Final Results

Comprop Limited
28 June 2002

                  ComProp Limited ('ComProp' or 'the Company')


Chairman's statement

This year has seen great change and development of the Company. Last August we
received your support to acquire the property portfolio of International Energy
Group. The acquisition marked the first step of progressing to a property
investment group. This portfolio gave the Company a solid base of mixed-use
properties principally located in Guernsey. We have an investment in Jersey and
will seek to extend our investments in that Island when the right opportunity
arises.

In addition to income producing investments we also own key sites for future
development. We successfully concluded the development of Checkers, the flagship
store of Le Riche at Admiral Park. This unit is the largest food outlet in both
Islands and has a ground floor sales area of 52,500 sq.ft. with extensive car
parking facilities offering in excess of five hundred visitor spaces. The unit
is leased on full repairing and insuring terms for thirty-five years.

In March of this year we concluded the sale of our non-core businesses. Channel
Rentals, Perry's and TABS were sold for £1,750,000. These businesses had
remained part of the Group following our disposal of the media business of
Channel Television. Whilst providing profit to the Company it was the Board's
view that these companies did not have a part to play in a long-term plan for
the future of the Company. We thank all the staff for their service and wish
them all the best under the leadership of the Le Riche Group.

The property portfolio is managed by the staff of Jones & Partners. This is
Guernsey's principal commercial agency and chartered surveyors, which was
acquired as a result of our appointment of Nigel Jones as Chief Executive
Officer. We have seen a good level of rental increase through the portfolio. In
addition we have effected movement of tenants within the portfolio to facilitate
an early development of sites within Admiral Park. This is evidenced by the
termination of all leases at the former Retort House site which will now pave
the way for the construction of our second store on Admiral Park extending to
approximately 50,000 sq.ft.

Planning Permission in Principle has been granted and we are in active
discussions with a major tenant whilst awaiting detailed planning approval.

Other sections of Admiral Park are being considered for development and plans
are either being prepared or are currently lodged with the Island Development
Committee for their consideration.

We were pleased to be given the opportunity of naming the new estate road
serving Admiral Park, as Elizabeth Way, in recognition of the Queen's Golden
Jubilee.

Following the significant changes in our business structure over the last twelve
months I feel we can focus on the future. We have the experience and commitment
to benefit from the opportunities that our existing portfolio offers and are
well placed to expand our property interests.

As previously advised the board is not recommending the payment of a dividend
this year.

John Rowe, who first joined the board in 1983 resigned on his emigration to
Australia. John has made a most valuable contribution not only through his
special financial skills, but also his wise counsel on a range of issues that
have faced the group over many years of great change. I thank him and wish him
success in his new life on behalf of his colleagues and shareholders.

I am pleased to welcome three new directors to the board. Nigel Jones joined in
August last year as chief executive, having run a successful commercial agents
and chartered surveyors business. Martin Bralsford, chief executive of Le Riche
Group, and Tom R Scott, a chartered accountant,

both joined as a non-executive directors. I am sure that all three will make
valuable contributions to the board's deliberations in the future.

I would like to thank all our staff who have served during the year for their
contribution, loyalty and efforts on behalf of the group.



Tom Scott

Chairman

27th June 2002



Consolidated profit and loss account

for the year ended 31st March 2002


                                                                                             2002          2001
                                                                                            £'000         £'000
Turnover
Continuing operations                                                                         143           219
Acquisitions                                                                                2,195             -
                                                                                       ----------    ----------
                                                                                            2,338           219
Discontinued operations                                                                     1,976         3,875
                                                                                       ----------    ----------
Total turnover                                                                              4,314         4,094
Operating expenses                                                                        (4,202)       (4,883)
                                                                                       ----------    ----------
Operating profit / (loss)
Continuing operations                                                                       (452)         (164)
Acquisitions                                                                                 (69)             -
                                                                                       ----------    ----------
                                                                                            (521)         (164)
Discontinued operations                                                                       633         (625)
                                                                                       ----------    ----------
Total operating profit / (loss)                                                               112         (789)
Exceptional items
Profit on disposal of businesses                                                            1,284             -
Gain on sale of subsidiaries                                                                    -        13,134
Gain on sale of properties                                                                      -         3,730
Cost of business restructuring                                                                  -       (2,612)
                                                                                       ----------    ----------
Profit on ordinary activities before interest                                               1,396        13,463
Net interest (payable) / receivable                                                         (910)           598
                                                                                       ----------    ----------
Profit on ordinary activities before taxation                                                 486        14,061
Tax on profit on ordinary activities                                                         (57)          (58)
                                                                                       ----------    ----------
Profit on ordinary activities after taxation                                                  429        14,003
Dividends                                                                                       -      (17,167)
                                                                                       ----------    ----------
Retained profit / (loss) for the financial year                                               429       (3,164)
                                                                                       ----------    ----------

Earnings per share
Basic                                                                                        1.6p        102.6p
Diluted                                                                                      1.5p        102.6p
                                                                                       ----------    ----------




Consolidated balance sheet at 31st March 2002


                                                                                            2002          2001
                                                                                           £'000         £'000
Fixed assets
Tangible fixed assets                                                                     59,662         1,485
Investment in group undertakings                                                               -             -
Investments                                                                                  172             -
                                                                                      ----------    ----------
                                                                                          59,834         1,485
                                                                                      ----------    ----------
Current assets
Stocks                                                                                        35            34
Debtors                                                                                    3,118           450
Cash at bank and in hand                                                                   2,183         9,541
                                                                                      ----------    ----------
                                                                                           5,336        10,025
Creditors
Amounts falling due within one year                                                      (3,276)       (1,463)
                                                                                      ----------    ----------
Net current assets                                                                         2,060         8,562
                                                                                      ----------    ----------
Total assets less current liabilities                                                     61,894        10,047
Creditors
Amounts falling due after more than one year                                            (29,637)           (3)
                                                                                      ----------    ----------
Net assets                                                                                32,257        10,044
                                                                                      ----------    ----------
Capital and reserves
Share capital                                                                              1,772           687
Reserves                                                                                  30,485         9,357
                                                                                      ----------    ----------
Equity shareholders' funds                                                                32,257        10,044
                                                                                      ----------    ----------


The accounts were approved by the Board on 27th June 2002 and signed on its
behalf by :


T.H. Scott

C.R. Day





Consolidated cash flow statement

for the year ended 31st March 2002


                                                                                                  2002           2001
                                                                                                 £'000          £'000

Net cash inflow from operating activities                                                        1,652          1,208
                                                                                             ---------     ----------
Returns on investments and servicing of finance
Interest received                                                                                  340            527
Interest paid                                                                                    (888)              -
                                                                                             ---------     ----------
Net cash (outflow) / inflow from investments and servicing of finance                            (548)            527
                                                                                             ---------     ----------
Taxation
Jersey and Guernsey income tax paid                                                              (274)          (350)
                                                                                            ----------     ----------
Capital expenditure and financial investment
Purchase of tangible fixed assets                                                              (4,327)          (844)
Sale of tangible fixed assets                                                                       56         10,554
                                                                                            ----------     ----------
Net cash outflow from capital expenditure and financial investment                             (4,271)          9,710
                                                                                            ----------     ----------
Acquisitions and disposals
Sale of subsidiary businesses net of selling expenses and cash balances                            100         15,708
Purchase of subsidiary undertakings plus costs                                                (33,448)        (1,150)
Cash acquired with subsidiary companies                                                             23              -
                                                                                            ----------     ----------
                                                                                              (33,325)         14,558
                                                                                            ----------     ----------
Equity dividend paid
Dividends paid                                                                                       -       (17,167)
                                                                                            ----------     ----------
Financing
Bank loans                                                                                      30,000              -
Loan notes issued                                                                                    -            110
Loans repaid                                                                                      (83)           (10)
Issue of ordinary shares                                                                             5            234
Issue costs                                                                                      (514)              -
                                                                                            ----------     ----------
Net cash inflow from financing                                                                  29,408            334
                                                                                             ---------     ----------

(Decrease) / increase in cash in the period                                                    (7,358)          8,820
                                                                                             ---------     ----------


Statement of total recognised gains and losses

for the year ended 31st March 2002
                                                                                                2002         2001
                                                                                               £'000        £'000

Profit for the financial year                                                                    429       14,003
Surplus on revaluation of properties                                                           2,821            -
                                                                                          ----------   ----------
Total gains and losses recognised since last annual report                                     3,250       14,003
                                                                                          ----------   ----------

Note of historical cost profits and losses


There are no material differences between reported profits and historical
profits of the Company.


Notes

1.     Dividends

The Board is not recommending a dividend to be paid in respect of the year ended
31 March 2002.


        2.     Earnings per share

The calculation of earnings per share is based on the profit of £429,000 (2001:
£14,003,000) and on the weighted average of 27,630,864 (2001: 13,647,039)
ordinary shares in issue during the year. The dilutive potential ordinary shares
under options amounted to 307,223.


        3.     Exceptional items

        Gain on sale of subsidiaries

On 30 March 2002 the Company sold its rental, publications and credit vetting
businesses to Le Riche Group Limited. Details of the transaction are shown
below:
                                                                                                              £'000

Sale proceeds to be settled in cash                                                                           1,750

Value of the assets sold                                                                                      (207)

Costs associated with the transaction                                                                          (25)

Goodwill previously written off direct to reserves                                                            (234)
                                                                                                        -----------
Profit on disposal                                                                                            1,284
                                                                                                        -----------

4.     Financial information

The financial information set out in this document does not constitute the
Company's statutory financial statements for the years ended 31 March 2002 and
2001. The auditors have given an unqualified audit report on the accounts for
the year ended 31 March 2002.

5.     Annual General Meeting

The Annual General Meeting will be held on 31 July 2002 at 12.00 noon at The
Atlantic Hotel, Le Mont de la Pulente, St Brelade, Jersey.

6.     Annual Report

The Annual Report will be sent to shareholders in due course. Once issued,
further copies can be obtained from the Company's registered office at La Rue
Fondon, St Peter, Jersey JE3 7BF.

Contacts:

Tom Scott / Charles Day  ComProp Limited   01534 83 55 00


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