Interim Results

Judges Capital PLC
28 September 2004

Judges Capital plc



Interim results for the six months ended 30 June 2004



Chairman's Statement



I am pleased to report the results of your Company for the six months ended 30
June 2004.



The Company approximately broke even with a loss before and after taxation of
£2,000 (2003: £45,000 loss).



We have continued to build up our portfolio with caution in view of the
continuing buoyancy of the small company quoted sector.  Most of our investment
activity has involved the selective build up of existing positions in portfolio
companies, taking advantage of temporary weaknesses in share prices and the
modest use of contracts for difference to conserve Company cash resources; as a
result cash reserves amounted to £616,000 at the end of the period, although the
Company was close to being fully invested.



Principal developments during the period



  • We increased our holding in Interior Services Group ('ISG') from 1.1% to
    2.3% through the use of contracts for difference.  Together with
    co-investors, we control 3.1% of ISG.

  • We increased our shareholding in Pilkington's Tiles ('Pilkington') to 3.1%
    after the company announced the sale of its operating business.  David
    Cicurel joined Pilkington's board and the company recently announced that it
    is seeking an offer for the company to maximise shareholder value.

  • We used contracts for difference to acquire a 1.7% stake in a cash rich
    company.

  • We received £412K from the liquidator of Lionheart, crystallising a £44K
    profit.  The last dividend is expected before the end of the calendar year.



Our main focus will now be on the organisation of appropriate exits from our
existing portfolio of investments and on identifying a transaction capable of
increasing our size and enhancing shareholder value.



Thank you for your continued support.



The Hon. Alexander Robert Hambro

Chairman




Judges Capital plc
Profit and loss account for the six months ended 30 June 2004


                                        Six months ended             33 weeks ended              59 weeks ended
                                        30 June 2004                 30 June 2003                31 December 2003
                                       (unaudited)                  (unaudited)                  (audited)
                                        £000                         £000                         £000

Administrative expenses                 (84)                         (96)                        (205)

Operating loss                          (84)                         (96)                        (205)

Profit on disposal of investments        44                           30                           30
Investment income                        24                           -                            15
Other interest receivable                14                           21                           34

Loss on ordinary activities before                                   
taxation                                (2)                          (45)                        (126)

Tax on loss on ordinary activities       -                             -                            -

Loss on ordinary activities after                                    
taxation                                (2)                          (45)                        (126)

Loss per ordinary share                 (0.1p)                       (2.2p)                       (6.7p)





Judges Capital plc
Balance Sheet at 30 June 2004

                                                           30 June         30 June            31 December
                                                           2004            2003               2003
                                                Notes     (unaudited)      (unaudited)        (audited)
                                                           £000             £000               £000

Current assets
      Investments                                   1      1,584           901                1,007
      Debtors                                              27              39                 19
      Cash at bank and in hand                             616             856                704

                                                           2,227           1,796              1,730

Creditors: amounts falling due within
one year                                                   (541)           (28)               (43)

Total assets less current liabilities                      1,686           1,768              1,687

Capital and reserves
      Called up share capital                       2      118             118                118
      Share premium account                         3      1,695           1,695              1,695
      Retained loss                                        (128)           (45)               (126)

      Shareholders' funds                                  1,685           1,768              1,687


      Equity shareholders' funds                           1,672           1,755              1,674
      Non-equity shareholders' funds                       13              13                 13

                                                           1,685           1,768              1,687






Judges Capital plc
Cashflow statement for the six months ended
30 June 2004


                                    Note   Six months ended      33 weeks ended       59 weeks ended
                                           30 June 2004          30 June 2003         31 December 2003
                                           (unaudited)           (unaudited)          (audited)
                                            £000                  £000                 £000

Net cash outflow from operating        4
activities                                 (75)                  (107)                 (167)

Return on investments
Interest received                           14                    21                    34
Dividends received                          24                    -                     -
                                            38                    21                    34
Capital expenditure and financial
investment
Purchase of investments                     (945)                 (934)                 (1,039)
Sale of investments                         368                   63                    63
                                            (577)                 (871)                 (976)

Net cash outflow before management
of liquid resources and financing           (614)                 (957)                 (1,109)

Financing
Issue of ordinary share capital             -                     1,813                 1,813
Finance of CFD                              526                   -                     -

(Decrease)/Increase in cash in the    5/6   (88)                  856                   704
period




Judges Capital plc
Notes to the accounts



1.        Investments


                                         Historical                 Period end value
                                         cost
                                                       Stock market    Directors'      Total
                                                       valuation       valuation
                                         £000          £000            £000            £000
Unquoted investments                     -             -               21              21
Quoted investments                       1,584         1,579           -               1,579
                                         1,584         1,579           21              1,600



2.        Share capital


                                                              At 30 June 2003
                                                              and 2004
                                                              £000
Authorised:
10,000,000 ordinary shares of 5p each                         500
5,000,000 convertible redeemable shares of 1p each            50
                                                              550

Allotted and called up:
2,106,356 ordinary shares of 5p each, fully paid              105
5,000,000 convertible redeemable shares @1p 1/4 paid          13
                                                              118




3.        Share premium account


                                                               At 30 June 2003
                                                               and 2004
                                                               £000

Balance                                                        1,695






4.        Reconciliation of operating profit to net cash outflow from operating
activities


                                                               £000
Operating loss                                                (84)
Increase in debtors                                           (8)
Decrease in creditors within one year                         (27)
Profit on disposal of investments                             44

                                                              (75)





5.        Analysis of net funds


                          B/fwd           Cashflow        Other non-         30 June 2004
                                                          cash changes
                          £000            £000            £000               £000
Net cash:
Cash at bank and in hand  704             (88)            -                  616
Finance of Contract for   -               -               (526)              (526)
Difference

Net funds                 704             (88)            (526)              90





6.        Reconciliation of net cashflow to movement in net funds


                                                                           £000

Decrease in cash in the period                                             (88)

Movement in net funds in the period                                        (88)

Opening net funds                                                          704

Closing net funds                                                          616



7.        Basis of accounts



The financial information for the period to 30 June 2004 is unaudited and has
been prepared on the basis of the Company's adopted accounting policies. This
financial information, together with the comparative information, does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.



The financial information for the 59 weeks ended 31 December 2003 has been
extracted from the statutory accounts to that date which have been reported on
by the company's auditors and delivered to the Registrar of Companies. The
auditors' report was unqualified and did not contain a statement under section
237(2) or (3) of the Companies Act 1985.



Note

Copies of the interim report are available from the registered office of the
Company at 1 Bickenhall Mansions, Bickenhall Street, Marylebone, London W1U 6BP.


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