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McMullen & Sons Ld (53HK)

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Friday 21 June, 2002

McMullen & Sons Ld

Interim Results

McMullen & Sons Ld
21 June 2002

 ONLY THE 10.5% CUMULATIVE PREFERENCE AND 6.5% CUMULATIVE PREFERENCE SHARES ARE
                                     LISTED

                            McMULLEN & SONS, LIMITED

                               HALF-YEARLY REPORT



The Directors of McMullen & Sons, Limited announce the following unaudited
results of the Group for the half-year to 30th March 2002.

                                                       2002                            2001
                                                       £000           £000             £000           £000
Group Turnover, being net value of goods and
services supplied to customers and rents within
the Group's ordinary activities                                         24,452                          22,516

Operating Profit, before charging
Depreciation of Fixed Assets                                             4,734                           4,240
Other Interest, Receivable                                                 194                             276
                                                                         4,928                           4,516
Less:
Depreciation of Fixed Assets                             1,168                           1,207
Interest Payable                                             9                              21
                                                                         1,177                           1,228
Profit on Ordinary Activities before Taxation
and Exceptional Items                                                    3,751                           3,288
Exceptional Items                                                        2,084                           (259)
Less: Estimated Taxation                                                 1,983                           1,151

Profit on Ordinary Activities after Taxation
and Exceptional Items                                                    3,852                           1,878
Less: Preference Dividends                                                 222                             222

Profit Attributable to Shareholders                                      3,630                           1,656

Ordinary Dividends (Note 1)                                                 83                               0

Retained Profit for the financial period                                 3,547                           1,656

Earnings per Ordinary Share on Ordinary
Activities before Exceptional Items                                     12.61p                       10.46p

Note 1                                                                2002                            2001
ORDINARY DIVIDENDS                                                    pence                           pence

First Interim                                                           0.4672                          -


Both turnover and operating profit performed strongly in the first half of the
financial year. Economic conditions remain buoyant and trading has benefited
from a higher level of consumer confidence in the south-east. Exceptional items
comprise principally the sale of land and buildings.

A second 'Baroosh' has just opened in Uxbridge with completion of a third outlet
in Cambridge scheduled for the Autumn.

A special dividend of 8p per share will be paid as a second interim dividend on
the Ordinary and Preferred Ordinary Shares on 28th June 2002 replacing the
0.4672p dividend payment indicated in January.


                                        Registered Office:      26 Old Cross

                                                            Hertford SG14 1RD

                                                            26th June 2002

This half-year report is being posted to shareholders and will be made available
at the Company's Registered Office


                                  McMULLEN & SONS LIMITED AND SUBSIDIARY UNDERTAKINGS

                             GROUP CASH FLOW STATEMENT FOR THE 26 WEEKS ENDED 30 MARCH 2002

                                                       2002                   2001                   Audited full year
                                                                                                           2001
                                                       £000      £000         £000      £000         £000       £000

RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES

Operating Profit                                                   3,566                  3,033                    6,632
Costs included as exceptional                                      (243)                  (109)                        -
Profit on Sale of Tangible Fixed Assets                              (6)                    (6)                        -
Depreciation Charges                                               1,168                  1,207                    2,374
(Increase) in Stocks                                                (89)                   (83)                     (87)
Decrease in Debtors                                                  425                    221                      158
Increase/(Decrease) in Creditors                                     644                  (593)                      783
                                                                   5,465                  3,670                    9,860
CASH FLOW STATEMENT
Net Cash Inflow from Operating Activities                          5,465                  3,670                    9,860
Returns on Investments and Servicing of
Finance
Interest Received                                          224                    276                   493
Less Interest Paid                                        (25)                   (21)                  (46)
                                                                     199                    255                      447
Preference Dividends Paid                                          (200)                  (222)                    (465)
Taxation                                                         (1,599)                  (883)                  (2,467)

Capital Expenditure and Financial
Investment
Receipts from Fixed Asset Investments                        8                      9                    95
Payments to acquire Tangible Fixed Assets              (3,202)                (2,293)               (9,260)
Receipts from Sales of Tangible Fixed
Assets
- Property                                               2,343                      0                 1,489
- Other                                                     14                     25                    40
                                                                   (837)                (2,259)                  (7,636)
                                                                   3,028                    561                    (261)
Equity Dividends Paid                                              (151)                  (148)                    (201)
                                                                   2,877                    413                    (462)
Management of Liquid Resources
(Increase)/Decrease in Short Term Deposits                       (3,128)                    517                      308
Net Cash Flow Before Financing                                     (251)                    930                    (154)

(DECREASE)/INCREASE IN CASH                                        (251)                    930                    (154)

RECONCILIATION OF NET CASH FLOW
Cash at Beginning of Period                                315                    469                   469
Cash Flow                                                (251)                    930                 (154)
Cash at End of Period                                                 64                  1,399                      315

Short Term Deposits at Beginning of Period              10,071                 10,379                10,379
Cash Flow                                                3,128                  (517)                 (308)
Short Term Deposits at End of Period                              13,199                  9,862                   10,071

Cash at Bank and in Hand                                          13,263                 11,261                   10,386






                                McMULLEN & SONS, LIMITED AND SUBSIDIARY UNDERTAKINGS

                                  UNAUDITED GROUP BALANCE SHEET AS AT 30 MARCH 2002

                                                                                             Group           Audited
                                                                                                            full year
                                                                               2002             2001          2001
                                                                               £000             £000          £000
FIXED ASSETS
          Tangible                                                               62,904           55,235       60,893
          assets
          Investments                                                               151              244          170
                                                                                 63,055           55,479       61,063
CURRENT ASSETS
          Stocks                                                                  1,635            1,542        1,546
          Debtors                                                                 1,344            1,716        1,785
          Cash at bank and in hand                                               13,263           11,261       10,386
                                                                                 16,242           14,519       13,717
CREDITORS: amounts falling due within one year
          Trade and other creditors                                               7,056            5,282        6,407
          Taxation                                                                1,704            1,585        1,441
          Proposed dividend                                                         305              222          355
                                                                                  9,065            7,089        8,203
NET CURRENT ASSETS                                                                7,177            7,430        5,514

TOTAL ASSETS LESS CURRENT LIABILITIES                                            70,232           62,909       66,577
CREDITORS: amounts falling due after more than                                      410              364          423
one year
PROVISIONS FOR LIABILITIES AND CHARGES                                            1,013              626          892
                                                                                  1,423              990        1,315
                                                                                 68,809           61,919       65,262
CAPITAL AND RESERVES
          Called up share capital                                                 7,980            7,980        7,980
          Capital redemption reserve                                                964              964          964
          Profit and loss account                                                59,865           52,975       56,318

Shareholders' funds (including non-equity                                        68,809           61,919       65,262
interests)



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