Interim Results

PARALLEL MEDIA GROUP PLC INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2006 Chairman's statement The Company's interim results for the period ended 30 June 2006 show a retained profit of £9,000 compared to a loss of £218,000 reported in last year's interim results. This period also saw the Company, together with its 49.9% associate, Parallel Media Asia (2003) Ltd ("PMA"), successfully stage PGA European Tour events in Malaysia, Singapore, Indonesia and China. Financial review The turnover for the period was £1,477,000 compared to a turnover of £1,923,000 in the prior period. The reason for this decrease is that in March 2005 the Company staged the Samsung Ladies Masters, whereas this year's event is scheduled to take place in the second half of 2006 in Singapore. Gross profit earned on this turnover increased to £850,000 from £602,000 last year. This reflected increased activity in Europe. The operating profit for the period was £178,000 (6 months ended 30 June 2005: loss of £110,000). The share of loss/ profit in associates line (loss of £52,000 compared with profit of £19,000 in 2005) is the Group's 49.9% share of the loss of PMA for the period. Interest payable of £123,000 relates to interest payable on convertible and shareholders loans and the bank loan with Bumiputra Commerce Bank. Board changes On a personal basis, I would like to take this opportunity to thank our two new Board members, Edward Adams and Leonard Fine, who have contributed immensely to the turnaround we are beginning to experience even before they formally joined the Board. The Board intends to strengthen the board further and is looking to announce the appointments of a COO from outside the Company and two new Non Executives in the Autumn. Future Prospects As has been separately announced, the Company has reached an amicable agreement to dissolve its current business activities operated through the Company's associated company Parallel Media Asia (2003) Limited with the result that it will be taking over responsibility for the office in Hong Kong and the promotion of the UBS Hong Kong Open and TCL Classic. The events with which PMG will be involved in the second half of the year will include the UBS Hong Kong Open, the Samsung Ladies Masters, the Kazakhstan Open and FIFPro Football Awards. Sponsorship sales so far for the second half of 2006 are already ahead of the same period last year, and I remain confident that the Company will continue its growth during the second half of 2006. In addition, future Sponsorship revenues for 2007 are already showing good visibility. Finally, one of the consequences of the dissolution of the Company's activities operated through its Asian associate will be the Company's future freedom to act on its own account in Asia and the Company expects to announce shortly several exciting new opportunities which can drive the progress of the Group's business further. David Ciclitira Chairman & CEO Parallel Media Group plc Summarised consolidated profit and loss account for the 6 months ended 30 June 2006 6 months 6 months Year ended ended ended 31 30 June 30 June December 2006 2005 2005 (unaudited) (unaudited) (audited) Note £'000 £'000 £'000 Turnover 1,477 1,923 2,582 Cost of Sales (627) (1,321) (1,593) Gross profit 850 602 989 Administrative Expenses (672) (712) (1,297) Other operating Income - - - Operating profit/(loss) 178 (110) (308) Share of operating (loss)/ (52) 19 (389) profit in associates Exceptional items - profit on - - 156 sale of associated undertaking Exceptional items - loss on - - (157) sale of subsidiary Profit/(loss) on ordinary 126 (91) (698) activities before interest and tax Interest receivable - - - Interest payable (123) (131) (361) Profit/(loss) on ordinary 3 (222) (1,059) activities before tax Tax on profit/loss on ordinary - - - activities Profit/(loss) on ordinary 3 (222) (1,059) activities after tax Minority interests 6 4 11 Profit/(loss) for the 9 (218) (1,048) financial period Profit/(loss) per share - basic 2 0.04p (0.98p) (4.72p) Parallel Media Group plc Summarised consolidated balance sheet as at 30 June 2006 30 June 30 June 31 December 2006 2005 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assets Tangible assets 15 59 17 Investments 567 757 619 582 816 636 Current assets Debtors - Due within one 1,420 914 1,264 year - Due after one 1,168 1,971 805 year 2,588 2,885 2,069 Cash 5 - 107 2,593 2,885 2,176 Creditors: amounts falling due within one year (2,017) (2,361) (1,906) Net current assets/ 576 524 270 (liabilities) Total assets less current 1,158 1,340 906 liabilities Creditors: amounts falling due after one year (6,338) (5,412) (6,130) Provisions for liabilities and charges Associates - (156) - Net liabilities (5,180) (4,228) (5,224) Capital and reserves Called up share capital 1,110 1,110 1,110 Share premium account - - - Other reserves 5,591 5,591 5,591 Profit and loss account (11,759) (10,821) (11,802) Shareholders' funds - (5,058) (4,120) (5,101) equity Minority interest - equity (122) (108) (123) (5,180) (4,228) (5,224) Parallel Media Group plc Summarised consolidated cash flow statement for the 6 months ended 30 June 2006 6 months 6 months ended ended 30 June 2006 30 June 2005 (unaudited) (unaudited) Note £'000 £'000 Net cash outflow from operating 3 (188) 80 activities Returns on investments and servicing of finance Interest paid (38) (131) Interest received - - Net cash outflow from returns on (38) (131) investments and servicing of finance Tax paid - - Capital expenditure - - Acquisitions and disposals - - Net cash outflow before management of (226) (51) liquid resources & financing Financing Convertible loan 124 - 124 - Decrease in cash (102) (51) Parallel Media Group plc Interim Results for the 6 months ended 30 June 2006 Notes forming part of the interim results for the period ended 30 June 2006 1. Accounting policies The interim results have been prepared on the basis of the accounting policies as set out in the Group's 31 December 2005 statutory accounts. The comparative figures shown above for the year ended 31 December 2005 do not constitute statutory accounts as they have been extracted from the statutory accounts which have been filed with the Registrar of Companies. These interim results are unaudited and do not constitute statutory accounts. 2. Loss per share (i) Basic 6 months 6 months Year ended ended ended 31 December 2005 30 June 2006 30 June 2005 (unaudited) (unaudited) (audited) Profit/(loss) for the financial period £9,000 (£218,000) (£1,048,000) Number of shares in issue 22,203,505 22,203,505 22,203,505 Loss per share 0.04p (0.98p) (4.72p) (ii) Adjusted earnings per share The adjusted earnings per share figure shown below is calculated on attributable profit excluding goodwill, discontinued operations, exceptional items included in administrative expenses, and exceptional items included after operating profit. This calculation has been used as it is deemed to give a more appropriate indication of the earnings of the continuing operations of the Group. 6 months ended 6 months ended Year ended 30 June 2006 30 June 2005 31 December 2005 (unaudited) (unaudited) (audited) Earnings EPS Earnings EPS Earnings EPS £'000s Pence £'000s Pence £'000s Pence Basic loss per share 9 0.04p (218) (0.98p) (1,048) (4.72p) Exceptional items - - - - 1 0.01p Adjusted loss per share 9 0.04p (218) (0.98p) (1,047) (4.71p) 3. Reconciliation of operating loss to net cash outflow from operating activities 6 months 6 months ended ended 30 June 2005 30 June 2006 £'000 £'000 Operating profit/(loss) after 178 (110) exceptional items Depreciation 2 2 (Increase)/decrease (482) (112) in debtors Increase in 113 301 creditors Foreign exchange 1 (1) Net cash outflow from (118) (80) operating activities 4. Other Copies of unaudited interim results have not been sent to shareholders, however copies are available on request from the Company Secretary at the company's Registered Office: 3-12 Harbour Yard, Chelsea Harbour, London, SW10 0XD.

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