Final Results

White Knight Investments PLC
26 September 2003

                          WHITE KNIGHT INVESTMENTS PLC

                    RESULTS FOR THE YEAR ENDED 31 MARCH 2003


                                EXECUTIVE REVIEW



The directors report that for the year ended 31 March 2003 the company returned
a loss of £62,067 compared with a loss in the previous period of £65,593.  The
board have now written off all the investments previously made in the TMT
sector.  The year ended 31 March 2003 has continued to be a period of
retrenchment for the company.

Since the directors last reported to shareholders, the company has been
evaluating a number of potentially rewarding transactions which could result in
the restoration of significant value to shareholders.  After canvassing most of
the larger shareholders in the company, the board considered that an 'impact
deal' should be found in preference to a more modest transaction in order that
the company's shares could more quickly appreciate in the better stock market
environment of late.

Of the various industries analysed, it is considered that the mining and natural
resource sector of the market offers the best opportunity for the above
aspirations to be fulfilled.  As three of the existing directors are on the
board of other mining investment companies currently listed on the AIM market,
the board has the expertise to continue the redirection of the company's
activities into this sector.

The board is hopeful of reporting on a corporate transaction in the near future.





                            PROFIT AND LOSS ACCOUNT
                           Year ended  31 March 2003

                                                                            2003                    2002
                                                                              £                       £

Administrative expenses - (operating loss)                                (80,492)                (87,738)

Gain/(loss) on disposal of fixed asset investments                          3,246                    (5)
                                                                          ---------               ---------
                                                                          (77,246)                (87,743)

Interest receivable                                                        15,179                  24,150

                                                                          ---------               ---------
Loss on ordinary activities before taxation                               (62,067)                (63,593)

Tax on loss on ordinary activities                                            -                       -
                                                                          ---------               ---------
Loss for the financial year                                               (62,067)                (63,593)
                                                                           ======                  ======

Loss per ordinary share - basic                                            (0.05p)                 (0.05p)


There were no recognised gains or losses other than the loss for the period.





                       BALANCE SHEET AS AT 31 MARCH 2003


                                                                       2003                          2002
                                                         £              £              £              £
FIXED ASSETS
Investments                                                           29,201                        29,205


CURRENT ASSETS
Debtors                                                1,000                           -
Cash at bank                                          570,644                       651,551
                                                    -----------                   -----------
                                                      571,644                       651,551

                                                      (28,974)                      (46,818)
                                                    -----------                   -----------
Creditors:  amounts falling due within one year                      542,670                       604,733
                                                                   -----------                   -----------
Total assets less current liabilities                                571,871                       633,938
                                                                      ======                        ======
CAPITAL AND RESERVES
Share capital                                                       1,300,000                     1,300,000
Share premium account                                               1,526,155                     1,526,155
Profit and loss account                                            (2,254,284)                   (2,192,217)
                                                                  --------------                --------------
Shareholders' funds                                                  571,871                       633,938
                                                                     =======                       =======





                              CASH FLOW STATEMENT
                            Year ended 31 March 2003

                                                                        2003                       2002
                                                                         £                          £

Net cash outflow from operating activities                            (99,336)                  (102,575)

Returns on investments and servicing of finance                        15,179                     24,150

Capital expenditure and financial investment                           3,250                     (29,201)
                                                                     ----------                ------------
(Decrease)  in cash                                                   (80,907)                  (107,626)
                                                                       ======                    ========




                                     NOTES


1    Accounting policies

The financial statements are prepared under the historical
convention and in accordance with applicable accounting standards.


2    Earnings per ordinary share

The calculation of earnings per ordinary share is based on losses of £62,067
(2002: £63,593) and on 130,000,000 ordinary shares (2002: 130,000,000), being
the adjusted weighted average number of ordinary shares in issue during the
year.  The options in issue are anti-dilutive.


3   Financial Information

The financial information set out in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985.  The
figures for the year ended 31 March 2003 have been extracted from the statutory
financial statements which have not been filed with the Registrar of Companies.
The auditors' report on those financial statements was unqualified and did not
contain a statement under Section 237(2) of the Companies Act 1985.




Contact:

Nathan Steinberg, Finance Director  020 7409 3500


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