Interim Results

BRANDS HATCH LEISURE PLC
27 September 1999


Record Interim Results for the six months ended 30 June 1999

Brands Hatch Leisure PLC, the fully listed leisure 
venue operator, is pleased to announce record interim 
results for the six months ended 30 June 1999.

Key Points

                                  1999   1998   % change
Turnover (£'000)                10,409  8,321        +25
Operating profit (£'000)         2,359  2,004        +18
Profit after tax (£'000)         1,445  1,208        +20
E.P.S. (p)                         6.8    5.5        +24

- Transformation in prospects with strategic initiatives 
  in UK motorsport rights, new international events, 
  consolidation of UK motor sports market and international 
  expansion plans.

- First half achievements include:
- Formula One Grand Prix rights at Brands Hatch from 2002
- Rights to second round of World Superbike in 2000 for 
  three years
- Securing a share in British Superbike from 2000
- Acquisition of Daytona karting circuits


Commenting on the outlook Sir Rodney Walker, Chairman said:

'Strong organic growth underpinned by our capital investment 
programme and continued investment in and training of our 
management team, coupled with many exciting strategic 
developments demonstrate the Board's continued optimism 
about the future.'

Contact:  Nicola Foulston, Chief Executive 0171 466 5010

          Richard Oldworth, 
          Buchanan Communications          0171 466 5000

ww2.investor-relations.co.uk/brandshatch/

 

CHAIRMANS STATEMENT


INTRODUCTION

The first six months of the year have seen a transformation in
the prospects of the Group with strategic initiatives in UK
motorsport rights, new international events, consolidation of
the UK motor sports market and first steps towards
international expansion.  Earnings growth remains strong with
earnings per share (before goodwill amortisation) growing by
24%.


FINANCIAL REVIEW

In the period ended 30 June 1999 the Group has performed well
in all areas.  The Group has consistently delivered double-
digit earnings growth and enjoys strong cash generation
underpinned by substantial asset backing, and benefits from a
flexible cost structure, high operational gearing and a low
level of indebtedness.  In the six month period turnover grew
by 25% to £10.409m (1998: £8.321m), operating profit by 18% to
£2.359m (1998: £2.004m), profit after tax by 20% to £1.445m
(from £1.208m) and earnings per share (before goodwill) was up
24% to 6.8p (from 5.5p).


STRATEGIC REVIEW

Key achievements so far this year include:

- the acquisition of the rights to host the Formula One
  Grand Prix at Brands Hatch in 2002 for six years with a five
  year renewal option;

- the acquisition of the rights to the second round of the
  World Superbike in 2000 for three  years.;

- securing a share in the rights to the British Superbike
  from 2000 through a newly created company British Motorsport
  Promoters, in which Brands Hatch has a significant stake ; and

- the acquisition of the Daytona Karting circuits


OPERATIONS REVIEW

New Developments

The first half of 1999 saw the successful introduction of our
new Supercar Experience at Snetterton, and the opening of the
new Jackie Stewart Business Centre at Oulton Park, which
enjoys the patronage of Jackie Stewart.

Our capital investment programme continues, with a total of
£6.4m being invested (including £3m on the acquisition of the
Rebel Group) in the first six months.  Key organic expenditure
was on the Jackie Stewart Business Centre at Oulton Park, the
new Supercar experience and the development of a new Karting
venue in London.

Trading performance

                            30 June     30 June    Growth
                               1999        1998
                                                           
                               £000        £000            
                                                           
Events                        2,828       2,741      3%
Testing and track             1,622       1,440     13%
hire
Activities                    2,635       2,029     30%
Corporate, conference         2,158       2,111      2%
and catering
Daytona  - Karting            1,166           -     N/A
                                                           
Total turnover               10,409       8,321     25%


Events turnover remains strong and the second half of the year
will benefit from the spectacular attendance at the FIM
Superbike World Championship on 1st August 1999, at Brands
Hatch which again attracted the biggest bike audience of the
Championship world-wide.

Testing and track hire continues to grow, benefiting from the
capital investment in our infrastructure, particularly at
Snetterton and Oulton Park.

Activities enjoyed the strongest growth in the period - and
benefited from the introduction of the new Supercar experience
at Snetterton, increased popularity of our Rally schools and
continued growth in the Brands Hatch Club.

Turnover growth in corporate, conference and catering turnover
is skewed strongly toward the second half of the year with
good performance from the new Jackie Stewart Business Centre
at Oulton Park, which opened in mid April 1999.

Turnover from the newly acquired Karting enterprises added
significantly to our top line turnover, however the real
benefits from this acquisition are still yet to be achieved
through the integration of their overhead and roll-out of new
venues - we expect to start realising such benefits during
2000.


OUTLOOK

Strong organic growth underpinned by our capital investment
programme and continued investment in and training of our
management team, coupled with many exciting strategic
developments demonstrate the Boards continued optimism about
the future.

Once again it is right that I pay tribute to Nicky Foulston
and her highly motivated young Executive team, together with
all our team members who contribute so much to the companys
success.


Sir Rodney Walker       
Chairman



BRANDS HATCH LEISURE PLC
Group Profit and Loss Account for the six months 30 June 1999

               Six months     Six            Year ended
               ended          months
                              ended
               June 30 1999   June 30 1998  December 31 1998
                  Unaudited      Unaudited          Audited
                    £000's         £000's            £000's
                                               
Turnover:                                      
Existing          9,243          8,321        19,330
Acquisition       1,166            -              -
                 10,409          8,321        19,330
                                               
Cost of Sales    (3,906)        (3,222)       (7,973)
                                               
Gross profit      6,503          5,099        11,357
                                               
Administrative   (4,203)        (3,338)       (6,810)
costs
                                               
Goodwill            (47)            -             -
                                               
Other operating     106            243          516
income
                                               
Operating profit                               
comprises:
Existing          2,212          2,004         5,063
Acquisition         147            -             -
                  2,359          2,004         5,063
                                               
Operating profit  2,359          2,004         5,063
                                               
Interest              1             40            73
receivable
                                               
Interest payable   (354)          (293)         (550)
and similar
charges
                                               
Profit on         2,006          1,751         4,586
ordinary
activities
before
Taxation                                       
                                               
Tax on profit on  (561)          (543)        (1,387)
ordinary
activities
                                               
Profit on        1,445          1,208          3,199
ordinary
activities after
taxation
                                               
Dividends                                     
Ordinary
dividend on
equity
shares          -               -              (876)
                 
                                               
Profit retained  1,445          1,208         2,323
for the period
                                               
                                               
Adjusted           6.8            5.5          14.6
Earnings per
share (before
Goodwill)
                                               
Earnings per       6.6            5.5          14.6
share
                                               
Fully Diluted      6.5            5.5          14.6
Earnings per
share
                                               

BRANDS HATCH LEISURE PLC
Group Balance Sheet as at 30 June 1999

                      June 30   June 30 1998     December 31
                         1999                           1998
                    Unaudited      Unaudited         Audited
                       £000's         £000's          £000's
                                                           
Fixed Assets                                               
                                                           
Tangible assets        47,985         28,840         43,553
Goodwill                3,158              -              -
                                                           
Current assets                                             
                                                           
Stocks                    524            394            463
Debtors:
Trade debtors           1,639          1,892          1,316
Other Debtors             173            263              -
Prepayments and         1,635          1,112          1,093
accrued income            
Cash at bank and in hand    -          1,187             55

                        3,971          4,848          2,927
                                                           
Creditors:                                                 
amounts falling                                            
due within one
year

Trade creditors       (2,522)        (3,329)        (1,469)               
Bank overdraft        (1,140)             -              -
Corporation tax         (929)          (572)          (943)
Other taxes and         (577)          (606)          (104)
social security
Finance leases          (144)              -              -
Proposed                (876)              -          (876)
dividends
                      (6,188)        (4,507)        (3,392)
                                                           
Net current           (2,217)           341           (465)
(liabilities)/
assets
                                                           
Total assets less     48,926         29,181         43,088
current
liabilities
                                                           
Creditors:                                                 
amounts falling                                            
due after more
than one year:
Bank loans            (8,372)        (5,846)        (5,312)
Corporation tax         (561)          (560)               
Finance leases          (560)             -              -

                      (9,493)        (6,406)        (5,312)
                                                           
Provision for           (378)          (679)          (591)
liabilities and
charges
                                                           
Accruals              (1,033)          (663)          (868)
Deferred income       (2,621)        (2,045)        (2,360)
                                                           
Net assets            35,401         19,388         33,957
                                                           
Capital and                                                
reserves
Called up share        5,477          5,459          5,477
capital
Share premium         18,394         18,394         18,394
account
Revaluation           13,436              -         13,436
Reserve                                     
Profit and loss       (1,906)        (4,465)        (3,350)
account
                                                           
Equity                35,401         19,388         33,957
shareholders'
accouUnauditednt


BRANDS HATCH LEISURE PLC
Summarised Group Statement of Cash Flows for the six months
ended 30 June 1999
                                                                 
                          Six months         Six           Year
                               ended      months          ended
                                           ended
                             June 30     June 30    Dec 31 1998
                                1999        1998             
                           Unaudited     Unaudited      Audited
                                         
                                £000's     £000's        £000's
                                                                 
Net cash flow from                                      
operating
activities                     2,600       2,735          5,028
                                                                 
Returns on investments  and                                      
servicing of
finance                         (354)      (253)         (1,306)
                                                                 
Taxation                         (14)          -           (692)
                                               
                                                                 
Capital   expenditure   and                                      
financial
investment                    (6,441)     (1,830)        (3,046)
                                                                 
                                                                 
Net cash flow before          (4,209)        652            (16)
financing
                                                                 
Financing                      3,014           -           (481)
                                                 
                                                                 
Increase/(decrease) in cash                                      
in the
period                        (1,195)        652           (497)
                                                                 
                                                                 
Reconciliation of Net  Cash                                      
Flow to
movement in Net Debt                                             
                                                                 
Increase/(decrease) in cash                                      
in the
period                       (1,195)         652          (497)
                                                                 
Non cash movement in  net    (3,060)         (30)          521
debt
                                                                 
Net debt at 1 January 1999   (5,257)      (5,281)       (5,281)
                                                                 
Net debt at 30 June 1999/                                        
31 December 1998             (9,512)      (4,659)       (5,257)
                                                                 
                                                                 


BRANDS HATCH LEISURE PLC

Summarised  Group  Statement  of Total  Recognised  Gains  and
Losses for the six months ended 30 June 1999

                                        Six       Six      Year
                                     months    months     ended
                                      ended     ended
                                    June 30   June 30  December
                                       1999      1998   31 1998
                                  Unaudited Unaudited   Audited
  
                                     £000's    £000's    £000's
                                                                
Profit for the financial period                               
attributable
to members of the Company           1,445     1,208     3,199
                                                                
                                                                
Surplus on revaluation of                               
freehold land
and properties                          -         -    13,436
                                                                
                                                                
Total recognised gains relating                                 
to the year                         1,445     1,208    16,635



BRANDS HATCH LEISURE PLC

Notes to the Financial Information for the six months to 30
June 1999 (Unaudited)

1.  Preparation of Interim Financial Information

The interim financial information has been prepared on a basis
consistent with accounting policies disclosed in the statutory
accounts of the Group for the year ended 31 December 1998. The
auditors have carried out a review and their report is set out
below. The information was approved by the Board of Directors
on 15 September 1999, and is unaudited.
The financial information contained in this interim statement
does not constitute statutory accounts as defined in section
240  of the Companies Act 1985.

The financial information for the year ended 31 December 1998
has been extracted from the audited statutory accounts of
Brands Hatch Leisure PLC for that year. The statutory accounts
for the year ended 31 December 1998 received an unqualified
audit report and have been filed with the Registrar of
Companies.

2.  Taxation

Taxation has been provided at an effective rate of 28% (1998
31%) on the profit arising in the period.

3.  Earnings per share

The calculation of the adjusted earnings per ordinary share is
based on earnings of £1,492,000 (June 1998: £1,208,000,
December 1998: £3,199,000) and on 21,908,500 (June 1998:
21,832,500, December 1998: 21,870,500) ordinary shares.
The calculation of earnings per ordinary share is based on
earnings of £1,445,000 (June 1998: £1,208,000, December 1998:
£3,199,000) and on 21,908,500 (June 1998: 21,832,500, December
1998: 21,870,500) ordinary shares.
The diluted earnings per share is based on earnings of
£1,445,000 (June 1998: £1,208,000, December 1998: £3,199,000)
and on 22,225,680 (June 1998: 21,869,697, December 1998:
21,901,429) ordinary shares.

4.  Interim Results

Copies of the interim results will be sent to shareholders.
Further copies can be obtained from the Company Secretary at
the registered office, Brands Hatch Leisure PLC, Brands Hatch
Circuit, Fawkham, Longfield, Kent DA3 8NG.

5.  Financial Commitments

Brands Hatch Leisure PLC announced in May 1999 that its
subsidiary, Brands Hatch Leisure Group Limited, has secured an
exclusive contract with Formula One Administration Limited to
stage the British Grand Prix at Brands Hatch commencing in
2002. The contract ensures that a Grand Prix will continue to
be held in Britain until 2006.
Brands Hatch Leisure PLC has already committed to pay the
first year's fee for the British Grand Prix to Formula One
Administration Limited through the provision of a letter of
credit facility from its bankers, Bank of Scotland.

6.  Year 2000

As is well known, many computer and digital storage systems
express dates using only the last two digits of the year and
will thus require modification or replacement to accommodate
the Year 2000 and beyond in order to avoid malfunctions and
resulting widespread commercial disruption. This is a complex
and pervasive issue. The operation of our business depends not
only on our computer systems, but also to some degree on those
of our suppliers and customers.  This could expose us to 
further risk in the event that thereis a failure by other 
parties to remedy their own Year 2000 issues.

The Group has undertaken a full review of its operating
systems to assess the risks to its business in relation to
Year 2000 compliance.  From this review an action plan has
been implemented and an Executive Director assigned to ensure
that the Group has reached an acceptable state of readiness
before the end of the current financial year.   All principal
suppliers are being contacted to verify compliance and
warranties are being obtained where appropriate.

The costs associated with Year 2000 compliance are expected to
be absorbed in the normal course of business and are not
expected to be material.

Report of the Auditors to Brands Hatch Leisure PLC

We have been instructed by the company to review the financial
information set out on pages 4 to 7 and have read the other
information contained in the interim report and considered
whether it contains any apparent misstatements or material
inconsistencies with the financial information.

The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved by the directors. The Listing Rules of the London
Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be
consistent with those applied in preparing the preceding
annual accounts except where any changes, and the reasons for
them, are disclosed.

We conducted our review in accordance with guidance contained
in Bulletin 1999/4 issued by the Auditing Practices Board. A
review consists principally of making enquiries of Brands
Hatch Leisure plc management and applying analytical
procedures to the financial information and underlying
financial data and based thereon, assessing whether the
accounting policies and presentation have been consistently
applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less
in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion
on the financial information.

On the basis of our review we are not aware of any material
modifications that should be made to the financial information
as presented for the six months ended 30 June 1999.

Ernst & Young
Registered Auditors
London