PHD Proactis Holdings Plc

RNS No 6866p
PETERHEAD GROUP PLC
10th September 1997


            Peterhead Group PLC ("Peterhead")
                     Interim Results

Peterhead, the specialist mechanical asset rental  Group,
announces today interim results for the six months to  31
July 1997.  These are the Group's first meaningful set of
results  since the acquisition of Peterhead Crane Company
and  the Birchwood forklift truck hire business in  April
1997.  Accordingly the figures are representative of  the
Group's new shape and operational activities.

Results

Group  turnover  for  the period was  #9.6m  with  profit
before  tax  of  #1.0m. Earnings per  share  were  3.02p.
These  figures  reflect  only  four  months  trading  for
Peterhead and Birchwood and when restated for a six month
period,  turnover  is #12.1m with profit  before  tax  of
#1.38m.

Trading

In  July  1997  the  Board  announced  that  the  Group's
existing businesses were experiencing much higher  levels
of  business  activity  than previously  anticipated,  in
particular at Peterhead Crane and Birchwood. As a  result
it  was  decided  that  the planned acquisition  of  Opal
Tankers would not take place, with resources being better
devoted  to  existing activities, in  order  to  maximise
returns to shareholders.

This   decision  has  been  vindicated  by  the   Group's
continuing  high  utilisation and improved  hire  income,
both  in  long-term contracts and casual hire, with  full
utilisation being achieved at Peterhead Crane.  Birchwood
continues  to  grow,  adding  around  60  new  long  term
contracts in the period.

The  performance  of  International Cranes,  the  Group's
equipment broking division has been slower than expected.
The high utilisation rates elsewhere within the Group has
resulted  in  a  lower requirement for  the  disposal  of
surplus equipment. A downturn in general dealing activity
in  the  UK  in  particular has  also  contributed.   The
division does however still provide flexibility  for  the
early disposal of trading assets, should any downturn  in
crane hire market be anticipated.

The  Board indicated at the time of the placing in  April
that  a  review  of the Group's overall  debt  and  asset
finance structuring would be undertaken by this financial
year end in order to better meet the Group's needs.   The
high levels of trading activity and growth experienced in
the  past  months  has  meant that this  point  has  been
reached sooner than anticipated and, consequently such  a
review is currently taking place.

Prospects

With the strong trading at Peterhead Crane and Birchwood,
current   growth   ahead   of   expectations,   and   the
restructuring  of the Group's finances,  currently  under
way, the Board looks to the full year with confidence.
Peterhead Group plc


Profit and Loss Account
6 months to 31 July 1997

                   6
                months
                 to 31
                 July
                 1997

                 #'000

Net Turnover     9,597
Cost of Sales    6,830
Gross Profit     2,767
Admin Expenses   1,186
Profit before   
interest
and tax          1,581
Interest           583
Profit before      998
tax
Taxation           299
Profit after       699
tax

                            6 months to 31 July 1997
                                       Int'l   Kells 
             Peterhead  Birchwood  Cranes &    Sand   Central
                 Crane  Companies Equipment& Gravel  Overhead
                  #000     #000      #000        #000     #000
                                                        
Net Turnover     4,687    2,737     2,063         110        0
Cost of Sales    3,142    2,036     1,557          95        0
Gross Profit     1,545      701       506          15        0
Admin Expenses     378      251       272          15      270
Profit before    1,167      450       234           0     (270)
interest
and tax                                                 
Interest           353       84        28           2      116
Profit before      814      386       206          (2)    (386)
tax
Taxation                                                

Peterhead Group plc
re-stated pro-forma 6 months

                   6
                months
                 to 31
                 July
                 1997
                 Group
                 #'000
Net Turnover    12,137
Cost of Sales    8,634
Gross Profit     3,604
Admin Expenses   1,406
Profit before   
interest
and tax          2,098
Interest           713
Profit before    1,385
tax
Taxation           415
Profit after       969
tax

                            6 months to 31 July 1997
                                      Int'l   Kells 
             Peterhead  Birchwood  Cranes &    Sand   Central
                 Crane  Companies Equipment& Gravel  Overhead
                  #000     #000      #000      #000      #000
                                                      
Net Turnover     5,859    4,106     2,063       110         0
Cost of Sales    3,928    3,054     1,557        95         0
Gross Profit     1,931    1,052       506        16         0
Admin Expenses     473      377       272        15       270
Profit before                                           
interest
and tax          1,459      675       234         0      (270)
Interest           441      128        28         2       118
Profit before    1,018      549       206        (2)     (386)
tax

Notes:

Peterhead  Crane  and  the  Birchwood  Companies  reflect
trading  for four months to 31 July 1997.  As a  seasonal
business, Peterhead has been re-stated for the six months
to  31  July 1997 on the basis of four months times 125%.
Birchwood, however, is not seasonal and therefore a  full
pro-rata basis has been used.

Earnings per share         3.02 pence
Current shares in issue    29,915,933
Weighted average shares in issue   23,134,649


END

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