Interim Results

Comprop Limited
19 December 2002
                                    ComProp

                               Interim Statement

                    For the half year to 30th September 2002


Chairman's Statement

I am pleased to report that we have contracted with B & Q to develop the second
50,000 sq.ft. superstore on Admiral Park.

B & Q have entered into an Agreement to Lease the unit for a twenty-five year
term following completion of the development scheduled for Autumn of 2003. This
will further enhance this element of Admiral Park currently occupied by the
Checkers Store.

Recently we purchased a town centre site adjacent to the Old Government House
Hotel for the development of a headquarter office building. Construction will
commence in the New Year to provide an office building of approximately 20,000
sq.ft. which we have pre-leased to Generali Worldwide Insurance.

In my last statement I advised you that the non-core businesses had been
disposed off and we were now able to 'focus on the future'.

This has been the theme of the development since that time. Not only have we
been negotiating with our new tenants, but we have also been laying out the
plans for the further development of Admiral Park.

We have submitted a planning application for a mixed development of leisure and
bulky goods retail units adjacent to Sydney Vane House. In addition we are well
advanced in our proposals for the sea front site. This is earmarked for
significant office and residential development.

The residential units are being designed so as to take full advantage of the
coastal position and will contain a mix of both open and local market units.

Our portfolio of properties continues to perform well with increased rentals
offsetting the loss of income following demolition of existing units and site
clearance in preparation for re-development.

 The financial highlights (unaudited) are provided below:
                                                               Half year to             Half year to
                                                             30th September           30th September
                                                                       2002                     2001
                                                                     £'000s                   £'000s

Operating profit/(loss)                                               1,095                  (1,316)

Profit/(loss) on ordinary activities
before tax                                                              250                  (1,390)

Basic earnings per share                                               0.6p                   (6.5)p

Interim dividend per share                                              nil                      nil

Net assets per share                                                  91.6p                    77.7p



The figures provide the benchmark of our position as a dedicated property
company.

The ground work carried out over the last six months will be rewarded as the
sites are developed to their full potential. This process will commence with the
B & Q development at Admiral Park and the office scheme for Generali and these
development should be well underway by the end of our financial year. The
continuing development of these key sites will enable us to start recognising
some of the inherent value thereof over the coming years.

During the last six months we have moved the group accounts to Guernsey and I am
pleased to welcome Steve Down as our new Financial Director. Steve is a
Chartered Accountant and brings a wealth of experience with him.

I would like to take this opportunity to thank Charles Day for his input into
the company and wish him every success in the future. In our earlier statement
we advised you that it was not Charles' wish to relocate to Guernsey.

I look forward to being able to report to you in more detail at the year end.



Tom Scott

Chairman

19 December 2002




Unaudited consolidated profit and loss account
for the half year to 30th September 2002
                                                                 Half year to     Half year to       Year to
                                                               30th September   30th September    31st March
                                                                         2002  2001 (restated)          2002
                                                                       £'000s           £'000s        £'000s
Turnover
     Continuing operations                                              1,935              432         2,338
     Discontinued operations                                                -            1,071         1,976
Total Turnover                                                          1,935            1,503         4,314

Operating expenses                                                      (840)          (2,819)       (4,202)

Operating profit/(loss)
     Continuing operations                                              1,095          (1,400)         (521)
     Discontinued operations                                                                84           633
Total operating profit/(loss)                                           1,095          (1,316)           112

Exceptional items
     Profit on disposal of businesses                                       -                -         1,284

Profit/(loss) on ordinary activities
     Before interest and taxation                                       1,095          (1,316)         1,396

Net interest payable                                                    (845)             (74)         (910)

Profit/(loss) on ordinary activities before tax                           250          (1,390)           486

Tax on profit on ordinary activities                                     (52)              101          (57)

Profit/(loss) on ordinary activities after tax                            198          (1,289)           429

Dividends                                                                   -                -             -

Retained profit/(loss) for the period                                     198          (1,289)           429

Earnings per share
     Basic                                                               0.6p           (6.5)p          1.6p
     Diluted                                                             0.5p              n/a          1.5p




Unaudited consolidated balance sheet
at 30th September 2002
                                                           30th September     30th September      31st March
                                                                     2002               2001            2002
                                                                   £'000s             £'000s          £'000s
Fixed assets
    Tangible fixed assets                                          61,651             53,496          59,662
    Investments                                                       172                172             172

Total fixed assets                                                 61,823             53,668          59,834

Current assets
    Stocks & work in progress                                          46                 45              35
    Debtors                                                         1,147                948           3,118
    Cash at bank                                                    1,252              4,585           2,183
                                                                    2,445              5,578           5,336
Creditors
    Bank borrowings                                                 (290)           (10,315)           (290)
    Creditors falling due within one year                         (2,031)            (2,452)         (2,986)
                                                                  (2,321)           (12,767)         (3,276)

Net current assets/(liabilities)                                      124            (7,189)           2,060

Total assets less current                                          61,947             46,479          61,894
liabilities

Creditors
    Amounts falling due after more than one year                 (29,492)           (19,000)        (29,637)

Net assets                                                         32,455             27,479          32,257

Capital and reserves
    Share capital                                                   1,772              1,767           1,772
    Reserves                                                       30,683             25,712          30,485

Equity shareholders' funds                                         32,455             27,479          32,257

Net assets per share                                                91.6p              77.7p           91.0p

Unaudited consolidated cash flow statement
for the half year to 30th September 2002
                                                             Half year to       Half year to      Year to
                                                           30th September     30th September   31st March
                                                                     2002    2001 (restated)         2002
                                                                   £'000s             £'000s       £'000s

    Net cash inflow/(outflow) from operating                          984              (578)        1,652
    activities
    Return on investment & servicing of finance                     (838)                237        (548)
    Taxation                                                        (130)                  1        (274)
    Capital expenditure & financial investment                    (2,432)            (1,985)      (4,271)
    Acquisitions & disposals                                        1,650           (31,936)     (33,325)
    Financing                                                       (165)             29,305       29,408

    Decrease in cash balances                                       (931)            (4,956)      (7,358)

Statement of total recognised gains and losses
for the half year to 30th September 2002
                                                             Half year to       Half year to      Year to
                                                           30th September     30th September   31st March
                                                                     2002    2001 (restated)         2002
                                                                   £'000s             £'000s       £'000s
    Profit/(loss) for the financial period                            198            (1,289)          429
    Surplus on revaluation of properties                                -                  -        2,821

    Total gains and losses recognised in the period                   198            (1,289)        3,250

Reconciliation of movement in shareholders' funds
for the half year to 30th September 2002
                                                             Half year to       Half year to      Year to
                                                           30th September     30th September   31st March
                                                                     2002    2001 (restated)         2002
                                                                   £'000s             £'000s       £'000s
    Total gains and losses recognised in the period                   198            (1,289)        3,250
    New share capital issued                                            -             18,724       18,729
    Goodwill reinstated                                                 -                  -          234

    Net movement in shareholders' funds                               198             17,435       22,213

    Opening shareholders' funds                                    32,257             10,044       10,044

    Closing shareholders' funds                                    32,455             27,479       32,257


Notes to the interim statement

1       Basis of preparation

        The interim financial information has been prepared on the basis of the accounting policies set out
        in the Company's 31st March 2002 statutory accounts

        The results and balance sheet relating to the year ended 31st March 2002 have been extracted from
        the Company's full accounts on which there was an unqualified audit report. The results to 30th
        September 2001 have been restated to reflect the accounting treatment of certain items in the 31st
        March 2002 statutory accounts.

2       Segmental information
                                                                  Half year to      Half year to     Year to
                                                                30th September    30th September  31st March
                                                                          2002              2001        2002
                                                                        £'000s            £'000s      £'000s
        Turnover - continuing operations
        Property                                                         1,935               432       2,338

                                                                         1,935               432       2,338

        Turnover - discontinued operations
        Rental                                                               -               602       1,151
        Publishing                                                           -               381         774
        Other                                                                -                88          51
                                                                             -             1,071       1,976
        Turnover - total                                                 1,935             1,503       4,314

3       Net interest payable
                                                                  Half year to      Half year to     Year to
                                                                30th September    30th September  31st March
                                                                          2002              2001        2002
                                                                        £'000s            £'000s      £'000s

        Interest receivable on loans advanced and deposits                  53               192         269
        Interest payable on borrowings                                   (898)             (266)     (1,179)

                                                                         (845)              (74)       (910)

4       Reconciliation of net cash flow to movement in net debt

                                                              Half year to       Half year to        Year to
                                                            30th September     30th September     31st March
                                                                      2002               2001           2002
                                                                    £'000s             £'000s         £'000s

        Decrease in cash balances                                    (931)            (4,956)        (7,358)
        Cash inflow from increase in loans                               -           (29,315)       (30,000)
        Repayment of loans                                             165                 10             83

        Change in net debt                                           (766)           (34,261)       (37,275)

        Net (debt)/funds at 31st March 2002                       (27,904)              9,371          9,371

        Net debt                                                  (28,670)           (24,890)       (27,904)
        Analysis of changes in net debt

                                                                 1st April          Cash flow 30th September
                                                                      2002                              2002
                                                                    £'000s             £'000s         £'000s

        Cash at bank                                                 2,183              (931)          1,252
        Loans                                                     (30,087)                165       (29,922)
                                                                  (27,904)              (766)       (28,670)

5       Taxation

        Jersey and Guernsey tax is provided at 20% on the relevant taxable profits. Deferred tax is provided
        in accordance with FRS19.



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