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Jenners,Princes St (32HE)

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Thursday 21 October, 2004

Jenners,Princes St

Interim Results

Jenners,Princes Street,Edinburgh Ld
21 October 2004


21 October 2004

Jenners, Princes Street, Edinburgh Ltd

Interim Report of the Directors
Review of the Business
For the half year ended 1 August 2004

Group turnover in the first half was 3.7% above last year. This is on the newly
required restated basis, excluding the non-commission element of concession
sales. On the previous basis, sales increased by 4.8%.

Sales in our flagship store on Princes Street increased on last year but were
marginally below our expectations.

Our Loch Lomond store has seen an increase in visitor numbers and spend per head
over the summer period and continues to make satisfactory progress.

Both Edinburgh and Glasgow Airport outlets have benefited from the increase in
footfall in Scottish airports and are in line with budget.

Expenses have been well controlled and despite continued pressure on gross
margins the group operating profit is marginally ahead of last year.

As always the full year results will depend on the critical trading period over
the Christmas season and we remain cautious in our outlook for the year end.

An interim dividend on the Ordinary Shares of 65p per share has been declared
and will be payable on 3 November 2004 to members on the register at 31 October
2004.

By order of the Board

Elizabeth Barclay
Secretary
21 October 2004

Preliminary Group Results
For the Half Year Ended 1 August 2004

                                                 Restated 
                             (unaudited)       (unaudited)        (audited)
                           Half Year to      Half Year to          Year to
                          1 August 2004     3 August 2003  1 February 2004
                                   £000              £000             £000
                                     
Turnover (excluding              
VAT) (note 2)                    15,922            15,347           39,357
                                =======           =======         ========
Operating Profit                    376               364            2,441
Interest (net)                      211               147              312
                                _______           _______         ________
Profit before Taxation              587               511            2,753
Taxation (note 3)                   176               153              834
                                _______           _______         ________
Profit after Taxation               
attributed to members               411               358            1,919
                                =======           =======         ========
Dividends:

Paid - Preference Shares             71                71              142
Proposed - Ordinary Shares          546(65p)          546(65p)       1,218(145p)
                               ________          ________          _______
                                    617               617            1,360
                               ========          ========          =======
Earnings per Ordinary              40.5p             34.2p           211.5p
Share (note 4)                 ========          ========          =======


Notes

1.   The information disclosed above does not constitute statutory
     accounts. The accounts for the year to 1 February 2004, on
     which the auditors made an unqualified report, have been
     lodged with the Registrar of Companies.
2.   Turnover has been restated to comply with a change in
     accounting standards (FRS 5) by excluding the non-commission
     element of concession sales. This does not have an effect on
     reported profit.
3.   Corporation tax is based on the profit for the half year to 1
     August 2004 at 30 per cent (2003 - 30 per cent).
4.   Earnings per Ordinary Share is based on profit after
     preference dividend and on 840,000 Ordinary Shares in issue.
5.   This information will be sent to shareholders and will be
     available to members of the public at the Comany's registered
     office, 48 Princes Street, Edinburgh, EH2 2YJ.




Group balance sheet
At 1 August 2004

                                 (unaudited)     (unaudited)         (audited)
                              1 August 2004   3 August 2003   1 February 2004
                                       £000            £000              £000
Fixed Assets
Tangible fixed assets                14,427          15,353            14,907
Investments                              45              45                45
                                     ______          ______            ______
                                     14,472          15,398            14,952
Current assets
Stocks                                6,719           6,651             6,056
Debtors                               2,591           2,759             3,390
Cash at bank and in hand             10,879           9,423            11,024
                                     ______          ______            ______
                                     20,189          18,833            20,470
Creditors: amounts falling            
due within one year                   5,169           5,351             5,724
                                     ______          ______            ______

Net current assets                   15,020          13,482            14,746
                                     ______          ______            ______
Total assets less current            
liabilities                          29,492          28,880            29,698
                                     ======          ======            ======

Capital and reserves
Called up share capital               2,262           2,262             2,262
Capital redemption reserve               22              22                22
Revenue reserves                     27,208          26,596            27,414
                                     ______          ______            ______
                                     29,492          28,880            29,698
                                     ======          ======            ======

Shareholders' funds
Equity                               28,070          27,458            28,276
Non-equity                            1,422           1,422             1,422
                                     ______          ______            ______
Total                                29,492          28,880            29,698
                                     ======          ======            ======

Group statement of cash flows
for the half year ended 1 August 2004

                                 (unaudited)     (unaudited)         (audited)
                              1 August 2004    3 August 2003  1 February 2004
                                       £000             £000             £000
                                                          
Net cash inflow from                  
operating activities                  1,050              662            3,706

Returns on investment and
servicing of finance
Interest paid                             -                -              (11)
Interest received                       211              121              283
Preference dividend paid                (71)             (71)            (142)
                                     ______           ______           ______
Net cash flow from returns on           
investments and servicing of         
finance                                 140               50              130
                                     ______          _______           ______
Taxation
UK Corporation tax paid                (492)            (280)            (710)
                                     ______          _______           ______

Capital expenditure and
financial investment
Payments to acquire tangible           
fixed assets                           (171)            (564)          (1,047)
Receipts from sales of                    
tangible fixed assets                     -                -                8
                                     ______           ______           ______
                                       (171)            (564)          (1,039)
                                     ______           ______           ______
Equity dividends paid                  (672)            (550)          (1,168)

Management of liquid                 
resources                            (2,000)           1,500            1,000
                                     ______           ______           ______

(Decrease)/Increase in cash          (2,145)             818           1,919
                                     ======           ======          ======

Contact:

Lisa Wilkisky - 0131 260 2241.



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