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VHE Holdings PLC (VHE)

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Tuesday 12 December, 2000

VHE Holdings PLC

Interim Results

VHE Holdings PLC
12 December 2000

                               VHE HOLDINGS PLC                               
                             Chairman's Statement                             
                   Half Year Results to 30 September 2000                     


I am pleased to report the unaudited results for the six months ended 30th
September 2000.  They indicate a significant improvement.  Turnover increased
by almost 10% to £26.3m (1999: £23.9m) and pre-tax profits at £698,000
compared with a loss of £707,000 (before exceptional items) in the
corresponding period last year.


We have returned to profitability with an operating profit of £878,000 (1999:
loss £707,000) and we are encouraged by the increase in turnover and the solid
recovery to profitable trading.


Delayed payments on two major contracts were largely responsible for an
operational cash outflow of £2,089m.  These payments have now been received. 
We treat cash collection as a major priority and we expect positive
operational cash flow in the second half of this financial year.


Your board considers it prudent not to make an interim dividend payment.


We have been successful in combining our companies' varied abilities on
integrated projects.  This period has seen VHE Construction and Shepley
Engineers working together for BNFL and UKAEA in the nuclear decommissioning
sector, and other contracts for historic structures restoration.

We have been encouraged in our development and application of land remediation
technologies with the award of two of the UK's largest bioremediation and soil
washing projects.  We are extending our in-house expertise through VHE
Technology and have recently increased our capabilities by the signing of a
collaboration agreement with DEC N.V. an international contractor providing
turnkey environmental solutions.

Shepley Engineers has experienced a significant increase in its activities at
Sellafield.  It has also been successful in its development of new markets
away from Sellafield using its core strengths in nuclear decontamination and
structures restoration.

VHE Construction is consolidating its position in the UK's remediation market
and in particular is widening its customer base in the South East of England.


Immediate prospects are satisfactory.

In the land remediation market we are confident that both European and UK
legislation will provide the main drivers to continue the regeneration of our
brownfield inheritance, and provide a range of opportunities for our skills.

The implementation of Part IIA of the Environmental Protection Act 1990, the
compilation of the Land Condition Record and the future impact of the Landfill
and IPPC Directors will, together with the Chancellor's tax incentives, help
consolidate our core business.

In the Engineering Service business our excellent reputation with our
principal client, BNFL, and the development of the niche market in the
restoration of historic structures provides an excellent platform for growth
which we are uniquely placed to maximise.

On a personal note I am delighted with the efforts of the reshaped team. 
Their enthusiasm, expertise and hard work are a good omen for future success
and I am proud to be associated with their endeavours.

Mike Laycock

                               VHE HOLDINGS PLC                               
                        GROUP PROFIT AND LOSS ACCOUNT                         

                                            6 months ended 30       Year ended
                                          September (unaudited)       31 March
                                              2000          1999          2000
                                             £'000         £'000         £'000

Turnover                                    26,276        23,912        45,703
Operating profit/(loss) before exceptional
items                                          878         (707)         (597)
Costs associated with Leabrook settlement (5)    -       (6,232)       (6,294)
Costs associated with Shafton 
re-organisation                           (6)    -         (645)         (434)

Total operating profit/(loss)                  878       (7,584)       (7,325)

Net interest                                 (180)         (291)         (495)

Profit/(loss) on ordinary activities 
before taxation                                698       (7,875)       (7,820)
Tax (charge)/credit on profit/(loss) on 
ordinary activities                          (124)            -            468

Profit/(loss) on ordinary activities 
after taxation                                574        (7,875)       (7,352)

Dividend                                        -             -              -

Retained profit/(loss)                        574        (7,875)       (7,352)
Earnings per share                            1.8p       (24.5p)       (22.9p)
Dividend per share                            Nil            Nil           Nil


1. The interim financial statements have been prepared on the basis of the
   accounting policies set out in the Group's 2000 statutory accounts.  The
   interim financial statements, which have been approved by the directors,
   are unaudited and do not constitute full financial statements as defined in
   Section 240 of the Companies Act 1985.

2. The comparative figures for the year ended 31 March 2000 do not comprise
   full financial statements and have been extracted from the Group's 31 March
   2000 statutory accounts, on which the Auditors gave an unqualified opinion.
   The Group's 2000 financial statements have been filed with the Registrar of

3. The calculation of earnings per share is based on a profit/(loss) of
   £574,000 (1999: loss £7,875,000) and 32,102,727 shares (1999: 32,102,727
   shares) in issue during the period.

4. Taxation has been provided based on the estimated effective rate for the
   full year.

5. Settlement cost of the Leabrook settlement are:             2000       1999
                                                              £'000      £'000
                     Legal and professional charges               -      1,677
                     Write down of value and cost provisions      -      4,555
                                                                  -      6,232

6. Shafton Engineering Services Limited

   Re-organisation costs included provisions for plant and stock write downs
   and redundancy costs.

                               VHE HOLDINGS PLC                               
                             GROUP BALANCE SHEET                              

                                        At 30 September       At 31 March 2000
                                            2000       1999                   
                                           £'000      £'000              
Fixed assets
Tangible assets                            4,769      5,747              5,114

Current assets
Stocks                                       918      1,025              1,077
Debtors                                   16,001     16,409             10,909
Cash at bank and in hand                       5          4              1,129
                                          16,924     17,438             13,115

- amounts falling due within
  one year                              (15,534)   (17,250)           (12,565)

Net current assets                         1,390        188                550

Total assets less current
liabilities                                6,159      5,935              5,664

- amounts falling due after
  more than one year                       (881)     (1,568)             (947)
  Provision for liabilities and
  charges                                (1,007)     (1,193)           (1,020)

                                         (1,888)     (2,761)           (1,967)

Net assets                                4,271       3,174              3,697

Capital and reserves
Called up share capital                   3,210       3,210              3,210
Profit and loss account                   1,061       (36)                487 
Equity shareholders' funds                4,271       3,174              3,697


7.  Interim results will be circulated to shareholders and a copy of the
    announcement will be available for inspection at the Company's registered
    office at Engine Lane, Shafton, Barnsley, South Yorkshire, S72 8SP.

                               VHE HOLDINGS PLC                               
                          GROUP CASH FLOW STATEMENT                           

                                                 6 months ended     Year ended
                                                  30 September   31 March 2000

                                                   2000     1999
                                                  £'000    £'000         £'000
Cash (outflow)/inflow from operating activities  (2,089)  (1,283)        4,177

Returns on investments and servicing of finance
Interest received                                    31      26            49
Interest paid                                      (190)   (278)         (481)
Interest paid on finance leases and 
hire purchase agreements                            (21)    (39)          (69)
Net cash outflow from returns on
investments and servicing of finance               (180)   (291)         (501)

UK corporation tax refunded/(paid)                   23    (122)         (292)

Capital expenditure

Purchase of tangible fixed assets                   (65)    (82)         (127)
Sale of tangible fixed assets                       113      50           733
Net cash inflow on capital expenditure               48     (32)          606

Equity dividends paid                                 -       -              -

Net cash (outflow)/inflow before financing      (2,198)  (1,728)        3,990


Repayment of loans                                (557)     (79)         (629)
Repayment of principle under finance              
leases and hire purchase agreements               (317)    (389)         (813)

Net cash outflow from financing                   (874)    (468)       (1,442)

(Decrease)/Increase in cash in the period       (3,072)  (2,196)        2,548

                               VHE HOLDINGS PLC                               
                          GROUP CASH FLOW STATEMENT                           

Reconciliation of operating profit to net cash inflow from operating

                                         6 months ended             Year ended
                                          30 September           31 March 2000
                                           2000         1999
                                          £'000        £'000             £'000

Operating profit/(loss)                     878       (7,584)          (7,325)
Depreciation, Amortisation of grants and
profit on sales of tangible fixed assets    367          615             1,055
Decrease in stocks                          159         (402)              395
Assets transferred fixed assets to stock      -        1,125                 -
Increase in debtors                        (671)         516             (354)
(Increase)/Decrease in amounts 
recoverable on contracts                 (4,479)       4,196            10,575
Increase/(Decrease) in creditors          1,657          251             (169)
Net cash (outflow)/inflow from 
operating activities                     (2,089)      (1,283)            4,177

Analysis of net debt

                          At 1 April    Cash Flow   Other non cash       At 30
                                2000                      changes    September
                               £'000        £'000           £'000        £'000
Cash at bank and in hand       1,129       (3,072)                     (1,943)

Debt due after one year        (800)           50                        (750)
Debt due within one year       (607)          507                        (100)
Finance leases and hire 
purchase agreements            (656)          317             (83)       (422)

Net Debt                       (934)       (2,198)            (83)     (3,215)

Reconciliation of net cashflow to movement in net debt

                                  6 months ended                    Year ended
                               30 September 2000                 31 March 2000
                                           £'000                         £'000

(Decrease)/Increase in cash               (3,072)                        2,548
in the period
Cash outflow from a decrease in debt         874                         1,442
Change in net debt resulting 
from cash flows                           (2,198)                        3,990

Other non-cash items:
New finance leases                           (83)                        (376)
Movement in net debt in the period        (2,281)                        3,614

Net debt at 1 April 2000                    (934)                      (4,548)
Net debt at 30 September 2000             (3,215)                        (934)