Interim Results

Melrose PLC 20 July 2004 For Immediate Release 20 July 2004 Melrose PLC Unaudited Interim Results for the six months ended 30 June 2004 Melrose PLC ("Melrose" or "the Company") announces its interim results for the six months ended 30 June 2004. Highlights : • Net cash of £12.6 million (£12.8 million 31 December 2003) • Retained loss for the six months of £204,000 • On outlook, Chairman, Christopher Miller, said "Since our flotation we have been busy considering a number of potential acquisition opportunities both in the public and private markets. Whilst a number of these have been of interest they have not met our criteria. We intend to remain patient in the confident belief that current and expected market conditions will provide an excellent opportunity before too long." CHAIRMAN'S STATEMENT RESULTS These results are for the six month period to 30 June 2004. Turnover for the period was nil and will remain so until an acquisition is completed. The loss before interest and tax was £440,000 which comprised administrative expenses. Interest income for the period was £236,000 resulting in a loss before and after tax of £204,000 and a loss per share of 1.6 pence. As at 30 June 2004, the Company's cash balances amounted to £12.6 million. MELROSE Melrose was floated on AIM in October 2003 with the intention of acquiring companies or businesses whose operational performance can be improved for the benefit of shareholders. It is likely that a target will have a good market share and will be capable of generating sustainable cash flow and profit growth. Melrose intends to focus primarily on manufacturing and industrial related sectors. DIVIDENDS As previously stated in the Prospectus the Directors do not intend to pay a dividend until the completion of a significant acquisition. Following such an acquisition the Directors will determine an appropriate dividend policy. OUTLOOK Since our flotation we have been busy considering a number of potential acquisition opportunities both in the public and private markets. Whilst a number of these have been of interest they have not met our criteria. We intend to remain patient in the confident belief that current and expected market conditions will provide an excellent opportunity before too long. Enquiries: Janakie Mallawa-Arachi M: Communications 020 7153 1530 Melrose PLC Period Unaudited Profit and Loss Account From 6 Months 13th May for the 6 months ended 30th June 2004 Ended 2003 to 30th June 31st December 2004 2003 Unaudited Audited Notes £'000 £'000 Turnover 0 0 Cost of sales 0 0 --------- ----------- Gross profit 0 0 Administrative expenses 440 207 --------- ----------- Operating loss -440 -207 Interest payable 0 0 Interest receivable 236 74 --------- ----------- Loss on ordinary activities before and after taxation -204 -133 Dividends on equity shares 2 0 0 --------- ----------- Retained loss for the period -204 -133 --------- ----------- Loss per share Basic (1.6p) (1.0p) Diluted (1.6p) (1.0p) Melrose PLC Unaudited Balance Sheet 30th June 31st December at 30th June 2004 2004 2003 Unaudited Audited £'000 £'000 Current Assets Debtors: amounts falling due within one year 24 53 Cash at bank 12622 12787 -------------- ------------- 12646 12840 Creditors Amounts falling due within one year 91 81 -------------- ------------- Net Current assets 12555 12759 -------------- ------------- -------------- ------------- Net assets 12555 12759 -------------- ------------- Capital and Reserves Called up share capital 63 63 Share premium 12829 12829 Profit and loss account -337 -133 -------------- ------------- Equity shareholders' funds 12555 12759 -------------- ------------- Melrose PLC Unaudited Statement of Cashflows Period From for the 6 months ended 30th June 2004 6 Months 13th May Ended 2003 to 30th June 31st December 2004 2003 Unaudited Audited Notes £'000 £'000 Net cash outflow from operating activities 3 -430 -179 Finance income Interest received 265 74 ---------- ---------- Net cash outflow before financing -165 -105 Financing Net proceeds of ordinary shares issued 0 12892 ---------- ---------- (Decrease)/Increase In Cash -165 12787 ---------- ---------- Melrose PLC Notes 1) Basis of preparation The Interim report comprises the unaudited results for the 6 months ended 30th June 2004 and the audited results for the period from incorporation on 13th May 2003 to 31st December 2003. The Interim report has been prepared by the directors under the historical cost convention and on a basis consistent with applicable United Kingdom accounting standards. The Interim report has been prepared on the basis of the accounting policies set out in the company's statutory accounts for the period ended 31st December 2003. The Interim report for the 6 months ended 30th June 2004 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The results for the period ended 31st December 2003 were extracted from the full accounts for Melrose PLC for the period ended 31st December 2003, which have been filed with the Registrar of Companies. The auditors' report contained therein, was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The results for the period to 30th June 2003 are nil as this was prior to the float. Comparitives are only included for the period ended 31st December 2003. 2) Dividends As stated in the placement Prospectus the Directors do not intend to pay a dividend until the completion of a significant acquisition. Following such an acquisition the Directors will determine an appropriate dividend policy. 3) Note to the statement of cash flows Reconciliation of operating loss to net cash outflow from operating activities Period From 6 Months 13th May Ended 2003 to 30th June 31st December 2004 2003 Unaudited Audited £'000 £'000 Operating loss -440 -207 Decrease /(Increase in debtors) 1 -53 Increase in creditors 9 81 ------------- ------------- Net cash outflow from operating activities -430 -179 ------------- ------------- 4) Shares in Issue At 31st December 2003 and 30th June 2004 there were 13120000 ordinary shares of 0.1p in issue. This information is provided by RNS The company news service from the London Stock Exchange

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