Interim Results

easyJet PLC
9 May 2001

**EMBARGOED UNTIL STOCK EXCHANGE RELEASE**                           9 May 2001

                 easyJet announces strong revenue growth and

                  results marginally ahead of airline's plan





easyJet plc, the fast-growing low cost airline, today announced maiden interim
results for the six months ended 31 March 2001.



easyJet's business is seasonal, with losses in the first half and profits in
the second half reflecting the high-volume, high-yield European summer.



Highlights of the half year's performance include:



  * Revenues up 43% to £142.8m (2000: £100.1m)
  * Passenger numbers up 31% to 3.2m (2000: 2.4m)
  * Average internet sales percentage during the final month in the
    financial period 86.5% (2000: 59.6%)
  * Successful flotation on London Stock Exchange
  * Loss after tax and before exceptionals of £7.0m (2000: £2.3m loss)
    reflecting inherent seasonality
  * Amsterdam established as fourth operational base
  * Introduction of three Boeing 'Next Generation' 737-700 aircraft



Commenting on the results, Ray Webster, Chief Executive, said:



'We are pleased to report an encouraging performance marginally ahead of our
expectations with revenue up 43%, passengers up 31% and 87% of customers now
booking over the internet. In the last twelve months 6.5 million people flew
on easyJet.



'The establishment of Amsterdam as a base and the introduction of three new
routes linking existing cities, demonstrates easyJet's continuing strategy of
concentrating on network density, rather than 'flag planting'. easyJet now
serves 30 routes from 17 airports.



'Between October and December 2000, easyJet took delivery of the first three
of its new Boeing 'Next Generation' 737-700s. Four more will arrive in the
second half, with a further 25 following by mid-2004.



'easyJet has seen firm trading in the first weeks of the second half. The
Amsterdam to Gatwick route, launched in April, is proving popular with our
customers. My colleagues and I remain confident of achieving our expectations
for the full year.'





                                   - ends -



For further information, please contact:

easyJet plc
Toby Nicol, Head of Corporate Communications                      01582 525 339
Ray Webster, Chief Executive
Chris Walton, Finance Director

Grandfield
Charles Cook/Clare Abbot                                          020 7417 4170



Analysts Presentation



Date and Time:     Wednesday, 9 May at 10.00 am

Venue:             UBS Warburg

                   Presentation Suite

                   4th Floor

                   100 Liverpool Street

                   London EC2








         1. Investor's conference call



Date and Time:      Wednesday, 9 May at 14.00

Host:               Ray Webster



For further details, please contact Clare Abbot/Laura Foster on 020 7417 4170



CHAIRMAN'S STATEMENT

I am pleased to report to shareholders easyJet's first interim set of results
for the six months ended 31 March 2001 which have fully met the Board's
expectations.

Due to the inherent seasonality of the business, the trading performance is
generally biased in favour of the second half of the year due to the benefit
of higher yields . Accordingly, easyJet plc has generated a loss after tax,
but before exceptional items, of £7.0 million for the first half. Revenues for
the first half were £142.8 million, a 43 per cent increase on the same period
in 2000.

As stated in the Company's Listing Particulars, we continue to anticipate
paying no dividends in the foreseeable future.

I am delighted to announce the appointment of Diederik Karsten as our fourth
independent non-executive director, as required by the Combined Code. Diederik
is Chief Executive of KPN Mobile NV where he has led its international
expansion into being a leading European mobile telecom provider. Diederik's
appointment brings a Dutch dimension to the Board at a time of rapid expansion
of our recently-established Amsterdam base.

In addition, I would like to congratulate Tony Illsley, a non-executive
director of the Board since September 2000, on his appointment as the senior
independent non-executive director of the Board.

In assessing the trading outlook, I note encouraging trading in the first
weeks of the second half.



The airline business is a people business, so I would like to recognise and
thank the efforts of all 1,600 of our staff in attaining these results.



Stelios Haji-Ioannou

Chairman

8 May 2001







CHIEF EXECUTIVE'S REVIEW



Overview



easyJet plc generated a loss for the six months ended 31 March 2001 which was
marginally better than expected for the period. Historically, easyJet's
business is seasonal, with losses in the first half of its financial year and
profits in the second half, as the second half includes the high volume, high
yield European summer. This trend continues.

As a consequence, the loss after tax, but before exceptional items, for the
six months ended 31 March 2001 is £7.0 million. After exceptionals, the
half-year loss before (and after) tax is £10.3 million.



easyJet's growth in revenue has continued, increasing 43% half-year on
half-year, to £142.8 million resulting from increased passenger numbers and
higher average fares. The number of passengers increased 31% half-year on
half-year to 3.2 million, driven by the introduction of three new aircraft and
a two percentage point increase in average load factor, up to 81%. Over the
same period, the average fare increased by 8.3%.



The establishment of Amsterdam as a base and the introduction of three new
routes linking existing cities with Amsterdam demonstrates easyJet's
continuing concentration on network density, rather than 'flag planting'.
easyJet now serves 17 airports and operates 30 routes.

easyJet's business model is based on high network density and frequency, which
management believes is attractive for business travellers. Management data
shows that 'business travel' characteristics are now shown by 50% of easyJet's
passengers, compared to 36% a year ago. easyJet sees this as confirmation of
the continuing business customer acceptance of the easyJet model.

Public recognition has also been illustrated by the recent receipt of the
following awards:


  * the Visa e-tail award for Best Value,

  * entry to the Consumer Superbrand group of companies,

  * highly ranked in Which? Travel consumer survey, and

  * for the second year running, the Business Traveller Magazine award for
    'best low cost airline'.



In March 2001, over 85% of initial sales were sold over the Internet.



Seasonality



While yields are driven by European seasonal demand, operating costs are
primarily determined by planned activities such as the arrival dates of new
aircraft, the planned maintenance schedule, the build-up of crews for new
aircraft deliveries and the timing of weather-related disruption.



Management believes that the comparative loss incurred in the six months ended
31 March 2000 was lower than would be typically expected. This was for two
reasons. Firstly, easyJet had introduced a number of brand-new aircraft which
did not require major scheduled maintenance during their early months.
Secondly, winter weather disruption was less than expected.



External factors affecting the first-half

easyJet began the financial year in an environment of rising fuel prices and a
US dollar that was strengthening against the British pound. Management assumed
that these factors would continue and, accordingly, planned for increased
costs.

During the first half ended 31 March 2001, the average fuel price per US
gallon rose 24% to 104 cents, compared with an average price of 84 cents for
the half-year ended 31 March 2000. This has resulted in a £3.0 million
additional fuel cost for the half-year ended 31 March 2001 compared with the
first half-year ended 31 March 2000. The results have been further affected by
an additional £4.7 million of cost as a result of the strengthening of the US
dollar against Sterling.

Weather disrupted the business, particularly in late December 2000. However,
when comparing half-year on half-year results, it should be noted that the
major weather-related disruptions last year occurred in the second-half.

easyJet's yield management system is able to pass on a portion of the impact
of external costs. As a consequence, the £10.7 million half-year on half-year
benefit from increased fares has assisted in mitigating fuel and stronger US
dollar cost pressures.





Exceptional expenses



For the half-year ended 31 March 2001, exceptional costs of £3.3 million are
represented by:



  * Share gifts & options - £ 1.3 million


    This represents the cost of shares and/or options over shares which were
    gifted to staff in relation to the float.



  * TEA Basel AG - Swiss VAT court decision - £ 2.0 million


    As outlined in the Statutory Accounts for the year ended September 2000
    and the Listing Particulars, the company has been involved in court cases
    in Switzerland in relation to VAT levied on the defunct air charter
    business of TEA Basel AG during the period 1995-1998. This was prior to
    easyJet controlling the company. After favourable decisions in lower
    courts, the final appeal court has ruled against easyJet.

    easyJet has accrued an expense of £2 million to cover estimated penalty
    interest and amounts which may now prove irrecoverable from some small
    customers of TEA Basel AG.





New aircraft & routes

In October, November and December 2000, easyJet took delivery of the first
three of its new Boeing New Generation 737-700s. These were financed using
operating leases. Also, an additional B737 was leased for the 2001 summer
programme, bringing the total fleet at 31 March 2001 to 22 aircraft.



A further 29 737-700s are to be delivered by May 2004. Four of these aircraft
will arrive before 30 September 2001.



In January 2001, Amsterdam became easyJet's fourth operating base (the other
bases are London Luton, Liverpool and Geneva). Concurrent with the launch of
the Amsterdam base, new services began linking Amsterdam to Edinburgh, Belfast
and Nice. Subsequently, Amsterdam to London Gatwick has also commenced.



During the half-year, the Liverpool-Luton service was withdrawn because of the
increase in charges at both those airports. Also, as a means of accessing a
new customer catchment area, the Geneva-Stansted service was transferred to
Gatwick.



Five new services for Summer 2001 have been announced, including two new
routes from Amsterdam to Glasgow and Barcelona and two routes from Belfast to
Glasgow and Edinburgh, and a further service from London Gatwick to Nice.



London Luton Airport



During the first half of the year, easyJet gained a four-month extension to
its existing contract at London Luton Airport. In February 2001, a new
six-month agreement was put in place. Although this is at a discount to the
'rack rate', easyJet remains of the view that, under the current arrangement,
Luton is not an attractive airport to invest in.



The Airline Group



easyJet is one of the seven shareholders in the Airline Group, a consortium of
airlines set up to bid for the partial ownership of the UK air traffic control
system (NATS). Following the success of the bid in March 2001, easyJet has
invested £6.6 million to provide the Airline Group with the initial capital
base needed for the purchase.



easyJet's future growth is critically dependent on the provision of efficient
air traffic control services. The consortium airlines have a strategic
alignment of interest in achieving this outcome.



Trading Outlook

easyJet has seen encouraging trading in the first weeks of the second half.
The Amsterdam to Gatwick route, launched in April, is proving popular with our
customers. Initial sales on the five new routes are proving satisfactory.

Management has initiated a number of programmes aimed at further improving
future operating margins and costs over and above its ongoing focus. These
will not necessarily impact the current financial year.

My colleagues and I remain confident of achieving our expectations for the
full year.





Ray Webster

Chief Executive

8 May 2001



Attachments: Key statistics & prior year financial comparatives





Attachment:



KEY STATISTICS
                                                                    2001  2000
Number of aircraft owned/leased at 31 March                         22    18

                                                                    
Average number of aircraft owned/leased over the first 6 months     20.4  17.7

                                                                    
Number of routes operated at 31 March                               29    28
Number of airports served at 31 March                               17    18
Passengers (millions) over the first 6 months                       3.2   2.4

                                                                    
Load factor over the first 6 months                                 80.6% 78.4%
Average internet sales percentage during the final month of the
financial period (i.e. March)                                       86.5% 59.6%


                                                                    







Definitions



Number of aircraft owned/leased at end of period



Represents the number of aircraft owned (including those held on lease
arrangements of more than one month's duration) at the end of the relevant
accounting period.



Passengers



Represents the number of earned seats flown by easyJet. Earned seats include
seats that are flown whether or not the passenger turns up, because easyJet is
a no-refund airline and once a flight has departed a no-show customer is
generally not entitled to change flights or seek a refund. Earned seats also
include seats provided for promotional purposes and to easyJet staff for
business travel.



Load factor



Represents the number of passengers as a proportion of the number of seats
available for passengers. No weighting of the load factor is carried out to
recognise the effect of varying flight (or 'stage') lengths.



Average internet sales percentage during period



Represents the number of seats initially sold over the internet divided by the
total number of seats initially sold, during the final month of the financial
period. Sales that are originally made by the internet, but are later amended
by phone, are included.

Attachment:



PRIOR YEAR FINANCIAL COMPARATIVES

The table below summarises revenue and loss after tax (but before exceptional
items) for the half-year ended 31 March 2001 and the comparative half year
periods to 2000, 1999 and 1998.


                                                        First    Second    Full
                                                        half     half      year
                                                          £m       £m        £m
1998  Revenue                                           28.4      48.6     77.0
      (Loss)/profit after tax (but before              (1.3)       7.2      5.9
      exceptional costs)
1999  Revenue                                           50.3      89.5    139.8
      (Loss)/profit after tax (but before              (8.9)      10.2      1.3
      exceptional costs)
2000  Revenue                                          100.1     163.6    263.7
      (Loss)/profit after tax (but before              (2.3)      24.4     22.1
      exceptional costs)
2001  Revenue                                          142.8
      (Loss)/profit after tax (but before              (7.0)
      exceptional costs)









Independent review report by KPMG Audit Plc to easyJet plc



Introduction

We have been instructed by the company to review the financial information set
out on pages 9 to 16 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.



Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where they are
to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.



Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999
/4: Review of Interim financial information issued by the Auditing Practices
Board.  A review consists principally of making enquiries of Group management
and applying analytical procedures to the financial information and underlying
financial data and, based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed.  A
review is substantially less in scope than an audit performed in accordance
with Auditing Standards and therefore provides a lower level of assurance than
an audit.  Accordingly we do not express an audit opinion on the financial
information.



Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 March 2001.







KPMG Audit Plc
Chartered Accountants

Registered Auditor

London

EC4Y 8BB

8 May 2001



Consolidated profit and loss account

for the 6 months ended 31 March 2001


                                            Notes Unaudited Unaudited Year ended
                                                  Six       Six       30
                                                  months    months    September
                                                  ended     ended     2000
                                                  31 March  31 March  
                                                  2001      2000
                                                  £000      £000      £000

Revenue                                       2   142,844   100,127   263,694
Cost of sales                                     (124,939) (81,881)  (191,291)


Gross profit                                      17,905    18,246    72,403
Distribution and marketing expenses               (17,855)  (11,012)  (25,868)
Administrative expenses (including
exceptional administrative expenses of £
3,279,000 in 6 months ended 31 March 2001)    4   (10,470)  (6,318)   (17,875)

                                              


Operating (loss)/profit
Operating (loss)/profit before exceptional        (7,141)   916       28,660
administrative expenses
Exceptional administrative expenses               (3,279)   -         -
Operating (loss)/profit                           (10,420)  916       28,660
Interest receivable                               4,341     815       1,687
Interest payable                                  (4,207)   (4,031)   (8,244)


(Loss)/profit on ordinary activities before       (10,286)  (2,300)   22,103
taxation
Tax on (loss)/profit on ordinary activities   5   -         -         -


Retained (loss)/ profit for the period            (10,286)  (2,300)   22,103


(Loss)/earnings per share:
Basic and diluted                             3   (4.3p)    (1.2p)    11.9p







Consolidated balance sheet

as at 31 March 2001




                                        Notes Unaudited Unaudited
                                               31 March  31 March 30 September
                                                   2001      2000         2000
                                                   £000      £000         £000
                                                             
Fixed assets
Intangible assets                                 3,079     3,243        3,163
Tangible assets                                 210,052   168,292      202,159
Investments                               7       6,885         -            -


                                                220,016   171,535      205,322

Current assets
Debtors                                          53,458    37,339       40,959
Cash at bank and in hand                        228,755    34,362       14,088


                                                282,213    71,701       55,047
Creditors: amounts falling due within         (123,551)  (79,561)     (84,483)
one year


Net current assets/(liabilities)                158,662   (7,860)     (29,436)


Total assets less current liabilities           378,678   163,675      175,886


Creditors: amounts falling due after          (106,136) (124,035)    (108,315)
more than one year

Provisions for liabilities and charges          (1,348)     (889)      (1,854)


Net assets                                      271,194    38,751       65,717


Share capital and reserves
Share capital                                    65,013         -       46,647
Share premium                                   195,073         -            -
Other reserves                                        -    38,314            -
Profit and loss                                  11,108       437       19,070


Shareholders' funds - equity              8     271,194    38,751       65,717









This Interim Report was approved by the Directors on 8 May 2001.





Cash flow information

Reconciliation of operating profit to net cash flow from operating activities

                                          Unaudited     Unaudited    Year ended
                                         Six months    Six months  30 September
                                              ended         ended         2000
                                      31 March 2001 31 March 2000 

                                       £000         £000                £000
Operating (loss)/profit               (10,420)      916                 28,660
Amortisation                          84            84                  164
Depreciation                          8,880         7,489               15,937
Provision for impairment of           -             -                   1,134
fixed assets
Profit on sale of assets              -             (65)                (65)
Cost of share gifts                   478           -                   -
Increase in debtors                   (12,499)      (9,205)             (11,541)
Increase in creditors                 39,301        19,792              26,280


Net cash inflow from operating        25,824        19,011              60,569
activities



Consolidated cash flow statements
                                               Unaudited  Unaudited  Year ended
                                              Six months Six months          30
                                                   ended      ended   September
                                                31 March   31 March        2000
                                                    2001       2000        
                                                    £000       £000        £000

Net cash inflow from operating                    25,824     19,011      60,569
activities
Returns on investments and servicing of
finance                                              134    (3,853)     (7,937)
                                                     
Taxation                                               -          -       (541)
Capital expenditure and financial
investment                                      (16,293)    (6,470)    (36,339)
                                                


Cash inflow before management of liquid
resources and financing                            9,665      8,688      15,752
                                                   
Management of liquid resources                  (20,000)          -           -
Financing                                        205,002    (4,171)    (31,509)


Increase/(decrease) in cash in the               194,667      4,517    (15,757)
period









Cash flow information (continued)



Reconciliation of net cash flow to movements in net funds

                                             Unaudited   Unaudited   Year ended
                                            Six months  Six months 30 September
                                                 ended       ended         2000
                                              31 March    31 March         
                                                  2001        2000
                                                  £000        £000        £000

Increase/(decrease) in cash in the             194,667       4,517     (15,757)
period
Cash outflow for decrease in debt                5,751       4,199       31,537
Cash outflow for increase in liquid             20,000           -            -
resources


Change in net funds/(debt) resulting
from cash flows                                220,418       8,716       15,870
                                               
Exchange difference on loans                   (4,316)     (3,478)     (14,495)


Decrease in net debt for the period            216,102       5,238        1,285
Net debt at the start of the period          (106,005)   (107,290)    (107,290)


Net funds/(debt) at the end of the             110,097   (102,052)    (106,005)
period





Net debt at the end of the period comprises:

                                 Unaudited        Unaudited         Year ended
                          Six months ended Six months ended  30 September 2000
                             31 March 2001    31 March 2000               
                                      £000             £000               £000

Cash at bank and in hand           228,755           34,362             14,088
Bank loans                       (118,658)        (118,125)          (120,093)
Shareholder loans                        -         (18,289)                  -

                                   110,097        (102,052)          (106,005)




Consolidated statement of total recognised gains and losses

                                            Unaudited   Unaudited   Year ended
                                           Six months  Six months 30 September
                                                ended       ended         2000
                                             31 March    31 March         
                                                 2001        2000
                                                 £000        £000        £000
Retained (loss)/profit for the               (10,286)     (2,300)       22,103
period
Foreign currency translation
differences                                     3,050       1,535        4,098
                                                


Total recognised gains and losses
for the period                                (7,236)       (765)       26,201

                                              


Consolidated reconciliation in shareholders' funds

                                           Unaudited    Unaudited    Year ended
                                          Six months   Six months  30 September
                                               ended        ended          2000
                                            31 March     31 March          
                                                2001         2000
                                                £000         £000          £000

Retained profit for the period              (10,286)      (2,300)        22,103
Foreign currency translation
differences                                    3,050        1,535         4,098
                                               
Movement in reserves for share
gifts                                          (726)            -             -
                                               
Shares issued by previous parent
undertaking                                        -           28            28
                                                  
Shares issued by easyJet plc                 213,439            -             -

Net addition to shareholders'
funds                                        205,477        (737)        26,229
                                             
Opening shareholders' funds                   65,717       39,488        39,488

Closing shareholders' funds                  271,194       38,751        65,717




Notes to the Interim Statements






 1. Basis of preparation of interim financial information

         The financial information contained in this statement does not
    constitute statutory accounts within the meaning of section 240 of the
    Companies Act 1985.

    The unaudited consolidated profit and loss and balance sheet for the half
    years ended 31 March 2000 and 31 March 2001 have been prepared on a basis
    consistent with the statutory accounts for the year ended 30 September
    2000. The comparative figures for the financial year ended 30 September
    2000 are not the company's statutory accounts for that financial year.
    Those accounts have been reported on by the company's auditor and
    delivered to the Registrar of Companies. The report of the auditor was
    unqualified and did not contain a statement under section 237 (2) or (3)
    of the Companies Act 1985.

 2. Turnover and segmental analysis

    All revenues derive from the easyJet's principal activity as an airline
    and include scheduled services, in-flight and related sales. Substantially
    all of easyJet's external revenues are earned by companies incorporated in
    the United Kingdom.

                                           Unaudited   Unaudited   Year ended   
                                           Six months  Six months 30 September
                                                ended       ended         2000
                                             31 March    31 March         
                                                 2001        2000
                                                 £000        £000        £000   
   

    Within the United Kingdom             42,481         32,647         73,008
    Between the United Kingdom and        91,361         63,760         177,141
    the Rest of Europe
    Within the Rest of Europe             9,002          3,720          13,545

                                          142,844        100,127        263,694


    All of easyJet's operating profit arises from airline-related activities.

    The only revenue earning assets of easyJet are its aircraft fleet. Since
    easyJet's aircraft fleet is employed flexibly across its route network,
    there is no suitable basis of allocating such assets and related
    liabilities to geographical segments.





 3. Earnings per share

    Basic earnings per share has been calculated by dividing the (loss)/profit
    for the period retained for equity shareholders by the weighted average
    number of shares in issue during the period after adjusting for changes to
    the capital structure of the Group.

    Diluted (loss)/earnings per share is the basic (loss)/earnings per share
    adjusted for dilutive potential ordinary shares. For the share option and
    other share schemes in place at 31 March 2001, the loss per share is not
    dilutive as conversion to ordinary shares would reduce net loss per share.

    The earnings per share are based on the following:

                                           Six months  Six months   Year ended
                                                ended       ended         
                                             31 March    31 March 30 September  
                                                 2001        2000         2000
                                     

    (Loss)/profit for the period retained    (10,286)       (2,300)       22,103
    for equity shareholders (£000's)

                                              Number        Number       Number
    Weighted average number of ordinary
    shares in issue during the period used
    to calculate basic and diluted (loss)/
    earnings per share (000's)                                                 
                                            238,447         186,443      186,515
                                            





 4. Administrative expenses

 Included within administrative expenses are the following exceptional items:



      + £1.3m in respect of issuing share options and share gifts to
        employees of the Group.

      + £2.0m in respect of a court decision against easyJet Switzerland.
        The Swiss Federal Tax Administration ('SFTA') brought a claim against
        easyJet Switzerland, relating to VAT on tour operators for charter
        services provided. Following successive proceedings and appeals, in
        1998 the Federal Recourse Committee for VAT matters, a specialised
        court dealing with tax matters, ruled in favour of easyJet
        Switzerland, stating that its charter operations were not subject to
        VAT. In 1999, the SFTA appealed against this decision to the Swiss
        Federal Court (the highest court in Switzerland) and gained a decision
        in its favour during the current financial year. The total amount
        claimed by the SFTA is approximately £9.4m plus interest estimated at
        approximately £1.0m, however, the Group believes that the majority of
        this can be re-claimed from its customers. Taking into account amounts
        which the Group believes it will collect from these customers has
        resulted in a net profit and loss account charge of approximately £
        1.0m, plus interest at approximately £1.0m.


 5. Taxation

    The tax charge for the half year ended 31 March 2000 represents UK and
    overseas current and deferred tax on the results for the period.

    Notes to the Interim Statements (continued)

 6. Dividends

    No dividends have been paid or proposed in the period ended 31 March 2001
    or during the comparative accounting periods.

 7. Investments


            easyJet Airline Company Ltd., a subsidiary of easyJet plc, is one
            of the seven shareholders in the Airline Group, which is a
            consortium of airlines set up to bid for the partial ownership of
            the UK air traffic control system (NATS). Following the success of
            the bid in March 2001, easyJet has invested £6.9m (including £0.3m
            legal and consultancy fees) as its investment to provide the
            Airline Group with the initial capital base needed for the
            purchase.



8 Share capital and reserves

                                             Share    Share   Profit    Total
                                           capital  Premium      and
                                                                loss
                                                             account
                                              £000     £000     £000     £000

At 1 October 2000                           46,647        -   19,070   65,717
Retained (loss) for the period                   -        - (10,286) (10,286)
Foreign currency translation differences         -        -    3,050    3,050
Issue of ordinary share capital             18,366  195,073        -  213,439
Movement in profit and loss account for          -        -    (726)    (726)
cost of share gifts


At 31 March 2001                            65,013  195,073   11,108  271,194