Interim Results

ANGLO-WELSH GROUP PLC
27 August 1999


Interim Results for the Six Months to 30 April 1999

Chairman's Statement


Results
The interim results, for the six months to 30 April 1999, are the first since
the company's year-end was changed to 31 October. The change has brought
Anglo- Welsh into line with holiday industry practice and provides a clearer
financial appraisal of our respective off-season and on-season periods.

Turnover to 30 April 1999 was just £673,000, which resulted in a loss of
£894,000, and was in line with our budgets. In view of current trading the
board considers it prudent to declare a reduced interim dividend of 0.25
pence per share (1998: 1 pence) payable on 10 December 1999, to shareholders
registered at the close of business on 12 November 1999.

It is normal for seasonal holiday operators to show losses for the off-season
period when there is little activity. Waterway operators have significantly
increased costs  associated with the winter maintenance of their hire fleets
together with marketing costs relating to the upcoming holiday season.

Current Trading
At our annual general meeting in May I stated that, in common with the
majority of the domestic holiday industry, we were experiencing a reduction
in bookings. This down turn in UK holidays has continued, due partly to the
ongoing strength of Sterling which has encouraged overseas holidays, and also
due to the effect of the poor weather experienced throughout the summer of
1998 influencing customer perception of UK holidays generally.

Developments
At the beginning of this year the board decided to take advantage of a demand
for water-related timeshare opportunities and created the Water Time Club.
This was announced to shareholders in the last annual report and I am pleased
to record that we have made significant progress in recent months.

Sales of timeshare in Bristol continue to meet our expectations and this
stimulated the recent launch of additional sales facilities at Bunbury and
Tardebigge, both of which are emerging from their start-up phase and are
already returning encouraging levels of sales.

Outlook
The board anticipates that the holiday booking levels for this season will be
lower than 1998 which will adversely affect profit levels in the current
year. It is expected that the development of the Water Time Club, which is
also benefiting our boat building activities, will not contribute
significantly to profits in the current year, but will diversify future
profit streams and help smooth the current seasonal imbalance of the
business. The board is confident that the Water Time Club will make a
meaningful contribution next year.

The board is planning to mount an enhanced marketing campaign for the new
season and to review the hire fleet operations, in order to reduce overheads.

David L. Court
Chairman
27 August 1999


Anglo Welsh Group plc
Consolidated Profit & Loss Account for the six months to 30 April 1999

                                Six months    Six months     Ten months
                             to 30 Apr '99 to 30 Jun '98  to 30 Oct '98
                                 Unaudited     Unaudited        Audited
                                         £             £              £
Turnover from continuing 
operations                         673,106     1,274,298      3,051,552

Cost of sales                     (666,486)     (865,475)    (1,574,101)

Gross profit                         6,620       408,823      1,477,451

Operating expenses                (865,118)     (581,529)    (1,017,923)

Operating (loss)/profit from
 continuing operations            (858,498)     (172,706)       459,528

Net interest payable               (35,656)      (35,057)       (54,767)

(Loss)/profit on ordinary 
 activities before taxation       (894,154)     (207,763)       404,761

Taxation                                 -             -        (17,050)

(Loss)/profit on ordinary 
 activities after taxation        (894,154)     (207,763)       387,711

Dividends                           (7,729)      (30,915)       (92,745)

Retained (loss)/profit for 
 the period                       (901,883)     (238,678)       294,966

Basic earnings per share, 
 in pence                          (28.9)p        (6.7)p          12.5p
                                  ________      ________       ________
 

Statement of retained profits

Retained profit brought forward   195,177        (84,670)       (84,670)
Retained (loss)/profit for 
 the period                      (901,883)      (238,678)       294,966
Goodwill written off                    -              -        (15,119)
Accumulated losses carried 
 forward                         (706,706)      (323,348)       195,177




Anglo Welsh Group plc
Summary Consolidated Balance Sheet as at 30 April 1999

                               30 Apr '99     30 Jun '98     31 Oct '98
                                Unaudited      Unaudited        Audited
                                        £              £              £

Fixed assets                    4,268,999      3,748,963      4,236,031

Stock                             598,529        477,003        625,412

Debtors                           601,497        601,503        317,074

Current asset investment                -         27,339          8,320

Cash                               11,849         11,513         12,208

Creditors falling due within 
 one year                      (2,368,880)    (2,014,853)    (1,474,415)

Creditors falling due after 
 more than one year              (893,661)      (248,757)      (604,414)

Provision for liabilities 
 and charges                      (34,550)       (35,570)       (34,550)

Net Assets                      2,183,783       2,567,141     3,085,666

Capital & Reserves

Called up share capital           309,145         309,145       309,145

Share premium account           1,784,377       1,784,377     1,784,377

Capital redemption reserve        164,667         164,667       164,667

Profit & loss account            (706,706)       (323,348)      195,177

Capital reserve                   632,300         632,300       632,300

Equity shareholders' funds      2,183,783       2,567,141     3,085,666


Notes:

1.   The Group results have been prepared in accordance with the accounting
  policies stated in the 1998 annual report.

2.   The calculation of earnings per share is based upon the weighted average
  number of shares in issue during all periods of 3,091,450.

3.   The results for the periods to 30 April 1999 and 30 June 1998 are
  unaudited. The comparative figures for the year ended 31 October 1998 are an
  abridged version of the full accounts which have been reported on without
  qualification by the auditors, and have been filed with the Registrar of
  Companies.

4.   This statement is being sent to all shareholders and further copies can
  be obtained from the Company's Registered Office at 5 Pritchard Street,
  Bristol, BS2 8RH.


For further information, contact:
David Daynes, managing director                Tel: [phone]

Issued by:
Richard Robinson
Marshall Robinson Roe                          Tel: [phone]