Interim Results

Comland Commercial PLC
18 December 2000


COMLAND COMMERCIAL PLC
INTERIM  RESULTS  FOR THE SIX MONTHS ENDED  30  SEPTEMBER
2000

CHAIRMAN'S STATEMENT

In the six months under review, the turnover of the Group
was  nil  (six  months ended 30 September 1999  -  £Nil).
Other  operating income was £1,066,000 (six months  ended
30  September 1999 - £832,000) and the loss after tax was
£133,000  (six months ended 30 September 1999  -  loss  -
£20,000).  No dividend will be payable.

ACQUISITIONS

In the first six months of this year we have not acquired
any new sites.

DEVELOPMENTS

In  June 2000 we commenced the construction of 30,000 sq.
ft.  of  offices in three buildings at our  Mercury  Park
development in Wooburn Green. We have secured  a  pre-let
on  one of the buildings. There is interest in the  other
two buildings but as yet they remain unlet.

We  are  currently  seeking to obtain  detailed  planning
permission  for  the fourth phase of 52,000  sq.  ft.  of
offices.  We  plan to start construction  of  the  fourth
phase  in  the  first quarter of next  year,  subject  to
letting the two remaining buildings.

THE FUTURE

It  would appear that interest rates have stopped  rising
and  that  the  next  movement could well  be  downwards.
Commercial  developments remain  highly  speculative  but
rewarding when suitable tenants are found. We continue to
search  for  pre-lets  but there is  a  strong  catch  22
influence  since most tenant requirements are  relatively
urgent  and  therefore to let them you must  first  build
them.

We operate in times of great change and swings in fortune
and we intend to maintain a tight grip on gearing.


S. J. Crossley
18 DECEMBER 2000


COMLAND COMMERCIAL PLC
INTERIM  RESULTS  FOR THE SIX MONTHS ENDED  30  SEPTEMBER
2000


Consolidated Profit and Loss Account

                              Six       Six      Year
                           months    months     ended
                         ended 30  ended 30  31 March
                        September September      2000
                             2000      1999  (Audited)
                      (Unaudited) (Unaudited)     
                            £'000     £'000     £'000
                                                     
                                                     
 TURNOVER                       -         -         -
                        --------- --------- ---------
 GROSS PROFIT                   -         -         -
                                                     
 Administrative costs       (569)     (412)     (937)
 Other operating            1,066       832     1,854
 income
                        --------- --------- ---------
 OPERATING PROFIT             497       420       917
                                                     
 Loss on disposal of                                 
 fixed assets                 (6)         -         -
 Interest                   (624)     (440)     (903)
                        --------- --------- ---------
 (LOSS)/PROFIT ON                                    
 ORDINARY ACTIVITIES        (133)      (20)        14
 BEFORE TAXATION
                                                     
 Taxation                       -         -       100
                        --------- --------- ---------
 (LOSS)/PROFIT ON                                    
 ORDINARY ACTIVITIES        (133)      (20)       114
 AFTER TAXATION
                                                     
 Dividend                       -         -         -
                                                     
 (LOSS)/PROFIT FOR THE                               
 PERIOD                     (133)      (20)       114
                        ========= ========= =========
                                                     
 (Loss)/earnings per       (3.6p)    (0.5p)      2.9p
 share
                        ========= ========= =========
 Dividend per share             -         -         -
                        ========= ========= =========
                                                     

The  Group  has no recognised gains or losses other  than
the profit or loss for the period.
COMLAND COMMERCIAL PLC
INTERIM  RESULTS  FOR THE SIX MONTHS ENDED  30  SEPTEMBER
2000


Consolidated Balance Sheet

                             As at      As at       As at
                                30         30    31 March
                         September  September        2000
                              2000       1999   (Audited)
                        (Unaudited) (Unaudited)                                 
                            £'000        £'000     £'000 
                                                         
 FIXED ASSETS                                            
 Tangible                      202        281         265
                         ---------  ---------   ---------
                                                         
 CURRENT ASSETS                                          
 Stock                      21,513     18,872      21,092
 Debtors                       897        579         785
 Cash at bank and in           883         83         328
 hand
                         ---------  ---------   ---------
                            23,293     19,534      22,205
                                                         
 CREDITORS: Amounts                                      
 falling due within                                      
 one year                  (4,779)    (8,406)    (13,442)
                         ---------  ---------   ---------
 NET CURRENT ASSETS         18,514     11,128       8,763
                                                         
 TOTAL ASSETS LESS                                       
 CURRENT LIABILITIES        18,716     11,409       9,028
                                                         
 CREDITORS: Amounts                                      
 falling due after                                       
 more than one year       (14,240)    (6,766)     (4,360)
                         ---------  ---------   ---------
 NET ASSETS                  4,476      4,643       4,668
                         =========  =========   =========
                                                         
 CAPITAL AND RESERVES                                    
 Called-up share               371        389         376
 capital
 Capital redemption                                      
 reserve                        25          7          20
 Profit and loss             4,080      4,247       4,272
 account
                         ---------  ---------   ---------
 EQUITY SHAREHOLDERS'                                    
 FUNDS                       4,476      4,643       4,668
                         =========  =========   =========
                                                         

COMLAND COMMERCIAL PLC
INTERIM  RESULTS  FOR THE SIX MONTHS ENDED  30  SEPTEMBER
2000


Consolidated Cash flow Statement

                        Six months Six months      Year
                             ended      ended     ended
                                30         30  31 March
                         September  September      2000
                              2000       1999 (Audited)
                        (Unaudited) (Unaudited)     
                             £'000      £'000    £'000
                                                       
 Net cash                                              
 inflow/(outflow) from         31     (3,635)   (5,510)
 operating activities
                                                       
 Return on investment                                  
 and servicing of
 finance
 Interest paid               (623)      (440)     (903)
                                                       
 UK Corporation Tax           (24)          -     (243)
                                                       
 Capital expenditure                                   
 and financial                 26       (201)     (223)
 investment
                         ---------  --------- ---------
 Net cash outflow                                      
 before financing            (590)    (4,276)   (6,879)
                                                       
 Financing                   6,001      (275)       596
                         ---------  --------- ---------
 Increase/(decrease)                                   
 in cash in the period       5,411    (4,551)   (6,283)
                         =========  ========= =========
                                                       

Notes:

  1.   The accounting policies adopted are consistent with
     those in the most recently published set of financial
     statements dated 31 March 2000.

  2.    The above information does not comprise statutory
     accounts within the meaning of the Companies Act 1985.
     Financial information in respect of the year end 31 March
     2000 has been extracted from the Statutory accounts which
     have been delivered to the Registrar of Companies; the
     auditors' opinion on these accounts was unqualified and
     did not contain any statement under section 237 of the
     Companies Act 1985.

  3.    No  interim dividend will be payable (six  months
     ended 30 September 1999 - nil).

  4.    Loss  per  share  has  been calculated  based  on
     3,727,319 ordinary shares in issue during the period to
     30 September 2000 (3,890,696 ordinary shares during the
     period 30 September 1999).

  5.    Copies  of  the interim report will  be  sent  to
     shareholders shortly.  Further copies of the interim
     report will be available from the Company's registered
     office:  35 Wycombe End, Beaconsfield, Bucks, HP9 1LZ.