FDN Ft Fdn

RNS No 1012k
FIELDENS PLC
8th October 1998


PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 30 JUNE 1998

CHAIRMAN'S STATEMENT

I am pleased to be making my first report to shareholders since joining the
Board of Fieldens plc as chairman on 29 July 1998.

In the year ended 30 June 1998 profit after tax was #28,000 (1997: #15,000) on
sales of #3.93m (1997: #4.88m).  The same factors as were reported last year
continued to depress demand for agricultural machinery in the UK.  The new
year has started satisfactorily for the core business.  Nevertheless, the
directors believe it only prudent to conserve resources and do not recommend
an ordinary dividend for the year.

The management and staff of the company have done well to control working
capital and preserve the trading viability of the company in difficult market
circumstances.  Their efforts have provided a sound platform from which the
company can grow and diversify in future and I thank them on your behalf.

During the year the directors considered the strategic alternatives facing the
company.  Whilst one or two attractive niches remain in the agricultural
sector, the directors were not able to secure a suitable entry route.  As a
small team, the directors also thought they had insufficient depth of
management to sustain a strategy of development outside the agricultural
sector.

John Seymour resigned as a non-executive director on 29 July having provided
indispensable support to the directors throughout the period since flotation. 
David Williams also resigned as a director, but continues to play an important
role leading the all terrain vehicle, garden machinery and power equipment
division.

Andrew Arends joined me as a director on 29 July 1998 and has been appointed
chief executive.  With the experience of the new directors now available to
the company a wider range of possible acquisitions are being actively
reviewed.  This is an urgent priority and the unsettled financial markets
provide an excellent opportunity for us.

I believe that there is significant potential to create value for our
shareholders.



D C Bonham
8 October 1998

Enquiries:

Derek Bonham    Fieldens         0171 647 3200  
Graham Shore    Shore Capital    0171 734 7293


Profit and Loss Account for the Year ended 30 June 1998

                                          1998                  1997
                                            #                     #

Turnover                                3,928,217             4,884,623

Cost of sales                          (3,254,020)           (4,154,863)
       
Gross profit                              674,197               729,760

Selling and distribution costs           (334,360)             (417,520)
Administrative expenses                  (296,921)             (279,781)

Operating profit                           42,916                32,459

Interest receivable and similar income      4,332                 1,453
Interest payable and similar charges      (10,569)              (11,086)

Profit on ordinary activities              36,679                22,826
 before taxation

Tax on profit on ordinary activities       (8,925)               (7,364)

Profit on ordinary activities              27,754                15,462
 after taxation

Dividends                                    (500)                 (500)

Retained profit transferred to reserves    27,254                14,962

Earnings per ordinary share:
 Undiluted                                      0.55p                 0.30p
 Diluted                                        0.41p                 0.23p

The company has no recognised gains or losses other than the profit for the
year.

All amounts relate to continuing operations.

The retained profit for the year is equivalent to the historical cost profit.


Balance Sheet as at 30 June
                                        1998                      1997
                                   #            #            #            #
FIXED ASSETS
Tangible assets                             586,671                   616,967

CURRENT ASSETS
Stocks                         850,099                 1,098,546
Debtors                        584,890                   429,029
Cash at bank and in hand       341,702                     9,772

                             1,776,691                 1,537,347
CREDITORS
Amounts falling due
 within one year              (919,720)                 (728,179)

NET CURRENT ASSETS                          856,971                   809,168

TOTAL ASSETS LESS
 CURRENT LIABILITIES                      1,443,642                 1,426,135

CREDITORS
Amounts falling due
 after more than one year                      (288)                   (6,960)

PROVISION FOR LIABILITIES
 AND CHARGES                                 (1,804)                   (4,879)

                                          1,441,550                 1,414,296

CAPITAL AND RESERVES

Called up share capital                     300,000                   300,000
Share premium account                       799,195                   799,195
Profit and loss account                     342,355                   315,101

Shareholders' funds (including            1,441,550                 1,414,296
 non-equity interests)


Cash Flow Statement for the Year ended 30 June 1998
     
                                        1998                      1997
                                   #            #            #            #   

Net cash inflow/(outflow)                   572,389                    32,104
 from operating activities

Returns on investments and
 servicing of finance
Interest received                4,332                     1,667
Interest paid                  (10,569)                  (10,936)

Net cash outflow from
 returns on investments and     (6,237)                   (9,269)
 servicing of finance
       
Taxation
Corporation tax paid                         (1,139)                 (103,269)
Corporation tax received                     11,747                         -

Capital expenditure and 
 financial investment
Payments to acquire            (37,451)                  (84,308)
 tangible fixed assets
Receipts from sales             13,720                    13,481       
 of tangible assets

Net cash outflow from                       (23,731)                  (70,827)
 capital expenditure and
 financial investment                 

Equity dividend paid                              -                   (75,000)

Net cash inflow/(outflow)                   553,029                  (226,261)
 before financing 

Financing
Capital element of             (36,965)                  (27,947)
 hire purchase repaid

Net cash outflow from financing             (36,965)                  (27,947)

Increase/(Decrease) in cash                 516,064                  (254,208)


Reconciliation of net cash flow to
 movement in net debt

Increase/(Decrease) in cash                 516,064                  (254,208)
Cash outflow/(inflow) from                   36,965                    27,947
 decrease in lease financing  

Change in net debt resulting                553,029                  (226,261)
 from cash flows     
New finance leases                          (13,850)                  (36,000)

                                            539,179                  (262,261)

Notes:

1. The information set out in this announcement does not constitute annual
accounts within the meaning of Section 240 of the Companies Act 1985.  The
results for the year ended 30 June 1997 are extracts from the published
accounts for that period which were audited and reported on without
qualification and have been delivered to the Registrar of Companies.  The
report and accounts for the year ended 30 June 1998 will be posted to 
shareholders in due course.

2. The dividend shown is a preference dividend. No ordinary dividend for 1998
has been recommended.

3. Basic earnings per share has been calculated by dividing the profit for the
period by the 5,000,000 shares in issue at each period end.  Diluted earnings
per share has been calculated by dividing the profit for the period by
6,600,000 shares (being the 5,000,000 shares in issue at each period end plus
the 1,000,000 shares that would be issued on conversion of the convertible
preferred shares then outstanding and the 600,000 shares that would be issued
on the exercise of options then outstanding).  No account has been taken of
the grant of new options or the cancellation of convertible preferred shares
after the year end, nor of any interest that would be earned on monies payable
to the company upon the exercise of options.

4. Copies of this announcement are available from the company at Starhouse,
Onehouse, Stowmarket, Suffolk IP14 3EL.


END

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