Final Results

Buckland Investments PLC
12 July 2000

Buckland Investments plc
Results for the year ended 31 December 1999

The audited accounts for the year ended 31 December 1999 have today been
published. Copies are available from Nabarro Wells & Co limited, Saddlers House,
Gutter Lane, London EC2V 6BR. The Chairman's statement, profit and loss account
and balance sheet contained in the report and accounts are set out below.

Chairman's Statement for the year ended 31 December 1999

I present the financial results for Buckland for the year ended 31st December
1999. These results include for the first time a full twelve months'
contribution from Connectic Metallo SA ('CM') and Euro Asia Connectors Co Ltd
('EAC') which were acquired in March 1998 and continue to be our only two
operating subsidiaries. The results show a loss before tax of £355,537 (£132,216
- 11 months to 31.12.98) on sales of £6,928,953 (£6,646,601). After crediting
tax and minority interests of £116,377, there was an attributable loss of
£239,160, equivalent to 1.44 pence (1998 - 1.12 pence) per share. Cash flow over
the year was positive and the group's net bank indebtedness over the period fell
in sterling terms by £632,254. No dividend is proposed.

Trading

In 1999 CM and EAC together increased their unit sales by over 5% to in excess
of 60 million ('m') components. However, further price erosion, albeit at a
reduced rate compared to 1998, resulted in a reduction in consolidated sales of
some 10% in 1999 compared with calendar 1998. Continuing cost reductions and
favourable exchange rate movements between the French franc, the Thai baht, the
US dollar and sterling, enabled us to largely offset the squeeze on revenues,
producing a consolidated operating profit for CM and EAC for 1999 of FFr 1.1 m
(FFr 2.2m). This figure would have been some FFr 0.9 m higher had we not
incurred exceptional airfreight charges, mainly relating to the disruption to
production caused by the restructuring of the business in the closing quarter of
the year.

Sales in 1999 consisted of CRT sockets for colour televisions and computer
monitors, and of single and double SCART connectors for colour TVs, VCRs, DVDs
and satellite decoders. The particular feature of the year was the rapid growth
in demand for SCARTS for the European decoder market in the last two quarters.

Restructuring

The main emphasis of our efforts at CM and EAC last year was directed towards
closing down the French manufacturing operations and expanding those in Thailand
to accept the transfer of the stamping and bending processes from France and the
establishment of in-house surface treatment facilities; to reorganising and
strengthening the management teams in both countries; and to consolidating our
control over the businesses by buying out the minority shareholders in both
companies.

In September last year we took possession of a second factory on the outskirts
of Bangkok, near the first unit. Completion of fitting out works was completed
by the year end, and during the first half of 2000 all our injection moulding,
stamping and bending operations have been progressively relocated to this
modern, efficient unit. Our experience to date indicates that we can achieve
greater operating efficiencies in Thailand and also higher overall output, due
to the absence of unduly restrictive legislation over working hours. The
manufacturing operations in France were finally closed in the middle of June.

In April this year, we commissioned our own surface treatment plant in the new
factory, bringing a significant part of our demand for this process in-house for
the first time. We are pleased with the progress made to date with this
operation and expect significant cost savings during the second half of 2000 and
beyond.

We have strengthened the day to day management of EAC by appointing Andy Sims as
production director last autumn and Davina Lee as finance director this spring.
Andy worked previously for GEC and Dowty and Davina for TT Group. In France,
Jean Francois Ragault has recently joined us from Sumitomo as commercial manager
and Fabrice Durand-Cochet has joined us from Groupe Labinal as manager of the
design and development department.

We have also made important middle management changes at EAC, strengthening our
expertise in injection moulding production and in tool repair and maintenance.

With the closure of manufacturing in France, we will be relocating our remaining
operations there (commercial, design and development, and accounts) to much
smaller, more efficient and cheaper rented premises. Part of the old site was
sold in April 2000 for a consideration of FFr 1.0m and the sale of the remainder
is due to be completed by 31st July for FFr 1.4m. Although this realises a
profit over the historical cost to CM, it represents a book loss of £60,000
compared to the fair value in the group's balance sheet. This amount has
therefore been charged to the 1999 profit and loss account. The closure of
manufacturing in France has resulted in seven further redundancies in recent
weeks and with related early retirements also being taken this autumn, the total
cost of redundancies is likely to exceed FFr 3m. Under current UK accounting
standards, the majority of this will be charged to the 2000 P&L account. In cash
terms, it will be funded largely from the sale of the freehold site mentioned
above.

Last November, we acquired the 10% minority interest in EAC previously owned by
our Thai partner. When the company was set up in 1990, Thai law prohibited 100%
foreign ownership of such enterprises. However, recent legislative changes now
permit full foreign ownership and prior to the consolidation of all our
manufacturing operations in Thailand, we were keen to move to full ownership.
The 10% interest was acquired for Baht 5.6m, equivalent to about £ 90,000.
Last December, we acquired the 20% beneficial interest in CM owned by former
senior managers. The total consideration paid for the 20% interest was FFr 1.45m
equivalent to £ 140,000.

Financing

The working capital employed in the group was reduced during the year and
additional funds of £ 300,000, before issue expenses, were raised last December
by the issue of 3 million new ordinary Buckland shares at 10p each. After
financing the various transactions described above, the group ended 1999 with
overall net bank debt reduced by £ 632,254 compared to the end of 1998.

Outlook

The first half of 2000 has seen sales overall running ahead of budget. However,
costs have also been higher than anticipated as a result of short term
logistical problems relating mainly to the transfer of manufacturing to
Thailand. These have only been overcome with the unexpectedly heavy use of
airfreight to and from Thailand, amounting to some £ 300,000 in the first half.
This has clearly impacted on our profitability in the year to date but is not
expected to recur in the second half.

With the transfer now complete and the stamping, bending and surface treatment
operations running satisfactorily, we expect to see a stronger performance in
the second half of this year. Primarily this should arise from sales of the
existing range of CRT sockets and SCART connectors from a significantly reduced
cost base. Further impetus should come from the introduction of new products,
with first production deliveries of a range of power input sockets due to be
made to customers this August.

Compared to our expectations when we acquired a controlling interest in CM and
EAC two years ago, it has been a much longer and harder path than we had
anticipated not least because of the severe price erosion following the Asian
crisis. However, our original strategy for the two companies still looks sound;
namely, transferring all production to an efficient, low cost manufacturing base
in the Far East and then developing it by feeding through additional volume,
both by organic growth and by complementary acquisitions of European businesses
which need to transfer production to a lower cost region- As soon as we are
fully satisfied that the new management team and manufacturing facilities are
ready to cope, we will seek to make further acquisitions which are consistent
with that strategy.

Patrick Rogers
Chairman

11 July 2000


Consolidated profit and loss account for the year ended 31 December 1999

                                            Continuing    11 months
                                            operations    ended
                                             Total        31 December
                                             1999          1998
                                               £             £

Turnover                                   6,928,953      6,646,601
Cost of sales                             (4,191,306)    (4,313,351)

Gross profit                               2,737,647      2,333,250

Administrative expenses                   (2,968,105)    (2,315,626)
Other operating income                        19,224         13,207

Operating (loss)/profit                     (211,234)        30,831

Interest receivable                            1,977         19,571
Interest payable and similar charges        (146,280)      (182,618)

Loss on ordinary activities before taxation (355,537)      (132,216)

Tax on loss on ordinary activities            53,631              0

Minority interests                            62,746          2,765

Retained loss transferred from reserves     (239,160)      (129,451)

Loss per ordinary share
Basic                                          (1.87)p      (1.12)p

The accompanying notes form an integral part of these financial statements.


Consolidated statement of total recognised gains and losses and consolidated
reconciliation of movements in shareholders' funds for the year ended 31
December 1999

                                                 Year       11 months
                                                ended 31    ended 31
                                                December    December
                                                 1999       1998
                                                  £           £
Consolidated statement of total recognised
 gains and losses

Loss for the period                            (239,160)    (129,451)

Exchange translation (loss)/gain on
 foreign currency net investments
 in subsidiary undertakings                    (127,704)     102,409

Total recognised gains and losses
 for the period                                (366,864)     (27,042)

Consolidated reconciliation of movements
 in shareholders' funds

Total recognised gains and losses              (366,864)     (27,042)

New ordinary share capital subscribed
 for and allotted in the period,
 including share premium (net of expenses)      283,975    1,117,707

Net addition to equity shareholders' funds      (82,889)   1,090,665

Opening equity shareholders' funds            1,626,086      535,421

Closing equity shareholders' funds            1,543,197    1,626,086

The accompanying notes form an integral part of these financial statements.

Consolidated balance sheet at 31 December 1999

                                              At                 At
                                       31 December 1999   31 December 1998
                                    £           £           £          £
Fixed assets
Intangible assets                            590,815                 638,568
Tangible assets                            1,480,470               1,812,946
                                           2,071,285               2,451,514
Current assets
Stocks                         1,148,819                1,387,239
Debtors                        2,283,887                1,671,947
Cash at bank and in hand         294,872                  168,770
                               3,727,578                3,227,956
Creditors: amounts
 falling due
 within one year              (4,034,684)              (3,097,175)

Net current
(liabilities)/assets                        (307,106)                130,781

Total assets less
 current liabilities                       1,764,179               2,582,295

Creditors: amounts falling
 due after
 more than one year                         (220,982)               (710,321)
                                           1,543,197               1,871,974
Capital and reserves
Called up share capital                    1,520,900               1,220,900
Share premium account                        449,993                 466,018
Profit and loss account                     (427,696)                (60,832)

Equity shareholders' funds                 1,543,197               1,626,086
Equity minority interests                          0                 245,888

Capital employed                           1,543,197               1,871,974

The financial information contained in this announcement does not constitute
statutory accounts as defined under Section 240 of the Companies Act 1985.