Final Results - Part 2

Pathfinder Properties PLC
29 March 2001


PART 2

PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2000

                           Notes     12           12 
                                 months       months
                                     to           to
                                 31 Dec       31 Dec 
                                   2000         1999
                                  £'000       £'000
TURNOVER
         Group and share     3    8,709       11,544
         of joint ventures
         less share of           (4,115)          -
         joint ventures
Group Turnover                    4,594       11,544

Cost of sales                    (3,567)     (9,920)
Gross profit                      1,027       1,624
Administrative                     (518)       (444)
expenses
                                    509       1,180

Other operating                     227         153
income
Share of operating profits          704          -
in joint ventures
OPERATING                    3    1,440       1,333
PROFIT

(Loss)/profit on sale of            (10)      1,444
investment properties
                                  1,430       2,777
Interest                            138         236
receivable
Interest                           (202)       (284)
payable
PROFIT ON ORDINARY
ACTIVITIES
         BEFORE                   1,366       2,729
         TAXATION

Taxation Group                     (218)       (783)
         Associates                (175)          -
PROFIT ON ORDINARY
ACTIVITIES
         AFTER                      973       1,946
         TAXATION
Equity minority                    (221)          -
interests
PROFIT ON ORDINARY
ACTIVITIES
         ATTRIBUTABLE TO            752       1,946
         MEMBERS
Ordinary                     4     (457)       (352)
dividend
Retained profit for          7      295       1,594
the year

Earnings per                      1.07p       2.77p
share

The operating profit arises from the Group's continuing operations.
A note of profits and losses on a historical cost basis is given in note 5.
A statement of total recognised gains and losses for the year is given in 
note 9.






BALANCE SHEET
31 December 2000

                          Notes    31          31 
                                  Dec         Dec 
                                 2000        1999
                                £'000       £'000

FIXED ASSETS
      Investment                 1,575       3,094
      properties
      Investment in joint
      ventures
              Share of          10,545       10,567
              gross
              assets
              Share of gross    (1,567)     (2,836)
              liabilities
                            6    8,978       7,731
                                10,553      10,825

CURRENT ASSETS
      Work-in-progress             595       2,779
      Debtors                      924       1,145
      Cash at bank               6,142       3,563
                                 7,661       7,487
CREDITORS: Amounts falling due  (3,347)     (2,237)
within one year
NET CURRENT ASSETS               4,314       5,250
TOTAL ASSETS LESS CURRENT       14,867      16,075
LIABILITIES
CREDITORS: Amounts falling due
after more than one year
      Bank and                      -       (1,400)
      other loans
PROVISIONS:                       (140)       (380)
Deferred taxation
                                14,727      14,295
MINORITY INTERESTS                (102)          -
                                14,625      14,295


CAPITAL AND RESERVES
Called up share                  7,034       7,034
capital
Share premium                    1,617       1,617
account
Merger                           2,494       2,494
reserve
Revaluation                        501         985
reserve
Profit and loss             7    2,979       2,165
account
                                14,625      14,295

Net assets per share             20.79p      20.32p
attributable to ordinary
shareholders





CASHFLOW STATEMENT
for year ended 31 December 2000

                             Notes     12           12 
                                   months       months
                                       to           to
                                   31 Dec       31 Dec 
                                     2000         1999
                                    £'000        £'000
NET CASH                                £           £
INFLOW
      FROM OPERATING          10    4,376       9,869
      ACTIVITIES

RETURNS ON INVESTMENTS AND
SERVICING
      OF FINANCE
Interest                              168         210
received
Interest paid                        (88)        (421)
Net cash inflow/(outflow) from
returns on investments
         and servicing of              80        (211)
         finance

TAXATION
Corporation                        (1,136)       (673)
tax paid

CAPITAL EXPENDITURE AND
FINANCIAL
      INVESTMENT
Receipts from sales of              1,460       6,285
investment properties
Receipt from sale of                  107           -
shares
Purchase of investment              (200)        (250)
properties
Net cash inflow from capital
expenditure and financial
      investment                    1,367       6,035

ACQUISITIONS AND DISPOSALS
Investments in joint                (839)      (7,600)
ventures

EQUITY DIVIDENDS PAID               (369)        (303)

FINANCING
Debt due within a
year:
      Bank loan drawn down             -          254
      Bank loans                       -       (5,300)
      repaid
Debt due in more than
one year:
      Loan drawn down                  -        2,750
      Loans repaid                  (900)      (2,950)
Net cash outflow from               (900)      (5,246)
financing

INCREASE IN                         2,579       1,871
CASH


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