Interim Results - Pre-tax Profits Up 29%

TBI PLC
22 November 1999


Contacts  Keith Brooks, Chief Executive
          Caroline Price, Finance Director
          TBI plc                                      0207 408 7300

          David Bick/John Bick
          Holborn Public Relations                     0207 929 5599
                                          [e-mail]
                            
                            
                            
                                  TBI plc
                            
         Fifth consecutive first half of airports profit growth
                            
TBI plc, the international airport owner and operator, 
announces interim results for the period ended 30 September 1999.

Highlights

* Pre-tax profits on  continuing  operations  up  29%  to
  £14.3m.  Earnings per share on continuing operations up
  24% at 2.3p

* Operating  profits  on  continuing operations up 10% to
  £16.4m

* Interim dividend increased 20% to 0.6p per share

* Significant debt capacity

* Continued growth in passenger numbers:  15% at Belfast;
  5% at Cardiff and 12% at Stockholm Skavsta. Increase of
  12% in Duty Free spend at Orlando Sanford despite fewer
  carriers

* Transformation  of  the   group   into   a   specialist
  international  airports  group  with  the  sale of non-
  airport property for £190m  and the acquisition  of AGI
  for £86m

* Memorandum of understanding to operate  Orlando Sanford
  domestic terminal in addition to existing international
  terminal franchise

* Since 30  September 1999,  awarded  20 year  management
  contract for  Juan Santamaria International  Airport in
  Costa Rica

Commenting on prospects, Keith Brooks, Chief Executive of
TBI, said:

'The  prospects  for  our airport businesses,  which  now
comprise  a much expanded worldwide portfolio, are  good.
We  have  the  technical skills, depth of management  and
financial firepower to grow the business organically  and
by acquisition.'


Group Transformed
Events  in the six months to 30 September 1999 have  made
it  the most significant period in the corporate life  of
TBI.    The  sale  of  the  property  business  and   the
acquisition  of Airport Group International ('AGI')  have
transformed TBI into a specialist international  airports
group  with a worldwide presence and capability.  Such  a
position  is  completely  consistent  with  our  declared
strategy,  and we are delighted yet again  to  have  been
able to deliver successfully on our ambitions, objectives
and promises.

While the property business had played an important  part
in  the  development of TBI, it is the continuing airport
operations which generate superior returns and  represent
the future. It is also relevant to point out that the AGI
acquisition was not completed until 20 September 1999, so
no trading figures from that acquisition are reflected in
these accounts.

Financial Summary
It  is especially pleasing that in a period of change our
continuing  businesses have performed so  well.   Profits
before  tax  from the continuing operations  show  a  29%
increase  compared with the same period last year.   This
has  been  achieved through another increase  in  airport
operating  profits and a reduced interest charge.   As  a
result, we are pleased to report that an interim dividend
of 0.6 pence per share will be paid on Tuesday, 4 January
2000  to shareholders who were on the register on Monday,
6 September 1999.

Airports
Prior  to  the acquisition of AGI, the airports  business
was  divided  into  the  established  profit  engines  of
Belfast   and   Cardiff  Airports  and   the   developing
opportunities  at Orlando Sanford and Stockholm  Skavsta.
This  profile was repeated for the period, with continued
strong performances from Belfast and Cardiff which report
12%  and 20% increases in operating profits respectively.
This  is especially noteworthy because both airports were
affected  to  some  extent  by the  abolition  of  Intra-
European  Duty Free sales on 1 July. TBI had planned  for
the   abolition   and  its  effect   was   limited,   not
surprisingly given that duty free revenues accounted  for
only some 6% of the combined turnover of Belfast, Cardiff
and  Stockholm (the airports affected by the  abolition).
The  low  percentage  also illustrates  the  considerable
potential  to  improve retail and other  non-aeronautical
revenues.

There  is also potential to increase traffic and  indeed,
during the period, there were passenger increases of  15%
at  Belfast  International  Airport  and  5%  at  Cardiff
International   Airport.    This   is   consistent   with
performance  in  earlier years and  reflects  the  strong
demand  for  services at these airports, as well  as  the
market share opportunities, which are considerable.   For
example,  some  40% of passengers in Cardiff's  potential
catchment area travel from airports in the South East  of
England  and  the Midlands.  In Belfast, the introduction
of a low cost carrier has generated market growth without
cannibalisation  of  existing  routes.   These   features
illustrate  that,  as  with the  commercial  side,  there
remains  very  considerable  potential  to  grow  traffic
income.

Orlando  Sanford  Airport and Stockholm  Skavsta  Airport
also  performed  creditably, with  Orlando  reporting  an
increase in Duty Free spend per passenger of 12%,  making
it the best performing airport in the USA.  Indeed, these
are  exciting times at Sanford, as the group has won  the
contract  to  develop and run the domestic  terminal.  At
Stockholm Skavsta Airport passenger numbers increased  by
a commendable 12%.

Acquisitions and Disposals
While  most  of  the non-airport property  portfolio  was
sold,  two important elements remain.  First, the  luxury
hotel  in the centre of Cardiff was officially opened  by
HRH  the  Prince of Wales on 1 October 1999, and  started
trading  on that day.  Second, we have retained all  land
and  buildings located at our airports, including  option
land,  and  continue to be confident of the  medium  term
development  potential  of such property.   An  important
consequence  of  the property sale was the  repayment  of
some  relatively  expensive debenture stock  issued  when
interest  rates  were considerably higher  than  today's.
There  was an early repayment penalty and this,  together
with  professional fees and the goodwill reversal -  also
related to the property sale - resulted in an exceptional
loss of £21million.  The advantage is that we now have  a
substantially ungeared balance sheet.

The acquisition of AGI was completed on 20 September 1999
for  £86  million.   As  a result, TBI  now  has  equity,
management  or services roles in 33 airports  around  the
globe  including  London  Luton  in  the  UK,  Perth   in
Australia,  and a large collection of airports  in  North
and  South America.  In addition to the valuable business
assets   acquired,  also  included  was   an   impressive
collection  of  management and technical  talents.   This
combination  of  assets and skills  positions  TBI  as  a
leading player in the world's airports league.

The  group has a successful track record of acquisitions,
and  that  is partly through recognising that  successful
integration  is just as important as financial  appraisal
and  the  deal itself.  The integration of AGI  into  the
enlarged  group  is going well.  The substantial  planned
cost  savings have been and continue to be made, and this
business   is  now  focused  on  earnings  and  improving
performance.

In many ways this amounts to a cultural change for senior
AGI  personnel, but they have responded with alacrity and
enthusiasm.

An  extension of cultural change and a recognition of the
larger  and  more  geographically diverse  group  is  the
recent  establishment  of a TBI Management  Board.   This
group  comprises  the two main board executive  directors
and  four  other  divisional  directors,  who  will  have
responsibility   for  the  achievement   of   performance
objectives, risk management and tactical direction of the
group's world-wide interests.

Of   course,   an  important  consequence  of   the   AGI
acquisition  is the profile, presence and  capability  it
affords  the  group  in relation to future  acquisitions.
This  has already borne fruit with confirmation that  AGI
has   been  awarded  the  20-year  concession   for   the
international airport at San Jose in Costa Rica.  This is
a  significant and exciting opportunity in a country with
close  links  to  the USA.  The contract is  expected  to
become operational by March 2000.

Prospects
The  group continues to perform well.  The prospects  for
our airport businesses are good and we have the technical
skills,  depth of management and financial  firepower  to
grow the business organically and by acquisition.

TBI has an excellent profits record, has achieved another
good trading result and has successfully accomplished its
strategic    objectives.     TBI    has    some    unique
characteristics.   Our airports are, by  and  large,  not
price regulated.  The proportion of commercial to traffic
income  illustrates the huge potential for increase,  but
without dependence on duty free income.  Our airports are
not  capacity constrained and we have no large or onerous
capital expenditure obligations.  Shareholders should  be
assured  that  we  have created the right  framework  for
sustained  growth  and  that enhancement  of  shareholder
value remains our overriding objective.



Consolidated Profit and Loss Account
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999


    Year to                                     Six months to   Six months to
    31 March                                    30 September    30 September
      1999                                           1999            1998
     £'000                                          £'000           £'000
----------------------------------------------------------------------------  
                                             
   63,942   Turnover from continuing operations    40,167          37,486

            Turnover from discontinued                
   34,808   operations                              5,383          23,368
----------------------------------------------------------------------------  
                                             
   98,750   Turnover                               45,550          60,854

  (18,701)  Cost of sales                          (2,213)        (14,655)
----------------------------------------------------------------------------  
                                         
   80,049   Gross profit                           43,337          46,199

  (47,177)  Administrative expenses               (24,295)        (24,255)
----------------------------------------------------------------------------  
                                              
            Operating profit from                     
   19,363   continuing operations                  16,418          14,920

            Operating profit from                     
   13,509   discontinued operations                 2,624           7,024
----------------------------------------------------------------------------  
                                              
   32,872   Operating profit                       19,042          21,944
----------------------------------------------------------------------------  
                                              
            Non-operating items relating                
            to discontinued operations

            (Loss)/profit on sale of                  
    3,818   investment properties                     (47)          3,830
      
       76   Profit on sale of investments               -               -

            Loss on sale of property                  
        -   business                              (20,992)              -
----------------------------------------------------------------------------  
                                              
            (Loss)/profit on ordinary activities                
   36,766   before interest and taxation           (1,997)         25,774

  (15,712)  Net interest expense                   (3,200)         (8,457)
----------------------------------------------------------------------------  
                                              
            (Loss)/profit on ordinary                 
   21,054   activities before taxation             (5,197)         17,317

            Taxation on (loss)/profit                 
   (3,645)  on ordinary activities                   (995)         (2,946)
----------------------------------------------------------------------------  
                                              
            (Loss)/profit for the                     
   17,409   financial period                       (6,192)         14,371

   (7,735)  Dividends                              (2,652)         (2,210)
----------------------------------------------------------------------------
                                                 
            Retained (loss)/profit for                
    9,674   the period                             (8,844)         12,161
----------------------------------------------------------------------------  
                                              
     3.94p  Earnings per share                      (1.39)p          3.25p

            Earnings per share from                   
     1.82p  continuing operations                    2.30p           1.85p
       
     3.91p  Diluted earnings per share              (1.38)p          3.17p
----------------------------------------------------------------------------



Consolidated Balance Sheet
AS AT 30 SEPTEMBER 1999


  31 March                                      30 September    30 September
    1999                                             1999            1998
   £'000                                            £'000           £'000
----------------------------------------------------------------------------  
                                                  
            Fixed assets
                              
        -   Goodwill                               62,268               -

   (5,930)  Negative goodwill                      (5,878)         (6,005)

        -   Other intangible assets                 8,669               -
                                                 
                                     
   (5,930)  Intangible assets                      65,059          (6,005)

  104,160   Tangible assets                       135,292         108,583

  231,318   Investment properties                 105,059         219,124

                                                 
            Investments in joint ventures

        -     - Share of gross assets              31,987               -

        -     - Share of gross liabilities        (23,874)              -
---------------------------------------------------------------------------   
                                             
        -                                           8,113               -
       
        -   Other investments                      31,900               -
---------------------------------------------------------------------------   
  
        -   Investments                            40,013             730
---------------------------------------------------------------------------   
  329,548                                         345,423         322,432

            Current assets                            

   86,486   Development properties                      -          86,472

      497   Stock                                     719             393
       
   29,769   Debtors                                66,404          39,652

   11,036   Cash at bank and in hand               70,061          26,747
---------------------------------------------------------------------------
  127,788                                         137,184         153,264

            Current Liabilities                       
         
            Creditors - amounts falling due                      
  (37,866)  within one year                       (85,045)        (59,220)
---------------------------------------------------------------------------
   89,922   Net current assets                     52,139          94,044
                                                 
            Total assets less current                 
  419,470   liabilities                           397,562         416,476
                                                 
            Creditors - amounts falling due                        
 (190,672)  after more than one year             (116,675)       (180,265)
       
     (916)  Deferred income                          (872)         (1,523)
       
            Provisions for liabilities                
     (602)  and charges                              (430)           (514)
---------------------------------------------------------------------------
  227,280   Net Assets                            279,585         234,174
---------------------------------------------------------------------------   
           
            Capital and reserves                      
     
   44,220   Called up share capital                50,675          44,202

   85,186   Share premium account                 136,161          85,186

   46,043   Capital reserve                        49,633          46,056

    3,943   Revaluation reserve                     2,263           8,323
      
   46,609   Profit and loss account                39,515          49,111
---------------------------------------------------------------------------
  225,983   Equity shareholders' funds            278,247         232,878

    1,297   Equity minority interests               1,338           1,296
---------------------------------------------------------------------------
  227,280   Capital employed                      279,585         234,174
---------------------------------------------------------------------------


Consolidated Cashflow Statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999


  Year to                                     Six months to   Six months to
 31 March                                      30 September    30 September
   1999                                             1999            1998
  £'000                                            £'000           £'000
                                                      
            Net cash inflow from                      
  47,742    operating activities                  13,104          27,580
                                                 
            Returns on investments and                
            servicing of finance

   1,869    Interest received                      2,042             837
                                   
 (17,776)   Interest paid                         (5,360)         (9,723)

            Interest element of finance lease                      
    (675)   and hire purchase repayments            (316)           (320)
---------------------------------------------------------------------------   
                                                                      
            Net cash outflow from returns on                   
 (16,582)   investments and servicing of finance  (3,634)         (9,206)
                                                 
  (3,768)   Taxation                                (537)           (543)
                                                 
            Capital expenditure and financial
            investment
       
  (1,629)   Purchase of tangible fixed assets     (2,358)         (1,635)

            Sale of investment properties                       
  33,746    and investments                        2,866          29,838

 (25,635)   Additions to investment properties    (6,487)        (10,121)

      48    Sale of tangible fixed assets             62              15

   1,188    Grant received                             -           1,188
---------------------------------------------------------------------------   
            Net cash (outflow)/inflow for capital                
   7,718    expenditure and financial investment  (5,917)         19,285
                                                     
            Acquisitions and disposals                
     
            Purchase of subsidiaries (including                
  (1,888)   costs of acquistion)                 (29,523)         (1,931)

     618    Sale of business/subsidiaries        169,993            (577)

     (81)   Sale transaction costs               (15,422)            (60)

            Cash movement on purchase                 
     441    and sale of subsidiaries               1,064             458
----------------------------------------------------------------------------  
                                                 
            Net cash inflow/(outflow)                 
    (910)   for acquisitions and disposals       126,112          (2,110)
                                                 
  (7,735)   Equity dividends paid                 (5,494)              -
                                                 
            Management of liquid resources

            Cash (placed on)/withdrawn                
   2,795    from deposit                         (56,159)        (14,006)

    (964)   Sale/(purchase) of US securities       1,125            (132)
---------------------------------------------------------------------------   
                                                 
            Net cash (outflow)/inflow from                
   1,831    management of liquid resources       (55,034)        (14,138)
                   
            Financing                                 
      
  48,202    Bank Loans drawn                      22,955          39,975

 (73,016)   Repayment of bank loans              (86,894)        (58,023)

            Capital element of finance lease               
  (1,323)   and hire purchase repayments            (873)           (620)
---------------------------------------------------------------------------
 (26,137)   Net cash outflow from financing      (64,812)        (18,668)
---------------------------------------------------------------------------
   2,159    Increase in cash in the period         3,788           2,200
---------------------------------------------------------------------------


Corporate Operational Information


             Six       Six     Six     Six     Six     Six     Six     Six
            months    months  months  months  months  months  months  months
           30 Sept   30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept
             1999      1998    1999    1998    1999    1998    1999    1998
                                                               
                 Belfast         Cardiff     Orlando Sanford    Stockholm     
              International   International   International      Skavsta
                 Airport         Airport         Airport         Airport
Total                                                             
Passengers

Charter    593,747   510,062 672,555 635,668 564,190 771,913  10,190  12,279**
Schedule 1,193,712 1,049,278 171,610 167,337       -       - 121,356 105,275**
Transit     19,683    34,883  18,420  23,603  61,616 157,147   4,246   3,850**
------------------------------------------------------------------------------
Total    1,807,142 1,594,223 862,585 826,608 625,806 929,060 135,792 121,404**
------------------------------------------------------------------------------
Terminal                                                          
Passengers

Spend per
 head        £2.13     £2.30   £3.59   £4.13   £3.53   £3.69   £2.04   £2.96*
Net
 passenger   £4.74     £4.95   £6.16   £5.32   £1.40   £1.47   £0.49   £0.41*
 supplement
 per head
------------------------------------------------------------------------------
Total        £6.87     £7.25   £9.75   £9.45   £4.93   £5.16   £2.53   £3.37*
------------------------------------------------------------------------------


*    This information is calculated for the period post acquisition by TBI

**   Whilst this information is for the six months to 30 September 1998, TBI  
     did not acquire Stockholm Skavsta Airport until 10 July 1998