Final Results

COLEFAX AND FOWLER GROUP PLC
15 July 1999


                         COLEFAX AND FOWLER GROUP PLC
                                       
                                       
                              PRELIMINARY RESULTS
                                       
                        FOR THE YEAR TO 30 APRIL, 1999
                                       
                                  Key Points

*    Profit before tax excluding exceptional costs up by 20% to £4.64m (1998:
     £3.87m)

*    Sales increased by 30% to £64.56m (1998: £49.70m)

*    Underlying earnings per share rose by 13.7% to 11.6p (1998: 10.2p)

*    Final dividend of 1.83p proposed, making a total for the year of 3.0p, a
     rise of 7%

*    Successful integration of new acquisition - French fabric company, Manuel
     Canovas - completed

*    Continued strong trading in principal market of US (56% of sales), with
     UK (21% of sales) remaining weak and Continental Europe (19% of sales)   
     showing improvement

*    Record year for Interior Decorating Division

*    Proposed name change of holding company to 'Colefax Group plc'

David Green, Chairman, commenting on results and prospects said,

'I  am  pleased to report on another very good year of trading.  A key feature
was  the  integration of the strategically important, French  fabric  company,
Manuel  Canovas ... and ... the Interior Decorating Division completed a 
record amount of decorating work.

Market conditions in the current year to date are mixed. The US is strong, 
Continental Europe is showing signs of improvement but for the moment, the UK
remains weak. We are confident that the Group will make continued progress
during this year'


Press enquiries:

David Green, Chairman, Colefax and Fowler Group plc    Tel: [phone]

Katie Tzouliadis, Biddick Associates Ltd               Tel: [phone]
                                       

                                      
CHAIRMAN'S STATEMENT

I am pleased to report on another very good year of trading. A key feature was
the  integration of the strategically important French fabric company,  Manuel
Canovas,  which  we acquired in April 1998. In addition, during  the  year  we
introduced  exciting new collections in each of our fabric  brands  and  our
Interior Decorating Division completed a record amount of decorating work.

Financial Results

The  Group's pre-tax profit for the year to 30 April 1999 increased by 20%  to
£4.64  million (1998: £3.87 million, excluding exceptional costs) on sales  up
by  30% to £64.6 million (1998: £49.7 million). Underlying earnings per  share
rose  by  13.7% to 11.6p (1998: 10.2p).  Group borrowings at the year end were
£5.6 million, which represents gearing of 49%.

The  Board has decided to recommend a final dividend of 1.83p per share (1998:
1.7p),  making a total for the year of 3.0p (1998: 2.8p), a rise  of  7%.  The
final  dividend will be paid on 8 October to shareholders on the  register  at
the close of business on 10 September.

Product Division

Portfolio  of Brands: 'Colefax and Fowler', 'Cowtan & Tout', 'Jane Churchill',
'Manuel Canovas', and 'Larsen'.

The  United  States is our most important market, representing 56% of  product
division  sales.  Like-for-like sales increased by 9%  during  the  year.  Our
recently expanded Los Angeles showroom had another excellent year and our  new
Chicago  showroom is starting to produce strong sales growth, fully justifying
our  investment. During the year, we expanded the Florida showroom to  improve
our  representation in that market. This year, we will refurbish our New  York
showroom  to  give each brand its own boutique.  We also intend to  move  into
larger  premises  in  the San Francisco Design Centre  and  expand  our  agent
showroom  in  Boston.  This will substantially complete  our  showroom  re-fit
programme in the major markets.

The  UK,  which  represents 21% of the total sales, continued to  remain  weak
throughout the year and sales finished 11% down on the same period last  year.
However, we anticipate enhanced growth opportunities following the acquisition
of  Canovas and we are planning to introduce the Larsen brand into the  UK  in
March  2000. Although UK trading conditions remain difficult, we will continue
to invest in this market to take advantage of any improvement.

Sales  in Continental Europe, which represent 19% of the total, have increased
by  7%  on a like-for-like basis. Following the acquisition of Canovas, France
now  represents  a significant market for the Group and we are relocating  our
existing  Colefax  and  Fowler and Jane Churchill showroom  into  the  Canovas
showroom  at  Place de Furstenburg, Paris, which has ample room to 
accommodate us.  This  will  strengthen the Group's presence in Paris. In 
Germany,  where sales remain difficult, we plan to launch  the  Larsen  brand
in the spring of 2000 and we are  optimistic  about prospects  in this market.
We are focusing on the European market and  believe it offers growth
opportunities for the Group over the next few years.

Sales in the rest of the world, which represent 4% of the total, fell by  11%
during  the  period and will not be a priority for the Group until  conditions
improve.

Furniture Division - Kingcome Sofas

The  UK market in which Kingcome operates remained disappointing for the whole
of  last year and like-for-like sales declined by 15% during the period.  This
activity  of  the  Group  needs  investment  to  grow  and  we  are  currently
considering a number of opportunities.

Interior Decorating Division - Sibyl Colefax and John Fowler

This has been an excellent year, with all our interior decorating teams making
significant  contributions.  Our lead decorators completed a number  of  major
contracts  in  the  UK  and US and our new younger decorators  have  attracted
substantial work mainly in the UK. During the year, we recruited an additional
decorator  and  we now have six excellent teams all capable of handling  major
decorating assignments and supported by a strong architectural design  studio.
This  will ensure the continued success of the Decorating Division.  Sales  of
antique  furniture were slightly below last year but this  was  still  a  good
performance given current UK market conditions.

Name Change

Following  the  acquisitions of Larsen and Manuel  Canovas,  the  Colefax  and
Fowler  brand now makes up just one of seven distinct brands within the Group.
Given  the  size  and importance of our brands, we consider  that  it  is  now
appropriate to modify the name of the holding company from Colefax and  Fowler
Group plc.  I therefore propose to shorten the holding company name to Colefax
Group  plc.   This  change  will  be proposed  as  a  Special  Resolution  for
shareholder approval at our Annual General meeting in September.

Prospects

The  Group  has  significantly  expanded the Product  Division  following  the
acquisitions  of  Larsen  and Canovas.  The addition  of  these  major  brands
increased  sales  in  the  US  and, more importantly,  doubled  our  sales  in
Continental Europe thereby further spreading our geographical risk.

The  development of these important markets will be the principal focus of the
Group  in  the  coming  year,  together with the launch  of  a  major  Canovas
collection in Europe in January 2000 and the introduction of our Larsen  brand
in the UK.

Market conditions in the current year to date are mixed.  The US is strong, 
Continental Europe is showing signs of improvement but,  for  the moment, the
UK remains weak.  We are confident that the Group overall  will make continued
progress during this year.


GROUP PROFIT AND LOSS ACCOUNT
For the year ended 30 April 1999

                             Notes       1999         1998
                                        Total        Total
                                        £'000        £'000
                                                        
Turnover                               64,556       49,702
    
Cost of sales                          28,293       22,891
                                      _______      _______     
Gross profit                           36,263       26,811
Operating expenses                     31,056       22,712
Exceptional items                           -        2,748
                                       _______      _______    
Operating profit                        5,207        1,351
                                                        
Interest receivable                        28           17

Interest payable                         (600)        (246)
                                       _______      _______
Profit on ordinary activities           
before taxation                         4,635        1,122

Tax on profit on ordinary
activities
-UK                                      (805)        (409)
-Overseas                                (586)        (504)
                                      ________      _______   
                                       (1,391)        (913)
                                      ________      _______
Profit on ordinary activities         
after taxation                          3,244          209
Dividends                                (836)        (763)
                                       _______      ________    
Retained profit/(loss) for the        
year                                    2,408         (554)    
                                       =======      ========                 

Basic earnings per share         1       11.6p         0.8p

Diluted earnings per share       1       11.6p         0.8p

Underlying earnings per share    1       11.6p        10.2p

                                                


GROUP BALANCE SHEET
At 30 April 1999

                                       1999         1998
                                      £,000        £,000
Fixed assets:                                           
Tangible assets                       7,363        6,637
Investments                             419          419
                                     _______      _______
                                      7,782        7,056
                                     _______      _______
Current assets:                                         
Stock and contracts in               
progress                             12,884       13,155
Debtors                               8,396        8,285
Cash at bank and in hand              1,554        1,733
                                     _______     ________
                                     22,834       23,173
                                     _______     ________
Creditors: amounts falling due                          
within one year                      15,115       17,180
                                     _______     ________                   
Net current assets                    7,719        5,993
                                     _______     ________                   
Total assets less current            
liabilities                          15,501       13,049
                                     ________    ________                   
Creditors: amounts falling due                          
after one year                        3,831        3,702
                                                        
Provisions for liabilities and                          
charges:
                                                        
Deferred taxation                       285          300
                                     _______      _______                   
                                     11,385        9,047
                                     _______      _______                    
Capital and reserves:                                   
Called up share capital               2,853        2,829
Share premium account                11,055       10,985
Profit and loss account              (2,523)      (4,767)
                                     _______      _______                   
                                     11,385        9,047
                                     _______      _______


GROUP CASH FLOW STATEMENT
For the year ended 30 April 1999

                                       1999         1998
                                      £'000        £'000
                                                        
Net cash inflow from operating        
activities                            5,332        6,580
                                                        
Returns on investments and                              
servicing of finance
Interest received                        30           17
Interest paid                          (601)        (237)
                                     ________      _______
                                       (571)        (220)
                                                        
Taxation                                                
UK corporation tax paid                (670)        (307)
Advance corporation tax paid           (192)        (147)
Overseas tax paid                      (649)        (424)
                                     ________      _______
                                     (1,511)        (878)
                                                        
Capital expenditure and                                 
financial investment
Payments to acquire tangible        
fixed assets                         (3,513)      (2,208)
Receipts from sales of                 
tangible fixed assets                   101           39
                                     _______      _______
                                     (3,412)      (2,169)
                                                        
Acquisitions and disposals                              
Purchase of subsidiary                    
undertakings                              -       (8,467)
Net cash acquired with                                  
subsidiary undertakings                   -          187
                                      _______     _______
                                          -       (8,280)
                                                        
Equity dividends paid                  (800)        (657)
                                      ________    _______                  
Cash outflow before financing          (962)      (5,624)
                                                        
Financing                                               
Issue of ordinary share capital          94        2,814
New long-term loan                        -        3,632
Repayment of debt acquired                              
with subsidiary undertaking               -      (1,291)
                                      _______    ________
Repayment of long-term loan               -      (1,022)
                                      _______    ________
Net cash inflow from financing           94       4,133
                                      _______    ________                  
Decrease in cash in the period         (868)     (1,491)
                                      =======    ========

GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 30 April,1999

                                                       
                                         1999      1998
                                        £'000     £'000
                                                       
Profit for the financial year           3,244       209
Currency translation                                   
differences on foreign currency         
net investments                          (164)      (21)
                                        ______    _______
Total recognised gains and                             
losses relating to the year             3,080       188
                                        ______    _______
                                                       

NOTES

1. Basic  earnings per share have been calculated on the basis of earnings  of
   £3,244,000  (1998  -  £209,000)  and on 27,855,519  (1998  -  26,061,243)
   ordinary  shares, being the weighted average number of ordinary  shares  in
   issue  during the year ended 30 April 1999 after excluding the shares    
   owned by  the Colefax and Fowler Group plc Employees' Share Ownership Plan 
   (ESOP) Trust.  Dividends on these shares have been waived.

   Diluted earnings per share have been calculated on the basis of earnings of
   £3,244,000 (1998 - £209,000) and on 27,948,761 (1998 - 26,351,908) ordinary
   shares being the weighted average number of shares in issue during the year
   ended 30 April 1999, adjusted for the dilutive effect of share options and 
   after excluding the shares owned by the Colefax and Fowler Group plc       
   Employees' Share Ownership Plan (ESOP) Trust.  Dividends on these shares   
   have been waived.

   Underlying  earnings per share which exclude exceptional  items  have  been
   calculated  on  the basis of earnings of £3,244,000 (1998: £2,662,000)  and
   on  27,855,519  (1998  - 26,061,243) ordinary shares,  being  the  weighted
   average  number of ordinary shares in issue during the year ended 30  April
   1999 after excluding the shares owned by the Colefax and Fowler Group  plc
   Employees' Share Ownership Plan (ESOP) Trust. 

2. The  profit and loss account and balance sheet for the year ended 30  April
   1998  is  an  extract from the latest published financial  statements  that
   have  been  delivered  to  the  Registrar of Companies  and  on  which  the
   auditors'  report  was unqualified and did not contain  a  statement  under
   either Section 237 (2) or 237 (3) of the Companies Act 1985.

3. The  figures  for  the year ended 30 April 1999 are unaudited  and  do  not
   constitute  full  accounts  within  the  meaning  of  Section  240  of  the
   Companies  Act  1995.   These  financial  statements  have  not  yet   been
   delivered to the Registrar of Companies.