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UK-Invest 19th August 1999 PRELIMINARY RESULTS FOR YEAR ENDED 31 MARCH 1999 CHAIRMAN'S STATEMENT I am delighted to report that the Group has recorded its highest ever profit. Net profit before taxation for the year to 31st March 1999 increased to £12.1 million against £5.1 million in 1998. In addition to organic growth, the Group expanded geographically and operationally during the year. The following are the most important achievements:- Exchange of contracts for the purchase of the freehold of London Manston Airport. Exchange of contracts with MEPC PLC for the sale and development of 350 acres at the Manston Park and London Manston Airport. Completion of purchase at a reduced price of the land and buildings at Fairfield and Agreements reached in principle to acquire long leaseholds on several airports both in America and Europe. In March 1999 the High Court approved the Company's application to extinguish the deficit on the profit and loss account which was approved at the last Annual General Meeting. This will allow the resumption of the payment of dividends. The Group has a substantial acquisition and development programme which we anticipate will add considerably to the Group's net asset value. The Board have decided therefore to conserve the Group's cash resources to meet this programme and not to pay a dividend in respect of the year to 31 March 1999. We shall review the resumption of the payment of dividends at the end of the current year. The Group's main strategy is aimed at capital growth and shareholders will have benefited from a substantial improvement in the capital value of the Group over the last few years. With the acquisition this year of London Manston Airport from the Ministry of Defence and our impending award of a full Civil Aviation Authority licence to run the airport as a commercial organisation, we have repositioned ourselves as a company with a sustainable, growing and repeatable income stream from the operation of airport activities. The Company is pleased to report that the number of shareholders has increased from 2000 in 1993 to over 13,500 currently and an analysis is included in the report. The considerable progress achieved to date would not have been possible without the dedication, commitment and skills of the group's management and employees. The Board would wish to express their appreciation for the significant contribution which they have made to an extremely successful year. William Syson, Chairman
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