Interim Results

Azure Holdings Plc (' Company')                        

             Interim results for the six months ended 30 June 2005             

Chairman's statement

In the six months ended 30 June 2005 the Company incurred a loss before and
after taxation of £74,000 (2004: £229,000).

Because of the lack of cash in the Company, creditors have increased but
continue to be supportive.

The directors are continuing to keep overheads to a minimum, the expenses being
those necessary to maintain the Company's listing on AIM.

The board continues to seek an acquisition for the Company.

Owing to a technicality, the Company no longer has any authority to issue any
of its share capital and will therefore be convening an extraordinary general
meeting for this purpose.

Nicolas Greenstone
Chairman

27 September 2005

Azure Holdings plc

Profit and Loss Account

for the six months ended 30 June 2005

                                             6 months     6 months   Year ended
                                             ended 30     ended 30  31 December
                                                         June 2004         2004
                                            June 2005                          
                                                       (unaudited)    (audited)
                                          (unaudited)                          
                                                             £'000        £'000
                                                £'000                          
                                                                               
                                                                               
                                                                               
Turnover                                            -            -            -
                                                                               
                                                                               
                                                                               
Administrative expenses                          (74)        (229)        (345)
                                                                               
                                                                               
                                                                               
Operating loss                                   (74)        (229)        (345)
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
Loss on ordinary activities before               (74)        (229)        (345)
taxation                                                                       
                                                                               
                                                                               
                                                                               
Tax on loss on ordinary activities                  -            -            -
                                                                               
                                                                               
                                                                               
Loss on ordinary activities after                (74)        (229)        (345)
taxation                                                                       
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
Retained loss for the period                     (74)        (229)        (345)
                                                                               
                                                                               
                                                                               
Loss per ordinary share                       (0.15p)      (0.65p)      (0.86p)
                                                                               
                                                                               

The profit and loss account has been prepared on the basis that all operations
are continuing operations. All recognised gains or losses are dealt with
through the profit and loss account or statement of recognised gains and
losses.

Azure Holdings plc

Balance Sheet

as at 30 June 2005

                                          30 June 2005     30 June  31 December
                                                              2004         2004
                                           (unaudited)                         
                                                       (unaudited)    (audited)
                                                 £'000                         
                                                             £'000        £'000
                                                                               
                                                                               
                                                                               
Current assets                                                                 
                                                                               
                                                                               
                                                                               
Debtors                                              3          14            7
                                                                               
Cash at bank and in hand                             1          10           14
                                                                               
                                                                               
                                                                               
                                                     4          24           21
                                                                               
                                                                               
                                                                               
Creditors: amounts falling due within one        (147)        (81)         (90)
year                                                                           
                                                                               
                                                                               
                                                                               
Net current liabilities                          (143)        (57)         (69)
                                                                               
                                                                               
                                                                               
Total assets less current liabilities            (143)        (57)         (69)
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
Net liabilities                                  (143)        (57)         (69)
                                                                               
                                                                               
                                                                               
Capital and reserves                                                           
                                                                               
                                                                               
                                                                               
Called up Share Capital                          5,475       5,371        5,475
                                                                               
Share Premium                                   10,279      10,279       10,279
                                                                               
Profit and loss account                       (15,897)    (15,707)     (15,823)
                                                                               
                                                                               
                                                                               
Equity shareholders deficit                      (143)        (57)         (69)
                                                                               
                                                                               
                                                                               
                                                                               

 

Azure Holdings plc

Cash Flow Statement

for the six months ended 30 June 2005

 

                                         6 months ended          6 months ended
                                                                               
                                           30 June 2005            30 June 2004
                                                                               
                                            (unaudited)             (unaudited)
                                                                               
                                                  £'000                   £'000
                                                                               
                                                                               
                                                                               
Net cash outflow from operating                    (13)                   (214)
activities                                                                     
                                                                               
                                                                               
                                                                               
Financing                                                                      
                                                                               
                                                                               
                                                                               
Issue of ordinary shares                              -                     105
                                                                               
                                                                               
                                                                               
Decrease in cash                                   (13)                   (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 2004 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 2004.
   
 3. The comparative figures for the unaudited interim results for the period
    ended 30 June 2004 are stated as announced on 29 September 2004.
   
 4. Loss per share
   
The earnings per share for the six months ended 30 June 2005 has been
calculated on the basis of the loss after taxation for the period of £74,000
(2004: £229,000 ) and the weighted average number of shares in issue during the
period of 48,317,569 (2004: 35,417,565).

 5. The directors do not propose to pay a dividend for the period.
   
 6. Copies of the interim results are available from the Company's registered
    office, One Great Cumberland Place, London, W1H 7AL.