Interim Results - 6 Months to 31 October 1999

Photo-Me International PLC
18 January 2000


                                                              
                  PHOTO-ME INTERNATIONAL plc
                               
       INTERIM RESULTS - HALF YEAR ENDED 31 OCTOBER 1999
                               
*  In  the  half  year  ended 31 October 1999,  Photo-Me,  the
   world's  leading  operator  of  photobooths,  substantially
   increased  its  underlying profits, significantly  improved
   the  efficiency  of  its  businesses  by  implementing  the
   restructuring  programme  that  commenced  following  Serge
   Crasnianski's  appointment as Chief  Executive  in  October
   1998  and  continued  its  transformation  to  becoming   a
   communications company based on digital technology and  the
   Internet.

*  Pre-tax  profit increased by 35.1% to £20.5m  -  more  than
   the  pre-exceptional figure achieved in the full year ended
   30  April 1999, which had also benefited from a substantial
   OEM contract in the first half of that year.

*  Although  the  effective tax rate increased to  31.6%  from
   30.6%, basic earnings per share were 33.3% higher at  3.88p
   (1998: 2.91p).

*  Photo-Me's Operating business performed well in  its  three
   main  markets  -  the UK, France and Japan,  where  at  the
   period  end  it  had approximately 4,900, 4,700  and  3,300
   photobooths, respectively.

*  In  September,  Photo-Me engaged Salomon  Smith  Barney  to
   review  a  wide range of strategic options.   This  review,
   now   completed,   indicates  that  in  the   interest   of
   shareholders  the Company should continue independently  to
   focus  strategically  on  deploying digital  communications
   technology  to  link its global network  of  around  20,000
   machines   in  high  traffic  sites  to  create  a   unique
   distribution   channel  for  Internet-based  products   and
   services.    The   Company  will   enter   into   strategic
   partnerships  (such  as those with BT  and  Musicmaker.com)
   where   appropriate  and  will  consider  acquisitions   as
   opportunities    arise   to   accelerate   its    strategic
   development.

*  Serge  Crasnianski,  Chief  Executive,  stated  'Photo-Me's
   research  and development programme is entirely focused  on
   digital   technology  and  the  Internet.   The  Board   is
   confident  that Photo-Me will be able to build organically,
   and  where  appropriate by partnerships or  acquisition,  a
   substantial   global  business  in  the   broad   area   of
   communications.''

An  analyst  presentation will be held at Greig Middleton,  30
Lombard Street, London EC3 at 9.00am today.

Enquiries:

Photo-Me International plc                        01372-453399
  Serge Crasnianski (CEO)   0171-655 4000 (until 3.45pm today)

Bankside Consultants Limited                     0171-220 7477
  Charles Ponsonby         0171-655 4000 (until 3.45 pm today)

                  CHIEF EXECUTIVE'S STATEMENT
                               
INTRODUCTION

In the half year ended 31 October 1999, Photo-Me substantially
increased  its underlying profits, significantly improved  the
efficiency of its businesses by implementing the restructuring
programme  that  commenced following my appointment  as  Chief
Executive in October 1998 and continued its transformation  to
becoming  a communications company based on digital technology
and   the   Internet.   In  particular,  it  signed  important
commercial  agreements  with British  Telecommunications,  for
photobooths  with  e-mail  and  Internet  access,   and   with
Musicmaker.com,  to  introduce  kiosks  permitting  customised
downloading of music onto CDs and MP3s over the Internet.

FINANCIAL OVERVIEW

On  turnover  4.7  per cent lower at £108.7  million,  pre-tax
profit  increased by 35.1 per cent to £20.5 million  and  more
than  the  pre-exceptional figure achieved in  the  full  year
ended  30  April  1999,  which  had  also  benefited  from   a
substantial  OEM  contract in the  first  half  of  the  year.
Although  the  effective tax rate increased to 31.6  per  cent
from  30.6  per cent, basic earnings per share were  33.3  per
cent higher at 3.88p (1998: 2.91p).

Operating turnover from photobooths increased by 3.5 per  cent
to  £90.1  million. Manufacturing turnover was 31.0  per  cent
lower  at  £18.7  million, wholly due  to  the  absence  of  a
substantial OEM contract this year.

Continental Europe was again the principal trading area,  with
turnover  of £50.5 million (1998: £50.3 million), representing
46.5  per cent of Group turnover.  Turnover in the UK and  the
Republic of Ireland was lower at £30.8 million (28.3 per  cent
of Group turnover) from £38.7 million which also reflected the
OEM contract.  The increase in Asian turnover to £22.3 million
(20.5  per cent of Group turnover) from £17.1 million resulted
principally  from improved takings in Japan  which  have  been
assisted  by  the strengthening of the Yen.  Turnover  in  the
Americas was lower at £5.1 million (1998: £8.0 million) due to
rationalisation  in  the  USA  and  Brazil  together  with   a
weakening   of  the  Brazilian  currency.   As   for   profit,
Continental  Europe  experienced a small  reduction  to  £10.1
million  from    £10.7 million, mainly due to the strength  of
sterling.   Profits from the UK and Ireland improved  by  48.6
per  cent  to  £6.4  million from £4.3 million.   Asia  saw  a
significant  increase  in profits of  192  per  cent  to  £5.3
million  from £1.8 million and losses coming from the Americas
were reduced to £1.2 million from £1.6 million.

DIVIDEND

An  interim dividend of 0.50p per ordinary share is  declared,
which represents a 13.6 per cent increase.  The dividend  will
be  paid on 3 April 2000 to holders of ordinary shares on  the
register at close of business on 10 March 2000.

ACQUISITION OF JAPANESE MINORITY INTEREST

On  30 June, Photo-Me acquired the remaining 49.8 per cent  of
its  Japanese subsidiary, Nippon Auto-Photo Kabushiki  Kaisha.
Nippon has a leading market share in photobooths in Japan  and
operates   other  coin-operated  equipment  in  the  important
entertainment  sector,  such  as  photographic   sticker   and
postcard  machines, and has been a significant contributor  to
Group  profitability.   The consideration  payable  was  £25.2
million, satisfied as to £2.2 million in cash and as to  £23.0
million  by  the  transfer  to  the  vendor  of  4,625   older
generation  photobooths, to be deployed in markets  where  the
Group  does  not  operate.  The transaction  resulted  in  the
increase  in  intangible  assets to £24.4  million  from  £5.2
million,  with  goodwill  of  £18.9  million  being  amortised
through the profit and loss account over a 20 year period.

BORROWINGS AND INTEREST

During  the half year, net debt decreased by £19.5 million  to
£42.5 million despite £11.5 million of capital expenditure  on
tangible  assets, of which £10.4 million relates to  Operating
equipment.  Due to the acquisition of the minority interest in
Nippon, net assets, excluding intangibles and before deducting
minority  interests,  fell  in the period  to  £64.4  million.
Consequently, gearing was reduced to 65.9 per cent  from  80.3
per cent.

Net  interest of £1.5 million was covered 14 times  by  profit
before interest and tax.

OPERATIONS

Operations performed well in Photo-Me's three main  markets  -
the  UK,  France  and Japan, where at the period  end  it  had
approximately    4,900,   4,700   and    3,300    photobooths,
respectively.

A   priority   is  to  increase  the  proportion  of   digital
photobooths operated worldwide, and by the period end  80  per
cent  of machines in France were using this technology.   Vend
prices  have been increased to £3.00 from £2.50 in the  UK  in
September, where the increase was achieved without any loss of
customer   numbers.   In  addition,  there   is   considerable
potential  to  increase the number of booths of various  types
worldwide,  not  only in large and hitherto untapped  markets,
such  as  South America, China and India, but also in existing
substantial markets.  In this period, the first 1,000 postcard
machines were sited.

On  the  cost side, new contracts with new commission  schemes
for  site  owners  are being negotiated.   Rationalisation  of
money collection systems has been completed in France and  the
UK  and  is  being  implemented in  Germany,  Switzerland  and
Belgium.    Generally,  operational  productivity   is   being
increased.

MANUFACTURING

The world market for photo-processing equipment is thought  to
be around 150,000 units, primarily in the Far East, the US and
Europe.   Photo-Me  offers  a wide  range  of  optical  photo-
processing equipment.  In addition, the Grenoble research  and
development and manufacturing plant has recently launched  the
digital  minilab which is based on Photo-Me's patented  liquid
crystal  display  booster  technology  which  will  eventually
replace  optical technology.  Photo-Me has already proved  its
ability   to   sell  equipment  to  leading  OEM  photographic
companies and several companies are interested in selling  the
Digital KIS system under their brand.

COMMERCIAL AGREEMENTS

During   the   period,  Photo-Me  signed  two  agreements   of
significant strategic importance.

In   May,  Photo-Me  agreed  with  British  Telecommunications
together to offer a range of multimedia services, including e-
mail  and  Internet  access, through a nationwide  network  of
revolutionary new multimedia booths, which have  been  branded
'PhotoPlanet'.   In  addition, all of Photo-Me's  photographic
products  -  including ID photos, photographic  fun  stickers,
customised postcards, photographic reprints and business cards
-  will  be  offered.   A flat screen on the  outside  of  the
PhotoPlanet  and  the applications screen in  the  PhotoPlanet
will both offer advertising.  In due course, it is planned  to
introduce  a  range of e-Commerce services in the PhotoPlanets
working  with  third  party  suppliers,  including  retailers,
travel  agents and banks.  The first 10 PhotoPlanets  will  be
installed  in February at sites in and around London.   It  is
anticipated  that roll-out of a further 1,000 PhotoPlanets  in
the  UK  will  be completed by the end of 2000,  evenly  split
between existing photobooth sites and new sites.  Photo-Me  is
responsible   for   design,  manufacture,   installation   and
maintenance.

In  October,  Photo-Me agreed with Musicmaker.com together  to
introduce  kiosks  permitting customers to compile  'make  and
take'T CDs on a song-by-song basis to their own specifications
and to download music directly to an MP3 player, and for Photo-
Me  to manufacture stand-alone MP3 stations.  Each kiosk  will
have  available  5,000-10,000  specifically  chosen  digitized
tracks,  covering a wide range of popular genres and artistes.
Photo-Me  is responsible for design, manufacture, installation
and  maintenance.  Design and manufacture by Photo-Me  are  on
schedule, but, following management changes at Musicmaker.com,
this project is running later than planned.


BOARD

The  Board is pleased to announce the appointment of  Jean-Luc
Peurois  CA,  MBA  as Group Finance Director, replacing  Peter
Berridge  who is retiring after 29 years with the  Group.   Mr
Peurois, who is aged 41, has been an executive director  since
1994  and  was previously the Finance Director of the  Group's
Continental Europe operations.

I should like to mention that I have recently relocated to the
UK, where I can be closer to the Group headquarters.

SHARE SUB-DIVISION

At  the  AGM  on  20  October, a resolution was  passed,  sub-
dividing each ordinary share of 2.5p into five ordinary shares
of 0.5p with effect from 8 November 1999.

SHARE RECLASSIFICATION

In  September,  the  shares  were reclassified  by  The  Stock
Exchange,  with  the agreement of the Company,  into  the  new
'Media  and  Photography' sector from the  'Support  Services'
sector.

STRATEGIC REVIEW

In  September, Photo-Me engaged Salomon Smith Barney to review
a   wide  range  of  strategic  options.   This  review,   now
completed, indicates that in the interest of shareholders  the
Company  should continue independently to focus  strategically
on  deploying digital communications technology  to  link  its
global network of around 20,000 machines in high traffic sites
to  create  a  unique distribution channel for  Internet-based
products  and services.  The Company will enter into strategic
partnerships (such as those with BT and Musicmaker.com)  where
appropriate  and  will consider acquisitions as  opportunities
arise to accelerate its strategic development.

PROSPECTS

Photo-Me's  development  programme  is  entirely  focused   on
digital  technology and the Internet.  The Board is  confident
that  Photo-Me  will be able to build organically,  and  where
appropriate  by  partnerships or  acquisition,  a  substantial
global business in the broad area of communications.

Serge Crasnianski                              18 January 2000
Chief Executive Officer

                 GROUP PROFIT AND LOSS ACCOUNT
           for the six months ended 31 October 1999

                         Unaud-  Unaud-
                           ited   ited         Audited-
                         6 mths 6 mths     year to 30 Apr 99
                             to     to  Before           After
                         31 Oct 31 Oct  except   Except except
                                        -ional   -ional -ional
                           1999   1998   items    items  items
                    Note   £000   £000    £000     £000   £000
--------------------------------------------------------------
Turnover              2 108,733 114,065 197,506        -197,506
--------------------------------------------------------------
Trading profit           37,096  32,486  50,612        - 50,612
Depreciation           (14,274) (14,730)(27,652)(21,556)(49,208)
Amortisation
of goodwill               (332)      -       9        -      9
Other exceptional
provisions                    -      -       -  (5,591) (5,591)
Exchange differences      (471)   (721)    482        -    482
--------------------------------------------------------------
Group operating
profit/(loss)            22,019 17,035  23,451 (27,147) (3,696)
Share of operating
profit in associates         46     50      68        -     68
--------------------------------------------------------------
Operating profit/(loss)  22,065 17,085  23,519 (27,147) (3,628)
Exceptional items:
  Restructuring costs         -      -       -  (2,278) (2,278)
  Profit/(loss) on
disposal of businesses        -    128       -      (7)     (7)
--------------------------------------------------------------
Profit/(loss) on
ordinary activities
before interest          22,065 17,213  23,519 (29,432) (5,913)
Net interest            (1,528) (2,012) (3,470)       - (3,470)
--------------------------------------------------------------
Profit/(loss) on
ordinary activities
before taxation        3 20,537 15,201  20,049 (29,432) (9,383)
Taxation on profit
on ordinary
activities             4(6,491) (4,648) (5,591)  10,917  5,326
--------------------------------------------------------------
Profit/(loss) on
ordinary activities
after taxation           14,046 10,553  14,458 (18,515) (4,057)
Minority interests
 - equity and
non-equity interests      (132)   (113)   (238)   3,546  3,308
--------------------------------------------------------------
Profit/(loss)
attributable to
members of the holding
company                  13,914 10,440  14,220 (14,969)  (749)
Dividends              5(1,801) (1,578) (5,380)       - (5,380)
--------------------------------------------------------------
Retained profit/(loss)   12,113  8,862   8,840 (14,969) (6,129)
==============================================================
Basic earnings
per share*             6  3.88p  2.91p   3.96p  (4.17p) (0.21p)
Diluted earnings
per share*             6  3.82p  2.89p   3.94p  (4.15p) (0.21p)
Dividends per share*   5  0.50p  0.44p   1.50p        -  1.50p


* To  assist  comparability, earnings and dividends per  share
  are  shown  on  the  assumption  that  the  5  for  1  share
  subdivision,  which was effected in November  1999,  applied
  for all periods.

                      GROUP BALANCE SHEET
                     as at 31 October 1999
                               
                                    Unaudited Unaudited Audited
                                       31 Oct   31 Oct  30 Apr
                                         1999     1998    1999
                                Note     £000     £000    £000
--------------------------------------------------------------
Fixed assets
Intangible assets
- goodwill                         7   18,837      250     109
- other                            7    5,605    8,032   5,095
Tangible assets                    7  107,924  146,382 129,500
Investments                               688      633     583
--------------------------------------------------------------
                                      133,054  155,297 135,287
--------------------------------------------------------------
Current assets
Stocks                                 30,265   36,442  30,567
Debtors                                31,578   45,591  31,875
Investments and
short-term deposits                     3,165    4,069   2,249
Cash at bank and in hand               14,039    6,570   6,955
--------------------------------------------------------------
                                       79,047   92,672  71,646
Creditors
Amounts falling due within
one year                               71,323   86,006  74,562
--------------------------------------------------------------
Net current assets/
(liabilities)                           7,724    6,666  (2,916)
--------------------------------------------------------------
Total assets less current
liabilities                           140,778  161,963 132,371
Creditors
Amounts falling due after
more than one year                     36,649   34,885  35,401
--------------------------------------------------------------
                                      104,129  127,078  96,970
Provisions for liabilities
and charges
Provisions                              2,289    2,044   2,181
Deferred taxation                      12,959   22,504  12,416
--------------------------------------------------------------
                                       88,881  102,530  82,373
Minority interests
- equity interests                      2,567   11,440   8,765
- non-equity interests                    776      740     780
--------------------------------------------------------------
                                       85,538   90,350  72,828
--------------------------------------------------------------
Capital and reserves
Called-up share capital                 1,997    1,994   1,994
Reserves:
  Share premium account             8   1,327    1,039   1,068
  Capital reserves                  8  10,632   18,513  10,834
  Profit and loss account           8  71,582   68,804  58,932
--------------------------------------------------------------
                                       85,538   90,350  72,828
--------------------------------------------------------------
Shareholders' funds are
attributable to:
  Equity interests                     85,337   90,149  72,627
  Non-equity interests                    201      201     201
--------------------------------------------------------------
                                       85,538   90,350  72,828
==============================================================

                               
                   GROUP CASH FLOW STATEMENT
           for the six months ended 31 October 1999
                               
                                    Unaudited Unaudited Audited
                                     6 months 6 months    year
                                           to       to      to
                                       31 Oct   31 Oct  30 Apr
                                         1999     1998    1999
                                 Note    £000     £000    £000
--------------------------------------------------------------
Net cash inflow from
operating activities                a  35,141   27,760  43,392
Returns on investments and
servicing of finance                   (1,558)  (2,023) (3,497)
Taxation                                 (799)    (223) (2,868)
Capital expenditure and
financial investment                  (11,672) (16,630)(33,629)
Acquisitions and disposals             (2,455)     444     245
Dividends paid - equity
shareholders                                -        -  (4,805)
--------------------------------------------------------------
Cash inflow/(outflow)
before use of liquid
resources and financing                18,657    9,328 (1,162)
Management of liquid
resources                                (957)    (956)    737
Financing
- increase in debt                      2,241    4,410   1,878
- shares issued                           262        -      29
--------------------------------------------------------------
Increase in cash in the
period                                 20,203   12,782   1,482
--------------------------------------------------------------


Reconciliation of net
cash flow
to movement in net debt             b
Increase in cash for the
period                                 20,203   12,782   1,482
Cash flow from increase
in debt and lease financing           (2,241)  (4,410) (1,878)
Cash flow from increase/
(decrease) in liquid resources            957      956    (737)
--------------------------------------------------------------
Change in net debt resulting
from cash flows                        18,919    9,328  (1,133)
Net debt acquired with
purchase of subsidiary
undertakings                                -   (2,302) (1,426)
Foreign exchange translation
differences                               582   (2,896)   (727)
--------------------------------------------------------------
Movement in net debt
in the period                          19,501    4,130  (3,286)
Net debt at 1 May 1999                (61,952) (58,666)(58,666)
--------------------------------------------------------------
Net debt at 31 October 1999           (42,451) (54,536)(61,952)
==============================================================

               NOTES TO THE CASH FLOW STATEMENT
           for the six months ended 31 October 1999
                               
(a) Reconciliation of operating profit to operating cash flow

                                    Unaudited Unaudited Audited
                                     6 months 6 months    year
                                           to       to      to
                                       31 Oct   31 Oct  30 Apr
                                         1999     1998    1999
                                         £000     £000    £000
--------------------------------------------------------------
Operating profit/(loss)                22,019   17,035  (3,696)
Depreciation and
amortisation charges                   14,606   14,730  49,199
Non-cash charge relating
to exceptional stock provisions             -        -   5,591
Loss/(profit) on exchange                 471      721    (482)
--------------------------------------------------------------
Trading profit                         37,096   32,486  50,612
Profit on sale of assets
(including liquid resources)           (4,519)    (377)   (467)
Exceptional items                           -         - (2,285)
--------------------------------------------------------------
Group cash inflow                      32,577   32,109  47,860
Net movement in working
capital                                 2,564   (4,349) (4,468)
--------------------------------------------------------------
Net cash inflow from
operating activities                   35,141   27,760  43,392
==============================================================

(b)  Analysis of net debt
                       At           Other            At     At
                    1 May   Cash non-cash Exchange 31 Oct 31 Oct
                     1999   flow  changes movement   1999   1998
                     £000   £000     £000   £000    £000   £000
--------------------------------------------------------------
Cash at bank
and in hand         6,955   6,909      -      175  14,039   6,570
Overdrafts        (15,578) 13,294      -      313  (1,971) (4,358)
                         --------
                           20,203
                         --------
Debt due after
one year          (35,343) (3,019)   2,147    175 (36,040) (34,723)
Debt due within
one year          (20,211)    762  (2,147)    (40)(21,636) (26,058)
Finance leases        (24)     16       -      -       (8)     (36)
                          --------
                           (2,241)
                          --------
Current asset
investments and
short-term deposits 2,249     957       -     (41)  3,165    4,069
--------------------------------------------------------------
Total             (61,952) 18,919       -     582 (42,451) (54,536)
==============================================================

(c)Major non-cash transactions

   As  already  announced  the purchase  consideration  before
   expenses  for the acquisition of the 49.8 per cent minority
   interest  in  Nippon  Auto Photo K.K.  was  £25.2  million,
   comprising £2.2 million in cash and £23.0 million  in  sale
   of operating equipment.

   The  proceeds from the sale of operating equipment of £23.0
   million  and  the purchase consideration of  £23.0  million
   have  been  treated as non-cash transactions and  are  thus
   not  included in the cash flow statement under the headings
   of   capital  expenditure  and  financial  investment   and
   acquisitions and disposals.

     GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
           for the six months ended 31 October 1999
                               
                               
                                    Unaudited Unaudited Audited
                                     6 months 6 months    year
                                           to       to      to
                                       31 Oct   31 Oct  30 Apr
                                         1999     1998    1999
                                         £000     £000    £000
--------------------------------------------------------------
Profit/(loss) attributable
to shareholders                        13,914   10,440    (749)
Exchange adjustments                      335    3,173     613
--------------------------------------------------------------
Total recognised gains
and losses for the period              14,249   13,613    (136)
==============================================================



          NOTE OF HISTORICAL COST PROFITS AND LOSSES
           for the six months ended 31 October 1999


The  Group prepares its accounts on the historical cost  basis
and has not revalued its properties.  Consequently, no note of
historical cost profits and losses is required.



      RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
           for the six months ended 31 October 1999
                               
                               
                                    Unaudited Unaudited Audited
                                     6 months 6 months    year
                                           to       to      to
                                       31 Oct   31 Oct  30 Apr
                                         1999     1998    1999
                                         £000     £000    £000
--------------------------------------------------------------
Profit/(loss) for the period
 before dividends                      13,914   10,440    (749)
Dividends                              (1,801)  (1,578) (5,380)
Exchange adjustments                      335    3,173     613
Shares issued including
share premium                             262        -      29
Goodwill written-back on disposal
of subsidiary undertakings                  -      519     519
--------------------------------------------------------------
Net movement in
shareholders' funds                    12,710   12,554  (4,968)
Shareholders' funds
at 1 May 1999                          72,828   77,796  77,796
--------------------------------------------------------------
Shareholders' funds at
31 October 1999                        85,538   90,350  72,828
==============================================================


NOTES ON THE ACCOUNTS

1. Basis of preparation of the interim accounts

   The  interim  accounts,  which  are  unaudited,  have  been
   prepared  on the basis of accounting policies  set  out  in
   the Group's 1999 Report and Accounts.
   For the preparation of the interim accounts the results  of
   overseas  undertakings  have been  translated  at  exchange
   rates ruling on 31 October 1999.
   Turnover  and operating profit are derived from  continuing
   operations.    There   have  been   no   acquisitions   nor
   discontinued  operations in the six months  to  31  October
   1999  (the acquisition of the minority interests in  Nippon
   Auto  Photo  K.K. during the period has had  no  impact  on
   operating profit).
   The  figures  for the financial year ended  30  April  1999
   have  been  extracted from the Report  and  Accounts  which
   have  been filed with the Registrar of Companies, in  which
   the  auditor's report was unqualified and did  not  contain
   any  statement under Section 237(2) or (3) of the Companies
   Act 1985.

2. Turnover

   Turnover was contributed as follows:

                                    6 months 6 months    Year
                                          to       to      to
                                      31 Oct   31 Oct  30 Apr
                                        1999     1998    1999
   Area of activity                     £000     £000    £000
   ----------------------------------------------------------
   Manufacturing
     Total sales                      25,401   39,492  62,059
     Sales to Group
   undertakings                       (6,731) (12,451)(22,835)
   ----------------------------------------------------------
     Sales to third parties           18,670   27,041  39,224
   Operating                          90,063   87,024 158,282
   ----------------------------------------------------------
   Total sales to third
   parties                           108,733  114,065 197,506
   ==========================================================
   
                                    6 months 6 months    Year
                                          to       to      to
                                      31 Oct   31 Oct  30 Apr
                                        1999     1998    1999
   Geographical area                    £000     £000    £000
   ----------------------------------------------------------
   United Kingdom and
   Republic of Ireland                30,792   38,703  62,941
   Overseas
     Continental Europe               50,508   50,253  85,138
     The Americas                      5,140    7,994  14,081
     Asia                             22,293   17,115  35,346
   ----------------------------------------------------------
                                     108,733  114,065 197,506
   ==========================================================
3. Profit on ordinary activities before taxation


                              6 mths   6 mths  Yr to 30 Apr 99
                                  to       to   Before   After
                              31 Oct   31 Oct   except  except
                                                -ional  -ional
                                1999     1998    items   items
   Geographical area           £000     £000     £000    £000

   ----------------------------------------------------------
   United Kingdom and
   Republic of Ireland        6,368    4,285    7,317    (300)
   Overseas
     Continental Europe      10,067   10,659   11,867   3,534
     The Americas            (1,202)  (1,557)  (1,980) (4,429)
     Asia                     5,304    1,814    2,845  (8,188)
   ----------------------------------------------------------
                             20,537   15,201   20,049  (9,383)
   ==========================================================
   
4. Taxation
                                    6 months 6 months    Year
                                          to       to      to
                                      31 Oct   31 Oct  30 Apr
                                        1999     1998    1999
                                        £000     £000    £000
   ----------------------------------------------------------
   United Kingdom                      1,777    1,273      90
   Overseas                            4,714    3,375  (5,416)
   ----------------------------------------------------------
                                       6,491    4,648  (5,326)
   ==========================================================
   
5. Dividends
                                    6 months 6 months    Year
                                          to       to      to
                                      31 Oct   31 Oct  30 Apr
                                        1999     1998    1999
                                        £000     £000    £000
   ----------------------------------------------------------
   Interim - 0.50p per share 
    (1998: 0.44p)                      1,801    1,578   1,578
   Final - 1.06p per share                 -        -   3,802
   ----------------------------------------------------------
                                       1,801    1,578   5,380
   ==========================================================
   
   The  directors have declared an interim dividend  of  0.50p
   (1998:  0.44p)  per Ordinary share.  The  interim  dividend
   will  be  paid  on  3  April 2000 to  shareholders  on  the
   register at the close of business on 10 March 2000.
   
   To  assist comparability, dividends per share are shown  on
   the  assumption  that  the 5 for 1 subdivision,  which  was
   effected in November 1999, applied for all periods.
   
6. Earnings per share

   The  calculation  of earnings per share  is  based  on  the
   following:

                                    6 months 6 months    Year
                                          to       to      to
                                      31 Oct   31 Oct  30 Apr
                                        1999     1998    1999
   ----------------------------------------------------------
   Profit attributable to
   shareholders
     before exceptional
      items (£000)                    13,914   10,440  14,220
     exceptional
      items (£000)                                    (14,969)
     after exceptional
      items (£000)                                       (749)
   
   Weighted average number of
   shares in issue in the
   period
     basic ('000)                    358,707  358,532 358,556
     including dilutive share
      options ('000)                 363,986  360,783 361,008
   ----------------------------------------------------------
   
   To  assist comparability, earnings per share are  shown  on
   the  assumption  that  the 5 for 1 subdivision,  which  was
   effected in November 1999, applied for all periods.
   
7. Fixed assets
                                                 Other
                                   Goodwill intangible Tangible
                                       £000      £000    £000
   ----------------------------------------------------------
   Net book value at
   1 May 1999                            109    5,095   129,500
   Exchange adjustment                     -     (129)      145
   Additions
     operating equipment                   -        -    10,431
     other                                 -    1,120     1,068
     goodwill on acquisition
   of subsidiary undertakings         19,060        -       -
   Depreciation provided in
   the period                           (332)    (481)  (13,793)
   Disposals at net book value             -        -   (19,427)
   ----------------------------------------------------------
   Net book value at
   31 October 1999                    18,837    5,605   107,924
   ==========================================================
   
8. Reserves
                                        Share Capital  Profit
                                      Premium Reserves and loss
                                         £000    £000    £000
   ----------------------------------------------------------
   Balance at 1 May 1999                1,068  10,834  58,932
   Exchange adjustment                      -    (202)    537
   Arising on issue of shares             259       -       -
   Retained profit for
   the period                               -       -  12,113
   ----------------------------------------------------------
   Balance at 31 October 1999           1,327  10,632  71,582
   ==========================================================
   
9. Copies of this statement will be mailed to shareholders  on
   28  January 2000 and from that date will be available  from
   the  Company's  registered office at Church Road,  Bookham,
   Surrey  KT23 3EU.