Final Results

Actif Group PLC
24 November 2000

                                                              23 November 2000



                               ACTIF GROUP PLC

             PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2000

Actif Group's strategy is to acquire the clothing rights for quality brands
and to use its management experience to develop those brands through a variety
of routes to market in the UK and Europe.

Highlights

*       Turnover up 39% to £14.1 million (1999: £10.2 million)

*       Gross margins have increased from 34.8% to 36.2% due to the increased
        proportion of retail business

*       Operating profit before exceptional items of £201,000 is £92,000 up on
        last year (1999: £109,000)

*       Profit before tax and exceptionals is up £23,000 to £68,000 (1999: £
        45,000)

*       Three prime ELLE stores and four ELLE factory outlet stores opened

*       Acquisition of JOE BOXER underwear and sleepwear licence, for all
        European territories

*       Concession agreement with Debenhams for distribution of JOE BOXER in
        45 stores

*       Strategic investment by Hatzioannou Holdings S.A of £2.1 million



Martin Lent, Chief Executive of Actif Group, commented:

'This has been an exciting year in the development of Actif Group.  We have
made significant progress in the expansion of the retail business across the
UK and the acquisition of the JOE BOXER licence is an important step in our
goal to develop a portfolio of quality international brands distributed across
Europe.   The agreement with Hatzioannou will enable the Group to capitalise
on the opportunities available to develop its business in the UK and Europe.'


Enquiries:       Actif Group plc                           Hudson Sandler

                 Martin Lent, Chief Executive              Piers Hooper

                 Simon Banfield, Finance Director          Wendy Baker

                 Tel: [phone]            Tel: [phone]



                                                              23 November 2000



ACTIF GROUP PLC

('ACTIF' OR THE 'COMPANY')


             PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2000


CHAIRMAN'S STATEMENT

I am pleased to report on Actif Group's maiden preliminary results since
listing on the Alternative Investment Market ('AIM') of the London Stock
Exchange in January 2000.  The flotation of the Company raised £2.1 million
(net of expenses) to finance the Company's expansion into retail and the
development of the wholesale business.  Since flotation we have seen
considerable progress for Actif Group plc, confirming our belief that the
Company offers exciting opportunities for future growth.

Our strategy is to grow our Company through acquiring clothing licences for
international quality brands that have a leading edge through their image and
brand positioning and to use our management experience to develop those brands
through a variety of routes to market in the UK and Europe.  The board of
Actif is therefore delighted to have acquired, in May 2000, in addition to its
existing licence agreement for ELLE, a 15 year licence agreement with Boxer
Holdings Inc, a leading US designer and manufacturer of JOE BOXER underwear
and sleepwear, for all European territories.

Financial Performance

Group turnover for the period increased by 39% to £14.1 million (1999: £10.2
million). The Group's stated strategy to expand the retail business has
resulted in gross margins increasing from 34.8% to 36.2%.  Operating profit
before exceptional items has risen from £92,000 to £201,000.  Profit before
tax and exceptional costs increased to £68,000 (1999: £45,000).  This figure
has been held back by costs of £140,000 arising from the establishment of the
JOE BOXER business and the initial trading loss of £49,000 incurred by the
Group's new German subsidiary.  The investment in Germany was made to open a
sales and distribution office for the ELLE range. The Group incurred
exceptional costs of £174,000 relating to the restructuring that was
implemented prior to the Company's flotation.  The rapid growth of the ELLE
retail business during the year has required substantial investment in both
infrastructure and working capital to support the increased levels of stock.
During the year we have invested in excess of £1.0 million on new retail
stores.

Dividend

As stated in the placing document at the time of flotation, it is the
Company's intention to retain any profits for use within the business during
the current phase of development.  Consequently, the board is not proposing to
pay a dividend on the ordinary shares for the financial year ended 31 July
2000.

Retail Business

Retail turnover for the period increased fourfold to £3.8 million (1999: £0.9
million). The division's gross margin at 55.6% is ahead of budget, but 2% down
on last year due to the increased proportion of discounted factory outlet
business.

ELLE

At the end of the last financial year the Group had one prime ELLE retail
store at Bluewater in Kent.  During the year a further three prime ELLE retail
stores were opened in County Arcade, Leeds, the Trafford Centre, Manchester
and the Metro Centre, Newcastle.  Since the year end the Company has opened a
further two prime stores in Southampton and Milton Keynes bringing the total
number of prime stores to six.  The Company also opened 10 department store
concessions during the period.  Six of these concessions are within House of
Fraser which, having been a major wholesale customer, converted to retail
concessions during the year.  A further 12 concessions have been opened in
House of Fraser since the year end.

The Group also operates through designer outlet centres and opened ELLE stores
in Braintree, Castleford, Whiteley and Cheshire Oaks bringing the total number
of factory outlets to six.  The Group also opened concessions during the
period within a specialist factory outlet group in major outlet centres.

JOE BOXER

As announced in the interim results, in April 2000, the Company entered into a
15 year licence agreement with Boxer Holdings Inc.  The licence agreement
covers JOE BOXER underwear and sleepwear product lines for men, women and
children.  It is America's third largest underwear brand in department stores
and boasts an annual value of wholesale sales worldwide of over US$100
million.

On acquiring the licence agreement, the Company also announced that it had
signed a concession agreement with Debenhams plc for 18,000 square feet of
retail space for JOE BOXER products.  In September 2000 JOE BOXER was launched
in 45 Debenhams stores across the UK.  I am confident of the brand's long-term
potential and expect the brand to develop as customer awareness increases.

At the end of the period the Group had increased its ELLE retail selling space
to 32,000 square feet in comparison to the 3,000 square feet at the end of
last year.  With the additional developments since the year end, referred to
above, the Group is now operating out of 12 ELLE stores and 67 prime
concessions.  The Group now trades from a total of 63,000 square feet of
retail selling space across the two brands.

Wholesale Business

In the UK the ELLE wholesale range has performed well with sales up 11% to £
5.8 million (1999: £5.2 million).  Export sales in the year showed a healthy
increase of 14% to £2.5 million (1999: £2.2 million). In addition our Ted
Baker agency sales have performed as anticipated.

During the period a number of a wholesale customers have converted to retail
concessions which will generate greater sales at higher margins in the long
term.  However, this has had an impact on the performance of the wholesale
business in the current year as the generation of revenues from the new
concessions will arise during the season, which extends beyond the year end.
Wholesale margins, excluding Ted Baker agency sales, have reduced from 33.8%
to 32.8%, which is principally due to the adverse impact of the decline in the
value of sterling against the dollar.

Strategic Investment

The board of Actif Group announced on 10 July 2000 that it had entered into an
agreement with Hatzioannou Holdings S.A., a major European producer of
underwear.  Under this agreement Hatzioannou Holdings S.A. is identified as
being the Group's preferred supplier of underwear and in return has made an
initial strategic investment of £2.1 million, representing a 10.7% stake
(7,000,000 shares at 30p per new ordinary share) in the Company.  In addition
the Company has granted Hatzioannou Holdings an option to subscribe for a
further 7,500,000 new ordinary shares at an exercise price of 42p per share
within 17 months.

This strategic investment by Hatzioannou Holdings S.A. will enable the Group
to undertake a more rapid expansion of its business for ELLE and JOE BOXER
across the European market.  The preferred supplier/customer agreement
provides the Group with the benefits of long term access to high quality,
competitively priced, fast turn-around production sources for underwear and
will enable us to target aggressively the significant market for our products.

People

The board recognises the tremendous commitment of the Actif team to the
further development of ELLE and the launch of the JOE BOXER brand.  On behalf
of the board I would like to take this opportunity to thank all our employees
for their contribution to our achievements over the last year.

Current Trading and Prospects

Since the year end, revenues from our ELLE retail business have continued to
increase with like for like sales for the first 16 weeks 2.5% ahead of the
comparable period last year.  ELLE wholesale sales are in line with budget for
the first quarter of the year.  The ELLE retail and wholesale businesses,
which together with third party sourcing currently account for over 80% of the
Group's turnover, are in line with our expectations for the year, although the
final outcome for the year will be dependent on the important Christmas
trading period.

The JOE BOXER concessions have now been trading for two months with a number
of the concessions opening slightly later than was originally planned.  Whilst
the launch was successful in introducing the brand into the UK marketplace
there have been additional costs in doing so.  Although it is early days,
initial sales have been below expectations as a result of some of the product
being more suited to the US market.  The effect of this together with the
extra costs referred to above, is likely to have an impact on the level of
profitability in the current financial year.  Management is focusing on
developing awareness of the brand and is continuing to develop the product for
the UK market.  I believe that these measures will enable the Group to
capitalise on the considerable potential of the brand in the longer term.

This has been an exciting year in Actif's development with the expansion of
the retail business across the UK and the acquisition of the JOE BOXER
licence.  The agreement with Hatzioannou S.A. will enable the Group to
capitalise on the opportunities available to develop its business in the UK
and Europe.  We are making good progress towards our strategic objectives to
date and the prospects for the next year and for the long-term development of
the business remain encouraging.

Consolidated profit and loss account

for the year ended 31 July 2000
                                                      Unaudited       Audited
                                             Notes          2000         1999

                                                               £             £
                                                           '000          '000
STARTTurnover                                    2       14,100        10,155
Cost of sales                                    2       (8,993)       (6,620)
                                                      __________    __________
Gross profit                                     2        5,107         3,535
Other operating expenses (net)                           (5,080)       (3,426)
                                                      __________    __________
Operating profit                                 2           27           109

Operating profit before exceptional costs                   201             -
Exceptional costs of restructuring for                     (174)            -
flotation

Other interest receivable and similar income                  -             4
Interest payable and similar charges             2         (133)          (68)
                                                      __________    __________
(Loss)/profit on ordinary activities before      2         (106)           45
taxation
Taxation                                                    (13)            5
                                                      __________    __________
(Loss)/profit on ordinary activities after                 (119)           50
taxation
Minority interest                                             -             2
                                                      __________    __________
(Loss)/profit for the financial year                       (119)           52
Dividend proposed - preference shares                        (2)          (15)
                                                      __________    __________
(Loss)/profit for the year taken to reserves               (121)           37
                                                      __________    __________


(Loss)/earnings per share                        3

Basic (loss)/earnings per share                          (0.28p)        0.13p
                                                      __________    __________
Adjusted earnings per share                               0.05p         0.13p
                                                      __________    __________
Diluted (loss)/earnings per share                        (0.28p)        0.09p
                                                      __________    __________
Adjusted diluted earnings per share                       0.03p         0.09p
                                                      __________    __________

All operations of the Group continued throughout the year and no operations
were acquired or discontinued.

The group had no recognised gains or losses other than the loss for the year.

Consolidated balance sheet

as at 31 July 2000
                                                          Unaudited    Audited
                                                               2000       1999
                                                              £'000      £'000
Fixed assets
Intangible assets                                                85          -
Tangible assets                                               1,852        912
                                                          __________ __________
                                                              1,937        912
Current assets
Stocks                                                        4,301      2,250
Debtors                                                       2,282      1,864
Cash at bank and in hand                                        739          1
                                                          __________ __________
                                                              7,322      4,115
Creditors: amounts falling due within one year               (2,973)    (3,587)
                                                          __________ __________
Net current assets                                            4,349        528
                                                          __________ __________
Total assets less current liabilities                         6,286      1,440
Creditors: amounts falling due after more than one             (868)      (436)
year
                                                          __________ __________
Net assets                                                    5,418      1,004
                                                          __________ __________
Capital and reserves
Called up share capital                                         655        369
Share premium account                                         4,340        132
Other reserves                                                   89         47
Profit and loss account                                         334        456
                                                           _________ __________
Shareholders' funds                                           5,418      1,004

Minority interests                                                -          -
                                                           _________ __________
Total capital employed                                        5,418      1,004
                                                          __________ __________

Shareholders' funds
Equity interests                                              5,418        914
Non-equity interests                                              -         90
                                                          __________ __________
                                                              5,418      1,004
                                                          __________ __________






Consolidated cash flow statement

for the year ended 31 July 2000
                                                      Unaudited        Audited
                                            Notes          2000           1999
                                                           £'000          £'000

Net cash outflow from operating activities      4        (2,049)          (252)
Returns on investments and servicing of                    (148)           (79)
finance
Taxation                                                   (129)            (1)
Capital expenditure and financial                        (1,271)          (774)
investment
                                                      __________     __________
Net cash outflow before financing                        (3,597)        (1,106)
Financing                                                 4,844            408
                                                      __________     __________
Increase/(decrease) in cash in the year         5         1,247           (698)
                                                      __________     __________




Notes:

1.     This summary financial information comprises that of Actif Group plc
and its UK and overseas subsidiaries for the year ended 31 July 2000, all of
which derive from continuing operations. The results have been prepared using
accounting policies consistent with those presented in the 1999 financial
statements.  The preliminary announcement, which does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985, is an
extract from the Group statutory accounts for the year ended 31 July 2000,
which will be delivered to the Registrar of Companies in due course.  The
auditors have not yet reported on those accounts.  The results for the year
ended 31 July 1999 have been extracted from the statutory accounts for that
period which have been delivered to the Registrar of Companies and on which
the auditors gave an unqualified report.



2.     Segment information

The turnover and profit before taxation are attributable to the Group's
principal activity, the design, contracted manufacture, wholesale and retail
of high quality fashion clothing.

a) Analysis of turnover by destination:
                                                          2000            1999
                                                         £'000           £'000
United Kingdom                                          11,576           7,949
Overseas  -  European community                          1,669           1,236
Overseas  -  Non European community                        855             970
                                                    __________      __________
                                                        14,100          10,155
                                                    __________      __________




b) Classes of business

Year ended 31 July 2000  Third party   Wholesale         Retail          Group

                            sourcing
                               £'000       £'000          £'000          £'000
Turnover                       1,937       8,336          3,827         14,100
Cost of sales                 (1,695)     (5,623)        (1,675)        (8,993)
                           __________  __________     __________     __________
Gross profit                     242       2,713          2,152          5,107
Common costs               __________  __________     __________        (4,906)
                                                                     __________
Operating profit                                                           201
Exceptional costs                                                         (174)
Net interest payable                                                      (133)
                                                                     __________
Loss before taxation                                                      (106)
                                                                     __________


The exceptional item of £174,000 relates to the costs of restructuring for
flotation.


Year ended 31 July 1999    Third party     Wholesale       Retail        Group

                              sourcing
                                 £'000         £'000        £'000        £'000
Turnover                          1,849        7,440          866       10,155
Cost of sales                    (1,329)      (4,926)        (365)      (6,620)
                              __________   __________   __________   __________
Gross profit                        520        2,514          501        3,535
Common costs                  __________   __________   __________      (3,426)
                                                                     __________
Operating profit                                                           109
Exceptional costs                                                            -
Net interest payable                                                       (64)
                                                                     __________
Profit before taxation                                                      45
                                                                     __________


3.     Earnings per ordinary share

The calculations of loss/earnings per share is based on the (loss)/earnings
for the financial period attributable to equity shareholders and the weighted
average number of ordinary shares as follows:


                                                              2000      1999

                                                             Number    Number
Weighted average number of ordinary shares:               43,397,384 27,852,600
                                                          __________ __________
Weighted average number of ordinary shares and potential  59,338,217 39,892,062
ordinary shares
                                                          __________ __________


For the year ended 31 July 2000 the potential ordinary shares are
non-dilutive.  Adjusted earnings per share has been calculated after excluding
the impact of exceptional items after taxation (£139,000) and the amortisation
of goodwill (£2,000).


4.     Reconciliation of operating profit to operating cash flows


                                                         Unaudited     Audited
                                                              2000        1999
                                                             £'000       £'000
Operating profit                                                27         109
Depreciation charges                                           432         187
Amortisation of goodwill                                         2           -
(Profit)/loss on sale of tangible fixed assets                  (2)          1
Non-cash exceptional costs of flotation                         88           -
Increase in stock                                           (2,051)     (1,007)
Increase in debtors                                           (418)        (21)
(Decrease)/increase in creditors                              (126)        479
Foreign exchange loss relating to non-operating                 (1)          -
activity
                                                         __________  __________
Net cash (outflow)/inflow from operating activities         (2,049)       (252)
                                                         __________  __________




5.     Reconciliation of net cashflow to movement in net debt
                                                         Unaudited     Audited
                                                              2000        1999
                                                             £'000       £'000
Increase/(decrease) in cash in the year                      1,247        (698)
Cash outflow from decrease in debt and lease financing         239          63
                                                         __________  __________
Change in net debt resulting from cash flows                 1,486        (635)
New secured loans                                             (688)       (250)
New finance leases                                            (133)       (171)
                                                         __________  __________
Movement in net (debt)/funds in year                           665      (1,056)
Net funds/(debt) at 1 August                                (1,035)         21
                                                         __________  __________
Net debt at 31 July                                           (370)     (1,035)
                                                         __________  __________


6.     The Annual General Meeting will be held at 20 Little Portland Street,
London W1W 8AA on 24 January 2001 at 2.00pm.