Final Results

Anglo-Welsh Group PLC
15 December 2000


             ANGLO-WELSH GROUP PLC ('the Company')
                               
    Preliminary results for the year ended 31 October 2000

CHAIRMAN'S STATEMENT

Progress to Date

Michael Hill and I were appointed to the Board in May and June
2000  respectively, following the departure of  David  Daynes,
the former managing director of the Company.  Our role was  to
stabilise  the  cash position of the Group, to  refinance  the
Company,  dispose  of  the remaining  assets  and  procure  an
attractive candidate to reverse into the cash shell.

Since  our  appointment we have concentrated  our  efforts  on
producing reliable and up to date financial information on the
Group,  have  agreed  suitable banking arrangements  with  the
Company's bankers to give the Board time to realise assets and
have  negotiated  and  completed the sale  of  the  boat  hire
business   to  Aquatravel  Limited,  details  of  which   were
announced on 4 December 2000.  The sale has realised not  less
than  £800,000 in cash for the company of which  £500,000  was
used  to repay certain shareholder loans.  The sale removed  a
loss making business from the Group and is expected to provide
long  term income to the Company in respect of certain of  our
canal  boats.  We are also pleased to have realised an  amount
in  excess  of  the  net book value of the  assets  sold.   In
addition, we have also sold the Junction Inn.

Following completion of the sale of the boat hire business, we
have  concentrated our effort on a proposed placing  and  open
offer to raise urgently needed capital for the Group and allow
us  time to dispose of the Group's assets in an orderly manner
for the benefit of all shareholders.

Results

Whilst  turnover  in the year to 31 October 2000  improved  to
£3.6  million (1999: £3.1 million) the operating loss for  the
year  was  £1.3 million (1999: Profit £126,613).  The downturn
arose both from a dramatic reduction in gross margin from  48%
in  1999  to  30%  in  the  year under review.   Additionally,
overhead  costs were £2.4 million compared to £1.3 million  in
the  previous year - a near doubling.  Adding to the  downturn
were  losses  arising  on disposal of the Group's  engineering
operation and write downs in the carrying value of certain  of
the   Group's  assets.   Recent  trading  performance  in  the
Company's wholly owned subsidiary Time Afloat Limited has been
acceptable considering the restructuring that has taken  place
to reduce fixed overheads.

In  balance  sheet  terms such continued  losses  are  clearly
unsustainable and for this reason the Board has  taken  urgent
steps to dispose of the boat hire business as outlined above.

In  view  of  the poor trading result, the Board will  not  be
proposing a dividend (1999: 0.5p per share).

During  the  course  of  the financial year  the  Group's  net
indebtedness  rose to £2.48 million at the year  end  and  has
continued  to  rise  since  that  date.   To  provide  ongoing
liquidity to enable the Group to meet its liabilities as  they
fell  due,  we arranged short term loans from certain  of  the
Company's  shareholders and we applied part  of  the  disposal
proceeds  from  the  sale of the boat hire business  to  repay
these loans.

The  Company's  bankers have been highly supportive  and  have
maintained facilities in difficult circumstances. The proposed
placing  and  open offer is vital in enabling the  Company  to
repay indebtedness and provide working capital going forward.

The Future

Following completion of the proposed fundraising we will press
ahead  with  a disposal of the remaining assets of  the  Group
including  its 113 canal boats.  We will also seek  attractive
candidates to reverse into the Anglo-Welsh Group plc shell.

I  would like to thank our employees for their dedication  and
look forward to reporting further progress to you.


S THOMSON

Executive Chairman

ANGLO-WELSH GROUP PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 October 2000

                                           2000        1999
                                            £           £
                                                              
TURNOVER                                 3,591,928   3,063,722
                                                              
Cost of sales                           (2,497,648)  (1,591,704)
                                                 
                                                              
GROSS PROFIT                             1,094,280   1,472,018
                                                              
Operating expenses                      (2,439,164)  (1,345,405)
                                                
                                                              
OPERATING (LOSS) PROFIT                 (1,344,884)     126,613
                                                 
                                                              
Loss   on   the  disposal   of            (136,446)           -
discontinued operations
Loss   on  disposal   of   and            (258,709)           -
diminution   in    value    of
tangible fixed assets
                                                              
(LOSS)   PROFIT  ON   ORDINARY          (1,740,039)     126,613
ACTIVITIES BEFORE INTEREST                       
                                                              
Interest payable                          (285,161)    (130,857)
                                                              
LOSS  ON  ORDINARY  ACTIVITIES          (2,025,200)      (4,244)
BEFORE TAXATION                                  
                                                              
Taxation                                  (152,109)      24,060
                                                              
(LOSS)   PROFIT  ON   ORDINARY          (2,177,309)      19,816
ACTIVITIES AFTER TAXATION                        
                                                              
Dividends                                        -      (15,707)
                                                              
RETAINED (LOSS) PROFIT FOR THE          (2,177,309)       4,109
FINANCIAL YEAR                                   
                                                              
BASIC (LOSS) EARNINGS PER               (68.9)              0.6
SHARE (IN PENCE)


ANGLO-WELSH GROUP PLC

BALANCE SHEETS                                                      
31 October 2000
                      Group 2000  Group 1999     Company     Company
                               £           £        2000        1999
                                                       £           £
FIXED ASSETS                                                        
Tangible assets        4,024,981   4,695,508   3,402,216   4,695,508
Investments               15,686      15,686     626,112   1,615,454
                                                                    
                       4,040,667   4,711,194   4,028,328   6,310,962
CURRENT ASSETS                                                      
Stocks                   321,657     742,098     258,121     689,098
Debtors:amounts                                                     
falling due                                                  441,651
within one year          384,605     401,656     455,097
                                                                    
Cash at bank                                                        
and in hand               51,372      12,073       8,725      12,073
                                                                    
                         757,634   1,155,827     721,943   1,142,822
CREDITORS -                                                         
amounts falling                                                     
due within one                                                      
year                  (3,202,048)  (1,930,712)  (3,649,699) (2,548,420)
                                                              
                                                                    
NET CURRENT                                                         
LIABILITIES           (2,444,414)   (774,885)  (2,927,756)  (1,405,598)
                                                               
                                                                    
TOTAL ASSETS                                                        
LESS CURRENT                                                        
LIABILITIES            1,596,253   3,936,309   1,100,572   4,905,364
                                                                    
CREDITORS -                                                         
amounts falling                                                     
due after more                                                      
than one year          (494,287)   (816,984)   (441,195)   (816,984)
                                                                    
PROVISIONS FOR                                                      
LIABILITIES AND                                                     
CHARGES                (143,000)    (29,550)           -    (29,550)
                                                                    
NET ASSETS               958,966   3,089,775     659,377   4,058,830
                                                                    
CAPITAL &                                                           
RESERVES
Called up share                                                     
capital                  319,145     309,145     319,145     309,145
Share premium          1,820,877   1,784,377   1,820,877   1,784,377
Capital                                                             
redemption               164,667     164,667     164,667     164,667
reserve
Profit and loss                                                     
account               (1,978,023)    199,286  (1,645,312)   1,800,641
                                                     
Capital reserve          632,300     632,300           -           -
                                                                    
EQUITY                                                              
SHAREHOLDERS'                                                       
FUNDS                    958,966   3,089,775     659,377   4,058,830

ANGLO-WELSH GROUP PLC

GROUP CASH FLOW STATEMENT
for the year ended 31 October 2000

                                2000                1999
                                  
                             £         £        £         £
NET CASH (OUTFLOW)                                            
INFLOW FROM                       (527,241)           384,898
OPERATING                                    
ACTIVITIES
                                                              
RETURNS ON                                            
INVESTMENTS AND
SERVICING OF
FINANCE
                                                              
Interest paid                        (285,161)          (130,857)
                                                        
                                                              
TAXATION                             (18,749)             (7,187)
                                                      
                                                              
CAPITAL                                                       
EXPENDITURE
Payments        to        (256,932)           (851,509)        
acquire   tangible                                 
fixed assets
Receipts from  the          297,962           197,617         
sale  of  tangible
fixed assets
Receipts from  the          180,000                 -         
sale of operations
                                                              
                                     221,030             (653,892)
                                                            
                                                              
EQUITY   DIVIDENDS                   (15,707)             (92,745)
PAID                                       
                                                              
FINANCING                                                     
Repayment of loans       (1,193,092)           (138,222)         
                                 
New loans                 2,180,000             384,840         
Proceeds from                46,500                 -         
issue of new
shares
                                                              
NET CASH INFLOW                    1,033,408               246,618
FROM FINANCING                            
                                                              
INCREASE                             407,580              (253,165)
(DECREASE) IN CASH                                          



                     ANGLO-WELSH GROUP PLC
                               
    Preliminary results for the year ended 31 October 2000
                               
                               
                             NOTES
                               
1. The comparative financial information in this preliminary
   statement is for the 52 weeks ended 31 October 1999.  The
   accounting policies for both periods are in accordance
   with those set out in Anglo-Welsh Group PLC's accounts for
   the 52 weeks ended 31 October 2000.
   
2. Basic loss per ordinary share of 68.9 pence (1999:0.6
   pence earnings) is calculated using the net basis on the
   group (loss) profit for the year after tax of £(2,177,309)
   (1999:profit £19,816) and on the weighted average number
   of shares in issue of 3,158,117 (1999:3,091,450).
   
3. A copy of the Annual Report and Accounts is expected to be
   posted to shareholders shortly and will be filed with the
   Registrar of companies following their adoption at the
   forthcoming Annual General Meeting.
   
4. These preliminary statements do not constitute statutory
   accounts within the meaning of Section 240 of the
   Companies Act 1985.  They have, however, been extracted
   from the Anglo-Welsh Group PLC statutory accounts for the
   52 weeks ended 31 October 2000 on which an unqualified
   Auditor's Report was signed on 15 December 2000.