Interim Results

Comland Commercial PLC
22 December 2006


COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006

CHAIRMAN'S STATEMENT

I have pleasure in reporting to you the interim results for the six months ended
30 September 2006.

RESULTS

In the six month period to 30 September 2006 the turnover of the Group was £1.65
million (2005: £1.12 million). Included in this figure is revenue from property
disposals and the activities of The Hollywood Arms. Gross profit for the six
months to 30 September 2006 was £0.33 million (2005: gross profit £0.45
million). Other operating income, which is primarily rental income, was £3.17
million (2005: £3.12 million). Operating profit was £2.55 million (2005: £2.79
million). Pre tax profit for the six months was £2.45 million (2005: £1.19
million). No interim dividend will be paid.

DISPOSALS

On 18 August 2006 we made an announcement regarding a possible offer for the
company. These discussions terminated at the end of November 2006 and instead we
decided to sell part of our property portfolio. As separately announced today,
on 19 December 2006 we exchanged contracts on the sale of seven properties to a
subsidiary of Devonshire Investment Holdings Limited for consideration of £29.35
million, in aggregate, payable in cash on completion. The disposal of five of
these properties, Anglers Court in Marlow, Chiltern House in Marlow, 14 High
Street in Windsor, Market House in Wokingham and Fairview Industrial Estate in
High Wycombe, is due to complete on 22 January 2007 for consideration of £17.76
million and the disposal of the two remaining properties, Red Lion House in High
Wycombe and 62 High Street in Marlow, is due to complete on 2 April 2007 for
consideration of £11.70 million. The disposal of these seven properties will
realise a profit before tax of in excess of £8 million, in aggregate.

As previously announced, the sale to Young and Co's Brewery PLC of our freehold
interest, goodwill and the fixtures and fittings at The Hollywood Arms was
completed in September 2006 for a total consideration of £3.85 million. The
Hollywood Arms had been purchased in April 2004 for a total consideration of
£2.5 million.

ACQUISITIONS

During the six month period to 30 September 2006 we have acquired:

Bridge Avenue, Maidenhead - £0.62 million. We completed the acquisition of this
freehold property in October 2006 after being granted planning permission for
the development of 6,700 square feet of office space. This property comprises a
pair of offices which are vacant and we plan to commence redevelopment soon.

23-25 High Street, Marlow - £1.2 million. We exchanged contracts on this
conditional acquisition in September 2006. Completion is conditional on
registration of title. This property is subject to a lease which expires in
2007. We plan to obtain planning permission for an extension and refurbishment
of the retail and residential space. Upon vacant possession, we intend to
commence the redevelopment work.

DEVELOPMENTS

Prospect Court, Farnham Common. This development was completed in August 2006.
The two retail units are let and the residential units are on the market. Three
of the four flats have now been sold and one is under offer. We hope to complete
the sale of the remaining unit before the end of the financial year.

Liston Court, Marlow. We have appointed the professional team and contractors
for this development of 14,000 square feet of offices in the town centre and the
construction work has recently started. We expect this project to take
approximately a year to complete.

FUTURE

We could well be reaching the end of this commercial property cycle. The
direction of the next move in interest rates remains uncertain and we have
enjoyed an unprecedented period of growth; we can no longer rely  on value
inflation. In the future we intend to look for more development projects which
will provide a greater opportunity to generate  profit.


Stuart Crossley
22 December 2006


COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006

Consolidated Profit and Loss Account

                                Note     Six months     Six months          Year
                                              ended          ended         ended
                                       30 September   30 September      31 March
                                               2006           2005          2006
                                        (Unaudited)    (Unaudited)     (Audited)
                                              £'000          £'000         £'000

Turnover                           3          1,649          1,117         6,348
                                         __________     __________    __________
Gross profit                       3            326            445           681

Administrative costs                          (938)          (782)       (1,950)
Other operating income                        3,166          3,124         6,332
                                         __________     __________    __________
Operating profit                              2,554          2,787         5,063

Profit/(loss) on disposal of                  1,393            (6)           (5)
fixed assets
Interest                                    (1,497)        (1,588)       (3,113)
                                         __________     __________    __________
Profit on ordinary activities                 2,450          1,193         1,946
before taxation

Taxation                                      (690)          (357)         (577)
                                         __________     __________    __________
Profit on ordinary activities                 1,760            836         1,369
after taxation

Dividend                           4              -              -             -

Profit for the period                         1,760            836         1,369
                                         __________     __________    __________

Basic and diluted earnings per     5         38.6 p          18.3p         30.0p
share based on profit for the
period
                                         __________     __________    __________



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 2006

Consolidated Balance Sheet

                                             As at           As at          As at
                                      30 September    30 September       31 March
                                              2006            2005           2006
                                       (Unaudited)     (Unaudited)      (Audited)
                                             £'000           £'000          £'000

Fixed Assets
Tangible                                        98           2,669          2,571
Investments                                     71              92             92
                                        __________      __________     __________
                                               169           2,761          2,663
                                        __________      __________     __________

Current Assets
Stock                                       65,238          65,962         65,581
Debtors                                      3,000           3,302          3,043
Cash at bank and in hand                    29,226          25,718         24.727
                                        __________      __________     __________
                                            97,464          94,982         93,351

Creditors: Amounts falling due            (72,536)        (31,425)       (29,592)
within one year
                                        __________      __________     __________
Net Current Assets                          24,928          63,557         63,759
                                        __________      __________     __________
Total assets less current                   25,097          66,318         66,422
liabilities

Creditors: Amounts falling due             (8,315)        (51,829)       (51,400)
after more than one year
                                        __________      __________     __________
Net Assets                                  16,782          14,489         15,022
                                        __________      __________     __________

Capital and Reserves
Called-up share capital                        456             456            456
Capital redemption reserve                      25              25             25
Other reserve                                2,880           2,880          2,880
Profit and loss account                     13,421          11,128         11,661
                                        __________      __________     __________
Equity Shareholders' Funds                  16,782          14,489         15,022
                                        __________      __________     __________





COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006

Consolidated Cash flow Statement

Consolidated Cash flow Statement

                                    Six months    Six months           Year
                                         ended         ended          ended
                                  30 September  30 September       31 March
                                          2006          2005           2006
                                   (Unaudited)   (Unaudited)      (Audited)
                                         £'000         £'000          £'000

Net cash inflow from                     3,204         1,768          5,127
operating activities

Return on investment and
servicing of finance
Interest paid                          (1,522)       (1,584)        (3,058)

UK Corporation Tax                       (162)         (666)          (972)
Capital expenditure and                  3,826            14             54
financial investment
                                    __________    __________     __________
Net cash inflow/(outflow)                5,346         (468)          1,151
before financing
                                    __________    __________     __________

Net cash outflow from                    (221)         (286)          (819)
financing
                                    __________    __________     __________
Increase/(decrease) in cash              5,125         (754)            332
in the period
                                    __________    __________     __________



Notes:
     
1.   The accounting policies adopted are consistent with those in the most
     recently published set of financial statements dated 31 March 2006.

2.   The above information does not comprise statutory accounts within the
     meaning of the Companies Act 1985. Financial information in respect of the 
     year ended 31 March 2006 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.   Turnover from the sale of land and development properties is £1.28 million
     (2005: £0.76 million). The gross profit from the sale of land and 
     development properties is £0.19 million (2005: £0.30 million).  Turnover 
     from the public house activities is £0.37 million (2005: £0.36 million) at 
     a gross profit of £0.14 million (2005: £0.15 million).

4.   No interim dividend will be payable (six months ended 30 September 2005 -
     nil).

5.   Basic and diluted earnings per share have been calculated based on
     4,556,520 ordinary shares in issue during the period to 30 September 2006     
     (4,556,520 ordinary shares during the periods to 31 March 2006 and 30 
     September 2005).

6.   Further copies of this announcement will be available from the Company's
     registered office:  Lunar House, Mercury Park, Wooburn Green, High Wycombe,
     Buckinghamshire HP10 0HH.



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