Interim Results to to 31 January 2000 & Other News

Actif Group PLC
2 May 2000
                                                                              
                                Actif Group plc

   Announcement of interim results, acquisition of new licence agreement and
                    proposed launch of new e-commerce site
                                       
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 40% to £6.7 million (1999: £4.8 million)

*    Gross margins have increased from 28.3% to 34.4% as a result of the
     increasing proportion of retail business within the Group

*    Operating profit of £30,000 is £266,000 up on the same period last year

*    Loss before tax of £220,000 reflects exceptional costs of £174,000
     arising from major capital restructuring and reorganisation required by  
     the successful flotation of the Company

*    Four new ELLE retail stores opened in Leeds, Castleford, Braintree and
     Portsmouth

*    Acquisition of 15 year licence agreement  with Boxer Holdings Inc, a
     leading US designer and manufacturer of JOE BOXER underwear and          
     sleepwear, for all European territories

*    Concession agreement for JOE BOXER already signed with Debenhams plc for
     18,000 square feet of retail space across 45 stores to launch the brand  
     from early September 2000

*    joeboxer.com website planned to offer JOE BOXER products across Europe

Martin Lent, Chief Executive of Actif Group, commented:

'We have already demonstrated our ability to grow and develop the ELLE brand
and we look forward to replicating that success with JOE BOXER.  The addition
of this licence is an important step forward in our goal to develop a
portfolio of quality brands, distributed across Europe.'

Further information is available on the corporate website, www.actifgroup.com


Enquiries:     ACTIF GROUP PLC                     HUDSON SANDLER
               Martin Lent, Chief Executive        Piers Hooper
               Simon Banfield, Finance Director    Wendy Baker
               Tel: [phone]            Tel: [phone]


CHAIRMAN'S STATEMENT

I am pleased to report on a period of considerable progress for Actif Group
plc during which time the Company was successfully floated on the Alternative
Investment Market.

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.  The Board of Actif is therefore
delighted to announce that it has entered into a 15 year licence agreement
with Boxer Holdings Inc (a wholly owned subsidiary of Joe Boxer Corp), a
leading US designer and manufacturer of underwear and sleepwear, for all
European territories.  The licence agreement, which will be held by an Actif
subsidiary, changedaily.co.uk limited, covers Joe Boxer underwear and
sleepwear product lines for men, women and children.

In addition, Actif announces its intention to launch a JOE BOXER website to
support the brand throughout Europe.

Financial Performance

During the period under review our stated strategy to expand into retail has
continued and has produced an increase in both sales and gross margins.
Although a small loss before tax and exceptional items has been recorded for
the half year as anticipated, we are considerably ahead of the same period
last year.  In the six months to 31 January 2000 turnover increased by 40% to
£6.7 million (1999: £4.8 million).  Gross margins have increased from 28.3% to
34.4% as a result of the increasing proportion of retail business within the
group.  The operating profit of £30,000 is £266,000 up on the same period last
year.  The loss before tax of £220,000 includes exceptional costs of £174,000
arising from the major capital restructuring and reorganisation that was a
prerequisite of the successful flotation of the Company.

As stated in our recent placing document, it is the Board's intention to
retain any profits for use within the business during the current phase of
development of the Company.  Consequently, there is no proposal to pay a
dividend on the ordinary share capital of the Company for the current
financial year.

Retail Business

During the period under review the number of ELLE retail stores has increased
from two to six as new stores have been opened in Leeds, Castleford, Braintree
and Portsmouth.  As part of our strategy to increase our higher margin retail
business, one of our major wholesale customers will convert to a retail
concession business with effect from August 2000.  We are planning to open new
ELLE stores in Manchester, Newcastle, Chester and one near Edinburgh, which
with the new concessions will create 20,000 square feet of additional retail
selling space.

Wholesale Business

The ELLE wholesale range has performed well in the UK and has had a mixed
response in Europe with sales increasing in countries such as Switzerland,
Ireland, Germany and Iceland.  The Southern European markets are proving more
difficult for the ELLE clothing range although the underwear and sportswear
collections are enjoying some success.  We are now developing products that
are more suitable for these markets.

The conversion of a number of our UK wholesale customers to retail concessions
will impact on the wholesale business in the current year but will generate
greater sales at a higher margin for the Company in subsequent years.

Wholesale sales increased by 17% in the period to £5.4 million (1999: £4.6
million) whilst margins remained unchanged from last year at 27.8%.

New Licence

The Company has entered into a 15 year licence agreement for Europe, with
Boxer Holdings Inc, a high profile US designer and manufacturer of underwear
and sleepwear.  JOE BOXER products are distributed throughout the US in over
4,000 department stores, speciality shops and catalogues.  Product is also
currently produced under licence in Australia, Canada, Japan, Mexico and New
Zealand.  Current annual value of wholesale sales worldwide exceeds US$100
million.

The licence will initially run for 5 years, from 1 April 2000 to 30 June 2005,
with a renewal option for the licensee subject to the achievement of certain
performance criteria.  Actif will pay royalties based upon sales volumes at
different rates for wholesale and retail.

The Company has already signed a concession agreement with Debenhams plc for
18,000 square feet of retail space across 45 stores to launch the brand from
early September 2000.  The launch costs of this new brand will obviously
impact on the current year's profit and loss account whilst the associated
revenue will commence in the early part of the next financial year.

Outlook

The opening of the proposed new stores together with the conversion of a
substantial proportion of the wholesale business to retail concessions and the
launch of the JOE BOXER brand will increase the number of retail outlets to
over 90.  These significant developments along with the start up costs of the
JOE BOXER business will impact on the result for the second half of the year
but the prospects for next year and for the long-term development of the
business are encouraging.


Peter W D Roberts
Chairman


GROUP PROFIT AND LOSS ACCOUNT
For the 6 months to 31 January 2000
                                
                                          Unaudited     Unaudited     Audited
                                        6 months to   6 months to     Year to
                                         31 January    31 January     31 July
                             Notes             2000          1999        1999 
                                              £'000         £'000       £'000

Turnover                                      6,694         4,832      10,155
Cost of sales                                (4,391)       (3,466)     (6,620)
                                        -----------   -----------   ---------
Gross profit                                  2,303         1,366       3,535
Administrative expenses                      (2,275)       (1,602)     (3,426)
Other operating income                            2             -           -
                                        -----------   -----------   --------- 
                            
Operating profit/(loss)                          30          (236)        109

Exceptional item                 2             (174)            -           -
Other interest receivable and 
  similar income                                  -             -           4
Interest payable and similar 
  charges                                       (76)          (26)        (68)
                                        -----------    ----------   ---------
(Loss)/profit on ordinary 
  activities before taxation                   (220)         (262)         45
Taxation                         3               28            81           5
                                        -----------    ----------   ---------
(Loss)/profit on ordinary 
  activities after taxation                    (192)         (181)         50

Minority interest                                 -             2           2
                                        -----------    ----------   ---------
(Loss)/profit for the period                   (192)         (179)         52

Divided - non-equity                             (3)           (3)        (15)
                                        -----------    ----------   ---------
(Loss)/retained profit for the 
  period                                       (195)         (182)         37
                                          =========     =========   =========

(Loss)/earnings per share        4            (0.66p)       (0.65p)      0.13p
                                        -----------    ----------   ---------
Adjusted (loss)/earnings per 
  share                                       (0.13p)       (0.65p)      0.13p
                                        -----------    ----------   ---------
Fully diluted (loss)/earnings 
  per share                                   (0.66p)       (0.65p)      0.09p
                                        -----------    ----------   ---------
Adjusted fully diluted (loss)/
  earnings per share                          (0.13p)       (0.65p)      0.09p
                                        -----------    ----------   ---------


GROUP BALANCE SHEET
As At 31 January 2000
                                          Unaudited     Unaudited     Audited
                                         31 January    31 January     31 July
                               Notes           2000          1999        1999 
                                              £'000         £'000       £'000

Fixed assets
------------
Intangible assets                                52             -           -
Tangible assets                               1,460           559         912
                                         ----------    ----------   ---------
                                              1,512           559         912

Current Assets
--------------
Stocks                                        2,960         1,132       2,250
Debtors                           5           4,093         2,113       1,864
Cash at bank and in hand                          -             -           1
                                         ----------    ----------   ---------
                                              7,053         3,245       4,115

Creditors: amounts falling due 
  within one year                            (4,986)       (2,904)     (3,587)
                                         ----------    ----------   ---------
Net current assets                            2,067           341         528
                                         ----------    ----------   ---------
Total assets less current 
  liabilities                                 3,579           900       1,440

Creditors: amounts falling due 
  after more than one year                     (359)         (114)       (436)
                                         ----------    ----------   ---------
Net assets                                    3,220           786       1,004
                                          =========     =========    ========
Capital and reserves
--------------------
Called up share capital                         585           369         369
Share premium account                         2,312           132         132
Capital reserve                                   -            47          47
Merger reserve                                   39             -           -
Profit and loss account                         284           238         456
                                          ---------     ---------    --------
Shareholders' funds                           3,220           786       1,004
                                          ---------     ---------    --------
Shareholders' funds
-------------------
Equity interests                              3,220           696         914
Non-equity interests                              -            90          90
                                          ---------     ---------    --------
                                              3,220           786       1,004
                                          =========     =========   =========


NOTES TO THE INTERIM FINANCIAL STATEMENTS

1.   Basis of preparation

The consolidated interim financial statements have been prepared under the
historical cost convention and in accordance with applicable accounting
standards.  The accounting policies applied are consistent with those set out
in the financial statements of Actif Group plc (prepared under its former name
of DB Actif Limited) for the year ended 31 July 1999.  The interim financial
statements are unaudited and do not constitute accounts within the meaning of
section 240 of the Companies Act 1985.  The financial information for the year
ended 31 July 1999 has been extracted from the Group's statutory accounts for
the period, which have been delivered to the Registrar of Companies.  The
auditors' report on those accounts was unqualified and did not contain any
statement under section 237 of the Companies Act 1985.

2.   Exceptional item

The exceptional item comprises the costs of the capital restructuring and
reorganisation carried out in preparation for the flotation of the Company on
the Alternative Investment Market.

3.   Taxation

The taxation credit for the 6 months has been calculated at the estimated
effective rate for the full year of 21%, after excluding non-deductible
exceptional items.

4.   Earnings per share

Earnings per share and fully diluted earnings per share for the 6 months ended
31 January 2000, the year ended 31 July 1999 and the 6 months ended 31 January
1999 have been calculated on profit after tax and non-equity dividends and on
the weighted average number of shares in issue and under option during the
period, as set out below:

                          6 months ended     6 months ended     Year ended
                         31 January 2000    31 January 1999   31 July 1999

Weighted average number 
  of ordinary shares          29,436,055         27,852,600     27,852,600
                         ---------------    ---------------   ------------
Weighted average number 
  of ordinary and
  potential ordinary 
  shares                      39,640,445         39,560,379     39,517,002
                         ---------------    ---------------   ------------
                         

For the periods ended 31 January 1999 and 31 January 2000 the potential
ordinary shares are non-dilutive.  The numbers of shares in issue for the
prior periods have been restated to reflect the sub-division of the £1
ordinary shares into 100 shares of 1 pence each, which took place on 13
January 2000.  Adjusted loss per share for the 6 months ended 31 January 2000
has been calculated on profit on ordinary activities after tax and non-equity
dividends but excluding the exceptional item of £174,000.

5.   Debtors

Included within debtors at 31 January 2000 is the sum of £1,406,067 in respect
of share capital issued under a placing agreement dated 24 January 2000.

6.   Copies of Interim Report

The Interim Report will be sent by post to all registered shareholders.
Copies of the Interim Report are available from the Company Secretary at the
Registered Office of Actif Group plc, 20 Little Portland Street, London W1N
5AE.