Final Results - Year Ended 31 December 1999

Pathfinder Properties PLC
29 March 2000



Pathfinder Properties PLC

Preliminary Announcement of Results for the year ended 31 December 1999


Highlights


Pre-tax profit increases to £2,729,000 (1998:     up 74%
£1,174,000)

Earnings per share up to 2.77p (1998: 1.65p)      up 26%

Final dividend of 0.375p per share making 0.5p in up 23%
total (1998: 0.306p)

Net assets increase to £14.30m (1998: £11.72m)    up 22%

Wimbledon and Bedford Row developments in London  
completed and sold

40 out of 57 remaining investment properties sold 
generating profits of £1,444,000 before tax

Church Street, Manchester, development nearing    
completion with 60 apartments out of 78 now sold
or under offer

Interest acquired in new Manchester developments  

Design and planning proceeding at 'The Merchant   
Village' development in Glasgow which has been
joint ventured with other Pathfinder companies


Results are for the year to 31 December 1999.  Comparative figures are for
the nine months ended 31 December 1998.  Comparative figures have been
amended for the purposes of calculating percentage increases.



PATHFINDER PROPERTIES PLC

Chairman's Statement

The year under review

The third and final phase of our development in Wimbledon, London SW19, was
completed during the year.   The remaining 44 apartments were sold in the
period together with the long leasehold interest in the bar/restaurant unit.
The sales in this development amounted to £8,341,000 and contributed a
further £1,449,200 to gross profits during the year.
The Group has also sold its commercial development at Bedford Row, London
WC1, for £2,625,000 and half of its ten acre land site in Perth, Scotland,
for £250,000 at a profit.
Overall development turnover amounted to £11,356,000 compared with
£10,228,000 for the nine months ended 31 December 1998 whilst development
profits were £1,802,000 compared with £1,483,000 for the previous nine
months.

Construction is nearing completion of the Group's joint venture at Church
Street, Manchester.   Since the year end, 60 of the 78 apartments have been
sold or are under offer and a lease signed with a health club operator for
occupation of the ground and lower ground floors.    In accordance with Group
accounting policies, no turnover or profit has been recorded in the financial
statements for the year in respect of this development.

The Group continues to dispose of the residential investment portfolio taken
over in 1998 as a result of the acquisition of Pathfinder Repossessions II
Limited.   The market for this property has been  strong during the second
half of the year and 40 out of the 57 units held at the start of the year
have been sold.   Profits from these sales amounted to £1,444,000 compared to
£35,000 for the previous period.   A further 17 units remained to be sold at
the year end.

The Group has acquired interests in developments being undertaken jointly
with other Pathfinder companies and has joint ventured its Merchant Village
development in central Glasgow with those companies.   The Group has an
interest in a number of Manchester and Glasgow based developments which, when
developed, will provide new luxury residential, leisure and retail
accommodation.   During the year the Group also acquired an interest in a
further property, Pall Mall House, in Manchester's Northern Quarter.

Financial review

Operating profits for the year were £1,333,000 (1998 9 months -- £1,251,000).
After taking into account income from investment property sales and net
interest payable, profits before taxation amounted to £2,729,000 compared
with £1,174,000 for the previous period.   Earnings per share have
accordingly risen to 2.77p per share compared with 1.65p per share for the
prior period.

The Board is proposing that a final dividend of 0.375p per share is paid to
shareholders on the register at 14 April 2000, which, taken in conjunction
with the interim dividend of 0.125p per share paid in October 1999, will make
a full dividend for the year of 0.5p per share.   After dividends, the Group
will retain profits of £1,594,000 to fund future developments.
Sales have generated a significant cash surplus during the period which has
enabled the Group to repay the loans outstanding on the Wimbledon development
and reduce borrowings secured on the investment properties.    Accordingly
borrowings have reduced from £6,646,000 to £1,400,000 whilst cash balances
have risen from £1,692,000 to £3,563,000.
£7,600,000 has been invested in the joint ventures described above which now
account for the majority of the Group's development operations.   Further
investments are intended over the next few months.

Profits for the year, together with a revaluation surplus of £985,000 arising
on the remaining investment property portfolio at 31 December 1999, have
resulted in an increase in net assets to 20.32p per share from 16.66p per
share at 31 December 1998.

Dividends

As stated above, it is proposed, subject to the approval of shareholders, to
pay a final dividend of 0.375p per share on 17 May 2000 to shareholders on
the register at 14 April 2000.

Current trading and outlook

Sales at Church Street, Manchester, and from the investment portfolio
continue well.   However, as stated in the interim results for 30 June 1999,
the development cycle for larger schemes, such as the Merchant Village, is
longer than for most projects and the benefits from these are likely to be
realised over a number of years.   Your Board is confident that its policy of
focussing on larger schemes outside London, in conjunction with joint venture
funding and development partners, should achieve good results for
shareholders over the medium term.


Sir Christopher Leaver
Chairman
28 March 2000




PATHFINDER PROPERTIES PLC

PROFIT AND LOSS ACCOUNT
for the year ended 31 December 1999

                                      Notes      Year to       9 months to
                                               31 December     31 December
                                                   1999           1998
                                                   £'000          £'000
TURNOVER
      Group and share of joint ventures               11,544          10,400
      less share of joint ventures                         -                -
Group Turnover                          3             11,544          10,400

      Ongoing operations                      11,544           10,258
      Acquired in period                           -              142

Cost of sales                                         (9,920)         (8,843)
Gross profit                                           1,624           1,557
Administrative expenses                                 (444)           (306)
                                                       1,180           1,251

Other operating income                                   153               -
Share of profits in joint ventures                         -               -
OPERATING PROFIT                        3              1,333           1,251

      Ongoing operations                       1,333            1,209
      Acquired in period                           -               42

Profit on sale of investment properties               1,444               35
                                                      2,777            1,286
Interest receivable                                     236               44
Interest payable                                       (284)            (156)
PROFIT ON ORDINARY ACTIVITIES
      BEFORE TAXATION                                 2,729            1,174

Taxation    Group                                      (783)            (282)
PROFIT ON ORDINARY ACTIVITIES
      AFTER TAXATION                                  1,946              892
Minority interests                                        -               (2)
PROFIT ON ORDINARY ACTIVITIES
      ATTRIBUTABLE TO MEMBERS                         1,946              890
Ordinary Dividends                       4             (352)            (215)
Retained profit for the period           5            1,594              675

Earnings per share                                    2.77p            1.65p

The operating profit arises from the Group's continuing operations.
A statement of total recognised gains and losses for the year is given in
note 7.



PATHFINDER PROPERTIES PLC

BALANCE SHEET
31 December 1999

                                   Notes   31 December 1999  31 December 1998
                                                 £'000             £'000

FIXED ASSETS
      Investment properties                         3,094             6,932
      Investment in joint ventures

             Share of gross assets          10,567              1,153
             Share of gross liabilities     (2,836)            (1,022)
                                                    7,731               131
                                                   10,825             7,063

CURRENT ASSETS
      Work-in-progress                              2,779             2,263
      Debtors                                       1,145             9,647
      Cash at bank                                  3,563             1,692
                                                    7,487            13,602
CREDITORS: Amounts falling due
        within one year                            (2,237)           (7,089)
NET CURRENT ASSETS                                  5,250             6,513
TOTAL ASSETS LESS CURRENT
        LIABILITIES                                16,075            13,576
CREDITORS: Amounts falling due
        after more than one year
      Bank and other loans                         (1,400)           (1,600)
PROVISIONS: Deferred taxation                        (380)             (260)
Net assets                                         14,295            11,716


CAPITAL AND RESERVES
Called up share capital                             7,034             7,034
Share premium account                               1,617             1,617
Capital reserve                                     2,494             2,494
Revaluation reserve                                   985                 -
Profit and loss account             5               2,165               571
Shareholders' funds                 6              14,295            11,716

Net assets per share                               20.32p            16.66p





PATHFINDER PROPERTIES PLC

CASHFLOW STATEMENT
for year ended 31 December 1999

                                   Notes        Year to     9 months to
                                          31 December 1999 31 December 1998
                                                 £'000          £'000
                                                
NET CASH INFLOW
     FROM OPERATING ACTIVITIES         8         9,869          2,188

RETURNS ON INVESTMENTS AND SERVICING
     OF FINANCE
Interest received                                  210             40
Interest paid                                     (421)          (460)
Net cash outflow from returns on investments and
     servicing of finance                         (211)          (420)

TAXATION
Corporation tax paid                              (673)          (275)

CAPITAL EXPENDITURE AND FINANCIAL
     INVESTMENT
Receipts from sales of investment properties      6,285         1,330
Purchase of investment properties                  (250)         (515)
Net cash inflow from capital expenditure 
  and financial investment                        6,035           815
ACQUISITIONS AND DISPOSALS
Investments in joint ventures                    (7,600)         (131)
Purchase of subsidiary undertaking                    -        (2,752)
Net cash acquired with subsidiary undertaking         -         1,155
                                                 (7,600)       (1,728)


EQUITY DIVIDENDS PAID                              (303)            -

FINANCING
Issue of ordinary shares                               -          777
Debt due within a year:
     Bank loan drawn down                           254         5,802
     Bank loans repaid                           (5,300)       (6,025)
Debt due in more than one year:
     Loan drawn down                              2,750           300
     Loans repaid                                (2,950)         (600)
                                                 (5,246)          254

INCREASE IN CASH                                  1,871           834



PATHFINDER PROPERTIES PLC

NOTES

1   BASIS
The figures shown for the year to 31 December 1999 are unaudited and do not
constitute statutory financial statements within the meaning of the Companies
Act 1985.   The financial statements for the nine months ended 31 December
1998 have been reported on by the Company's auditors and delivered to the
Registrar of Companies.   The report of the auditors was unqualified and did
not contain a statement under s.237(2) or (3) of the Companies Act 1985.

2   ACCOUNTING POLICIES
The accounting policies adopted are consistent with those applied in previous
periods.

3 SEGMENTAL ANALYSIS
                                                 Year to        9months to
                                        31 December 1999  31 December 1998
                                                   £'000             £'000
Turnover:
      Development                                 11,356            10,228
      Investment                                     188               172
                                                  11,544            10,400

Operating profit
      Development                                  1,802             1,483
      Investment                                     (96)               50
                                                   1,706             1,533
      Common costs                                  (373)             (282)
                                                   1,333             1,251


4  DIVIDENDS ON ORDINARY SHARES
                                                 Year to       9 months to
                                        31 December 1999  31 December 1998
                                                   £'000             £'000

      Interim dividend -  0.125p per share            88                 -
      Final dividend - 0.375p per share              264               215
                                                     352               215


5  PROFIT AND LOSS ACCOUNT
                                                 Year to       9 months to
                                        31 December 1999  31 December 1998
                                                   £'000             £'000

Brought forward                                      571              (104)
Profit in period                                   1,594               675
Carried forward at end of period                   2,165               571


6  SHAREHOLDERS FUNDS
                                                 Year to       9 months to
                                        31 December 1999  31 December 1998
                                                   £'000             £'000

Brought forward                                   11,716             6,071
Shares issued in year/period                           -             3,425
Capital reserve arising on consolidation               -             1,545
Profit in year/period                             1,594                675
Increase in revaluation reserve, net 
 of deferred tax                                    985                  -
Carried forward at end of period                 14,295             11,716


7  STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                                Year to        9 months to
                                       31 December 1999   31 December 1998
                                                      £                  £

Profit for the financial year/period
      attributable to members                     1,946                890
Surplus on revaluation of investment properties     985                  -
Total recognised gains and losses relating to the
      year/period                                 2,931                890


8    RECONCILATION OF OPERATING PROFIT TO OPERATING CASH FLOWS
  
                                                Year to        9 months to
                                       31 December 1999   31 December 1998
                                                      £                  £

Operating profit                                  1,333              1,251
Depreciation                                         73                 27
(Increase)/decrease in work-in-progress            (447)               397
Decrease/(increase) in debtors                    8,981               (267)
(Decrease)/increase in creditors                    (71)               780
                                                  9,869              2,188



A copy of this statement is being sent to all shareholders and further copies
may be obtained from the company by writing to Pathfinder Properties PLC,
Capital House, Michael Road, London SW6 2YH.




For further information, contact:

Andrew de Candole, Managing Director                Tel:  [phone]

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