Interim Results

Anglo-Welsh Group PLC
30 July 2001

FOR IMMEDIATE RELEASE




                            ANGLO-WELSH GROUP PLC


                             CHAIRMAN'S STATEMENT

                     for the six months to 30 April 2001



Results



Turnover for the period totalled £168,579.  This included £109,382 from boat
building activities prior to its closure, £37,501 from the timeshare
operation, Time Afloat Limited, and £14,347 from the group's share of holiday
sale income from the hire of boats managed by Aquatravel Limited.  This gave
rise to an operating loss before exceptional items of £333,503.



In considering the operating loss it is important to note the following:-



*         The re-structuring of the business, including the sale of the boat
hire activities took place on 4 December 2000.  The results hence include
approximately £130,000 of operating losses of the former business prior to the
re-structuring.



*         The boat building business continued to operate until the 15
February 2001, during which period operating losses of approximately £70,000
arose before allocating attributable central management costs or overheads.



*         Time Afloat Limited traded profitably in the period.



*         The balance of losses relate to the ongoing activities of the group.
The boat hiring season does not start until March and depreciation charged for
the period in respect of the boat fleet exceeded the group's share of hire
income by £43,000. Share of the hire income for the second half will
inevitably be higher as this will reflect the full summer season.



In view of this trading result there will be no interim dividend (2000: 0
pence per share).



Assets Sales and Discontinued Operations



The Kyle Blue has been sold and we are in discussions to sell the two
remaining trip boats.



The boat building business is now completely closed down and our lease on this
building has been handed back.



Falcon Industries were unfortunately not able to continue to make payments
under their agreement of the 16 August 2000 and as such we repossessed our
land and buildings.  The bulk of this site has been cleared with some stock
remaining to be sold.  The land and buildings are currently on the market and
we hope that a sale will happen reasonably quickly.



A low cost office is being rented in Norwich which is acting as the Company's
head office.



Current Trading



With the exception of Time Afloat Limited and income from the management
agreement with Aquatravel Limited to agent our narrowboats there is no current
trading.



A general manager has been appointed for our timeshare operation Time Afloat
Limited.  The Company owns land at Great Haywood with planning permission for
a marina and a hotel.  It would make an ideal site to set up a marina with
apartment accommodation that could be part of Time Afloat Limited.  The
possibility of achieving this is being explored.  Once Time Afloat Limited is
in an improved trading position we will look to realise this trading entity.



Strategy



It remains the Board's objective to dispose of the remaining assets and
procure an attractive candidate to reverse into the cash shell.  A number of
reverse candidates have been looked at but so far none have been considered
attractive enough.





Stephen Thomson

30th July 2001



ANGLO-WELSH GROUP PLC



CONSOLIDATED PROFIT & LOSS ACCOUNT

for the six months to 30 April 2001


                              Six months to 30 Six months to 30 Twelve months to
                                 April 2001       April 2000     31 October 2000
                                  Unaudited        Unaudited             Audited

                                          £                £                  £

Turnover                            168,579          946,956          3,591,928
Cost of sales                     (169,903)        (780,142)        (2,497,648)


Gross (loss) profit                 (1,324)          166,814          1,094,280

Operating expenses                (334,179)      (1,245,527)        (2,439,164)


Operating loss                    (335,503)      (1,078,713)        (1,344,884)

Loss on disposal of               (130,190)        (136,446)          (136,446)
discontinued operations


Loss on disposal of 
and diminution in value of              -          (205,468)          (258,709)
tangible fixed assets


Loss on ordinary activities 
before interest                   (465,693)      (1,420,627)        (1,740,039)

Interest payable                   (45,070)        (109,387)          (285,161)


Loss on ordinary activities 
before taxation                   (510,763)      (1,530,014)        (2,025,200)

Taxation                             34,000               -           (152,109)
                                                      

Loss on ordinary activities       (476,763)      (1,530,014)       (2,177,309)
after taxation

Dividends                                -                -                 -


Retained loss                     (476,763)      (1,530,014)       (2,177,309)
for the period


Basic loss per share (in pence)       (0.4)            (4.9)             (6.9)







The loss per ordinary share has been re-stated for the sub-division of
ordinary shares of 10p each into ordinary shares of 1p each that took place on
12 January 2001.


ANGLO-WELSH GROUP PLC



SUMMARY CONSOLIDATED BALANCE SHEET


                                             30 April    30 April    31 October
                                                 2001        2000          2000
                                            Unaudited   Unaudited       Audited
                                                    £           £             £

Fixed assets                                3,307,749   4,427,163     4,040,667


Stock                                          49,651     618,240       321,657

Debtors                                       499,957     437,267       384,605

Cash at bank and in hand                      574,511      12,321        51,372

Creditors falling due                     (1,125,110) (2,315,416)   (3,202,048)
within one year


Net current liabilities                         (991) (1,247,588)   (2,444,414)

Creditors falling due after more than one   (435,898) (1,543,764)     (494,287)
year

Provision for liabilities and charges       (109,000)    (29,550)     (143,000)




Net assets                                  2,761,860   1,606,261       958,966


Capital and reserves

Called up share capital                     1,622,718     319,145       319,145


Share premium account                       2,796,961   1,820,877     1,820,877


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



Profit and loss account                   (2,454,786) (1,330,728)   (1,978,023)


Capital reserve                               632,300     632,300       632,300


Equity shareholders' funds                  2,761,860   1,606,261       958,966






Notes



1               The Group results have been prepared in accordance with the
accounting policies stated in the 2000 annual report.



2               The calculation of loss per share is based upon the weighted
average number of shares in issue during the period of 109,696,727 (April 2000
October 2000 31,581,170).



3               The results for the periods to 30 April 2001 and 30 April 2000
are unaudited.  The comparative figures for the year ended 31 October 2000 are
an abbreviated 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               Exceptional items arising from the disposal of discontinued
operations and loss on disposal of and diminution of assets were included
within cost of sales and operating expenses in the interim statement for the
six months ended 30 April 2000.  These items have been re-allocated in the
comparative amounts on a basis consistent with the recognition in the audited
accounts for the year ended 31 October 2000.



5               Exceptional losses on disposal of discontinued operations
relate primarily to the closure and sale of boat building activities.  A loss
of £11,435 also arose on disposal of the holiday business to Aquatravel
Limited.



6               As explained in the audited accounts for the year ended 31
October 2000 all activities other than boat building operations and time share
activities were discontinued on 4 December 2000, though the group continues to
benefit from boat hire income net of management fees payable to Aquatravel
Limited.  Given the fundamental changes it is impossible to separately
identify the results of those minor parts of the group that are continuing.




For further information please contact:

Stephen Thomson

Anglo-Welsh Group Plc               01603 877682