Newcastle United PLC 5 April 2000

INTERIM RESULTS FOR THE HALF YEAR ENDED 31st JANUARY 2000

FINANCIAL HIGHLIGHTS

* Turnover growth of 12% to #28.1m (1999: #25.1m) * Operating profit increased 2% to #5.8m (1999: #5.7m) * Player trading deficit increased to #7.1m from #0.5m in 1999 * Pre tax loss of #1.3m (1999: Profit of #5.6m) * Adjusted earnings per share of 3.0p (1999: 3.3p) * Dividend maintained at 0.6p (1999: 0.6p)

OPERATIONAL HIGHLIGHTS

* On-the-pitch performance improved dramatically under Bobby Robson. Currently 11th in the Premier League and in the semi- final of the F.A. Cup for the third consecutive year * Strategic alliance with NTL signed in December 1999 will give us access to expertise in the TV and internet worlds * Increased stadium capacity will become effective for the start of next season * New Premiership TV deal will benefit all clubs

Freddie Fletcher, Chairman, commented:

"I am delighted to report that we have recorded strong turnover growth and maintained operating profit during the stadium development period. The stadium is nearly complete with a sensible funding regime in place. The relationship with NTL will ensure that we are able to take advantage of the opportunities the new media will offer. Bobby Robson and his staff are delivering the quality and style of football which is synonymous with Newcastle United.

"This is a period during which the Group has been making a number of major changes, which will fundamentally benefit the outlook for the future. These changes were essential to ensure that the Club can compete at the highest level in European football."

-- Anonymous, April 05, 2000

Answers

This is one the worst kept secrets ever, although the loss is actually less than I had heard rumoured.

It looks as though the principle reason for the loss is the deficit on player trading - due to the inability to off-load the various 'tossers' acquired by previous managers. Nevertheless, this will do nothing for BR's close season transfer kitty.

-- Anonymous, April 05, 2000