Final Results - Part 1

TBI PLC
20 June 2000

PART 1


Contacts: Keith Brooks, Chief Executive
          Caroline Price, Group Finance Director
          TBI plc                                   020 7408 7300

          David Bick
          Holborn Public Relations                  020 7929 5599
                                        [e-mail]
                                       
                                       
                                    TBI plc
             Preliminary Results for the year ended 31 March 2000
                                       
TBI  plc,  the airports group, announces its preliminary results for the year
ended 31 March 2000.

Highlights of the Year

*  Year of strategic change - now exclusively an airports business

*  Well positioned as leading regional airports company

*  Underlying pre-tax profits of continuing operations up 36.7% to £15.5 m

*  Strong growth in established airports



Commenting, Keith Brooks, Chief Executive said:

'Our  strong  strategic  position combined with  our  substantial  skill  base
provides  a very encouraging backdrop for future profitable growth, both  this
year  and  beyond.  We will also seek to deploy our strong  balance  sheet  to
augment  our  organic development with acquisitions that meet  our  investment
criteria.'

Year of Strategic Change

The  year  ended 31 March 2000 was one of great strategic change for  TBI.  We
exited  commercial property with the sale of this business in  June  1999  for
£190  million  and  acquired Airport Group International for  £86  million  in
September 1999, thereby making the group a focused airports company with three
distinct activities - ownership, management and services.

Financial Performance

Earnings   from   group  airport  businesses  before  interest,  depreciation,
amortisation, tax and reorganisation costs rose 23% to £32.7 million.   Profit
before tax from the continuing businesses have this year increased by 36.7% to
£15.5  million. Earnings per share from continuing businesses  rose  29.7%  to
2.36p.

As  we  announced  on  10 March, there were significant  one-off  costs  which
impacted  the  results, including those associated with the strategic  change,
resulting  in  a  headline loss before tax of £4.5 million. A  base  has  been
established  from which to achieve sustainable and consistent earnings  growth
in  the  years  ahead.  The  group  also  has  a  strong  balance  sheet  with
considerable debt capacity to assist our growth plans.

The  board  is recommending a final dividend of 1.4p per share, payable  on  7
August  2000,  making  a total dividend for the year of  2.0p  per  share,  an
increase of 14%.

Airport businesses

                         EBITDA*
                        2000      1999          
                         £'m       £'m
Belfast                 17.7      16.0          
Bolivia                  1.6         -          
Cardiff                  9.7       8.2          
Orlando Sanford          0.9       2.4          
Stockholm Skavsta       (0.1)     (0.1) 
                        ----      ----         
Airport ownership       29.8      26.5          
Airport management       1.1         -          
Airport services         1.8         -   
                        ----      ----       
                        32.7      26.5 + 23%
                        ----      ----

*  Excluding reorganisation costs of £1.5 million

Our  main  airports  at Belfast and Cardiff had a very good  year.   Belfast's
passengers  rose  by  15%  to over three million - a watershed  number  for  a
regional airport.  Bolivia performed in line with our expectations, and  there
are now initial signs of a general economic upturn in the region, supported by
renewed airlines interest in the country.  Orlando Sanford had a tough year -
but has underpinned its business by entering into long term contracts with its
major  customers and, as the new operator of the domestic terminal is enjoying
significant passenger growth from Pan Am operations at the airport.  Stockholm
Skavsta too had its difficulties during the year, particularly with its  cargo
operations.   However,  the year ended on a high point as  the  Swedish  Prime
Minister  identified it as the preferred solution for Stockholm's need  for  a
second airport.

Strategic Position

TBI  is  now  the  largest operator of regional airports  in  the  world  with
outright  ownership, part ownership, management contracts and airport services
contracts in 37 airports in North and South America, Europe and Australia.  We
have  assembled a very valuable collection of assets. Some of these assets  do
not yet make a meaningful contribution to earnings, either because they are at
an  early  stage of development, as at Stockholm Skavsta, or because of  their
capital structure. At Skavsta we now have Government commitment to expand  the
airport   as   Stockholm's  second  principal  facility  with  much   enhanced
communications  with  the  city  centre and  improved  terminal  capacity.  In
Australia  we  have already made a partial disposal which shows a  22%  profit
over the price paid by AGI.

Management

A  new  management board of six directors has been put in place.  This  board,
which  reports  to  the main board, is responsible for day-to-day  management,
including  performance,  tactical  direction  and  the  management  of   risk,
including  safety.  In order to maximise operating efficiency,  the  divisions
generally  follow geographic lines, mindful that our strategic purpose  is  to
grow  our  ownership, management and services interests. Two of the management
board  directors are based in the USA, reflecting our strong presence in  that
country.

Airport Ownership

Currently  we  have  outright  ownership or long  term  interests  at  Belfast
International,  Cardiff International, Skavsta, Orlando Sanford,  Santa  Cruz,
Cochabamba  and  La  Paz. Additionally, we have minority  interests  in  Perth
(16%),  Northern  Territories (20%), Hobart (30%) and London Luton  (25%).  We
continually review whether to realise value or increase our interests in these
airports. Our most mature airport interest, Belfast International enjoyed  its
fourth consecutive year of growth under our stewardship with a 15% increase in
passenger numbers. Similarly, at Cardiff International passenger numbers  rose
by 5%.

Airport Management

TBI  manages  the whole or part of four important airports in  North  America.
These  are  the  28-gate  international concourse at Atlanta,  Terminal  3  at
Toronto  and  the smaller Burbank and Albany airports. We see  our  successful
management formula at these airports and at Orlando Sanford being repeated  at
other  airports  across the USA as the privatisation process gathers  pace  in
this market.

We  also  have technical service agreements at all of the Australian  airports
and  at London Luton. These agreements attract fixed fees plus additional fees
related to airport performance.

Airport Services

The  group provides a variety of services, including fuelling, cargo handling,
ground  handling and, passenger handling and maintenance in locations  ranging
from  Los Angeles and San Francisco on the American West Coast to Atlanta  and
Charlotte in the South and Chicago and Baltimore in the North and East. We see
significant growth opportunities for these activities.

Prospects

Our  strong  strategic  position  combined with  our  substantial  skill  base
provides  a very encouraging backdrop for future profitable growth, both  this
year  and  beyond.  We will also seek to deploy our strong  balance  sheet  to
augment  our  organic development with acquisitions that meet  our  investment
criteria.


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