Interim Results

Billam PLC
3 September 2001

                                Interim Report

                    For the six months ended 30 June 2001

Chairman's  Statement

To allay the concerns of investors in Billam who have recently witnessed a
drop in the share price in difficult markets, let me first reiterate: we have
pledged to deliver growth in net assets in order to drive growth in our share
price.

Billam's executive has an in-depth knowledge of the Venture Capital industry
and realises that at times it is necessary to focus on their established
portfolio of   investments. Thus from a deep understanding of the investee
companies and their technologies stems an ability to assist management as they
strive to achieve greater than average organic growth.

Your Company has made further investments in software company Inaplex Ltd, in
AIM listed Knowledge Technology Solutions plc; have agreed an investment in
URCO plc (The University Research Company); increased their shareholding in
Integrisys Ltd; and guided CybIT to the market via a listing on AIM.

Notwithstanding market conditions and intense pressure on technology stocks
generally, I am delighted to report a pre-tax profit today of  £6.491 million
and further significant developments within our portfolio going forward.

In a move to combat volatility in the share price and to increase the public
perception of what the company is presently successfully achieving your
directors have sought to consult with a number of pension fund managers who
have expressed an interest in investing in the company on a long term basis.
The directors believe that this approach will be welcomed by all those
shareholders seeking medium to long term growth in the share price.

I would personally like to take this opportunity of thanking shareholders for
their loyalty to the stock and to my fellow directors and executives.



Victor Beamish

Chairman



Billam has an established portfolio of companies currently in the high growth
phase of their development.  During the period the Directors have increased
the portfolio as follows:

Knowledge Technology Solutions plc (KTS), an AIM listed company, provides fast
interactive data solutions.  KTS has two products.  Sharepages.com, which was
established in 1999 and has grown into a leading online investor resource
offering a comprehensive range of UK stock market information and analytical
tools for the active investor.  The second, Cognita, a real time data
management tool, has products currently undergoing beta testing with leading
City financial institutions.

Inaplex Limited supplies software for managing databases.  What the word
processor did for the typist, Inaplex's software tools will do for the
management of databases.  Vast amounts of information are currently being
gathered by commercial organisations, management, selection and use of
critical data is becoming increasingly complex.  Inaplex produces software
tools for IT management.  The company has a strategic alliance with Goldmine,
the world's leading sales software developer and vendor.

Your Directors are confident that the portfolio will continue to outperform
market expectations.


                              Six months to 30 June         Year to 31 December
                                       2001                        2000
                              Revenue Capital Total       Revenue Capital Total

                                £'000   £'000 £'000         £'000   £'000 £'000

Realised gains on             -       199     199         -       -       -
investments
Net change in                 -       6,678   6,678       -       1,820   1,820
unrealised appreciation
Income                        213     -       213         287     -       287

Gross return                  213     6,877   7,090       287     1,820   2,107

Administrative expenses       (599)   -       (599)       (229)   -       (229)
Surplus on fundamental        -       -       -           2,237   -       2,237
reorganisation
Interest payable              -       -       -           (1)     -       (1)

Return before taxation        (386)   6,877   6,491       2,294   1,820   4,114

Provision for taxation        -       (1,969) (1,969)     -       (500)   (500)

Return attributable to
equity shareholders           (386)   4,908   4,522       2,294   1,320   3,614


Return per ordinary           (0.05)p 0.58p   0.53p       0.53p   0.30p   0.83p
share




                                                      30 June    31 December
                                                      2001       2000
                                                      £'000      £'000

Fixed assets
Tangible assets                                        1         1
Listed investments                                     10,849    2,994
Unlisted investments                                   2,494     2,908
                                                       13,344    5,903

Current assets
Debtors                                                104       307

Cash at bank and in hand                               158       751
                                                       262       1,058

Creditors: amounts falling due within one year         (138)     (184)

Net current assets                                     124       874

Total assets less current liabilities                  13,468    6,777

Provision for liabilities and charges                  (2,619)   (500)

Total net assets                                       10,849    6,277

Financed by:
Called up share capital                                1,010     1,005
Share premium account                                  4,640     4,595
Capital reserve unrealised                             6,029     1,320
Capital reserve realised                               199       -
Revenue account                                        (1,029)   (643)

Shareholders' funds                                    10,849    6,277

Total shareholders' funds are attributable to:
Equity interests - ordinary shareholders' funds        10,691    6,119
Non equity interests                                   158       158

                                                       10,849    6,277

Net asset value per share
Ordinary shares                                        1.30p     0.72p
Deferred shares                                        0.10p     0.10p




                                                    Six months  Year ended
                                                    to 30 June 31 December
                                                          2001        2000
                                                         £'000       £'000

Net cash outflow from operating activities               (386)      (475)
Net cash outflow from returns on servicing of finance    -          (1)
Net cash inflow from sale of investments                 500        -
Decrease in debtors                                      203        -
Increase in creditors                                    104        -
Net cash outflow from capital expenditure and investment (1,064)    (4,084)
Net cash inflow from financing                           50         4,787

(Decrease)/increase in cash for the period               (593)      227



Notes:

1.  Basis of preparation
The unaudited interim results have been prepared on the basis of the
accounting policies set out in the statutory accounts of the Company for the
year ended 31 December 2000.

2.  Comparatives
No comparatives are shown for the six months to 30 June 2000 as no financial
data was included in the interim statement for that period.

3.  Results for the year ended 31 December 2000
The results for the year ended 31 December 2000 are a non-statutory version of
the full report and accounts for that year, which have been filed with the
Registrar of Companies on which the auditors reported under Section 235 of the
Companies Act 1985.  The report contained no qualifications, in respect of the
year ended 31 December 2000, or any statement under Section 237(2) or (3) of
the said Act.

4.  Returns
Returns per Ordinary Share are based on the weighted average number of
ordinary shares in issue during the period of 848,379,966 (year to 31 December
2000 435,654,217).

5.  Dividends
The Directors do not recommend the payment of an interim dividend.

6.  Net asset value per share

Net asset value per share is based on the net assets attributable to each
class of share.  The net assets per ordinary share is based on net assets of 
£10,849,000 (at 31 December 2000 £6,277,000) and  on 852,546,633 shares in
issue at the period end (at 31 December 2000 : 847,546,633).


7.  The Company has negotiated facilities with its bankers to enable it to
take advantage of investment opportunities as and when they arise.