Preliminary Results

Comland Commercial PLC
28 June 2000


COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000

CHAIRMAN'S STATEMENT

I  have pleasure in reporting to you on the year ended 31
March 2000.

RESULTS

In  the year under review, the turnover of the Group  was
£nil   (1999-£2,055,000),  other  operating  income   was
£1,854,000 (1999-£1,269,000) and the profit after tax was
£114,000  (1999:profit - £481,000). No dividend  will  be
paid  in  view of the company's requirement for  cash  to
fund its existing and future development.

ACQUISITIONS

During the course of the year we purchased a further  two
estates  in  High  Wycombe and Verwood, Hampshire.   Both
comprise  older  style accommodation with  potential  for
redevelopment.

DEVELOPMENTS

We have secured the letting for the remaining building of
the  second  phase of our Mercury Centre  development  in
Wooburn  Green.   We have also obtained outline  planning
consent  for  83,000 sq ft of offices on  the  additional
four  and  a  half  acres of land at The Mercury  Centre,
purchased  last year.  We intend to commence construction
of  30,000  sq ft of speculative offices on part  of  the
site in July.

DISPOSALS

The  continued improvement in market conditions over  the
past twelve months has caused us to defer selling any  of
our existing portfolio.  The one exception to this is our
office development at Corporation Street that was put  up
for auction in November 1999 and failed to sell.  We have
now  secured a tenant for this property that will improve
its marketability.

THE FUTURE

With  the  substantial rises in prices in the last  year,
finding   suitable  acquisition  opportunities  is   more
difficult.   We  therefore intend to concentrate  on  our
Mercury  Centre  development and maximising  the  returns
from the opportunities we currently control.

S J Crossley
28 June 2000


COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
CONSOLIDATED PROFIT AND LOSS ACCOUNT

                     Note  Year Ended  Year Ended
                             31 March    31 March
                                 2000        1999
                                                 
                                £'000       £'000
                                                 
Turnover                            -       2,055
Cost of Sales                       -     (1,459)
                           ----------  ----------
Gross profit                        -         596
                                                 
Administration costs            (937)       (317)
Other operating                 1,854       1,269
income
Other operating                     -        (10)
expenses
                           ----------  ----------
Operating profit                  917       1,538
                                                 
Exceptional item        4           -        (10)
                                                 
Interest payable and                             
similar charges                 (903)       (757)
                           ----------  ----------
Profit before tax                  14         771
                                                 
Taxation                          100       (290)
                           ----------  ----------
Profit after tax                  114         481
                                                 
Ordinary dividend       5           -           -
                           ----------  ----------
Retained profit                   114         481
                           ==========  ==========
                                                 
Earnings per share      6        2.9p       12.4p
                           ==========  ==========
                                                 
Dividends per share                 -           -
                           ==========  ==========
                                                 


CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES

The  group  has no recognised gains or losses other  than
the result for the period.

COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
CONSOLIDATED BALANCE SHEET

                         Notes       As at       As at
                                  31 March    31 March
                                      2000        1999
                                                      
                                     £'000       £'000
                                                      
FIXED ASSETS                                          
Tangible assets                        266         108
                                ----------  ----------
                                                      
CURRENT ASSETS                                        
Stocks                              21,091      14,957
Debtors                                785         242
Cash at bank and in                    328          67
hand
                                ----------  ----------
                                    22,204      15,266
                                                      
Creditors amounts                                     
falling due within one            (13,442)     (3,365)
year
                                ----------  ----------
NET CURRENT ASSETS                   8,762      11,901
                                ----------  ----------
                                                      
Total assets less                                     
current liabilities                  9,028      12,009
                                                      
Creditors amounts                                     
falling due after more             (4,360)     (7,346)
than one year
                                ----------  ----------
NET ASSETS                           4,668       4,663
                                ==========  ==========
                                                      
CAPITAL AND RESERVES                                  
Called up share capital                376         389
Capital redemption                      20           7
reserve
Profit and loss account              4,272       4,267
                                ----------  ----------
EQUITY SHAREHOLDERS'        6        4,668       4,663
FUNDS
                                ==========  ==========
                                                      

COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
CONSOLIDATED CASHFLOW STATEMENT

                             Year Ended       Period
                               31 March        Ended
                                   2000     31 March
                                                1999
                                  £'000        £'000
                                                    
Net cash outflow from                               
operating activities            (5,510)      (2,544)
                                                    
Return on investments and                           
servicing of finance              (903)        (582)
                                                    
Taxation                          (243)        (183)
                                                    
Capital expenditure and                             
financial investment              (223)        (106)
                             ----------   ----------
                                                    
Net cash outflow before                             
financing                       (6,879)      (3,415)
                                                    
Financing                           596        3,118
                             ----------   ----------
                                                    
Decrease in cash in the         (6,283)        (297)
period
                             ==========   ==========
                                                    

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 un-audited accounts of the Group for
  the year ended 31 March 2000.  The above information does
  not amount to statutory accounts within the meaning  of
  the  Companies  Act 1985.  Statutory accounts  for  the
  previous  financial year ended 31 March 1999 have  been
  delivered to the Registrar of Companies.  The auditors'
  report  on those accounts was unqualified and  did  not
  contain  any  statement under S237(2)  or  (3)  of  the
  Companies Act 1985.  The auditors have not reported  on
  accounts for the year ended 31 March 2000, nor have any
  such  accounts  been  delivered  to  the  Registrar  of
  Companies.

3)    Copies  of the annual report and accounts  will  be
  posted to shareholders in July 2000 and will be available
  from   the  Company's  Head  Office,  35  Wycombe  End,
  Beaconsfield, Bucks  HP9 1LZ.

4)    Exceptional  charges  were  £nil  (1999:  £10,000).
  These  related  to additional costs in respect  of  the
  demerger of the business from Banner Homes Group PLC and
  obtaining admission to the Alternative Investment Market
  of the London Stock Exchange.

5)   No final dividend will be payable.

6)    Earnings  per  share has been calculated  based  on
  3,875,065 ordinary shares in issue during the period to
  31  March  2000 (3,890,696 ordinary shares  during  the
  period 31 March 1999).

7)    The movement in shareholders' funds is analysed  as
  follows:-


                                           £'000
                                                
   Shareholders' funds as at  1  April     4,663
   1999
   Purchase of own shares                  (109)
   Profit for the period                     114
                                        --------
                                               -
   Shareholders' funds as at 31  March     4,668
   2000
                                        ========
                                               =