EDINBURGH FUND MANAGERS GROUP PLC - INTERIM RESULTS
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
 
 Notes Six months to Six months to  Year to
 31 July 31 July 31 January
 2003 2002 2003
 £000 £000 £000
turnover
Fund management 12,079 16,608 29,577
income
Net profit from unit 370 611 1,105
trust trading
 _______ _______ _______
 2 12,449 17,219 30,682
Administrative
expenses
Operating expenses 2 (11,942) (14,015) (27,551)
Exceptional costs 3 (438) (540)  (2,534)
Amortisation of (522) (507) (998)
goodwill
 _______ _______ _______
Operating (loss)/ (453) 2,157 (401)
profit
Gain on disposal of 4,099 - -
subsidiary
Gain on investments - 59 59
Exceptional investment - (367) (1,292)
write-downs
Other income 199 308 532
Interest payable (528) (444) (943)
 _______ _______ _______
Profit on ordinary
activities before 3,317 1,713 (2,045)
taxation ---------- ---------- --------
- profit before 178 3,127 2,779
goodwill and
exceptionals
- goodwill and 3,139 (1,414) (4,824)
exceptionals ---------- ---------- --------
 
Taxation 4 (96) (593)  314
 _______ _______ _______
Profit on ordinary
activities after 3,221 1,120 (1,731)
taxation
Dividends 5 -  - -
 _______ _______ _______
Retained profit/(loss) 3,221 1,120 (1,731)
for period
 _______ _______  _______
 
Earnings per share 6 0.1p 8.6p 7.0p
(excluding goodwill and
exceptionals)
Earnings per share 11.4p 4.0p (6.1p)
(including goodwill and
exceptionals)
 
CONSOLIDATED BALANCE SHEET
 
 At At At
 31 July 31 July 31 January
 2003 2002  2003
 £000 £000 £000
Fixed assets
Intangible assets - goodwill 17,886 18,714 18,276
Tangible assets 2,845 3,327 3,120
Investments - at market value 4,009 3,501 3,213
Own shares 187 1,691 199
 _______ _______ _______
  24,927 27,233 24,808
 _______ _______ _______
Current assets
Debtors and stock of shares and units 7,063 11,762 6,295
Cash and deposits  9,735 12,239 13,280
 _______ _______ _______
 16,798 24,001 19,575
  _______ _______ _______
Creditors: amounts falling
due within one year
Bank overdraft 3,986 14,658 2,699
Other creditors 15,729 21,645 16,107
  _______ _______ _______
 19,715 36,303 18,806
 _______ _______ _______
Net current (LIabilities)/ASSETS (2,917) (12,302) 769
 _______ _______ _______
Total assets less
current liabilities 22,010 14,931 25,577
Creditors: amounts falling DUE
after more than one year 6,898 691 14,482
 _______ _______ _______
 15,112 14,240 11,095
  _______ _______ _______
Capital and reserves
Called up share capital 1,426 1,426 1,426
Reserves 13,686 12,814 9,669
  _______ _______ _______
equity shareholders' funds 15,112 14,240 11,095
 _______ _______ _______
 
CONSOLIDATED CASH FLOW STATEMENT
 
  Six months to Six months to Year to
 31 July 31 July 31 January
 2003 2002 2003
  £000 £000 £000
 
Operating (loss)/profit (453) 2,157 (401)
Cash flow adjustments (2,544) 1,147 6,956
  _______ _______ _______
Net cash (outflow)/inflow from (2,997) 3,304 6,555
operating activities
 
Returns on investments and (238) (69) (349)
servicing of finance
Taxation  74 (563) (465)
Capital expenditure and (52) 677 751
financial investment
Acquisitions and disposals 4,594 - (2,976)
Equity dividends paid - (2,385) (2,385)
 _______ _______ _______
Cash inflow before financing 1,381 964 1,131
Financing  (6,214) (28) 12,805
 _______ _______ _______
(Decrease)/increase in cash in (4,833) 936 13,936
the period
  _______ _______ _______
 
 
The cash flow adjustments to operating profit in the current period principally
relate to the timing of payments made against accruals at the previous year end.
 
 
The current period figure for acquisitions and disposals represents the sale
proceeds (net of costs paid and deferred consideration outstanding) arising from
the sale of Edinburgh Fund Managers (Private Clients) Limited less the cash held
by that company at the time of the disposal.
 
 
The current period figure for financing represents loan and loan note
repayments.
 
 
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
 
 Six months to Six months to Year to
 31 July 31 July 31 January
 2003 2002 2003
 £000 £000 £000
 
Profit/(loss) for the financial 3,221 1,120 (1,731)
period
Dividends - - -
 _______ _______ _______
Retained profit/(loss) for the 3,221 1,120  (1,731)
period
Other recognised gains and 796 (463) (757)
losses
Issue of shares - 123 123
 _______ _______ _______
Net addition to shareholders' 4,017 780 (2,365)
funds
Shareholders' funds at 31 11,095 13,460 13,460
January 2003
 _______ _______ _______
Shareholders' funds at 31 July 15,112 14,240 11,095
2003
 _______ _______ _______
 
 
 
 
 
FUNDS UNDER MANAGEMENT
 
at 31 July 2003
  £m %
By Category
Investment Trusts 1,687 51
Unit Trusts and OEICs 1,055 32
Institutional Funds  385 12
Venture Capital 149 5
 _______ ________
 3,276  100
 _______ ________
 
By Geographical Distribution
United Kingdom 2,131 65
North America 645 19
Pacific 282 9
Europe 166 5
Japan 52  2
 _______ ________
 3,276 100
 _______ ________