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Legendary Invest PLC (LEG)

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Wednesday 22 May, 2002

Legendary Invest PLC

Stmt re Legends Surf Shops

Legendary Investments PLC
22 May 2002

                           Legendary Investments plc

                         ('Legendary' or the 'Company')

                         Legends Surf Shops plc Results

The directors of Legendary Investments plc ('Legendary'), are pleased to note
that Legends Surf Shops plc ('Legends'), issued its results for the year to 31
January 2002 yesterday which have again surpassed its budgets. Legends' shares
are currently traded on Ofex.

The operating profit for the year has increased by 46% to £1.29m from £889,964
for the previous year. Pre-tax trading profits for the year are £1.22m as
against £820,870. Earnings per share rose 35% from 1.18p to 1.60p.

Legends' expect a further improvement in its performance in the current year
as demand for extreme sports merchandise and fashion clothing remains strong.

It is worth highlighting that following these results, the prospective price
earnings ratio of the business on Ofex remains at less than half of that for
other successful brand-led retailers. Although its profits and market
capitalisation are admittedly smaller than theirs, Legends' recent performance
and growth potential are at least comparable. We would therefore hope to see
that recognised in a further uplift of Legends' rating in the year ahead.



Enquiries:

Legendary Investments Plc

Shami Ahmed, Chief Executive

Tel: 0208 903 9037



Newstrack Announcement follows

LEGENDS SURF SHOPS PLC

CHAIRMAN'S REPORT

FOR THE YEAR ENDED 31 JANUARY 2002

Dear Shareholders

Nothing gives me greater pleasure than, year on year, delivering good news about
the continuing growth of our Company.

In the year ended 31 January 2002, sales have increased by 65% and operating
profit by 46%. Therefore earnings per share has seen a remarkable growth from
1.2p to 1.6p over the year.

As we all know, after September 11th, there was a lot of uncertainty as to how
the economy would react. We were aware of all that was going on around us, but
felt we were better placed than most of our competitors to overcome any possible
problems, and, therefore, our expansion programme continued.

As well as the continuing increase in sales and contribution from existing
stores, growth during the year has been achieved by the opening of larger stores
in towns where we already had a store - namely Reading and Oxford.

Additionally, towards Christmas we opened a new store in Bristol. All shops are
trading well and achieving positive contributions. The year also saw the
re-siting of the Company's head office, warehouse and distribution functions to
new premises in Leamington Spa. This has proved an important move, and has
resulted in enormous benefit to the Company with regard to stock holding and
movement.

Our programme of re-siting existing stores is now nearing completion. The new
Mega Store in Southampton opens in May 2002, and our re-siting in Birmingham is
likely to take place in July 2002. This only leaves Brighton, where we have
recently exchanged contracts on a 10,000 square foot town centre site.

Going forward we have already exchanged contracts on sites in Cardiff (9,000
square feet) and Leeds (10,000 square feet). We continue to explore all
opportunities and associations in our attempts to keep Legends the market leader
in its category.

Our success has enabled us to support many projects and individuals in their
respective areas. Putting something back into the local community surrounding
our stores has always been an important issue for us.

It was good for all our hard work over recent years to be recognised recently,
as we were awarded the OFEX Company of the Year award by the 'Growth Company
Investor' publication.

Thank you all for your continued support, and above all many thanks to our
suppliers and devoted staff.

A. Stewart

Chairman

LEGENDS SURF SHOPS PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31ST JANUARY 2002
                                                                                         2002                2001
                                                                                          GBP                 GBP

TURNOVER                                                                           14,182,038           8,548,381
Cost of sales                                                                     (7,578,179)         (4,393,931)

GROSS PROFIT                                                                        6,603,859           4,154,450
Distribution costs                                                                   (30,724)            (18,942)
Administrative expenses                                                           (5,276,751)         (3,245,544)

OPERATING PROFIT                                                                    1,297,384             889,964
Interest receivable                                                                       594                 135
Interest payable                                                                     (73,902)            (69,229)

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                       1,224,076             820,870
Tax on profit on ordinary activities                                                (335,560)           (167,350)

RETAINED PROFIT FOR THE FINANCIAL YEAR                                                888,516             653,520

EARNINGS PER SHARE                                                                      1.60p               1.18p



LEGENDS SURF SHOPS PLC

CONSOLIDATED BALANCE SHEET

AS AT 31ST JANUARY 2002
                                                                      2002                              2001
                                                                GBP             GBP               GBP              GBP

FIXED ASSETS
Tangible assets                                                           2,824,006                          1,711,105

CURRENT ASSETS
Stocks                                                    3,786,307                         2,265,123
Debtors                                                     231,283                           179,252
Cash at bank and in hand                                      6,363                             1,649

                                                          4,023,953                         2,446,024

CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR                                     (3,357,655)                       (2,190,264)

NET CURRENT ASSETS                                                          666,298                            255,760

TOTAL ASSETS LESS
CURRENT LIABILITIES                                                       3,490,304                          1,966,865

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR                                              (978,399)                          (343,476)

                                                                          2,511,905                          1,623,389

CAPITAL AND RESERVES
Called up share capital                                                     555,556                            555,556
Share premium                                                                65,238                             65,238
Merger reserve                                                            (450,000)                          (450,000)

Profit and loss account                                                   2,341,111                          1,452,595

SHAREHOLDERS' FUNDS
(all attributable to equity shareholders)                                 2,511,905                          1,623,389


The financial statements were approved by the Board of Directors on 15 May
2002.

A. Stewart S. Brady


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

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