrease in obligations 
 under hire purchase
  and lease contracts        (356)               (618)
Issue of ordinary share 
 capital                       23                 174
Bank loan drawn down        2,500                   -
Bank loan repayments         (250)             (1,000)
                                     
Net cash inflow/(outflow) 
 from financing                     1,917                (1,444)
                                             
Decrease in cash                   (2,932)               (3,601)
                                            

              Notes to the Consolidated Interim Statements
               for the six months ended 31st January 2000


1. The financial information given above does not constitute statutory
   accounts within the meaning of Section 240(5) of the Companies Act 1985.     
  The figures for the twelve months ended 31st July 1999 have been extracted    
 from the statutory accounts which have been delivered to the Registrar of      
Companies.  The audit report on these accounts was unqualified and did not
   contain a statement under Section 237(2) or (3) of the Companies Act
   1985.

   The interim financial statements have been prepared on the basis of
   the accounting policies set out in the statutory accounts for the year ended 
  31st July 1999.

   In the current year, the fixed television fee earned is being apportioned    
  over the playing season. In previous years the interim accounts included      
 such income in full, in line with the actual date of payment.  The             
comparative interim results have been restated on the revised basis with the
   effect that the turnover and operating profit for the six months ended       
  31st January 1999 have been reduced by £1,320,000.  Had the new policy not    
 been adopted, the turnover and operating profit for the six months ended       
31st January 2000 would have been increased by £1,460,000.

   Minor reclassifications have been made to prior period figures to achieve    
  comparability with the current period.

   These statements were approved by the Board of Directors on 1st March 2000   
  and are neither audited nor reviewed.

   These results were announced to the Stock Exchange on 2nd March 2000 and are 
  being posted to all shareholders.  Copies will be available to personal
   callers at the registered office, Bill Nicholson Way, 748 High Road,         
  Tottenham, London, N17 0AP.

2. (Loss)/Profit on disposal of registrations:

                                          6 months      6 months    12 months
                                             ended         ended       ended
                                      31st January  31st January   31st July
                                             2000         1999          1999
                                            £'000        £'000         £'000

    Proceeds of players' 
    registration sold                           5          628         1,922
    Net book values of players' 
    registrations                            (861)           -           (33)
                                             (856)         628         1,889
                                              



3. The taxation charge is based on the expected rate of tax which is
   estimated will apply in the year ended 31st July 2000.
     
4. The Directors do not recommend an interim dividend.

              Notes to the Consolidated Interim Statements
               for the six months ended 31st January 2000
                               (continued)
                                    
5. The calculation of earnings per share is based on the basic and
   fully diluted earnings attributable to shareholders as follows:
                                               
                                    6 months      6 months    12 months
                                       ended         ended        ended
                                31st January  31st January    31st July
                                        2000          1999         1999
                                                 (restated)             
                                                    (notel)
                                       £'000         £'000        £'000

    Profit after taxation              1,388         1,881          846

                                    6 months      6 months    12 months
                                       ended         ended        ended
                                31st January  31st January    31st July
                                        2000          1999         1999

    Basic weighted average number of
    ordinary shares in issue     101,532,929    100,757,293  100,951,384

    Employee share options and
    incentive schemes                370,525        881,155      445,717
                                
    Fully diluted weighted average number
    of shares                    101,903,454    101,638,448  101,397,101


6.  Reconciliation of operating profit/(loss) to net cash inflow from
    operating activities.

                                    6 months           12 months
                                       ended               ended
                                31st January           31st July
                                        2000                1999
                                       £'000               £'000


    Operating profit/(loss)           3,032                (170)
    Depreciation charge                 709               1,410
    Amortisation of registrations     5,532               9,087
    (Profit)/Loss on disposal of 
      tangible fixed assets              (3)                237
    Increase in stock                  (431)               (106)
    Decrease/(increase) in debtors     3,015             (1,482)
    (Decrease)/increase in creditors  (9,330)             4,555
    Net cash inflow from operating 
      activities                       2,524             13,531