Final Results

Billam PLC
30 May 2000



                                  BILLAM PLC                                  
             PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 1999             

Chairman's statement

The   Company  and  its  trading  subsidiaries  have  been  in  administrative
receivership  since  19  October 1999 when its  shares  were  suspended.   The
administrators  are PricewaterhouseCoopers, particularly Edwards  Klempka  and
Ian Green of 9 Bond Court, Leeds LS1 2SN.

Further  to  press  releases to date, it is unlikely that there  will  be  any
distributable reserves to unsecured creditors or shareholders.

Following  a CVA and EGM on 30 May 2000, it is believed that the Company  will
re-list  on  the  Alternative Investment Market on 1 June 2000  as  a  venture
capital company, having been re-capitalised by external investors.



B Truman
Acting Chairman
26 May 2000

Consolidated Profit and Loss Account                       
                                              1999     1998
                                             £'000    £'000
                                                           
                                                           
 Turnover                                                  
 Continuing operations                         637        -
 Discontinued operations                         -    7,543
                                                 
                                               637    7,543
                                                           
 Cost of sales                                   -    5,834
                                                 
                                                           
 Gross profit                                  637    1,709
                                                           
 Distribution costs                              -      344
 Administrative expenses                     2,468    2,182
                                                           
 Operating loss                            (1,831)    (817)
 Exceptional items:                                        
 Loss on disposal of fixed assets              472        -
 Provision against subsidiary                        
undertakings                                 1,044        -
                                                           
 Loss on ordinary activities               (3,347)    (817)
before interest
                                                           
 Net interest payable                           57      210
                                                           
 Loss on ordinary activities               (3,404)  (1,027)
before taxation
 Tax on loss on ordinary                         1      (2)
activities
                                                           
 Loss on ordinary activities               (3,403)  (1,029)
after taxation
 Dividends                                       -       25
                                                 
                                                           
 Retained loss for the year                (3,403)  (1,054)
                                                           
 Loss per share                                     (63.5p)
                                          (210.1p)
                                                           


Consolidated Balance Sheet                                  
                                               1999     1998
                                              £'000    £'000
                                                            
 Fixed assets                                               
 Intangible assets                                -       30
 Tangible assets                                  -    2,037
 Investments                                                
                                                  -        -
                                                  -    2,067
                                                  
                                                            
 Current assets                                             
 Stocks                                           -      712
 Debtors: amounts falling due                     -    2,118
within one year
 Debtors: amounts falling due                     -        -
after one year
 Investments                                    425        -
 Cash at bank and in hand                       524        - 
                                                           
                                                949    2,830
                                                            
 Creditors: amounts falling due             (3,563)  (3,350)
within one year
                                                            
 Net current (liabilities)/assets           (2,614)    (520)
                                                            
 Total assets less current                  (2,614)    1,547
liabilities
                                                            
 Creditors: amounts falling due                             
after more
 than one year                                    -      755
                                                            
 Deferred income                                  -        3
                                                  
                                            (2,614)      789
                                                            
 Capital and reserves                                       
 Called up share capital                        162      162
 Share premium account                          161      161
 Revaluation reserve                              -      698
 Profit and loss account                    (2,937)    (232)
 Shareholders' funds                        (2,614)      789
                                                            

NOTES


1.   Basis of preparation

The  information  above, which does not constitute full  financial  statements
within  the  meaning of S240 CA 1985, is extracted from the audited  financial
statements of Billam plc for the year ended 31 December 1999 which:

-    Were approved by the directors on 26 May 2000
-    Will be filed with the Registrar of Companies
-    Have been prepared on a basis consistent with the accounting policies set
     out in the  annual report for  the  year ended 31 December 1998 except as
     stated in note 1 to the financial statements as reproduced below:

'The  company's banking facilities were withdrawn on 19 October 1999  and  the
company and its trading subsidiaries placed in administrative receivership  on
the same date.

The  financial  statements  do not include any activity  or  results  for  the
trading  subsidiary undertakings of the company, on the grounds  that  control
over  the  affairs  of  these undertakings passed  from  the  company  to  the
administrative receivers on 19 October 1999.

The  financial statements have been prepared on the going concern basis  which
assumes  that  the  company  will continue in operational  existence  for  the
foreseeable future.

The  validity  of  the  going concern assumption depends  upon  the  creditors
accepting the terms of a proposed Company Voluntary Arrangement together  with
the  success  of  a  planned share placing.  The financial statements  do  not
include  any  adjustments  that would result from a  failure  to  obtain  such
agreement and funding.

Whilst  the directors are presently uncertain as to the outcome of the  above,
they  believe  that  it  is  appropriate for the financial  statements  to  be
prepared on the going concern basis.'

2.   Post balance sheet events

The  Company has remained in administrative receivership from the year end  to
current  date.  On 30 May 2000 the creditors of the Company will be  asked  to
accept  the  terms  of  a  proposed voluntary arrangement.   If  the  proposed
voluntary  arrangement is accepted by them and approved by  the  shareholders,
this  may  enable  the  Company to survive as a 'Shell' company  and,  in  due
course, for value to be created for shareholders. Properties remaining in  the
Company were transferred to a subsidiary undertaking in May 2000.  The amounts
due  to  Barclays Bank Plc have all been discharged, although the Bank retains
an interest in the properties transferred.