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Weeks Group PLC (~156)

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Monday 02 July, 2001

Weeks Group PLC

Final Results

Weeks Group PLC
2 July 2001

                             The WEEKS Group Plc

                Final Results for the year ended 31 March 2001




Business Highlights


  * Group Board team strengthened with the appointment of Derek Jenkins as
    Managing Director of WEEKS Consulting Ltd.

  * Undertaken strategic review of the business which identified new
    opportunities for the business and strengthened the Group's values and
    vision.

  * Opened new laboratory in Manchester offering a full range of materials
    testing and fieldwork services.

  * Performance enhanced despite the wettest winter on record for 250 years.

  * Pavements business established and growing in strength and reputation.

  * Acquired asbestos capability, further extending the range of property
    services that we offer to customers.

  * Diversification with the creation of a precision surveying business.

  * Dedicated RSA-WEEKS laboratories established at two locations.

  * Launched new services in occupational health and safety and facilities
    management.

  * Started a new pile integrity testing business.




Chairman's Statement

The year has seen a marked improvement in the Group's performance following
the strategic review of the Group during the previous year. Further changes
were made to the Group Board during the financial year comprising the
appointment of Derek Jenkins to run WEEKS Consulting Ltd, and the retirement
as a Director of Dr Richard Pugh who becomes a Consultant to the Group as a
leading expert in Construction litigation cases.


Taurus Design Ltd, acquired during May 2000, has been smoothly integrated into
WEEKS Consulting Ltd, and has provided a significant boost to the turnover and
profitability. More recently two further small acquisitions, with great
potential for growth, have been made to provide the Group with expertise in
the investigation and remediation of asbestos contamination and also precision
surveys of structures.


Whilst the extremely wet weather during the past year has had an adverse
effect upon operations on construction sites we have benefited from an
increased demand for our expertise in the solution of landslip and ground
water control problems. Additional environmental legislation has also resulted
in an increase in workload for our environmental specialists in the Earth
Sciences Section.


Resulting from the above benefits and the application of the strategies
defined during 1999/2000, I am pleased to report that the Group has continued
to make good progress through the final six months of our financial year. This
has resulted in an increase of 13% in turnover for the year to £17.3 million
(2000: £15.3 million) coupled with an 84% increase in our profit margins for
the year to £1.13 million (2000: £0.61 million).


Your Directors recommend a final dividend at 0.092p per share making a total
dividend for the year of 0.16p per share (2000: 0.13p per share), which is
covered three times and represents an increase of 23% on the previous year.
This dividend will be paid on 10 August 2001 to shareholders on the register
on 20 July 2001.


As from the start of the new financial year (1 April 2001) the two Divisions
in the Group operate as subsidiary companies trading as:


                WEEKS Consulting Ltd - Managing Director - Derek Jenkins


                WEEKS Laboratories Ltd - Managing Director - Chris Slack


We wish to thank all the staff for their continuing dedicated support and hard
work through the past year with its attendant changes. To assist both the
staff and the Group, a programme of training and education has been instituted
to enhance the skills of our existing staff and improve our attractiveness to
potential employees from within the construction industry.


Since its founding 28 years ago the Group has produced steady growth and I am
pleased that we have returned this year to anticipated profit levels in line
with market expectations. For the current year 2001/2, in keeping with our
long-term strategic goals, we will underpin our confidence by pursuing a
strategy of growth through acquisition and organic means, as well as seeking
opportunities to further diversify the business.


Dr A G Weeks

Chairman

2 July 2001


Consolidated Profit and Loss Account

for the year ended 31 March 2001

                                                               2001        2000

                                                              £'000       £'000
Turnover     - continuing operations                         15,981      15,343
     - acquisitions                                           1,326           -
Cost of sales                                              (12,340)    (11,219)

                                                           ________    ________
Gross profit                                                  4,967       4,124
Administrative expenses                                     (3,806)     (3,446)

                                                           ________    ________
Operating profit     - continuing operations                    921         678
     - acquisitions                                             240           -
Net interest payable                                           (31)        (65)

                                                           ________    ________
Profit on ordinary activities before taxation                 1,130         613
Tax on profit on ordinary activities                          (379)       (185)

                                                           ________    ________
Profit for the financial year                                   751         428
Dividends                                                     (251)       (194)

                                                           ________    ________
Retained - Profit for the financial year                        500         234

                                                          _________    ________
Earnings per share
Basic                                                         0.49p       0.30p
Fully diluted                                                 0.48p       0.29p
Dividends per share                                           0.16p       0.13p


There is no difference between the profit on ordinary activities before
taxation and the retained profit for the financial year stated above, and
their historical cost equivalents.


Statement of Total Recognised Gains and Losses

for the year ended 31 March 2001

                                                                  2001    2000

                                                                 £'000   £'000
Profit for the financial year                                      751     428
Currency translation differences on foreign currency net             8    (11)
investment
                                                               ________ ________
Total gains and losses in the year                                 759     417

                                                               ________ ________


Balance Sheets

as at 31 March 2001

                                                     Group          Company
                                                   2001    2000    2001    2000
                                                  £'000   £'000   £'000   £'000
Fixed assets
Intangible assets                                 1,113     808       -       -
Tangible assets                                   2,492   2,431   1,023   1,057
Investments                                           3       3     901     901

                                                ________ _______ ______  _______
                                                  3,608   3,242   1,924   1,958

                                                ________ _______ ______  _______
Current assets
Stocks                                              719     785       -       -
Debtors                                           4,509   3,876   2,449   2,047
Cash at bank and in hand                            328     267     101       -

                                                _______ _______ _______  ______
                                                  5,556   4,928   2,550   2,047
Creditors: amounts falling due within one year  (3,040) (2,829)   (986) (1,156)

                                                ________ ________ _____ _______
Net current assets                                2,516   2,099   1,564     891

                                                ________ ________ _____ _______
Total assets less current liabilities             6,124   5,341   3,488   2,849
Creditors: amounts falling due after more than     (74)    (43)       -     (2)
one year
Provisions for liabilities and charges             (25)     (7)     (8)     (2)

                                                ________ ________ _____ _______
                                                  6,025   5,291   3,480   2,845

                                                ________ ________ _____ _______
Capital and reserves
Called up share capital                             774     734     774     734
Share premium account                             1,499   1,313   1,499   1,313
Profit and loss account                           3,752   3,244   1,207     798

                                                ________ ________ _____  ______
Equity shareholders' funds                        6,025   5,291   3,480   2,845

                                                ________ ________ _____ _______


Consolidated Cash Flow Statement

for the year ended 31 March 2001

                                                                2001       2000
                                                               £'000      £'000
Operating activities
Net cash inflow from operating activities                      1,424      2,170

                                                            ________   ________
Returns on investments and servicing of finance
Interest received                                                  1          -
Interest paid on loans and overdrafts                           (17)       (47)
Interest paid on finance leases                                 (15)       (18)

                                                            ________   ________
                                                                (31)       (65)

                                                            ________   ________
Taxation
UK Corporation tax paid                                        (217)      (157)

                                                            ________   ________
Capital expenditure and financial investment
Purchase of tangible fixed assets                              (591)      (483)
Sale of tangible fixed assets                                    228         45
Investments in unlisted companies                                  -        (3)

                                                            ________   ________
                                                               (363)      (441)

                                                            ________   ________
Acquisitions
Purchases of subsidiary undertakings and businesses            (366)          -
Bank balances acquired with subsidiary undertaking                21          -

                                                            ________   ________
                                                               (345)          -

                                                            ________   ________
Equity dividends paid                                          (225)      (170)

                                                            ________   ________
Cash inflow before management of liquid resources
and financing                                                    243      1,337

                                                            ________   ________
Financing
Issue of shares                                                   28         27
Repayment of principal under finance leases                    (141)      (175)

                                                            ________   ________
                                                               (113)      (148)

                                                            ________   ________
Increase in cash in the period                                   130      1,189

                                                            ________   ________


The results for the year ended 31 march 2001 as shown in this report do not
constitute statutory accounts but are an abridged version of the Company's
2001 accounts which will be filed with the Registrar of Companies in due
course. The auditors have reported on the statutory accounts for the year
ended 31 March 2001. Their report, under section 235 of the Companies Act
1985, is unqualified and does not contain any statement under sections 237(2)
or (3) of that act.