Interim Results

Billam PLC
22 September 2003


                                   Billam Plc
                                 Interim Report
                     For the six months ended 30 June 2003


Corporate Information

Directors:                         V N Beamish (Chairman)
                                   A G P Forrest
                                   J A Hoskins
                                   M B A Lorimer (resigned 18 September
                                   2003)

Registered office:                 32 Clerkenwell Green, London, EC1R 0DU

Secretary:                         Diplema Corporate Services Limited
                                   1 Gresham Street, London, EC2V 7BU

Company number                     298654

Bankers                            National Westminster Bank Plc

Solicitors                         Pinsents
                                   1 Gresham Street, London, EC2V 7BU

Auditors                           Grant Thornton
                                   28 Kenwood Park Road, Sheffield, S7
                                   1NG

Nominated Advisor and Nominated    KBC Peel Hunt Ltd
Broker                             111 Old Broad Street, London EC2N 1PH

Registrar                          Northern Registrars Limited
                                   Penistone Road, Fenay Bridge
                                   Huddersfield, HD8 0LA

For further information            020 7336 1300





Chairman's Statement

During the first half of 2003 conditions in the high technology and
biotechnology sectors have begun to stabilise after a decline over the past two
years. Billam has used this opportunity to raise £500,000 of new money for the
business. Our balance sheet has been strengthened and during the second half of
this year we will continue to control costs in line with the conditions in our
operating sectors.
Billam has significant stakes in several growth companies which are prospering
and should continue to perform well given reasonable economic conditions. This
should be reflected in our results over the next year and we continue to view
the future with quiet confidence.


Victor Beamish
Chairman







Consolidated statement of total return (unaudited)
                            
                        Six months to 30 June 2002    Six months to 30 June 2002        Year to 31 December 2002
                                   
                         Capital   Revenue   Total     Capital   Revenue   Total      Capital   Revenue    Total
                           £'000     £'000   £'000       £'000     £'000   £'000        £'000     £'000    £'000
Realised
(losses)/gains
on investments               (29)        -     (29)        155         -     155       (1,429)        -    (1429)
Net change in
unrealised
investments                 (497)        -    (497)     (3,115)        -   (3,115)       (483)        -     (483)

Income                         -        21      21           -       238     238            -       157      157
                           -------------------------   ----------------------------   ---------------------------

Gross return                (526)       21    (505)     (2,960)      238   (2,722)     (1,912)      157    (1755)

Administrative
expenses                       -      (491)   (491)          -      (451)   (451)           -      (650)    (650)
Interest
payable                        -         -       -           -         -       -            -        (1)      (1)
                           -------------------------   ----------------------------   ---------------------------

Return before
taxation                    (526)     (470)   (996)     (2,960)     (213)  (3,173)     (1,912)     (494)  (2,406)

Provision for
taxation                       -         -       -         906      (150)    756          483       155      638
                           -------------------------   ----------------------------   ---------------------------
Return after
taxation                    (526)     (470)   (996)     (2,054)     (363)  (2,417)    (1,429)      (339)  (1,768)

Minority
interests                      -         -       -           -       (25)    (25)       (100)       (13)    (113)
                           -------------------------   ----------------------------   ---------------------------

Transfer to
reserves                    (526)     (470)   (996)     (2,054)     (388)  (2,442)    (1,529)      (352)  (1,881)
                          
                           -------------------------   ----------------------------   ---------------------------       
                                         
Return per
ordinary share
(p) (4)                    (0.04)    (0.04)  (0.08)      (0.18)    (0.03)  (0.21)      (0.13)     (0.03)   (0.16)
                          
                           -------------------------   ----------------------------   ---------------------------       
                                                      

Consolidated balance sheet as at 30 June 2003 (unaudited)

                                            30 June    30 June 31 December
                                               2003       2002       2002
                                              £'000      £'000      £'000

Fixed assets
Negative goodwill                                 -        (60)         -
Tangible assets                                  13          4         24
Investments                                   8,823      8,216      9,354
                                             --------   --------   --------
                                              8,836      8,160      9,378
                                             --------   --------   --------

Current assets
Debtors                                         199        316        206
Cash at bank and in hand                        207        306         12
                                             --------   --------   --------
                                                406        622        218

Creditors: amounts falling due within one
year                                         (1,006)      (711)      (719)
                                             --------   --------   --------

Net current liabilities                        (600)       (89)      (501)
                                             --------   --------   --------

Total assets less current liabilities         8,236      8,071      8,877

Provisions for liabilities and charges         (118)         -       (118)
                                             --------   --------   --------
                                              8,118      8,071      8,759

Minority interests                             (110)       (21)      (111)
                                             --------   --------   --------

Total net assets                              8,008      8,050      8,648
                                             ========   ========   ========

Financed by:
Called up share capital                       1,525      1,345      1,345
Share premium account                         4,812      4,640      4,640
Capital reserve realised                     (1,082)       346     (1,239)
Capital reserve unrealised                    2,782      1,332      3,465
Merger reserve                                1,736      1,736      1,736
Revenue account                              (1,765)    (1,349)    (1,299)
                                             --------   --------   --------

Shareholders' funds                           8,008      8,050      8,648
                                             --------   --------   --------

Total shareholders' funds are attributable
to:
Equity interests - ordinary shareholders'
funds                                         7,850      7,892      8,490
Non equity interests                            158        158        158
                                             --------   --------   --------

                                              8,008      8,050      8,648
                                             ========   ========   ========

Net asset value pence per share (7)
Ordinary shares                                0.57       0.66       0.72
Deferred shares                                0.10       0.10       0.10


Consolidated cash flow statement (unaudited)

                                          Six months Six months  Year ended
                                          to 30 June to 30 June 31 December
                                                2003       2002        2002         
                                                              
                                               £'000      £'000       £'000

Net cash outflow from
operating activities                            (164)     (622)       (794)
Net cash outflow from
returns on servicing of
finance                                            -         -          (1)
Purchase of fixed assets                           -        (2)        (36)
Net cash outflow from
investment                                      (566)     (580)     (1,171)
Net cash inflow from sale of
investments                                      572       647       1,177
Net cash outflow from
acquisitions                                       -         -        (365)
Net cash inflow from
financing                                        353         -         344
                                             ---------   -------   ---------

Increase/(decrease) in cash
for the period                                   195      (557)       (846)
                                             =========   =======   =========

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 2002.

2. Comparatives
Comparatives are shown for the six months to 30 June 2002 and year to 31
December 2002.

3. Results for the year ended 31 December 2002
The results for the year ended 31 December 2002 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 2002, 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 1,202,148,274 Ordinary and 157,950,000
deferred shares in issue (year to 31 December 2002 1,172,440,007 Ordinary and
157,950,000 deferred shares/period to 30 June 2002 1,173,670,026 Ordinary and
157,950,000 deferred shares).

5. Taxation
No tax provision was considered necessary on the unrealised gain.

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

7. Net asset value per share
Net asset value per Ordinary Share is based on the net assets attributable to
Ordinary shareholders at the period end and 1,367,231,147 Ordinary and
157,950,000 deferred shares in issue at the period end (at 31 December 2002
1,187,231,147 Ordinary and 157,950,000 deferred shares/at 30 June 2002
1,187,231,147 Ordinary and 157,950,000 deferred shares).

Copies of this announcement will be available for collection, free of charge,
from Billam's offices, 32 Clerkenwell Green, London EC1R 0DU for a period of one
month from the date of this announcement.



                      This information is provided by RNS
            The company news service from the London Stock Exchange