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Jacks (William) PLC (JCKS)

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Tuesday 17 September, 2002

Jacks (William) PLC

Interim Results

Jacks(William) PLC
17 September 2002

                      William Jacks PLC Interim Results
                           6 month to 31 July 2002

Chairman's Statement

Results Trading for the first six months has shown an improvement over the same
period last year. Our continuing operations show an operating profit of £1.436
million which is an increase over prior year of 114% and turnover, on this
basis, increased by 53% to £94 million. Total group turnover increased by 6%.
The profit before tax of £1.113 million for the first six months ended July 31
2002 compares with £909,000 for the same period in 2001 and includes an
exceptional gain of £150,000 from the sale in July 2002 of our Land Rover
business in Bury St Edmunds, Suffolk, to H R Owen Plc. This business is shortly
to be replaced by the acquisition of a Land Rover business in Crawley. Earnings
per share were 6.55 pence (2001 - 5.38 pence).

Dividends The directors are recommending an interim dividend of 2.5 pence per
ordinary share, to be paid to shareholders on October 25 2002 in respect of
shares registered in their names at close of business on October 4 2002. The
interim dividend last year was 1.5 pence per ordinary share.

Operations & Prospects The new and used car sales volumes of our continuing
operations have increased by 61% and 32% respectively. The group's aftersales
operations have also performed well on a similar basis with profit increasing by

Our relationship with the Premier Automotive Group remains strong and our new
operations for both Jaguar and Land Rover opened in Ascot during April 2002. In
Sussex where we already operate one Jaguar and three Volvo businesses, we are in
negotiations as referred to previously, to acquire the assets of Southern
Counties Land Rover in Crawley and hope to complete by the end of this month.

Our BMW businesses have performed significantly better than in the previous
year. The move of our Ascot business to Sunningdale (previously Mercedes-Benz)
was successfully completed in April and this operation is enjoying significant
success. The re-development of an additional facility to accommodate MINI for
our Cobham BMW business was completed in July and building of a new preparation
facility for BMW on this site will commence during September 2002.

The month of September will benefit from the interest shown in the new
registration number sequence.

Dato' Tan Kay Hock

September 17 2002

      William Jacks PLC                                                                                               
      Financial highlights                                                                                            
                                                                            Unaudited      Unaudited       Audited     
                                                                             6 months       6 months     12 months    
                                                                           to July 31     to July 31 to January 31    
                                                                                 2002           2001          2002    
                                                                                £'000          £'000         £'000    
      Turnover                                                                 94,386         88,628       181,782    
      Operating profit before exceptional items                                 1,436          1,548         1,815    
      Profit before tax                                                         1,113            909         5,002    
      Earnings per ordinary share - basic                                        6.55   p       5.38   p     35.85   p
      Interim dividend per ordinary share                                        2.50   p       1.50   p      4.00   p

      William Jacks PLC                                                                                               
      Group profit and loss account                                                                                   
                                                                            Unaudited      Unaudited       Audited    
                                                                             6 months       6 months     12 months    
                                                                           to July 31     to July 31 to January 31   
                                                                                 2002           2001          2002    
                                                                                £'000          £'000         £'000    
      Continuing operations                                                    94,386         61,506       135,025    
      Discontinued operations                                                       -         27,122        46,757    
                                                                               94,386         88,628       181,782    
      Operating profit                                                                                                
      Continuing operations                                                     1,436            672         1,297    
      Discontinued operations                                                       -            876           518    
                                                                                1,436          1,548         1,815    
      Exceptional items                                                           150              -         4,217    
                                                                                1,586          1,548         6,032    
      Interest payable                                                          (473)          (639)       (1,030)    
      Profit on ordinary activities before taxation                             1,113            909         5,002    
      Tax charge on ordinary activities                                         (390)          (315)       (1,047)    
      Profit on ordinary activities after taxation                                723            594         3,955    
      Preference (non-equity) paid                                                (1)            (1)           (2)    
      Ordinary (equity) paid                                                        -              -         (165)    
      Ordinary (equity) proposed                                                (276)          (165)         (276)    
      Retained profit for the period                                              446            428         3,512    
      Earnings per ordinary share - basic                                        6.55   p       5.38   p     35.85   p
      Earnings per ordinary share - diluted                                      6.55   p       5.38   p     35.83   p
      Dividends per ordinary share                                               2.50   p       1.50   p      4.00   p


1   The financial information contained in this interim statement does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985. The  financial information for the year ended January 31 2002 is based
on the statutory accounts for that period. Those accounts, upon which the
auditors issued an unqualified opinion (which made no statement under section
237 (2) or (3) of the Companies Act 1985) , have been delivered to the Registrar
of Companies. 
2    The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the
year ended January 31 2002. A duly appointed and authorised committee of the
Board of Directors approved the interim announcement on September 16 2002. 
3    The calculation of the earnings per share is based on the profit on 
     ordinary activities after taxation, minority interests and                                                    
     preference dividends of £722,000 and the weighted average number of 
     ordinary shares in issue during the period of 11,027,110. 
4    The interim statement will be sent to shareholders on September 18 2002 and 
     made available to the public at the registered office of the Company at 
     Scotch Corner, London Road, Sunningdale, Berkshire SL5 OER.                                                        
     William Jacks PLC                                                                                               
     Group balance sheet                                                                                             
                                                                            Unaudited      Unaudited       Audited     
                                                                              July 31        July 31    January 31    
                                                                                 2002           2001          2002    
                                                                                £'000          £'000         £'000    
      Fixed assets                                                                                                    
      Intangible assets - goodwill                                              1,771          1,759         1,842    
      Tangible assets                                                           8,919          9,608         8,082    
                                                                               10,690         11,367         9,924    
      Current assets                                                                                                  
      Stocks                                                                   25,014         22,897        22,595    
      Debtors                                                                   9,869          8,217         8,682    
      Cash at bank and in hand                                                    588            157         1,252    
                                                                               35,471         31,271        32,529    
      Amounts falling due within one year                                      32,400         33,401        29,496    
      Net current assets/(liabilities)                                          3,071        (2,130)         3,033    
      Total assets less current liabilities                                    13,761          9,237        12,957    
      Amounts falling due after more than one year                              2,011          1,545         1,653    
      Deferred taxation                                                           648            294           648    
                                                                               11,102          7,398        10,656    
      Capital and reserves                                                                                            
      Called up share capital                                                   2,799          2,799         2,799    
      Share premium account                                                        63             63            63    
      Capital redemption reserve                                                2,148          2,148         2,148    
      Revaluation reserve                                                         828            828           828    
      Profit and loss account                                                   5,264          1,560         4,818    
      Equity shareholders' funds                                               11,102          7,398        10,656    
      Reconciliation of movements in shareholders' funds                                                              
      At February 1 2002                                                       10,656                                 
      Retained profit for the period                                              446                                 
      At July 31 2002                                                          11,102                                 
      William Jacks PLC                                                                                               
      Group statement of cash flows                                                                                   
                                                                            Unaudited      Unaudited       Audited    
                                                                             6 months       6 months     12 months    
                                                                           to July 31     to July 31 to January 31
                                                                                 2002           2001          2002    
                                                                                £'000          £'000         £'000    
      Net cash (outflow)/inflow from operating activities                       (523)          4,035         3,327    
      Returns on investment and servicing of finance                                                                  
      Interest and finance charges paid                                         (473)          (639)       (1,030)    
      Preference dividends paid                                                   (1)            (1)           (2)    
                                                                                (474)          (640)       (1,032)    
      Taxation                                                                      -           (43)         (904)    
      Capital expenditure and financial investment                                                                    
      Payments to acquire tangible fixed assets                               (1,465)        (1,109)       (1,602)    
      Receipts from sale of tangible fixed assets                               1,674              -           155    
                                                                                  209        (1,109)       (1,447)    
      Acquisitions and disposals                                                                                      
      Purchase of business                                                          -          (859)       (1,306)    
      Proceeds on release of Mercedes-Benz territories                              -              -         3,719    
      Proceeds on surrender of leases                                               -              -           411    
      Costs on closure of operations                                                -              -          (37)    
                                                                                    -          (859)         2,787    
      Equity dividends paid                                                     (276)          (221)         (386)    
      Net cash (outflow)/inflow before financing                              (1,064)          1,163         2,345    
      Repayment of bank loans                                                   (111)           (90)         (196)    
      Finance lease obligations                                                   511            207           226    
      Redemption of preference shares                                               -          (492)         (492)    
                                                                                  400          (375)         (462)    
      (Decrease)/increase in cash                                               (664)            788         1,883    
      Reconciliation of operating profit to net cash (outflow)/inflow from operating activities                         
      Operating profit                                                          1,436          1,548         1,815      
      Depreciation of tangible fixed assets                                       476            563         1,077      
      Amortisation of intangible fixed asssets                                     71             63           130      
      Loss on routine disposal of fixed assets                                      -              -            15      
      Increase in stocks                                                      (2,419)        (3,798)       (3,234)     
      (Increase)/decrease in debtors                                          (2,911)        (1,505)           126      
      Increase in creditors                                                     2,824          7,164         3,398      
                            Net                                                 (523)          4,035         3,327      
                            from operating                                                                            
      Reconciliation of net cash flow to movement in net debt                                                           
      (Decrease)/increase in cash                                               (664)            788         1,883      
      Cash inflow from increase in debt and finance leasing                     (400)          (117)          (30)      
      Movement in net debt                                                    (1,064)            671         1,853      
      Opening net debt                                                          (824)        (2,677)       (2,677)     
      Closing net debt                                                        (1,888)        (2,006)         (824)      
      Dato' Tan Kay Hock ''                                   Corporate Head Office                                   
      Chairman, Non-Executive                                 John Adair                                              
                                                              Chief Executive                                         
      John Adair                                                                                                      
      Chief Executive                                         Michael Dodds                                           
                                                              Group Operations Director                               
      Sir Peter Gadsden G.B.E., A.C., FREng * '' +                                                                    
      Non-Executive                                           Andrew Dick FCA                                         
                                                              Finance Director                                        
      Datin Tan Swee Bee * ''                                                                                         
      Non-Executive                                           Head Office & Registered Office                         
                                                              Scotch Corner                                           
      Malcolm Fleming * ''                                    London Road                                             
      Non-Executive                                           Sunningdale                                             
      Lam Yue Pak CPA                                         SL5 OER                                                 
      Non-Executive                                           Tel: 01344 625007                                       
                                                              Fax: 01344 621482                                       
      Company Secretary                                                                                               
      Andrew Dick FCA                                                                                                 
      *                     Member of the Audit                                                                       
      ''                    Member of the Remuneration                                                                
      +                     Senior Independent                                                                        

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