Interim Statement Administrative Receivership

Billam PLC
2 May 2000


Billam Plc - in administrative receivership

Interim statement

In accordance with the rules of the Alternative Investment Market ('AIM'), the
administrative receivers of Billam Plc - in administrative receivership
('Billam') present its interim statement for the period ended 30th June 1999.

Billam is the parent company of four subsidiaries which comprise Billam
(Sheffield) Realisations Limited (formerly Aircraft & Sheet Metal Engineers
Limited), Billam (Birmingham) Realisations Limited (formerly Willis Pressings
and Assemblies Limited), Billam Leisure Products Limited and Billam Supplies
Limited, all of which are in administrative receivership.

In February 1999, PricewaterhouseCoopers was instructed by Billam to advise on
the financial difficulties faced by the Company. The review revealed a cash
crisis due to trading losses and undertaking new ventures which did not
contribute to group revenues.

During 1998, some of the group companies lost control of their accounting
records. Although this was retrieved during 1999, major damage had been caused
to working capital.

Although Billam sought alternative finance and the disposal of subsidiaries,
these efforts were unsuccessful.

During September and October 1999, an increasing proportion of trade creditors
withdrew credit terms and sought pro-forma payments, which substantially
increased cash requirements. Billam's shares were suspended on Friday 15
October 1999 and the directors requested the appointment of administrative
receivers.

E Klempka and S C E Mackellar were appointed joint administrative receivers on
19 October 1999 by Barclays Bank plc, under powers contained within a
debenture dated 1 March 1990,

Since their appointment, the receivers have realised the majority of assets of
the group and distributed the proceeds to the relevant creditors.  The
receivers have yet to dispose of certain freehold property.

Based on current information, it is unlikely that a dividend will be paid to
preferential or unsecured creditors.  The receivers therefore consider the
Billam shares to have negligible value.  No distributions will be made to
shareholders in the foreseeable future.



28/4/00