Preliminary Results - Part 1

Ocean Wilsons Holdings Ld
24 April 2002

PART 1


                             Ocean Wilsons Holdings Limited
                                Preliminary Announcement

At a board meeting held today the following announcement of the unaudited 
results of the Company and its subsidiary companies for the twelve months ended 
31st December 2001 was approved by the directors.                                                                       
                  
                                                                                                                      
                                                                                                                      
                          Consolidated Profit and Loss Account                                                          
         
                                           Year to 31st            Year to 31st      
                                          December 2001           December 2000     
                                                  £'000                   £'000             
Turnover                                                                                  
         Turnover and share of joint ventures    88,121                  81,382            
         less share of joint                     (8,367)                 (7,007)           
          venture turnover                                                   
                                                                                                                      
Group turnover                                   79,754                  74,375            
         Operating costs                        (62,011)                (60,117)          
         Depreciation                            (6,266)                 (5,684)           
                                                                                                                      
Group operating profit                           11,477                   8,574             
         Share of operating                       3,285                   1,232             
          profit in joint ventures                                                           
         Share of operating                        (485)                   (160)             
          loss in associates                                                 
         Income from fixed                          167                     189               
          asset investments                                                  
         Realised (deficits) /                     (280)                  1,953             
          surpluses on sales of investments                                              
         Profit on disposals of assets              234                     -                 
         Other interest receivable and similar    3,881                   3,390             
          income                                                             
         Interest payable and similar charges    (3,910)                 (2,915)           
         Net exchange loss on foreign currency   (8,692)                 (4,114)           
          borrowings                                                         

Profit on ordinary activities before taxation     5,677                   8,149             
         Taxation on profit on ordinary 
          activities                             (2,420)                 (2,603)           
                                                                                                  
Profit on ordinary activities after taxation      3,257                   5,546             
         Minority interests                         338                    (585)             

Profit for the financial year                     3,595                   4,961             

Dividends                                                                                 
         Paid and Payable                        (2,122)                 (2,205)           

Retained by group companies                       1,473                   2,756             

(Loss) / Earnings per share Basic and diluted     10.03                   12.93p            
 





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