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Jenners,Princes St (32HE)

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Thursday 09 October, 2003

Jenners,Princes St

Interim Results

Jenners,Princes Street,Edinburgh Ld
09 October 2003



Interim Report of the Directors

For the half year ended 3 August 2003

Group turnover in the first half was +2% on last year.

Sales in Princes Street were below our expectations and were adversely affected
by increased competition within the city centre as well as the growth of out of
town developments.

The average amount spent by visitors to our new store at Loch Lomond Shores has
been higher than anticipated although visitor numbers during the spring and
summer have been below forecast. Active steps are being taken to rectify this
situation which includes a strong marketing programme for the autumn/winter
season.

Our shop at Edinburgh Airport continues to perform well and we have opened a new
shop at Glasgow Airport to build on this successful formula.

A tight control has been maintained on expenses despite the impact of higher
pension and national insurance costs. Operating profit has been reduced by a
lower than planned margin and start up costs at Glasgow airport.

The Group continues to operate with a strong balance sheet despite a reduction
in interest income as a result of lower interest rates and the financial impact
of investment in our new branches.

The results for the full year will depend on the important trading period over
the Christmas season and we remain cautious in our outlook for the year-end.

We have taken a strategic decision to reduce the interim dividend in relation to
the full year's dividend since the majority of our trading profit is earned in
the second half of the year.

An interim dividend on the Ordinary Shares of 65p per share has been declared
and will be payable on 3 November 2003 to members on the register at 31 October
2003.

By order of the Board



Elizabeth Barclay
Secretary

                                                                9th October 2003


Group Balance Sheet
at 3 August 2003

                              (unaudited)    (unaudited)     (audited)
                                3 August        28 July      2 February
                                 2003           2002           2003
                                  £000          £000          £000



Fixed assets

Tangible fixed assets           15,353         15,490        15,448

Investments                         45             45            45
                                 -------        -------       -------

                                15,398         15,535        15,493



Current assets

Stocks                           6,651          6,395         6,277

Debtors                          2,759          2,648         3,065

Cash at bank and in hand         9,423          8,807        10,105
                                 -------        -------       -------

                                18,833         17,850        19,447



Creditors: amounts falling       5,351          4,882         5,651
due within one year              -------        -------       -------



Net current assets              13,482         12,968        13,796



Creditors: amounts falling
due after more than one
year                                 -            150           150

                                 -------        -------       -------

Total assets less current       28,880         28,353        29,139
liabilities                      =======        =======       =======



Capital and reserves

Called up share capital          2,262          2,262         2,262

Capital redemption reserve          22             22            22

Revenue reserves                26,596         26,069        26,855
                                 -------        -------       -------

                                28,880         28,353        29,139
                                 =======        =======       =======



Shareholders' funds:

Equity                          27,458         26,931        27,717

Non-equity                       1,422          1,422         1,422
                                 -------        -------       -------



                     Total      28,880         28,353        29,139
                                 =======        =======       =======



Group Profit and Loss Account
for the half year ended 3 August 2003



                    (unaudited)        (unaudited)            (audited)
                  Half Year to         Half Year to            Year to
                  3 August 2003        28 July 2002        2 February 2003
                     £000                 £000                 £000



Turnover            20,395               19,987              47,488
(excluding          =======              =======             =======
VAT)



Operating              364                  674               2,597
Profit



Interest               147                  228                 360
(net)                -------              -------             -------



Profit                 511                  902               2,957
before
Taxation



Taxation               153                  271                 845
(note 2)             -------              -------             -------

Profit                 358                  631               2,112
after
Taxation             =======              =======             =======
attributed
to
members


Dividends:
Paid -                  71                   71                 142
Preference
Shares

Proposed -             546    (65p)         689    (82p)      1,311    (156p)
Ordinary             -------              -------             -------
Shares

                       617                  760               1,453
                     =======              =======             =======



Earnings              34.2p                66.7p              234.5p
per                  =======              =======             =======
Ordinary
Share
(note 3)



Notes

   1.   The information disclosed above does not constitute statutory
        accounts. The accounts for the year to 2 February 2003, on which
        the auditors made an unqualified report, have been lodged with
        the Registrar of Companies.

   2.   Corporate tax is based on the profit for the half year to 3
        August 2003 at 30 per cent (2002 - 30 per cent).

   3.   Earnings per Ordinary Share is based on profit after preference
        dividend and on 840,000 Ordinary Shares in issue.

   4.   This information will be sent to shareholders and will be
        available to members of the public at the Company's registered
        office, 48 Princes Street, Edinburgh, EH2 2YJ.



9th October 2003



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