Interim Results

Billam PLC
29 September 2006


                                   Billam Plc

                                 Interim Report

                     For the six months ended 30 June 2006



CHAIRMAN'S STATEMENT


The Board of Billam Plc ('Billam' or 'The Company'), announces its unaudited
interim results for the six months to 30 June 2006.

The first six months of 2006 has been a period of significant change for the
Company with new directors appointed at the Extraordinary General Meeting held
in March and a widening of the investment powers approved by shareholders at the
Annual General Meeting held in July.

There has been activity in the investment portfolio and I would like to draw
attention to the following portfolio developments and achievements of specific
investee companies:

Cybit Holdings plc acquired BlueFinger Limited, a supplier of telematic services
for vehicles and maritime applications including economic exclusion zones.
Cybit's results for the year to 31 March 2006 showed record sales £10.2 million
(£6.7 million 2005) and a return to profit.

Eirx Therapeutics plc announced agreements with applied genomic specialists
Almac Diagnostics Ltd re colorectal cancer and with BioMerieux SA, the leading
French international diagnostics group which includes commercial licensing
arrangements.

TRI-MEX announced the start of its collaboration with JaguarLandRover with the
launch of its JaguarWatch service. Also, signing a European Master Agreement
with AstonMartinLagonda. The Company participated in a rights issue to subscribe
for 9.2 million shares in consideration for £46,000.

Physiomics PLC - Billam PLC has agreed to participate in a placing of shares to
acquire 33,333,333 shares for a cash consideration of £100,000.


Outlook

Shortly after 30 June 2006, the investments in Sosei Co Limited and Inaplex
Limited were sold realising net cash proceeds of £143,000 as part of the
rationalisation of the portfolio. The Board is at an advanced stage of reviewing
new opportunities for investment in other sectors to the existing investments
and expect to make a further announcement shortly.


Simon Bennett
Chairman




Consolidated statement of total return (unaudited)

                         Unaudited              Unaudited                Audited
                       Six months to          Six months to              Year to
                       30 June 2006           30 June 2005          31 December 2005

                   Capital Revenue Total Capital Revenue   Total Capital Revenue   Total
                      £000    £000  £000    £000    £000    £000    £000    £000    £000

Realised (losses)/
gains on
investments           (23)       -  (23)   (347)       -   (347)     (3)       -     (3)

Net change in
unrealised
investments          (507)       - (507) (2,884)       - (2,884) (4,527)       - (4,527)

Income                   -      42    42       -      20      20       -      52      52

Gross Return         (530)      42 (488) (3,231)      20 (3,211) (4,530)      52 (4,478)

Administrative           -   (262) (262)           (270)   (270)       -   (607)   (607)
expenses

Interest payable         -     (3)   (3)       -     (1)     (1)       -     (3)     (3)

Return before        (530)   (223) (753) (3,231)   (251) (3,482) (4,530)   (558) (5,088)
taxation

Provision for            -       -     -       -       -       -      28    (28)       -
taxation

Return after         (530)   (223) (753) (3,231)   (251) (3,482) (4,502)   (586) (5,088)
taxation

Transfer to          (530)   (223) (753) (3,231)   (251) (3,482) (4,502)   (586) (5,088)
reserves

Return per
ordinary share (p)
(note 4)             (5.1)   (2.1) (7.2)  (32.1)   (2.5)  (34.6)  (44.1)   (5.7)  (49.8)





Consolidated balance sheet as at 30 June 2005 (unaudited)

                                              Unaudited   Unaudited         Audited
                                                30 June     30 June     31 December
                                                   2006        2005            2005
                                                   £000        £000            £000
Fixed assets
Investments                                       2,451       4,916           3,106
                                                  2,451       4,916           3,106

Current assets
Debtors                                             230         155             171
Cash at bank and in hand                             11          39               9
                                                    241         194             180

Creditors: amounts falling due within one         (621)       (150)           (259)
year

Net current assets / (liabilities)                (380)          44            (79)

Total assets less current liabilities             2,071       4,960           3,027
Creditors: amounts falling due after more         (668)       (953)           (872)
than one year

Total net assets                                  1,403       4,007           2,155

Financed by:
Called up share capital                           2,250       2,170           2,250
Share premium account                             5,409       5,389           5,409
Capital reserve realised                          (741)     (1,304)           (842)
Capital reserve unrealised                      (3,287)       (924)         (2,657)
Merger reserve                                    1,012       1,736           1,012
Revenue account                                 (3,240)     (3,060)         (3,017)

Shareholders' funds                               1,403       4,007           2,155

Total shareholders' funds are attributable
to:
Ordinary shareholders' funds                      1,245       3,849           1,997
Deferred shareholders' funds                        158         158             158

                                                  1,403       4,007           2,155

Net asset value pence per share (note 7)
Ordinary shares                                   11.9p       38.3p           19.1p
Deferred shares                                    0.1p        0.1p            0.1p




Consolidated cash flow statement (unaudited)

                                             Six months  Six months      Year ended
                                                     to          to
                                                30 June     30 June     31 December
                                                   2006        2005            2005
                                                   £000        £000            £000

Net cash outflow from operating activities        (267)        (70)           (263)
Net cash outflow from returns on servicing          (3)         (1)             (3)
finance
Net cash outflow from investment                   (46)        (16)            (27)
Net cash inflow from sale of investments            171          79             255
New cash inflow from financing                      147           -               -

Decrease/increase in cash for the period              2         (8)            (38)



Notes:


1. Basis of preparation
The unaudited interim results have been prepared on the basis of the accounting
policies set out in the statutory accounts of the Company for the year ended 31
December 2005.


2. Comparatives
Comparatives are shown for the six months to 30 June 2005 and year to 31
December 2005.


3. Results for the year ended 31 December 2005
The results for the year ended 31 December 2005 are a non-statutory version of
the full report and accounts for that year, which have been filed with the
Registrar of Companies on which the auditors reported under Section 235 of the
Companies Act 1985. The report contained no qualifications in respect of the
year ended 31 December 2005, or any statement under Section 237(2) or (3) of the
said Act.


4. Returns
Returns per Ordinary Share are based on the weighted average number of ordinary
shares in issue during the period of 10,460,000 Ordinary and 157,950,000
deferred shares (year to 31 December 2005: 10,206,154 Ordinary shares and
157,950,000 deferred shares/period to 30 June 2005: 10,060,000 Ordinary and
157,950,000 deferred shares).


5. Taxation
No tax provision was considered necessary on the unrealised loss.


6. Dividends
The Directors do not recommend the payment of an interim dividend.


7. Net asset value per share
Net asset value per Ordinary Share is based on the net assets attributable to
Ordinary shareholders at the period end and 10,460,000 Ordinary and 157,950,000
deferred shares in issue at the period end (at 31 December 2005: 10,460,000
Ordinary and 157,950,000 deferred shares/at 30 June 2005: 10,060,000 Ordinary
and 157,950,000 deferred shares).

Copies of this announcement will be available for collection, free of charge,
from Billam's offices, Trinity Court, Batchworth Island, Church Street,
Rickmansworth, Herts WD3 1RT for a period of one month from the date of this
announcement.





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