Interim Results

Avingtrans PLC
28 February 2001



Avingtrans plc (formerly known as Frank Usher Holdings plc) Interim Statement
2000/2001

I am pleased to announce the consolidated results for Avingtrans plc (formerly
known as Frank Usher Holdings plc) for the six months to 30 November 2000, its
final six months of trading under that name.

Results

The sales for the 6 months ended 30th November 2000 were £8,124,000 (1999: £
8,995,000). Gross margins were 32% (1999: 35%) emphasising the continuing
difficulties in the market. The company made a loss before tax of £381,000
(1999: Profit £35,000). Earnings per share are a loss of 6p (1999: Profit
0.4p). There will be no interim dividend (1999: 4p).

Post Balance Sheet Events

On 1 December 2000, the company completed the disposal of its operating
companies, Frank Usher Limited, Frank Usher (Canada) Limited and GMB Contracts
Ltd, to Goldstart Limited, for £6,900,000. Having repaid an inter-company debt
of £1,250,000 and the transaction costs this left approximately £5,000,000 in
cash. At the same time the company reverted to its former name, Avingtrans.

Following the sale, Frank Usher Limited remained indebted to the company in
the sum of £481,291 of which £381,291 represented debts which Frank Usher Ltd
was to discharge following completion and the sum of £100,000 which is due to
be repaid upon resolution of an insurance claim in respect of the premises in
Hendon.

In mid February the Company was advised that both Goldstart Limited and Frank
Usher Limited had been placed in receivership and accordingly the Company is
unlikely to receive repayment of the outstanding debt of £481,291.

In the circular sent to shareholders on 13th October 2000 relating to the
disposal of the operating companies, it was stated that following completion
of the disposal the Company would comprise assets in cash of approximately £
5,000,000. In view of the doubtful recoverability of debt due from Frank Usher
Limited the cash assets of the Company will be diminished by this amount. The
Company's current cash assets are therefore approximately £4,500,000.

The Board

John Corre stepped down as a Director in December 2000 after 14 years of loyal
service. Subsequently, we appointed Ken Baker OBE as a non-executive director,
joining Stephen Bruh and myself. Ken is the Chairman of Ferraris Group plc and
I am delighted to welcome him to the board.

Future

The board, in conjunction with its financial advisers, Bridgewell Corporate
Finance Limited, continues to seek a suitable acquisition for the company that
will significantly enhance shareholder value and we are confident of having
some further information regarding this in the near future.



Jeremy HamerChairman28 February 2001
                                           6 months      6 months    
                                              ended         ended    Year ended
                                        30 November   30 November        31 May
                                             2000 -        1999 -        2000 -
                                        dicontinued  discontinued  discontinued
                                        (unaudited)   (unaudited)     (audited)
                                              £'000         £'000         £'000
Turnover                                      8,124         8,995        20,482
Gross profit                                  2,628         3,147         8,036
Distribution costs                            (393)         (329)         (700)
Administrative expenses                     (2,559)       (2,762)       (5,936)
Operating (loss)/profit                       (324)            56         1,400
Net interest payable                           (57)          (21)          (66)
(Loss)/profit on ordinary activities          (381)            35         1,334
before taxation
Taxation                                        (-)          (10)         (481)
(Loss)/profit on ordinary activities          (381)            25           853
after taxation
Dividends                                      (63)         (126)         (480)
Retained earnings                             (444)         (101)           373
Earnings per share - basic                   (6.0)p          0.4p         12.7p
Earnings per share - diluted                 (6.0)p          0.4p         12.7p


                                                       30         30    
                                                 November   November    31 May
                                                     2000       1999      2000
                                               (unaudited) (unaudited) (audited)
                                                    £'000      £'000     £'000
Fixed assets                                        3,830      3,740     3,848
Current assets
Stocks                                              2,490      2,723     2,262
Debtors                                             2,549      2,294     2,570
Cash at bank and in hand                              244         15       435
                                                    5,283      5,032     5,267
Creditors (amounts falling due within one         (3,274)    (2,751)   (2,939)
year)
Net current assets                                  2,009      2,281     2,328
Total assets less current liabilities               5,839      6,021     6,176

Provisions for liabilities and charges              (152)       (79)      (45)
                                                    5,687      5,942     6,131
Capital and reserves
Called up share capital                               316        316       316
Share premium account                               3,247      3,247     3,247
Capital redemption reserve                            813        813       813
Other reserves                                        180        180       180
Profit and loss account                             1,131      1,386     1,575
                                                    5,687      5,942     6,131

                                               6 months     6 months      Year
                                                  ended        ended     ended
                                            30 November  30 November    31 May
                                                   2000         1999      2000
                                            (unaudited)  (unaudited) (audited)
                                                  £'000        £'000     £'000
Operating (loss)/profit                           (324)           56       422
Depreciation                                        132          112       263
Working capital decrease                            840          338       555
Net cash inflow from operating activities           648          506     1,240

Returns on investments and servicing of
finance
Net interest paid                                  (57)         (21)       (70)
Taxation
UK corporation tax paid                             ---           -       (355)
Capital expenditure
Purchase of tangible fixed assets (net)           (222)         (66)      (330)
Equity dividends paid                              (63)        (253)      (379)
Cash inflow before financing                        306         166        106

Financing
Issue of ordinary share capital                     ---            -     -
Purchase of own share capital                       ---            -     -
                                                    ---            -     -

Increase in cash                                    306          166       106



Notes

 1. Basic earnings per share are based on a loss of £381,000 (1999 earnings: £
    25,000 ) and 6,322,531

    (1999: 6,322,531) Ordinary Shares being the weighted average number of
    shares in issue during the period.
 2. This interim report has been prepared using accounting policies consistent
    with those set out in the 2000 Annual Report and Accounts. The comparative
    figures for the year ended 31 May 2000 do not constitute statutory
    accounts. These figures have been extracted from the audited accounts for
    that year, which have been delivered to the Registrar of Companies and on
    which the auditors issued an unqualified report, which did not contain a
    statement under either Section 237 (2) or 237 (3) of the Companies Act
    1985. The results for the six months ended 30 November 2000 are unaudited.
 3. This statement is being sent to shareholders of the Company and will be
    available at the Company's Registered Office at 58-60 Berners Street,
    London W1P 4JS.
 4. Reconciliation of movements in shareholders' funds:

                                                                          £'000
(Loss) for the period after taxation                                      (381)
Dividends                                                                  (63)
                                                                          (444)
Shareholders' funds at 1 June 2000                                        6,131
Shareholders' funds at 30 November 2000                                   5,687



Avingtrans plc

58-60 Berners Street

London W1P 4JS

Tel:      [phone]

Fax:      [phone]