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Adam & Harvey Group (AHG)

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Tuesday 14 November, 2000

Adam & Harvey Group

Interim Results

Adam & Harvey Group PLC
14 November 2000

                             INTERIM RESULTS 2000

  Adam & Harvey Group PLC, the international trading and distribution group
 which trades in Africa and the Far East, today announced its interim results
                   for the six months to 30 September 2000.

                                 Six months to       Six months to 30 Sept 1999

                                  30 Sept 2000                             £000


Turnover                                 5,559                            9,843

     Continuing activities               2,791                            2,574

     Discontinued activities
                                         8,350                           12,417

Profit/(Loss) before tax                 (969)                            1,567

Earnings/(Loss) per share              (29.6p)                            18.6p

Dividends per share                          -                             8.0p

  * As expected African trading remains depressed
  * Group loss principally due to provisions on discontinued business
  * Progress in disposal of non-core businesses and completion of sale of
    spare parts business imminent
  * UK cash balances remain undiminished and are expected to be enhanced by
    £2.3 million from asset realisations
  * Group pursuing strategy to secure partner in Southern Africa and to
    identify new core business

Commenting on the results and prospects, Anthony Townsend, Chairman, said:

'As we forecast, the economic conditions in Zimbabwe have remained very
depressed indeed and have had a knock-on effect elsewhere in the region. ...
with tonnage turnover in our key Zimbabwean market more than 50% below its
historic levels we have for the first time turned in a Group trading loss.

'Whilst the outlook in Zimbabwe remains confused and unstable we have strong
and capable managers in our African division who continue to gain ground in
the marketplace. Our UK cash balances remain undiminished and we are pursuing
our two strategic goals of securing a strong regional partner for our Southern
African operations and of identifying a new core business for the Group'.

For further information, please contact:
Tony Patterson, Group Chief Executive, Adam & Harvey Group PLC    020 7549 3604

David Haggie, Haggie Financial Limited                            020 7417 8989


Trading during the six months to 30 September 2000 has been difficult even as
we progress our long-term strategic goals for your Group. As we forecast, the
economic conditions in Zimbabwe have remained very depressed indeed and have
had a knock-on effect elsewhere in the region. Our local management and staff
have made valiant efforts to sustain volumes and protect our assets, but with
tonnage turnover in our key Zimbabwean market more than 50 per cent below its
historic levels we have for the first time turned in a Group trading loss. We
believe that stronger trading conditions and economic growth will eventually
return so, if we are to maintain a platform to build our operations when that
happens, there are certain irreducible overheads to be borne.

We have made significant progress in exiting from all of the non-core business
that we identified in last year's Annual Report and the costs of this are
reflected in the interims as a provision of £540,000 for all closures and £
146,000 net goodwill write-off. Discussions are at an advanced stage and
completion is expected shortly for the sale to Manganese Bronze Holdings Plc
of our Far Eastern transportation spare parts agency and trading business,
which was under the Adam & Harvey International company. This is included in
the disposals and a full announcement will follow. As a result of exiting from
those businesses we would expect to realise the net asset value of £2,290,000
as shown in note 5.2 to the Interim Report.

Continuing operations now represent our steel interests in Africa.

Including a write down of £74,000 on Employee Benefit Trust shares, we
incurred a loss on our continuing operations of £239,000 and a loss on our
discontinued operations of £760,000 before net interest income of £30,000,
making a Group loss before taxation for the six months of £969,000. In these
circumstances your Directors do not feel that the Group can prudently pay an
interim dividend but we will of course review the situation afresh at the year

I wish to leave shareholders with an indication that we are moving forward.
Whilst the outlook in Zimbabwe remains confused and unstable we have strong
and capable managers in our African division who continue to gain ground in
the marketplace. Our UK cash balances remain undiminished and we are pursuing
our two strategic goals of securing a strong regional partner for our Southern
African operations and of identifying a new core business for the Group. I
will report further progress on both of these objectives as soon as I am in a
position to do so.

Anthony Townsend

14 November 2000


                                     Six months to Six months to  Full year to

                                      30 Sept 2000  30 Sept 1999 31 March 2000

                                              £000          £000          £000
Continuing operations                        5,559         9,843        17,843
Discontinued operations                      2,791         2,574         6,227
                                           -------      --------      --------
                                             8,350        12,417        24,070
                                           -------      --------      --------
Group Operating (Loss)/Profit
Continuing operations                        (239)         1,573         2,867
Discontinued operations                      (760)            44         (106)
Exceptional loss provision                       -             -         (936)
                                           -------       -------       -------
                                             (999)         1,617         1,825
                                           -------       -------       -------

Net Interest                                    30          (50)            99

Group (Loss)/Profit before Taxation          (969)         1,567         1,924

Overseas Taxation                              245           802         1,368
                                           -------       -------       -------
Group (Loss)/Profit after Taxation         (1,214)           765           556

Dividends                                        -           329           390
                                             -----         -----         -----
Retained (Deficit)/Earnings                (1,214)           436           166
                                          --------         -----         -----
Earnings/(Loss) per Ordinary Share         (29.6p)         18.6p         13.5p


                                       As at            As at             As at

                                30 Sept 2000     30 Sept 1999     31 March 2000

                                        £000             £000              £000
Fixed Assets
Tangible Assets                        3,286            3,551             4,084
Investments                              252            1,258               325
                                     -------          -------           -------
                                       3,538            4,809             4,409
                                     -------           ------           -------
Current Assets
Stocks                                 4,751            6,555             6,608
Debtors                                3,969            4,809             4,816
Cash at bank                           5,444            5,077             5,500
                                    --------         --------          --------
                                      14,164           16,441            16,924
                                    --------         --------          --------
Current Liabilities
Bank borrowings                          713              815               924
Creditors                              2,509            3,136             3,294
Corporation tax                          737            1,238             1,115
Proposed dividend                          -              329                82
                                     -------          -------           -------
                                       3,959            5,518             5,415
                                     -------          -------           -------

Net Current Assets                    10,205           10,923            11,509
                                     -------          -------           -------

Creditors: amounts falling due

After more than one year
Bank borrowings                           41               41                22
Deferred taxation                         42               34                84
                                     -------          -------           -------
Net Assets                            13,660           15,657            15,812
                                     -------          -------           -------

Capital and Reserves
Called up share capital                1,089            1,089             1,089
Share premium account                  3,355            3,355             3,355
Revaluation reserve                    1,372            1,268             1,784
Profit and loss account                7,844            9,843             9,514
                                     -------          -------           -------
Equity Shareholders' Funds            13,660           15,555            15,742

Minority interests                         -              102                70
                                     -------          -------           -------
                                      13,660           15,657            15,812
                                     -------          -------           -------

                                        Six Months to   Six Months Full Year to
                                         30 Sept 2000                  31 March
                                                      30 Sept 1999         2000
                                         £000    £000  £000   £000  £000   £000
Net Cash Inflow from Operating                                 263        1,541

Returns on Investment & Servicing of
Interest Received                         162           123          422
Interest Paid                           (132)      30 (173)   (50) (323)     99

Taxation                                        (428)        (643)      (1,320)

Capital Expenditure
Purchase of tangible fixed assets        (33)         (146)        (357)
Sale of tangible fixed assets             110      77    24  (122)    85  (272)

Acquisitions and Disposals
Employee benefit trust                      -         (430)        (430)
Sale of Investment                         24             -            -
Investment in associated undertaking        -      24    14  (416)    14  (416)

Equity Dividends Paid                            (82)        (348)        (656)

Repayments of amounts borrowed                     19           63         (82)

Increase/(Decrease) in Cash                       137       (1,253)     (1,106)
Translation differences                            18         (26)           15
Cash flow from (Increase)/Decrease in            (19)         (63)           82
Movement in funds                                 136       (1,342)     (1,009)
Opening net funds                               4,554        5,563        5,563
Closing net funds                               4,690        4,221        4,554

Notes to the Interim Accounts

1. The accounts contained in this statement are non statutory accounts. The
accounts for the year ended 31 March 2000 have been abridged from the Group's
published financial statements, which have been reported on and filed with the
registrar. The report of the auditors was unqualified and did not contain a
statement under section 237(2 or 3) of the Companies Act 1985.

2. The earnings per share has been calculated, after adjusting for the 250,000
shares held by the Employee Benefit Trust, on the basis of the number of
shares in issue during the period of 4,106,766 (1999: 4,106,766).

3. The Profit and Loss Account reserves in the Balance Sheet have been reduced
during the period by currency translation differences amounting to £1,050,000
(same period 1999: £178,000).

4. The potential effects of inflation distortions to the financial statements
were reviewed, under accounting standards, in respect of the Group's
operations in hyper-inflationary economies. Whilst no adjustment to the
financial statements is required, as it is not considered material to the
Group results, the board consider the real impact of hyperinflation on the
Group's assets to be uncertain.

5.1 Segmental Analysis Summary 6 months to 30 September 2000 (£000s)

                       Turnover    Profit/(loss) before    Net Operating Assets
                        2000   1999          2000      1999   2000         1999

Steel and Steel        5,559  9,843           583     2,133  6,105        6,564
Discontinued           2,791  2,574        *(760)        44  2,290        3,520
Group:     assets                                            5,265        5,573
     costs                                **(822)     (560)
     net interest                              30      (50)
Group Result           8,350 12,417         (969)     1,567 13,660       15,657

                *     Includes a net Goodwill write off of £146,000 and
                write-down of operating assets of £540,000.

                **     Includes write down of £74,000 on Employee Benefit

5.2 Analysis of Assets at 30 September 2000
Africa                                                                    6,105
UK holding company cash deposits                                          5,039
UK assets of discontinued business                                        2,290
Other net assets                                                            226


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