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Weeks Group PLC (~156)

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Tuesday 18 December, 2001

Weeks Group PLC

Interim Results

Weeks Group PLC
18 December 2001

                               Weeks Group Plc

             Interim Results for the half year ended 30 Sept 2001

Chairman's Statement

The progress which the group made throughout last year has, encouragingly,
been continued into this year. However, there has been some pressure on
margins as customers have been seeing slower levels of activity.

The restructuring of the group into two distinct operating divisions has been
successful and has heightened staff morale.

Turnover for the six months to 30th September is £9,080,000 and is a 5.6%
increase over the corresponding period last year. Pre-tax profit, however at 
£503,000 is 20% lower.

Correspondingly, earnings per share have also fallen, although the interim
dividend is maintained at 0.068p. The interim dividend will be paid on 25th
January 2002 to shareholders on the register at 31st December 2001.
Shareholders' funds continue to grow and now stand at £6,277,000 (2000: 

The Group is pleased to announce that it has won a significant contract that
will be carried out between now and August 2002. This is expected to support
the board's earlier view that the traditional phasing of results, with a
busier first half-year will be less pronounced in the current year.

In line with the Group's strategy of making appropriate acquisitions, on 5th
October 2001 the Group acquired Colin Wykes Ltd a topographical surveying
company with an annual turnover of approximately £350,000.

The Group remains confident about its future, believing that the expansion of
its services and offering integrated services to customers will continue to
contribute to the growth of the business.

Dr A.G.Weeks


18th December 2001.

Consolidated Profit and Loss Account
                                              6 months to 6 months to   Year to

                                             30 September 30 September 31 March
                                                     2001        2000      2001
                                              (Unaudited) (Unaudited) (Audited)
                                        Notes       £'000       £'000     £'000

Turnover (Continuing Operations)                    9,080       8,601    17,307
Operating Profit (Continuing                          510         643      1161
Net Interest Payable                                  (7)        (15)      (31)
Profit on ordinary activities before                  503         628      1130
Tax on profit on ordinary activities    (2)         (168)       (194)     (379)
Profit for the period                                 335         434       751
Dividends                                           (106)       (106)     (251)
Retained profit for the period                        229         328       500
Earnings per share
Basic                                   (3)         0.22p       0.29p     0.49p
Diluted                                 (3)         0.21p       0.28p     0.48p
Dividends per share                                0.068p      0.068p     0.16p

Statement of Total Recognised Gains and Losses

                                              6 months to 6 months to   Year to

                                            30 September 30 September  31 March
                                                     2001        2000      2001
                                              (Unaudited) (Unaudited) (Audited)

                                        Notes       £'000       £'000     £'000

Profit for the period                                 335         434       751
    Currency Translation differences on
    foreign currency net investment                     -           -         8

Total gains and losses in the period                  335         434       759

Consolidated Balance Sheet
                                             30 September 30 September  31 March

                                                     2001        2000       2001
                                              (Unaudited) (Unaudited) (Audited)
                                        Notes       £'000       £'000     £'000

Fixed Assets
    Intangible Assets                               1,082       1,141     1,113

Tangible Assets                                     2,494       2,548     2,492
Investments                                             3           3         3
                                                    3,579       3,692     3,608

Current Assets
Stocks                                                553         842       719
Debtors                                             5,246       4,580     4,509
Cash at Bank and in hand                              175         258       328
                                                    5,974       5,680     5,556

Creditors: amounts falling due within             (3,204)     (3,455)   (3,040)
one year
Net Current Assets                                  2,770       2,225     2,516
Total Assets less current liabilities               6,349       5,917     6,124
Creditors: amounts falling due after                 (47)        (71)      (74)
more than one year
Provisions for liabilities and charges               (25)         (9)      (25)

Net Assets                                          6,277       5,837     6,025

Capital and Reserves
Called up share capital                               779         768       774
Share premium account                               1,517       1,497     1,499
Profit and loss account                             3,981       3,572     3,752

                                                    6,277       5,837     6,025

Consolidated Cash Flow Statements
                                            6 months to   6 months to   Year to
                                           30 September  30 September  31 March
                                                   2001          2000      2001

                                            (Unaudited)   (Unaudited) (Audited)
                                                  £'000         £'000     £'000
Operating Activities
Net cash (Outflow)/ inflow from                   (203)           502      1424
operating activities
Returns on investment and servicing of
Interest received                                     -             1         1
Interest paid on loans and overdrafts               (2)          (10)      (17)
Interest paid on finance leases                     (5)           (6)      (15)
                                                    (7)          (15)      (31)
UK Corporation tax paid                            (26)          (15)     (217)
Capital Expenditure and financial
Purchase of tangible fixed assets                 (317)         (346)     (591)
Sale of tangible fixed assets                        55            31       228
Investments in unlisted companies                     -             -         -
                                                  (262)         (315)     (363)
Purchase of subsidiary undertaking                    -         (181)     (366)
Bank balance acquired with subsidiary                 -            21        21
                                                      -         (160)     (345)

Equity dividends paid                             (144)         (119)     (225)

Cash outflow before financing                     (642)         (122)       243

Issue of shares                                      23            20        28
Repayment of principal under finance               (19)          (72)     (141)
                                                      4          (52)     (113)

(Decrease)/Increase in cash in the                (638)         (174)       130

Reconciliation of net cash flow to movement in net debt

(Decrease)/Increase in cash in the period          (638)       (174)        130
Cash inflow from increase in debt                     19          72        141
Change in net debt resulting from cash flows       (619)       (102)        271
Currency translation differences                       -           -          8
Other non-cash items-
New finance leases and hire purchase                   -       (122)      (126)
Movement in net debt in the period                 (619)       (224)        153
Opening net debt                                   (152)       (305)      (305)
Closing net debt                                   (771)       (529)      (152)

Notes to the Interim Statement


 1. The interim financial information has been prepared on the basis of
    accounting policies set out in the Report and Accounts for the period
    ended 31 March 2001.

 2. The taxation charge for the six months ended 30 September 2001 has been
    calculated on the basis of the estimated tax rate for the twelve months
    ending 31 March 2002.

 3. The basic earnings per share has been calculated by dividing the earnings
    attributable to ordinary shareholders by the weighted average number of
    ordinary shares in issue during the period.

    For diluted earnings per share, the average number of ordinary shares has
    been adjusted to assume conversion of all dilutive potential ordinary
    shares. The Company has only one category of dilutive potential ordinary
    shares; those share options granted to employees where the exercise price
    is less than the average market price of the Company's ordinary shares
    during the period.

    The weighted average number of shares used in the calculations are:
                                6 months to       6 months to         Year to
                                         30                30              31
                                  September         September           March
                                      2001               2000            2001
                                   Million            Million         Million

    Basic EPS
    Weighted average number of       155.2             151.0           152.7

    Effect of Dilutive securities
    Options                            2.1               2.9             2.2

    Diluted EPS                 
    Adjusted number of shares        157.3             153.9           154.9

 4. These statements do not constitute statutory financial statements within
    the meaning of Section 240 of the Companies Act 1985. The comparative
    figures for the year ended 31 March 2001 are an abridged statement of the
    full financial statements for that period which have been delivered to the
    Registrar of Companies and on which the auditors made an unqualified
    report. No financial statements will be filed for the six months ended 30
    September 2001.

 5. A copy of this statement will be sent to all shareholders on 18 December
    2001 and is available from the Company's registered office, The Oasts,
    Newnham Court, Bearsted Road, Maidstone, Kent, ME14 5LH for a period of
    one month.


a d v e r t i s e m e n t