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Benchmark Group PLC (BMK)

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Wednesday 27 September, 2000

Benchmark Group PLC

Preliminary Results

Benchmark Group PLC
27 September 2000

                    PRELIMINARY ANNOUNCEMENT
                                
                     Year Ended 30 June 2000
                                

Benchmark Group PLC ('Benchmark'), the specialist Central London
property  investment  and  development  company,  announces  its
Audited Results for the year ended 30 June 2000.

Highlights

*  Net  asset  value per share increased 26.8% to 343.1p  (1999:
   270.5p)

*  Total  return  in  NAV  per share from June  1996,  including
   cumulative dividends paid out or proposed, is 20.8% per annum

*  Investment  properties increased 17% in value over  the  year
   based on independent valuation

*  Net rental income increased 4.1% to £20.3m (1999: £19.5m)

*  Annualised  net rental income increased to £39.7m  per  annum
   (1999: £23.4m)

*  Pre-tax  profit increased to £15.5m (1999: £15.1m); post  tax
   profit increased to £13.3m (1999: £13.2m)

*  Earnings  per  share  increased  to  11.2p  (1999:  10.9p)  -
   earnings  per  share (excluding net profits  on  disposal  of
   trading  and  investment properties) reduced to  3.5p  (1999:
   8.2p)

*  Final dividend of 2.3p recommended - total dividends for  the
   year increased 10.7% to 4.15p (1999: 3.75p)

*  Net  gearing as at 30 June 2000 of 64.3% (1999: 53.9%) -  net
   borrowings £267.0m (1999: £175.9m)

*  £186.5m  spent on acquisitions in Central London  during  the
   year  including the Golden Square Estate, W1; Buchanan House,
   St  James's  Square, W1; Medius, Sheraton Street,  W1;  Mitre
   House  and  Compter House, Cheapside, EC2 and  properties  in
   Grafton Street, W1

*  £167.0m of total sales achieved during the year, providing  a
   net  profit  of  £10.1m, giving a surplus of 6.6%  over  book
   value, or £21.9m (15.4%) over historic cost

*  Additional   disposal  of  leasehold   interest   in   99/121
   Kensington High Street and 1 Derry Street and the freehold of
   25  Kensington  Square, W8 to a joint venture  with  Deutsche
   Bank  AG in which Benchmark holds a 50.1% interest.  The £83m
   sale  resulted in a net profit over book value of  £1.9m,  or
   £12.9m over historic cost on the 49.9% part disposal

Tan  Sri Quek Leng Chan, Chairman of Benchmark said:  'Since its
recapitalisation  in  October 1996, Benchmark  has  undergone  a
rapid  transformation  to become a key Central  London  property
specialist  and  as at the year end it had a portfolio  of  £696
million  compared  to  £20 million in June  1996.   During  this
period, the annual compound growth in net asset value per share,
including the cumulative dividends per share that have been paid
or  are  proposed, has resulted in a total return of  20.8%  per
annum.

'We  have created an excellent Central London portfolio and will
seek  to continue to grow and increase shareholder value against
the backdrop of a strong Central London property market.'

For further information, please contact:

Nigel Kempner                        Jeremy Carey or Karen Roberts
Chief Executive                           Tavistock Communications
Benchmark Group PLC                            Tel:  020 7600 2288
Tel: 020 7287 6881


                      CHAIRMAN'S STATEMENT


The  year ended 30 June 2000 was another year of achievement for
the  Group as it continued to grow as a major specialist Central
London  property company whilst achieving a good blend of  solid
income,  commercial  developments  and  properties  with  future
potential.

The  Central  London  property market has produced  particularly
strong  office rental growth in the West End and  now  the  City
market  is  showing  signs  of  rental  growth.   Strong  retail
interest  in  the West End has meant that there  have  been  few
vacant  shop  units and those which became available  have  been
leased quickly.

There  is  little  doubt that London is presently  an  important
sought  after  world  destination for  business,  lifestyle  and
culture.   This  has  led to continuing  strong  demand  in  all
sectors  of the property market with very little supply  of  the
right  quality resulting in upward pressure on rents and prices.
All  the  evidence points to sustainable growth which  we  shall
exploit  by  continuing  to specialise  in  Central  London  and
particularly the West End.

During  the  year  we  have completed the  first  phase  of  our
development programme by the sale of all the apartments  at  The
Panoramic, our residential development in Pimlico on the Thames,
and  completing  the  lettings of  our  commercial  projects  at
Stirling Square, Glasshouse Street and Grosvenor Street  and  we
currently  have  an office vacancy factor in terms  of  area  of
3.5%.  We have now put in place the next phase of our commercial
development  and  refurbishment  programme  at  Golden   Square,
Wardour Street, Grafton Street and Bruton Street.  We are hoping
to receive planning and listed building consents this autumn for
the  creation  of a new food hall for Waitrose on our  Belgravia
Estate which will allow us to start work at the end of the year.

We have continued our disposal programme to transform unrealised
valuation   surpluses  into  realised  profits,  and   we   have
reinvested   the   proceeds  in  new  acquisitions   to   create
opportunities to enhance future returns.

The  operations  run  by  Nexus Estates,  our  serviced  offices
subsidiary,  at  1  Cornhill and Leadenhall  Street,  have  been
successful  and  those buildings are fully  taken  up  ahead  of
schedule.  We are now bringing its skills to the West End market
where  we  will be opening, at the end of the year,  a  flexible
lease  business  centre  of  35,000 sq  ft  in  Grafton  Street,
Mayfair.   Nexus  has established a good name  and  we  are  now
seeking a financial partner to help Nexus expand its business in
the UK and internationally.

RESULTS

The  net  asset  value  per share at 30  June  2000  was  343.1p
compared with 270.5p a year earlier, an increase of 26.8%.

Our  investment properties were valued at 30 June  2000  by  DTZ
Debenham   Tie   Leung  Limited,  Chartered   Surveyors.    This
revaluation showed a net increase of £96.2 million over  the  30
June 1999 figures representing an uplift of 17% in the value  of
the  investment properties held at the year end, excluding  non-
income producing developments.

Pre-tax  profits  for the year increased to £15.5  million  from
£15.1 million in the previous year and post-tax profits for  the
year  increased  to £13.3 million from £13.2 million.   Earnings
per share were 11.2p compared with 10.9p in the previous year.

Normalised  earnings  per  share, excluding  profits  on  sales,
reduced  by 57.3% from 8.2p to 3.5p largely as a result  of  the
development programme which, although successfully leased,  only
flows  through  fully in rental terms, when  rent  free  periods
expire during the next financial year 2000/2001.

Net rental income for the period increased from £19.5 million to
£20.3 million.

Taking  into account sales and acquisitions since the  year-end,
net  rental  income on an annualised basis at the date  of  this
report is currently £39.7 million per annum.

An  interim dividend of 1.85p net per share was paid on 30 March
2000  and  the  Board  now recommends the  payment  of  a  final
dividend  of 2.30p net per share to be paid on 15 November  2000
to  shareholders on the register at 13 October 2000.  This would
make  a  total  dividend payable for the year of 4.15p  net  per
share representing an increase of 10.7% over last year.

FINANCIAL

In  June  2000  we  successfully converted our  secured  banking
facilities with HSBC Bank Plc into unsecured facilities, and the
addition of a similar unsecured facility with Barclays Bank  PLC
will  provide  us with much greater flexibility for  the  active
management of our existing property portfolio and to finance new
property acquisitions.

Our   net   borrowings  at  the  year-end  were   £267   million
representing net gearing of 64% compared with 54% as at 30  June
1999 and 61% at 31 December 1999.

Shareholders'  funds  as  at 30 June  2000  were  £415  million,
compared  with  £326 million as at 30 June 1999, and  our  gross
property assets were just under £700 million.

ACQUISITIONS AND DISPOSALS

We spent £186.5 million on acquisitions in Central London during
the  year.   Total  disposals of £167.0 million were  completed,
realising a net profit of £10.1 million over book value or £21.9
million  over  historic cost.  It should be remembered  that  we
have  now  adopted  a policy of undertaking a  full  independent
property valuation at the half-year, as well as at the year-end.

Following  the acquisitions and disposals, at the date  of  this
statement,  we now have a total portfolio of about 1.37  million
sq  ft  of offices, retail and leisure related space within  the
Circle  Line  in Central London.  Some 88% of the  portfolio  by
value is in the West End and 62% by value is freehold or held on
leases with an unexpired term of at least 100 years.

We have concentrated on increasing the average lot size by value
of  our  holdings  and this is now £22.4 million  compared  with
£17.0 million a year ago.

In  addition to the above disposals, we sold for £83 million our
long  leasehold  interest  in our Kensington  Estate  to  a  new
company  in which we hold a 50.1% interest and Deutsche Bank  AG
the remainder.

PERFORMANCE AND OUTLOOK

Since  its  recapitalisation  in  October  1996,  Benchmark  has
undergone a rapid transformation to become a key Central  London
property specialist and as at the year end it had a portfolio of
£696  million compared to £20 million in June 1996.  During this
period, the annual compound growth in net asset value per share,
including the cumulative dividends per share that have been paid
or  are  proposed, has resulted in a total return of  20.8%  per
annum.

I  would  like to thank my co-directors and our entire team  for
their valuable contributions during the year.

We  have created an excellent Central London portfolio and  will
seek  to continue to grow and increase shareholder value against
the backdrop of a strong Central London property market.


Tan Sri Quek Leng Chan
Chairman

26 September 2000


                      REVIEW OF OPERATIONS
                                
                                
PROPERTY REVIEW

ACQUISITIONS

During   the  year,  some  £186.5  million  was  spent  on   the
acquisition  of  properties in Central  London.   The  principal
transactions were:

*  In   August  1999,  we  completed  the  acquisition  of   six
   properties  owned by subsidiaries of Chesterfield  Properties
   PLC for £19.51 million.

*  In  August 1999, the freehold interest in a portfolio  of  13
   properties,  known as the Golden Square Estate, was  acquired
   from Taylor Clark Properties Limited for £22.5 million.

*  In  September  1999,  the freehold of Buchanan  House,  3  St
   James's  Square,  SW1 was acquired from Shell  Pension  Trust
   Limited for £38.0 million.

*  In  December 1999, the 52% long leasehold interest in 164 New
   Bond  Street and 11/14 Grafton Street, W1, where  we  already
   own  a  48%  interest, was acquired from Prudential Assurance
   Company Limited for £13.75 million.

*  In  March  2000,  the freehold of New Chapter House,  166/170
   Bishopsgate  and  14/15 New Street, EC2 was acquired  from  a
   property company for £10.0 million.

*  In  March  2000, the long leasehold interest of  8  and  9/10
   Grafton Street and 22/24 Bruton Lane, W1 was acquired from  a
   pension fund for £15.46 million.

*  In  March 2000, the freehold of 40/41 Old Bond Street, W1 was
   acquired  from  our 25% associate company,  Agnew's  Property
   Investments Limited, for £5.4 million so that the Company now
   has a 100% interest in this property.

*  In  April 2000, the long leasehold interest of Novello House,
   160 Wardour Street (now renamed Medius, Sheraton Street),  W1
   was  acquired  from the Crown Estate for £14.85 million  with
   the aim of carrying out a major office development.

*  In June 2000, the long leasehold interest in Mitre House, 120
   Cheapside, EC2 and Compter House, 4/9 Wood Street,  EC2  were
   acquired from Hammerson plc for £37.5 million.

DISPOSALS

During the year, we continued to pursue our stated objective  of
disposing  of  non-core properties and, taking  advantage  of  a
strong  London  property market, to sell  properties  at  prices
reflecting or exceeding their most recent independent valuation.
Total sales of £167.0 million were achieved, giving a net profit
of  £10.1 million over book value or £21.9 million over historic
cost.  The principal transactions were:

*  In  August  1999, a portfolio of six properties was  sold  to
   Shaftesbury PLC for £21.5 million.

*  In August 1999, the freehold of Ibex House, Minories, EC3 was
   sold for £37.9 million.

*  In  April  2000, four properties were sold for £26.6  million
   and  they  were  37/38 Curzon Street, W1; Outer  Temple,  222
   Strand, WC2; St Mary Abchurch House, 123 Cannon Street,  EC4;
   and 15/16 Brook's Mews, W1.

*  In  June 2000, the long leasehold of 16 Grosvenor Street,  W1
   was sold for £8.82 million.

*  Sale  of  all apartments at The Panoramic, SW1 and  three  at
   Stirling Square, 5/7 Carlton Gardens, SW1 for £67.9 million.

In  addition,  we  sold our long leasehold  interest  in  99/121
Kensington High Street and 1 Derry Street and the freehold of 25
Kensington  Square, W8 ('Kensington Estate') to  a  new  company
(121 KHS Limited) in which we hold a 50.1% interest and Deutsche
Bank  AG  the  remainder.  These properties were  sold  for  £83
million  and  the  disposal resulted in a net  profit  of  £12.9
million over historic cost on the 49.9% part disposal.

PORTFOLIO ACTIVITY - LETTINGS AND RENTAL INCOME

1999/2000  has been a record year in terms of lettings.   During
this  period, we carried out 15 major lettings of 262,000 sq  ft
of  office  and  retail  space.  These  lettings  will  generate
additional  rental  income of £12.8 million  annually  and  have
resulted  in  the total annualised rent roll on  a  consolidated
basis  now being £39.7 million compared to £23.4 million a  year
ago.

DEVELOPMENTS

Stirling Square, 5/7 Carlton Gardens, St James's, SW1
Practical  completion on the 95,000 sq ft of  office  space  was
achieved on 1 September 1999 and by April 2000, the entire space
was  fully  let.   The lettings to BAE Systems,  Texas  Pacific,
Citibank and Kohlberg Kravis Roberts together generate  a  gross
annual  rent  of  £5.9 million.  This space  was  let  at  rents
between  £62.50 per sq ft and £68 per sq ft for  the  ground  to
fifth floors and £43.40 for the lower ground floor.  Of the  six
residential units on the top two floors, three have been sold.

The Panoramic, Grosvenor Road, Pimlico, SW1
The  refurbishment works on the 90 apartments were completed  in
September 1999.  81 units were pre-sold for £46.8 million,  with
the  remaining 9 units being sold by March 2000 for a  total  of
£11.1 million.

33 Glasshouse Street, W1
The refurbishment works were completed in September 1999 and the
entire 25,000 sq ft of office space was let by December 1999  to
produce a gross annual rent of £1.0 million.  This space was let
at rents between £37.50 per sq ft and £41 per sq ft.

15 & 16 Grosvenor Street, W1
The  refurbishment of No. 16 was completed in November 1999  and
the  entire  16,000 sq ft of office space was  let  to  Elmsdale
Media  at £41.20 per sq ft overall.  Our long leasehold interest
in  the property was subsequently sold to a pension fund in June
2000 for £8.82 million.

The redevelopment of our freehold at No. 15, behind the existing
period  facade was completed in April 2000 and the entire 11,500
sq  ft  of  offices has been let to Pirelli UK at  a  rental  of
£650,000 per annum equating to £56.50 per sq ft overall.

Medius, Sheraton Street, W1
This is the renamed Novello House, which we are refurbishing  to
produce 68,000 sq ft of offices and 9,000 sq ft of other  space.
We  started  on  site  in  May 2000 and  we  expect  to  achieve
practical  completion  in June 2001.  Much  preliminary  leasing
interest  has  been  received for both the entire  property  and
individual floors.

Belgravia Estate, SW1
The  agreement for lease of a new food hall of 20,650 sq ft  has
been  exchanged with Waitrose and the outstanding  planning  and
listed  building  applications  are  due  to  be  determined  in
November  2000.   A  new  lease  has  been  exchanged  with  the
Grosvenor  Estate to enable the development to  proceed  and  to
ensure  that  the  Motcomb Street and Halkin  Street  areas  are
managed by us as an integrated shopping and residential area  to
maximise the value of our interest.  As part of the improvements
to  the  Estate, we will carry out a road improvement scheme  to
Motcomb  Street  and  a  streetscape  environmental  improvement
scheme.

Golden Square Estate, W1
The  first  phase  of the project involves the refurbishment  of
9,800  sq  ft of offices which have been pre-let to  WCRS  at  a
rental  equivalent  of  £42.75 per  sq  ft  (best  space),  with
practical completion targeted for October 2000.

The  next  phase  involves  a more comprehensive  redevelopment,
providing  41,500 sq ft of offices and 16,250  sq  ft  of  other
uses,  for  which the planning, listed building and conservation
applications have been submitted in August 2000.

Kensington Estate, W8
These properties are owned by our 50.1% subsidiary, 121 KHS Ltd.
The  remaining 49.9% is owned by Deutsche Bank AG.  121 KHS  has
accepted from Storehouse Properties a surrender of its lease  of
the  Bhs  store  comprising 110,000 sq ft on the  lower  ground,
ground, first and second floors.  The store has been split  into
two  units  and the 41,000 sq ft unit at the junction  of  Derry
Street and Kensington High Street has been pre-let to Gap for  a
term  of  20  years with upwards only rent reviews at  5  yearly
intervals  with  a  tenants' option to break the  lease  at  the
fifteenth year.  Gap anticipates commencing trading in  December
2000.

The other new store next to Marks & Spencer will comprise 50,500
sq  ft and has been pre-let to H&M Hennes Limited ('H&M') for  a
term  of  20  years with upwards only rent reviews at  5  yearly
intervals.  H&M anticipate commencing trading in Spring 2001.

These  two  new lettings will produce a total annual  rental  of
£3.82m,  compared  to  £1.39m from  the  old  Storehouse  lease.
Storehouse will receive a premium pay-out for the surrender  and
the  freeholder,  The Crown Estate, will receive  an  additional
rent  equating  to  11.25% of the rents received  annually  from
these two retail lettings.

NEXUS ESTATES PLC

This is our business centre subsidiary and during the year under
review,  two  centres were opened in the City.   148  Leadenhall
Street,  EC3 was opened in September 1999 with 125 workstations,
and the flagship centre at 1 Cornhill was opened in January 2000
with 302 workstations.  Both centres were fully taken up by  the
year  end,  well  ahead  of the original  forecast  dates.   The
centres  have been well received by our clients, a result  of  a
deliberate  product  differentiation  in  a  highly  competitive
market.  We are now working with Nexus on 35,000 sq ft of  fully
flexible 'wired' accommodation in our Grafton Street/Bruton Lane
property, which we expect to open in December 2000.

During  the year, Nexus made an operating loss of £1.06  million
(1999  -  £99,000)  and a pre-tax loss of  £1.53  million.   The
losses  were in line with budget and were mainly due to start-up
expenses.   We anticipate that Nexus will be profitable  in  the
next financial year 2000/2001.

PORTFOLIO BALANCE

The  analysis takes into account all acquisitions and  disposals
made after the year-end but excludes Medius, Sheraton Street;  1
Cornhill  and  the  remaining  three  apartments  at  5  Carlton
Gardens, SW1.

*  Lease profile
   53% of our annual net rental income extends beyond 10 years.
   
            Lease Profile                   %
            Less than 5 years           34.7%
            5-10 years                  12.0%
            11-15 years                 32.2%
            more than 15 years          21.1%
   
   
*  Location
   Approximately 88% by value of our properties are in the  West
   End.
   
            Location                        %
            West End                    87.9%
            City                        12.1%
   
   
*  Use
   71%  of  the annual net rental income is derived from offices
   and  24%  from  retail use.  The 'others'  category  includes
   residential and car parking use.
   
            Use                             %
            Office                      70.6%
            Retail                      24.2%
            Others                       5.2%
   

*  Tenure
   Despite  our  concentration  in  the  West  End,  where  many
   properties  are  leasehold, we  hold  62%  by  value  of  our
   properties as freeholds or on leases with at least 100  years
   unexpired.

             Tenure                         %
             Less than 25 years          0.5%
             25-49 years                 3.1%
             50-74 years                10.2%
             75-100 years               24.0%
             More than 100 years        32.6%
             F/hold                     29.6%


*  Tenant profile
   Tenants  in  the  financial services sector  contribute  24%,
   whilst  19%  of  our  gross annual income  comes  from  major
   retailers.

             Banks                       5.4%
             Government                  0.5%
             Oil Companies               0.5%
             Financial Services         23.6%
             U.K. Corporates            13.5%
             Chartered Surveyors         3.6%
             Major Retailers            19.0%
             Computer Companies          2.3%
             Media Companies             3.1%
             Others                     28.5%



FINANCIAL REVIEW

NET ASSETS PER SHARE

The  investment portfolio was revalued by DTZ Debenham Tie Leung
Limited,  Chartered Surveyors, at the year end.  The revaluation
showed  a  net increase of £64.6 million representing  an  11.0%
uplift on the investment properties held at the year end.   This
was  in  addition to the net increase in capital value of  £31.6
million that arose at 31 December 1999, when, in line with  best
practice, the portfolio was revalued for the interim results for
the  first time.  Correspondingly, the total uplift for the full
year  in the value of the investment properties held as  at  the
year  end  was  17%  (1999  - 6.9%).  These  percentage  uplifts
exclude  non-income producing developments.  The net assets  per
share  have  increased from 270.5 pence as at 30  June  1999  to
343.1  pence  at  the year end, an increase  of  26.8%  (1999  -
11.1%).

OPERATING RESULTS

Net  rental income for the year increased to £20.3 million  from
£19.5 million previously.  Profit before tax improved by 2.6% to
£15.5  million (1999 - £15.1 million) and on an after tax basis,
profits  also increased to £13.3 million (1999 - £13.2 million).
The  biggest  improvement this year was the combined  profit  on
disposal  of  investment  and trading properties  where  profits
increased by 193% to £12.0 million (1999 - £4.1 million).

Earnings per share including net profits on disposal of  trading
and  investment  properties improved to  11.2  pence  from  10.9
pence.

OVERHEADS

Total  overheads for the year amounted to £3.9 million  (1999  -
£3.2 million).  This represents 19.3% of net rental income (1999
-  16.6%)  but  it  is  distorted by the large  development  and
refurbishment programme which, although substantially  completed
in  this financial year, has not generated rental income because
of rent free periods granted under the new lettings.  Taking the
current  annualised  rent  roll  of  £36.9  million,  the  total
overheads would represent 10.6% (1999 - 13.9%).

TAXATION

The  taxation  charge of £2.22 million (1999  -  £1.97  million)
represents 14.3% of our pre-tax profits (1999 - 13.0%).  The low
tax  charge is a consequence of capital allowances claimed,  the
utilisation  of  brought forward losses and a prior  year  over-
provision of £0.7 million.

FINANCE

The  Group  finances  its operations by  a  mixture  of  equity,
convertible bonds and bank borrowings.  The Group's objective is
to   maintain   sufficient  resources  to  meet  its   financing
requirements  at  the lowest achievable cost and  minimal  risk,
whilst  maintaining  sufficient  flexibility  to  fund  property
acquisitions  and capital expenditure.  No speculative  treasury
transactions are undertaken.

The main risk arising from the Group's financial liabilities  is
interest  rate  risk.   The  Group borrows  at  both  fixed  and
floating  rates of interest and additionally uses interest  rate
derivatives  to  manage the Group's exposure  to  interest  rate
movements.

The most significant event during the year was the conversion of
our  secured facility with HSBC to an unsecured facility of £101
million  and the addition of an unsecured facility with Barclays
Bank  for  £20  million.   Since the  year  end  each  of  these
facilities has been increased by £10 million.

At the year end, net borrowings amounted to £267.0 million (1999
-  £175.9  million)  representing a gearing  of  64.3%  (1999  -
53.9%).   The  charts below show the breakdown of  the  type  of
borrowings and also the maturity profile as at the year end.

TYPE OF BORROWINGS

               Type of Borrowings             %
               Secured, Non-Recourse       26.6
               Secured, Recourse           11.6
               Unsecured                   61.8

Debt Maturity Profile

           Year             Drawn    Undrawn Committed
           2001             26.85                 3.15
           2002                 0                    0
           2003                 0                    0
           2004             7.275                    0
           2005                90                    0
           2006                 0                     
           2007             23.86                    0
           2008             72.46                 7.54
           2009                 0                    0
           2010                 0                    0
           2011                 0                    0
           2012                 0                    0
           2013                50                    0


4 YEAR REVIEW

Since  its  recapitalisation  in  October  1996,  Benchmark  has
undergone  rapid transformation to become a key  Central  London
property specialist and as at the year end it had a portfolio of
£696  million compared to £20 million in June 1996.   Its  track
record   in   terms  of  acquisitions,  disposals  and   capital
expenditure is shown on the table below: -

£ million                                                      
                 1996/97  1997/98  1998/99   1999/00      Total
Acquisitions       176.9    222.0     35.3     186.5      620.7
Disposals              -     49.0     85.9     167.0*     301.9
Capital                                                        
  Expenditure        2.4     31.4     63.8      44.4      142.0

* Excluding sale of 49.9% of Kensington Estate

During this period, a total gross area of 949,000 sq ft has been
or is being refurbished or redeveloped.

As Benchmark is primarily a property investment company, one key
performance indicator is growth in the net asset value (NAV) per
share.

Date              30.6.96    30.6.97   30.6.98  30.6.99   30.6.00
NAV per Share,                                            
  pence             168.1      189.3     243.4    270.5     343.1

During this period, the annual compound growth in NAV per  share
has  been  19.5%  per  annum  and by  including  the  cumulative
dividends  per  share that have been paid or are  proposed,  the
total return has been 20.8% per annum.

              CONSOLIDATED PROFIT AND LOSS ACCOUNT
                     Year ended 30 June 2000
                                
                                           Note     2000      1999
                                                   £'000     £'000
GROSS RENTAL INCOME                               25,129    23,221
Ground rents                                     (1,398)   (1,361)
Irrecoverable property costs                     (3,009)   (1,967)
Amortisation of leasehold properties               (464)     (390)
                                                   -----     -----
NET RENTAL INCOME                                 20,258    19,503
Net operating result from Nexus                  (1,064)      (99)
Profit on disposal of trading                                     
  properties                                  1    3,193     2,491
Administration expenses                          (3,903)   (3,247)
                                                   -----     -----
OPERATING PROFIT                                  18,484    18,648
Profit on disposal of investment                                  
  properties                                  1    8,790     1,603
                                                   -----     -----
PROFIT ON ORDINARY ACTIVITIES BEFORE                              
  INTEREST                                        27,274    20,251
Interest receivable                           2      383       345
Interest payable and similar charges          3 (12,173)   (5,458)
                                                   -----     -----
PROFIT ON ORDINARY ACTIVITIES                                     
  BEFORE TAXATION                                 15,484    15,138
Taxation                                      4  (2,220)   (1,974)
                                                   -----     -----
PROFIT ON ORDINARY ACTIVITIES AFTER                               
  TAXATION                                        13,264    13,164
Minority interests                                   236         -
                                                   -----     -----
PROFIT FOR THE FINANCIAL YEAR                     13,500    13,164
Dividends                                     5  (5,014)   (4,521)
                                                   -----     -----
RETAINED PROFIT FOR THE YEAR                       8,486     8,643
                                                   =====     =====
EARNINGS PER SHARE EXCLUDING NET PROFITS                          
  ON DISPOSAL OF TRADING                                          
  AND INVESTMENT PROPERTIES                   6     3.5p      8.2p
                                                   =====     =====
EARNINGS PER SHARE  - BASIC AND DILUTED       6    11.2p     10.9p
                                                   =====     =====


                   CONSOLIDATED BALANCE SHEET
                       As at 30 June 2000
                                                         2000       1999
                                            Note        £'000      £'000
FIXED ASSETS                                                            
Tangible assets                                                         
Investment and development properties                 690,802    495,821
Other tangible assets                                   2,979      1,564
Investments                                             1,953      3,048
                                                       ------     ------
                                                      695,734    500,433
                                                       ------     ------
CURRENT ASSETS                                                          
Trading properties                                      4,892      9,321
Debtors                                                26,510      8,235
Investments                                               750        750
Cash at bank and in hand                                1,317        282
                                                       ------     ------
                                                       33,469     18,588
CREDITORS - AMOUNTS FALLING DUE                                         
  WITHIN ONE YEAR                                    (55,573)   (19,267)
                                                       ------     ------
NET CURRENT LIABILITIES                              (22,104)      (679)
                                                       ------     ------
TOTAL ASSETS LESS CURRENT LIABILITIES                 673,630    499,754
CREDITORS - AMOUNTS FALLING DUE AFTER                                      
  MORE THAN ONE YEAR                                (192,095)  (123,713)
CONVERTIBLE UNSECURED LOAN STOCK                     (49,265)   (49,210)
PROVISIONS FOR LIABILITIES AND CHARGES                (3,234)      (705)
                                                       ------     ------
NET ASSETS                                            429,036    326,126
                                                       ======     ======
CAPITAL AND RESERVES                                                    
Called up share capital                        7       60,518     60,280
Share premium account                          8      150,234    149,737
Revaluation reserve                            8      145,040     83,693
Other reserves                                 8           51         51
Profit and loss account                        8       59,452     32,365
                                                       ------     ------
SHAREHOLDERS' FUNDS                                   415,295    326,126
Minority interests                                     13,741          -
                                                       ------     ------
TOTAL CAPITAL EMPLOYED                                429,036    326,126
                                                       ======     ======
NET ASSETS PER SHARE                           6       343.1p     270.5p
                                                       ======     ======
                                
                                
      GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                     Year ended 30 June 2000
                                
                                                           2000       1999
                                                          £'000      £'000
Profit for the financial year                            13,500     13,164
Share of surplus arising on revaluation of                                
  investment properties                                  82,290     24,081
Revaluation surplus arising from part                                     
  disposal of investment property                         1,870          -
Tax on realisation of revaluation surpluses                              
  on investment property disposals                      (4,212)         -
                                                         ------     ------
Total recognised gains and losses for the year           93,448     37,245
                                                         ======     ======



           NOTE OF HISTORICAL COST PROFITS AND LOSSES
                     Year ended 30 June 2000

                                                           2000       1999
                                                          £'000      £'000
Profit on ordinary activities before taxation            15,484     15,138
Realisation of property revaluation                                       
  surpluses in prior periods                             22,813      6,444
                                                        -------    -------
Historical cost profit on                                                 
  ordinary activities before taxation                    38,297     21,582
                                                         ------    -------
Historical cost profit retained after tax                                 
  and dividends                                          26,851     15,087
                                                        =======     ======



       RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                     Year ended 30 June 2000
                                
                                                           2000       1999
                                                          £'000      £'000
Total recognised gains and losses for the year           93,448     37,245
Dividends                                               (5,014)    (4,521)
Issue of shares                                             735          -
                                                         ------     ------
Increase in total capital employed                       89,169     32,724
Opening shareholders' funds                             326,126    293,402
                                                          -----     ------
Closing shareholders' funds                             415,295    326,126
                                                         ======     ======
                                
                                
                CONSOLIDATED CASH FLOW STATEMENT
                     Year ended 30 June 2000
                                                           2000       1999
                                               Note       £'000      £'000
OPERATING ACTIVITIES                                                      
Net cash inflow before sales of and                                       
  additions to trading properties              9(a)      13,820     12,676
Net cash inflow from sales of and                                         
  Additions to trading properties              9(a)       7,622     44,724
                                                         ------     ------
NET CASH INFLOW FROM OPERATING ACTIVITIES      9(a)      21,442     57,400
                                                         ------     ------
RETURNS ON INVESTMENTS AND SERVICING OF                                   
FINANCE
Interest received                                           368        361
Interest paid                                           (14,085)   (11,480)
                                                         ------     ------
NET CASH OUTFLOW FOR RETURNS ON INVESTMENTS                                 
  AND SERVICING OF FINANCE                              (13,717)   (11,119)
                                                         ------     ------
TAXATION                                                                  
Corporation tax paid                                     (1,097)    (4,379)
                                                         ------     ------
CAPITAL EXPENDITURE                                                       
Acquisition of investment properties                   (222,314)   (92,498)
Disposals and other capital receipts                    129,176     46,288
Purchase of other fixed assets                           (1,860)    (1,407)
Repayment of loan notes by investment                     1,095          -
                                                         ------     ------
NET CASH OUTFLOW FOR CAPITAL EXPENDITURE                (93,903)   (47,617)
                                                         ------     ------
EQUITY DIVIDENDS PAID                                    (4,641)    (4,340)
                                                         ------     ------
CASH OUTFLOW BEFORE USE OF LIQUID                                           
  RESOURCES AND FINANCING                               (91,916)   (10,055)
                                                         ------     ------
MANAGEMENT OF LIQUID RESOURCES                                            
Decrease in cash deposit held as security                     -      2,700
                                                         ------     ------
FINANCING                                                                 
Issue of shares                                             735          -
Increase in debt                               9(b)      92,216      6,467
                                                         ------     ------
NET INFLOW FROM FINANCING                                92,951      6,467
                                                         ------     ------
INCREASE/(DECREASE) IN CASH IN THE YEAR        9(b)       1,035      (888)
                                                         ======     ======
                                
NOTES TO THE ACCOUNTS

1    PROFIT ON DISPOSAL OF TRADING AND INVESTMENT PROPERTIES

The  profit on disposal of trading and investment properties for
the year ended 30 June 2000 comprises:

                                         Trading   Investment             
                                      Properties   Properties        Total
                                           £'000        £'000        £'000
Aggregate consideration                   25,000      142,015      167,015
Less:  sales costs                           (72)      (2,761)      (2,833)
                                          ------       ------       ------
Net proceeds                              24,928      139,254      164,182
Less:  historical cost of properties     (21,735)    (120,526)    (142,261)
                                          ------       ------       ------
Historical cost profit                     3,193       18,728       21,921
Less:  revaluation surpluses                                              
  in prior periods                             -      (11,801)     (11,801)
                                          ------       ------       ------
                                           3,193        6,927       10,120
                                          ------       ------       ------
Historical cost profit arising from                                         
  partial sale of property                    -        12,875       12,875
Less: revaluation surpluses                                               
  in prior periods                            -       (11,012)     (11,012)
                                          ------       ------       ------
                                              -         1,863        1,863
                                          ------       ------       ------
                                           3,193        8,790       11,983
                                          ======       ======       ======

2    INTEREST RECEIVABLE
                                                         2000         1999
                                                        £'000        £'000
Loan notes - related company                              119           84
Bank deposits                                              72           88
Deposits held as security against loans                    56           77
Other                                                     136           96
                                                       ------       ------
                                                          383          345
                                                       ======       ======

The  loan  notes  were  issued by Agnew's  Property  Investments
Limited ('APIL') in which the Company has a 25% interest.

Other interest includes interest earned on late tenant payments,
late completion of property disposals, monies held by solicitors
and   interest  of  £28,812  charged  to  APIL  in  respect   of
refurbishment expenditure initially funded by the Group.


3    INTEREST PAYABLE AND SIMILAR CHARGES
                                                 2000       1999
                                                £'000      £'000
Amounts payable on bank loans and overdrafts   12,881      8,989
5.75% Convertible Unsecured Loan Stock 2013     2,940      2,836
Less:  interest capitalised                    (3,648)    (6,367)
                                               ------     ------
                                               12,173      5,458
                                               ======     ======


4    TAXATION
                                                 2000       1999
                                                £'000      £'000
Taxation based on profit for the year:                          
Corporation tax at 30% (1999 - 30.75%)            539      1,349
Deferred tax                                      680        625
                                               ------     ------
Current year tax                                1,219      1,974
Prior year over-provision                        (703)        -
                                               ------     ------
Tax on operating activities                       516      1,974
Tax arising on capital items                    1,704          -
                                               ------     ------
                                                2,220      1,974
                                               ======     ======

The  tax  charge has benefited from the utilisation  of  brought
forward losses and capital allowances claimed.  Relief has  been
taken  during the year for interest capitalised of £2.9  million
(1999 - £4.3 million).


5    DIVIDENDS

                                                 2000       1999
                                                £'000      £'000
Interim dividend paid of 1.85p                                  
  (1999 - 1.75p) per share                      2,230      2,110
Final dividend proposed of 2.3p                                 
  (1999 - 2.0p) per share                       2,784      2,411
                                               ------     ------
Total dividends payable for the year of                         
4.15p (1999 - 3.75p) per share                  5,014      4,521
                                                ======     ======


6    EARNINGS/NET ASSETS PER SHARE

The weighted average number of shares in issue during the period
was   120,616,866   (1999  -  120,559,542)  and   the   earnings
attributable  to  ordinary  shares  was  £13,500,000   (1999   -
£13,164,000).  The earnings on ordinary activities excluding net
profits   on  disposal  of  trading  and  investment  properties
comprises  net  rental income less administration expenses  less
net  interest payable and attributable taxation and amounted  to
£4,179,000 (1999: £9,836,000).  The number of shares in issue at
30  June  2000 was 121,036,371 (1999: 120,559,542) and  the  net
assets  attributable  to  shareholders  at  30  June  2000   was
£415,295,000 (1999:  £326,126,000).

Diluted  earnings per share have been calculated for all periods
adopting the method set out in Financial Reporting Standard 14 -
Earnings per Share.  In calculating diluted earnings per  share,
the  weighted  average number of shares has  been  increased  to
120,638,427  to take into account the dilutive effect  of  share
options.   The 5.75% Convertible Unsecured Loan Stock  2013  has
not diluted earnings.


7    SHARE CAPITAL

                                                              2000     1999
                 Number       Class                          £'000    £'000

Authorised:                                                               
                 177,000,000  ordinary shares of 50p each   88,500   88,500
                 -----------                               -------   ------

Allotted, called up and fully paid:                                        

                 120,559,542  ordinary shares of 50p each   60,280   60,280
                     476,829  ordinary shares of 50p each      238        -
                 -----------                                ------   ------
                 121,036,371  ordinary shares of 50p each   60,518   60,280
                 ===========                                ======   ======

During the year options over 476,829 ordinary shares were
exercised under the Company's 1996 Unapproved Executive Share
Option Scheme.


8    RESERVES

                                                             Profit         
                             Share  Revaluation     Other  and loss         
                           Premium      reserve  Reserves   account    Total
                             £'000        £'000     £'000     £'000    £'000
GROUP                                                                       
As at 1 July 1999          149,737       83,693        51    32,365  265,846
Premium on shares                                                           
  issued                       497            -         -         -      497
Share of surplus                                                             
  arising on                                                                 
  revaluation of                                                             
  investment                                                                 
  properties                      -       82,290         -         -   82,290
Revaluation surplus                                                          
  arising from part                                                          
  disposal of                                                                
  investment                                                                 
  property                        -        1,870         -         -    1,870
Revaluation surpluses                                                        
  realised on investment                                                     
  property disposals              -     (22,813)         -    22,813        -
Tax on realisation of                                                        
  revaluation surpluses                                                      
  on investment property                                                     
  disposals                       -            -         -   (4,212)  (4,212)
Retained profit for                                                         
  the year                       -            -         -     8,486    8,486
                            ------       ------    ------     -----    -----
As at 30 June 2000         150,234      145,040        51    59,452  354,777
                           =======      =======   =======    ======   ======


9    NOTES TO THE CONSOLIDATED CASHFLOW STATEMENT

(a)  Reconciliation of operating profit to operating cash flows
                                                         2000        1999
                                                        £'000       £'000
Operating profit                                       18,484      18,648
Depreciation                                              445          40
Profit on sale of trading properties                   (3,193)     (2,491)
Amortisation of leasehold properties                      464         390
Increase in debtors                                    (8,013)     (1,705)
Increase in investments                                     -        (750)
Increase/(decrease) in creditors                        5,633      (1,456)
                                                      -------     -------
Net cash inflow before sales of and                                      
  additions to trading properties                      13,820      12,676
Net cash inflow from sales of and additions                              
  to trading properties                                 7,622      44,724
                                                      -------     -------
Net cash inflow from operating activities              21,442      57,400
                                                      =======     =======



(b) Reconciliation of net cash flow to movement in net debt
                                                         2000        1999
                                                        £'000       £'000
Increase/(decrease) in cash in the year                 1,035        (888)
Decrease in cash held as security against loans             -      (2,700)
Cash inflow from increase in debt                     (92,216)     (6,467)
                                                      -------     -------
Movement in net debt                                  (91,181)    (10,055)
Net debt at start of year                            (175,854)   (165,799)
                                                      -------     -------
Net debt at end of year                              (267,035)   (175,854)
                                                      =======     =======

(c)  Analysis of net debt
                                           2000      Cashflow        1999
                                          £'000         £'000       £'000
Cash at bank and in hand                  1,317         1,035         282
Debt due within one year                (26,992)      (23,779)     (3,213)
Debt due after more than one year      (241,360)      (68,437)   (172,923)
                                       --------      --------    --------
Net debt                               (267,035)      (91,181)   (175,854)
                                        =======       =======     =======


10.  Basis of preparation

The   above  financial  information  does  not  constitute   the
Company's  full statutory accounts for the years ended  30  June
1999  or  2000  but  is derived from those accounts.   Statutory
accounts for the year ended 30 June 1999 have been delivered  to
the  Registrar  of  Companies, whereas those for  2000  will  be
delivered  following the company's Annual General Meeting.   The
auditors  have  reported on those accounts; their  reports  were
unqualified  and did not contain a statement under  Section  237
(2) or (3) of the Companies Act 1985.

The Annual Report and Accounts will be posted to shareholders on
or  before  9  October  2000  and will  be  available  from  the
Company's Registered Office at: 25 Sackville Street, London  W1X
1DA.


                                                                                
              

a d v e r t i s e m e n t