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Quintain Estates (QED)

  Print      Mail a friend       Annual reports

Tuesday 03 December, 2002

Quintain Estates

Interim Results

Quintain Estates & Development PLC
03 December 2002

3 December 2002


                       ('Quintain' / 'Company' / 'Group')

                               Interim Results

For the six months ended 30 September 2002


  • Turnover up 9.8% to £30.1m (2001: £27.4m)
  • Net asset value per share up 1% to 310p (31.03.02: 307p)
  • Profit before tax £7.4m (2001: £8.3m)
  • Interim dividend maintained at 2.75p per share (2001: 2.75p)
  • Acquisition of Wembley (London) Limited for £48m; second substantial urban
    regeneration project in London
  • Extensive consultation on Greenwich Peninsula carried out; Meridian Delta
    Limited on track to submit planning application by end of 2002
  • Appointment of James Hamilton Stubber and John Plender to the Board as
    Chief Operating Officer and non-executive director respectively
  • £101m of purchases (including the Wembley Complex) and £54m of disposals
    within the investment portfolio undertaken during the period
  • Gearing at 69% (2001: 83%).

Nigel Ellis, Chairman, commented:

'The last six months have been eventful for Quintain and we continue to make
good progress across all our activities.  With strong new management in place
and significant opportunities arising from Special Projects such as Meridian
Delta and Wembley, we look to the future with optimism.'

For further information:

Quintain Estates and Development
020 7495 8968
Adrian Wyatt / Rebecca Worthington

Financial Dynamics
020 7831 3113
Stephanie Highett / Dido Laurimore


For the six months ended 30 September 2002

                                                                            2002             Annual Change

Turnover                                                                  £30.1m                  +   9.8%

Profit before tax                                                          £7.4m                  -  10.9%

Earnings per share                                                          4.4p                  -  17.0%

Underlying earnings per share                                               3.1p                  -  31.1%

Interim dividend                                                           2.75p                         -

Net asset value per share                                                   310p                  +   1.0%
                                                                           =====                     =====

                                                                            2002                      2001

Purchase of investment properties                                         £101m*                       £5m

Other capital expenditure                                                    £9m                       £8m

Proceeds from investment property sales                                     £54m                      £44m

Gearing                                                                      69%                       83%
                                                                           =====                     =====

* Includes acquisition of Wembley Complex for £48m.

                              CHAIRMAN'S STATEMENT

I am pleased to report that we have had a satisfactory six months, in which we
have made a number of acquisitions - most notably the business of Wembley
(London) Limited - and made progress across our portfolio.

Turnover increased by 9.8% to £30.1m (2001: £27.4m).  We have yet to see the
impact of purchases totalling £101m, as most were made at the end of the period
under review.  Proceeds from disposals of investment properties during the
period were £54m. Gearing at 69% remains substantially lower than our long run
target.  As a result of our decision last year to de-gear, using the proceeds to
repay lower coupon debt so as to ensure that we have the resources for
developing the greater potential of Meridian Delta and Wembley, profit before
tax at £7.4m, earnings per share and underlying earnings per share fell 11%, 17%
and 31% respectively.  The interim dividend is maintained at 2.75p per share.

As in previous years, we have not revalued the property portfolio in the interim
accounts.  However, based on a representative sample, we are confident the
year-end results will show further progress.

Portfolio review

Purchases totalling £101m, the largest of which was the acquisition of Wembley
Complex for £48m, also included two mixed-use portfolios for £42m.  Other
capital expenditure amounted to £9m with the Scunthorpe development accounting
for £8m of this.

All of the developments where we were on site at 31 March 2002 have now reached
practical completion.  All the units in the residential block developed in joint
venture with Berkeley Homes in Croydon were sold in the period giving rise to a
profit of £0.8m.  We have also achieved a £0.5m profit from the partial sale of
our care village at Silvergrove, Bristol and £1.1m from the sale of a trading
property at Livesey Street, Sheffield.  Our 300,000 sq ft high street scheme in
Scunthorpe opened in October.  It is now 88% let and tenants include Woolworths,
TJ Hughes, Littlewoods and Hennes & Mauritz.

Planning consent was granted on our Gracechurch Street, London EC3 properties
last year.  Since then, the City of London Market has changed considerably and
we now propose to let the vacant property on a short term lease until the market
improves and retain Standard Chartered as our tenant on the adjoining property.
Our office holdings in the City total 4% of the Company's portfolio.

The average unexpired lease length of the UK investment portfolio is 16 years.

As reported at the year-end, in May we signed a land and development agreement
with English Partnerships.  Following six months of consultation with the people
of Greenwich and the relevant authorities, Meridian Delta Limited, the vehicle
owned 49% by Quintain and 51% by Lend Lease, expects to submit a planning
application before Christmas which should deliver a unique contribution to
London's regeneration programme.  The size and scale of this project makes this
a significant event for the Company.  The details must largely remain
confidential until then, save as previously announced that the application will
be for in excess of 12 million sq ft of mixed-use development including perhaps
10,000 homes.

In August 2002, we purchased Wembley (London) Limited for £48m, representing the
second major mixed-use urban regeneration project in London for Quintain and
bringing our interests in areas identified as 'Opportunity Areas' in the Mayor
of London's Draft London Plan published in June 2002 to 234 acres.  The
consideration is payable in three tranches, with £16m paid on completion, £18m
due on 1 December 2003 and £14m payable on 1 December 2004.  For this, we
acquired 44 acres of land and one million sq ft of buildings, including the
Wembley Arena, Conference Centre and Exhibition Halls.  We are currently
preparing a planning application for a landmark mixed-use development on this
site which should be ready for submission towards the end of next year.

As reported at the year-end, in April we formed a limited partnership, Quart,
with Hermes and the Bank of Scotland.  Quintain sold an initial tranche of 37
licensed premises into the limited partnership for a consideration of £42.7m and
retained a 12.6% stake.  In addition, Quintain holds a further 20 public houses
on its balance sheet.  The majority of these were let to Albion Pub Contracts
Limited, which went into liquidation in February 2002.  This led to a loss of
rent of £0.5m and operating losses and costs arising from the liquidation of a
similar amount.  Active steps are being taken to remedy the position and, to
date, four of these pubs have been accepted into the limited partnership and
three sold with vacant possession.

Voids have fallen in the six months, with unintended voids now standing at 5.1%
of ERV compared with 5.6% at the year-end.

Financial review

Quintain's results for previous years have been restated in line with the
recently introduced UITF Abstract 34 for costs incurred in the period leading to
the Quintain and Lend Lease consortium being awarded preferred bidder status for
the Greenwich Peninsula.  The impact of adopting this Abstract has been to
reduce previously reported profits at the pre-tax level by £0.8m with £0.3m
reflected in the first half of last year.  The effect on earnings per share for
the six months to 30 September 2001 has been a reduction of 0.1p.

As a result of the acquisition of Chesterfield Properties, Quintain inherited an
outstanding litigation action.  We are pleased to report that this has now been
settled out of court, which has given rise to a £0.8m profit to the Company.
This has more than offset the payment to Mike Riley, a former director, of £0.3m
and has accordingly led to a reduction in administration expenses of £0.5m.

Weighted average interest costs have fallen from 6.4% at 31 March 2002 to 6.2%.

Regarding tax, an effective rate of 20% has been assumed based on the
anticipated rate for the full year.  The rate for last year has been restated
from 17.5% to 17% to take account of the changes required by UITF 34.

Once again, during the period under review, your Board decided that, with the
share price being so far below net asset value, further shares should be
purchased and, by the half year-end, 1.8m have been bought in and cancelled.
The amount we can buy is limited by the cash requirements of our major projects
such as Meridian Delta and Wembley but, subject to this, and of course to the
usual legal requirements, further purchases will be considered if the share
price continues to remain at levels unacceptably below net asset value per


There have been a number of changes in the Company's Board since the last
year-end.  I am delighted to report that James Hamilton Stubber joined us on 14
October 2002 as Chief Operating Officer.  James was a National Director of Jones
Lang LaSalle.  He will take over responsibility for the investment property
portfolio as well as all the other duties implied by the title.  I am also
delighted to report that John Plender, a leading journalist at the Financial
Times, joined us on 23 July 2002 as a non-executive director to fill the vacancy
left by the retirement of John Evans.  We will greatly benefit from the depth of
his experience and wide perspective, particularly with regard to investment and
corporate governance issues.

On a sadder note, Mike Riley left by mutual consent on 31 July 2002.  In the
short time he was here he achieved much and we wish him well.

Edward Dugdale, who ran the structured finance division which includes the
nursing home portfolio and Quercus, our joint venture with Morley, and was also
responsible for Quart, the pubs limited partnership, decided to resign from the
Board to pursue other interests.  We wish him well.


The last six months have been eventful for Quintain and we continue to make good
progress across all our activities.  With strong new management in place and
significant opportunities arising from Special Projects such as Meridian Delta
and Wembley, we look to the future with optimism.

Nigel Ellis

3 December 2002

Quintain Estates and Development PLC

Consolidated profit and loss account
For the six months ended 30 September 2002

                                                           Unaudited          Unaudited            Audited
                                                    Six months ended   Six months ended         Year ended
                                                        30 Sept 2002       30 Sept 2001      31 March 2002
                                                                               Restated           Restated
                                            Notes               £000               £000               £000
                                            _____            _______            _______            _______


Continuing and share of joint ventures                        31,383             29,749             55,339

Acquisitions                                                   1,165                  -                  -

                                                             _______            _______            _______
                                                              32,548             29,749             55,339

Less - share of joint venture turnover                       (2,477)            (2,374)            (4,909)

                                                             _______            _______            _______
Group turnover                                  2             30,071             27,375             50,430

Cost of sales                                   2           (14,080)            (4,668)            (9,051)

                                                             _______            _______            _______
Gross profit                                                  15,991             22,707             41,379

Administrative expenses                         3            (4,060)            (4,564)            (8,548)

                                                             _______            _______            _______
Operating profit

Continuing                                                    11,905             18,143             32,831

Acquisitions                                                      26                  -                  -
                                                             _______            _______            _______
Group operating profit                                        11,931             18,143             32,831

Share of operating profit in joint                             2,198              1,764              4,280

Share of operating loss in associates                            (5)                  -               (44)

Profit (loss) on sale of investment                            1,229              (519)                927

Net interest payable                                         (7,983)           (11,113)           (21,052)

                                                             _______            _______            _______
Profit on ordinary activities before                           7,370              8,275             16,942

Tax on profit on ordinary activities            4            (1,474)            (1,410)            (2,033)

                                                             _______            _______            _______
Profit on ordinary activities after                            5,896              6,865             14,909

Minority interests                                             (199)              (129)              (230)
                                                             _______            _______            _______
Profit for the financial period                                5,697              6,736             14,679

Dividends                                       5            (3,499)            (3,497)            (9,637)

                                                             _______            _______            _______
Retained profit for the period                                 2,198              3,239              5,042

                                                              ======             ======             ======

Earnings per share                              6

Undiluted                                                       4.4p               5.3p              11.5p

                                                              ======             ======             ======

Diluted                                                         4.4p               5.2p              11.4p

                                                              ======             ======             ======

Quintain Estates and Development PLC

                                                           Unaudited          Unaudited            Audited
                                                    Six months ended   Six months ended         Year ended
                                                        30 Sept 2002       30 Sept 2001      31 March 2002
                                                                               Restated           Restated
                                            Notes               £000               £000               £000
                                            _____            _______            _______            _______
Consolidated statement of total
recognised gains and losses

Profit for the financial period                                5,697              6,736             14,679
Unrealised surplus on revaluation                              1,588                 64             36,659

Tax on realisation of revaluation surplus                          -              (413)            (1,843)
Currency translation movements                                 (146)                 56              (179)
                                                             _______            _______            _______
Total recognised gains and losses
relating to the  period                                        7,139              6,443             49,316

Prior year adjustments as set out below                        (542)                  -                  -
                                                             _______            _______            _______
Total gains and losses recognised since
last year end                                                  6,597              6,443             49,316

                                                              ======             ======             ======

Consolidated note of historical cost
profits and  losses

Profit on ordinary activities before                           7,370              8,275             16,942
Realisation of revaluation gains of
previous periods                                               2,812                804             13,397
                                                             _______            _______            _______
Historical cost profit on ordinary
activities before taxation                                    10,182              9,079             30,339

                                                              ======             ======             ======

Historical cost profit for the period
retained after taxation, minority
interests and dividends                                        5,010              3,630             16,596

                                                              ======             ======             ======

Reconciliation of movements in equity
shareholders' funds

Profit for the financial period                                5,697              6,736             14,679
Dividends                                                    (3,499)            (3,497)            (9,637)

                                                             _______            _______            _______

                                                               2,198              3,239              5,042

Other recognised gains and losses
relating to the period                                         1,442              (293)             34,637
Issue of shares                                                  959                  -              2,057
Purchase of own shares                                       (4,190)            (1,401)            (2,347)
                                                             _______            _______            _______

Net addition to equity shareholders'                             409              1,545             39,389

Opening shareholders' funds, as restated                     394,363            354,974            354,974
                                                             _______            _______            _______

Closing shareholders' funds                                  394,772            356,519            394,363

                                                              ======             ======             ======
Opening shareholders' funds

As previously reported                                       394,905            355,207            355,207
Prior year adjustment : UITF 34                 1              (542)              (233)              (233)
                                                             _______            _______            _______

As restated                                                  394,363            354,974            354,974

                                                              ======             ======             ======

Quintain Estates and Development PLC

Consolidated balance sheet
As at 30 September 2002

                                                       Unaudited           Unaudited            Audited
                                                           As at               As at              As at
                                                    30 Sept 2002        30 Sept 2001      31 March 2002
                                                                            Restated           Restated
                                         Notes              £000                £000               £000
                                         _____           _______             _______            _______
Fixed assets

Investment properties                        7           666,458             625,324            608,185
Other fixed assets                                           397                 548                450

Investment in joint ventures
     Share of gross assets                                60,519              59,263             61,849

     Share of gross liabilities                         (31,027)            (32,270)           (33,310)

                                                          29,492              26,993             28,539

Investment in associates                                   4,722               1,016              1,149
Other fixed asset investments                                266                 266                292
                                                        ________            ________           ________

                                                         701,335             654,147            638,615
                                                        ________            ________           ________

Current assets

Stocks                                                     1,449               4,466              7,656
Debtors                                                   40,505              36,565             20,124

Short term investments                                        18                  18                 18
Cash at bank and in hand                                  13,697              15,609             37,647
                                                        ________            ________           ________

                                                          55,669              56,658             65,445
Creditors: amounts falling due within                   (77,735)            (38,205)          (107,896)
one year
                                                        ________            ________           ________

Net current (liabilities) assets                        (22,066)              18,453           (42,451)
                                                        ________            ________           ________

Total assets less current liabilities                    679,269             672,600            596,164

Creditors: amounts falling due after
more than  one year                                    (274,044)           (307,803)          (192,500)
Provisions for liabilities and charges                   (7,837)             (6,051)            (6,850)
Equity minority interests                                (2,616)             (2,227)            (2,451)
                                                        ________            ________           ________

Net assets                                               394,772             356,519            394,363

                                                         =======             =======            =======
Capital and reserves

Called up share capital                      9            31,813              31,787             32,098
Share premium account                                     40,736              38,336             39,950
Other capital reserves                                   110,553             109,962            110,095
Revaluation reserve                                      153,966             133,622            155,448
Profit and loss account                                   57,704              42,812             56,772
                                                        ________            ________           ________

Equity shareholders' funds                               394,772             356,519            394,363

                                                         =======             =======            =======

Net asset value per share                   10

Undiluted                                                   310p                280p               307p
                                                         =======             =======            =======
Diluted                                                     304p                274p               302p
                                                         =======             =======            =======

Quintain Estates and Development PLC

Consolidated cash flow statement
For the six months ended 30 September 2002

                                                           Unaudited          Unaudited            Audited
                                                    Six months ended   Six months ended         Year ended
                                                        30 Sept 2002       30 Sept 2001      31 March 2002
                                            Notes               £000               £000               £000
                                            _____            _______            _______            _______
Net cash flow from operating activities       11a              8,425              8,088             20,403

                                                             =======            =======            =======

Return on investments and servicing of

Net interest paid                                            (7,411)           (11,832)           (20,103)

Issue costs of loans                                           (319)              (131)               (82)
                                                             _______            _______            _______
Net cash outflow from returns on
investments and servicing of finance                         (7,730)           (11,963)           (20,185)
                                                             =======            =======            =======

Corporation tax paid                                               -              (776)            (3,802)

                                                             =======            =======            =======
Capital expenditure and financial

Purchase of tangible fixed assets                           (50,914)           (13,815)           (23,389)

Proceeds from disposal of tangible fixed                      50,813             41,134            112,956
Loans to join ventures and associates                        (2,261)                  -              (317)
                                                             _______            _______            _______
Net cash (outflow) inflow from capital
expenditure and financial investment                         (2,362)             27,319             89,250
                                                             =======            =======            =======

Acquisitions and disposals

Proceeds from disposal of subsidiary                               -             18,234             18,873
Purchase of subsidiary companies                            (27,577)                  -                  -
Net cash acquired with subsidiary                                956                  -                  -
                                                             _______            _______            _______
Net cash (outflow) inflow from
acquisitions  and disposals                                 (26,621)             18,234             18,873
                                                             =======             ======             ======

Equity dividends paid                                        (6,099)            (5,116)            (8,654)
                                                              ======             ======             ======

Net cash (outflow) inflow before
management  of liquid resources and
financing                                                   (34,387)             35,786             95,885

                                                              ======             ======             ======

Management of liquid resources                                18,250             25,838             13,779

                                                              ======             ======             ======


Issue of ordinary shares for cash                                959                  -              2,057
Loan drawdowns                                                88,337             54,116             71,211
Loan repayments                                             (74,669)          (119,406)          (175,673)
Purchase of own shares                                       (4,190)            (1,401)            (2,347)
                                                             _______            _______            _______

Net cash inflow (outflow) from financing                      10,437           (66,691)          (104,752)

                                                              ======             ======             ======

(Decrease) increase in cash                                  (5,700)            (5,067)              4,912

                                                              ======             ======             ======

Quintain Estates and Development PLC

Notes to the accounts

For the six months ended 30 September 2002

1       Basis of preparation

The half year figures for 2002 and 2001 are unaudited and have been prepared on
the basis of accounting policies adopted in the accounts to 31 March 2002,
except as noted below.  The comparative figures for the financial year ended 31
March 2002 are not the Company's statutory accounts for that financial year.
These accounts have been reported on by the Company's auditors and delivered to
the Registrar of Companies.  The report of the auditors was unqualified and did
not contain a statement under section 237(2) or (3) of the Companies Act 1985.

Change in accounting policy : Pre-contract costs

In accordance with the Urgent Issues Task Force Abstract 34, expenditure
incurred prior to obtaining preferred bidder status from English Partnerships in
relation to the Millennium Dome and the redevelopment of the rest of the
Greenwich Peninsula has been charged in the profit and loss account.  In
adopting this abstract, the results for the six months ended 30 September 2001
and the year ended 31 March 2002 have been restated as set out below.  There was
no impact in the current period.

                                               Six months ended     Six months ended           Year ended
                                                   30 Sept 2002         30 Sept 2001        31 March 2002
                                                           £000                 £000                 £000
                                                        _______              _______              _______
Increase in cost of sales                                     -                (304)                (442)
Decrease in tax on profit on ordinary                         -                   91                  133
                                                         ______               ______               ______

Decrease in profit for the financial                          -                (213)                (309)
Decrease in opening reserves                              (542)                (233)                (233)

                                                        _______              _______              _______

Decrease in shareholders' funds                           (542)                (446)                (542)

                                                         ======               ======               ======

Decrease in debtors                                       (775)                (637)                (775)
Decrease in creditors:
   amounts falling due within one year                      233                  191                  233

                                                        _______              _______              _______

Decrease in net assets                                    (542)                (446)                (542)

                                                         ======               ======               ======

2    Turnover and cost of sales

                                                      Unaudited            Unaudited              Audited
                                               Six months ended     Six months ended           Year ended
                                                   30 Sept 2002         30 Sept 2001        31 March 2002
                                                           £000                 £000                 £000
                                                        _______              _______              _______
Gross rents receivable                                   17,440               23,545               45,164
Proceeds from sale of trading properties                 11,074                1,363                2,585
Income from leisure operations                              876                    -                    -
Other income                                                681                2,467                2,681
                                                        _______              _______              _______

Total turnover                                           30,071               27,375               50,430

                                                         ======               ======               ======

Rents payable and other property outgoings                3,981                3,463                7,162
Cost of sale of trading properties                        9,427                1,205                1,889
Expenditure on leisure operations                           672                    -                    -
                                                        _______              _______              _______

Total cost of sales                                      14,080                4,668                9,051

                                                         ======               ======               ======

Other income in 2001 included a surrender premium of £1,550,000.

3    Administrative expenses

                                                   Unaudited             Unaudited               Audited
                                            Six months ended      Six months ended            Year ended
                                                30 Sept 2002          30 Sept 2001         31 March 2002
                                                        £000                  £000                  £000
                                                     _______               _______               _______
Directors' remuneration                                1,261                 1,331                 2,071
Staff costs                                            1,778                 1,465                 2,531
Legal and other professional fees                        263                 1,064                 2,404
Office costs                                             528                   514                 1,115
Depreciation                                             126                   137                   273
Profit on disposal of fixed assets                         -                  (22)                   (6)
General expenses                                         104                    75                   160
                                                     _______               _______               _______

                                                       4,060                 4,564                 8,548

                                                      ======                ======                ======

Legal and professional fees include a recovery of £754,000 relating to amounts
which have been reflected in the current and earlier periods.

4    Tax on profit on ordinary activities

The effective rate of taxation on profit on ordinary activities of 20% (2001 :
17%) reflects the benefit of available losses, capitalised interest and
permanent timing differences in relation to capital allowances.

5    Dividends

The interim dividend of 2.75p (2001 :  2.75p) per ordinary share is payable on
20 December 2002 to members on the register as at     13 December 2002.  A final
dividend of 4.75p in respect of the year to 31 March 2002 was paid during the

6    Earnings per share

                                  Unaudited    Unaudited  Unaudited   Unaudited
                                       Six          Six        Six         Six   Audited     Audited
                                    months       months     months      months      Year        Year
                                     ended        ended      ended       ended     ended       ended
                                        30           30         30          30        31          31
                                 September    September  September   September     March       March
                                      2002         2002       2001        2001      2002        2002
                                     Basic     Based on      Basic    Based on     Basic    Based on
                                             underlying             underlying            underlying
                                                profits                profits               profits
                                                          Restated    Restated  Restated    Restated
                                       £000        £000       £000        £000      £000        £000
                                   _______       _______     _______    _______     _______   _______

Profit for the financial              5,697       5,697      6,736       6,736    14,679      14,679
Exceptional items after tax               -       (528)          -     (1,550)         -           -
Profit (loss) on sale of                  -     (1,229)          -         519         -       (743)
properties after tax
                                   _______     _______    _______     _______   _______     _______

                                      5,697       3,940      6,736       5,705    14,679      13,936
                                    ======      ======     ======      ======    ======      ======
Weighted average number
of shares (000)                     128,438                127,827               127,808
                                    ======                 ======                ======

Earnings per share on a diluted basis have been calculated on an adjusted profit
of £5,781,000 (2001 : £6,820,000 restated) and an adjusted weighted number of
shares of 132,146,000 (2001 : 131,776,000).

7    Investment properties

Investment properties are valued annually at the end of each financial year and
are shown in the Balance Sheet as at 30 September 2002 at the previous year end
valuations adjusted for subsequent expenditure and disposals.

8    Borrowings

As at 30 September 2002, J C Rathbone Associates estimated that the fair value
of the Group's financial liabilities exceeded their carrying value by
£13,427,000 (2001 : £5,732,000).  As at 31 March 2002, the deficit was

9    Called up share capital

                                                              Number of shares       Nominal value
                                                                           000                £000
                                                                       _______             _______
Shares in issue as at 1 April 2002                                     128,393              32,098
Issue of shares under Staff Share Option Schemes                           695                 173
Purchase of own shares                                                 (1,834)               (458)
                                                                       _______             _______

Shares in issue as at 30 September 2002                                127,254              31,813

                                                                        ======              ======

10  Net asset value per share

Net asset value per share on an undiluted basis as at 30 September 2002 has been
based on net assets of £394,772,000

(2001 : £356,519,000 restated) and 127,254,000 (2001 : 127,147,000) ordinary
shares. Net asset value per share on a diluted basis has been calculated on
adjusted net assets of £397,772,000 (2001 : £359,519,000 restated) and
130,962,000 (2001 : 131,096,000) ordinary shares.

11  Notes to the consolidated cash flow statement

                                                      Unaudited            Unaudited              Audited
                                               Six months ended     Six months ended           Year ended
                                                   30 Sept 2002         30 Sept 2001        31 March 2002
                                                                            Restated             Restated
                                                           £000                 £000                 £000
                                                        _______              _______              _______
a) Reconciliation of operating profit to
   net cash inflow from operating activities

Operating profit                                         11,931               18,143               32,831
Depreciation charge                                         567                  434                  606
Profit on disposal of fixed assets                            -                 (22)                  (6)
Increase in debtors                                    (10,713)             (11,360)              (1,950)
Increase (decrease) in creditors                            575                  238              (6,929)
Decrease (increase) in trading stock                      6,065                  655              (4,149)

                                                        _______              _______              _______

                                                          8,425                8,088               20,403

                                                         ======               ======               ======
b) Reconciliation of net cash movement to
   net debt

(Decrease) increase in cash during period               (5,700)              (5,067)                4,912
Cash (inflow) outflow from debt and lease
financing                                              (13,668)               65,062              104,462
Cash inflow from decrease in liquid                    (18,250)             (25,838)             (13,779)
                                                        _______              _______              _______

Change in net debt resulting from cash                 (37,618)               34,157               95,595

Costs of issue of non-equity finance                        319                (131)                   82
Amortisation of issue costs                               (415)                (432)                (817)
Other non-cash movements                                    660                  563                  591
                                                        _______              _______              _______

Movement in net debt during period                     (37,054)               34,157               95,451

Net debt at beginning of period                       (231,780)            (327,231)            (327,231)
                                                        _______              _______              _______

Net debt at end of period                             (268,834)            (293,074)            (231,780)

                                                         ======               ======               ======
c) Analysis of net debt

Liquid resources                                          4,074               10,265               22,324
Cash                                                      9,641                5,362               15,341
Debt due after more than one year                     (243,945)            (308,701)            (192,500)
Debt due within one year                               (38,604)                    -             (76,945)
                                                        _______              _______              _______

                                                      (268,834)            (293,074)            (231,780)

                                                         ======               ======               ======

Independent review report by KPMG Audit Plc to
Quintain Estates and Development PLC


We have been instructed by the Company to review the attached financial
information and we have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where they
are to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/
4: Review of interim financial information issued by the Auditing Practices
Board for use in the United Kingdom.  A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed.  A review is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit.  Accordingly we do not express an audit
opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2002.

KPMG Audit Plc
Chartered Accountants

3 December 2002

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