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Hi-Tec Sports PLC (HTS)

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Tuesday 29 February, 2000

Hi-Tec Sports PLC

Interim and 8 Months Results - Part 2

Hi-Tec Sports PLC
29 February 2000

PART 2

Note: 1 Accounting policies

There has been no change in the accounting policies from
the year ended 30 April 1999

Note: 2 Segmental information

                    35 week period ended 31 December 1999
                                  Operating         
                    Turnover    Profit/(loss)  Net assets
                     £'000's       £'000's       £'000's
Geographical area:
North America          17,198           (561)      11,829
UK and Ireland         20,143             881      11,931
Continental Europe      8,305             575       1,782
Rest of World           7,795             613         780
                    ---------       ---------   ---------
                       53,441           1,508      26,322
                                                         
Head office costs                     (1,410)            
                                                         
Exceptional item                            0            
                                    ---------            
Operating profit                           98            
                                                         
Other income less                       (934)            
interest
                                    ---------            
Profit before tax                       (836)            
                                       ======       =====
Capital employed                                   26,322
                                                         
Equity minority                                     (343)
interest
                                                         
Net borrowings                                    (7,461)
(excluding finance
leases)
                                                    =====
                                                   18,518
                                                    =====
Geographical area:                                       
North America          28,645         (2,042)       9,372
UK and Ireland         31,355           2,732      13,119
Continental Europe     10,812             274       1,750
Rest of World          11,479               3       1,273
                    ---------       ---------   ---------
                       82,291             967      25,514
                    ---------       ---------   ---------
Head office costs                     (1,993)            
                                                         
Exceptional item                         (28)
                                    ---------            
                                                         
Operating loss                        (1,054)
                                                         
Other income less                     (1,914)            
interest
                                    ---------            
Loss before tax                       (2,968)            
                                       ======      ======
Capital employed                                   25,514
                                                         
Equity minority                                          
interest                                            (320)
Net borrowings                                           
(excluding finance                                (5,876)
leases)
                                                   ======
                                                   19,318
                                                   ======


The turnover shown above includes the following amounts
which originate in the UK

                      35 week period      52 week period
                               ended               ended
                    31 December 1999       30 April 1999
                                                        
Continental                    3,900               2,819
Europe
                                                        
Rest of World                  2,654               5,719
                           ---------           ---------
                               6,554               8,538
                              ======              ======


3. Operating Profit/(loss)

                               35 week period      52 week
                                        ended period ended
                                  31 December     30 April
                                         1999         1999
                                        £'000        £'000
Operating                                                 
profit/(loss) is
stated
after
charging:
Depreciation of tangible fixed                            
assets                                    311          530
Amortisation                                               
   of                                      47           73
intangible
fixed
assets
Loss/(profit)                                                
    on                                     89         (12)
disposal
of
tangible
fixed
assets
Auditors'                                                 
remuneration :
-audit                                    197          157
-other services                           139          102
Staff costs (see also note 9)           5,633        8,085
Operating lease rentals :                                 
-plant and machinery                      461          651
-other operating lease rentals            429          560
                                       ======       ======

The audit fee charged above includes £30,000 for the
audit of HI-TEC Sports Plc, the company.

4. Interest receivable and similar income

                                   35 week 52 week period
                              period ended          ended
                               31 December  30 April 1999
                                      1999
                                     £'000          £'000
                                                         
      Bank                             133            257
  interest
receivable
       and
   similar
    income
                                    ======         ======


5. Interest payable and similar charges

                              35 week period 52 week period
                                       ended         ended
                                 31 December  30 April 1999
                                        1999
                                       £'000         £'000
                                                          
  Interest                             1,050         2,146
   on bank
overdrafts
 and loans
  Interest                                17            25
on finance
    leases
                                      ======        ======
                                       1,067         2,171
                                      ======        ======


6. Taxation credit/(charge) on (loss)/profit on ordinary
activities

                              35 week period 52 week period
                                       ended          ended
                                 31 December  30 April 1999
                                        1999
                                       £'000          £'000
                                                           
        UK                                                 
corporation                                0           (93)
       tax
  based on
       the
  adjusted
profit for
the period
    at 30%
    (April
      1999
    30.9%)
Overseas taxation                       (86)            416
                                  ----------     ----------
                                        (86)            323
Deferred tax                              18           (83)
Prior year adjustments                  (30)             67
ACT write-off                             53           (95)
                                  ----------     ----------
                                        (45)            212
                                      ======         ======

The tax charge for the period is disproportionately high
due to the lack of recognition of deferred tax assets
within the group in accordance with SSAP 15.

There are no unprovided deferred tax liabilities (30April
1999 - £nil).


7. Equity Dividends

                             35 week period 52 week period
                                      ended         ended
                           31 December 1999  30 April 1999
                                      £'000         £'000
                                                         
Interim - nil (April 1999                 0           258
0.5p) per ordinary share
Final - nil (April 1999                   0             0
nil)
                                 ----------     ---------
                                          0           258
                                     ======        ======

8. Earnings per share
   The calculation of basic and diluted earnings per share is
   based on the following :

                             35 week period  52 week period
                                      ended           ended
                                31 December   30 April 1999
                                       1999
                                      £'000           £'000
Loss after minority                   (880)         (2,777)
interest
                                     ======          ======
                                         No              No
                                        000             000
                                                           
Weighted average number of           51,456          51,456
ordinary shares
                                                           
Diluted earnings per share:
Weighted average number of           51,456          51,456
ordinary shares
Dilutive share options              (1,753)           (464)
                                 ----------      ----------
Diluted weighted average                                   
number of ordinary shares            49,703          50,992
                                     ======          ======

In accordance with FRS14, the out-of-money share options are
considered to be dilutive as the group has made a loss.

9. Employees

                           35 week period    52 week period
                                    ended             ended
                              31 December     30 April 1999
                                     1999
                                    £'000             £'000
   Average                                                 
 number of
employees:
Directors                               7                 6
 Sales and                            107               110
 marketing
Administra                            228               231
  tion and
distribution
                                ---------         ---------
                                      342               347
                                    =====             =====
                                                           
                           35 week period    52 week period
                                    ended             ended
                              31 December     30 April 1999
                                     1999
                                    £'000             £'000
     Staff                                                 
     costs
(including
directors):
 Wages and                          4,868             6,980
  salaries
    Social                            441               584
  security
     costs
     Other                            324               521
   pension
     costs
                                ---------        ----------
                                    5,633             8,085
                                    =====            ======

10. Intangible Fixed Assets

                                                 Net Book
                             Cost Amortisation      Value
                                                         
Trade marks                                              
At 1 May 1999                 916        (345)        571
 Additions                                               
  / charge                     14         (47)       (33)
   for the
    period
                                                         
                            -----      -------     ------
     At 31                    930        (392)        538
  December
      1999
                             ====         ====       ====


11. Tangible Fixed Assets

                              Long       Short   Fixtures
                         leasehold   leasehold        and
                          property    property   fittings
                             £'000       £'000      £'000
Cost                                                     
At 1 May 1999                    1         854      1,946
Exchange adjustments                         -        (4)
Additions                                    5         56
Disposals                                 (15)       (86)
Transfers                                            (13)
                           -------    --------  ---------
                                  
At 31 December 1999              1         844      1,899
                        ---------- ----------- -----------
Depreciation                                             
At 1 May 1999                              603      1,539
Exchange adjustments                         -        (2)
Charge for period                           60         62
Disposals                                    -       (17)
                        ----------  ---------- -----------
At 31 December 1999                        663      1,582
                        ---------- ----------- -----------
Net book value                                           
                          ========    ========   ========
At 31 December 1999              1         181        317
                          ========    ========   ========
                                                         
                          ========    ========   ========
At 1 May 1999                    1         251        407
                          ========    ========   ========
                        Office and                       
                          Computer       Motor           
                         Equipment    Vehicles      Total
                             £'000       £'000      £'000
Cost                                                     
At 1 May 1999                2,282         413      5,496
Exchange adjustments           (2)         (5)       (11)
Additions                      255         102        418
Disposals                    (129)        (57)      (287)
Transfers                       13                       
                         ---------   ---------  ---------
At 31 December 1999          2,419         453      5,616
                         ---------   ---------  ---------
Depreciation                                             
At 1 May 1999                1,755         190      4,087
Exchange adjustments           (2)         (2)        (6)
Charge for period              124          65        311
Disposals                     (40)        (38)       (95)
                         ---------   ---------  ---------
At 31 December 1999          1,837         215      4,297
                         ---------   ---------  ---------
Net book value                                           
                             =====       =====      =====
At 31 December 1999            582         238      1,319
                             =====       =====      =====
                                                         
                             =====       =====      =====
At 1 May 1999                  527         223      1,409
                             =====       =====      =====

12. Stocks

                            31 December     30 April 1999
                                   1999
                                  £'000             £'000
Goods for resale                                         
-on hand                         16,017            17,230
-in transit                       5,897             1,513
                                -------           -------
                                 21,914            18,743
                                =======           =======

In the opinion of the directors, the replacement value of
period end stocks was not materially different from the
values shown above.


13. Debtors

                                    35 week  52 week period
                                     period           ended
                                      ended
                                         31   30 April 1999
                                   December
                                       1999
                                      £'000           £'000
Amounts falling                                            
 due within one
         year :
Trade debtors                        14,134          21,693
Other debtors                           708           1,069
 UK corporation                          59              43
tax recoverable
   Overseas tax                           5             527
    recoverable
Prepayments                           1,226             997
                                  ---------       ---------
                                     16,132          24,329
                                                           
Amounts falling                                            
  due after one
         year :
Other debtors                           206             226
Prepayments                              22               0
   Overseas tax                           0               0
    recoverable
                                    -------         -------
                                     16,360          24,555
                                    =======         =======


14. Current Asset Investments

                       35 week period ended  52 week period
                                                      ended
                                31 December   30 April 1999
                                       1999
                                      £'000           £'000
Cost or valuation :                                        
    At the                               10               5
 beginning
    of the
    period
 Additions                              (2)               5
         /
(disposals)
                                      -----           -----
At the end                                8              10
    of the
    period
                                      =====           =====


15. Creditors

                              35 week period  52 week period
                                       ended           ended
                                 31 December   30 April 1999
                                        1999
                                       £'000           £'000
   Amounts due within one                                   
                   year :
Overdrafts                            15,441          10,578
Obligations under finance                                   
                   leases
        and hire purchase                 55              87
                contracts
Trade creditors                        7,430          12,874
       UK corporation tax                166             222
                  payable
Overseas taxation                         29              46
Other creditors including                                   
      taxation and Social                146              95
                 Security
    Accruals and deferred              5,784           6,246
                   income
                                    --------        --------
                                      29,051          30,148
                                       =====           =====
                              35 week period  52 week period
                                       ended           ended
                                 31 December   30 April 1999
                                        1999
                                       £'000           £'000
   Amounts due after more                                   
          than one year :
Obligations under finance                                   
                   leases
        and hire purchase                132             112
                contracts
Overseas taxation                          2               3
                                       -----          ------
                                         134             115
                                         ===             ===


16. Lease obligations

                                   31 December      30 April
                                          1999          1999
                                         £'000         £'000
Finance leases:                                             
Obligations under                                           
finance leases and hire
purchases contracts due:
Within one year                             55            87
Between one and two                        132           112
years
                                     ---------      --------
                                           187           199
                                         =====         =====
                        Land and                Land        
                                                 and
                        buildings     Other  buildings Other
                           
                              31         31       30      30
                        December   December    April   April
                            1999       1999     1999    1999
                           £'000      £'000    £'000   £'000
Operating leases:                                           
Payments due in the                                         
following year under
operating leases with
expiry dates:
Under one year               233         66      251      63
Between two and five                                        
years                        601        195      470     136
After five years           1,120          -      607       -
                           -----      -----    -----   -----
                           1,954        261    1,328     199
                           =====      =====    =====   =====


17. Fair values of financial instruments

                        Recorded            Recorded         
                           Value      Fair     Value     Fair
                                     value              value
                              31        31  30 April       30
                        December  December              April
                            1999      1999      1999     1999
                           £'000     £'000     £'000    £'000
Derivatives held to:                                         
- manage the currency                                        
exposure of                                                  
borrowings                11,324    11,415     5.900    6,014
                          ======    ======    ======   ======

On balance sheet cash, current asset investments and
borrowings are held in the books at fair value.

At 31 December 1999 the group had undrawn credit facilities
amounting to £14.1 million.


18. Interest rate and currency profile of net
funds/(debt)

                       35 week period ended 31 December 1999
                                            Other       
                      Sterling  US Dollar  Currency   Total
Cash :                                                       
Floating rate               48      6,976       956     7,980
                                                             
Borrowing :                                                  
Floating rate          (9,413)    (5,919)     (109)  (15,441)
                       -------   --------   -------  --------
Net funds/(debt) at    (9,365)      1,057       847   (7,461)
period end
                        ======     ======    ======    ======
                        52 week period ended 30 April 1999
                                            Other            
                      Sterling  US Dollar  currency   Total
Cash :                                                       
Floating rate                       4,532       170     4,702
                                                             
Borrowing :                                                  
                                                             
Floating rate          (5,397)    (3,086)   (2,095)  (10,578)
                       -------    -------   -------  --------
Net funds/(debt) at    (5,397)      1,446   (1,925)   (5,876)
period end
                       =======     ======   =======   =======


19. Gains and losses on instruments used for hedging

                                        Gains  Losses     Net
                                                        total
                                        £'000   £'000   £'000
Unrecognised gains on hedges at 1May      114       -     114
1999
Gains/(losses) in previous years        (114)       -   (114)
recognised in 1999
                                        -----  ------  ------
Gains/(losses) in previous years not        -       -       -
recognised in 1999
Gains in 1999 not recognised in           195   (104)      91
1998/99
                                       ------  ------  ------
Unrecognised gains on hedges at 31                           
December 1999 to be recognised within     195   (104)      91
one year
                                       ------  ------  ------


20. Provision for liabilities and charges

                                         Group          Group
                                     31-Dec-99      30-Apr-99
Deferred taxation :                                          
Balance at 1 May 1999                       89             23
Movement in respect of current            (18)             84
year
ACT offset                                   2           (18)
                                        ------         ------
Balance at 31 December 1999                 73             89
                                          ====           ====
Other timing differences                    89            107
ACT offset                                  16           (18)
                                        ------          -----
                                            73             89
                                          ====           ====
21. Called up equity share capital

                                   31 December  30 April 1999
                                          1999
                                         £'000          £'000
Authorised                                                   
:
61,415,932                              15,354         15,354
  Ordinary
 shares of
  25p each
                                      ========        =======
                                                             
                                            No          £'000
                                                             
Issued and                                                   
fully paid                                                   
Ordinary                            52,318,847         13,080
shares of
25p each.
     At 31
  December
  1999 and
  30 April
      1999
                                     =========       ========


22. Reserves

                                   Share     Profit          
                                 premium   and loss          
                                 account    account     Total
                                   £'000      £'000     £'000
                                                             
At 1 May 1999                     15,682    (9,444)     6,238
Foreign                                0         80        80
exchange
translation
differences
Retained loss                          0      (880)     (880)
                                 -------   --------    ------
At 31 December 1999                15,682   (10,244)     5,438
                                  ======    =======    ======


23. Pensions

HI-TEC  operates  a number of pension schemes  throughout
the  world. The major schemes are of defined contribution
type  and  are in the UK. The assets of the  schemes  are
held    in    separate   trustee   administered    funds.
Contributions to these schemes amounted to  £323,958  (30
April 1999 - £521,000)


24. Contingent liabilities and commitments

At 31 December 1999, there were contingent liabilities
amounting to:

-     £6.6  million  (30 April 1999 - £4.7  million)  in
  respect  of  documentary credits opened  in  favour  of
  suppliers in advance of shipment; and
-    £11.3  million  (30 April 1999 - £5.9  million)  in
  respect   of   outstanding  foreign  currency   forward
  contracts.

At 31 December 1999 and 30 April 1999 there were no
capital commitments in respect of projects contracted but
not provided for in the accounts.


25. Transactions with connected parties

During  the  period HI-TEC Sports USA,  Inc.  occupied  a
property  which was owned by F van Wezel  and  which  was
leased from him at a market rate of US$32,890 per month.

During the period HI-TEC Sports Distributors Ltd occupied
a property which was 80% owned by management, including B
Lemkus,  and which was leased from them at a market  rate
of SAR 559,365 per annum.

B  Lemkus has provided a personal guarantee on behalf  of
HI-TEC  Sports S.A. (Pty) Ltd in favour of Standard  Bank
and Bank of Executors in respect of SAR 2,000,000 and SAR
270,000  respectively. He received fees of SAR 11,336  in
respect of these guarantees in the year from the group.

F  van  Wezel has provided a personal guarantee on behalf
of HI-TEC Sports USA Inc. in favour of Bank of America in
respect  of  US$1  million. He has received  no  fees  in
respect of these guarantees from the Group.

B Lemkus also owns 15% of the issued share capital of HI-
TEC  sports  S.A.  (Pty) Ltd. His share of  the  minority
interest  in  the  consolidated Group  balance  sheet  in
respect  of this shareholding is £225,725 at 31  December
1999.


26. Reconciliation of operating profit to net cash inflow
from operating activities

                                 31 December 30 April 1999
                                        1999
                                       £'000         £'000
 Operating                                98       (1,054)
profit/(loss)
Depreciation                             358           603
       and
amortisation charges
Loss/(profit)                                89          (12)
        on
   sale of
  tangible
     fixed
    assets
  Decrease                           (3,171)         8,479
/(increase) in
    stocks
Decrease/                              7,689         1,851
 (increase)
in debtors
(Decrease)                           (5,703)       (7,313)
 /increase
        in
 creditors
                                     -------      --------
  Net cash                             (640)         2,554
(outflow)/
    inflow
      from
 operating
activities
                                       =====        ======


27. Analysis of net debt

                      At            Other               At
                30 April             non- Exchange      31
                                     cash         December
                    1999 Cashflow changes movement    1999
                                                
                   £'000    £'000   £'000   £'000    £'000
                                                          
  Cash in hand     4,702    3,284       0     (6)    7,980
   and at bank
Overdrafts      (10,578)  (4,884)       0      21 (15,441)
                  ------  ------- ------- ------- --------
                                        -
                 (5,876)  (1,600)       0      15  (7,461)
                                                          
Finance leases     (199)       34    (22)       0    (187)
                  ------  ------- ------- ------- --------
Total            (6,075)  (1,566)    (22)      15  (7,648)
                  ------  ------- ------- ------- ---------


28. Reconciliation of net cash flow to movements in net debt

                                    31 December   30 April
                                           1999       1999
                                          £'000      £'000
                                                          
  Decrease                              (1,600)    (1,347)
in cash in
the period
      Cash                                   34        119
    inflow
      from
  increase
   in debt
 and lease
 financing
                                      ---------  ---------
 Change in                              (1,566)    (1,228)
  net debt
 resulting
 from cash
     flows
                                                          
       New                                 (22)       (68)
   finance
    leases
Translation                                   15      (116)
  ifference
                                      ---------  ---------
  Movement                              (1,573)    (1,412)
    in net
   debt in
the period
  Net debt                              (6,075)    (4,663)
  at start
 of period
                                      ---------  ---------
  Net debt                              (7,648)    (6,075)
 at end of
    period
                                      ---------  ---------


29. Non-cash transactions

During  the  period the Group entered into finance  lease
arrangements  in respect of assets with a  total  capital
value a the inception of the leases of £22,000.


30. Restrictions on the remittability of cash

Due  to  exchange control restrictions in  South  Africa,
remittances  from HI-TEC Sports SA (Pty) Limited  require
South African Central Bank approval. The total net assets
of  the South African subsidiary are £1,504,839 as at  31
December 1999.


31. Ultimate controlling party

F  van  Wezel is the ultimate controlling party by virtue
of  his  shareholding  of 54.8% of the  Group's  ordinary
share capital.


32. Status of financial information

The  financial information set above does not  constitute
the  company's statutory accounts for the 35 weeks ending
31  December  1999  but is derived from  those  accounts.
Statutory  accounts for 30 April 1999 have been delivered
to  the  Registrar of companies following  the  company's
Annual  General Meeting.  The auditors have  reported  on
those  accounts; their reports were unqualified  and  did
not  contain  statements under Section  237  (2)  or  (3)
Companies Act 1985.


HI TEC Sports Plc
1999 Interim Report

Summarised profit and loss account
Six months ended 31 October 1999


                      6 months     6 months    12 months
                      ended 31     ended 31     ended 30
                       October      October      April
                        1999         1998         1999
                        Total        Total       Total
                     (unaudited   (unaudited   (audited)
                         and          and           
                     unreviewed)  unreviewed)       
                       £' 000       £' 000       £' 000
              Notes                                      
Turnover          1       43,518       40,145      82,291

                          ======       ======      ======
                                                         
Operating         2          908        (279)     (1,054)
profit
/(loss)
                                                         
   Net                      (696)      (1,000)     (1,914)
interest
payable
                      ----------   ----------  ----------
Profit                       212      (1,279)     (2,968)
/(loss)
  before
taxation
                                                         
Taxation      3             (69)            0         212
(charge)
credit
                      ----------   ----------  ----------
Profit                                                   
/(loss)                     143      (1,279)     (2,756)
  after
  tax
                                                         
Minority                    (1)           13        (21)
Interests                      ----------   ----------  ----------

Profit                       142      (1,266)     (2,777)
/(loss)
   for
   the
period
                                                         
Dividends   4                  0        (258)       (258)
proposed
                                                         
                      ----------   ----------  ----------
Retained                       142      (1,524)     (3,035)
profit /(loss)
    
                          ======       ======      ======
Earnings/(loss)                                            
    per share    5           0.3p       (2.5p)      (5.4p)
                          ======       ======      ======
Diluted                                                  
earnings/(loss)                                          
per share        5          0.3p       (3.0p)      (5.4p)
                          ======       ======      ======


Summarised consolidated balance sheet
Six months ended 31 October 1999

                          6 months     6 months   12 months
                          ended 31     ended 31     Ended
                          October      October     30-Apr
                            1999         1998      1999
                           Total        Total       Total
                  Notes  (unaudited   (unaudited  (audited)
                            and          and          
                        unreviewed)  unreviewed)     
                           £' 000       £' 000     £' 000
                                                          
    Fixed                     1,908        2,087     1,980
   assets
                                                          
Stock                        17,638       25,851    18,743
                                                          
Debtors                       21771       21,571    24,565
                                                          
Creditors                  (16,706)     (26,667)  (19,575)
      and
provisions
                                                          
                            -------      -------    ------
  Capital                    24,611       22,842    25,713
 employed
                              =====        =====     =====
Shareholders'       6        19,281       20,577    19,318
       funds
                                                          
 Minority                       314          334       320
interests
                                                          
Net                          19,595       20,911    19,638
assets
                                                          
Net debt                      5,016        1,931     6,075
                          ---------    --------- ---------
  Capital                    24,611       22,842    25,713
 employed
                              =====        =====     =====
                                                          
Debt as a                     20.4%         8.5%     23.6%
  %age of
  capital
 employed
                                                          


Notes to the summarised consolidated accounts

Six months ended 31 October 1999

1.   Turnover

                          6             6             12
                     months        months         months
                     31-Oct        31-Oct         30-Apr
                       1999          1998           1999
                         £'            £'             £'
                      000's         000's          000's
                                                        
 North               14,396        15,146         28,645
America
UK and               15,973        13,972         31,355
Ireland
  Rest                7,468         6,250         11,479
    of
 World
Contin                5,681         4,777         10,812
 ental
Europe
                     ------                             
Total                43,518        40,145         82,291
                      =====         =====          =====


2. Operating Profit/(loss)

                      6 months      6 months          12
                                                  months
                        31-Oct        31-Oct      30-Apr
                          1999          1998        1999
                      £' 000's      £' 000's    £' 000's
                                                        
 North                    (13)           461     (2,042)
America
UK and                     904           284       2,732
Ireland
  Rest                     630         (300)           3
    of
 World
Contin                     497           156         274
 ental
Europe
  Head                 (1,110)         (880)     (2,021)
office
     &
design
                       -------      --------    --------
Total                      908         (279)     (1,054)
                         =====         =====     =======


3. Taxation

United                 (43)             0          (408)
Kingdom
Overseas               (26)             0            620
                      -----           ---         ------
                       (69)             0            212
                        ===           ===           ====


4. Dividend

The directors have decided that no interim dividend shall
be payable.


5. Earnings per share

Profit                  142        (1,266)       (2,777)
/(loss)                                 
 after
minority
                     ------        ------        -------
Weighted
average
number
    of
ordinary               51,456        51,158         51,456
shares
                     ======        ======         ======
Diluted                                               
  weighted             51,456        50,992         50,992
  average
  number of
  ordinary
  shares
                     ======        ======         ======
                                                        

6. Reconciliation of movement in shareholders' funds

                                                        
Shareholders
 funds at the                19,318     22,091     22,375
beginning of
   the period
                                                        
Profit/(loss)
attributable
    to
shareholders                    142    (1,266)    (3,035)
                                                        
Equity                                  (258)           
dividends
 
Issue of                                    5          0
shares
                                                        
Translation                  (179)      (136)       (43)
differences
                                                        
Script                                    141         21
dividends
                                ------     ------     ------                    
       
Equity                                                  
shareholders
funds at the
end of                      19,281     20,577     19,318
   the
period
                            ======     ======     ======
                                                        


7.   The  results for the 6 months ended 31 October  1999
 are  unaudited and unreviewed and do not constitute  the
 Group's  statutory accounts.  The abridged accounts  for
 the  period  ended  30  April are an  extract  from  the
 statutory accounts for that period which, together  with
 an  unqualified audit report, have been delivered to the
 Registrar of Companies.

                                                                                                                                                               

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