Interim Results - 6 Months to 30 September 1999

Comland Commercial PLC
23 December 1999

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
1999

CHAIRMAN'S STATEMENT

In the six months under review, the turnover of the Group
was  nil (six months ended 30 September 1998 - £955,000).
Other operating income was £832,000 (six months ended  30
September  1998 - £591,000) and the loss  after  tax  was
£20,000  (six months ended 30 September 1998 -  profit  -
£288,000).  No dividend will be payable.

CURRENT DEVELOPMENTS

Corporation Street, High Wycombe
The  building  is complete but remains unlet.   Marketing
has been intensified and the asking rent has been lowered
in the hope that a tenant can be secured in the New Year.

Mercury Centre, Wooburn Green
Both phases have now been completed and tenants have been
found  for  three of the four buildings;  the  fourth  is
under offer for a five year term.  Future development  is
subject to planning permission and we hope to start  work
on   phases  three  and  four  in  the  New  Year.    The
development programme will be closely monitored since the
development will be speculative in the absence of any pre-
lets.

REPURCHASE OF SHARES

I  am  aware that many of our shareholders obtained their
interest in the Company through their previous holding in
Banner Homes Group PLC.  With a Company of our size,  the
illiquidity  in the stock and the substantial  spread  in
the  share price it has become increasingly difficult for
shareholders to deal in the Company's shares.  The  Board
has  therefore decided to seek shareholders  approval  to
authorise the Company to make market purchases of its own
ordinary  shares.   This  should  give  shareholders   an
alternative  method of disposal and avoid  erratic  share
price  movement  arising  from  low  value  transactions.
Notice  of  the  Extraordinary  General  Meeting  seeking
shareholder  approval will be distributed to shareholders
with  the  interim  results.   Shareholders  wishing   to
dispose  of  their  shares will be able  to  contact  the
Company  Secretary to arrange a sale of their  shares  to
the  Company through the market and avoid the  spread  in
the share price.

THE FUTURE

Land prices have risen considerably in the last 12 months
and  it  is  difficult  to see a  profit  in  development
without anticipating substantial inflation in rents.   We
shall  continue  to  work hard on the management  of  our
existing  developments, improving the  accommodation  and
service we provide for our existing tenants.


COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
1999

Consolidated Profit and Loss Account
                            
                        Notes   Six months  Six months
                                     ended       ended
                                        30          30
                                 September   September
                                      1999        1998
                               (Unaudited) (Unaudited)
                                     £'000       £'000
                                                      
TURNOVER                                 -         955
                                ----------  ----------
GROSS PROFIT                             -         302
                                                      
Administrative costs                 (412)       (137)
Other operating income                 832         591
Other operating                          -        (10)
expenses
                                ----------  ----------
Operating Profit                       420         746
                                                      
Exceptional item                         -        (10)
Interest                             (440)       (323)
                                ----------  ----------
Profit/(Loss) on                                      
ordinary activities                   (20)         413
before taxation
                                                      
Taxation                                 -       (125)
                                ----------  ----------
Profit/(Loss) on                                      
ordinary activities                   (20)         288
after taxation
                                                      
Dividend                3                -           -
                                                      
Retained profit/(loss)                                
for the period                        (20)         288
                                ==========  ==========
                                                      
Earnings per share      4           (0.5p)        7.4p
                                ==========  ==========
Dividend per share      3                -           -
                                ==========  ==========
                                                      

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
1999

Consolidated Balance Sheet
                            
                             Note       As at      As at
                                           30         30
                                    September  September
                                         1999       1998
                                  (Unaudited)(Unaudited)
                                        £'000      £'000
                                                        
Fixed Assets                                            
Tangible                                  281         19
                                    ---------  ---------
                                                        
Current Assets                                          
Stock                                  18,872     12,306
Debtors                                   579        227
Cash at bank and in hand                   83         44
                                    ---------  ---------
                                       19,534     12,577
                                                        
Creditors: Amounts falling                              
due within one year                   (8,406)    (2,538)
                                    ---------  ---------
Net Current Assets                     11,128     10,039
                                                        
Total assets less current                               
liabilities                            11,409     10,058
                                                        
Creditors: Amounts falling                              
due after more than one year          (6,766)    (5,588)
                                    ---------  ---------
Net Assets                              4,643      4,470
                                    =========  =========
                                                        
Capital and Reserves                                    
Called-up share capital                   389        389
Capital redemption reserve                  7          7
Profit and Loss Account                 4,247      4,074
                                    ---------  ---------
Equity shareholders' funds   5          4,643      4,470
                                    =========  =========
                                                        

COMLAND COMMERCIAL PLC
INTERIM  RESULTS  FOR THE SIX MONTHS ENDED  30  SEPTEMBER
1999

Consolidated Cashflow

                               Six months Six months
                                    ended      ended
                                       30         30
                                September  September
                                     1999       1998
                              (Unaudited)(Unaudited)
                                    £'000      £'000
                                                    
Net cash outflow from                               
operating activities              (3,635)      (652)
                                                    
Returns on investment and                           
servicing of finance
  - Interest paid                   (440)      (323)
                                                    
UK Corporation Tax                      -      (103)
                                                    
Capital expenditure and                             
financial investment                (201)         -
                               ---------- ----------
Net cash outflow before           (4,276)    (1,078)
financing
                                                    
Financing                           (275)      1,361
                               ---------- ----------
(Decrease)/Increase in cash                         
in the period                     (4,551)        283
                               ========== ==========
                                                    
Notes:

1.   The  accounting policies adopted are consistent with
     those in the most recently published set of financial
     statements dated 31 March 1999.

2.   The   summarised  financial  information  has   been
     extracted from the unaudited accounts of the Group of the
     six  months  ended  30 September  1999.   The  above
     information does not comprise statutory accounts within
     the meaning of the Companies Act 1985.

3.   No interim dividend will be payable.

4.   Earnings  per  share have been calculated  based  on
     3,890,696 ordinary shares in issue during the period to
     30 September 1999 (3,890,696 ordinary shares during the
     period 30 September 1998).

5.   The  movement in shareholders' funds is analysed  as
     follows:

                                             £'000
                                                  
     Shareholders' funds as at 1  April      4,663
     1999
     Loss for the period                      (20)
                                         ---------
                                             4,643
                                                  

6.   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.

7.   Statutory accounts for the year ended 31 March  1999
     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.