Final Results

Northacre PLC
10 August 2001


                                NORTHACRE PLC

           Preliminary Results for the year ended 28 February 2001


Northacre plc ('Northacre' or 'the Group'), the premier developer of landmark
residential property schemes in Central London, today announces preliminary
results for the year ended 28 February 2001.


o       Turnover of £8.5 million (2000: £7.9 million)

o       Pre-tax profit of £0.8 million (2000: £2.7 million profit) before
        amortisation of goodwill. Part payment of profits outstanding on Earls  
        Terrace included in this financial year with final account settlement   
        due in the course of the next financial year

o       KINGS Chelsea progressing well with 235 of the 288 units reserved or
        pre-sold, effectively securing over £160 million of gross revenue with
        completion of the development due in the second half of 2002. Interim   
        profit share of £0.9 million has been recognised in this financial year

o       Planning decision imminent for The Phillimores

o       Northacre's three core business activities - development management,
        architectural and interior design services - continue to be key to      
        growth strategy

o       Further residential development opportunities currently under
        negotiation for additional acquisitions where possible off market


John Hunter, Chief Executive, said:

'The last year has been one of further consolidation for the Group. We are
particularly delighted with the progress of KINGS as well as the growth
demonstrated from Nilsson Design and Lifestyles. With a planning decision
imminent for The Phillimores and the full settlement of profits due for Earls
Terrace, we anticipate substantial revenues over the next two to three years.
We continue to seek further development opportunities where the Group can
apply its expertise in order to create shareholder value.'


                                                               10 August 2001

ENQUIRIES:


Northacre PLC                                           Tel: [phone]
John Hunter, Chief Executive
College Hill                                            Tel: [phone]
Kate Pope



                                NORTHACRE PLC

           Preliminary Results for the year ended 28 February 2001

Northacre plc is widely regarded as one of the premier developers of landmark
residential property schemes in Central London. It comprises three principal
core businesses: development management, architectural services through
Nilsson Design and interior design through Lifestyles Interiors.  The strategy
for growth is to acquire equity interests in prime residential opportunities
for development and investment where value can be significantly enhanced
through the skills of the Group.


Financial Results

These results show a pre-tax profit of £0.8 million (2000: £2.7 million)
before amortisation of goodwill, with a turnover of £8.5 million (2000: £7.9
million). Operating costs increased to £8.0 million (2000: £6.0 million). The
main reasons for this were: provisions for costs regarding claims, Directors
and key employees profit share bonuses as well as legal fees for new potential
acquisitions. The balance sheet at 28 February 2001 showed net assets of £19
million. Net assets per share were 91 pence (2000: 97 pence).

The Board is not declaring a dividend payment for the year to 28 February
2001.

Northacre's focus continues to be development of prime residential sites in
Central London from which profit participation emanates together with equity
returns. However, the projects that the Group undertakes are of a long-term
nature. Each project takes three to four years, and therefore the timing of
receipt of profits from each project may be unpredictable.

These results have been impacted by part payment of outstanding profits from
Earls Terrace, awaiting settlement of the final account, which is anticipated
during the course of the next financial year.

The Board of Directors intend to establish an Employee, excluding Directors,
Share Option Scheme for rewarding key employees.


Operating Activities

Northacre is currently involved in four development projects:

Earls Terrace

The Earls Terrace development is now completed with all 23 Grade II listed
Georgian houses having been sold, with the terrace achieving a total revenue
in excess of £98 million. Settlement of the account now awaits the outcome of
final contractor payments which is anticipated during the course of the next
financial year.

                                NORTHACRE PLC

           Preliminary Results for the year ended 28 February 2001


KINGS Chelsea in association with European Land

The KINGS Chelsea development is one of the largest of its kind in the Royal
Borough of Kensington & Chelsea, and continues to demonstrate good progress.
Phase I of the marketing has now been completed with 235 of the 288 units
pre-sold or reserved, which effectively secures over £160 million of the total
anticipated revenue. Current forecasts anticipate securing all sales prior to
practical completion by December 2002, with an average price per square foot
well ahead of original expectations.

The Group receives revenues on an ongoing basis from all three Group companies
providing services for the development. Northacre will receive a total of £2.6
million of development fees over a period of forty months, with £0.9 million
of attributable profit having been recognised in the period under review.

The Group expects to receive a substantial performance related profit share
based on the achievement of sales over a pre-established level. The settlement
of this profit share income is due to impact in the year to February 2003.



The Phillimores

Planning consent is still awaited on The Phillimores. Earlier approval had
been expected with further delays resulting in ongoing costs to the Group.
Northacre remains confident that this consent can be secured with a start on
site during the course of this year.

This joint venture, with the Westcity Group, will create a premier residential
scheme in the same landmark style as Northacre's successful development, The
Bromptons. Once planning consent has been granted, the Group is expected to
receive up to £3 million of development, architectural and interior design
fees over the course of the next 3 years in addition to its share of
development profits.



South Audley Street

On 16 June 2000, Northacre exchanged a conditional contract to acquire the
Thomas Goode South Audley Street site, with completion of the contract to take
place twelve months from exchange.  This has now been extended for a further
six months to 15 December 2001, with a deferred payment component (£2.25
million) of the agreed price payable upon completion of the development.

Planning consent is in process on South Audley Street, a period landmark
property in the heart of London's Mayfair. Northacre anticipates approval by
December 2001.


                                NORTHACRE PLC

           Preliminary Results for the year ended 28 February 2001


Nilsson Design and Lifestyles (Interiors) Limited

Nilsson Design and Lifestyles (Interiors) achieved good growth in the last
twelve months.  These businesses now have strong sound private client bases,
as well as providing services to the Northacre Group. Current projects include
special one-off houses as well as Central London assignments. The Group
believes that these services will continue to grow and constitute a larger
part of the Group's fee income in the future.



Outlook

The Northacre brand continues to set the tone for London's most important
landmark residential property schemes. The Group's strategy remains clear: to
seek and acquire equity interests in similar residential schemes to generate
development profits, but also in the future where appropriate, for securing
investment income as well.

KINGS Chelsea forms a significant part of the current work in progress,
earning development fees and providing the potential for creating a
substantial profit share over the next eighteen months.

Once planning consent is secured, The Phillimores, together with KINGS
Chelsea, will provide further prospects of additional substantial profit share
participation over the next two to three years.

The Group actively continues to pursue new prospects for further private
client assignments as well as quality residential developments for which new
opportunities are currently under negotiation.

The Group believes that, with the current quality developments in progress and
with future opportunities, it is well positioned to create long term growth
and shareholder value.



                                 NORTHACRE PLC

                     Consolidated Profit and Loss Account
                     For the year ended 28 February 2001

                                                      2001              2000
                                                       £                 £

Turnover including share of associates              8,758,169         8,038,147

Share of turnover of associates                     (236,057)         (123,222)

Group Turnover                                      8,522,112         7,914,925

Cost of sales                                     (2,302,399)       (2,366,100)

Gross Profit                                        6,219,713         5,548,825

Administrative expenses                           (6,225,708)       (3,439,353)
Other operating income                                140,639            92,153

Group Operating Profit                                134,644         2,201,625

Share of operating profit of associates                27,786             4,214

Operating profit including share of                   162,430         2,205,839
associates

Income from participating interests                         -            30,000
Profit/(loss) on sale of investment                   169,440          (69,746)
properties

Profit on Ordinary Activities before                  331,870         2,166,093
Interest

Interest receivable                                    30,213            32,908
Interest payable and similar charges                (323,569)         (104,450)

Profit on Ordinary Activities before                   38,514         2,094,551
Taxation

Taxation                                            (122,800)         (724,770)

Retained (Loss)/Profit for the Year                  (84,286)         1,369,781




Basic (loss)/earnings per ordinary share              (0.43)p             9.99p

Fully diluted (loss)/earnings per ordinary            (0.20)p             9.02p
share





                                NORTHACRE PLC

                Consolidated Balance Sheet at 28 February 2001


                                2001          2001          2000          2000
                                  £             £             £            £
Fixed Assets
Intangible fixed assets                      14,164,344               14,940,474
Tangible fixed assets                         3,806,774                  917,072
Investments                                   1,250,000                        -
Investments in joint
ventures:
Share of gross assets          10,175,365                           -
Share of gross                 (4,695,242)                          -
liabilities
                                               5,480,123                       -
Investment in associates                          34,218                   6,432

                                              24,735,459              15,863,978

Current Assets
Work in progress                   13,039                     15,426
Debtors due within one          2,635,319                  5,109,111
year
Cash at bank and in hand            1,565                  1,205,369

                                2,649,923                  6,329,906

Creditors: Amounts
falling due
within one year                (7,617,230)                (5,355,011)

Net Current                                   (4,967,307)                974,895
(Liabilities)/Assets

Total Assets less                             19,768,152              16,838,873
Current Liabilities

Creditors: Amounts
falling due
after more than one year                        (734,471)              (121,906)

Net Assets                                    19,033,681             16,716,967



Capital and Reserves
Called up share capital                          530,568               438,567
- equity interests
Share premium account                         16,836,883            14,527,884
Revaluation reserve                              130,000               130,000
Profit and loss account                        1,536,230             1,620,516

Shareholders' Funds                           19,033,681            16,716,967






                                NORTHACRE PLC

                       Consolidated Cash Flow Statement
                      For the year ended 28 February 2001


                                   2001         2001         2000         2000
                                    £            £            £            £

Net Cash Inflow from                           2,611,263              3,710,612
Operating Activities

Dividends received from                                -                 30,000
Associates

Returns on Investments and
Servicing
of Finance
Interest received                 30,213                    32,908
Interest paid                   (304,685)                 (104,450)
Interest element of finance
lease rental
Payments                         (18,884)                        -
                                                (293,356)               (71,542)

Taxation
Corporation tax paid                            (254,492)                (1,319)



Capital Expenditure and
Financial Investment

Purchase of investment          (780,560)                        -
properties
Purchase of other tangible    (2,961,035)                 (211,560)
assets
Sale of investment               950,000                 1,575,000
properties
Sale of other tangible            18,494                    40,000
assets
Non-returnable deposit in
respect
of potential acquisition      (1,250,000)                        -

                              (4,023,101)                1,403,440

Acquisitions
Investment in joint venture   (5,480,123)               (3,491,562)
Net overdraft acquired with            -                  (411,186)
subsidiary

Net cash outflow for                          (5,480,123)            (3,902,748)
acquisitions

Financing

Issues of ordinary share       2,401,000                   435,272
capital (net of expenses)
Capital element of finance       (54,833)                        -
lease rental payments
Increase in debt               1,357,368                  (822,992)

Net cash inflow/(outflow)                      3,703,535               (387,720)
from financing

(Decrease)/Increase in Cash                   (3,736,274)               780,723
in the Year



                                     NORTHACRE PLC

                         Notes to the Preliminary Results
                        For the year ended 28 February 2001

Financial Information

The financial information set out in this document does not constitute the
company's statutory financial statements for the years ended 28th February
2001 and 2000.  Furthermore the auditors have not yet signed their report on
the financial statements for the year ended 28th February 2001.

Accounting Policies

The financial information set out in this document has been prepared on the
basis of the accounting policies set out in the 2000 Northacre plc Annual
Report.