Interim Results

Avingtrans PLC
20 February 2002

CHAIRMAN'S STATEMENT

Introduction

I am pleased to announce the interim results of Avingtrans plc (formerly known
as Frank Usher Holdings plc) for 6 months to 30th November 2001.

Results

The results reported cover the skeleton operations of the shell in its search
for a new investment. Losses on ordinary activities before taxation were £11,000
(2000: loss £324,000). Earnings per share were a negative 0.2p (2000: negative
6p). The only income for the company is bank interest.

Dividend

The board are not proposing to pay a dividend.

Review of the Period

There are a number of quoted shell companies, of varying sizes, seeking
opportunities in a climate of falling corporate profits. Despite this your board
remains determined to find an investment opportunity that will deliver long term
EPS growth, as opposed to returning all the cash to shareholders. For the time
being this remains our strategy. To that end we have looked at in excess of 50
companies in 2001 rejecting most. However we remain confident of identifying a
suitable target to deliver long-term growth opportunities and to that end
announce today our intention to move from the Full List to AIM.

The Future

We look forward to being in a position to make further announcements in the
future, and in the meantime are minimising our costs in line with reducing
interest income.



J. Hamer

Chairman

February 2002





AVINGTRANS PLC (formerly known as Frank Usher Holdings PLC)

Profit and Loss Account for the six months ended 30 November 2001
                                                                          (Company)           (Group)         (Group)
                                                                     6 months ended    6 months ended            Year
                                                                   30 November 2001  30 November 2000           Ended
                                                                        (unaudited)       (unaudited)          31 May
                                                                              £'000             £'000            2001
                                                                                                            (audited)
                                                                                                                £'000
Turnover
Continuing operations                                                             -                 -               -
Discontinuing operations                                                                        8,124           8,124
                                                                                  -             8,124           8,124
Gross profit
Continuing operations                                                             -                 -               -
Discontinuing operations                                                          -             2,628           2,628
                                                                                  -             2,628           2.628
Net operating expenses
Continuing operations                                                         (120)                 -           (134)
Discontinuing operations                                                          -           (2,952)         (2,971)
                                                                              (120)           (2,952)         (3,105)
Operating loss                                                                (120)             (324)           (477)
Loss on sale of subsidiary undertakings                                           -                 -         (1,379)
Loss on ordinary activities before interest                                   (120)             (324)         (1,856)
Investment income                                                                 -                 -               -
Net interest receivable/ (payable)                                              109              (57)              75
Loss on ordinary activities before taxation                                    (11)             (381)         (1,781)
Taxation on ordinary activities                                                   -                 -               -
Loss on ordinary activities after taxation                                     (11)             (381)         (1,781)
Dividends                                                                         -              (63)               -
Retained loss transferred to reserves                                          (11)             (444)         (1,781)

Earnings/(loss) per ordinary share - basic                                   (0.2)p            (6.0)p         (28.2)p
Earnings/(loss) per ordinary share - diluted                                 (0.2)p            (6.0)p         (28.2)p





AVINGTRANS PLC (formerly known as Frank Usher Holdings PLC)

Balance Sheet as at 30 November 2001
                                                                     (Company)           (Group)        (Group)
                                                                6 months ended    6 months ended           Year
                                                              30 November 2001  30 November 2000          Ended
                                                                   (unaudited)       (unaudited)    31 May 2001
                                                                         £'000             £'000      (audited)
                                                                                                          £'000

Fixed assets                                                                 -             3,830              -

Current assets
Stock                                                                        -             2,490              -
Debtors                                                                     93             2,549              1
Cash                                                                     4,399               244          4,457
                                                                         4,492             5,283          4,458

Creditors (amount falling due within one year)                           (153)           (3,274)          (108)
Net current assets                                                       4,339             2,009          4,350
Total assets less current liabilities                                    4,339             5,839          4,350
Provisions for liabilities and charges                                       -             (152)              -
                                                                         4,339             5,687          4,350

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                                                  (217)              1131          (206)
                                                                         4,339             5,687          4,350







AVINGTRANS PLC (formerly known as Frank Usher Holdings PLC)

Cash flow statement for the six months ended 30 November 2001
                                                                   (Company)           (Group)        (Group)
                                                              6 months ended    6 months ended     Year ended
                                                            30 November 2001  30 November 2000    31 May 2001
                                                                 (unaudited)       (unaudited)      (audited)
                                                                       £'000             £'000          £'000

Operating loss                                                         (120)             (324)          (477)
Depreciation                                                               -               132            131
Working capital increase                                                  17               840            383
Net cash inflow/(outflow) from operating activities                    (103)               648             37

Return on investments and servicing of finance
Net interest received/(paid)                                             (1)              (57)             75

Taxation
UK corporation tax paid                                                    -                 -           (10)

Capital expenditure
Purchase of tangible fixed assets (net)                                    -             (222)          (113)

Disposals
Net proceeds from sale of operating subsidiaries                           -                 -          3,232
Net overdraft balance of subsidiaries sold                                 -                 -          1,444

Equity dividends paid                                                      -              (63)           (63)

Cash inflow/(outflow) before financing                                 (104)               306          4,602

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

Increase/(decrease) in cash                                            (104)               306          4,602



AVINGTRANS PLC (formerly known as Frank Usher Holdings PLC)

Notes to the Interim Statement for the six month ended 30 November 2001


 1. Basic earnings per share are based on a loss of £11,000 (2000 loss: £381,000)
    and 6,322,531 (2000: 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 2001 Annual Report and Accounts. The comparative
    figures for the year ended 31 May 2001 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 2001 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 3JS.

 4. On 1 December 2000, the company disposed of its operating subsidiaries, Frank
    Usher Limited, Frank Usher (Canada) Limited and GMB Contracts Limited. The
    figures for the six months ended 30 November 2001 represents results for
    Avingtrans PLC. The comparative figures represent the Group's results.

 5. Analysis of net funds:

                                               1 June 2001            Cash Flow            Other         30 November
                                                                                          non-Cash              2001
                                                                                           changes                      
                                                                                                 

                                                     £'000                £'000              £'000             £'000
    Net cash:
    Cash at bank and in hand                         4,457                 (58)                  -             4,399
    Bank overdrafts                                    (2)                 (46)                  -              (48)
    Net funds                                        4,455                (104)                  -             4,351


 6. Reconciliation of movements in shareholders' funds:

                                                                                                                  £'000
(Loss) for the period after taxation                                                                               (11)
Dividends                                                                                                             -
                                                                                                                   (11)
Shareholders' funds at 1 June 2001                                                                                4,350
Shareholders' funds at 30 November 2001                                                                           4,339







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