CLB Capital Bars

RNS No 3312w
CLUB PARTNERS INTERNATIONAL PLC 
17th October 1997

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1997

In my statement accompanying the company's results for the year
ended 31 December 1996, I wrote that the Board of CPI had since
the beginning of 1997, sought to achieve two objectives: the
imposition of an appropriate cost base and management system and
the consequent stabilisation of the financial performance of the
company.  The results in the six months to the end of June 1997
demonstrate that these objectives were achieved:

-       a 28% increase in like for like sales

-       a 5% improvement in like for like gross margins

-       an operating profit of #47,072 against a loss of #233,046 in
        the comparable period

Given the company's position at the start of 1997, this is no
mean achievement and reflects very well on the capabilities of
all of the staff.  Their efforts are much appreciated.

In the profits before tax are also included the profits on the disposal of the
Tytherington Club and a technical adjustment in the accounting treatment of
interest payable.

Progress since 30th June has been good:

-       further cost reduction measures have been introduced, principally in
the food and beverage activities of The Lambourne Club.  These measures are
designed to enable the company to provide a better quality service to the
members of the Club

-       sales and gross margins are ahead of budget

-       the balance sheet has been considerable strengthened by the
conversion of loan stock into preference shares in July 1997.

With this positive background, your Board is now able to examine
actively the ways in which the business can be grown and in
which advantage can be taken of the still fragmented nature of
the golf sector of the leisure industry.


M.P. KNIGHT

17th October 1997
CLUBPARTNERS INTERNATIONAL PLC



Consolidated Profit and Loss Account
6 months ended 30th June 1997
                                        6 months   6 months      12 months
                                        30 June    30 June       31 December  
                                        1997       1996          1996
                                        unaudited  unaudited 

Turnover       - continuing operations   618,393      483,660       1,100,996
              - discontinued operations       -     1,190,414       2,472,271
                                         618,393    1,674,074       3,573,267

Cost of sales                          (134,951)     (458,749)      (970,403)

Gross profit                             483,442     1,215,325      2,602,864

Administrative expenses                 (436,370)   (1,332,853)    (3,361,243)

Profit on debenture trading                   -         55,212         96,112

Non-recurring costs                           -       (209,533)      (394,776)

Total administrative expenses           (436,370)   (1,487,174)    (3,659,907)


Operating (Loss)/Profit    
              - continuing operations    47,072      (233,046)      (830,230)
              - discontinued operations     -         (38,803)      (226,813)

                                         47,072      (271,849)    (1,057,043)

Interest receivable and similar income   15,431         5,626          6,929

Interest payable and similar charges    101,328      (798,923)      (943,709)

Profit on disposal of subsidiary         84,342           -              -

Loss on revaluation of investment          -              -       (1,446,429)


Profit/(Loss) on ordinary activities
before taxation                         248,173    (1,065,146)    (3,440,252)

Taxation                                   -            -                -    
     
Profit/(Loss) for the period
after taxation                          248,173    (1,065,146)    (3,440,252)

Earnings/(Loss) per share                  0.6p         (2.5p)         (8.1p)



The earnings per share are based upon the consolidated after tax profits and
the number of ordinary shares in issue, being 42,196,845.


NOTES

1       The comparative figures for the six months to 30th June 1996
and the twelve months to 31st December 1996 have been restated as follows:

       a)       Turnover and operating loss in respect of the Tytherington
Club have been identified for the six months to 30th June 1996 as discontinued
operations.               
       b)       Costs identified for the six months to 30th June 1996 as
non-recurring development costs, and for the twelve months to 31st December
1996 as reorganisation costs and aborted capital raising and deal
costs have been restated as non-recurring costs.

       c)       Interest payable for the six months to 30th June 1996 has
been restated in order to give a constant periodic rate of return to the
lender in accordance with the requirements of FRS4.  This results in an
increase of #387,867 in the charge for interest payable, and an increase in
the loss per share of 0.9p.

2       Since the loan from parent undertaking was converted to
cumulative preference shares on 25th July 1997, the interest accrued at 31st
December 1996, under the terms of FRS4 has been written back in the six months
ended 30 June 1997.



3       This interim statement for the six months ended 30th June 1997
is unaudited and was  approved by the directors on 14 October 1997.  The
financial information set out above does not constitute statutory accounts
within the meaning of section 240 or the Companies Act 1985.  The information
at 31st December 1996 has been extracted from statutory account relating to
the year ended 31 December 1996, which have been filed with the Registrar of
Companies.

4       No dividends were proposed or paid in the six months ended
30th June 1997.

5       The accounting policies remain as stated in the Annual Report
for the year ended  31st December 1996. 

6       Copies of this interim report are being sent to shareholders. 
Further copies will be available to the public free of charge from the office
of Grant Thornton, Grant Thornton House, Melton Street, Euston Square, London
NW1 2EP, during normal office hours, Saturdays, Sundays and bank holidays
excepted, for 14 days from today.



END

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