Interim Results

ComProp Limited
13 November 2003


                                      ComProp

                                 Interim Statement

                         For the half year to 30 September 2003


Chairman's Statement

During the last six months we have continued with the development of Admiral
Park.


It was in our last interim report that I advised of our agreement to develop a
retail warehouse for B & Q. I am pleased to report that the building was
successfully completed on time and within budget. This second major retail unit
will complement the Checkers superstore and the early signs show that there is a
good synergy from the two forms of food and DIY retailing. We have created an
excellent investment, let to B & Q plc for a twenty-five year period, with the
rental contributing significantly to our growing rent roll.



It is our policy to revalue our investment properties on an annual basis. Where
we believe there to have been significant change in asset value we will seek
valuations by our appointed external valuers. Accordingly we anticipate that the
B & Q retail warehouse will be revalued at 31 March 2004 for inclusion within
our Annual Report.



We have also now commenced the construction of the two Flagship office buildings
on the sea front. This follows the second pre-lease agreement with BGL Reads,
which is part of the Fortis Group. We had previously secured a pre-letting of
the first building to Kleinwort Benson.



Each building extends to approximately 45,000 sq.ft. and together represents the
largest office development currently being undertaken in Guernsey. The building
contract has been awarded to local contractors R G Falla who are committed to
deliver the scheme in the early part of 2005.



In St Peter Port, work is well advanced on the office building pre-let to
Generali Worldwide Insurance. The frame and structure has now been formed and
work is scheduled to complete in the first quarter of 2004. The precise timing
of practical completion of this building will determine whether or not it is
also re-valued for inclusion within our forthcoming Annual Report.



The financial highlights (unaudited) are provided below:

                                                                Half year to          Half year to
                                                                30 September          30 September
                                                                        2003                  2002
                                                                       £'000                 £'000
Operating profit                                                       1,229                 1,095
Profit on ordinary activities before tax                                 260                   250
Basic earnings per share                                                0.6p                  0.6p
Net assets per share                                                  110.5p                 91.6p



The Group finances its operations by a mixture of equity and bank borrowings. At
30 September 2003 bank borrowings falling due for repayment within one year
totalled £17.7 million compared to £1.7 million at 31 March 2003, an increase of
£16 million. This increase is mainly as a result of a facility, which falls due
for repayment in the summer of 2004, being reclassified as a current liability
in the balance sheet.  We are currently negotiating refinancing of this facility
with our bankers and expect to complete this process by the end of 2003.


Tom Scott
Chairman

12 November 2003



Unaudited consolidated profit and loss account
For the half year to 30 September 2003


                                                            Unaudited            Unaudited          Audited
                                                         Half year to         Half year to          Year to
                                                         30 September         30 September         31 March
                                                                 2003                 2002             2003
                                                                £'000                £'000            £'000

Turnover                                                        2,165                1,935            4,055

Operating expenses                                              (936)                (840)          (1,786)

Operating profit                                                1,229                1,095            2,269
Net interest payable                                            (969)                (845)          (1,763)

Profit on ordinary activities before tax                          260                  250              506

Tax on profit on ordinary activities                             (52)                 (52)              (1)

Profit on ordinary activities after tax                           208                  198              505
Dividends                                                           -                    -                -

Retained profit for the period                                    208                  198              505


Earnings per share
     Basic                                                       0.6p                 0.6p             1.4p
     Diluted                                                     0.6p                 0.5p             1.4p


Unaudited consolidated balance sheet
At 30 September 2003
                                                            Unaudited            Unaudited          Audited
                                                         30 September         30 September         31 March
                                                                 2003                 2002             2003
                                                                £'000                £'000            £'000
Fixed assets
     Tangible fixed assets                                     79,566               61,651           72,845
     Investments                                                  172                  172              172
Total fixed assets                                             79,738               61,823           73,017

Current assets
     Stocks and work in progress                                   20                   46               20
     Debtors                                                      840                1,147              764
     Cash at bank                                                 196                1,252               55
                                                                1,056                2,445              839

Creditors
     Bank borrowings                                         (17,732)                (290)          (1,733)
     Creditors falling due within one year                    (1,196)              (2,031)          (1,509)
                                                             (18,928)              (2,321)          (3,242)

Net current (liabilities)/assets                             (17,872)                  124          (2,403)

Total assets less current liabilities                          61,866               61,947           70,614

Creditors
     Amounts falling due after more than one year            (22,377)             (29,492)         (31,350)
Deferred taxation                                               (104)                    -             (87)

Net assets                                                     39,385               32,455           39,177

Capital and reserves
     Share capital                                              1,782                1,772            1,782
     Reserves                                                  37,603               30,683           37,395

Equity shareholders' funds                                     39,385               32,455           39,177

Net assets per share                                           110.5p                91.6p           109.9p



Unaudited consolidated cash flow statement
For the half year to 30 September 2003
                                                             Unaudited       Unaudited Half          Audited
                                                          Half year to              year to          Year to
                                                          30 September         30 September         31 March
                                                                  2003                 2002             2003
                                                                 £'000                £'000            £'000        
                                                                                                                  
Net cash inflow from operating activities                        1,180                  984            2,579
Return on investment & servicing of finance                    (1,018)                (838)          (1,758)
Taxation                                                         (117)                (130)            (268)
Capital expenditure & financial investment                     (8,080)              (2,432)          (7,466)
Acquisitions & disposals                                         1,150                1,650            1,650
Financing                                                        5,263                (165)            3,135

Decrease in cash balances                                      (1,622)                (931)          (2,128)



Statement of total recognised gains and losses
For the half year to 30 September 2003

                                                         Unaudited           Unaudited          Audited
                                                      Half year to        Half year to          Year to
                                                      30 September        30 September         31 March
                                                              2003                2002             2003
                                                             £'000               £'000            £'000

Profit for the financial period                                208                 198              505
Surplus on revaluation of properties                             -                   -            6,405

Total gains and losses recognised in the period                208                 198            6,910



Reconciliation of movements in shareholders' funds
For the half year to 30 September 2003
                                                             Unaudited       Unaudited Half          Audited
                                                          Half year to              year to          Year to
                                                          30 September         30 September         31 March            
                                                                  2003                 2002             2003
                                                                 £'000                £'000            £'000
                                                                                                 

Total gains and losses recognised in the period                    208                  198            6,910
New share capital issued                                             -                    -               10

Net movement in shareholders' funds                                208                  198            6,920

Opening shareholders' funds                                     39,177               32,257           32,257

Closing shareholders' funds                                     39,385               32,455           39,177
                                                    


Notes to the interim statement


1.    Basis of preparation

      The interim financial information has been prepared on the basis of the 
      accounting policies set out in the Company's 31 March 2003 statutory 
      accounts.

      The results and balance sheet relating to the year ended 31 March 2003 
      have been extracted from the full accounts on which there was an 
      unqualified audit report.


      The turnover, profit on ordinary activities and net assets are all derived 
      from the Group's continuing operations.


      It is the Group's practice to revalue its investment properties annually.  
      Accordingly, the valuations have been brought forward without amendment 
      from the previous annual accounts.


2.    Segmental information

    Class of business

                                                       Unaudited           Unaudited         Audited
                                                    Half year to        Half year to         Year to
                                                    30 September        30 September        31 March
                                                            2003                2002            2003                    
                                                           £'000               £'000           £'000                    
                                              
Turnover (wholly Channel Islands)

Property                                                   2,165               1,935           4,055


3.    Net interest payable


                                                       Unaudited                  Unaudited         Audited
                                                    Half year to               Half year to         Year to
                                                    30 September               30 September        31 March             
                                                            2003                       2002            2003
                                                           £'000                      £'000           £'000
                                                                                               
Interest receivable on loans advanced and                      
deposits                                                       5                         53              64

Interest payable on borrowings                             (974)                       (898)         (1,827)

                                                           (969)                       (845)         (1,763)

4.    Taxation



Jersey and Guernsey tax is provided at 20% on the relevant taxable profits.
Deferred tax is provided in accordance with FRS19.


5.    Reconciliation of profit on ordinary activities to net cash inflow from operating activities


                                                      Unaudited           Unaudited           Audited
                                                   Half year to        Half year to           Year to
                                                   30 September        30 September          31 March
                                                           2003                2002              2003
                                                          £'000               £'000             £'000

Operating profit                                          1,229               1,095             2,269
Depreciation charge                                          29                  24                70
Loss on disposal of tangible fixed assets                     -                   -                 3
(Increase)/decrease in stocks                                 -                (11)                15
(Increase)/decrease in debtors                             (56)                 121               570
Decrease in creditors                                      (22)               (245)             (348)
                                                    ____________          ___________         __________
Net cash inflow from operating activities                 1,180                 984             2,579


6.    Reconciliation of net cash flow to movement in net debt


                                                    Unaudited           Unaudited             Audited
                                                 Half year to        Half year to             Year to
                                                 30 September        30 September            31 March
                                                         2003                2002                2003
                                                        £'000               £'000               £'000

Decrease in cash balances                             (1,622)               (931)             (2,128)
Cash inflow from increase in loans                    (5,409)                   -             (3,446)
Repayment of loans                                        145                 165                 321
                                                _____________       ____________          ___________
Change in net debt                                    (6,886)               (766)             (5,253)

Net debt at 1 April 2003                             (33,157)            (27,904)            (27,904)
                                               ______________        ____________         ___________
Net debt at 30 September 2003                        (40,043)            (28,670)            (33,157)

Analysis of changes in net debt
                                                      Audited           Cash flow           Unaudited
                                                      1 April                            30 September
                                                         2003                                    2003
                                                        £'000               £'000               £'000


Cash at bank                                               55                 141                 196
Overdraft                                                   -             (1,763)             (1,763)

Debt due within 1 year                                (1,863)            (14,236)            (16,099)
Debt due after 1 year                                (31,349)               8,972            (22,377)

                                               ______________        ____________         ___________

                                                    (33,157)              (6,886)            (40,043)


7.    The interim results were approved by the Board on 12 November 2003.



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