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Alexanders Holdings (QYG)

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Thursday 21 December, 2000

Alexanders Holdings

Interim Results

Alexanders Hldgs PLC
21 December 2000

Interim Accounts for the six months ended 30 September 2000
 
Chairman's Statement 
 
     
The consolidated accounts for the six months from 1 April 2000 to 30
September 2000 show a pre-tax loss of £500,000 and the post-tax loss of
£509,000 compared with a pre-tax loss of £1,089,000 and a post-tax loss of
£889,000 for the same period of 1999.

The strategy described in the Chairman's statement to the accounts for the
year ended 31 March 2000 has continued. This was marked by the Group's exit
from the motor sector in May 2000 with the sale of the business and assets of
Alexanders (Lincoln) Ltd, its only remaining dealership and, on 2 October
2000, through the sale, at 30p per share, by Aleksandra Clayton of 40 per
cent of the Company's shares within her holding. Craigen Estates Overseas
Limited, a company controlled by Mr Robert Newman, acquired 29.99 per cent of
the company's shares. At the same time the Alexanders Board other than Roger
F Humm and Aleksandra Clayton, resigned and Stephen Sinclair, Jacques
Delacave and I joined the Board. The appointments were ratified at the recent
Annual General Meeting. The costs associated with a change in Board control
have been the major contributor to losses for the six month period since
provisions have been made for their inclusion in the Interim Accounts.

We believe that Aleksandra Clayton and Roger F Humm, who remain as
non-executive directors, supported by the previous Board, have successfully
turned the company into a 'clean' investment vehicle. Craigen Estates
Overseas Limited, current management and its advisors have considerable
experience in the field of investment strategy. We are confident that the
objectives of the previous Board, to optimise shareholder value, will be
achieved.

Charles Helvert
Chairman
21 December 2000

                                                                              
  SUMMARY CONSOLIDATED PROFIT AND LOSS STATEMENT                              
                          Six months to      Six months to      Year to       
                          30 September 2000  30 September 1999  31 March 2000 
                          (Unaudited)        (Unaudited)        (Audited)     
                          £'000              £'000              £'000         

  TURNOVER                                                                    
  Discontinued            1,699              10,817             14,194        
  Operations                                                                  

  Total Turnover          1,699              10,817             14,194        
  Cost of Sales           (1,619)            (9,764)            (12,561)      

  GROSS PROFIT            80                 1,053              1,633         

  OPERATING LOSS                                                              
  Continuing Operations   (898)              (671)              (896)         
  Discontinued            22                 (284)              (945)         
  Operations                                                                  

  Total Operating Loss    (876)              (955)              (1,841)       

  Loss on                 -                  -                  (1,258)       
  sale/termination of                                                         
  discontinued                                                                
  operations                                                                  

  Profit on disposal of   -                  -                  2,067         
  properties                                                                  

  LOSS ON ORDINARY        (876)              (955)              (1,032)       
  ACTIVITIES BEFORE                                                           
  INTEREST                                                                    

  Net Interest            376                (134)              (22)          
  Receivable / (Payable)                                                      

  LOSS ON ORDINARY        (500)             (1,089)            (1,054)       
  ACTIVITIES BEFORE                                                           
  TAXATION                                                                    

  Taxation                -                   200                350           

  LOSS FOR THE            (500)              (889)              (704)         
  FINANCIAL PERIOD                                                            

  Dividends                 (9)                (5)                (19)          

  RETAINED LOSS FOR THE   (509)              (894)               (723)         
  PERIOD                                                                      

  L0SS PER ORDINARY       (1.3)p             (2.2)p             (1.79)p       
  SHARE                                                                       
                                                                              
  SUMMARY CONSOLIDATED BALANCE SHEET                                          

                        As at               As at               As at         
                        30 September 2000   30 September 1999   31 March 2000 
                        (Unaudited)         (Unaudited)         (Audited)     
                        £'000s              £'000s              £'000s        

  FIXED ASSETS                                                                
  Tangible Assets       28                  9,088               69            

  CURRENT ASSETS                                                              
  Stocks                13                  2,102               1,067         
  Debtors               83                  972                 10,951        
  Cash at Bank          11,167              4,491               1,665         
                        11,263              7,565               13,683        

  CREDITORS:                                                                  
  amounts falling due   (498)               (4,672)             (2,186)       
  within one year                                                             

  NET CURRENT ASSETS    10,766              2,893               11,497        

  TOTAL ASSETS LESS     10,794              11,981              11,566        
  CURRENT LIABILITIES                                                         

  CREDITORS:                                                                  
  amounts falling due   -                   (846)               (263)         
  after more than one                                                         
  year                                                                        

  NET ASSETS            10,794              11,135              11,303        

  CAPITAL AND                                                                 
  RESERVES                                                                    
  Called up Share       4,229               4,229               4,229         
  Capital                                                                     
  Share Premium         180                 180                 180           
  Account                                                                     
  Revaluation reserve   -                   1,953               -             
  Profit and Loss       6,385               4,773               6,894         
  Account                                                                     

  SHAREHOLDERS FUNDS    10,794              11,135              11,303        
  Equity Interests      10,594              10,935              11,103        
  Non-Equity Interests  200                 200                 200           

                        10,794              11,135              11,303        
                                                                              
  CASHFLOW INFORMATION                                                        

                              As at                  As at          As at     
                              30 September           30 September   31 March  
                              2000                   1999           2000      
                              (Unaudited)            (Unaudited)    (Audited) 
                              £'000s                 £'000s         £'000s    

  Net cash inflow             9,762                  931            8         
  / (outflow)                                                                 
  from Operating                                                              
  Activities                                                                  
  Returns on                                                                  
  investments and                                                             
  servicing of                                                                
  finance                                                                     

  Interest                    367                    364            809       
  received                                                                    
  Interest paid                 0                   (498)          (838)     
  Non equity                    0                      0            (19)      
  dividends                                                                   

                              367                    (134)          (48)      

  Taxation                    0                      200            (692)     
  Capital                                                                     
  expenditure and                                                             
  financial                                                                   
  investment                                                                  

  Purchase of                 0                      (2)            (642)     
  fixed assets                                                                

  disposal of                 38                     0                        
  fixed assets                                                                

  Acquisitions                                                                
  and disposals                                                               

  Disposal of                 0                      0              1,029     
  subsidiary                                                                  
  Equity                      0                      0              (384)     
  dividends paid                                                              

  Cash inflow /           10,167                   995              (729)     
  (outflow)                                                                   
  before financing                                                            
  Financing                                                                   
  Repayment of                  0                  (45)             (932)     
  loans                                                                       
  (reciept) /              (665)                     279              64        
  repayment of                                                                
  stocking loans                                                              
  Payment of                  0                      (601)          (601)     
  principal under                                                             
  HP agreements                                                               
  Increase /                  9,502                  628            (2,198)   
  (decrease) in                                                               
  cash in the                                                                 
  period                                                                      

  Reconciliation of operating loss to net cash inlow / (outflow)              
  from operating activities                                                   

  Operating loss              (876)          (955)                  (1,841)   
  Depreciation                   2             57                     106       
  Decrease in                 1,054          1,109                  1,701     
  stocks                                                                      
  Increase in                 10,868         1,081                  2,182     
  debtors                                                                     
  Decrease in                 (1,023)         (341)                (1,557)   
  creditors and                                                               
  provisions                                                                  
  Decrease in                 (263)          (20)                   0         
  provisions                                                                  
  Net cash                                                                    
  outflow from                                                                
  loss on                                                                     
  termination                                                                 
  of discontinued             0              0                      (583)     
  operations                                                                  

  Net cash inflow             9,762          931                    8         
  / (outflow)                                                                 
  from operating                                                              
  activities                                                                  
  Reconciliation                                                              
  Of Net Debt                                                                 

  Increase /                  9,502          628                    (2,198)   
  (decrease) in                                                               
  cash during the                                                             
  year                                                                        

  Cash outflow                665            367                    1,469     
  from decrease                                                               
  in debt                                                                     

  Change in net               10,167         995                    (729)     
  funds resulting                                                             
  from cash flows                                                             

  Net funds at                1,000          1,729                  1,729     
  start of period                                                             

  Net funds at                11,167         2,724                  1,000     
  end of period                                                               
                                                                              
  Net debt     31 March                                     30 September      
               2000                        cashflow         2000              
               £'000                       £'000            £'000             

  Cash at      1,665                       9,502            11,167            
  bank and                                                                    
  in hand                                                                     
  Debt < 1                                                                    
  year                                                                        

  Stocking     (665)                       665              0                 
  loans                                                                       

  Other loans     0                          0              0                 

  Obligations     0                          0              0                 
  under                                                                       
  finance                                                                     
  leases                                                                      

  Debt > 1                                                                    
  year                                                                        

  Other loans     0                          0              0                 

                      1,000                10,167           11,167            

  Net debt            31 March                              30 September      
                      1999                 cashflow         1999              
                      £'000                £'000            £'000             

  Cash at bank and    3,863                628              4,491             
  in hand                                                                     
  Debt < 1 year                                                               
  Stocking loans       (601)              (279)              (880) 
  Other loans           (91)                 0                (91)  
  Obligations under    (601)               601                  0     
  finance leases                                                              
  Debt > 1 year                                                               
  Other loans          (841)                45               (796) 

                      1,729                995              2,724 
                                                                              
  NOTES                                                                       

  1       The results for the six months ended 30 September 2000 have been    
          prepared applying the accounting                                    
          policies described on pages 19 and 20 of the 2000 Annual Report,    
          and are neither audited nor reviewed.                               

  2       Reconciliation of movements in                                      
          Shareholders Funds                                                  

                               30 September     30 September     31 March 2000
                               2000             1999                          
                               (Unaudited)      (Unaudited)      (Audited)    
                               £'000            £'000            £'000        

          Loss for the period  (500)            (889)            (704)        
          Dividends            (9)              (5)              (19)         
          Release of           -                3                -            
          consolidation                                                       
          reserve                                                             
          Net Reduction in     (509)            (891)            (723)        
          Shareholders Funds                                                  
          Shareholders Funds   11,303           12,026           12,026       
          at 31 March                                                         
          Shareholders Funds   10,794           11,135           11,303       
          at 30 September                                                     

  3       Dividends            30 September     30 September     31 March 2000
                               2000             1999                          
                               (Unaudited)      (Unaudited)      (Audited)    
                               £'000            £'000            £'000        
          Interim Dividend                                                    
          paid on non-equity                                                  
          shares.                                                             
          9.5% Cumulative      9                5                19           

          Preference Shares                                                   
          Interim Dividend                                                    
          proposed on equity                                                  
          shares.                                                             

          Ordinary and 'A'     0                0                0            
          (Restricted Voting)                                                 

          Ordinary Shares.     9                5                19           

  4       A copy of the interim accounts will be posted to shareholders and   
          will be available at Albemarle House, Albemarle Street, London W1