Birkby PLC - Final Results - Summary

RNS No 7375t
BIRKBY PLC
1st July 1997

                                  SUMMARY

             Preliminary results for the year to 31 March 1997

         Proforma results include a full year's contribution from
                           British Coal Enterprise
                                 KEY POINTS
                               
*      Proforma profit before tax up 20% to # 10.1m (1996: #8.4m)
       including exceptional net  profit of  # 0.7m on sale of Hill Hire
       plc stake & Milbank Foods (Statutory profit before tax: # 9.1m)
     
*      Proforma earnings per share of 15.4p (1996: 13.8p) (Statutory
       earnings per share: 14.0p)

*      Proposed net final dividend of 6.2p, making a total for the year of
       8.5p
     
*      Successful acquisition of British Coal Enterprise ("BCE") in
       January 1997, almost doubling the number of sites in the workspace
       portfolio

*      Significant growth of managed workspace division - IMEX:
       -    BCE swiftly integrated, adding 1.5m sq ft of lettable space
       -    6 further sites acquired in Yorkshire
       -    102 workspace centres with annual licence income of #13.4m 
            (1996: # 8.8m)
       -    IMEX Enterprise (BCE) current cash equivalent occupancy
            rate of 76.4%
       -    cash equivalent occupancy rate of established IMEX
            centres increased to 83.4%
       -    proforma pre-tax profit # 5.5m, representing 59% of Group
            proforma profit (1996: 38%)
          
*      Improvements in quality of managed retailspace portfolio, In Shops:
       -    new centres opened in Cannock and Blackpool
       -    refurbishment programme to enhance occupancy and licence
            income
       -    disposal of four unprofitable centres
       -    tough trading conditions prevail but signs of improvement
            now showing
       -    physical occupancy rate up 2%, achieved through increased
            marketing efforts
       -    two indoor markets in Glasgow acquired after the year end
       -    pre-tax profit of # 2.9m (1996: # 3.1m)

*      Disposal of loss-making discount food retailer, Milbank Foods,
       completed in June 1997
       -    long-term licence arrangement agreed in 15 In Shops
            centres
       -    repayment to Birkby of # 3.2m inter-company loan

*      Increased activity across all divisions in new financial year.
       Confident of further steady progress

Press enquiries:

Birkby plc:
Bill Cran, chief executive
Kim Taylor Smith, deputy chief executive
0171 377 6677

Biddick Associates:
Emma Cameron
0171 377 6677


FULL DETAILS TO FOLLOW