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Jos Hldgs PLC (JOSI)

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Thursday 05 September, 2002

Jos Hldgs PLC

Preliminary Results

Jos Hldgs PLC
5 September 2002


For immediate release                                   5th September 2002

Jos Holdings plc

Announcement of Unaudited Preliminary Results

For the year ended 31st July 2002



FOURTH QUARTERLY DIVIDEND

The Directors have approved a fourth quarterly dividend payment of 9.35p net per
income share (distributing £604,251). With the first three interim dividends
totalling 10.80p, this makes a total dividend per income share for the year of
20.15p net. This represents an increase of 7.8% over the dividend of 18.70p paid
in the year ended 31st July 2001 and includes the distribution of virtually all
the Company's revenue reserves. The fourth interim dividend will be paid on 11th
October 2002 to holders on the register of members at the close of business on
13th September 2002.

RESULTS

During the year the Company's total assets declined from £46.1m to £35.0m, a
decrease of 24.1%. The Company's portfolio fell by slightly more than the market
overall; the FTSE All-Share fell by 23.0 % during the period. Assets
attributable to the Capital Shares decreased by 39.2%.

STATUS

The Company has conducted its affairs in order to operate as an approved
investment trust within the meaning of Section 842 of the Income and Corporation
Taxes Act 1988, confirmation of which has been granted by the Inland Revenue for
the year ended 31st July 2001 and is expected to be granted for the accounting
year now under review. The Company is not a close company. The Company is an
investment company within the meaning of Part VIII of the Companies Act 1985.

ANNUAL GENERAL MEETING

The Annual General Meeting of the Company will be held at 20 Fenchurch Street,
London EC3P 3DB on 5th November 2002 at 12.30pm.



10 Fenchurch Street                              By Order of the Board

London EC3M 3LB                                   G Absalom

                                                  Deputy Secretary

SUMMARY OF UNAUDITED RESULTS

STATEMENT OF TOTAL RETURN For the year ended 31st July 2002

                                                                    Revenue          Capital                  Total
                                                                     £'000s           £'000s                 £'000s
                                                                   (Note 3)
Net losses on investments                                                 -          (10,732)               (10,732)
Income from investments                                                1,178                -                  1,178
Other income                                                             150                -                    150
Investment management fee                                                 -             (284)                  (284)
Expenses of administration                                             (119)               -                   (119)

Net return before finance costs and taxation                           1,209         (11,016)                (9,807)

Finance costs of borrowings                                              (1)               -                     (1)

Return on ordinary activities before taxation                          1,208         (11,016)                (9,808)

Taxation
Overseas taxation                                                          2                -                      2
UK taxation                                                             (20)               20                      -
                                                                        (18)               20                      2

Return on ordinary activities after taxation                           1,190         (10,996)                (9,806)
Attributable to Zero Dividend Preference Shares                           -           (1,596)                (1,596)
                                                                       1,190         (12,592)               (11,402)
Dividends on Income Shares:
First Interim           3.60p                                          (233)                -                  (233)
Second Interim          3.60p                                          (232)                -                  (232)
Third Interim           3.60p                                          (233)                -                  (233)
Fourth Interim          9.35p                                          (604)                -                  (604)
                       20.15p                                        (1,302)                -                (1,302)

Transfer from reserves                                                 (112)         (12,592)               (12,704)
                                                                      
Return per Income/Capital Share (Note 1)                             18.40p          (194.84)p              (176.44)p


NET ASSET STATEMENT

As at 31st July 2002                                                                     £'000s                £'000s

Fixed asset investments                                                                                        30,625
Net current assets                                                                                              4,353
Total Net Assets                                                                                               34,978

Called up Share Capital
          Ordinary                                                                                              1,293
Zero Dividend Preference                                                                                        1,293
          Capital                                                                                                 646
                                                                                                                3,232
Capital Reserves
          Realised                                                                      35,127
          Unrealised                                                                   (3,383)
                                                                                                               31,744
Revenue Reserve                                                                                                     2
Shareholders' Funds                                                                                            34,978

Net Asset Value per Capital Share                                                                             304.65p
Net Asset Value per Zero Dividend Preference Share                                                            235.58p
Net Asset Value per Income Share                                                                                1.00p

The net asset values are based on 6,462,580 Income Shares, 6,462,580 Capital Shares and 6,462,580 Zero Dividend
Preference Shares in issue (Note 2)

SUMMARY OF UNAUDITED RESULTS

STATEMENT OF TOTAL RETURN For the year ended 31st July 2001
                                                                     Revenue         Capital                  Total
                                                                      £'000s          £'000s                 £'000s
                                                                    (Note 3)
Net losses on investments                                                  -         (5,887)                (5,887)
Income from investments                                                1,250               -                  1,250
Other income                                                              48               -                     48
Investment management fee                                                  -           (342)                  (342)
Expenses of administration                                             (106)               -                  (106)

Net return before finance costs and taxation                           1,192         (6,229)                (5,037)

Finance costs of borrowings                                              (2)               -                    (2)

Return on ordinary activities before taxation                          1,190         (6,229)                (5,039)

Taxation
Overseas taxation                                                        (3)               -                    (3)
UK taxation                                                              (9)               9                      -
                                                                        (12)               9                    (3)

Return on ordinary activities after taxation                           1,178         (6,220)                (5,042)
Attributable to Zero Dividend Preference Shares                            -         (1,429)                (1,429)
                                                                       1,178         (7,649)                (6,471)
Dividends on Income Shares
First Interim       3.55p                                              (230)               -                  (230)
Second Interim      3.55p                                              (229)               -                  (229)
Third Interim       3.55p                                              (230)               -                  (230)
Fourth Interim      8.05p                                              (520)               -                  (520)
                   18.70p                                            (1,209)               -                (1,209)

Transfer from reserves                                                  (31)            (7,649)             (7,680)

Return per Income/Capital Share (Note 1)                              18.23p          (118.36)p           (100.13)p


NET ASSET STATEMENT

As at 31st July 2001                                                                     £'000s                £'000s

Fixed asset investments                                                                                        44,927
Net current assets                                                                                              1,159
Total Net Assets                                                                                               46,086

Called up Share Capital
          Ordinary                                                                                              1,293
Zero Dividend Preference                                                                                        1,293
          Capital                                                                                                 646
                                                                                                                3,232
Capital Reserves
          Realised                                                                       40,146
          Unrealised                                                                      2,593
                                                                                                               42,739
Revenue Reserve                                                                                                   115
Shareholders' Funds                                                                                            46,086

Net Asset Value per Capital Share                                                                             501.24p
Net Asset Value per Zero Dividend Preference Share                                                            210.88p
Net Asset Value per Income Share                                                                                1.00p

The net asset values are based on 6,462,580 Income Shares, 6,462,580 Capital 
Shares and 6,462,580 Zero Dividend Preference Shares in issue (Note 2)



CASH FLOW STATEMENT

for the year ended 31st July 2002 and comparative period
                                                                         31st July            31st July

                                                                              2002                 2001

                                                                            £'000s               £'000s

Net cash inflow from operating activities                                      835                  890

Servicing of finance
Interest paid                                                                  (1)                  (2)

Taxation
UK income tax repaid                                                             9                    6

Investing activities
Purchase of investments                                                   (26,089)             (38,667)
Proceeds from sales of investments                                          25,774               41,785
Net cash (outflow) inflow from investing activities                          (315)                3,118

Dividends paid                                                             (1,218)              (1,118)

(Decrease) increase in cash                                                  (690)                2,894






Note 1

The return per Income/Capital Share is based on 6,462,580 Income Shares of 20p
and 6,462,580 Capital Shares of 10p in issue.

Note 2

Assuming no growth in net assets, on a winding up in January 2003, shareholders
would receive:
                                                                                   July                July

                                                                                   2002                2001
Net Asset Value per Capital Share                                               291.23p             463.12p
Net Asset Value per Zero Dividend Preference Share                              249.00p             249.00p
Net Asset Value per Income Share                                                  1.00p               1.00p

Note 3

The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items derive from continuing operations. No operations
were acquired or discontinued in the period.

Note 4

Preliminary Results for the year ended 31st July 2002 have been produced on the
basis of the accounting policies consistent with those in the full financial
statements. The financial information set out in the announcement does not
constitute the Company's statutory financial statements for the period ended
31st July 2002. The statutory accounts for the period ended 31st July 2002 will
be finalised on the basis of the financial information presented by the
Directors in this preliminary announcement and will be delivered to the
Registrar of Companies when they have been sent to shareholders.

The Statement of Total Return for the year to 31st July 2001 has been extracted
from the published accounts of the Company at that date which have been
delivered to the Registrar of Companies. The Auditors' opinion on those accounts
was unqualified and did not contain a statement under Section 237(2) or (3) of
the Companies Act 1985.

For further information, please contact:-

Dresdner RCM Global Investors (UK) Ltd

Simon White

Tel: 020 7475 2700

or

Dresdner RCM Global Investors (UK) Limited

Tessa Murray, Head of Corporate Communications

Tel: 020 7475 8861


                      This information is provided by RNS
            The company news service from the London Stock Exchange