Final Results - Year Ended 31 December 1999

Solitaire Group PLC 19 April 2000 PRELIMINARY RESULTS ANNOUNCEMENT Good start to the new year at Solitaire Results Highlights Year ended Year ended 31 Dec 1999 31 Dec 1998 * Turnover £3,588,000 £2,792,000 * Profit before tax and exceptional costs £1,148,000 £1,074,000 * Profit before tax £670,000 £1,074,000 * Earnings per share before exceptional 17.1p 15.7p costs * Earnings per share 6.7p 15.7p * Final dividend 5.55p 4.8p * Total dividend 8.00p 7.2p * Residential Property Management Continuing increase in business coming from our acquisition of the Hazelvine portfolio. Substantial new business growth with benefits coming through in this and subsequent years. * Property Investment Portfolio Services High level of interest. Confident of steady future growth and contribution to income. Graham Shapiro, Joint Managing Director, Solitaire Group Plc commented: 'We continue to receive an increasing number of appointments from many of the national house-builders for the management of new residential developments and I am confident that this trend will continue during 2000.' For further information: Graham Shapiro, Joint Managing Director Solitaire Group Plc Tel: 020 8364 8497 David Millham / Tarquin Edwards Millham Communications Tel: 020 7256 5756 Chairman's Statement Your company continues to experience healthy demand for its services. Pre-tax profits, before exceptional costs, for the year ended 31 December 1999 were £1,148,000 (1998: £1,074,000) an increase of 7%. During the year, as mentioned at the time of the Interim Report, we had abortive negotiations regarding a substantial acquisition and the resultant costs have been treated as an exceptional item. Accordingly, after exceptional costs, the pre-tax profit for the year was £670,000 (1998: £1,074,000). Turnover was up by 28% or £796,000 to £3,588,000 (1998: £2,792,000) and adjusted earnings per share, before exceptional items, increased by 9% to 17.1p (1998: 15.7p). After exceptional items, earnings per share were 6.7p. The Board is recommending the payment of a final dividend of 5.55p (1998: 4.8p) per share making a total for the year of 8.0p (1998: 7.2p). This will be paid on 26 May 2000 to shareholders on the register on 8 May 2000. REVIEW OF OPERATIONS Residential Property Management Both Solitaire Property Management Company Limited and Pembertons Residential Limited substantially increased the size of their business during the period. Solitaire continued to be instructed by a wide range of national house-builders in connection with the management of their new residential developments. Pembertons acquired the central London residential management portfolio of Hazelvine Limited on 30 June 1999. This portfolio has now been successfully integrated into Pembertons' business and is making a positive contribution to group profitability. Insurance Services The value of the property portfolio for insurance purposes amounts to approximately £1.1 billion and this figure is likely to increase progressively during the current financial year. We continue to use our buying power to obtain competitive terms from insurance companies when supplying insurance services to our clients. Property Investment Portfolio Services Limited (PIPS) The level of interest in acquiring residential property for investment purposes continues to be high, especially from overseas residents. We remain confident that PIPS will continue to grow and will make a contribution to our property management income. CURRENT TRADING AND PROSPECTS The current financial year has started well and, against a background of a buoyant new homes market, I look forward to the future with confidence. We also continue to seek further acquisitions, which will enhance our core business. George Brutton, FRICS Chairman 19 April 2000 SOLITAIRE GROUP PLC Consolidated profit and loss account Year ended 31 December 1999 1998 Notes £'000 £'000 _______ _______ Revenue 3,588 2,792 Expenses 2,390 1,732 Exceptional costs 2 478 - _______ _______ Operating profit 720 1,060 Interest receivable 73 38 Interest payable (123) (24) _______ _______ Profit on ordinary activities before taxation 670 1,074 Taxation on ordinary activities 366 358 _______ _______ Profit on ordinary activities after taxation 304 716 Dividends 3 365 328 _______ _______ Retained (loss) / profit for the financial (61) 388 period _______ _______ Earnings per share 4 6.7p 15.7p Earnings per share before exceptional costs 4 17.1p 15.7p Balance sheets Group Company 31 December 1999 1998 1999 1998 £'000 £'000 £'000 £'000 _______ _______ _______ _______ Assets employed Fixed assets Intangible assets 1,114 440 - 49 Tangible assets 5,549 5,517 3,190 3,190 _______ _______ _______ _______ 6,663 5,957 3,190 3,239 _______ _______ _______ _______ Current assets Debtors 1,634 929 1,643 896 Cash at bank and in hand 328 463 2 - _______ _______ _______ _______ 1,962 1,392 1,645 896 _______ _______ _______ _______ Creditors: amounts falling due 1,930 1,589 1,239 786 within one year _______ _______ _______ _______ Net current assets / (liabilities) 32 (197) 406 110 _______ _______ _______ _______ Total assets less current 6,695 5,760 3,596 3,349 liabilities Creditors: amounts falling due 1,096 100 450 75 after more than one year _______ _______ _______ _______ 5,599 5,660 3,146 3,274 _______ _______ _______ _______ Financed by Called-up share capital 456 456 456 456 Share premium 2,486 2,486 2,486 2,486 Revaluation reserve 1,731 1,731 - - Profit and loss account 926 987 204 332 _______ _______ _______ _______ Equity shareholders' funds 5,599 5,660 3,146 3,274 _______ _______ _______ _______ Consolidated cash flow statement Year ended 31 December 1999 1998 £'000 £'000 _______ _______ Cash flow from operating activities 7 876 Returns on investments and servicing of finance (50) 14 Taxation (396) (246) Capital expenditure and financial investment (30) (594) Acquisition and disposals (755) (151) Equity dividends paid (331) (168) _______ _______ Cash outflow before use of liquid resources and financing (1,555) (269) Financing 1,376 - _______ _______ (Decrease) / increase in cash in the year (179) (269) _______ _______ Reconciliation of net cash flow to movement in net debt Decrease in cash in the year (179) (269) Cash inflow from increased debt (1,376) - _______ _______ Changes in net funds resulting from cash flows (1,555) (269) Net funds at the beginning of the year 190 459 _______ _______ Net (debt) / funds at the end of the year (1,365) 190 _______ _______ Operating Profit 720 1,060 Depreciation and amortisation 128 19 Profit on sale of fixed assets (49) - Change in debtors (747) (291) Change in creditors (45) 88 _______ _______ Cash flow from operating activities 7 876 _______ _______ SOLITAIRE GROUP Plc Notes 1. The results and balance sheet incorporate the audited results of Solitaire Group Plc and all its subsidiaries made up to 31 December 1999 and have been prepared on a basis consistent with the audited financial statements for the year ended 31 December 1998. 2. The costs resulting from an abortive acquisition have been written off as an exceptional item. These costs are not an allowable expense in the calculation of the tax charge for the year. 3. During the year the Company paid an Interim Dividend of 2.45(1998: 2.4p) pence per share. The Company has proposed a final dividend of 5.55 (1998: 4.8p) pence per share making a total of 8.0p (1998: 7.2p) for the year. 4. The calculation of earnings per share for the year ended 31 December 1999 is based on earnings of £304,000 (1998: £716,000) and a weighted average number of shares in issue of 4,561,831 (1998: 4,561,831). There is no difference between basic and diluted earnings per share in 1999 and 1998. The adjusted earnings per share is based on the profits for the year after tax adjusted for the exceptional costs. 5. The results for the year ended 31 December 1999 have been extracted from the audited financial statements, which will shortly be sent to shareholders and filed with the Registrar of Companies. The auditor's report on these accounts was unqualified.

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