GRH G.R.(Hldgs)

RNS No 7523k
G.R. (HOLDINGS) PLC
26th March 1999


                   G.R. (HOLDINGS) PLC
                     Interim Report
                For the six months ended
                   31st December 1998

The  unaudited  results of the group for the  six  months
ended  31st  December 1998, together with  those  of  the
corresponding six months in 1997 and for the  year  ended
30th June 1998.

                             Six       Six      Year
                           months    months
                            Ended     Ended     Ended
                            31st      31st      30th
                          December  December    June
                            1998      1997      1998
                                                  
                              #         #         #
Group turnover            2,697,778  2,895,422  5,630,808
                                                       
Group profit before                                    
taxation:
  Continuing operations     438,551   362,589  1,026,705
                                                       
  Costs relating to UK     (125,885)  (61,770)  (127,333)
property interests                
                                                       
Profit before taxation      312,666   300,819   899,372
                                                       
Taxation for the period -   
  Corporation tax at        (71,000)  (51,601)  (117,193)                     
  current rates
                                                       
Profit on ordinary          241,666   249,218   782,179
activities
                                                       
Amounts absorbed:                                      
i.  Dividend on              81,381    81,381   162,761
preference shares

ii. Dividend on ordinary     52,672        -    131,681
shares paid and proposed

iii. Special dividend on       -    1,975,215  1,975,215
ordinary shares               
                            134,053 2,056,596  2,269,657
                                           
Earnings per ordinary                             
shares of 5p each (based                          
on the profit after                               
taxation and preference     1.2p      1.3p      4.7p
dividends)
                                              
The  trading position for the six months to 31st December
1998  had deteriorated in comparison with the same period
last year.

The  board has decided to declare an interim dividend  of
0.4p,  (1997  - nil (special interim 1997-15p))  for  the
year ending 30th June 1999 on the ordinary shares of  the
company.  This  will be paid on 11th May  1999  to  those
shareholders  on the Register of Members  on  12th  April
1999.

The  board  is  advised that as at 30th  June  1998,  the
company  was  a close company within the meaning  of  the
Income and Corporation Taxes Act 1988.

During  the  period  the group was engaged  in   (a)  the
operation  of Grayshott Hall Health Fitness Retreat,  (b)
transactions  involving property (c) the manufacture  and
sale  of Morlands footwear, sheepskin car rugs and  other
products and (d) investment.


54 Jermyn Street
London SW1Y 6LX



END

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