Interim Results

MANX & OVERSEAS PLC
21 July 1999


Manx & Overseas Plc (the 'Company')

Chairman's Statement

In the six month period to 31st March 1999 the Company has operated at a
profit before taxation of £28,000 (1998:  £233,000).  The Isle of Man based
businesses have performed satisfactorily and the remaining businesses continue
to do so.  The Directors are unable to recommend the payment of a dividend and
in any event distributable reserves are not available to facilitate the
payment of a dividend at this time.  During the period, an enhancement in the
planning consent of the Milestone property in the Isle of Man has been
obtained, improving the prospects for future growth in the value of the
property.

On 7th May 1999 we announced the appointment of Noble and Company Limited as
new Stock Exchange Nominated Advisors and the appointment of W H Ireland
Limited as new stockbrokers.  I believe that these appointments of excellent
and enthusiastic advisors will greatly assist us in our plans for the
development and expansion of the Company.  I would like to thank our previous
Nominated Advisor and stockbroker Williams de Broe for their past support and
for their co-operation in the smooth hand-over arrangements.

Subsequent to 31st March 1999, we have completed the sale of the major part of
Waltons Finance Limited to Conister Trust plc for a total consideration of
£1.512 million and we have also sold our small subsidiary Manx (Seaside)
Limited.  We have exchanged contracts for the acquisition of an excellent
retail and office property in Crawley town centre for £3 million of which
£450,000 is being paid by the issue of new ordinary shares in Manx & Overseas
plc at an issue price of 6.5 pence per share.  The vendor is Tops Estates plc,
which is a substantial property company whose shares are quoted on the London
Stock Exchange and I am very pleased to welcome Tops Estates plc as a new
shareholder in Manx & Overseas plc.  These transactions were concluded after
31st March 1999 and therefore they have no impact on the interim results but
are expected to contribute to profits in the second half of the year.

Since I and the new management joined the board, the balance sheet has
strengthened considerably but the level of acquisition activity has not been
as high as I would have hoped for.  My major priority has been to refocus the
Company's activities whilst ensuring that we avoid any further traumas and
disappointments for shareholders.  However, with new advisors and all of the
previous problems now fully resolved, I believe that we are poised to make
meaningful progress and I am optimistic for the rest of 1999 and beyond.

Desmond L Bloom                                                      July 1999
Chairman

Profit and Loss Account
For the Six Months Ended 31st March 1999

                                                                         Y/e
                             31.03.99            31.03.98             31.09.98
                            (unaudited)         (unaudited)          (audited)
                             £'000s               £'000s               £'000s

Turnover - continuing
operations                    6,032                5,725                11,093

Operating profit - continuing
operations                      149                  286                   390

Exceptional operating items       -                    -                  (95)

Profit on sale of industrial
equipment premises                -                   54                    54
Profit on sale of associated
undertaking                       -                    -                   308
Interest income                   -                    4                    11

Profit on ordinary activities
before interest                 149                  344                   668

Bank interest paid             (121)                (111)                (219)

Profit on ordinary activities
before taxation                  28                  233                   449

Taxation on ordinary activities   1                  (39)                    -

Retained profit for the period   29                  194                   449

Adjusted earnings per ordinary
share                          0.04p                0.33p                0.70p


Notes:

a)  The interim results for the six months ended 31 March 1999 and 31 March
1998 contained within the statement, are unaudited and do not constitute
Statutory Accounts as defined in the Companies Act 1985 (as amended).

b)  The financial information for the year ended 30 September 1998 is
extracted from the financial statements filed with the Registrar of Companies
which contained an unqualified audit report.

c)  The interim statement has been prepared using the same accounting policies
as in the Statutory Accounts for the year ended 30 September 1998.

d)  Earnings per share have been calculated on the weighted average number of
shares in issue for the period of 77,280,320 (1998:  59,994,606).

e)  There are no recognised gains and losses other than those included in the
profits above.

f)  Potential risks to the group resulting from the year 2000 issue have been
addressed and steps taken to ensure that all data and systems in use by the
Group are Year 2000 compliant.

Copies of this report are being sent to all shareholders on 21st July 1999. 
Further copies are available free of charge from the Company's Registered
Office in the Isle of Man & from 30 Hill Street, London, W1X 7FU.

Contact:  Desmond L Bloom, Chairman of the Company, 0171 495 7799