Interim Results

Capitaltech PLC
27 February 2001


CapitalTech plc
Half-Yearly Report
6 months to 31 October 2000




HALF YEAR TO 31 OCTOBER 2000

We are pleased to report that during the half year to 31 October 2000, we made
good progress towards our aim of building a solid asset base.



First, our balance sheet shows our net asset value increased in the half year
by £7m from the £11.3m at 30 April 2000 to £18.3m at 31 October 2000.  This
increase of 61% in our net assets is principally due to the acquisition in
exchange for shares in September 2000 of three residential property unit
trusts which brought in net assets of £9.1m .

Second, we have had regard to advices from new property managers appointed in
October and to the stock market's continuing lack of appetite for new
technology  investment.

We have carried out a programme of repair and refurbishment and accelerated
depreciation of furnishings of the property portfolios acquired in the
previous year to bring them up to standard.    We have written all of these
costs through profit and loss account amounting to around £500,000.

We have, with our new property managers, examined the rents receivable on
portfolios acquired and provided some £200,000 against non-recovery of
outstanding rents.

We are considering the possibility of seeking recovery in respect of the
foregoing matters.

Additionally,in respect of the unit trust properties acquired in the current
year, repair requirements have been reflected in the directors' assessment of
the condition, and fair value, of these properties.

We also worked towards enhancing the composition of our increased asset base
by rationalising it through sales of poorer performing or lower yielding
properties.

Disposals of some £5m of low yielding property have, after deducting costs,
realised £279,000 less than carrying value, which is generally April 2000
revaluation.  However, £247,000 of previous valuation surpluses was realised
in the period meaning that in reality these properties, after costs of sale,
realised very close to effective acquisition cost.

We have considered carefully the ongoing carrying value of certain
non-property investments.  During the half year we restricted further
investment diversification to property related and traditional businesses.

The result of all this activity is that the profit and loss account shows a
loss for the half year of £1,942,000.

We regarded the debt, particularly because of that taken on in the course of
making opportunistic acquisitions late in the previous financial year, as
higher than we are happy with long term relative to net assets.  We plan to
reduce debt, and hence the interest payable, further.  In addition to routine
sales, similar to those in the half year, we are currently hoping to sell as
portfolios some £15m of property and have granted options allowing a new
proposed fund to acquire up to a further £11m of properties from us.

Of our net current liabilities of £12.9m, £11.9m was well secured property
lending which is normally taken as medium term debt.  The repayment profile,
and extent, of this lending is being discussed with our bankers in the context
of the prospective sales referred to above.

The net asset value per ordinary share at 31 October 2000 was 31.3p.





Robert F M Adair

Chairman





27 February 2001

                                                 6             6             12
                                            months        months         months
                                                to            to             to

                                         31-Oct-00     31-Oct-99      30-Apr-00 
                                              £000          £000           £000
                                              
TURNOVER
Continuing operations                        1,646         1,845          3,869
Acquisitions                                   305             -              -
                                             1,951         1,845          3,869

OPERATING (LOSS)/PROFIT
Continuing operations:
Trading (loss)/profit                        (358)           605          1,056
Goodwill - amortisation                       (44)           (6)           (51)
         - impairment losses                     -             -          (144)
Acquisitions:
Trading profit                                 165             -              -
Goodwill amortisation                          (1)             -              -

GROUP OPERATING (LOSS)/PROFIT                (238)           599            861
Share of operating loss on joint venture         -          (39)           (35)

TOTAL OPERATING (LOSS)/PROFIT                (238)           560            826

Continuing operations:
(Write down)/net write back of provision     (202)             -             21
for unlisted investments
Gain on disposal of other fixed asset            -             -            119
investment
(Loss)/gain on disposal of investment        (279)             1          (846)
properties
Negative goodwill release                       52            78          1,234

Other income                                   286             -              -

Loan stock redeemed below par                    -             -            303
Net interest payable                       (1,561)         (506)        (1,642)

(LOSS)/PROFIT ON ORDINARY ACTIVITIES       (1,942)           133             15
BEFORE TAX
Taxation                                         -             -            176

(LOSS)/PROFIT ATTRIBUTABLE TO MEMBERS OF   (1,942)           133            191
PARENT COmpany
Preference share dividend                      (1)           (5)           (16)
Proposed ordinary dividend                       -             -          (145)

RESULT FOR PERIOD                          (1,943)           128             30
(Loss)/earnings per share - basic and      (4.93p)         3.35p          1.69p
diluted




                                          31-Oct-00     31-Oct-99     30-Apr-00

                                               £000          £000          £000
FIXED ASSETS
Intangible assets
      Positive goodwill                         444           216           440
      Negative goodwill                       (360)       (1,244)         (355)
                                                 84       (1,028)            85
Tangible assets
Investment properties                        67,043        15,895        46,996
Other                                            69           186            80
                                             67,112        16,081        47,076

Investments
Joint venture - share of gross assets            48            91            48
              - share of gross liabilities      (36)          (79)          (36)
                                                 12            12            12
Other                                         1,046           101           440
                                              1,058           113           452
                                             68,254        15,166        47,613

CURRENT ASSETS
Debtors                                       1,591         1,441         2,990
Cash at bank and in hand                        835           353           979
                                              2,426         1,794         3,969

CREDITORS:  amounts falling due within one
year
Borrowings                                   12,376           828         5,770
Other creditors                               2,972         1,035         2,204
                                             15,348         1,863         7,974

NET CURRENT liabilities                     (12,922)          (69)       (4,005)

TOTAL ASSETS LESS CURRENT LIABILITIES        55,332        15,097        43,608

CREDITORS:  amounts falling due after more  (37,072)      (14,997)      (32,291)
than one year
                                             18,260           100        11,317

CAPITAL AND RESERVES
Called up share capital                       1,909           228           775
Deferred consideration                          193           193           193
Share premium account                         8,631           653           698
Revaluation reserve - investment properties   1,747           320         1,994

                                 -  other        97             -            97
Capital redemption reserve                       30             -             9
Merger reserve                                9,100           858         9,282
Preference dividend reserve                       -            22             -
Profit and loss account                     (3,447)       (2,174)       (1,731)

                                             18,260           100        11,317





                                                 6             6             12
                                            months        months         months
                                                to            to             to

                                         31-Oct-00     31-Oct-99      30-Apr-00 
                                              £000          £000           £000

(Loss)/profit attributable to members       (1,942)          133            191
of the parent company
Unrealised surplus on revaluation of             -           320          1,994
properties
Unrealised surplus on revaluation of             -             -             97
unlisted investments

Total recognised gains and losses           (1,942)          453          2,282
relating to period









GROUP RECONCILIATION OF SHAREHOLDERS' FUNDS
                                        6 months       6 months       12 months
                                              to             to              to

                                       31-Oct-00      31-Oct-99       30-Apr-00

                                            £000           £000            £000
Total recognised gains and losses        (1,942)            453           2,282
Preference share dividend                    (1)              -            (16)
Proposed ordinary share dividend               -              -           (145)
New ordinary shares issued                   503            865             584
Share premium arising on new ordinary      8,584              -              45
shares issued
Merger reserve arising on new ordinary         -              -           9,832
shares issued
Fair value adjustment to merger reserve    (181)              -               -
Redemption of preference share capital      (20)              -            (30)
Release of preference dividend reserve         -              -            (17)

Total movements during the year            6,943          1,318          12,535
Opening shareholders' funds               11,317        (1,218)         (1,218)
Closing shareholders' funds               18,260            100          11,317






BASIS OF PREPARATION


The interim financial statements are unaudited and do not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985.  These
statements have been prepared on the basis of the accounting policies set out
in the Group's 2000 Annual Report and Accounts and were approved by the board
of directors on 27 February 2001.  Financial statements for the year ended 30
April 2000 are abridged statements; full accounts with an unqualified audit
report have been lodged with the Registrar of Companies.



(LOSS)/EARNINGS PER ORDINARY SHARE

The calculation of basic and diluted (loss)/earnings per ordinary share is
based on the following:


                                       6 months        6 months       12 months
                                             to              to              to

                                      31-Oct-00       31-Oct-99       30-Apr-00

                                           £000            £000            £000
(Deficit)/profit                        (1,942)             133             191
Preference dividend                         (1)             (5)            (16)
                                        (1,943)             128             175
The weighted average number of
ordinary shares

in issue during the period:
Basic                               39,447,227        3,825,512      10,361,954
Dilutive potential ordinary shares           -              120               -
arising from

share option schemes
                                    39,447,227        3,825,632      10,361,954








HALF-YEARLY REPORT

The half-yearly report will be posted to shareholders on or about 27 February
2001 and copies will be available from the Company Secretary, CapitalTech plc,
James Sellars House, 144 West George Street, Glasgow, G2 2HG.


INDEPENDENT REVIEW REPORT TO CAPITALTECH PLC

Introduction

We have been instructed by the company to review the financial information set
out on pages 3 to 6 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board.  A review consists principally of
making enquiries of  management and applying analytical procedures to the
financial information and underlying financial data and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed.  A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions.  It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit.  Accordingly we do not express an audit opinion on
the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 October 2000.



Ernst & Young

Glasgow

27 February 2001

END