Interim Results

Next PLC
12 September 2000


Contacts: David Jones, Chief Executive
          Next plc
          Tel: [phone] (12/09/00)
          Tel: [phone] (thereafter)

          Alistair Mackinnon-Musson
          Philip Dennis
          Hudson Sandler
          Tel: [phone]

                           NEXT PLC

            RESULTS FOR THE HALF YEAR ENDED JULY 2000
                                
*    NEXT Retail turnover up 11%
*    NEXT Directory turnover up 8%
*    Group profit before tax up 18% to 80.7m
*    Earnings per share up 24%
*    Annual post tax  return on capital employed of  27%
*    Interim dividend increased to 8p

Sir Brian Pitman, Chairman, said

'This  was  another successful half year for NEXT.  The  combined
turnover  of  NEXT  Retail and NEXT Directory increased  by  10%.
Group profit before tax was up by 18% and, after a share buyback,
earnings  per share rose by 24%.  The interim dividend  has  been
increased by 14%.

We expect further progress in the second half of the year.'
                                
                            NEXT PLC
                                                                 
Chairman's Statement

NEXT  has  had a successful first half of the year.  The combined
turnover  of  NEXT  Retail and NEXT Directory increased  by  10%.
Group profit before tax was up by 18% and, after a share buyback,
earnings  per  share rose by 24%. The annual post tax  return  on
capital increased to 27%.

During  the  period   we purchased for cancellation  10%  of  our
shares  at  an average price of 513p and a total cost  of  £192m,
this  contributed to the increase in earnings  per  share.    The
Board is pleased to announce an interim dividend of 8p per share,
a 14% increase on the previous year.

We expect further progress in the second half of the year.

Sir Brian Pitman
Chairman


Chief Executive's Review

In  the six months to July 2000 NEXT achieved a profit before tax
of  £80.7m compared with £68.4m the previous year.  The  turnover
and profit from each of our divisions was as follows:

                             Turnover       Profit  before Tax
                          Six months to July Six months to July
                           2000     1999        2000    1999
                             £m       £m          £m      £m

NEXT Retail                470.1   423.0        46.1    39.4
NEXT Directory             138.1   127.8        17.6    12.4
                      __________________  __________________
The NEXT Brand             608.2   550.8        63.7    51.8

NEXT Overseas                6.9     6.8         1.2     1.3
Ventura                     49.1    55.0         5.1     4.4
Clydesdale                   8.6     7.5         1.4     1.3
Other Activities            12.3    12.5         6.0     5.7
                      __________________  __________________
                           685.1   632.6        77.4    64.5
                      __________________
Interest Income                                  3.3     3.9
                                          __________________
Profit before Tax                               80.7    68.4
                                          __________________

The NEXT Brand
The  NEXT  Brand  has had a successful first half  of  the  year.
Combined  Retail  and  Directory profit  before  tax  was  £63.7m
compared  with  £51.8m the previous year,  an  increase  of  23%.
Total sales for the NEXT Brand were up 10% but the comparison  of
sales  against last year is slightly distorted by the  fact  that
this year's end of season Sale started on 29 July, one week later
than  last  year.   We had a successful Sale  and  all  necessary
provisions relating to end of season stock have been included  in
these half year results.

                            NEXT PLC

Chief Executive's Review continued

The NEXT Brand continued
Sales in NEXT Retail increased by 11%, full price sales increased
by  14%.   Like-for-like full price sales in the 273 stores  that
have  been  trading continuously for at least one  year  were  7%
ahead of the previous year.  Retail operating profit increased by
17% to £46.1m.

During  the  six  months we opened new stores  in  Canary  Wharf,
Dumfries,  Dundee, Galway, Preston and Rotherham, and resited  to
larger stores in Banbury, Coleraine, Ipswich and Tunbridge Wells.
At  the end of July we had 338 stores with a total selling  space
of  1,519,000 square feet compared with 331 stores and  1,397,000
square feet the previous year, an increase of 9%.

In  the  second half of the year we expect to increase our retail
selling  space by a further 120,000 square feet, the majority  of
which  will open in November and December.  The total  new  space
for  the current year will be approximately 175,000 square  feet,
making  the total selling space 1,640,000 square feet at  January
2001, an increase of 12% on last year.

Sales  in  NEXT  Directory increased by 8%.   Full  priced  sales
increased by 10% whilst reduced priced sales were negligible this
year  because  of  the  later start to the end  of  season  Sale.
Directory  operating  profit increased by  42%  to  £17.6m.   The
number of active customers increased by 6% and at the end of July
was  953,000.  The home shopping environment has been a difficult
one  for  several  seasons, we recognised this  and  reduced  our
marketing spend to concentrate on improving the profitability  of
Directory.

There  is  now  evidence  from  our improved  Spring/Summer  2000
recruitment  results  that the Directory can profitably  increase
its  marketing  activities targeted at  the  recruitment  of  new
customers.  We therefore expect to make further progress  in  the
second half of the year.

Sales through the Internet are increasing and currently represent
7%  of  NEXT Directory sales.  We now expect to achieve  £20m  of
sales  through this channel for the full year.  The  Internet  is
used not only by existing Directory customers, but also by casual
shoppers  who can order NEXT products and the Directory from  our
website.

NEXT Overseas
During  the  six months to July, the performance of our  overseas
franchise  stores  was  satisfactory.  As stated  in  last  years
annual  review  we do not intend at this stage  to  increase  our
overseas activity.

Ventura and Clydesdale Financial Services
Ventura's profit for the half year was £5.1m compared with  £4.4m
the  previous  year.  The second Customer Service Centre  in  the
Dearne Valley provides us with additional capacity for expansion,
and  will be servicing new business such as that recently  gained
from Woolwich plc.

Clydesdale  has had a satisfactory first half with profit  before
tax of £1.4m against £1.3m last year.  As previously announced we
have  invited  offers  for the Clydesdale  business  and  we  are
currently in negotiations with interested parties.

                            NEXT PLC

Chief Executive's Review continued

Other Activities
Profits  for  the half year were £6.0m compared  with  £5.7m  the
previous year.  The main contributors were NEXT Asia, our product
sourcing  company based in Hong Kong, and our Property Management
company.

Cash Flow
During  the  period  we purchased for cancellation  37.4  million
shares  at  a total cost of £192m.  The interest cost  associated
with the purchase was £3m, whereas the cash flow saving from  the
July  dividend exceeded £5m.  During the period this  transaction
increased  our  earnings  per share by 2.5%  and  we  expect  the
enhancement to be 4.5% for the full year.

At  the end of July net borrowings were £64m, a gearing ratio  of
14%  to  net assets.  Excluding the cost of the shares purchased,
the cash inflow during the period was £5m and we expect a further
inflow  for  the second half of the year.  Our stock levels  were
higher  at  the  end  of  July this year as  they  included  more
Spring/Summer merchandise.  This was a consequence of  the  later
start  to  the  Sale, which successfully cleared  this  stock  in
August.

The  majority of our £20m capital expenditure related  to  Retail
stores  and  this will continue to be the case in  Autumn/Winter,
the projected full year expenditure remains less than £60m.

Dividend
The  Directors are pleased to declare an interim dividend of  8p,
an  increase  of  14% (last year 7p).  This will  be  paid  on  2
January 2001 to shareholders on the register at 8 December  2000.
The shares will trade ex-dividend from 4 December 2000.

Current Trading
In the first six weeks of the Autumn/Winter season, sales in NEXT
Retail  are  28%  ahead  of the previous  year.   Sales  in  NEXT
Directory are 9% ahead of last year.

However, this comparison is distorted by the later start  to  the
end  of season Sale.  This resulted in significantly higher sales
in the first two weeks of August this year.

A fairer comparison of current trading is therefore the last four
weeks, which show NEXT Retail up 14% on the previous year.  Like-
for-like  sales  in  the  286  stores  which  have  been  trading
continuously for at least one year are 7% ahead.  Sales  in  NEXT
Directory for the last four weeks are 5% ahead.

David Jones
Chief Executive                                 12 September 2000

                                
                            NEXT PLC

              CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the six months ended July   Unaudited    Unaudited
                               Six months   Six months    Year to
                             to July 2000to  July 1999   Jan 2000
                                       £m           £m         £m

Turnover                            685.1       632.6     1,425.4
                                 ________    ________    ________
Operating profit                     77.4        64.5       180.3

Profit on disposal of business          -           -         2.4
Profit on disposal of fixed assets      -           -         4.1
                                 ________    ________    ________
Profit before interest               77.4        64.5       186.8
Net interest receivable               3.3         3.9         7.9
                                 ________    ________    ________
Profit on ordinary activities
 before taxation                     80.7        68.4       194.7

Taxation on profit on
 ordinary activities                (23.4)      (19.1)      (54.5)
                                 ________    ________    ________
Profit on ordinary activities
 after taxation                      57.3        49.3       140.2
Dividends                           (20.8)      (25.6)      (76.4)
                                 ________    ________    ________
Profit for the year transferred
 to reserves                         36.5        23.7        63.8
                                 ________    ________    ________

Earnings per share                   16.7p       13.5p       38.4p

Diluted earnings per share           16.6p       13.3p       37.9p

Dividend per share                    8.0p        7.0p       21.0p


   CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

For the six months ended July
                               Six months  Six months     Year to
                             to July 2000to July 1999    Jan 2000
                                       £m          £m          £m

Profit attributable to
 members of parent company           57.3        49.3       140.2
Exchange difference on
 translation of net assets
 of subsidiary undertakings           1.8         0.2         0.1
                                 ________    ________    ________
Total recognised gains and
 losses relating to the period       59.1        49.5       140.3
                                 ________    ________    ________


                            NEXT PLC
                                
                   CONSOLIDATED BALANCE SHEET

                                Unaudited  Unaudited
                                July 2000  July 1999   Jan 2000
                                       £m         £m         £m
Fixed assets
Tangible assets                     281.3      298.2      288.6
Investments                           2.7        2.7        2.4
Investment in own shares             45.2       38.4       48.8
                                 ________   ________   ________
                                    329.2      339.3      339.8
                                 ________   ________   ________
Current assets
Property development stocks           9.1        9.3        9.1
Stocks                              183.5      142.0      137.5
Debtors- Amounts falling due
         within one year            263.5      276.7      270.7
       - Amounts falling due
         after more than one year    41.9       52.7       65.3
Cash at bank and in hand             60.9       56.6      124.7
                                 ________   ________   ________
                                    558.9      537.3      607.3
Current liabilities
Creditors: amounts falling due
 within one year                    410.8      288.4
318.4
                                 ________   ________   ________
                                    148.1      248.9      288.9
                                 ________   ________   ________
Total assets less current
 liabilities                        477.3      588.2      628.7
Creditors: amounts falling due
 after more than one year            16.9       12.6       15.0
Provision for liabilities
 and charges                          7.2        8.9        7.0
                                 ________   ________   ________
Net assets                          453.2      566.7      606.7
                                 ________   ________   ________
Capital and reserves
Called up share capital              33.7       37.4       37.4
Share premium account                 3.8        3.7        3.7
Revaluation reserve                  15.9       17.9       16.4
Other reserves                        4.1        0.4        0.4
Profit and loss account             395.7      507.3      548.8
                                 ________   ________   ________
Shareholders' funds                 453.2      566.7      606.7
                                 ________   ________   ________

                            NEXT PLC
                                
                CONSOLIDATED CASH FLOW STATEMENT

For the six months ended July
                                Unaudited  Unaudited
                               Six months Six months    Year to
                             to July 2000to July 1999  Jan 2000
                                       £m         £m         £m

Net cash inflow from
 operating activities                76.7       81.1      260.8
                                 ________   ________   ________
Dividends from associates              -           -        1.0
                                 ________   ________   ________
Returns on investments and 
 servicing of finance
Interest received                     4.0        4.3        7.7
                                 ________   ________   ________
Taxation
UK corporation tax paid             (15.6)      (5.5)     (61.9)
Overseas tax paid                    (1.4)      (0.7)      (1.4)
                                 ________   ________   ________
                                    (17.0)      (6.2)     (63.3)
                                 ________   ________   ________
Capital expenditure and
 financial investment
Purchase of tangible fixed assets   (20.0)     (43.0)     (67.3)
Proceeds from disposal of
 fixed assets                         4.2        2.6       11.1
Purchase of own shares by ESOP          -       (7.2)     (22.9)
Receipts on disposal of
 shares by ESOP                       2.8        5.4        6.4
                                 ________   ________   ________
                                    (13.0)     (42.2)     (72.7)
                                 ________   ________   ________
Acquisitions and disposals
Disposal of subsidiary and
 associated undertakings                -          -        1.0
                                 ________   ________   ________
Equity dividends paid               (45.8)     (46.2)     (71.5)
                                 ________   ________   ________

Net cash inflow/(outflow)
 before management of liquid
 resources and financing              4.9       (9.2)      63.0

Management of liquid resources      190.0        3.3      (56.7)

Financing
Purchase of own shares             (191.8)         -          -
Repayments of capital element 
 of finance leases                   (0.2)      (0.2)      (0.5)
                                 ________   ________   ________
                                   (192.0)      (0.2)      (0.5)
                                 ________   ________   ________
Increase/(decrease) in cash
 in the period                        2.9       (6.1)       5.8
                                 ________   ________   ________

Reconciliation of net cash
 flow to movement in net funds
Increase/(decrease) in cash
 in the year                          2.9       (6.1)       5.8
Cash (realised from)/deposited
 in liquid resources               (190.0)      (3.3)      56.7
Repayments of capital elements
 of finance leases                    0.2        0.2        0.5
                                 ________   ________   ________
Changes in net funds resulting
 from cash flows                   (186.9)      (9.2)      63.0

Net funds at January 2000           122.6       59.6       59.6
                                 ________   ________   ________
Net (borrowings)/funds at
 July 2000                          (64.3)      50.4      122.6
                                 ________   ________    _______


                            NEXT PLC
                                
                      BASIS OF PREPARATION

The report was approved by the Board of Directors on 12 September
2000.

The  accounts for the year to January 2000 are not full  accounts
within  the  meaning  of Section 240 of the Companies  Act  1985.
Full  accounts for that period incorporating an unqualified audit
report have been delivered to the Registrar of Companies.

Accounting policies adopted are consistent with those set out  in
the accounts for the year ended January 2000.

Registered  in  England 35161.  Registered Office, Desford  Road,
Enderby, Leicester  LE9 5AT.


                       EARNINGS PER SHARE

The  calculation of earnings per share is based on £57.3m  (1999:
£49.3m)  being the profit for the six months after  taxation  and
343.7m  ordinary  shares of 10p each (1999:  365.8m),  being  the
weighted  average number of shares ranking for dividend less  the
weighted   average number of shares held by the ESOP  during  the
year.

Diluted  earnings  per  share is based on £57.3m  (1999:  £49.3m)
being  the  profit for the six months after taxation  and  345.2m
ordinary  shares  of 10p each (1999: 370.6m) being  the  weighted
average number of shares used for the calculation of earnings per
share  above  increased  by  the  dilutive  effect  of  potential
ordinary shares from employee share option schemes of 1.5m shares
(1999: 5.5m shares).


              RECONCILIATION OF SHAREHOLDERS' FUNDS

                               Six months Six months    Year to
                             to July 2000to July 1999  Jan 2000
                                       £m         £m         £m

Total recognised gains and losses    59.1       49.5      140.3
Dividends                           (20.8)     (25.6)     (76.4)
Purchase of own shares for
 cancellation                      (191.8)         -          -
                                 ________   ________   ________
Total movement during
 the period                        (153.5)      23.9       63.9
Shareholders' funds
 at January 2000                    606.7      542.8      542.8
                                 ________   ________   ________
Shareholders' funds
 at July 2000                       453.2      566.7      606.7
                                 ________   ________   ________


                            NEXT PLC
                                
 CASH FLOW: RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW


                               Six months  Six months    Year to
                             to July 2000to July 1999   Jan 2000
                                       £m         £m         £m

Operating profit before interest     77.4       64.5      180.3
Depreciation                         19.3       16.8       36.1
Impairment of fixed assets              -          -        5.2
Loss on disposal of fixed assets      6.5        1.0        5.9
Anticipated deficit in ESOP           0.9          -        4.3
Income   from   interest  in
  associated   undertakings          (0.4)      (0.6)      (2.0)
(Increase)/decrease in stock        (46.1)      (0.2)       4.5
Decrease/(increase) in debtors       30.2       (5.5)     (10.7)
(Decrease)/increase in creditors    (12.8)       5.0       37.3
Decrease   in   provision  for
 liabilities   and   charges         (0.1)      (0.1)      (0.2)
Exchange movement                     1.8        0.2        0.1
                                 ________   ________   ________
Net cash inflow from operating
 activities                          76.7       81.1      260.8
                                 ________   ________   ________


          CASH FLOW: ANALYSIS OF NET (BORROWINGS)/FUNDS

                                      Jan       Cash       July
                                     2000       Flow       2000
                                       £m         £m         £m

Cash in hand                         19.6       31.3       50.9
Overnight  deposits/(loans)           5.1      (20.1)     (15.0)
Overdrafts                           (1.6)      (8.3)      (9.9)
                                 ________   ________   ________
                                     23.1        2.9       26.0
Short    term   deposits/(loans)    100.0     (190.0)     (90.0)
Finance     leases                   (0.5)       0.2       (0.3)
                                 ________   ________   ________
Total                               122.6     (186.9)     (64.3)
                                 ________   ________   ________