Final Results - Year Ended 30 November 1999

Holders Technology PLC
7 March 2000


CHAIRMAN'S STATEMENT

In the year to 30 November 1999, turnover rose by 4.9% to £8.92m (1998:
£8.5m).  Pre-tax profits fell by 47% to £0.53m (1998: £1.01m).  Earnings per
share fell by 43% to 9.69p.  Your directors are recommending a final dividend
of 5.25p (1998: 5.0p), giving a total dividend for the year of 7.25p. 

Market conditions for our traditional core business remained difficult in the
last year.  Whilst we achieved higher turnover in most of our markets,
pressure on margins, especially for commodity products, was pronounced.  This
was particularly the case in the UK and Benelux.  In both of these markets the
PCB industry has seen a marked move to consolidation within the domestic PCB
manufacturing base with an overwhelming emphasis on cost reduction. 
Conditions in Germany and Scandinavia were somewhat easier due to their
stronger domestic base.

The results to 30 November 1999 were also affected by the high level of
sterling and the dollar against the euro.  The impact of this was twofold with
both margin pressure on sales where our purchase price is dollar denominated,
and an adverse translation effect on foreign earnings from our overseas
subsidiaries coupled with exchange losses on our holdings of foreign
currencies.

To counter these market trends we continue aggressively to pursue exclusive
agencies for niche products and to seek alternative sources of supply for
commodity products from suppliers and areas which enable us to offset the
inherent currency exposure on products sourced from dollar denominated areas. 
Where appropriate we have made larger stock purchases to secure beneficial
terms.  An inevitable consequence of these larger purchases has been to
increase our stock levels and to reduce our cash balances.

Significant cash sums have been expended on planned and essential upgrades to
the physical facilities in both Galashiels and Sweden.  Extensions and
upgrades to our production equipment have been made where required so as to
enhance the level of service we can provide to customers.

In addition to this approach to our traditional core business, we are seeking
to create a significant additional second leg based on our own manufactured
and software products.  Progress on specialised machine control systems is
very encouraging and this activity is now profitable.  Initial sales were
directed to manufacturers of drill grinding machines both for incorporation in
new machines and for retro-fitting.  Discussions are in hand with other
machine manufacturers with a view to incorporating our control systems in
their products.

To take full advantage of the software engineers we employ for the control
systems activity, we continue to explore other market opportunities
particularly in the area of short messaging services and WAP (Wireless
Application Protocol) mobile phones.  Whilst necessarily speculative, this
area offers potentially attractive opportunities and we are planning to
establish a separate subsidiary to fully take advantage of the possibilities
of this new technology.   In the year to 30 November 1999 we spent some
£100,000 on this and anticipate more investment in the current year.

Our commitment to growing the company is evidenced both by the items set out
above and our policy of strengthening our management team.  We have engaged H
Kinmond as group finance director whilst retaining B A Berman as a non
executive director as we believe that the group now justifies and requires a
full time finance director and a wider board.

As ever our staff continue to demonstrate a high level of commitment and
although the opening months of the current year have seen a continuation of
the trends commented on above, we believe that the position will ease somewhat
over the course of the year.  We therefore anticipate some recovery in the
trading of our core business together with a contribution from our other
activities although we expect results to be strongly biased in favour of the
second half of the year.

R W Weinreich
Chairman and Chief Executive


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 November 1999
                                               Audited year     Audited year
                                             ended 30/11/99   ended 30/11/98
                                                      £'000            £'000

Turnover - continuing operations                      8,922            8,502
Cost of sales                                        (6,032)          (5,810)
                                                      -----            -----
Gross profit                                          2,890            2,692
Distribution costs                                     (175)             (93)
Administrative expenses                              (2,094)          (1,786)
Other operating income                                  (26)             146
                                                      -----            -----
Operating profit - continuing operations                595              959
Interest receivable                                      26               72
Interest payable and similar charges                    (86)             (21)
                                                      -----            -----
Profit on ordinary activities before taxation           535            1,010
Tax on profit on ordinary activities                   (144)            (327)
                                                      -----            -----
Profit on ordinary activities after taxation            391              683
Dividends (all equity)                                 (293)            (284)
                                                      -----            -----
Retained profit for the year                             98              399
                                                      =====            =====
Earnings per share - basic and diluted                 9.69p           16.98p
                                                      =====            =====

CONSOLIDATED BALANCE SHEET
at 30 November 1999
                                               Audited year     Audited year
                                             ended 30/11/99   ended 30/11/98
                                                      £'000            £'000
Fixed assets
Tangible assets                                       1,289            1,001
Investments                                               -               12
                                                      -----            -----
                                                      1,289            1,013
                                                      -----            -----
Current assets
Stocks                                                1,790            1,191
Debtors                                               2,142            1,909
Cash at bank and in hand                                619            1,216
                                                      -----            -----
                                                      4,551            4,316
Creditors: Amounts falling due within one year       (1,709)          (1,264)
                                                      -----            -----
Net current assets                                    2,842            3,052
                                                      -----            -----
Total assets less current liabilities                 4,131            4,065
Creditors: Amounts falling due after one year           (16)               -
Provision for liabilities and charges                   (89)             (78)
                                                      -----            -----
                                                      4,026            3,987
                                                      =====            =====
Capital and reserves
Called up share capital                                 403              403
Share premium account                                 1,486            1,486
Capital redemption reserve                                1                1
Profit and loss account                               2,136            2,097
                                                      -----            -----
Equity shareholders' funds                            4,026            3,987
                                                      =====            =====

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 November 1999
                                               Audited year     Audited year
                                             ended 30/11/99   ended 30/11/98
                                                      £'000            £'000

Net cash inflow from operating activities               407              589
                                                      -----            -----
Returns on investment and servicing of finance     
Interest received                                        26               72
Interest paid                                           (14)              (5)
Finance lease interest                                   (1)               -
                                                      -----            -----
Net cash inflow from returns on investment 
and servicing of finance                                 11               67
                                                      -----            -----
Taxation                        
Corporation tax paid                                   (311)            (361)
                                                      -----            -----
Capital expenditure                                   
Payments to acquire tangible fixed assets              (497)            (177)
Receipts from sales of tangible fixed assets             27               16
Receipt from sale of investment                          41                -
                                                      -----            -----
                                                       (429)            (161)
                                                      -----            -----
Equity dividends paid                                  (283)            (272)
                                                      -----            -----
Cashflow before financing                              (605)            (138)
                                                      -----            -----

Financing
Issue of shares                                           -               21
Repayment of loans                                        -              (69)
Capital element of finance leases                       (12)               -
                                                      -----            -----
                                                        (12)             (48)
                                                      -----            -----
(Decrease) in cash                                     (617)            (186)
                                                      =====            =====

Notes:

1.  The calculation of earnings per share is based upon the profit on ordinary
    activities after taxation and 4,034,498 (1998: 4,021,665) ordinary shares,
    being the weighted average number of ordinary shares in issue during the
    year.

2.  A final dividend of 5.25p (1998: 5.0p) per share is payable on 23 May 2000
    to shareholders on the register at the close of business on 17 March 2000.
    The total dividend for the year, including the interim dividend of 2.0p
   (1998: 2.0p) per share paid on 17 September 1999, amounts to £293,000
   (1998: £284,000), which is equivalent to 7.25p (1998: 7.0p) per share.

3.  This preliminary statement which has been agreed with the auditors and
    approved by the Board on 7 March 2000 is not the Company's statutory
    accounts.  The statutory accounts for each of the two years to 30
    November 1998 and 30 November 1999 received audit reports, which were
    unqualified and did not contain statements under section 237 (2) or (3) of
    the Companies Act 1985.  The 1998 accounts have been filed with the
    Registrar of Companies but the 1999 accounts are not yet filed.