Final Results

Highway Capital PLC
28 June 2001



Chairman's Statement


In the circular sent to shareholders on 29 December 2000, the independent
directors expressed concern at the inconsistent trading performance of the
Superframe group and its inability to expand whether organically or by
acquisition. Accordingly the independent directors concluded that a sale of
Superframe Limited would provide the opportunity to the Company to pursue
other areas of commercial activity with the object of enhancing shareholder
value. At the Extraordinary General Meeting held on 24 January 2001
shareholders approved the proposals and the sale of Superframe Limited was
completed on that date.


The Company's results for the 14 months ended 28 February 2001 show a profit
before tax of £507,960. This figure includes the profit of £387,993 generated
from the sale of Superframe Limited.


All proceeds from the sale have been received and at 28 February 2001 the
Company had £1.1 million of cash on deposit.


The Company is now effectively a cash shell and as such is seeking suitable
acquisitions. Your directors are in the process of searching for a suitable
business.


Dominic Wheatley

Chairman



Dividends


An interim dividend of 0.5p per share was paid on 1 December 2000. The
Directors do not recommend the payment of a final dividend for the period.



Profit and Loss Account

                                               14 months ended       Year ended

                                              28 February 2001 31 December 1999

                                                   (unaudited)        (audited)

                                                             £                £
Management fees
                                                             -           93,000
Administration expenses                               (99,907)         (56,333)
Operating profit/(loss)                               (99,907)           36,667
Profit on disposal of subsidiaries                     387,993                -
Income from fixed asset investments                    215,436           79,456
Interest receivable                                      4,438                -
Profit on ordinary activities before taxation          507,960          116,123
Tax on profit on ordinary activities                     7,424          (7,424)
Profit for the financial period                        515,384          108,699
Dividends                                             (39,728)         (79,456)
Retained profit for the financial period               475,656           29,243
Earnings per share                                       6.49p            1.37p
                                                         


Discontinued operations:

On 24 January 2001 the Company disposed of its trading subsidiary, Superframe
Limited, and its dormant subsidiary, Retail Rescue Limited.


Total recognised gains and losses:

The Company has no recognised gains or losses other than the profit or loss
for the above two financial periods.




Balance Sheet

                                              28 February 2001 31 December 1999

                                                   (unaudited)        (audited)

                                                             £                £
Fixed assets
Investments                                                  -          132,028
Current assets
Debtors                                                  9,484          525,888
Cash at bank and in hand                             1,132,633                -
                                                     1,142,117          525,888
Creditors: amounts falling due within one             (55,698)         (47,153)
year
Net current assets                                   1,086,419          478,735
Net assets                                           1,086,419          610,763
Capital and reserves
Share capital                                          158,913          158,913
Share premium                                          295,437          295,437
Profit and loss account                                632,069          156,413
Total equity shareholders' funds                     1,086,419          610,763




Cash Flow Statement

                                                         14 months   
                                                             ended   Year ended
                                                       28 February  31 December 

                                                              2001         1999
                                                       (unaudited)    (audited) 
                                                                            
                                                                 £            £
Net cash inflow from operating activities
                                                           479,618       50,268
Returns on investments and servicing of finance
Dividends received                                         215,436       79,456
Interest received                                            4,438            -
Net cash inflow from returns on investments and
servicing of finance                                       219,874       79,456
Taxation
Corporation tax                                            (7,424)     (10,540)
Acquisitions and disposals
Sale of subsidiary undertakings                            520,021            -
Net cash inflow from acquisitions and disposals            520,021            -
                                                           
Equity dividends paid                                     (79,456)    (119,184)
Increase in cash                                         1,132,633            -



Notes


Basis of preparation:

The preliminary results have been prepared under the historical cost
convention and in accordance with applicable accounting standards. The
financial information set out above does not comprise statutory accounts for
the purpose of section 240 of the Companies Act 1985. The information for the
year ended 31 December 1999 has been extracted from the statutory accounts
which carried an unqualified audit report and did not contain any statement
under section 237(2) or (3) of the Companies Act 1985. The statutory accounts
for the year ended 31 December 1999 have been delivered to the Registrar of
Companies. The auditors are expected to give an unqualified opinion on the
accounts for the period ended 28 February 2001. The statutory accounts for the
period ended 28 February 2001 will be delivered to the Registrar of Companies
following the Annual General Meeting.


The Company disposed of its two subsidiary undertakings, Superframe Limited
and Retail Rescue Limited, on 24 January 2001. At 28 February 2001 the Company
was a stand-alone company and is therefore not required to prepare
consolidated financial statements for the 14 month period ended 28 February
2001. The financial information set out above relates only to the Company
itself.


Earnings per share:

The earnings per share calculation has been based on the profit attributable
to shareholders divided by 7,945,638 (1999: 7,945,638) being the average of
the issued share capital during the year.



28 June 2001