Interim Results

To be embargoed until 7.01am on

                                                              29 September 2004

                        Azure Holdings Plc (' Company')                        

             Interim results for the six months ended 30 June 2004             

Chairman's statement

In the six months ended 30 June 2004 the Company incurred a loss before and
after taxation of £229,000 (2003: £35,000).

The Company raised £195,000 by a placing of ordinary shares in December 2003.
The directors were asked to consider ways in which shareholders could
participate in future share issues and, as a result, on 9 February 2004 the
Company made an open offer to its shareholders of 12,422,500 ordinary shares,
of which 1,989,319 were taken up.

Expenditure in the period under review has consisted mainly of professional
fees.

The board continues to seek a suitable investment for the Company.

At the annual general meeting of the Company held on 27 September 2004, Ray
Harris was not re-elected as a director of the Company . As a result the board
is actively seeking a replacement.

Nicolas Greenstone
Chairman
29 September 2004



Azure Holdings plc
Profit and Loss Account
for the six months ended 30 June 2004

                                             6 months     6 months   Year ended
                                             ended 30     ended 30  31 December
                                            June 2004     June 2003        2003
                                          (unaudited)   (unaudited)   (audited)
                                                £'000        £'000        £'000

Administrative expenses                         (229)         (35)         (86)
                                                                               
Profit on sale of investments                       -            -           10
                                                                               
Operating loss                                  (229)         (35)         (76)
                                                                               
Loss on disposal of subsidiary                      -            -         (16)
undertakings                                                                   
                                                                               
Loss on ordinary activities before              (229)         (35)         (92)
taxation                                                                       
                                                                               
Tax on loss on ordinary activities                  -            -            -
                                                                               
Loss on ordinary activities after               (229)         (35)         (92)
taxation                                                                       
                                                                               
Retained loss for the period                    (229)         (35)         (92)
                                                                               
Loss per ordinary share                       (0.65p)      (0.03p)      (2.54p)
                                                                               
                                                                               

Azure Holdings plc
Balance Sheet
as at 30 June 2004

                                              30 June     30 June   31 December
                                                 2004        2003          2003
                                          (unaudited) (unaudited)     (audited)
                                                £'000       £'000         £'000
                                                                               
Current assets                                                                 
                                                                               
Investments                                         -         133             -
                                                                               
Debtors                                            14          68             7
                                                                               
Cash at bank and in hand                           10           1           119
                                                                               
                                                   24         202           126
                                                                               
Creditors: amounts falling due within            (81)       (378)          (59)
one year                                                                       
                                                                               
Net current (liabilities)/assets                 (57)       (176)            67
                                                                               
Total assets less current liabilities            (57)       (176)            67
                                                                               
Net (liabilities)/assets                         (57)       (176)            67
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                         5,371       5,004         5,304
                                                                               
Share premium                                  10,279      10,241        10,241
                                                                               
Profit and loss account                      (15,707)    (15,421)      (15,478)
                                                                               
Equity shareholders' funds                       (57)       (176)            67
                                                                               
                                                                               
Azure Holdings plc
Cash Flow Statement
for the six months ended 30 June 2004

 
                                         6 months ended          6 months ended
                                           30 June 2004            30 June 2003
                                            (unaudited)             (unaudited)
                                                  £'000                   £'000
                                                                               
Net cash outflow from operating                   (214)                       -
activities                                                                     
                                                                               
Financing                                                                      
                                                                               
Issue of ordinary shares                            105                       -
                                                                               
Decrease in cash                                  (109)                       -

Azure Holdings plc
Notes to the Interim Results

 1. The interim results are unaudited and do not constitute statutory accounts
    within the meaning of section 240 of the Companies Act 1985. The figures
    for the year ended 31 December 2003 have been extracted from the statutory
    accounts filed with the registrar of companies on which the auditors gave
    an unqualified report.
   
 2. The interim results have been prepared using the accounting policies set
    out in the statutory accounts for the year ended 31 December 2003.
   
 3. The comparative figures for the unaudited interim results for the period
    ended 30 June 2003 are stated as announced on 22 September 2003.
   
 4. Loss per share
   
The earnings per share for the six months ended 30 June 2004 has been
calculated on the basis of the loss after taxation for the period of £229,000
(2003: £35,000 ) and the weighted average number of shares in issue during the
period of 35,417,565 (2003: 124,225,069). .

 5. Copies of the interim results will be sent to all shareholders and will
    also be available at the registered office of the Company, One Great
    Cumberland Place, London W1H 7AL.
   
 6. The directors do not propose to pay a dividend for the period.