Half-yearly report

GRESHAM HOUSE PLC INTERIM RESULTS 6 MONTHS ENDED 30 JUNE 2007 Gresham House plc (GHE.L), the property and early-stage investment trust, today announces its unaudited results for the six month period ended 30th June 2007. Period-end highlights * profit for the period up 7.3% to £1,993,000 - up from £1,858,000 for the comparable period last year; * basic earnings per ordinary share up to 40.9p compared to 38.1p for the first half of 2006; * net asset value up 34.9p to 937.3p. Post period-end highlights * introduction of unquoted investment, Wheelsure Holdings plc, to PLUS Market; * sale of property interests at Vincent Lane, Dorking for £8.2 million conditional upon planning permission being granted for residential development by November 2008; * heads of agreement signed to sell property interests on Speke Boulevard, Speke, Liverpool for a consideration of £61 million or 85% of market value, whichever is the higher, conditional upon planning permission being granted for change of use to A! retail and shareholder approval. -ends- Further information: Alfred Stirling (Chairman, Gresham House plc) 020 7456 9600 Toby Hall/Jade Mamarbachi (gth media relations) 020 7153 8039/8035 GRESHAM HOUSE PLC INTERIM RESULTS 6 MONTHS ENDED 30 JUNE 2007 CHAIRMAN'S INTERIM STATEMENT The results for the half year ended 30th June 2007 show an overall profit for the period of £1,993,000 against a profit of £1,858,000 for the comparable period last year. Basic earnings per ordinary share were 40.9p against 38.1p for the first half of 2006. The major variances in the Revenue account between the two periods were the decrease in rental income of £248,000, primarily as a result of no rental income being received during the current period in respect of the unit at Deacon Park, Knowsley which was destroyed by fire, and an increase in operating expenses of £202,000. This increase was due, in the main, to a combination of increased staff costs and property related costs together with a provision against a loan made by a trading subsidiary. The gains made in the capital account relate entirely to the increase in the value of the investment portfolio during the period under review with significant increases being shown in the value of our investments in Hallin Marine Subsea International plc, Plus Markets Group plc, SpaceandPeople plc and Welsh Industrial Investment Trust plc offset by a fall in Image Scan Holdings plc. I am pleased to report that, despite the general fall in the market since the period end, the overall value of the portfolio (as at 31st August 2007) has increased by a further modest amount thanks to an increase in Hallin Marine's share price and the introduction of one of our unquoted investments, Wheelsure Holdings plc, to PLUS Market. As a result the Group's basic net asset value has risen from 902.4p as at 1st January, 2007 to 937.3p as at 30th June, an increase of 34.9p or 3.9%. By comparison the FTSE All Share Index has increased by 5.7% over the same period. With the exception of the transactions referred to below, the Board has taken the view that, whilst it is likely that there may have been movements in the value of individual properties, the overall value of the property portfolio as at 30th June 2007 on an existing use basis remains the same as at the year end plus the attributable costs incurred during the period under review. As shareholders will be aware from my statement contained within the Report and Accounts for 2006 and from the recent announcement made by your Company, the site at Vincent Lane, Dorking has now been sold for a consideration of £8.2 million conditional only upon planning permission being granted for residential development by November 2008. As at 30th June 2007 this property has been included in the Group accounts at a value of £2.9 million. In addition, your Company has announced that it has signed heads of agreement, which do not constitute a legally binding commitment at this stage, with another third party to sell the Group's property interests on Speke Boulevard, Speke, Liverpool for a consideration of £61 million or 85% of market value, whichever is the higher, conditional upon planning permission being granted for change to A1 retail and shareholder approval. As at 30th June 2007 these interests have been valued in the Group accounts at £9 million. The heads of terms include a provision that planning permission must be obtained within five years from the date of obtaining shareholder approval. This proposed sale will now be put into solicitors' hands to prepare formal contracts. As the proposed Speke transaction falls within Rule 10.5 of the Listing Rules, shareholder approval will be required. An explanatory circular will be sent to shareholders in due course, once formal contracts have been agreed, together with a Notice convening an Extraordinary General Meeting of the Company. A P Stirling Chairman 27th September 2007 GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2007 Six months to Six months to Year ended 30 June 2007 30 June 2006 31 December 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Income: Dividend and interest income 195 - 195 179 - 179 346 - 346 Rental income 1,022 - 1,022 1,270 - 1,270 2,664 - 2,664 Other operating income 52 - 52 161 - 161 276 - 276 ----- ----- ----- ----- ----- ----- ----- ----- ----- 1,269 - 1,269 1,610 - 1,610 3,286 - 3,286 Gains on investments held at fair value - 2,047 2,047 - 1,289 1,289 - 1 495 1,495 Movement in fair value of property investments - - - - 360 360 - 5,286 5,286 ----- ----- ----- ----- ----- ----- ----- ----- ------ Total income And gains on investments 1,269 2,047 3,316 1,610 1,649 3,259 3,286 6,781 10,067 ----- ----- ----- ----- ----- ----- ----- ----- ------ Expenses Other operating Expenses (1,141) -(1,141) (939) - (939) (1,640) - (1,640) Finance costs (466) - (466) (576) - (576) (1,213) - (1,213) ----- ----- ----- ----- ----- ----- ----- ----- ------ (1,607) -(1,607) (1,515) - (1,515) (2,853) - (2,853) ----- ----- ----- ----- ----- ----- ----- ----- ------ Profit/(loss) before taxation (338) 2,047 1,709 95 1,649 1,744 433 6,781 7,214 Taxation - 208 208 - 121 121 17 128 145 ----- ----- ----- ----- ----- ----- ----- ----- ------ Profit/(loss) For the period (338) 2,255 1,917 95 1,770 1,865 450 6,909 7,359 ===== ===== ===== ===== ===== ===== ===== ===== ====== Attributable to: Equity holders Of the parent (251) 2,244 1,993 209 1,649 1,858 669 5,753 6,422 Minority interests (87) 11 (76) (114) 121 7 (219) 1,156 937 ----- ----- ----- ----- ----- ----- ----- ----- ------ (338) 2,255 1,917 95 1,770 1,865 450 6,909 7,359 ===== ===== ===== ===== ===== ===== ===== ===== ====== Basic earnings per Ordinary share 40.9p 38.1p 131.7p ===== ===== ====== Diluted earnings per Ordinary share 40.7p 38.1p 131.4p ===== ===== ====== GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2007 Half year ended 30 June 2007 Ordinary Share share Share Based Capital Retained capital premium payments reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 December 2006 1,219 831 28 49,908 (7,975) 44,011 Profit for the period - - - 2,244 (251) 1,993 Ordinary dividend paid - - - - (293) (293) ------- ------- ------- ------- ------- ------- Balance at 30 June 2007 1,219 831 28 52,152 (8,519) 45,711 ======= ======= ======= ======= ======= ======= Half year ended 30 June 2006 Ordinary Share share Share Based Capital Retained capital premium payments reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 December 2005 1,218 822 12 44,155 (8,401) 37,806 Profit for the period - - - 1,649 209 1,858 Ordinary dividend paid - - - - (244) (244) ------- ------- ------- ------- ------- ------- Balance at 30 June 2006 1,218 822 12 45,804 (8,436) 39,420 ======= ======= ======= ======= ======= ======= Year ended 31 December 2006 Ordinary Share share Share Based Capital Retained capital premium payments reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 December 2005 1,218 822 12 44,155 (8,401) 37,806 Profit for the period - - - 5,753 669 6,422 Ordinary dividend paid - - - - (244) (244) Issue of shares 1 9 - - - 10 Share based payments - - 16 - 1 17 ------- ------- ------- ------- ------- ------- Balance at 31 December 2006 1,219 831 28 49,908 (7,975) 44,011 ======= ======= ======= ======= ======= ======= GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007 30 June 30 June 31 December 2007 2006 2006 Assets £'000 £'000 £'000 Non current assets Investments held at fair value 15,157 13,789 13,345 Property investments 40,693 34,626 40,469 Property, plant and equipment 494 506 500 ------- ------- ------- Total non current assets 56,344 48,921 54,314 ------- ------- ------- Current assets Trade and other receivables 443 500 568 Accrued income and prepaid expenses 299 1,015 342 Other current assets 6,463 9,390 5,607 Cash and cash equivalents 756 1,188 991 ------- ------- ------- Total current assets 7,961 12,093 7,508 ------- ------- ------- Total assets 64,305 61,014 61,822 ------- ------- ------- Current liabilities Trade and other payables 2,307 2,329 1,498 Short term borrowings 7,223 9,952 6,765 Current tax payable - 17 - ------- ------- ------- Total current liabilities 9,530 12,298 8,263 ------- ------- ------- Total assets less current liabilities 54,775 48,716 53,559 Non current liabilities Long term borrowings 6,137 7,009 6,337 Deferred taxation 1,295 1,509 1,509 ------- ------- ------- 7,432 8,518 7,840 ------- ------- ------- Net assets 47,343 40,198 45,719 ======= ======= ======= Capital and reserves Ordinary share capital 1,219 1,218 1,219 Share premium 831 822 831 Share based payments 28 12 28 Capital reserve 52,152 45,804 49,908 Retained earnings (8,519) (8,436) (7,975) ------- ------- ------- Equity attributable to equity shareholders 45,711 39,420 44,011 Minority interest 1,632 778 1,708 ------- ------- ------- Total equity 47,343 40,198 45,719 ======= ======= ======= Basic net asset value per ordinary share 937.3p 808.8p 902.4p ======= ======= ======= Diluted net asset value per ordinary share 934.0p 807.4p 900.1p ======= ======= ======= GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2007 12 months to 6 months to 6 months to 31 December 30 June 2007 30 June 2006 2006 £'000 £'000 £'000 Cashflow from operating activities Investment income received 132 118 180 Interest received 63 61 166 Rental income received 1,124 1,122 2,530 Other cash payments (357) (749) (1,958) ------- ------- ------- Net cash generated from operations 962 552 918 Interest paid on 8% Secured redeemable Loan Stock 2006 - (146) (342) Interest paid on property loans (461) (506) (929) ------- ------- ------- Net cash flows from operating activities 501 (100) (353) ======= ======= ======= Cash flows from investing activities Purchase of investments (685) (1,137) (1,693) Sale of investments 920 1,411 2,617 Purchase of investment properties (2,541) (365) (490) Disposal of investment properties 2,317 - - Insurance proceeds received - - 3,700 Purchase of developments in hand (712) (203) (523) ------- ------- ------- (701) (294) 3,611 ======= ======= ======= Cash flows from financing activities Repayment of loans (201) (252) (2,360) Repayment of 8% Loan Stock - - (3,662) Receipt of loans 459 1,215 3,126 Share capital issued - - 10 Equity dividends paid (293) (244) (244) ------- ------- ------- (35) 719 (3,130) ======= ======= ======= (Decrease)/increase in cash and cash equivalents (235) 325 128 Cash and cash equivalents at start of period 991 863 863 ------- ------- ------- Cash and cash equivalents at end of period 756 1,188 991 ======= ======= ======= GRESHAM HOUSE PLC INTERIM RESULTS PRINCIPAL ACCOUNTING POLICIES The Group's principal accounting policies are as follows: (a) Basis of accounting The financial statements of the Group and the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. (b) Basis of preparation The principal accounting policies adopted are set out below. Where presentational guidance set out in the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Companies ("the AIC") in December 2005 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. (c) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings made up to 30th June, 2007. All intra-group transactions, balances, income and expenses are eliminated on consolidation. (d) Presentation of Income Statement In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. Net capital returns may not be distributed by way of a dividend. The net revenue is the measure the directors believe appropriate in assessing the Group's compliance with certain requirements set out in section 842 of the Income and Corporation Taxes Act 1988. As permitted by section 230 of the Companies Act 1985, the Company has not presented its own income statement. (e) Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the entity. The Group's associates are accounted for in accordance with IAS39 Financial Instruments: Recognition and Measurement ("IAS 39") as investments designated at fair value through the income statement and in accordance with paragraph 1 of IAS 28 Investments in Associates ("IAS 28"), equity accounting is not required. (f) Segmental reporting A business segment is a group of assets and operations that are subject to risks and returns that are different from those of other business segments. The group comprises of two business segments: the Investment Trust and Property Investment. This is consistent with internal reporting. All revenues are derived from operations within the United Kingdom and consequently no separate geographical segment information is provided. (g) Income (i) Dividend and interest income Income from listed securities and interest receivable is accounted for on a receivable basis. (ii) Rental income Rental income comprises property rental income receivable net of VAT. (h) Expenses All expenses and interest payable are accounted for on an accruals basis. All expenses are allocated to revenue except the expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds of the investment. (i) Property, plant and equipment All property, plant and equipment with the exception of freehold property is stated at cost less depreciation. Cost includes expenditure that is directly attributable to the acquisition of the asset. The freehold property is held at deemed cost at the date of the transition to IFRS less depreciation. Depreciation on property, plant and equipment is provided principally on a straight line basis at varying rates of between 2% and 25% in order to write off the cost of assets over their expected useful lives. Owner occupied freehold property is depreciated at the rate of 2% per annum. (j) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. In line with the recommendations of the SORP, the allocation method used to calculate tax relief on expenses presented against capital returns in the supplementary information in the Income Statement is the "marginal basis". Under this basis, if taxable income is capable of being offset entirely by expenses presented in the revenue column of the Income Statement, then no tax relief is transferred to the capital return column. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Investment trusts which have approval under section 842 of the Income Corporation Taxes Act 1988 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax is calculated at the rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. (k) Operating leases Amounts payable under operating leases are charged directly to the Income Statement on a straight line basis over the period of the lease. The aggregate cost of operating lease incentives provided by the Group are recognised as a reduction in rental income on a straight line basis over the lease term. (l) Investments (i) Securities Purchases and sales of listed investments are recognised on the trade date, the date on which the Group commit to purchase or sell the investment. All investments are designated upon initial recognition as held at fair value, and are measured at subsequent reporting dates at fair value, which is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Fair values for unquoted investments, or for investments for which there is only an inactive market, are established by taking into account the International Private Equity and Venture Capital Valuation Guidelines as follows: (i) Investments which have been made in the last 12 months are valued at cost in the absence of overriding factors; (ii) Investments in companies at an early stage of development are also valued at cost in the absence of overriding factors; (iii) Where investments have gone beyond the stage in their development in (ii) above, the shares may be valued by having regard to a suitable price-earnings ratio to that company's historic post-tax earnings or the net asset value of the investment; and (iv) Where a value is indicated by a material arm's length market transaction by a third party in the shares of a company, that value may be used. (ii) Properties Investment properties are included in the balance sheet at fair value and are not depreciated. Development properties are included in non current assets where the Company intends to develop the land and hold as an investment. Where construction or development work has commenced on development properties and they are independently valued by external professional valuers they are stated at estimated market value on completion less estimated costs to complete. The cost of properties in the course of development includes attributable interest and all costs directly associated with the purchase and construction of the property. (m) Developments in hand Developments in hand are valued at the lower of cost and net realisable value other than assets transferred from non current assets which are transferred at fair value. Third party interest which relates to properties held for, or in the course of, development is capitalised as incurred. Profits and losses arising from the sale of developments are dealt with through the Income Statement. (n) Trade and other receivables Other receivables do not carry any interest and are short term in nature and are accordingly stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. (o) Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (p) Dividends payable All dividends are recognised in the period in which they are approved by shareholders. (q) Bank borrowings All bank loans are initially recognised at cost, being the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any discount or premium on settlement. Interest costs on property loans attributable to investment properties are charged to the Income Statement as incurred. Interest costs on property loans attributable to development properties and to current assets are capitalised. (r) Convertible loan notes Convertible loan notes issued by the Group are regarded as compound instruments, consisting of a liability component and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market rate for similar non-convertible debt. The difference between the proceeds of the issue of the convertible loan notes and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity. Issue costs are apportioned between the liability and equity components of the convertible loan notes based on their relative carrying amounts at the date of issue. The portion relating to the equity component is charged directly against equity. The interest expense on the liability component is calculated by applying the prevailing market interest rate for similar non-convertible debt to the liability component of the instrument. The difference between this amount and the interest paid is added to the carrying amount of the convertible loan note. (s) Trade and other payables Other payables are not interest-bearing and are stated at their nominal value. (t) Capital reserves Capital Reserve - Realised. The following are accounted for in this reserve: - gains and losses on the realisation of securities and property investments. - realised exchange differences of a capital nature. - expenses and finance costs, together with the related taxation effect, charged to this reserve in accordance with the above policies. - realised gains and losses on transactions undertaken to hedge an exposure of a capital nature including guarantees. Capital Reserve - Unrealised. The following are accounted for in this reserve: - increases and decreases in the valuation of investments held at the period end. - unrealised exchange differences of a capital nature. - provisions charged against carrying value of investments held at the period end. - provisions for deferred taxation in respect of revalued properties. (u) Government grants Capital based government grants are capitalised and offset against the cost of the asset in the Balance Sheet with any resultant increase in the fair value of the asset being credited to capital reserves. Revenue based government grants are credited to the Income Statement in the same year as the expenditure is charged. (v) Pensions Payments to personal pension schemes for employees are charged against profits in the year in which they are incurred. (w) Share based payments The cost of granting share options and other share based remuneration to employees and directors is recognised through the Income Statement with reference to the fair value at the date of grant. In the case of options granted, fair value is measured using an option pricing model and charged over the vesting period of the options. GRESHAM HOUSE PLC INTERIM RESULTS NOTES TO THE ACCOUNTS 1 COMPARATIVE INFORMATION The financial information contained in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the half year ended 30th June 2007 and 30th June 2006 has not been audited. The information for the year ended 31st December 2006 has been extracted from the latest published audited financial statements. The audited financial statements for the year ended 31st December 2006 have been filed with the Registrar of Companies. The report of the auditors on those financial statements contained no qualification or statement under section 237(2) or (3) of the Companies Act 1985. 2 EARNINGS PER SHARE Basic return The Basic earnings per share figure is based on the net gain attributable to equity holders of the parent for the half year of £1,993,000 (half year ended 30th June 2006: £1,858,000; year ended 31st December 2006: £6,422,000) and on 4,876,880 (half year ended 30th June 2006: 4,873,880; year ended 31st December 2006: 4,874,587) ordinary shares, being the weighted average number of ordinary shares in issue during the period. Diluted return The Diluted earnings per share figure is based on the net gain attributable to equity holders of the parent for the half year of £1,993,000 (half year ended 30th June 2006: £1,858,000; year ended 31st December 2006: £6,422,000) and on 4,894,356 (half year ended 30th June 2006: 4,882,556; year ended 31st December 2006: 4,887,061) ordinary shares, being the weighted average number of ordinary shares in issue during the period together with 17,476 (half year ended 30th June 2006: 8,676; year ended 31st December 2006: 12,474) shares deemed to been issued at nil consideration as a result of options granted. The earnings per ordinary share figures detailed above can be further analysed between revenue and capital as follows:- Half year Half year ended 30 ended 30 Year ended 31 June 2007 June 2006 December 2006 £'000 £'000 £'000 Net revenue profit attributable to equity holders of the parent (251) 209 669 Net capital profit attributable to equity holders of the parent 2,244 1,649 5,753 ------- ------- ------- Net total profit 1,993 1,858 6,422 ======= ======= ======= Weighted average number of ordinary shares in issue during the period Basic 4,876,880 4,873,880 4,874,587 Diluted 4,894,356 4,882,556 4,887,061 Basic earnings per share Pence Pence Pence Revenue (5.1) 4.3 13.7 Capital 46.0 33.8 118.0 ------- ------- ------- Total basic earnings per share 40.9 38.1 131.7 ======= ======= ======= Diluted earnings per share Pence Pence Pence Revenue (5.1) 4.3 13.7 Capital 45.8 33.8 117.7 ------- ------- ------- Total diluted earnings per share 40.7 38.1 131.4 ======= ======= ======= 3 DIVIDENDS Half year Half year ended 30 ended 30 Year ended 31 June 2007 June 2006 December 2006 £'000 £'000 £'000 Amounts recognised as distributions to equity holders in the period: Final dividend for the year ended 31st December 2006 of 6p (2005: 5p) per share 293 244 244 ======= ======= ======= 4 ORDINARY SHARE CAPITAL Half year Half year ended 30 ended 30 Year ended 31 June 2007 June 2006 December 2006 Share capital £'000 £'000 £'000 Authorised: £4,750,000 (30th June 2006 & 31st December 2006: £4,750,000) Allotted: Ordinary - 4,876,880 (30th June 2006:4,873,880, 31st December 2006: 4,876,880) fully paid shares of 25p each 1,219 1,218 1,219 ======= ======= ======= 5 NET ASSET VALUE PER SHARE Basic Basic net asset value per ordinary share is based on Equity attributable to equity shareholders at each respective period end and on 4,876,880 (half year ended 30th June 2006: 4,873,880; year ended 31st December 2006: 4,876,880) ordinary shares being the number of ordinary shares in issue at the period end. Diluted Diluted net asset value per ordinary share is based on Equity attributable to equity shareholders at each respective period end and on 4,894,356 (half year ended 30th June 2006: 4,882,556; year ended 31st December 2006: 4,889,354) ordinary shares. The number of shares is based upon the number of shares in issue at the period end together with those number of shares deemed to have been issued at nil consideration as a result of options granted. 6 SEGMENTAL REPORTING Property Other Investment Investment Activities Consolidated £'000 £'000 £'000 £'000 Half year ended 30th June 2007 Revenue 145 1,061 - 1,206 ======== ======== ======== ======== Result 2,146 635 - 2,781 ======== ======== ======== Unallocated corporate expenses (669) -------- Operating profit 2,112 Interest expense (466) Interest income 63 -------- Profit before taxation 1,709 ======== Half year ended 30th June 2006 Revenue 279 1,270 - 1,549 ======== ======== ======== ======== Result 1,629 1,560 - 3,189 ======== ======== ======== Unallocated corporate expenses (930) -------- Operating profit 2,259 Interest expense (576) Interest income 61 -------- Profit before taxation 1,744 ======== Year ended 31st December 2006 Revenue 369 2,751 - 3,120 ======== ======== ======== ======== Result 1,561 7,628 - 9,189 ======== ======== ======== Unallocated corporate expenses (928) -------- Operating profit 8,261 Interest expense (1,213) Interest income 166 -------- Profit before taxation 7,214 ======== All revenue is derived from operations within the United Kingdom.

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