Felixstowe Dock

Interim Results - Turnover Up 3%

FELIXSTOWE DOCK & RAILWAY COMPANY
29 October 1999


THE FELIXSTOWE DOCK AND RAILWAY COMPANY  

Interim Results 

The profit before taxation for the six months to 30 June 1999 was £11,309,000
(1998: £10,101,000).  The profit after taxation was £8,230,000 (1998 £7,532,000)
- see note 3.

The turnover for the six months to 30 June 1999 shows an increase of 3% compared
to the same period in 1998 reflecting organic growth of the existing customer
base.  This will be further strengthened by increases in capacity following the
successful completion of the programme of additional capital investment and the
conclusion of a port wide labour review.

As a result of a financial reorganisation which took place in March 1999,
certain external loans have been replaced by parent company borrowings on which
interest has not been charged, resulting in a decrease in interest payable.

The interim dividend on the 6.5% Cumulative Redeemable Preference Shares and the
annual dividend on the 5% Cumulative Redeemable Participating Preference Shares
were paid on 1 July 1999.
                                                                   October 1999


Profit and Loss Account
for the six months ended 30 June 1999


                                         Six months    Six months      Year to
                                         to 30 June    to 30 June  31 December
                                               1999          1998         1998
                                              £'000         £'000        £'000

Turnover                                     60,086        58,284      113,939
Net operating costs                         (46,880)      (45,210)     (84,551)

Operating profit                             13,206        13,074       29,388
Income from fixed asset investments               0             0          315
Interest payable less receivable            (1,897)        (2,973)      (5,885)

Profit on ordinary activities
  before taxation                           11,309         10,101       23,818
Taxation on profit on ordinary activities   (3,079)        (2,569)      (6,568)

Profit on ordinary activities
  after taxation                             8,230          7,532       17,250
Dividends (note 1)                          (1,016)        (1,016)     (17,031)

Profit/(Loss) for the period                 7,214          6,516          219

Earnings per ordinary stock unit             206.6p         186.6p       435.8p

Notes

1.  Dividends paid, proposed and
    accrued are as follows:-                 £'000          £'000       £'000

    6.5% Cumulative Redeemable
    Preference Shares                         (650)          (650)     (1,300)

    5.0% Cumulative Redeemable
    Participating Preference Shares           (366)          (366)       (731)

    Ordinary Stock                               0              0     (15,000)

                                            (1,016)        (1,016)    (17,031)

2. This statement has been circularised to the holders of the listed securities.

3. Summary Accounts:
The figures for the year to 31 December 1998 are extracted from the statutory
accounts for that year, on which the auditors gave an unqualified report,
without any statement under section 237 (2) or (4) of the Companies Act 1985.
The six months results are unaudited.