Interim Results - Replacement

Creston PLC
5 January 2001


Creston plc ('the Company') - Correction to the Interim Report

The Company released its Interim Report on 2 January 2001 at 9.11am through
the Regulatory News Services (RNS No. 5344W). The following amendments have
been made to the text of the released Interim Report:

1.     Chairman's Statement -

        In the first paragraph the reference to:

        'special dividends amounting to 68.5p'

        should have read:

        'special dividends amounting to 67p'.


2.     Chairman's Statement -

        In the third paragraph the reference to:

        '(six months 31 December 1999 - Loss £5,416,000)'

        should have read:

        '(six months 31 December 1999 - Loss £5,410,000)'


3.     Note 4 of the Interim Report - Cash and Liquid Resources

        The table in this paragraph should be restated as follows:-

'                                                                            At

                                             At                    30 September

                                   1 April 2000     Cash Flow              2000

                                          £'000         £'000             £'000
Cash at bank and in hand                    629         (154)               475
Short term treasury deposits             12,950       (3,440)             9,510
                                         13,579       (3,594)             9,985


                                                                             '


        In the released Interim Report the figures for 'Cash at bank and in
        hand' in the above table in the first and third columns were omitted.



Copies of the Interim Report which were posted to shareholders on 2 January
2001 are correct and contain the above amendments. The full text of the
correct Interim Report is set out below:

Creston plc

INTERIM REPORT FOR THE SIX MONTH PERIOD TO 30 SEPTEMBER 2000

CHAIRMAN'S STATEMENT

During the six months ended 30 September 2000 your Board continued to consider
its two options of returning the maximum possible cash to shareholders or
setting your company along a new strategic direction. The property portfolio
was sold in March 2000, special dividends amounting to 67p per ordinary share
have already been paid in cash and the shares in Industrial & Commercial
Holding plc, which held Creston's one remaining investment property, have been
distributed to shareholders in specie.

Your Board was also pleased to announce on the 20 December that Creston had
sold all of its interest in its subsidiaries for £2,867,306 payable in cash.
The disposal will result in a group profit on disposal not exceeding £78,000.
Your Board is convinced that this transaction is in the best interest of
Creston as it will allow your directors to concentrate on the present and
future rather than worrying about the Creston's past as a property company.

The results for the six months ended 30 September 2000 show a modest profit
before tax of £47,000 (six months 31 December 1999 - Loss £5,410,000). The
only major transaction was the completion of the sale of one property in
Telford. This was part of the portfolio of properties sold to Ashtenne
Holdings plc, but because of special conditions attaching to the sale
completion Creston was unable to account for the transaction in its accounts
to the 31 March 2000.

After careful consideration, your Board has decided that a neither a capital
reorganisation nor liquidation, which would be necessary to return further
cash to shareholders, could be implemented either expeditiously or cheaply and
as a result is not in the best interests of shareholders. Consequently your
Board has been engaged in a search for suitable acquisitions setting your
company along a new strategic path. It is your Board's hope that they will be
able to announce such an acquisition shortly.

.

DAVID MARSHALL
Chairman
29 December 2000



Creston plc

GROUP PROFIT AND LOSS ACCOUNT

                                      Audited six    Unaudited six Audited nine
                                     months to 30     months to 31 months to 31
                                   September 2000    December 1999        March
                                                                           2000
                                            £'000            £'000        £'000
Turnover                                    1,333            2,876        5,037
Cost of sales                             (1,200)            (765)      (2,282)
Gross profit                                  133            2,111        2,755
Administrative expenses                     (402)            (824)      (1,127)
Operating (loss)/profit                     (269)            1,287        1,628
Loss on disposal of investment                  -              353        (174)
properties

Exceptional losses arising from                 -          (4,833)      (4,322)

disposal of property portfolio
Exceptional costs arising on                    -            (458)        (444)
closure of property operations

Loss on ordinary activities                 (269)          (3,651)      (3,312)
before interest

Net interest receivable/                      316          (1,759)      (1,942)
(payable)
Profit/(loss) on ordinary                      47          (5,410)      (5,254)
activities before tax

Tax                                             -                -            -
Profit/(loss) for the period                   47          (5,410)      (5,254)
Dividends                                       -              (6)      (6,581)
Retained profit/(loss) for the                 47          (5,416)     (11,835)
period

Basic earnings/(loss) per share              0.5p          (61.6p)      (59.2p)

                                                                   Creston plc

GROUP BALANCE SHEET

                                       Audited at     Unaudited at 31   Audited
                                               30       December 1999        at
                                        September                      31 March
                                             2000                          2000
                                            £'000               £'000     £'000
Fixed assets
Investment properties                          86              35,248     1,086
Other tangible assets                           3                  24        12
                                               89              35,272     1,098
Current assets

Stocks                                          -               2,665     1,200
Debtors                                     2,434                 895     2,385
Cash at bank and in hand                    9,985                 119    13,579
                                           12,419               3,679    17,164
Creditors - amounts falling due           (4,154)             (5,098)  (10,038)
within one year

Net current assets                          8,265             (1,419)     7,126
Total assets less current liabilities       8,354              33,853     8,224

Creditors - amounts falling due after           -            (20,037)         -
more than one year

Net assets                                  8,354              13,816     8,224
Capital and reserves
Called up share capital                       960                 890       952
Share premium account                       3,490               2,620     3,415
Revaluation reserve                             -               7,019         -
Special reserve                             2,385               1,591     2,385
Other reserve                               1,385               1,562     1,385
Capital redemption reserve                     72                  72        72
Profit and loss account                        62                  62        15
Shareholders' funds                         8,354              13,816     8,224



Creston plc

GROUP CASHFLOW

                                          Audited to    Unaudited to 31 Audited
                                                  30      December 1999      to
                                           September                         31
                                                2000                      March
                                                                           2000
                                               £'000              £'000   £'000
Net cashflow from operating activities       (1,454)              (578)   2,327
Returns on investments and servicing of finance
Net interest received/(paid)                     316            (1,759) (1,767)
Exceptional costs paid relating to                 -                  - (1,085)
redemption of loans                              316            (1,759) (2,852)
Capital expenditure and financial investment
Additions to investment properties                 -                  - (2,042)
Sale of investment properties                  1,000              1,850  34,831
Sale of plant, vehicles and equipment              -                  -       7
                                               1,000              1,850  32,796
Equity dividends paid                        (3,456)              (262)   (268)
Management of liquid resources                 3,440                  - (12,950)

Net cash (outflow)/inflow before               (154)              (749)  19,053
financing

Financing
Issue of share capital                            83                101     158
Repayment of loans                                 -                  - (19,349)
Repurchase of 6% convertible redeemable         (83)                  -       -
unsecured loanstock

Net cash inflow/(outflow) from financing           -                101 (19,191)
Decrease in cash                               (154)              (648)   (138)







Creston plc

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                          Audited to    Unaudited to 31 Audited
                                                  30      December 1999      to
                                           September                         31
                                                2000                      March
                                                                           2000
                                               £'000              £'000   £'000
Profit/(loss) for the financial period            47            (5,410) (5,254)
Unrealised surplus on revaluation of               -              1,229   1,229
properties

Prior period revaluation charged to                -              1,637   1,784
profit and loss account in period

Total recognised gains and losses for the         47            (2,544) (2,241)
period




NOTES TO THE INTERIM REPORT

 1. BASIS OF PREPARATION

    The principal accounting policies of the group are set out in the group's
    2000 annual report and financial statements. The policies have remained
    unchanged from the previous annual report.


2     DIVIDENDS

                                 Audited to    Unaudited to  Audited to
                               30 September    31 December   31 March
                                       2000         1999       2000
                                      £'000        £'000      £'000

       Additional dividend charge 
       relating to 1999 final dividend 
       of 3p per share                    -            6          6
       Special dividend paid 
       5 May 2000 of 36p
       per share                          -            -      3,456
       Proposed final dividend 
       32.5p per share                    -            -      3,119
                                          -            6      6,581

 3. EARNINGS/(LOSS) PER SHARE

    The calculation of the basis earnings/(loss) per share is based on the
    profit/(loss) attributable to ordinary shareholders divided by the
    weighted average number of shares in issue for each period.

 4. CASH AND LIQUID RESOURCES

                                    At 1 April 2000    Cash flow       At 30
                                                                                
                                                                   September
                                                                        2000

                                              £'000        £'000       £'000

    Cash at bank and in hand                    629        (154)         475
    Short term treasury deposits             12,950      (3,440)       9,510
                                             13,579      (3,594)       9,985

    Liquid resources comprise short term treasury deposits of less than one
    month.

 5. POST BALANCE SHEET EVENTS

    Following the period end the shares of Industrial & Commercial Holdings
    plc ('ICH') were distributed to Creston Shareholders, in the form of a
    dividend in specie, on the basis of one share in ICH for every share held
    in Creston.

    On 20 December 2000 Creston sold a number of its subsidiaries for a cash
    consideration of £2,867,306. The directors estimate that this transaction
    will result in a profit on disposal not exceeding £78,000.

 6. COPIES OF THE INTERIM STATEMENT

    Copies of the interim statement will be sent to shareholders. Further
    copies will be available from the company's registered office for the next
    14 days.

 7. PUBLICATION OF NON-STATUTORY ACCOUNTS


        The financial information set out in this interim report does not
        constitute statutory accounts as defined in Section 240 of the
        Companies Act 1985.

        The financial information for the period ended 31 March 2000 has been
        extracted from the Group's statutory accounts for that period which
        contained an unqualified audit report and which have been filed with
        the Registrar of Companies.

        The financial information for the period ended 30 September 2000 has
        been extracted from non-statutory interim financial statements for
        that period which have been audited by the Company's auditors. The
        auditors' report, which was addressed to the directors of Creston plc,
        was unqualified.



5 January 2001