Interim Results

Conygar Investment Company PLC(The) 29 June 2005 The Conygar Investment Company PLC Interim Results for the six months ended 31 March 2005 Chairman's Statement Our strategy remains to invest in property assets and companies with property assets where we can add significant value using our property management, development and transaction structuring skills. In spite of a very aggressive market, the prolonged election activity and general nervousness in the economy I am pleased to report a period of progress. In December, we were pleased to announce our 50:50 joint venture, C M Sheffield Limited, which exchanged contracts to acquire 175,000 sq ft of office and warehouse properties on Sheffield Business Park for £22.5 million. We have completed in respect of £15.7 million of properties and anticipate completing on the final building shortly. At 31 March 2005, the portfolio yielded 7.73% on cost and actual occupancy levels stood at 98%. The Sheffield joint venture is expected to make a strong positive contribution in the second half. The removal of commercial disadvantaged area relief for stamp duty land tax had an unwelcome adverse impact on the Sheffield portfolio valuation. However this has been more than offset by increases in valuation owing to other factors and indications are that the portfolio is currently valued substantially in excess of cost. During the period, the company recorded a small loss of £22,000. Cash balances at 31 March 2005 amounted to £2.3 million and the joint venture financing is non-recourse to the rest of the group. Our current asset investment is a holding in James Beattie PLC which is the subject of a takeover from House of Fraser plc. Assuming the proposed acquisition by House of Fraser proceeds at the recommended takeover price our profit before taxation from this holding will exceed £114,000. Prospects The board is confident about the future prospects of the company despite a difficult market in which to identify value. We continue to work upon a pipeline of other opportunities all of which are at various stages of negotiation and targeted for completion in the second half. The company continues to minimise administrative overhead and to utilise our in-house team to explore and execute opportunities without recourse to external advisers. In addition, the joint venture will also seek further opportunities as they arise. We will continue to keep shareholders informed of the company's progress. R T E Ware Chairman 29 June 2005 The Conygar Investment Company PLC Consolidated Profit and Loss Account For the six months ended 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 Notes £'000 £'000 £'000 Turnover Group and share of joint venture's turnover 80 - - Less share of joint venture's turnover (80) - - - - - Cost of Sales - - - Gross Profit - - - Administrative expenses (127) (74) (208) Operating Loss (127) (74) (208) Share of operating profit of joint venture 72 - - (55) (74) (208) Income from current asset investments 24 - 10 Interest receivable and similar income Group 71 72 161 Joint Venture 5 - - Interest payable and similar charges Group - - - Joint Venture (67) - - Loss on Ordinary Activities before Taxation (22) (2) (37) Taxation on loss on ordinary activities - - - Loss on Ordinary Activities after Taxation (22) (2) (37) Dividends - - - Loss for the Period (22) (2) (37) Earnings per share (pence) 2 Basic (0.23)p (0.03)p (0.42)p Fully diluted (0.21)p (0.02)p (0.40)p Turnover and operating profit in all periods relate wholly to continuing activities. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the profit and loss account. The Conygar Investment Company PLC Consolidated Balance Sheet As at 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Investments in joint venture Share of gross assets 7186 - - Share of gross liabilities (5076) - - 2110 - - Current Assets Debtors 90 11 55 Investments 364 33 397 Cash at bank 2334 4903 4452 2788 4947 4904 Current liabilities Creditors: amounts falling within one year 44 36 28 Net Current Assets 2744 4911 4876 Total assets less current liabilities 4854 4911 4876 Capital and reserves Called-up equity share capital 486 486 486 Share premium account 4427 4427 4427 Profit and loss account (59) (2) (37) Shareholders' Funds 4854 4911 4876 The comparative figures for the financial period ended 30 September 2004 are an extract of the company's statutory accounts for that financial period. Those accounts have been reported upon by the company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The Conygar Investment Company PLC Consolidated Reconciliation of Movements in Shareholders' funds For the six months ended 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Loss for the period attributable to shareholders (22) (2) (37) Dividends - - - (22) (2) (37) Issue of share capital (net of expenses) - 4913 4913 Net movement in shareholders' funds (22) 4911 4876 Opening shareholders' funds 4876 - - Closing shareholders' funds 4854 4911 4876 The Conygar Investment Company PLC Consolidated Cash Flow Statement For the six months ended 31 March 2005 Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 Notes £'000 £'000 £'000 Net cash outflow from operating activities a (106) (82) (615) Returns on the investments and servicing of finance Dividends received 10 - - Interest received 78 72 154 Net cash flow from returns on investments 88 72 154 and servicing of finance Cash outflow before management of liquid (18) (10) (461) resources and financing Management of liquid resources Decrease/(increase) in funds placed on short 2355 (4798) (4400) term deposit Acquisitions and disposals Investment in joint venture (2100) - - Financing Issue of equity share capital - 486 486 Share premium on issue of equity share capital - 4427 4427 Net cash inflow from financing - 4913 4913 Increase in cash b 237 105 52 The Conygar Investment Company PLC Notes to the Consolidated Cash Flow Statement For the six months ended 31 March 2005 a) Reconciliation of operating loss to net cash outflow from operating activities Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Operating loss (127) (74) (208) Increase in debtors (28) (11) (38) Decrease in current asset investments 33 (33) (397) Increase in creditors 16 36 28 Net cash outflow from operating activities (106) (82) (615) b) Reconciliation of net cash flow to movement in net funds Unaudited Audited Six months ended Period Ended 31 March 2005 31 March 2004 30 Sept 2004 £'000 £'000 £'000 Increase in cash in the period 237 105 52 Cash (inflow)/outflow from short term deposits (2355) 4798 4400 Movement in net funds (2118) 4903 4452 Opening net funds 4452 - - Closing net funds 2334 4903 4452 c) Analysis of changes in net funds At At 1 October 2004 Cashflows 31 March 2005 £'000 £'000 £'000 Net cash: Cash in hand and at bank 52 237 289 Short term deposits* 4400 (2355) 2045 Net funds 4452 (2118) 2334 * Short term deposits are included within cash at bank in the balance sheet. The Conygar Investment Company PLC Notes to the Interim Results For the six months ended 31 March 2005 1. Basis of Preparation The interim results for the period ended 31 March 2005 have been prepared in accordance with applicable United Kingdom accounting standards and are unaudited. They do not comprise full financial statements within the meaning of the Companies Act 1985 and have neither been reported upon by the auditors under Section 235 of the Companies Act 1985 nor reviewed in accordance with Accounting Practice Board Bulletin 1999/4. The board of directors approved the above results on 29 June 2005. Copies of the interim report may be obtained from the Company Secretary, The Conygar Investment Company PLC, First Floor, 122 Wigmore Street, London W1U 3RX. 2. Earnings per Share The calculation of earnings per ordinary share is based on the loss after tax of £22,000 and on the number of shares in issue being the weighted average number of shares in issue during the period of 9,722,001. The weighted average number of shares on a fully diluted basis was 10,301,376 which assumes the exercise of options which were anti-dilutive throughout the period. This information is provided by RNS The company news service from the London Stock Exchange

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